Bisbee daily review., 1909-01-05
IN VALUABLE REVIEW CLEWS
 NAMES INFLUENCES AT WORK
 IN FINANCIAL FOR 1909

and nigh prices cannot last indefinite ly. MT. Carnegie is eminently souru in his principles when he says that business should be stimulated by low er prices and that the true policy is that of large sales and small prouts. Extrayagance must give way to econ omy Already there is general com plaint among consumers about the h gh cost of living, which means that consumption is no doubt being checked by unfavorable conditions. He would be wise man indeed who could say with certainty that the price movement had reached it's zenith, so many and so complex are the influ- ences at work affecting values. AbOut all that can be said is that our mar kets as a whole are not burdened with oveT-supplies. and until supplies over< take demand no general weakening can be expected. There is little chance of any immediate decline in the priU, of food products, because there as al ready stated. are comparatively scarce the world over. Another element 10 that considerable responsibility for the high cost of living must be placed upon our tax system. When national state. county and city taxes are com bined they amount to a very serious item, the cost of which ultimateiH falls entirely upon the consumer. eith- CT in his rent or in an enhanced cost of the necessities which ne buys. Public extravaganza increases the G.A burden enormously.
 Financial conditions show great i'm provement Banking and credit at fairs are sound; capital is plentiful for legitimate purposes. and all tae l~is Gencies Of the times are toward re coveTy. Railroad stocks are held very high; so high as to remove many of them from the speculative field. brIns- 'ng into prominence many of the cheaper issues. Confidence is gam ing among investors. but the latter still show a decided preference for bonds. which offer surer if smaller returns than stocks. As result ti1,s bond market is in good condition Money promises to be reasonably easy during the next six months. New ap- plcations for capital will probably %, large. especially from the railroads. and this will stimulate certain lines of industry and give employment 10 labor. The mercantile outlook -hns  improved greatly during Jhe last three months and trade promises to expand more freely in the coming year. Our railroads are expecting much better times than in 1908. Our steel. textile and other mills are fairly active, but are not by any means running Ui. full time. probably not more than from so to 90 per cent of their capac- ity. Tariff uncertainties may possibly cause temporary dullness, but actual revision is little feared, because our industries are better able than ever to stand alone. and many would be posi- lively benefited by lower schedules, which would mean cheaper raw ma terials and larger markets for their products. The political outlook is much better taan for many years. Necessary reforms initiated by Presi dent Roosevelt will be carried on by Presidentelect Taft, but in d less ir- rtating fashion Public opinion is also becoming more rational in it's at- titude to corporations, and new legis. lation promises to be less radical With the rise of confidence In busi- ness circles and an abatement of DO litical scares, the coming year should .be one of growing industrial activity. The wise ones. however, will move cautiously and not indulge in exces- sive optimism. The moderate course will be the safest one.
 HENRY CI.EWS