The Cairo bulletin., 1910-09-05
Special.
New York, Sept. 8, 1910.

1
| In August the number of shares
ldealt in on the New York Stock Elk
|change was only 100000, compared
with 24,coC,000 year ago. The sales
|of bonds during the same period were
$31,000,000. as against $113,00,000. In
each case the transactions were the
smallest in any August for about ten
years. This was rest with eyn.
geance. Such inactivity, however,
cannot be expected to be permanent
and now that the vacation season is
drawing to close and many of the
uncertainties which previously check
led business are disappearing, it is
reasonable to look for increasing ac.
Itvity during the remainder of the
lyear. Since January the number of
Ishares OF sock sold nave aggregated
122,o00,OO0, against 10000 900 last
year and 202,000,000 for the record
year of 1901. In bonds he sales for
|the eight months amounted to S45C,
100000 compared with 1884, 900, 900 in
1909, which was ne banner year. IT
certainly will not be charged that
| speculation in Wall street this year
has been reckless or excessive. These
figures prove that operations on the
I Stock Exchange for the last eight
months have been conducted upon a
strictly conservative basis.
The Political Campaign.
The political campaign which has
aroused no little concern is now fair
Ily under way and the issues ar clear.
" defined During the next two
months we may look for a great
deal of heated discussion: anu
through the smoke of political bat
tie 1t will not always be easy to DIS
Germ the final outcome. Nevertheless,
the recent declarations of President
Taft and Mr.. Roosevelt have clari-
fled the political horizon and served
to make the issues plain. The tariff,
the regulation of corporations anil
he important question Of railroad
rates are now the ruling issues and
their agitation must leave certain
measure of uncertainty still to be
reckoned with. Nevertheless, there
is nothing alarming connected with
any of these problems. 1t should not
be forgotten that action always runs
on more conservative lines than agi-
talon. We are now in the period of
agitation, which is apt to
excite and mislead those who lose
their balance, When it comes to pos
tive action, conservatism will UNI
questionably rule, and those who in |
3 spirit Of vengeance seek to destroy |
the tariff, or the trusts, or the rail ,
roads will not prevail It is easy to |
take an oversensitive view regarding |
these problems. Politics may over
shadow the outlook for some time to
come, but the probabilities are that |
justice, order and good sense will
rule in the long run.
Taft's Tariff Idea Good.
Referring to President Taft's re,
cent tariff letter urging downward
revision through schedules consider
ed separately, the idea is not new
one, although a very good one. IT was
advocated by me over two years ago
in a speech made before the annual
of the American Bankers |
at Providence, r. T., July "a. 1905. |
IN which | said: 81 am one of those |
who believe that the best interests OF
This country demand that the tariff |
should be smplified and gradually |
lowered say one schedule at time,
with six months notice of any i'm
portant change in it. This would en-
able importers to protect themselves
to avoid loss on their pre-
vious importations. The reduction of
duties on commodities and
articles of general consumption would
reduce the living expenses
Of the people, which are now so
great as ia ba the cnieF source of the
diseortents of Mbor" {ats
No Monetary Crisis.
One of the most important uncer-
tainties which lately threatened the
security markets has become mat
ter Of history. There Is now little
or no danger Of any serious monetary
crisis this fall Owing to the warn
ings issued months ago, and the pre-.
cautions taken in consequence, the