The Cairo bulletin., 1911-02-13

there Is bare possibility of bin ne
ing enacted creating a perne.a1n;
tariff commission. The tariff siiua-
tioa Is somewhat complicated INV fine
movement for reciprocity With Can.
ada, a n ovement which is more Dog;;-
lar in the house than in the senate
or with special interests. II is nos
sibie that President Taft will try 10
secure d vote upon this subject before
the adjournment of congress, ann
that il he fails may call sne;Ia;
session for that purpose The pres!-
dent should receive the unaual. "a;
support of the people in his present
resolnte stand for better trade reis-
tons with cur northern neighbor. V-e
have shown our friendship po,ricaiiv
with Canada by allowing the bore ar
to remain unprotected for years. We
&c more need protection from the in
dustrial or commercial s.an0poln,,
than we do from the political stand
point. Both countries are friendly Re
cause IF self interest. They would
immensely profit by freer cona,c-
cial interchange, and the only impnGi-
ment comes from a few snail o.
stubborn interests VINO arc cute a;.c
20 take care of themselves witHo~t
protection What ether nations, or
pecially Germany, viii say remains
o be seen. Possibly they viii c;al...
clause.
Activity is Widening.
On the Stock Exchange tanre mrs
been gradual widening Ct activity.
the banking community is cnrr,
aklng much more favorable views ct
The future, and the esult has hean a
'eeided Improvement in invest nent
,ircles. Securities are being lue'l7
distributed, though still in stroay
lands; and with an abundance O.
heap money the market leaders nav
ne situation under easy control. Ratl.
roads are reporting good gross ea:.
ngs. and losses in net are scrCYaa;
ess serious than a few nor IS a..
The steel trade shows symrtoms o..
ecovery and Indications point to a
considerable expansion OF business
later on 1t is quite certain that ti.a
railroads, always the most important
consumers, will soon be large buyers
of steel products. There is also prof
ability of resumption OF bullI.e,r
ativlty by large concerns In Nca
York ami other cities, which, too. viii
increase the consumption of iron an
give renewed activity to a large range
If constructive work. The ISSUE o.
'ew securities in January was unI.
a.lJ large, and it is practically GER
am that a number OF additional I'm.
nortant note and bond issues wiz i've
10rtly forthcoming, involving pcsei-
bly, the danger OF congestion unloss
there Is a cool demand for secu.+-
les wherever the returns are satisra~.
tory, and corporation borrowers w..i
have IN meet the situation by payirc
better terms for accommodation. Win
better bank situation, with Grange
in sentiment from pessimism 10 moo
crate optimism, with Washington de-
cisons amply discounted, with tne = =.
jo,trnment Of congress only mon;.
distant, with conditions abroad favor
able to American investments anu
with trade generally showing recipe -
ative tendencies, the conditions, as /:
whole. favor a more active stock mar
ket. Considering, however, the rise
which has already taken place. occa-
sional reactions must be expected as
tho Inducements for realizing muit'-
rly. The stock market, it should be
recognized, has largely discountet
favorable influences in advance, ann
purchases after a rise OF nearly 10
1lnts should be made with caution.
On further pronounced advances VIC
advise profit taking
HENRY CLEWS.