The Taney County republican. (Forsyth, Mo.) 1895-1992, 1911-07-06
UccIe Sans New Year

y
And many persons may see ground foi
hope that it will be a more favorable
year for the government and the coun-
try than was that which has just closed.
Worse years, however, have been seen
than 1910. AS the treasury officials
figured at midnight. Uncle Sam rolled
up surplus of about $50, 100000 in
the twelve months. This is due
chiefly to the corporation tax, which
was placed as rider On the Payne tar
if act of 1909, and which yields about
$26, 100000 year. This tax has
more than Offset the decrease In the
receips from customs in 1910. The
imports fell off during the year, but ex-
ports largely increased. They crossed
the $4,000, 900 mark in 1910,
which was the first time that that line
was ever touched. Moreover, while
agriculture is furnishing a smaller a.
mount of exports than formerly, manu-
factures is contributing a steadily in
creasing aggregate. We are opening
a larger and larger market in Europe
and the rest of the world for our wares.
Within the next eight or ten DAYS
$234,000,000 will be disbursed in
New York in the shape of dividends
and interest On shares and bonds of
railway and industrial corporations,
banks, trust companies and securities
of the national and municipal govern
ments. Here is gain of $4,000,
600 over July last year. This indi-
Gates that the torpor in trade was not
quite so serious as had been supposed
but some of the increase is due to the
new issues of stocks and bonds in the !
past twelve months. Bank clearings
for the six days just closed were below
those of the corresponding week year
ago, but this has been due chiefly to
the shrinkage in New York, cased lar
gely by the falling off in activity on
the Stock Exchange. The number of
shares sold has recently been below
hat of year ago. Railway earnings
IN the other hand, show disposition
o increase. The number of idle cars
90, is diminishing. These are among
he favorable indications of the season.
To the question whether there will
,e an industrial improvement in the
welve months which began today the
nswer will largely be determined by
be attitude which Congress takes to- +.
7ard the tariff measures which are be-
ore it, and to those which are in con- c
enplation. The reciprocity and the {
zee list and wool reduction bills are l
re an adverse influence. They will, I
enacted, take away many millions of t
ash from the treasury and at the same y
me deprive many interests of adequate O
rejection. Their advent has been an f
lement of disturbance in the business n
orld. They have prevented the re v
wal in industry which had been ex- o
ected few months ago. The Dem b
cratic victory last November in the II
[onse of Representatives and the pos Il
bility that there will be larger one Il
/ 1912 is an adverse factor which the Il
nancial world must keep in mind. fc
ut several favorable Influences devel
ped within the past few weeks. The
upreme Court decisions in Standard I
ii and the American Tobacco Com =
any cases have removed some uncer-
Unity as to the effect of the antitrust =
w. Although the decision was ad- =
erse 10 those companies, a way has v
cen left open for them to get them :
lives into harmony with the law with -
ut any serious disturbance to their e
machinery. The rule =
reason" which is to be applied here
ter to the enforcement af that statute u
romises to be a Strengthening infln- n
nee In general trade. The result of t
le sale of the Panama Canal 8 per r,
ent bonds is d C i d edlyij
By the pre- q
iium which was obtained by the $
the investor receives less