Show N NOT YET OUT OF THE WOODS I THo ri 1 e financial situation Is far from j satisfactory although there thero is plenty of 1 1 money oney in sight to meet all legitimate I j business demands The weekly market j I letter her of Henry Henr Clews is extremely c pes p Attention is called to the fact i that the tho advance in stocks following i 3 j the geneal election was out of all pro proportion prop it e p portion p and that the expected heavy reinvestments re I In January Januar failed to ma materialize 1 Mr tr Clews does not regard i tf recent bond issues with much favor He Hei i it s says I It t t Another n ther unfavorable feature has 1 1 been the tho excessive output of or now bond bondi i Issues Is uett far outrunning all possible In m Investment mJ J j vestment estment requirements at this time It tl j t id 11 i estimated that fully full new newIt It issues sue have hae been heen offered since nee the tho th end J lv j of M 1908 and considerable sums are still stilli I i pending Our railroads have hae by b wo no noV i V r leans satisfied their most urgent f I eds and the prospects are that the Panama l issue wilt will be greatly Increased S V It if It proves necessary sary to construct ii 1 nue IThe level canal as now seems ms probable it Moreover 1 the government Is still run running mug ning heavily behind which necessitates A S 1 withdrawal of ot its funds from Cram rom public d depositories while the demands for Cor municipal purposes in all parts parte of or the are rapidly Increasing ing Gold Goldi i i 1 have begun on a liberal lib oral scale ale Shout bont having already gone gono hd It Is expected that the current currentS 1 tf j s S i movement will wm at least beast reach roach i l 1 l not more On Feb 1 will willi 1 i tie e required for truit tru t company re reServes gt h Serves I erves O f The Tho taking over of or the t smaller rail mU railroad 4 t road ad systems by y the larger ones which iiI h J is generally eD rallY regarded In InWall Wall street ns as J 4 nf tn n encouraging sign Ign Joes ioe J M not appeal al ta to such an experienced e as asI i I 1 j jf f J f 1 t tIt It Y t I t to a o Henry Clews who foresees possible danger dan in the combinations and pro pre presents the he following for Or the consideration ra raHon tion Hon of 0 his hi correspondents correspondent There is moreover an un undercurrent i of 0 uneasiness in the street over pros pres present ent movements in the railroad world orld il The Th huge operations operation projected by b some Home of ot our great railroad magnates at attractive as they the may see sewn in from their point of view Ie do nut not inspire confidence In conservative financial circles where such lIuch transactions excite both distrust and jealousy Nor are they likely to tobe tobe tobe be welcomed Ih Iii I political circle c where re rethey they are sure to be regarded as inimical InimIcal ical lea to public welfare It would be well wen for these gentlemen to pause in their proceedings if they wish to avoid a afresh afresh afresh fresh outbreak o of hostile public opinion which until very cry recently recent 1 they were only too anxious to placate If J they do donot donot donot I not halt and consider consequences they thoy will Invite more rigid gov government go government regulation titan than Is IR now exer exercised Then we shall hall have a fresh out outcry outer outcry cry er about confiscator legislation etc ete and who will be responsible for such an uprising As has bias frequently been stated in these column columns the tho west as a whole does loes not feel the stress of hard hurd times to such suh an extent as the east owing to lo lothe the fact tact that its prosperity depends upon production Instead of or specula speculation speculation speculation tion but until the tariff question Is settled and the mists have cleared away awu In the financial centers of the east the advice of Mr Mt Ir Clews dews to go slow will be generally genErall heeded |