Bisbee daily review., 1909-01-05


 lwer prices at this time. Next to he confidence begotten of a profit
 ble harvest, nothing contributed more the recovery of industry than ti,. oming of the railroads into the mar
 cts as large buyers of constructive
 laterials.
 The last panic differed from its
 redecssors in one important respect.
 ! that it occurred at a time when
 country was suffering from very
 adequate transportat on facilities.
 his was sbown by the enormous is- sue of nearly $i $i.500.000.000 new rail road securities in spite of it's being Lanic year. A portion Of this great um was used for refulding purposes; but the bulk went to provide expendi- lures for improVeme nts contemplated or under way. Two other influences contributed toward. preventing a de- cline in prices-the trusts, which used their power to the limit in this re-
 pect. and the labor unions. whicn were able to sustain wages in spite of Dus ness reaction Labor suffered com paratively little from the panic. Still ancther influence was the great in crease in the worlds god supply. Tais Is an element the impor .ance of which Is over-esti.uated in some circles, all though cheapening the cost of gold and turning vast amounts into the
 anking reserves of the world offer a timulus that cannot be ignored. The theory that present high prices are due to the increase in gold supply is not supported by facts. either present pr historical. When the production of gold is compared with the course of prices over a long period of years
 ere is tile correspondence between ne two; and as already stated the in
 uences which control prices are num- rous and so complex that gold must
 considered as only one os them, md which at most is slow and ais mt in operation.
 Another beneficial result of the anic is the spirit Of reform which
 as been aroused in business circles over the entire continent, not to speak of the similar movement in politics which preceded it. Higher standards of business conduct are undoubtedly being established in consequence. The millenium may be still far distant but many abuses are being IesseneI and a keener appreciation of the value of integrity has been established in many directions. The movement fcr reform extended to Wall street, whi n has come in for more than it's share of blame because of the reprehensiblo practices of a few interruptions pro motors and tricksters. The public, knowing little of financial affairs planes Wall street indiscriminately . Those. however, who have the best interests of the Street and public wei fare at heart will welcome any lifting of business standards There are tricks of speculation that should be abolished. methods of promotion that should put their lustigators in jail, in- corporation laws which are stil a blot upon the statute books e states that permit them, and banking methods which would bring down public os- s.1cism upon all that practice them By all means let every discreditable practice in the financial district be abolished, so that those who come to Wall street with money to invest may feel assured of securing a square deal and getting what they pay for and purchase through their brokcr in an absolutely legitimate way.
 The year. passed without any seri. ous international complications, al though coming peTilously near grave disturbances. The Balkan situation is Ow much more satisfactory, and it is Oped that the spring, the time for military action, will be safely pass,.u Tithout further symptoms of hostility. Affairs in Germany, of course, attract much attention, the Kaiser's indiscreet tterances having at times caused se- .ous international irTitation and breed both England and France into efensive methods which were any- h ng but quieting The protest of he German people. however, has em-
 hatically subdued the Kaiser, and for D period at least the course 8f Ger many will cause less concern. Mean
 hile, England is strongly increasing CT navy, and France is husbanding
 CT financial resources in a remark ble manner, while all other great na- ions of Europe are grooming under he bdru enfoDeegkios tlnupacyamr-r he burden of keeping up costly arma- nents. something which the UniteS itates can congratulate itself upon ,s- aping. There is unrest in India WHICH hreatens to give Britian anxiety, also nore or less jealousy between ArgaH tine and Brazil. In Venezuela ,I.- he revolution in Russia naS been rushed without further lll~Isl.d. All
 urope. however. seems 10 te antic pating struggles which are only 2verted by strenuous preparations for var. The three Great Powers. Eng and, France and Germany. are each strengthening their srmor.
 Our business situation is not entire y satisfactory, and recovery here mas been less spectacular than in financIaf affairs. In Wall street the rebound was unquestiona5ly excessive. so taat a partial recession to more ncrmal values would cause no surprise In tnercantile and industrial affairs the recovery has been slower but sounder. In all probability the volume of bus-- hess today will soon be equal to that of two or three years ago with few possible exceptions. There is no doubt that depression has been severest in the large cities this side of the Missis- sippi and in the great industrial sec- tions of the East. West and South having suffered least for reasons al- ready explained. Nevertheless. the present tendency is toward improve l ment. and in due season the volume of business will no doubt reach it's for mer maximum. Progress will be snow. and accompanied possibly by tempo rzry setbaeks. It is usual. moreover. to expect a return to lower prices in