Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1910-06-05
POLITICS ALONE ARE
RESPONSIBLE FOR
PRESENT UNREST
BANKER SAYS
OTHER CONDITIONS GOOD
Stock Exchange Cuts Off Fifty
Memberships Organization
to be Run on More Exclusive
Basis.

cided by the Chicago stock exchange
to reduce the membership of that or
sanization from 500 to 250 members,
and the finance committee has been
instructed to purchase from time to
time fifty of the seats now held by
members and cancel them. Three
seats have been taken up ny the ex-
change in the past fortnight and the
total membership Is now 300.
The new policy adopted by the ex-
change, which is calculated to make
the organization = more exclusive one
ana enhance the memberships, does
not prevent the admission of new
members.
1t is also announced hat the gov
erning committee has voted to amend
the rules governing the admission Of
new members. beginning yesterday
no new members will be accepted in
the exchange unless directly identified
as partners in the business of bond
houses and brokerage firms that are
not Incorporated. The new rule,
which excludes bankers, as their in
stitutions are Incorporated, VAS adopt
ed in order that The liabilities OF those
who trade on the exchange win not be
limited in the event OF a business as
signment.
1t is expected that the rule barring
Incorporated interests from being
members of thu exchange Will cause
the sale of numerous memberships,
and the exchange viii buy n pay
for them out # its surplus funds in
the treasury.
w. +. %Fenton, vice-presidcnt Of the
National Bank of the Republic, who
predicted several months ago that
speculation in land would occupy the
foremost position as a monetary con-
dition. says that indulgence in real
estate ventures, particularly with re-
gard to farm lands, has been a strik-
ing feature in the monetary situation
for months past.
Il cannot see any damaging effect
from the great volume of dealings in
western and northwestern lands,
which has been drawing funds in
enormous aggregate from the money
centers," said Mr.. Fenton. Banks
are well secured in these loans. The
condition has had the effect of raising
the rates for money and keeping them
up when times were dun, but there is
nothing in the situation beyond this.
and the condition is not an unhealth-
full one,
eThe general business position
seems to be suffering from a COM
bination OF reasons rather than from
any one cause. Certainly there Is no
.fear of the results that MAY befal
the monetary sIuuatian as n result of
these land dealings. Everybody feels
that there is something in the air,
but nobody is able to tell just what
that something is. Curtailmcnt, or to
put it in more appropriate language,
conservation, usually combines with
the suspicious business mind. At the
same time. we do not find all business
minds suspicious. That is n of the
peculiar circumstances of the present
situation.
"In my mind, the political situation
has more to do with the present dis
%turbances than any other n factor.
Nobody knows what to expect from
Washington. The injunction agalnst
the railroads, preventing them from
advancing their rates, is a fair eX-
ample of conditions. Within itself
that restriction has enough erect, Dut
it Families and there is no telling
where il win strike neXt. 1t seems
as if it's Influences may reach Utmost
anywhere and cautious men are bound
to proceed carefully when these IN
fluenccs threaten them.
The spotty condition OF business is
reflected in the information II gain
ers in talking with the people who
serve the demand. For example, |
talked with one of the largest dealers
in household goods today II ne salu
business had been very poor IN the
last three weeks. Another business
man, who is representative of his line
i'm dealing with the farmers, stated
his sales We're ahead of last year.
Several others in the lines of textile
fabrics say trade has not been good.
Largely the latser may be laid to the
weather.
However, the crop outlook seems
to be good, money rates are not too
and the situation seems to be all
except hat it is being greatly
by a political ~upheaNal.'