Bisbee daily review., 1911-04-20
STREET Is CHEERFUL
 Is OPINION OF CLEWS
But Change to Better Times Is Slow and Pain
 full Process

has been the dullest of the year. With three days suspen- sion of business in prospect it was inevitable that transactions should be reduced to the minimum. So far as the financial undertone is con cerned no change is apparent, all though stagnation upon the stock ex- change exerts a disheartening effect uIon many minds. The chief hope of Wall street at the moment is based upon the prospects for a plen- tilul supply of cheap money for at least the next four months. The crop outlook also affords considerable encouragement and these facts add ed to the beief that all known uu- favorable conditions have been pret- ty generally discounted, afford a basis for confidence in the future which is really the reason vIy Wall Street today is. relatively speaking. about the most cheerful spot in the entire country.
 Iu spite of these conditions the stock market falls to show any real | Aiil IF W tAAANA-Af AAAt NARAa@Aae-NACh ANA which must be found in the general slackness of business. Tle maJority 7 Of observers are apt to attribute the latter condition to surface causes. | Among these are relay in the Su- preme court decisions, tariff agita- ton and the frequently hostile at utude of legislature toward large corporations. These may be impors- ant contributing causes, and have no doubt eXerted a considerable re straining influence upon business activity. They have unquestionably caused the postponement of new en- | terprises, which cannot be initiated until such questions are definitely settled But there are causes under lying which have vastly more hr fluence upon the tendencies of trade than all of these combined. No body supposes that the Supreme court decisions, If adverse, will les ! sen the consumption of oil or to- ! bacco; nor is it probable that less woolen goods, cotton goods and steel will be required if tariff changes are made which producers dislike. If | these factors have any influence upon the tendencies of trade than all of these combined. If these factors have any influence upon con sumption of such articles. they will in the end stimulate rather than diminish the demand, for the reason
 that such changes are being soughl chiefly in the direction of what will
 be considered public welfare.
 The main difficulty with business is that it is passing through a period
 of liquidation and readjustment sim liar to that through which the secur- titles markets passed a year or twL ago. Our commodity markets have
 been upon too high a level. The pub
 ic buying power had become ex-
 hausted. Feverish activity and in.
 nation had carried the rise in prices
 to a staudsdll. Credit was unduly
 strained. Liquidation was inevitable
 and there is no cure in sight ex' cept a return to normal conditions through a general decline in com . modity values. This curative process IS now under way. It lts made cen , siderable progress in some directions | notably in food products. Bread
 stuns have declined about 25 De' cea5. vhne pork products have II , mtny cases declined 40 per cent tSteel products have shown 2 eonsid ierabIe depreciation, while copper ana cotton have also shown a dowuwars B tendency since the high records O 1 last year. new factor has aI'scl E in tlc situation: that is the con
 sumer The campaign against gen e eral eNtrsvagance is having it's ci l. feet. Economy is now the orde of the day, and the average nan i either spending less on food an clothing or else making his none go further by substituting cheape
 materials. This is unqaestionabl
 having a distinct though silent efec l. upon many lines of business.
 D. Another cause for reaction is th s cessation in new enterprises, brough d about by the oyerd1ing which GU e minated in 1909 and 1910. Doubles m this has been accentuated by ul certainty attending the court d
 cisions and tarim legislation, .
 well as by adverse railroad deye,ol
 nents: but had these factors nc l intruded it is unquestionable thi 'e there would still have been yer C. considerable degree of hesitatio 'e owing to inevitable reactionary te' of dencies. In the steel trade the ou h. look is not as bright as a mont
 ago. Railroads are economizin 3- something they are well able to c because of their present excellei
 physical condition. The refusal
 the interstate commerce commi n sion to grant the railroads permi "a sion to raise their rates is being m' t. in practical fashion; ec'nomies al In being introduced wherever post