Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1911-05-03
SITUATION
SHOWS STRENGTH
Securities in Hands of Compe.
tent Financiers Who Do Not
Fear Spasmodic Fluctua.
tions Due to Politics.


p"ration, which was published after
III" close of business on Tuesday. This
report fell very materially below gem
cral expectations I'm the matter uf net
earnings. The exact figures az given
were s23,ais.2O3. while what were IN
advance considered conservative csti-
mates had ranged anywhere from
SIG. 100000 L. SIS. $40 900. At Lon
don on "Wednesday morning the COM
mon stock ct the steel corporation de-
clin"d halt q point, aud u similar re-
ductinn took place in tn" carly mnr-
kct at New York But a general inn
provemont then set n which was ir.
regularly maintained during the rest
! of The week
This reception 10y the market ~
such an unexpected showing Is both
significant and Impressive. II con-
firms what has already been repeat
rdly shown in these adViccs that Sc
| ruiitics arr IN the hands of strong
people who are we'll satisfied with
| Fundamental conditions and are not to-
| De frightened into liquidation by spas
modir Influences. AZ investments.
our standard securities are upon "A
| fav orabl' basis and IL IL wisely argued
! that any reduction In dividends viii
certainty not he general even if they
| should occur Ia one or two instances
whore current disbursements are not
| juslitiod 10y revenue returns
We huy, n sight VIVA, H. usually one
| uf The most potent factors ia a sub
s,antial stock market. namely n per:
Tod cot protractrd abundance of money
tina, can hardly fail to- continue untii
! th' early autumn, when funds viii bc
required 10 finance the crops. t'ntil
thrn aud pending the development uf
activity IN industrial aud commercial
| channels, this unemployed money. az
| has been Ia, ease ia the last few
| months. viii automaiicallS seek re-
J muncratiyc employment IN the stock
market Meanwhile. before IL Is
| called back for as in these channels.
the unscttiing factors that are now
rvtardins general business viii have
/ maturcd. By this Ne mean that the
supreme court Wiz haN" rendered Us
| decisions ~ the standard pil and
| American Tobacco cases ana tariff
revision as an Influence of discour-
ug"mcnt ana unrest Will, most likely.
| hay" been completed
! This general clearing Of the situa
| iiun the stock market viii undouht-
| rdlN discount W. have brfur, us
! tn. current example Of spectacular
British trade recovery from period
| pf dizziness and depression ,"..t. not
unlike our own situation. was caused
primarily ~ political influences II
viii be recalled that the British bud
- F.aNs .H.st.
power on appropriations by the house
, OF lords upset British trad" and cnus.
! ed u period oI Keen depression and
unrest throughout Great britain hut
throughout this perioi the people
, continued their usual functions as
consumers of food and raimcnt, and
since the political questions have been
settled tor al any rate now that the
/ house of lords prerogatiye has be-
come the subject of coaipromise) a
/ trad" movement has set In that has
assumed record. marking proportions
I THIS represents IA, natural acCumu-
iauun or demand hy consumers We.
, IN THIS country, are IN very much the
i Same position as the people of Great
| britain were year or 81 ago. our
trade and industry have been grad
uallN becoming restricted. mnnufnc.
| ,urcrs have confined thcri operations
| Ia the hnSls of reduced requirements
| Tor consumption, and merchants have
! permitted their stocks To- decline To "A
point whore rcpicDishmcnt viii bc
urgently demanded az the first sirn Of
"hWnrn movement Brfprc this on
ward movement can begin We must
nav" some reliable forecast OF tariff
legislation and We must ALSO know the
effect OF the supreme court decisions
already referred IT,. The decisions
have. IL may be observed already
been accepted At their worst that Is
two corporations concerned vii be de-
clarod ia restraint Of trade. and viii
bee compelled accordingly 10 adjust
their affairs. It's recent decisions
against fixed prices and us uncduiv-
o'nl ruling In the commodity clause
AZ" widely accepted as showing the
mental attitude Of the supreme coIri
ia regard To- combinations. other
computations II this indication rs full
iill"d' VIII also be compelled to COM
pk with the provisions Of TN. sher.
man law, as thus for the firs, tim.
d"iihit"h determined bS our highest
tribunal, iui this DOES not mean
th'fr VIII b" any coniiscation of prop-
'rtN ar interference with property
rights. whether these property rights
are called good viii or selling organ
izatlon or anything else II simply
means that business OF our modern
business combinations must be- con-
Quoted In perfectly fair and legal
way. which IL aposition tina, every
patriotic citizen viii cordially ap.
prove. AZ the same time II should
not be forgotten that stockholders
VIII still retain the full intrinsic value
of their property.
AZ far as the tariff IL concerned
the prospects are that before money
is needed for the crops this retarding
influence viii be quite out Of the way.
tn" dominant party In the house Of
representatives IL showing degree OF
conservatism that bespeaks the ac-
compiishment of practical results 4"
the exclusion of merely idcal policies
that mean striving for the unnttain-
able, Best Information from Wash
lngton suggests an understand ing
7