Bisbee daily review., 1911-01-26

The average business man here would benefit immediately from the fact that a sound monetary system would discourage and moderate pan- ics, whS-aas on- nresent system not
 only aggravates but actcally in vites financial crisis. Only yhe big
 spectators profit by panicSS and then at the expense of smaller opeI- ators.
 One of the most encouraging de- yelopments of the day is the return of our foreign trade to more nor mal conditions. From March to De cember inclusive there has been a steady gain in our exports of mer- ehandise, the total for the calen dar year amounting to $1.Se4 O0O. 900.
 or Sl2e.000.000 in excess of the year 1909. On the other hand our imports. which for a long season had been running ahead of previous years. have been declining since the end of August During the four last months of 1910. imports declined ] 1909. although owing to the large arrivals during the early months of the year. to total imports amount ed to S1,562. .000,00 or SS7,000 .000 in excess of the previous year. The reversing of the current year to in. creasing exports and decreasing fn- ports is gradually but surely bring. ing cur foreign trade into a much more satisfactory position, and in De cember last we had an excess of exports amounting to S90 0,O00,000. as against $33 000, ,G00 year ago. Al though we are entering the season when exports generally decline. con ditions are favorable to foreign trade. the downward tendency of commod- 1 ity prices being stimulating to ex. ports and discouraging to excessive imports. Under ordinary conditions such a movement would invite large gold imports The position is such. l however, that We have no need of adding 10 our supply of gold, and the excessive case of money will naturally tend to discourage such | limporations. It so happens. how. ever, that Europe and specially Great Britian. has an ample supply of cap ital to invest English bankers and security holders are favorably dis posed to American investments be
 cause experience proves that no others have been more successful in combining profit and safety. Great Britian is exceedingly pros- porous and will be obliged to seek investments abroad in an unusual degree; and if conditions here prove
 favorable we may look for a liberal influx of British capital into the 1 United States, bonds receiving the preference. International bankers appreciate the value Of such a sit uation; but intending foreign invest ors are restrained by the unFeason-
 ing attacks upon capital m rnis country, and are keenly awaiting tne outcome of the Supreme Court Ge cisions and the action of the inter state Commerce Commission to- wards the railroads Should foreien | capital become satisfied that iustlce ] and fair dealing will prevail. the | flow of capital in this direction
 would be much facilitated. Needless to say that nothing would aid busI- ness recovery more certainly at tnis
 time than a nice influx of foreign capital for the purpose of stimular-
 Ing American enterprise and fur ther developing our resources.
 The improvement in the stock market alread anticipated in these
 adyiees has made further progress
 Transactions have been upon an 1!,-
 creasing scale and at generally ad-
 Fancing prices, accompanied by
 moderate reactions. The result has
 been an improved trading market
 Conditions are still of a favorable
 character. The most important eIe.
 ment in favor of it's continuance for some time to come. The banks are
 gaining through return Of lands
 from the interior. In view of Inc
 continued quietness in business. the
 shrinkage in speculation and the de. cline in commodity values money
 promises to become a glut. Another
 very important factor is that the
 dominating interests in Wall stree,
 are in favor of higher prices. Sc
 curities are concentrated in stroue hands, the floating supply in the
 street being much smaller than
 usual, liquidation has eliminated
 weak spots and all known unfav
 orable conditions appear to have
 been thoroughly discounted. Power
 fui banking interests in the Stree,
 are interested in supporting the mar ket in order to aid the distribution
 or the various new issues now seek
 ing investors. It is true that some
 hesitation exists owing to the m certainty respecting the Supreme Court decisions and the action o the Interstate Commerce CommIs . sion. but the worst to be expected from these sources has already beer lfuI1v osrff~fuo4oH