Bisbee daily review., 1911-03-30
ABSURD AMOUNT OF
 MONEY IN NEW YORK
Gut of Cash That Cannot be Used for Months
 to Come

noticed in these advices the pas, two weeks Is making slow but cef tain progress. Notwithstanding the ! ldullness in business there is dis tinctly more cheerful tone in nnan cial circles. The main influence c,L ! tribuung to this change is the ] abundance of cheap money. Tn all parts oI the world .here is pie
 ,bora of idle funds at low rates. and this is especially true ia the ' United States. To a limited extent this Is a result Of continued large
 gold productions but t is manly lue % the inactivity 3f business and speculation. wlNch causes funds t3 1 accumulate, aud Co decline iu commodities. enabling a given sum
 to go further.
 The greatest accumulafio Of i3le
 ieoney is at New York because in tqlor banks force their surplus upon tseir New York correspondents in ithc hope that the la-.er may be able find employmen. even at low rates. Al thc mome1. thero is
 sood deal of nearby money n New York. which is not likely to be fe ! quired for the next three or four
 months Europe owes us large sums
 on account Of security purchases and ! In payment fo rolr exports. and un Ger present conditions 1t pays bet 1 ter to allow these sums to remain abroad as leans Later on in the | year when the interior begins to ! withdraw it's funds from this centeI ! then, if not sooner, we may expect gold imports upon a liberal scale This week curTehey shipments to the i interior have been on more liberal
 scale owing to preparations for April
 settlements, after which these funds
 will return to New York. Export Excess.
 During the eight months of the fiscal year. or up U March l. our l foreign trade showed an excess in i exports over imports of $41S,000, ,000. compared with an excess Of SfsS.000. | o00 a year ago This is a turn for
 the better of s230sa00,0 900 in ouI ! foreign trade balance; a change ol
 almost startling and certainly very
 encouraging proportions. Conditions
 are such as to favor a continuation of this tendency, for commodities i are declining here and tending to rise abroad; a situation which nat
 urally discouTages imports and stim
 ulates exports In the two montna
 of January and February our ex
 orts were s1O4 100000 larger than in the same two months last year,
 and left a trade balance in our favor of s127, ,000 900.
 Crop reports with few exceptions
 are of satisfactory character. The winter has been a favorable one
 for both the soil and winter wheat
 liberal covering of snow and plenty
 Of moisture having done thus far all that nature can to secure the
 next harvest. All indications point
 to a liberal increase in acreage o9
 our principal crops, also a marked
 increase of care in cultivation. The i farmer equally iwth the manufaetur
 CT will now be obliged to consider efficiency and economy; only in his case intensihcation will be the policy.
 the object being to secure a larger
 product per acre along with higher
 degree of quality.
 Wall street Pessimistic. 1t will be argued by some that
 business reaction, tariff agitation
 supreme court decisions and other
 unfavorable conditions with whic
 we are all familiar will prevent any 1 improvement in the stock market
 There is one reply to this argument which is that these conditions have
 been known for months and ar, i thoroughly discounted. Thsy n-
 longer have the effect upon marke opinion which they once had Fo, months Wall Street has been the
 most pessinistie spo: in the country and this when business and indus trial activity WAS at it's height. The
 truth is that Wall Street was ther 1iscounting in advance a si.uatios
 which is now generally recognized
 may not be pleasant, still it is
 proper to call attention to the fact
 hat Wall Street was correct in it's
 prognos;icat 1ns. No doubt it is
 equally correct in now assuming z
 nore hopeful attitude. for today Wal
 Street Is unquestionab1y the mos, cheerful spot in the country OuI
 'eading fnanciers appreciate full
 well the power of cheap money as a stimuiant 70 values and enterprise, and they also real
 'ze better than any one else the sig nificance of the return in our fcs
 eign trade to more normal cond
 ions. It is not the volume of thi
 foreign trade that is of influence. s. mach as ihe significant changes in