Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1911-03-29
FINANCE IS MUCH
MORE cheerful
JUST NOW
Henry Clews Says That De.
spite Dizziness III Business,
There is Better Tone in
Money Circles.

New York city. March Is Henry
Clows IN hi weekly lotcr comments |
more chccrlully ON the money situa.
lion lie says.
Iho better undcltOue noticed IN !
mes" adNices during the past two |
week " making SOW but certain |
progress outstanding the duh |
ness la business there Is n distinctly |
more cheerful one In financial circles |
The main influence contributing 10 |
This change Is the abundance OF cheap ]
money lu al pnrts of tho world hero |
Be- plethora ol idle nnd. at low rates. |
aud this is especially true in The /,
United Staios. 10 u limited extent |
This Is % result OF continued largo gOid /
product ion hut 10 Is mainly due 10 the |
inactivity of business and speculation |
which causes funds to accumulate. anu !
to q decline in commodities, enabling I
given sum to 20 further.
The greatest accumulation of idle !
money Is al New York because lnto. /
tiur banks force their surplus uuon
thrir New York cor spondonts in The |
hope that the latter may he ablc !
to find employment even at low rates. /
~ he moment there is good deal /
j. not likely 10 be required for Tho
next 'hrec or four months Europe
owes ~ large sums on account OF se
cnrIlv purchases aud IN payment Tor
our exports ana under present condi. |
lions 10 pays better 10 allow these
sums to remain abroad a. loans Later
ON In the year when the interior be.
sins TO withdraw It's funds from hits
center then. il not sooner. we may
expect gold imports upon liberal
scale This week currency shipments
'o he interior have been on a more
liberal scale owing to preparations
for April sediments. after which
these funds will return to New YORK. /
During the eight months Of the fiscal
year, or up 10 March !, our foreign /
tildc showed an excess in exports
over imports of siiS.0OO. 600. com
pared with an excess OF slSS.000. 600 a
wear ago This is turn for the bet .
Ter ~ $3.50 0Uo 600 IN our foreign trade /
balance, q change OF almost startling
and certainly very encouraging pro. I
portions Conditions are such as 30
favor "A continuation OF this tendency. I
FOR commOdities are declining hero 4
and lending TO rise abroad; a situation .
which naturally disCOurag"s imports .
aud stimulates exports. In the two |
months of January and February our A..
exports were SlOi ,OOn 600 larger than p.
IN the same two months last year.
and left a trade balance In our favor
at Slga 1000 GEO
Crop reports with few exceptions .
are at satisfactory character. The \
winter has been a favorable one for
both the soil ana winter wheat, lib .
,lal covering ol snow ana plenty or 1
moisture having done thus far al mat
nature can tu secure the next harvest.
Nll Indications point To "A liberal IN
crease IN acreage OF our principal
crops also marked Increase OF caro-
iu cultivation Tho farmer equally
with The manufacturer viii now be-
Obliged 80 consider efficiency and
economy only In his case intensiiCa.
ton viii be- the policy. the ohjec' he.
Ing 10 secure larger product per acre
nnug with higher degree of quality.
II wili he argued by some that bust.
ness reaction. tariff agitation, sl.
prcme court decisions and other IN.
favorable conditions with which va
are all familiar viii prevent any i'm.
pruycm,nt Ia the stock market There
is ono reply 10 This argument. when
is thai these conditions have been
tuoWn for months and are thoroughly /
discounted They no longer have the
onect anon market opinion which
ihty once had For months wall
street has been The most possimi tic
spot IN the country and this when l.
business ANA industrial activity was /
a. its height Tine truth is that wall
street was then siscounting IN advance
a situation which is now goncralit
recognized Il may not be- pleasant,
still II is proper to Gail attention TO
the fact that wall street was correct
ia ms proguosticatiuus. No doubt H.
is equally correct in now assuming a
more hopeful attitude, for today Wall
street is unquestionahly the most
cheerful spot In the country Our
leading hnanciors appreciate fuh wen
Tho power OF cheap money ~ a stimu-
liant 20 Wales ana enterprise and they
realize better than anyone else thu
sipniiicanCe OF the return IN our for.
eign trade 10 more normal conditions.
IT is NOT the volume OF this foreign
trade tina, is OF influence, so much as
HE significant changes in fundamental
conditions which II implies
Already there has been very con-
siderable absorption Of bonds and high
class investments ny wealthy indlyid.
uals and concerns who consider n
good business where principal Is safe
To invest in sound securities paying 4
and per cent when money can be-
borrowed as low as . IL per cent.
Operations OF this character give the
market hardening tendency aud
show encouraging bedrock conditions.
n rs quite possible that the market !
may receive temporary sothacks. and
II is realized that the poor condition
nf business must AFFECT investment
conditions. Nevertheless good securi.
Ties hought with discretion at present
levels will undoubtedly Weld good
profits in due season Wall street IL
already beginning TO discount trade
recovery, although the latter may be
deferred until liquidation Is more COM
plcte.