The Bridgeport evening farmer., 1911-05-22

years since the panic of 1907, which was more severe in the securities markets than anywhere else, and which hardly merits place in the list Of really serious depressions. Complete recovery from it's effects should be quicker than in any of it's predecessors Q) because of its minor importance and CD because of the continuous enor- nous gold imitation which is in pro- gress-an imitation that is injecting into the worlds circulation @ golden tonic to the extent of $500, ,000, 900 year plus at least four times that amount in credit. In no previous period in trade and industry enjoyed the ad- vantage of such stimulation. It is wonderfully shortening the season of convalescence and hastening restora- tion to normal conditions. Instead of five to ten years being necessary to recovery as of yore four years is be- ing found sufficient.
 for the visible beginning of general improvement-an improvement morally certain to be led by bull movement in stocks. There is where you get the first inkling of an uplift, just as you do every panic Or severe slump.
 The accumulation of idle money in the banks and trust companies of all the large cities of the country in vol ume beyond anything ever known shows that liquidation has been thor ough in every department and divis- ion of business. Production is at minimum, warehouses and shelves are half empty or bare of goods. Produc- tion and consumption are on a hand to-mouth basis. The situation is at last bed-rocked, and when such is the status prices have no chance to go lower. Depression can go no further. The end of hard times has arrived. The hour is here for change-and change under such circumstances and conditions can only be in one direction up.
 Tn the economy of business there is no place for an accumulation of idle money. Work is the function and the mission of money. It must be do- ing something. Enforced inactivity is unnatural and irksome It cannot long be held in restraint. The inn mense stocks of money that are filling the bank vaults to bursting are just that much stored-up energy for which employment is as necessary as breath is to life. Since the beginning of the year railroads and industrials have absorbed nearly $500 00O, ,000, the bulk of which has found it's way back to the Repositories where it is ready for other uses. Most of the money bor- rowed by corporations has been on bonds. There has been surfeit of that class of new investments and capital is already beginning to over- flow into stocks. Thus far the over flow has been just enough to take up the stocks thrown over by tired out reason to believe that the scattered liquidation is over and that as the floating supply of shares is further reduced buyers will have to bid up for what they get. That is the way it strikes market readers of experience and judgment
 Seasoned dividend paying stocks can be bought now at to 1-2 per cent. on the investment, and when such is the case the chances of loss on in- vestments may be said to be hardly worth taking into account, excepting when panics rage. Certainly not un- der conditions as they are now found. Seldom are conditions so attractive to conservative investors.
 There is some uneasineSs on account of the imminence of downward tariff revision. What harm is being done in that quarter is by reason of the ac- tivities of an obstruction element bent on thwarting the will of an overwhelm- ing majority of the people as ex- pressed in the platform of both par ties and at the polls. The quicker Congress gets through revision the bet ter it will be for business, a fact that seems to be properly appreciated by the controlling vote of the Senate and House. The country is adjusting it's manufacturing and mercantile busi- ness on the theory of a moderate and fairly applied reduction in import du- ties on many of the necessities of life That is also one of the features of the situation that seems to have been discounted by the stock market as expressed in ruling prices.
 The industries have passed through the trying 4-year period with credit They were strong to begin with, and like the railroads they have suffered little excepting loss of fat, so to speak The plant is unimpaired, for most part and what has been lost in actual depreciation will soon be made up when the wheels are again in motion and the Nations machinery once more whirring The situation in that quarter is ripe for improvement. Fur ther serious depression is unlikely, in the face of the elimination of so many disturbing uncertainties.
 The probabilities are that the revo- lution in Mexico will be brought to a. close without armed intervention by the United States.
 Mention of the most important con- structive features of the whole situa- tion has been withheld to the last the crops. Were the unfavorable fac tors twice as serious as they are and the favorable ones only half as good as they measure up, bumper crops