Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1911-03-22
STOCK MARKET Is
IN BETTER
SHAPE
World Wide Ease of Money is
Making Itself Felt, Writes
Henry Clews in Weekly
Letter.

Clcws says
\ much better undcrtouc has de-.
Nclopei ON The stock exchange.
Nothing contributed more 10 this m.
proV,mcnl Than the woildWid, case
of money l.oanablo funds are
abundant everywhere. ospccihll, at
this center, aud ~ exceptionally low
rates some slight bar lcning may be
anticipated previous to the Npril 81.
Il mcnia, bul This viii Dee purely tenn.
powry and low rates are To he oN.
pcciod until ih" approach ot uut next
harvest Mons with This plethora of
money goes % material easing OF the
credit -ituai ION Good borrowers have
no difficult, IN findius all necessary
accommodation Under existing rou-
ditious 10 pays better To pas money
into good Investments paying -
ur q per cent than seeking employ.
m"nt for money at onc.half thosc
rates Man, financial Institutions
recognize this situation ana have
been charging their holdings OF
good stocks aud bonds While these
conditions last IL will be- difficult to
keep stocks az their present level.
provided misiOrtunes do no, inter.
Ncno.
\ favorable feature is the steady
Improvement ot the bank situation as
shown by the last hank call from tho
comptroller ~ Washington In New
Work deposits have gAiAcd owe,
s2on.nno 600 since the cali two months
ago. while the Chicago banks report.
81 a gain OF over s70000. 600 during
thp same period The loans a. New
fsa.. a. II
Sl2i nnh GOO aud at Chicago $50.
Goa nuu
\nothcr important feature al slow
hui iarroachng effect ~ the i'm.
proved Hituation ul our foreign trade
Our exports are rapidly returning To
normal and healthy conditions In
February our shipments abroad ~
NE chandisc aggregated sl16 .0nu, OOt
or SOL 600 hrn moro than year ago
lmportations during the same period
amounted 20 sl2l.Ibn. 600. decrease
of - iuu,on0 compared with last vcav
Tins meant an excess al 81. 900 200
IN exports ia 1910 and az excess OF
sIlnn,n no In exports in 1909 This
~ certainly q mos, cncoura ging cN
hibit. and has Immensely strengthen.
ed our credit abroad OF the total ~.
ports In February So. O0O. 000. OF one.
half OF M whole. consisted OF food
year ago these articles amounted
TO only 100000 0Uu IN value The
bulk OF this increase. however. oc.
CURED IN cotton which was valued
~ Si>.ooo 0oo In February l.ll com.
pared with N.0n0.o00 in 1910 our
dependence upon single article
such as cotton, a. an export is per.
maps the least desirable feature IN
the foreign trade situation. bpcnus
cotton shipments must soon decline
Inill he next crop begins 20 move
N"t the Increase ia hrcadstun from
$ nuoou ~ February. 1910. to sll.-
"o"doo ia February 1871. must be-
accepted as q satisfactory sequence
ot declining prices, and % Is also TO
u, remembered thar our exports of
manufacture especially iron and
steel are steadily expanding
sun further evidence that the
needed economic rcadius'mcnt rs pro.
grcssing viii be- found 10 observation
of he tendency in commodity priCss.
The latter show pcrsistcut droop.
ing tendency liridstrocts index
number has declined over To- per cent
during the .ast nitrru months Will
indcN figures abroad are rising.
showing thar M, foreign markets and
uur own are approaching more
common level For months prices in
this country were much above the
foreign level hence our hcaN. i'm
ports ana light exports This read
iu,imcnl b. comm. about naturally
through liquidation ana lower prices
here, accompanied o., some advances
IN EUROPE The heaviest, decline an
The United States have bcou ~
htcadstuiis and provisions. thus at
iordns some rcli,t IN The hiRh cost
Oi living There has been also con
sidcrahl, decline la the prices o. iron
ana steel some commodities how.
over. are still held Al the higher level
nN artificial influences. copper being
a notable example Suffice 10 to say
The commercial situation VIII not De
satisfactory until liquidation has don,
iir work a. thoroughly in commodl.
, les as II has ia securities
Technically the stock market is IN
strong position Weak spots have
boea eliminated. aud an untayorablc
contingencies appear 10 have been
thoroughly discounted Iariii agiih
tiun VII bc r'opcncd with the begin
uiug ol the extra session IN April
nut no serious changes need be oN
prc'cd II Tor no other reason than
hat the government cannot afford
any curlailmonl ut income from Gus
toms liarring temporary uncertain
~ no serious disturbance need be
anticipated from actual tariff lcgisla
lion Thr supreme court oil and Ia
hlCCo dccsipnt, about which Their,
has been So much hositancy nov
seem likely tu be- deferred until u lat,
date The court includes two new
members. nor as familiar with 10,
arguments of both Sides AZ the Older
mcmborS ol the court II is TO b'
supposed that the new Judges viii
require ample time to read and digest
the enormous amount of testimony IN
these eases before reaching decis
ion This means the consumption OF
much more time than al FIRST aniici
paiod Less anxiety Is now felt over
the Mexican situation, the vigorous
display OF force by the United states
ana the stimulus II afforded Ia tho
Mexican government having the 10
sui OF gffectually dlscouraging the