Bisbee daily review., 1911-04-27
EXTRAVAGANCE HAS
 REDUCED TIE BUYING
 POWER OF HE PEOPLE

pScted transfer or Missouri Pacific financial backing from one infiuen- tial banking interest to another. Tho change was sudden and it's iiRsi consequences cannot yet be de'e~rl iped but the probabilities are that the new supporters Of Missouri Pa c,nc will seek a thorough rehahili- tsuon of the property and ayold friction as far as possible with the interests tbaJ have just severed tbeir connection with the Goulds.
 On the stock exchange the muea uesired activity stiil falls to mater iaHrs some marked stimulus or change heinz necessary to over come the hsbitual inertia Imporp ant uncertainties stln over.ans ,@e market, the first in importance be ing the supreme court decisions. which when --slEnounced. whether favorable or unfavorable. N.iIl dn- occasionally stimulate fresa acu'- uy. If favorable, sharn advance iu prices may be confidently expect ed if uufavorable there vill also be eood baying of stocks by those who believe that decision of that char acter has eeea fully diseountca
 General Business BaG-
 General business ia the Uritei States continues in an unsatisfac- tcrv condi,icn Comu,odS. prices are generally declining. The yoSme of trade .s less than a year ago. and many enterprises aye he'd u s','. pense pending more favorable gener- al conditions. Uncertainty regarding the supreme court decisions and the rarin are largely responsible for this state O affairs. Concerning the tariff. there is perhaps moe apme- hension than is warranted. The thIee schedules most likely 10 n7 affected
 cotton. wool and stael--ha,' E9t vet been attacked. and both parties show a disposition 10 handie them cautiously. if not to postpone action altogether until the next presiden- tiaI campaign. The tariff, 1t must be remembered, always furnisEc eN- ceptional material for political asi- tation, and practical politicians may easily consider it good ta7tics 10 pde public opinion to sleep, hy ehecung moderate changes at this saas;on st congress and taking up tie t3rlu question more earnestly after The sentiment of the country nas been tested by another national elesLol Present indications po;ut to this congress sitting well ia5o the sum
  mer. In the steel trade relAtitelS few orders are being reseivec Tor the reason that big buyers are econ omizing and deierring pUrcla.es as far as possible. Some of the rlii- roads are reporting large declines ii gross earnings, which they are seeS- ing to offset by rigid economies n every direction In the textile trades dullness still prevails. Many cotton mills are suffering diminubon oi profits owing to high costs Of ,To- auction, as well as to the impossi- bilitv of securing satisfactory prices for their products. Consumers are economi..fn 4. Fshils distributors seem bent on carrying light stocks and confining their operations to those of hand-tO-mouth character The brightest element iu the busS nt $ outlook is the crop situation. All advices received concerning wheat and cotton are or a very sat isfactory nature. Acreage ls large, condition of the soil good and plants generally are promising. As a rule business conditions are sound and quite ready to respond to any tay- orable influences. At the west, where depression is now keenesL the out look is somewhat complicated by the consequences of past overspecuia- ting in land. Liquidation in this di- rection is still incomplete and may be an unsettling influence for some time to come. During the last ten years large areas of agricultural lands in the west have trebled in vaIue. a rise which unavoidably caused much violent imitation and an unwise extension Of credit
 Gut of Money.
 lp the local stock market cheap money continues the strongest fac tor Of support. Funds are pllihs up at all eastern monetary centers, and easv rates are assured for at least the next four months. After that period higher rates may prevail Our foreien trade continues in very sat isfactory shape, exports in March being unprecedented and the trade balance rising to nearly s2S.000,0oO in our favor, against $19.00O,Oo0 in 1910 and six and a half millions in 1909. This is a most welcome de 4eIopment: one that is materially strenethening our credit abroad and will certainly stimulate foreign investments in the United States. In Europe, and particularly in Great Britain. there are enormous sums seeking safe and profitable employ ment. In Great Britain the socialis- tic tendencies. or the disposition of the state and municipalities to enter the field of private enterprise. is ma terially limiting the field for invest naent Of British capital; and this disposition to invest abroad is being further accentuated by the policies