Bisbee daily review., 1911-03-10
THE gBEE DAILY 9EvEE BBEE
Mining, Stock Reports, Financial.

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 able, they will have full opportunity for a rehearing after further trial of present rates. Many Of the rail-
 roads are reporting liberal gross earnings. and there is little doubt but that by means of economy they ] Hill be able to continue satisfactory
 net resulJt The stronger roads. ! which are in he majority. seem likely to go on as usual with pro ] jected improvements. Some of the weaker lines are already beginning ] to economic and Geler improve ments The effect frhe decision
 was certainly disappointing to man
 agers. and also to concerns which furnish inc railroad s'supplies. but ;here is no doubt whatever that the decision or the commission will ulti- ul1tely exert wholesome and nee ossary restraint upon recent bus;- ness tendencies. Had the railroads succeeded in making their advances. increased demands from labor would have followed. wholesalers and re- tailers would have been obliged to charge higher prices to meet in, creased freight bills. and he wholo effect would have been to still fur. ther elevate prices and increase the
 cost of living. In other words, We would simply be continuing the ridiculous process of lifting our selves by means or our bootstraps; tendency that has much 10 do with recent deranCement and came near creating a serious cnsis by placing the United States upon a level dangerously higher than for eign countries. Of late the tendency has been for reduced cost oi living. Food products have especial y declined and many other commod- ities, notably iron and steel. have been on the downward grs5ie. Brad streets Index Figure dropped fr 923 in January. 1910 to s.07 Tn Feb Tuary, 1911. This declining tendency seems likely to continue. owing to quiet trade and restraints upon speculation But had railroad rates been increased movement i'll the other direction might have Eeen ex- peeted. for We would certainly nave had a temporary period Of increas activity which. however would have proved more in the nature of an in toXican than a genainc recovery.
 Market conditions are not entirely satisfactory. There was a good re coyery from the slump following the rato decision, but this was nos well maintained for reasons just mentioned Railroad traffic shows no serious diminu.ion and managers are likely to quickly ge5 over their present disgruntlement General bus mess Is quiet. though showing re cuperative tendencies. More activity Is shown in the iron trade gener- ally as the result of lower prices. which had much to do with stim- ulating the export traae,-:nce more Jn important factor ill the steel industry, Money continues abund- ant an dcasy owing Jf course 10 dull trade. and though iirmer rates may be anticipated between now and the first of April, no serious disturbance is apprehended in that quarter Our new security issues since January ! have been exceedingly heavy, year. A very large proportion of these new issues have been made amounting 70 10000. 900, against up Of bonds and short term notes. These large issues are practical evil deIace of the confidence of uut gieat bankers in the railroad outlook.
 The immediate outlook of the mar ket is involved in considerable un- certainty, which is not likely to be removed until the consequences ol .he Supreme Court decision and the outcome of the special session of congres scan be determined Invest ment conditions are sound. but the speculative position Of the market is so complet as to render quick turns more advisable than large operations on either side oi the marke. al .he moment The situa- ton abroad is favorable to Ameri- can securities, as demonstrated by the liberal takings of the latter Gur- ing the last two months. Paris seems especially cheerful financially and is showing noticeable dispo- sition to invest more freely in Ame-- ican securities.
 HENRY CLEWS.