Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1911-04-19


have unqueslionablt caused the post
ponemeni OF nov enterprises. which
canno, b. initiated until such qhes'
iions are definitely settled. Bat there
are causes underlying which have
vastly more influence upon The Tend
enclcs OF trade than al OF these con
bincd Nobody supposes that the Su.
preme court decisions. il adverse VIII
lessen the consumption vi oil OF To-
bacco. nor Is II probable tina, less
WOODEN goods. cotton goods and steel
viii be required II tsrin changes are
made which producers dislike. II
these factors have any influence upon
consumption OF such articles they
viii in the end stimulao rather than
diminish the demand. tor the reason
that such changes are being sought
chiefly In the direction OF what VIII
be considered public welfare.
The main difficulty with business Is
that il Is passing through a period OF
/ liquidation and readiustmenl similar
10 ihHf through which the securities
markets passed year or two ago
Our COMMODITY markets have been
upon too nigh level The puolic
buying power had become exhausted.
| Feverish activity and infsat'on had
! carried the rise In prices TO stand
| sim Credit was unduly strained.
| Liquidation was inevitable. and there
| " no cure in sight except u return 10
normal conditions through a General
| decline In commodity values. rms
{ curative process II now under way, u
! has made considerable progress IN
| some directions. notably In food prod
ucts Breadstuffs have declined aDoh'
% per cent, while pork products have
! in many cases declined 40 per cent,
| Steel products have shown n consid
cradle depreciation. while copper and
cotton have also shown downward
| tendency since the high records OF
| last year \ new factor has arisen IN
| the situation that is the consumer
| The campaign against general eN-
trayaganCe Is having It's effect Econ
| omy f. now the order of the day, and
| the average man Is either spending
less on food and clothing or else MAX
ing his money 90 further by suhstl'
| tnting cheaper materials This h. un'
questionable having distinct though
| silent effect upon many lines of bust
| ness.
Another cause for reaction Is the
| cessation In new enterprises. brought
about by the OVERRIDING which cub
minated In 1909 and 1919. oouotless
this has been acccntnated by uncer
tainty attending the court decisions
and tariff legislation, ~ wed as by
adverse railroad developments: but
had these factors not iniruded II Il
unquestionable that there would still
have been very considerable degree
OF hesitation owing 10 inevitable re
dictionary tendencies. In the steel
trade the outlook is not as bright as u
month 40. Railroads are economic
ing, something they are well able to
do because oil their present excellent
physical condition. The refusal of the
Interstate Commerce commission "a
grant The railroads permission 10 raise
their rates Is being met. In practical
fashion. economies are being intro
iuced wherever possible, and the
railroads before carrying projected
improvements any further are calcu
laling upon buying cheaper iron and
steel The copper situation Is anolh
or illustration of an important Indus
try which Is suffering from pureiy
artificial conditions. Production has
bcen unduly stimulated by pei sisl
ent mainiepance Of high prices, the