Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-01-24

ant new Issues with more success
than az one time anticipated. During
the first two weeks OF January there
we're fewer fl0tntlOns than expected.
mainly for the reason that conditions
were not considered entirely favorable
by bankers. II has been maintained
IN these advices that capital was
largely holding back FOR better terms
and that n lower prices or better
rates of Interest were granted capital
would be forthcoming more freely.
This has proved TO be the case by the
readiness with which certain issues
paying 8 per cent were absorbed. The
same argument applies also with more
or less force to stocks. The latter IN
many instances are now selling on
quite high level. considering the
rate Of return. We're prices 10 fall
away several points there doubtless
would be a revival In the Investment
demand Dividends are generally be-
Ing well maintained ana there are no
] further approximations OF their curtaii-
mcnt excepting possibly IN few in-
stances. Many OF the lndustrials are
showing unusually llbcral returns ~
spite OF comparatively dun business.
These securities. however are more
| exposed Co the viCissitudes az tariff
and other forms Of legislation, hence
they are less IN favor than usual with
careful investors The continuance
OF the investigation mania al Wash
ington also acts detrimentaliy upon
| ndustrials. For such reasons good
railroad shares are receiving more
and more attention from shrewd IN
vostmcnt buyers. The railroads have
been though the fire Of an anti.mo-
noply crusade, and have fallen into
the shclterinR arms of she Interstate
commission, which, while u may have
restrained their power over yates. has
afforded them the advantage ~ abol-
lshing rebates, checking ruinous COM
| petition, stopping free passes ana
other evils which are now almost for
gotten. Further II Is quite obvious
that the railroads are freer from leg
islativo attacks than they have heen
! for many years though still contend
/ ing agains, the exactions " state and
| city governments. Even the latter
are becoming more reasonable be-
cause OF the establishment Of better
relations between the railroads and
the public. Tho last two weeks of
severe weather viii probably Curtail
earnings fOT q period. bat this ~ uniN
La temporary matter. After "a period
Of fully two years OF enforced econ
omy the railroads are now driven into
considerable expenditures for new
rolling stock. rails, etc Their de-
mands In this respect Gre still un-
satisfied. For this reason important
new capital applications are still IN
prospect, presumably In the form OF
bonds or short term notes. the easiest
mode Of raising funds under present
lcondltlons. The steel industry h feet
ling the effect of this demand IN a
marked degree and ~ really In a bet
ter condition than Is generally appro-
clated "a is worth noting that so long
as demand for iron and sseol contin-
ues good she talk of tariff reduction
has little or no effect upon the se-
curiiles affected.
The money market outlook Is re-
assuring Easy rates are probable for
some weeks 10 come a factor 81 con-
lsidernblc importance IN supporting
the stock market for the cheapncss
81 call money temgts many instiiu-
lions into temporarily putting their
funds into high class securities which
will afford better returns. Money is
now returning frtm the interior more
freely and the outlook ~ for low rates
az scast until the April settlements.
more than two months distant The
only drain from any source at present
in sight is the exports Of gold to Ar
gentina on foreign account this being
favored By the relatively higher rates
for money In Europe than here.
our foreign trade returns for the
year 1911 have proved very satislac-
tory, inasmuch as they show an eX-
cess OF exports over imports amount
ing 10 $3.50. 100000. against 100000
O00 the year before and S252,0eO. 900
in 1903. This Is the largest excess OF
exports on record, and shows q most
gratifying turn IN our foreign trade
In imports there was decrease 0i
about $50. O00. 600 during the year
largely due. Of course. To- lower prices
and the quietnoss of trade in the Unit
ed states, ON the other hand theirs
was an increase OF S226 900, 000 In oui
exports This was partly due 90 dull
ness here. hut also 60 EurOpe's Target
. buying OF our manufactured articles
In steel manufactures there was
notable increase In our exports. th'
I gain la this respect being Nery signin
; cant as 10 our future in the worlds