Albuquerque evening herald. [volume] (Albuquerque, New Mexico) 1911-1914, 1912-02-14
POLITICAL FOG IS
STILL THICK
Henry Clews in Weekly Lev
ter Says Investigators
Probe Ought to Be Applied
to InstigatOrs.


New York. n. Y, Feb. i4.-Honry
Clews ia his weekly letter says:
The political fog stlil hangs heavy
| ever the stock market, 80 that un-
, certainty not only impedes Gonzales
| crnCe but Is quite apt To sustain DIS
trust until az least some degree OF
| certainty Is felt as TO the nominations.
| How long will the business interests
oi the country patiently submit TO
/ this uusottlng OF political agitation
ard Investigation mania Capital Is
not the only interest that is suffering
| from this sort OF political demontia.
Enterprise has already been seriously
| checked. and now labor Is being
thrown out Of employment In increas-
ing numbers by the very agitation
which politicians pretend is for
the benefit of labor. II the investiga-
ton probe could only be applied To
some OF our political agitators, the
disclosures as 90 motives would doubt
less prove very interesting. In some
cases these motives are quite as open
20 criticism as those of tbs money
trust and even more harmful. APP
parently he country will have to en-
dure this phase of agitation until the
close Of congress, which viii prob
ably not be before the national con-
ventions In June and July We are
now TO be entertained with an In
vestigation of the so-called money
trust. Fortunately its original purpose
has been modified and will be carried
cut on more prudent lines than at
one time intended. Very possibly
some much needed reforms can be
, effected upon the methods Of conduct
ing large flotations, syndicates, etc,
d II the Investigation Is conducted by
men OF prudence and experience, IN
stead of by professional agitators
seeking cheap political advertising
Beneficial results may follow Never
, theless. such an investigation vii! pro-
long the period of hositancy and un-
! certainty In the financial districG for
q men of business are not only depress-
, ed ana harasscd BY such mancuyer-
ing but their attention Is diverted
. from more legitimate occupations.
Outside OF politics the general sit-
, lation b. not bad. In fact, there Is
/ quite as much OF good as of evil in
I ihc general business makeup. II Il
bC admitted that we are still IN the
, Ioriod OF reGdjustment following the
, panic OF 1907 better understanding
4 % the present position OF affairs can
Doe attained. After a boom OF ten or
twelve years, which eliminated ia
1907, % Is quite natural 10 expect a
r period of several years einpse before
SIC get back To- normal conditions Tac
return 10 normal has been made more
I difficult by the persistence with which
prlces remain nesr the high level
Even now index figures are onls
z slightly below the high record. and
there Is little prospect of immodiat,
relief. Allowing that cheapcnins of
TIE cost Of gold has hal a general cf-
feet upon prices the world over, the
fact remains that as a rule supply and
demand chiefly govern prices, ana
population In all parts of the worlc
has gained upon the soil. In nearly
an directions relative scarcity pre-
vents downward reaction In prices IL
one sense this Is satisfactory. II
means that 20 meet demands not vel
satisfied there is plenty of opportun'
/ rs anead for larger production, which
will call for larger employment foi
both capital and labor. There De- "a,
general overpFoduction. Tho wholS
country - stili taking the rest cure
Retailers and wholesalers are care
rying small stocks Few mills are
running on fun time Conservatism
prevails everywhere. The spirit Of
economy Is gradually oyertuXiug tho
spirit of extravaganza. A result
trade and Industry are upon an eXcep-
tonally sound basis There Is nc
aVcreXpanslon OF credit cur rail.
roads are curtailing as far as possible
often cutting expenses down 10 th'
zone. such economies as are now be
ing enforced by many Of the road
| cannot be continued without seriou
| impairment OF equipment and road
he'd. sooner or later the railroad
/ "a.