Bisbee daily review., 1913-06-13
SOME OTHER
 HOPEFUL POINTS

The adverse features in the situa ton surrounding the financial mar kets have been dwelt on unti, everyone interested is thorough ly familiar with them. It would appear time to remember that there Is another side. The scarcity of money cannot be denied nor can the fact that there Is a tremendous amount .of financing ahead Of the market. There Is no Justification, either, for trying to prove that the money mar ket is capable of sustaining an active speculation. There is, however, pleC- ty of reason for pointing out that In seeking to be conservative, the invest ment elements has gone too far in it's pessimistic estimate of the value Of securities and is apt 70 overstay the situation and lose a splendid oppor- tunity to secure good investments at prices that return a large income. compared with that of the past few years.
 It is obvious that the bankers of the world are preparing for the future with the idea in mind that the worst may hpapen. This seems the only sound policy for the banker handling the funds of others which may b. called for at any time. It is doubtful, however. if any event so consistently prepared for as stringent money this l fall will get beyond control The un- certainty caused by the tariff legisls- 1 ton is bringing some relief to the
 money market through a falling off in general business and the interior 1 hanks are getting some relief from The liquidation Of loans on wheat csr- ried ever from last year. The specu- latiYe market has had a sharp de- cline and brought some reduction in ' loans The bankers are determined | to go slow about taking new Issues and probably nothing but loans nsc. essary to take care of pressing neces- sities will be considered The pros poets for an adjustment of the differ ences between Bulgaria and Seryia are said to be good and with the re moval of that friction and the political situation abroad will be immensely
 improved and the prospects for a re-
 turn of the boarded gold greatly
 strengthened.
 It is not only possible to hope for
 an improvement in money conditions
 but it is possible that we may ge'
 some announcement from Washing | ton. The Interstate Commerce com
 mission has the request of the railway for permission 70 increase freigh. rates under sdvisement and. if ths members should act favorably on the petition it would lead to a decided ! increase in confidence in railway se curities for it would show that thF
 government can be depended upon tC
 be fair and the railways are to bs protected in their right to earn and
 pay dividends. The feeling that the
 goverument is after everything has hurt the confidence of the interest
 ing element quite as much as th'
 stringency in money.
 It is important to remember thai
 the current prices for securities dis
 count a great deal and probebly dis
 count more that is going to happen
 1t is the way of speculation to go ti ] extremes and with the investmeb
 element absent the bearish operators have been able to make the most O the prevailing pessimistic sentiment The dividends of the railways, as : whole. seem well protected and tn. amount of traf1c in sight Is yer, large There is much grain still il | the country and the outlook Is for {
 large crop of winter wheat whlcl
 will mature during the latter part o
 this month and July. The steel mill
 are busy although orders are fallini
 of and while this condition Is prot
 ably true of most of the large ir