Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-01-05

really ia remarkable that the sweep
/ ing change made has not resulted in
+ positive disaster instead of cloudy
F weather. 10 Is said that the sale OF
stocks in Wall street fell off 44,700.000
i shares in 1913. ms compared with 1912,
and that there was less activity in the
I bond market BY Sl76,O00,O00 in 1913
/ than there was in 1912
These are startling figures, bus they
+ do not appeal to the plain people who
4 do not speculate in stocks ana who
hold no bonds. The dizziness in wall
street undoubtedly had a direct effect
en- the general situation more appar-
Ont than real, however, as appears
from the annual report Of the chief
cf the Bureau of Foreign and Domes-
/ tie Commerce, just issued for the fis-
/ cal year ended June 80, 1919 II as-
+ serts that there is a most comfortable
balance of trade With the United
/ States "Our foreign commerce is
+ growing very rapidly our exports for
\ 1913 were $2,465. SS4,149 and our inn
+ ports were $IS13,00S,2S4" There is
surely no cause for dependency in "a
/ showing like that. and 1t is one of
i the most encouraging signs Of the new
year that men in big business speak
generally in a hopeful way Of the out
look
It has been predicted all along BY
secretary McAdoo that under the new
/ fiscal and financial policies of the gov
lernment the United States viii enter
1speedily upon an era Of unexampled
commercial and industrial prosperity
4 Much depends upon the president and
what he shah recommend to congress
touching the railroads and the trusts.
1 The country is sensitive TO his touch,
las II appeared when his letter To At
itorney General McReynolds about the
telephone settlement was published
Instantly the business sense OF the
country responded. and one after am
other Of the so-called trusts announced
their willingness to be dissolved.
What the president win recommend
as To further antitrust legislation no
body knows, possibly he has not yet
made up his own mind and will wait
+ upon the inquiries now being made to
ascertain the facts There Is some
sort of assurance in the prospect that
in handling this great subject the
president win not insist upon preei-
plate action If he does, he Will find
the present rcady-made congress re-
sponsye TO his viii, SO that the re-
sponsihillty is practically, his alone.
/ Congress really does not count
The telephone letter Of the president
contains the expression Of no new
sentiment by him. He has always on
at any pate since his nomination for
president, entertained precisely the
same view as 20 the handling Of tha
trusts. This is clear from what he
said in his speech of acceptance:
THE next chapter viii set MS free
again (from the domination Of the
trusts. There will be no flavor OF
tragedy in H. II will be a chapter
of reimbursement, not of pain and
rough disturbance. It Is happy omen
that their attltade (the attitude Of the
business mem has changed. They
see that what is right can hurt no
man; that new readjustment Of
interests is inevitable and desirable,
is in the interest of everybody; that
their own honor, their own inteili-
eence, their own practical comprehen-
SION OF affairs is involved They are
1 beginning 10 adjust their business 20
/ the new standards Their hand is NJ
longer against the nation: they are
part Of Il, their Interests are bound
up with It's interests. This is not
true Of all OF them, but it is true
enough of them TO show what the
new age is TO be, and howsthe anx-
ieties of statesmen are to be eased,
if the light that is dawnng broadens
Into day
1t is true that other Statements
made BY the president in this same
speech could readily be quoted TO sus-
tain different view, but IN the light
of the letter TO the attorney general
on the telephone matter it must b.
inferred that the president is now
more than ever convinced that big
business is not dangerous because it
is big