Albuquerque morning journal., 1915-01-05
THE WORST Is PAST.

The Journal pointed out the da
following New yests, chat the wora
OF the financial depression Following
The war has parsed. az was clearly IN
dicaled IN the statement issued b!
Secretary Of Commerce Hedneid. Tn,
following is taken from the annua
review Of business conditions by
Henry clews, who beyond doubt, has
reputation for accuracy second L
none who writes on financial topics
Nothing IL 10 be gained from dwell
ing unnecessarily upon depressing fac.
Tors. Hnd fortunately there are many
indications of positively eDcourag
ing nature. which u Is better and
wiser to contemplate. Among these
are good harvest, new banking
system. cessation of political attacks
pn business, favorable rate decision.
generally sound condition of bnsl-
ness and credit. cheap money. also q
growing impression. supported by
proof, that the United States. being
the least affected nation hy the war.
will lead IN the recuperatlon which
must follow.
ALREADY there are signs Of turn
In the tide for the better. the real turn
arriving when The foreign exchange
situation cleared In October. The
worst has been thoroughly discount.
ed. barring unexpected develop
ments In war. The west continues per.
sistently hopeful. because II has been
Receiving good prices for what Il pro-
duces The east IL already recover.
ing from dlscouragement. and The
south, though severely hurt by the
low prices Of cotton. sees its saliva
ton IN q greater diversity Of crops.
The worst OF the cotton crisis has
been passed since money Is forth
coming 20 carry the surplus, and our
foreign trade In rapidly recovering
from the disruption which followed
the opening Of hostiliiles.'
Now is the time for people to look
10 the future with confidence that
better times are cluso at hand. The
United States must prepare to take
the lead In meeting the worlds needs
for foodsiuffs, for manufactured and
mining products, and for money for
carrying on business generally.
There is nc likelihood that Europe
will do much toward producing It's
own foodstuffs next year. Fully TWEEN
ty millions Of the most capable work.
ers Of the world are serving in the
armies and engaged in the dcstruatlor
or consumption OF what others pro-
duoe. Should fighting end next spring,
It would not mean rehabilitation for
a long Time. After a truce. the armies
would remain In the field for a long 7
time pending negotiations TO see If
peace could be brought about
The wheat crop of the American
southwest, though on somewhat
larger scale, does not promise quite
50 well as that Of last year, and the
law of chance Is against another rec
ord crop in that section Of the coun-
try
IL Is true that In New South wales {
Tho government has taken charge Of
The wheat OF that section ana has
axed the price at ti.aO bushel. hut
wen informed writer's on market con-
ditions are pretty sure that Australia.
one Of Americas competitors In the
production If wheat, viii soon be
compelled 20 line herself up among
HE wheat importing countries. The
surplus there is getting low.
There can be no expectation of
wheat from the Russian Black sea
belt. because the ezar's country doubt.
less win need all the wheat thaa
great rival Of American export trade
.an produce Besides. IL there were
surplus no way could be found Ia ex.
sort Il, us the DarGanelles are closed
The Argentine crop win not he able
10 nnd iis way 10 EHrope except DOS.
aply, some Of b. 60 England ana
France. Therefore il Is clear that the
farmer who has wheat next year ls
sure g hnd g big market for ii The
'bme e trHe of corn ana oats. horses I
4iile and hogs. Wool and everything
'lse tHai can be- produced in Amor.
ca Even cotton is likely "a have "a /
market ihai Niii take ~ about an
i fhis years surplua what the
smefieans need % a. moss ls Is pro
lage e hags ihIngs lor sale neatsear.
hen Fhffe sll he bl6 demand for
Y iAe Amffiean surplus ana more