The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-12-31

most part are READY W Wtttft tH
conclusion that business has turned
the corner" though they are unwih-
ing for the most part to hazard a
prophecy rs 10 when the actual re-
coveFy will set In. Since the begin
ming OF the big decline In November,
1929. there has been nearly IL
month"; OF steady liquidation. De-
snite the CRITICISMS hat have been
heaped upon h federal reserve sys-
tom fn recent months. Il n he stated
with sincerity hat to the admirable
working OF that system Il due the
great measure OF stability that Amer
lean finance and business enjoy az
the present time.
A. a similar distance from the ~
mnclai panic OF october, 1897, tho
markets IN general acted quite similar
90 what we are now Witnessing a
brief ~ecoVc In November, 1908,
had been checked by disappointment
At the absence OF the hcraldsd revival
in the autumn OF that year, But the
situation was mono the less on the eve
OF the rapid expansion Of trade u
advance In prices. which made even
the stock market % the following
spring a reminder OF past VAN street
hooms. 1t must be remembered. OF
course, that IN working out OF pre-
vlous financial and business depres-
slons we had the assistance Of Eu-
/ rope , HENlAtIlnINNf NNNAN'A - ~
| tremendous investment capacity OF
Europo's thrifty people. o the
situation Us reversed and this coun-
try, in addition to her own burdens,
a. striving manfully 10 shoulder a
generous portion Of those ~ the coun-
tries Of ;hc Old World. But America
has expanded prodisiously In re-
sources since 1907. ana has, moro
over. acquired a grasp ON world at
fairs that will make " a larger FAC
tor IN important International de-
veIopments. ON the failure Of Eu-
ropes banking system to function
during the carly days OF tho war, we
began ri ncc TO develop a system
that has saved ~ millions Of dollars
In the annual tributes heretofore paid
to tho banking mechanisms Of London.
Thlt has been such a ourcc OF rcvc-
uue to ~ that we shall continue 20
develop TO such an extent that dol-
lars viii suppiant sterling exchange
In the financing Of u commerce IN
tho International markets. We have
brought home the securities hereto
fore held by European Investors, thus
divcrting 10 Americans the millions
Of dollars sent alruad az interest n
/ dividend disbursements thereon. We
have established important financial
aud mercantile connections with the
strategic centers OF world trade where
III AMNMNN VIII ANNM Nh| ANNANNFAhAF
produced in American loom- aud fac
tories.
Europe Closely MnIciWi.
FOr tho next Few m1a.'iF American
business men will keep close wlfch
upon the movements OF Europe
leaders OF finance and government. "a
order to ascertain what s~urceaf, u
any, they may attain in working out
tho great problems which rpnfron'
Ill sN... IN fLg NHN.Hn tho .IFHHmHHnH
.n London and Paris b. cheerful,
though there is no mistakius tho fact
that much OF the recent im~prUNcfI"rl
In the Anglo mertCan cXcunngc po'
sition has been due merely TO rpscu-
lation and 10 the collapsed state OF
trade throughout h world. especial
Isl in Europe. While the British ard
French authorities have been active
~ discussing Europe'a nnniiriel dtf'
ficultioa. especially with reference 4.
Gormnny'a position. no dottpttc pusi'
tons have yet been -annourt'd Lon
don Is looking for only slow aud be
lated Improvement. pending Tao c'r
J ] tninty Of tho summoninE ~ q Euro
ppan economic conference. Il a
probable that such "a European cor
ference would include the neuf',i.
and possibly America. In he hone o.
being able 10 formulate plans 20 blin.
order out Of chaos.
American assistance IN ntilni
European countries out of The mnrls.
into which they have fallen rs essen.
uai. hut II IL not to be expected thA'
such assistance can be given uni,
Europe is able to Offer somoihini
moro than mere promises To rHi'rr'
European conference sholll ~
able to consider with practical re
suits thc catraNucaut issues of cape
money, the foreign exchange position
= the prohlnms Of International trade
Of r~oparatlonH finance % Of inter
national debts. Vague ideas OF man.
Of these problems are san prcvaleu
and "a frank aud fun discussion Nigh
at his time be productive Of salts
factory results.
Holiday Trade.
y on the whole. reports from rclln
y HE sources Indicate that holiday sale
y have been exceptionally good, an.
q those reports c-orroborate the rcgu
mr monthly statements Of retail trad
d prepared by the federal reserve boart
b. These statistics have shown RICH
r. along that IN spite of uudouhtedl
d adverse conditions in numerous In
a stances and IN the fucc of consider
able alnrmist talk Of widespread IN
4 employment and hardship the pnr
1 rhnslng power ~ the general publ
has by no means become eNhaurte'
OF course these recent announce
, munts of the holiday trade Hituauo
u make mention ~ the fnct That pun
p chaees urc confined with create
atrictnoss Than heretofore 10 "us'
nr' or necessary articles n th'
A