The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-03-25

".rN .'A pom rates. nave utNu par
U.aHiffIr rurucrte Co those who
COULD -luprcciate their other good
guHl.f.H NJ Is safe 60 say that a.
t.. american band market be-
soHI. MORE receptive Co higa Erade
fHreI.u bonds tneir Borrowing rates
VIII decline und consequently their
Income yields
q HuwllHs has been Impaired To
thn market tUr public utility bonds
Ny tIn recent decision OF the su-
urewr court oniuining local and
state courts nom making and en-
forcing rates for gas and other
forms Of household supplies In local
Districts The Consolidated Gas
oorTpuuy OF Brooklyn prove a
uuiuhlH victory FOR the public utill-
tics establishing them on q more
stable and substantial financial
hIsis Public utility companies are
Tor tho most part engaged Ia FUR
nt-hiuE articles Of necessity. not
iuNury. 90 "a given territory The
Mood % their services does not
flucrintc with the rising and falling
fortunes uf the people, and thus
thH'r incnmrs are steady and de-
%uUnluhlc Their securities. and
u particularly their bonds. have
HIW been entitled to high rating
Is Investments.
Hanrouds.
February railroad earnings are
MOT generally received with on
thusIusW lut advance reports in
dictate th7f The statements Of oper-
alton for fhc pnst month. some 81
which 1r. now being published. will
Doe generally favorable. An open
winter. uf least in tho eastern and
southern trrritorica. has made Il
possible 90 Keep operating expenses
wHll ln hand while Improvement IN
20 loading should be reflected in
hlch'r gross receipts. Railroad Of
fNcI1ls who are now making up es-
Inmates Of March earnings sny thai
'r' current month will mako an
oven better showing
Thu Pennsylvania system d. said
Zoo have done particularly well dur
'Ur tho past two months. following
'ts good showing In January. and
predictions arc heard in some
uuHrtcrs that "a resumption Of that
company q per cont dividend ratio
is not beyond the bounds Of posi-
billtr en- 1899
The knnsns city southern. the
first ro1d to make n Fohrunry re.
port. hns n vc-v crcdifahle showing
Tor ita operations Tor last month.
Income TaN
The first instnllmont Of Income
tax payments was made on March
10. ana nltbough Il viii he some
time before complete fluctuations
are at hand h Is already possible
90 perceive "a falling of In cstimat-
el returns that viii present "a
serious problem in government
financial operations. The treasury
estimated that tho now tns law
would produce s. geo. 600. 900 hut II
is possible that the total Will not
reach s. 0O0. 600. OO0. II proycs that
the trade depression In 1891 was a
real thing,
Corporations that paid dlyidcnds
were in the minority. as were those
who made any profit AZ an In
the face Of these returns those eN-
ireEasis who are bewalllug the re-.
-e"l ut the excess profits tax do
nor seem 10 realize mat tho opera
ton ot natural laws Repealed the
rNcess profits ~themsclyes Just
what may have to be done to make
up tine deficit cannot De furoshal-
owed as yet. but u would not he
boo tho least surprising IT congress
hld To resort 10 tho sales tax re-
fifdlcs5 OF the prejudice against a..
business Barometer.
Tho business barometer presents
@ prvpoudcfancu OF favorable fac
tors. ana 70 few that are decidedly
untuvorublU. They may be classl-
lied nN assets and liabilities aud
may Do listed az follows:
Assets; Strong banking condi-
ton, plenty Of credit. low money
| rates. l~urrunafnu dgmnnJ aud t.r.,.
production of steel Hnd roper,
better grain and cotton prices and
prosperity tn the agricultural dis.
tricts. passing Of thu frozen lonn.s
@ decrease In unemployment. price
: stabilization, improved foreign cX-
change, increased car lundinrs,
, bigger bank clcnrings, more cheer.
ful srittlmont.
Liabilities, Decline in exports
labor unrest ANA threat Of strlkes.
congress;