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PAGE STX. ALBUQUERQUE EVESTIKO CITIZEN. MONEY Mil 11 Decided Gain Made During Past Few Weeks In Situation. Nfw York. Oct. 2. Gradually, but Purely, the money mituatlon l Im proving. Thin 1 not only true of New York, but also of IJerlln, Lon don, anil Paris, the continuous liqui dation of the liVt throe months now showing beneficial result. There Is Jens anxiety at financial centers, and money rales In consequence dhow a Teiceptible easing. At New York the banks are beginning to strengthen tbelr position; so, too, are the great banks of Kurope. Speculation is at a. minimum; and, the absorption of capital for new enterprises having received a decided check, there Is a low .but surer basis for restoration of credit. In this market call money rules nt low rates, and time money from 5 to I per cent for 60 and 80 days. Commercial paper rules at about 7 per cent; but this high rate Is part ly cauilonnry, and is the result of the disposition of bankers to apply some restraint upon commercial transactions corresponding to that which has already been Imposed up on the financial markets. The high rates for commercial paper are un questionably causing some Inconven ience In business circles, and it ia not without significance that mer cantile failures are on the Increase. This, however. Is to be expected and doea not reflect any general un soundness, but rather a weeding out of concerns which have been weak ened by overtrading or other un sound methods. The complete re storation of confidence will no doubt require a further Interval of repose and contraction. Hoary Iammcs. While there have been no Impor tant failures as a result of the enor mous liquidation In securities, it Is true that heavy losses have been sus tained in some quarters, and that on account of concerns which have been saved from collapse more or less further gradual liquidation will have to be endured. This applies not only to New York, but also to other Im portant financial centers, including London and Merlin, and as the world's money markets are now so closely related, it follows that con fidence cannot be thoroughly restor ed until the readjustment has been more complete at each of these vari ous points. American credit abroad has been under severe strain, not only on ac count of the hue reaction, but also on account of the reflection cast up on American corporate management. Happily, there Is a certainty of im provement In the latter. Recent dis closures and the consequent agita tion are miking honest management an absolute necessity In American business nffairs. There Is little ques tion nbout the continued material prosperity of the majority of Ameri ca's leading business concerns. There Is equally little doubt of the ability with which these nre and hive been managed. The chief doubt has been as to the Integrity of the man agement; and with an Improvement In the latter respect, It Is quite cer tain that American securities abroad will soon recover a sulwtantlal por tion of the prestige and value which have recently been lost. 1-Yro I'orHgn Miiylng. A notable Instance of this was the free foreign buying of the recent is sue of New York city bonds on Lon don account, showing that there is still an abundance of foreign capital awaiting investment on this side of the Atlantic when the character of the security offered Is beyond ques tion. There Is no doubt that for the next few years at least American cor porations vvll be conducted on a dis tinctly higher moral plane, and this of Itself will do much to restore con fidence. It is, of course, deeply to be re gretted that the recent disclosures connected with the New York trac tion stocks i-hould be made at thi- time; but us these transactions apply to tlie past nnd are really ancient history, there Is no reason why they should cause any lasting disturbing effect. One thing Is certain, that It would be difficult to repeat these methods at this time, nnd none of our leading financiers would today be likely to sanction them. Activity Limited. Slock exchange activity has been limited. A fair recovery from the lowest prices of August has been es tablished, but In view of general con ditions, there Is neitl.er reason nor disposition for undertaking any bull campaign. In general business the Inclination towards caution Is extend ing, especially 1n New York. The remarkable decline in copper Is exercising a more general deter rent effect than might have been ex pected. It Ls true that the price of this article had been pushed unduly high, but the enormous accumula tion of the metal and the sudden fall ing off In demand arrested universal attention. Much of the cessation 1n demand Is, of course, due to the un settlement In prices, many buyers holding off until they are satisfied the bottom has been reached. At the fame time there has been a pro nounced curtailment In nearly all lines of structural work. A good mnny contracts have been postponed and new enterprises are being con fined to absolutely necessary en largements or Improvements. This causes a material decline In the demand for all sorts of materials for constructive 'work, and al-o it les sened demand for labor. The ques tion is how far will the reaction oe extended. Much depends upon the harvests. The wheat crop, as has already been stated. Is a fair one in quantity and very profitable in price. A liberal corn crop had been pro nounced at good prices, but unfor unately frost during the middle of the week Inflicted some Injury. Crops In Doubt. Corn and cotton are our two heaviest crops, and as these are still exposed to more or leys injury from frost, it is premature to be over confident regarding them. Our farmers, however, are sure of a pro fitable season. They are out of debt and In a position to hold for good prices. Europe la likely to be a free huyer of our agricultural products, which at the current level of values will be an Important factor In our International trade balance and should provide a liberal supply of commercial bills. Our working classes also with few exception. nre well employed at good wages, to that with these two favor able factors, it does not seem proba ble that the country will have to face this year anything more lhan a mod erate recession In business activity. It should not be forgotten, however, that we are In n state of class pros perity, not general prosperity. Our farmers and our laborers at present are the most prosperous classes In the country, but It cannot be said that their prosperity Is uni versal. The wealthy classes have tuffered enormous losses and pro fessional classes are suffering from hlRh cost of living, with no chutices whatever now of securing compen sation through better returns for their labor. our prosperity, therefore. Is not well distributed, nnd this being the fact, a further readjustment must be Inevitably faced; more likely by levelling down than by levelling up. (tenulne prosperity consists In abun dance and not In scarcity, and In ad vantages which can be shared by all rather than by yielding exceptional profits to favored classes. (YmfliKfl to Knst. The reaction In business, such as It Is, is still confined to the east. In the we't and south, there are no signs of recession beyond the cau tion Induced by high rates of Inter est and the policy of restraint adopt ed by banking liitere.-ts. Last week, for Instance, the clearings at New York increased 24 per cent; at Hos ton 25 per cent, and at Philadelphia 6 per cent. In Chicago. they In creased H per cent during the same period; ut St. Iyouis 15 per tent and at New Orleans 25 per cent. Kall ronii earnings, however, testify to the large volume of bu lness In all parts of the country. In the third week of September 82 roads reporteu gross earnings of $9,600,000, an increase of about 10 per cent over last year; and 42 roads reported earnings In the first we"k of September of $10,200,000, an in crease of nearly 8 per cent. "How much of this gain is due to the stoppage of rebates, passes, and other abuses is not known, but there Is every reason to believe that the volume of traffic Is fully as large, If not larger, than the enormous vol ume of a year ago. There Is lexs com plaint of a shortage of cars than last year, but this is probably due to the railroads having Improved their fa cilities during the interval. Reaction Almost Entlotl. As to the future of the stock mar ket, if no more unfavorable develop ments occur, the present reaction should soon reach bottom prices; but any serious Injury to the crops through frosts or Important recession In business or any other disturbing factors would be quickly reflected in renewed liquidation of securities. The government is showing a less aggressive tone toward the railroads and trusts, which will encourage the restoring of confidence, at any rate it is probable that the market has re ceived and discounted the worst shock from this quurter. Nevertheless, it will be important to watch the polit ical situation and the anti-corporation movement of the government. HENRY CLEWS. From Diana's Diary Agnln MImss Illlplcklo goes Into the world for experience, and find-1 she lia- plucked s lond sen apple. K00OO00000OO0 0000000sKO0O0O TeWltt's Carbollzed Witch Hazel Salve is gcod for little burns and big burns, -small scratches or bruises and big ones. Sold by J. H. CTRIelly. - - - V" ( je) ' I . WITH AM PUS MEANS AND UNSURPASSED FACILITIES BANK OF COMMERCE of ALBUQUERQUE, N. M. EXTENDS TO DEPOSITORS EVERY TROPER ACCOSIMODATIOV AND SOLICITS NEW ACCOUNTS. CAPITAL $150,000.00 j Of dorrs and Directors: SOLOMON LUNA, Presklrnt. W. S. STRICKLKR, W. J. JOHNSON, Vice President and Caldr. Assistant Cashier. William Mcintosh, J. c. baldridge, A. M. IiLACKWELIi O. E. CROMWELL. "A PUFtFED-UP FLUNKEY WOU III. As lady canvasser for Jlggs' Patent Potato Masher, I passed up the neighbors, who wouldn't take me seriously, but considered my calls friendly visits, and I looked for new fields. So far 1 had not sold a single one of the Jlggs' Patent Potato Mashers. I made up my mind that I would tackle the homes of the elite. The elite, I reasoned, want their potatoes mashed exceedingly fine, and would cry for the Jlggs patent. So I picked out a very lum-tum street, and went from house to house. I was very successful In going from house to house. LD GIVE ME THE FRIGID FACE." Nothing interfered with me going from one house to another. In fact, I was several times invited to leave. Either a snippy maid would come to the doors, or a pufTed-up flunkey who would give me the frigid face as soon as my neat little case con taining Jlggs' Patent Potato Mashers disclosed itself. I never got to demonstrate my po tato masher in a single $12,000 house. The rich were simply unapproach able. It's a mystery to me how they succeed in buying anything. Me for the haunts of the poor next time. (To Be Continued.) Afflicted With Sore Kyos for 3.1 Years I have been afflicted with sore eyes for thirty-three years. Thirteen years ago I became totally blind and was blind for six years. My eyes were badly Inflamed. One of my neigh bors Insisted upon my trying Cham berlain's Salve and gave me half a box of it. To my surprise It healed my eyes and my sight came back. P. C. Earls, Cynthlana, Ky. Cham berlain's Salve Is for sale by all drug gists. o One pint mineral waiet cures and prevents constipation. Ask your gro cer for it Take DeWltt's Little Early Pills. Sold by J. H. O'RIelly. Tliey Make Yon Feel Good. The pleasant purgative effect ex perienced by all who use Chamber Iain's Stomach and Liver Tablets, and the healthy condition of the body and mind which they create makes one feel Joyful. Price, 25 cents. Sam ples free at all drug stores. A WANT AD Costs but a few cents dui a iew tines in The Citizen will bring you what you want If you take DeWitfs Kidney and Rladder Pills you will get prompt re lief from backache, weak, kidneys, Inflammation of the bladder and urinary troubles. A weak's treat ment for 25 cents. Sold by J H O'RIelly. We Take the Firsts! Others Get the Flag ! THE BIG FAIR New Mexico's Twenty-Seventh Annual Territorial Fair Association OCTOBER 7 to 12 INCLUSIVE ALBUQUERQUE. NEW MEXICO $8,000 FOR TROTTERS, PACERS AND RUNNERS! TROTTING and PACING PROGRAM! Purse No. 12:17 Pace Purse No. 2-2:20 Trot, "Dewr Post" Stake Rac8 Purse No. 3-2:13 Pace, Veuve Cliquot Yellow Label Champagne Stake Race Purse No. 42:25 Pace - ... Purse No. 5 Free-For-All Pace ... Purse No. 62:30 Trot - ... $ 1,000 1,000 1,000 500 1,000 500 The Best Horses on the Colorado, Kansas and Texas Circuits-Big List of Entries and Whirlwind Finishes! RAJLAVAY lATES. HALF FARE OR BETTER J. A. WEINMAN President JAY A. HUBBS Manager ROY A. STAMM Secretary J MONTEZUMA TRUST CO. ALBUQUERQUE NEW MKX1CO capital end surplus. $100,090 INTEREST ALLOWED ON SAYINGS DEPOSITS B FIRST NATIONAL BANK ALBUQUERQUE, NEW MEXICO OmCERB AND DIRECTOR JOSHUA I. RATNOtDS PrealdemI M. W. FLOURNOY Vlca President FRANK McKM Caahlai X. A. FROST Aaslatant Caahler H. F. RATNOLDI Director u. m. oKRomirottr Autnorlaed Capital I50MM.M Paid Up Capital, Surplus and Profita 26,60O.M Depositary Itr Atchlsea, Topeki k Santa Fe hallway Company WHEN YOU WANTi MONEY CAREFULLY LOOKED AFTER. DEPOSIT YOUR FUNDS IN THE STATE NATIONAL BANK ALBUQUERQUE GROSS, KELLY &, CO., INC. Wholesale Grocers Wcol, Hide and Pelt Dealers ALBUQUERQUE AND LAS VEGAS GROSS, KELLY & CO., INC. cmoomo3mcmcomomcmooo m omomcmomcmomcmomcmoitCMOicm "OLD KELIABLX." ESTABLISHED 1171. L. e. PUTNEY THE WHOLESALE GROCER FLOUR, GRAIN AND PROVISIONS Cam., th. largest and Moat Exclusive Stock of 8tDle OrocartM U U. Southwest FARM AND FREIGHT WAGONS RAILROAD AVXNUH. ALBUQUERQUE. N. M. coosKex3ooooeoooo omcmomomcAMcmcmomomQmcAi09CA Convenience - Comfort - Security Tbe telephone make. th. .da tie. lighter, the oeree lee and the worrlea fewer. Tbe telephone preserve your health, prolong j.ur UIi and protect your home, 1 as TOC NEi- A TELEPHONE IN VOCR HOMfc. THE COLORADO TELEPHONE C l" IMM'-'lt-J-il