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BLtBUQUERQlTB CmiKX. ' r&an T STRONGEST 1 Bond Investments Show Con fidence In Commercial Outlook. New York, August 20 The secur ities markets have made further pro gress toward a higher price level dur ing the last thirty days and the char acter of. the investment buying at few lYork had beeu very muuli better thau is ord.mui.y observed at this season. One of the best features of tne extra ordinary activity in the bond market liaa bet-n me apleiidid Inquiry froru 'Western centres where the steady ab sorption by bona fide Investors has lieen suggestive of very much greater Commence iu the commercial outlook. It has been slated on good authority that the buying of investment lesues by individuals at tne west aggregated during the latter half of July a greater number of separate orders than were derived from eastern territory. This emphasizes what we have said before about the really strong position of the West, where the conditions now pre vailing are in marked contrast to those oeen after the panic of 183 Vhen eastern capital had to be drawn Upon in the effort to extricate the farming community from its predica ment in not being able to meet Its d'ortgage obligations as they became due. Now, the people of that region are not only largely free from debt, but in many instances they have very comfortable bank balances and pu ess enormous aggregate holdings of stocks, bonds and other securities. No polit.cal complications have deve loped to disturb business affairs and vhile general trade conditions are etlll much below normal, the tendency Is unquestionably in the direction of sustained improvement. Notwithstanding the very much bet ter investment Inquiry there has beeu no disposition to force the bond mar ket through the issue of new securi ties, although both the railroads and the industrial corporations are anx ious to linance their requirements as soon us satifactory arrangements can be made. The public at large contin ues to display a w ise conservatism toward the stock market's offerings end there has been no remarkable en largement of the outside inquiry for the highly speculative issues, advanc ing prices in that quarter being chief ly accounted for by continued pur chases for the account of profesional operators. There Is no such public buying in the market today as was seen during the speculation of 1901 end we do not see as yet the least In dications of such general " participa tion. It may come later after the presi dential contest Is out of the way and provided the harvests are as bountiful en at present indicated. But the Am erican people are now too much en gaged with the effort to help along the recovery in various lines of Indus try to assume undue speculative risks at this time. v The action of the United States Cir cuit Court of Appeals In setting aside the $29,000,000 fine against the Stand ard Oil Company had a most reassur ing effect upon Investment sentiment. The flno was so excessive as to be Virtually confiscatory, and the fact that the Imposition of such a huge penalty was possible, under circum stances wh'ch the Appelate Court has since viewed with derided leniency, tnado Investment interests generally distrustful concerning the integrity of ether security holdings. That feeling of unsottlement has been largely elim inated and the fooling prevails gener ally that the courts can be trusted to C.KKI'.N L1XO.V. safeguard the interest of security holiiers against the action of those directly responsible tor alleged wrong cluing. Among the important develop ments of the last th.rty days has been the resumption of one million ahuie a day trad.ng' in the stock market; cuntinued absorption of bonds, main ly those of the highest grade, at stead ily advancing prices; the return of the New York City authorities to 4 ler cent, interest (as against 4 Vi per cent, at last year's sales) tor fifty year bonds; the drop to per cent the lowest rate quoted within four years in the quotation for call money, and the easier tendency to rate for "over-the-year loans'; very definite progress towards more amic able relations between some of the most powerful interests in financial affairs whose previous antagonism has been cause for much unsettle nient; a dellnlte revival In the steel trade, as evidenced by the receipt by the United Slates Steel Corporation of orders during July aggregating near ly 28,000 tons per day, and this with very little additional buying by the railroads; and a gradual decline 'n the price of fore gn exchange in spite of the phenomenal ease in money rates at New York, with the indica tions that we are fast nearlng a ba sis where it will be possible for us to import gold from Europe should un expected need arise. The gold Import possibilities de serve to be carefully cons dered !n connection with the approaching out flow of money to the harvesting re gions. With money in suflicient eup (.ly to give the Wall street market a 1 per cent call loan rate even for the wteks in which the preliminary har vesting demands are being financed by the banks of Chicago and St. Lou Is, there would seem to be no need whatever of importing gold this sea ion. There are some experts wio believe that money will rule so easy here that 190s will rank with 1904 as a year when no foreign gold will be needed. However this may be, the course of exchange Indicates that we shall be In position to command Eu rope's gold should the money market become at all strained during this fall. Europe still owes us for the unpaid installments on the Pennsyl vania, Union Pacific, Delaware Hudson and Mexican National bonds, besides large remittances for the smaller purchases of other high grade lends which the London and Paris markets took during July. In addi tion to these demands, there is the unsettled portion of the visible trade balunce of $666,000,000 to be adjust ed, besides large payments later for our exports of wheat, corn and cot ton. The grain shipments have been tnly partially anticipated thus far through the usual advance sales of banker's bills, and as the volume of offsetting indebtedness due Europe is abnormally small for this season, the net result would seem to be a declin ing exchange market at New York, with the sterling quotation hovering close to the gold import point. In that way it Is safe to say that the New York market will enjoy this fall unusual protection from a disconcert ing advance in money .rates, should" the demands of speculative borrowers make it at all difficult for the banks to conveniently finance the outflow of cash to the great crop moving cen ters of the west and south. The crop situation is apparently safe so far as being assured of reason ably bountiful harvests, having a total money value in excess of any thing seen before, and Europe willing to bid high for our exportable sur plus. The railroads are quietly read Justing their rate schedules so as to yield a sufficient revenue to cover In creased oprratlng charges without re sorting to wage reductions. The peo ple are fast forgetting the panic hard ships, except In so far as they are taking to heart the most needed les sons of the October disturbance. The rutlook for the country as a whole eminently satisfactory, although It may require a yea ror two of patient caving with further economy before w shall refrain the hlRh level of pros perity observed In 1905 and 1906. Ktseda green lmon is used In the ct ns'.ruct on f the distinctive little ites ehown here. The breadths run from should.-r to hem in simple prtrfi cw lines. The waistcoat and sleeve tuff are of deeper green llnon wita cru spot. The vest is of lingerie. TAFT Will DISCUSS ABUSES BY TRUSTS Snrlnirs. Anir 20. The speech which Taft will deliver here Friday to thfl ReDublicsns of Vireinla will In volve, according to a statement , of vorys toaay, a general aiscussmn wun reference to the position taken by Re publicans anj Democrats In meeting the abuses of trusts and monopolies with reference to the duty of southern Republicans to make every effort to Increase the Republican vote In the south by accessions from the ranks of Independent Democrats. Secretary Garf eld reached here ye tf rday from a trip through California, Oneon. Idaho. Montatna. Wyoming. South Dakota. Nebraska, Utah and Colorado. Ha made an ODtlmlstlc re port of his observations from a Re publican standpoint. Halntugi Constipation May 1)0 pmnavtai!) outcome projxr personal efforts vulliiKc assistance efllieon Iruly Ijcncjuial laxative remedy, S) ruj of ami td'u'xr of Senna, ViKicK enables one lo form regular kabttV. daily so llij assistance to na ture may le raJuat)j aiSwnSed.wilh when ho fonder eed ustKebestof rcmetlies.wlio. rcquireJ, cteto assist txataro ana not to ftur))mtt tne nutur. al fuiutionS, tuvh must tlcrwni ulti taafrtly Upon prcjev nourt.-Jiment, proper ef for U.and tijKt lit 1 .-nfrall. Ioet its beneficing c-Jjet ls, atovS buy the genuine Syrupy fi&sEl i xir ftenna manufactured the California Fig 3YiiUi Co. only SOLD BVAILLFADINS DRUCCISTS CW Hie outy. rulir price 50Tjt tiottle Mouetainair Cinaniitauaqiuia Assembly Will hold its First Annual Meeting at Mountainair """"" TT7I lV.'r -.'fr- "Scene in Bursites Canon." N ew M exico From August 15-25 (Inclusive) at Chautauqua Park Noted Educators, Enter taining Lecturers, Distin guished Divines, and a Choir of Trained Voices among the attractions The Governor, other territorial nd county officials will be asked to participate in pi en Full Days Replete with good things for all those in attendance, in one of the most charming and romantic spots in New Mexico. A beautiful grove, exhiliarating air, pure water in abundance, and a towneas' of access, from any point of the compass, which is but one-half mile from the station. , freshments served on the grounds. Accommodations provided for all those who come at reas onable rates. . Ask your agent for special rates over any line of railway leading to Mountainair. Aq yv , to visit the ruins of La Cuara, La Gran Quivira and larC VsppOrLUnity the historic nursery of Manzano with its many strange sights. A country that is coeval with Saint Augustine and yet as new as the year 1 908. Health giving air for the invalid, a new lease of life for the decrepit, an energizing boon for the slothful and a restful retreat for the man of affairs. z Mountainair TT AS the location and things of entranc ing interest tributary and this is your opportunity for an outing and to aid in the establishment of one of the most fruitful sources of education that the west offers. Come and be benefitted and at the same time help to make it a success. Athletic and field Sports JOHN W. CORI1ETT. P..itii OR. A. E. BLACK. SrcTrury f.. ; f ':e,y' tas L . - - , . J ,