The Washburn times. [volume] (Washburn, Wis.) 1896-1976, 1899-09-27
NO SIGN OF REACTION.
Bank Clearings Indicate an Ex-
banded Volume of Business
During Fall Months.

New York, Sept. 23.-Bradstreet's says:
apparently still reign. So few, in fact, arc
the reports Of poor trade mat favorable re-
ports may be said to be almost unanimous
An expanded volume of fall trade is indi-
Gated by the aggregate of bank clearings
for the week, though reports from some
markets point to the greatest rush being
over Prices, as rule. maintain all their
former strength, decreases being few and
relatively unimportant. In several lines.
notably the cereals, cotton, petroleum, iron
and steel the tendency has been toward
higher levels. Cotton has been notably
strong. and active. Short crop estimates are
becoming more generally current, and bear
ish estimates of maximum yields have been
practically discarded. Steady demand for
wheat crop being needed have proved stimu-
latingy in the face of heavy receipts and
large supplies Posi-
been an additionally strengthening feature.
Iron and steel are higher, and the steady
placing of orders indicates confidence in
next year.. Pig iron, however, is nearer
parity with consumption. The scarcity of
and strength is shown in domestic hides,
which also fee! the impetus of steady de-
mand from manufacturers of leather. Most
lines Of manufacturing return strikingly
good reports, notably in this respect being
cotton and wooden goods. Demand for lum-
Der, though interfered with by strikes at
strong, and scarcity of cars and of boats
is reported quite generally in the West.
This scarcity OF transportation, however. is
not limited to the lumber trade, similar re-
ports. coming from the coal and iron in
~dustries
: Dun's Weekly Review of Trade says:
The reaction in the stock market is not
a sign of anything outside that market but
elsewhere Such signs have been hard to
find. 1t has been for months wonder that
the demands for products was sustained at
rates exceeding past consumption in any
year, Notwithstanding the general rise in
prices. But the demand does not appear
to abate and the rise in prices continues.
A partial explanation is that scarcely any
class OF products directly consumed by in
dividuals has advanced as much as the
wages, and employment of labor. With
more hands at work, more hours, and at
10 to 10 per cent. higher wages, the gain
in purchasing power has been quite beyond
the rise Of ] per cent; In boots and shoes
cent. in wooden goods or 1919 per cent. in
wool. and even beyond the rise of II per
rise of 13 per cent. in cotton. But products
used in manufacturing and transporting
have advanced much more, because of the
enormous increase in volume of business
future.
Higher prices cause shrinking demand,
other things things are n not equal. Perhaps war
possibilities abroad had something to do
with pressure in stocks. but the great body
of street car and Industrial stocks carried
on loans had much more. 1t had become
evident that somebody would be found to
buy as long as anybody would lend the
hands could be effected only through liqui-
dation at lower prices. Prices fell $1.61
per share for railway stocks, in part due
recovered $1.66, while industrials averaged
a fall of $2.01 and recovered only $1.26 per
share. Railroad earnings were cheering, in
the first half of September 1O1 per cent.
larger than last year, and 1875 per cent.
larger than in 1892 all classes gaining over
both years. Eastbound tonnage from Chi
cago, largely owing to the grain movement,
has been is per cent: larger than last