Arizona republican., 1900-09-20

For instance, during the eight months ending August 31 the cities included in the middle west showed gain over last year amounting to GA per cent; the west proper a gain of 1S06 the south a gain of 10.5, and the Pacific states a gain of H. per cent. These figures very plainly demonstrate that the late wave of depression has been mainly confined to the east-the sec ton, it may be noted. which chiefly felt the effects of the silver campaign four years ago. It is also evident that the agricultural sections of the country upon which our national prosperity has always depended have held their i'm prOvement better than the industrial or financial centers at the east, which have suffered from high prices and eX- cessive production of both commodities and securities. Vast quantities of in- dustrials have been put upon the stock market, to say nothing of the railroad bonds and stocks which Europe has sent back on every rise; so that the wonder is the depression in the finan- cial market has not been much greater. Very evidently some good judges of the situation have confidence in the flu ture, and this confidence is unquestien- ably based upon the sound condition of general business.
 The agricultural sections have every reason to expect another season of good times. There is an ample harvest of wheat and corn, both likely to bring better prices than a year ago. High prices for cotton also promise to more than compensate for any shortage in yield of that staple; while the south, through development of it's industrial mineral and other resources, is far more prosperous today than at any time during it's history. In addition to the favorable progress of our foreign trade there is just one other proof of general prosperity which cannot be too strongly imprcssed; and that is the steady growth of railroad earnings, which continue to exhibit gratifying gains, even when compared with the large results of the last two or three years. As We have said in previous ad- vices, some decreases in earnings need cause no surprise, and in view of heavy expenses no further great improvement in net results need be expected at least for the present; but the fact that declines of significance are not yet in sight is convincing testimony of the sOundness and activity of business.
 The improvement in the demand for manufactured iron has already been sufficient to check the weakness in prices, and if continued will soon re- suit in taking care of the present sur plus output of pig iron. The textile trades, which, next to iron, suffered from high prices and overproduction. are also getting into better form through the same natural remedies, low prices and curtailed production. Buying of cotton goods has distinctly improved since the advance in cot ton and the large Borden purchase of print cloths. Other incidents could be added showing the tendency of busi- ness; but sufficient has been cited to prove that it's course is towards iIn- provement, and that it is being only slightly influenced by election pros pects. The movement of money to the south is under way and the tide will soon set toward the west for crop-mov- ing purposes, but offerings of funds are still more than ample for requirements. As we noted last week. gold exports are among the possibilities. though not
 
 present rates of foreign exchange preclude any just now. Indeed, were it not for an abnormal condition of af- fairs in Europe We should now be inn porting gold. The tension there, how ever, will prevent this at least for some time. The continuance of receipts of gold from Australia, the Klondike and Alaska, together with production promise to provide sufficient accretions to offset crop-n.oVing depletions. An other factor at work this fall is the in crease in bank circulation under the new currency law, which has no doubt , contributed much to the prevailing ease. The weeks heavy advance in cotton has added many more millions to the crop value. It would seem that prices have now reached range de- terrent to normal consumption It is hoped that the strike in the anthracite coal regions may be soon brought to a close and an equitable basis of solution for the difficulties arrived at