Weekly Arizona journal-miner. [volume] (Prescott, Ariz.) 1903-1908, 1903-11-18
BUSINESS CONDITIONS.

The following excerpts from the
weekly report of Henry Clews & Co. :
Que of the largest banking institu-
tions on Wall street, will tend to show
what the business conditions are
throughout the country:
Speculative conditions in the stock
market show moderate improvement.
Confidence revives slowly, but there
is a marked absence of the unsettling
rumors which affected the stability of
values during the last two or three
months. Now that the weakest spot
in the situation have been eliminated
the market is more likely to be under
the influence of natural conditions
and its future to be more safely gaug
ed by ordinary judgment.
During the next few weeks good
rates for money are likely to prevail
and it is quite conceivable that occa-
sional flurries may be encountered
meanwhile. 1t must be remembered
that the crop movement is two to
three weeks late in most localities,
and even four weeks late in some; so
that these demands have appeared
later than usual, and funds will be
correspondingly late in returning.
The only source of relief to the
monetary situation in case of strin-
gency is in gold imports. Europe is
rather disposed to retain surplus
funds, although the best opinion is
that if New York needs gold it will
come. That Is assuring and probably
true. Our foreign trade movement is
growing more favorable to gold i'm
ports, for the reason that exports
hitherto backward are increasing
while imports are decreasing. The
latter is new feature, the result of
depression here and a lessened de-
mand for Injuries.
Railroad earnings continue salts
factory, both gross and net, although
decreases in the latter grow more fire.
quent. Railroad managers, however,
are often making strenuous efforts at
retrenchment, not only in improve
ments but also in ordinary operating
expenses. Wheeler this is due to in
creased costs of labor and materials or
to an anticipated decline in business
does not yet appear. But the move
ment is significant, and is probably
partly owing to both causes. Bank
clearings for several weeks have been
showing declines of Is to 20 per cent
compared with last year, the heaviest
shrinkage, of course, being in the
eastern financial centers, while the
western cities still continue to show
gains over last year. A conservative
policy seems general in business cir
cles. At the lower level manufactur-
ers' profits are being reduced to a
minimum, and labor will sooner or
later be Obliged to recognize the
changed situation and allow conces-
sions. At the lower level, to which
We are now coming, more stable if
less profitable conditions will be
reached, and work will be found for
all if reason rules. The inevitable
shrinkage of boom profits will, of
course, affect the industrials adverse
ly. Fortunately, these are held by
the public, as rule, to only a linn
tied extent, and the reorganizations
or readjustments which must come in
due course of time will fall heaviest
upon their progenitors.
international politics may have a
slight effect upon the worlds security
markets, but the danger of an out
break in the far east is not immediate.
In our own political situation there
is also nothing to cause uneasiness.
Congress will do little or nothing
until after the presidential election,
a year hence, and no disturbance need
be expected from that quarter