The daily morning journal and courier., 1906-08-08
THE COUNTRIES PROSPERITY
FACTS INDICATIVE OF BETTER
 MARKET CONDITIONS.

Some Impressive Features ns to Our
 Foreign COmmerce--StOck Exchange
 securities-The Cotton Crop and the
 south.
 Interesting facts are selected as fol- lows from the August bond and stock letter issued by the banking and brok- craze house of r. s. Butterworth & CO.:
 Tn general, the continuance of good reports as to sound business condi- tions gives wonderful testimony of the depth and widespread character of the resources and prosperity of this coun- try For prolonged period reports of continual increases in business in va Tiety of directions have been made, covering manufactures, crops steel and iron productions, raw products, railroad earnings and the construction of new buildings. Railroad and manu- faeturing concerns in many parts of the country have secured large sums flor their stockholders in about the same manner as has occurred here in Connecticut, where the N. T., N. H. & UT. R. R. Co. has increased it's capital stock, and such prosperous manufac- turing concerns as the American Brass company, the Stanley Rule & Level Co. and the Stanley Works, etc., have in- creased their capital resources to take care of new business. These business activities account in part for the scarc- tty of money but are not alone re- sponsible for the inactivity in the spec ulatiye and investment market. The second, and possibly the most import ant cause, is found in the complete dissatisfaction with stock exchange manipulation and corporate and finan- cial management in general Forecast ing the future, there now appears for the first time in many months good reason to be hopeful for the favorable market conditions which should at- tend our enormous development and commercial success,
 Congress has closed it's session with D good record, its endeavors were well directed, and 1t accomplished @ great deal of effective and desired legisla- tion. It was extremely critical in its attitude toward corporations, and through this attitude correctives will be applied where, in the view of most people they are much needed. Of the various laws passed the most import ant was the railroad rate law. By this enactment the term Common carrier" sv,nt nt,,lo sleeping car companies as well as rail- roads and boat lines under common management, which companies may be engaged in an interstate of foreign commerce, either passenger or freight; it broadened the term transportation" ito include private car lines elevators and all other instrumentalitie for the shipment of property; 1t provided that all rates shall be reasonable, and it's orders affecting rates are made sub- iect to a broad review by the courts, which latter may suspend, alter or an nul them. Provision is made to carry out orders with the least possible de- lay The interstate commerce commits sion, whose energies have revealed and are leading to the correction of many abuses was increased and strengthen ed in the domain of its activity. Since dissatisfaction and urest were caused by a desire for the practice of legal ad fairer business methods, a stricter enforcement of the law, and for action tending to prevent unjust and unwise accumulation of money either by indi- viduals or corporations, the action of congress and the president is inspiring confidence that abuses will be rectified. This heinz true the following points must be strong and decisive factor toward better market condition.
 For the year our total foreign com aneroe reached the enormous figures Iof SS0OO, 900, GOO, the largest figures ever attained in this country; exports amounted to $1,743, 100000 and imports ito $1, 1,22S, 100000. This increase in ex- ports has amounted to more than 100 per cent. in the last ten years. The in- crease in exports of bread stuffs and cattle was 38 per cent; in raw cotton 11O per cent, while fin manufactured products 1t was the greatest of all, amounting to 220 per cent. The in- crease in no field has been as great as in manufactured products, the total value of which produced for the pres ent year reaches $15,OOO, 100000 as com pared with the value of farm products, which aggregate $I00O0OOOO0. The enormous consuming capacity of do- mestic markets is shown by the fact that out of $15,OOO00O00O of manufac- tured goods only $600,000,OOO were ex- ported. At the present rate of increase American trade, imports and exports will reach S5,000,0 10000 in ten years In addition we are promised bumper crops" while there is less than the usual yield reported fo rthe rest of the world. a condition which fayorably af- fects all our interests. Reports of rail- road earnings bank clearances, post of flee receipts, etc, indicate widespread large increases.
 Tn investments generally the largest decline occurred, as usual, in stock ex. change securities. Tn sympathy witt this, but to a large degree, has beer a falling off in prices of various stable securities, such as gas electric light ing, street railway and telephone bonds. due in no respect to an adverse condition of the properties. a rult securities of this character have ex perienoed a steady and merited in' crease in value, due largely to the ex pert methods employed in the opera tion and improvement of such proper s-----------------