Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1906-08-16
Business All Over the
Country Is Booming.
Manufacturing Plants Running
to Their Full Capacity.
Railroads All RusIIiag---Eis Crops Prom
ised in Most Sections.

I" "SSt SUOuShSs
New York, Aug. 14.-Throughout the
ntirc country business conditions con-
-inue satisfactory. A fine harvest is
practically certain; our mills ana fOun-
tllts are running at their fullest ca
paclly; our railroads are enjoying the
greatest traffic in their history: labor
Well employed 1T good wages; there
IS little cause for serious apprehension
;,hout the monetary situation, and on
ali sides are evidences CT tremendous
business activity and growth.
Nor IS this movement confined to the
United States, although We appear to
De enjoying prosperity iii a more mark
I'd degree than any other part of the
world. Great Britain is reporting d de-
cidtd expansion in commerce and in
ius-ry. Similar advices come from
France and Germany. especially the
latter, which is still in the midst of 4
great Industrial revival manifesting it
SELF largely III the iron and electric
industries. Even Italy is rising out of
q state OF coma. But this is not all:
the British colonies. which include
population of uv,- go, 900, OOQ, are ex-
hi3i;fn% renewed Industrial and COM
mrrcial activity. From Canada, Aus
ria. New Zealand and India comes
n" same story of growing commerce
49, prosp' rity. South Of US we find
&ico showing a wonderful develop
Mcnt, and now the sleepy republics Of
N"tth America are joining the process
ZEN Argentina apparently leading.
'"ly Russia and South Africa lag be-
HiEd. China is awakening and japan
< making raril strides.
Space does not permit any elabOra
ti"n Of causes at this time; but growth
# population, the increasing desire for
wealth the progress OF invention, the
adoption Of improved methods. the Gre
alton If new industries, the opening Of
ncW territory, the increase of products
IF the soil, and the rapid DEVELOPMENT
Of the World5 mineral supplies. esrec-
ialiy the gold output; all these inhu-
eN'es are contributing to the great
material progress which the civilized
world Is lust now experiencing. That
it should be accompanied by so much
social and POLITICAL discomfort is not to
be wondered at; for. while this may
mean temporary disturbance, il prom
iScs well for the future, inasmuch as
such aspirations show n desire among
the people for a more equitable distri-
button Of material wealth than has
hitherto been possible
This little GigrcsSiOn has a direct
bearing upon the worlds security mar
kets. III Of which are urquestinnably
rejecting these favorable conditions
The New York market has been eSpec-
tally responsive. and is now upon a
pl2nC 50 clcE3ted IS - have practically
discounted mast Of these favorable in
liuenCeS. OF course prices may rise to
Il still higher level. if the powerful
Cliqu" now in control choose to mark
them u; but it is questionable if buy
ers can be found 1T their figures. There
is much talk If increased dividends.
Justified no doubt by present large net
earnings. hut such events are being
largely utilized by insiders as Il selling
basis; tor these gentlemen recognize
more readily than others that present
conditions cannot last indefinitely.
There has been some Improvement in
the monetary situation. Bank reserves
here are low, and, while the West is in
gCoi condition financially. crop de-
mandS are Quitcly likely to take - to
80 millions Of Now York money DURING
the next fcW weeks. Prices of wheat,
cotton end corn are lower than year
ago ana there is already 4 large ex-
port movement in wheat progress.
These conditions create good supply
Of sterling exchange ana materially ia
,;I; H., E
bankers are confident of this being
done without much difficulty. Our
bank note circulation is So 600 600 larg-
"r than Il year ago; the Panama bond
issue will allow of further important
expansion, and the treasury now holds
a surplus much greater than a wear
ago, a good portion Of which it could
deposit i'll the banks from whence it
came. 1t is known that See Shaw
would adopt this exredient if neces-
Sary. Ry one means or another, there
fore. it looks as if the money market
would escape any very severe or pro-
tracted stringency during this autumn.
Firm rates will prevail, the time money
market proving that, and temporary
hi%h rates may occur; but there will be
sufficient funds available 70 all legti-
mate business requirements. Any ex-
tended stock speculation at present
level of prices will quickly run UP
against stiff money market.
Railroad prosperity continues pEanome-
nal. each day furnishing fresh evidence
in the form az good reports. During the
six months ending June 30. 1906. earnings
w"rc reported for $4,000 miles or s. peg
cent. Of tie entire country, aCgrrgating
19l1,c0o,6to. This was an Increase of over
II per cent. til" larges It rate Of glin since
800, when tho increase vas slightly below
Il per cent. Another proof of business
activity WAS the Clearing House returns
for the seven months ending July 80
Their total for that period was s91. 151.-
lf0-CaC, m increase Of l. ner cent This
gain was exceptionally wcll distributed
throughout the whole country. showing
that speculation in the financial ccnters
had no important part in these figures.
For tile future a good trading market
Is promised. Outside conditions are snlen-
lid in every respect, and large railroad
trafi, stimulates expectations Of better
iividerds~ to stockholders. Basic cond-
Icr