The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1906-11-21

s65. OOO. 900, an increase Of $4,000, 900
over the same month last year. It
would be hazardous, however, to as
sumo that the period for stringent
money is over. Time rates are still
quoted at Z 1-2 to s per cent for 60
to 80 days, and Z per cent for to 6
months. Our bank reserves remain
very low; and in spite of recent stock
market liquidation, which has been
considerable, no important contraction
of loans has resulted. In another six
weeks we shall be at the end of the
year, when we are usually exposed to
more or less spasmodic movements in
money rates. After the new year, cur
rency required for crop moving pur-
poses should begin to return more
freely. This influx may be deferred
by the activity in business in the west.
Furthermore. many Of our big railroad
corporations, which are greatly in neeo
VI JULIUS LII Cd11yAh6 Jul AIIpI ONC>
ments or extensions, will soon be in
the market for considerable sums.
This means a continued demand for
money and a further increase in the
new supply of railroad securities,
which has already been heavily aug
mented during the current year.
Railroads Prosperous.
Our railroad corporations continue
to enjoy extraordinary prosperity. This
they are already sharing with their
employees by granting increases in
wages; the effect of which, of course,
will be stimulating to general trade.
What with increased dividends and
increased wages, the railroads have
raised their obligations to point
to anticipate any further increase in
profits. The zenith in that respect has
been about reached, and this fact
should be well kept in mind. Further,
some roads, later on, are likely to be
embarrassed by these augmented ex-
penses. Henceforth, the most potent
bull arguments on the stock exchange
will be furnished through profitable
deals, or easier rates for money. Spec
ulation in mining stocks is expand
inO at which a ffro afc OF
tention, but so far it has had little
effect on the financial situation, for
the reason that low priced stocks re-
quire much less money to handle them
and the speculation in this line, in
spite of it's activity, has not yet reach
ed threatening proportions. The spec
ulative spirit, however, is thoroughly
aroused and having spent much Of it's
force on the railroads is turning it's
attention to other fields.
General Trade Active.
General trade continues very active.
Perhaps the most striking feature in
all departments is the comparative
scarcity Of goods. crude or finished.
In the iron trade there is no abate-
ment of recent activity. Railroads,
which are always the heaviest con-
sumers of iron and steel, are still in
the warket for large quantities Of
rolling stock and rails. Mr. Hill, whose
experience and sagacity are beyond
question, recently stated that the ma
tion's traffic mad increased 10 per
cent during the last ten years. while
the mileage had increased only 20 per
cent. Since the capacity of a road is
not measured by it's mileage, but rath-
er by the number of tons which it
| can handle over a given distance, it
does not follow that the mileage
should increase in the same propor-
| ton as traffic. Nevertheless, it is
quite evident that the DEVELOPMENT
! of railroad facilities during the last
few years has not kept pace with the
country's demands. This is demon
strated by the serious congestion of
| traffic in all parts Of the country in
spite of extreme exertions by the
| railroads to overcome present condi-
lions. Our railroads have recently
spent vast sums for improvements
and terminal facilities. They have
| also been practically reconstructed as
to road-bed and rolling stock. 1t
seems quite certain, therefore, that a
very considerable expansion Of mile
age must be expected until our traffic
! system is brought up to public re-
quirements. This means continued ac-
tivity in one of our leading industries
that of iron and steel. The devel-
| opment of electricity as motive
power is also creating large demand
! for iron and cOnner What +bo Of