Troy weekly news. (Troy, Idaho) 1897-1933, 1907-08-30
COMMERCIALREPORI
CHICAGO BANK GETS OPINIONS
FROM over The U. S.
Prosperity on the Flood Tide-crops
Excellent and Business Is on Sound
sasis-None May Deny It--consen-
sus of Opinion in Thirty Thousand
REPLIES from Nations Doors.


"crop and Business Report" of the
Commercial National bank, one of the
most careful and at the same time |
one of the most powerful financial
institutions of Chicago. The report |
is made up from replies to several
thousand letters of inquiry sent out
IN correspondents and others, and
represents opinions of bankers, busi-
ness men and crop authorities in the
west and southwest:
eve endeavor in this summary to
present to the public an answer to
the question which all men are ask
ing: is the business situation sound
and the outlook assuring" This an
swer is drawn from a composite pic
ture of conditions as graphically de-
scribed in letters from thousands of
banking, manufacturing and merchan-
dizing correspondents throughout the
country. Not far from 10000 separate
replies enter into the picture before
lis and the definiteness of the image
is remarkable. There is no vagueness
or blurring about it. 1t is clearcut
and incisive.
"The overwhelming preponderance
of evidence is that the business sit
uation is sound and satisfactory. Not
one of the thousands of replies mega
tives this conclusion in de-
finite terms. That there has
been a marked easing down from the
tension of the spring and winter
months of the year is generally ad-
mitted, but it is admitted without
trace of regret or misgiving. The
country had been rushing ahead at
whirlwind pace until the tax on credit
and capital accumulations compelled
a respite. The demand for goods to
meet instant needs, or to replace
other goods destroyed by wars and
caamities, or to provide for the GER
tain needs of the future, has been I'M
precedented.
ITO meet this it has been necessary
for the manufacturers and distribu-
tive agencies of the entire world to
employ almost every available unit
of money and to put into action every
potentiality of credit. The result is
too familiar to all men of affairs to
need exposition. The strain on the
money centers of the world has been
very great In ordinary times the
stringency of one country is offset or
relieved by the plethora of another
through the commonplaces. of the
mechanism of exchange. But it has
been different since the peace OF
Portsmouth. There is no easy money
tbo al fndoU
ITO suggest an idea of the urgency
Of the demand for capital to expand
and equip the productive capacity oil
industry so that it may be on a PAL
with the fast-increasing consumptive
demand for the things Of modern life
we call attention to the world phe
nomenon of stagnation in the purely
speculative department of affairs. Re
Gently we have seen a record low price
for the British consolidated debt
consols-indicating that the rewards
of capital in industry are so attrac
tive as to prompt withdrawal Of funds
even from the acknowledged chief o.
4 Investment securities. The same phe
nomenon in its application to the fund
ed loan of all governments except oul
own-and for this there is a specia
and artificial reason-and in its appll
cation to the bonds and shares of thu
exchanges is a further light on thu
tension which is everywhere felt II
money affairs
1T is a curious and striking fac
that in all the thousands of replie
which enter into the picture Of tn
business situation before us there i
hardly reference to the speculative
lethargye which contributes so larg
part of the news from day to day
and yet it is a truism that the secul
ly markets exist merely as governor
VI the supply Of mobile capital. U
necessity their activity must declin
when economic forces drain from thei
STOCKS of stagnant capital. When tn
mobile capital of the world is needle
III productive enterprise or in distribl
1--WE service it must necessarily d.
sert the stock exchange, and ineviti
uy wane before the necessities an
oVertopping Importance of industrii
activity.
The bankers of the country, wit
SOptlOuS III LH6 lar WSSls lOpOi
al extraordinary demand for funds
al lines of business activity. Int
est rates are very firm everywher
anu IN the central reserve and large
NeerVe cities the inquiry for funds S
nuch exceeds the supply that none
described as very tight
BUSINESS is generally reported
% good in volume, making an exec
uoh for the great hesitancy in ii
metal n,or1-o4 .-,, .z-~,