The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-12-09
(By Henry Clews.)

NEW YORK, Dec. 9.-(Special)-
Conditions in the stock market are
such as to induce hesitancy. Money Is
growing firmer. Congress opened this
week. Serious strikes have been in
augurated on Western railroads. The
Nicaraguan troubles disturb confidence.
Sugar and telephone Investigations
stimulate hostility to large corpora
tions. Industrial magnates dislike re
cent interference with mergers and seq
regation plans. New security issues
have depressed many high class stocks !;
while the coming British election de-
ranges trade and finance in Sngiand
All these conditions combined are ad-
verse to bullish operations. On The
other hand, the satisfactory condition
in general business have thus far been
sufficient 20 prevent any sharp or rad
ical decline.
General trade continues largo in vol
ume, especially il the interior Banls
c,earings demonstrate this. Ra;lr5 aG
earnings are very satisfactory, and the
extraordinary activity in steel as VT
shows no signs Of abating. Textiles
are also in good demand. Secretary
Wilson's annual report emphasizes
anew the phenomenal prosperity of the
agricultural classes, showing that the
crops of the current year are valued
OF the farm at apprc ximately $780,
900, coo, or SS69,O00,OJ0 more than a
wear ago. This is an increase of more
than 10 per cent in value in twelve
months, which is considerably greater
than the increase of quantity in farm
products and goes far towards explain
ing the present high cost OF living,
about which complaint is 50 universal.
This prosperity Of the farmer. the
'argest factor il our industrial life, Is
the bedrock Of the present general ac-
tivity in business. He is probably max
ing larger profits than are his due and
at the expense of the temporarily help
less consumer But no one begrudges
him his good fortune, for he must use
it either in getting out of debt, build
ing up his bank deposit or spending
more or less in luxuries, the produce
ton of which keeps others well en-
ployed.
In the steel trade present activity
reflects the natural industrial develop
men of the nation. This latter involves
great constructive activity and large
use of building materials. Railroad
construction and improvements are 60
ing on at a rapid pace, and the re-
building of our cities consumes i'm
mense quantities of iron and steel
Other metals partly enjoy the activity
allotted to- steel The demand for cop
per has improved considerably, but
production still keeps ahead of con-
sumption, and the worlds supplies are
exceedingly heavy. The true remedy
fer the present copper situation rests
in a lowering of price such as would
close many of the more expensive pro-
ducing mines, and thus check over
production by natural means. Artifi-
cial methods of restraining produc-
ton through combinations do not sue
ceed and as long as they violate both
economic and statutory law should not
be encouraged. Yet they are most per-
sistently promoted by the managers Of
high cost producing companies which
are in an uneaviable position. and
would be seriously hurt by a substan-
tial drop in the price of the raw metal.
Bank clearings are very heavy and
testify as to the activity in business.
The strikes in the west are such as &C