Bisbee daily review., 1909-12-30
CLEWS SAYS OUTLOOK BRIGHT FOR NEW YEAR
Railroads Are Doing a Larger Traffic and the Volume of Business Is Generally Up to. Pre-Panic Level.

Henry Clews, authority on financial conditions in this country. says under date of Dec. 24:
 Holiday quiet prevailed in tho stock market This is the season of the year when many concerns are eLgag- cd in making fresh plans for the fu- ture, and speculative attention is generally diverted in consequ-nce. A good undertone exists and a hopeful feeling is shown regarding the future. Railroads are doing a large traffic and the volume of business is gener- ally up to the pae-panic level, and i, some cases is in excess Tae eoun- try now feels the stimulcs of aglicul- tural prosperit. Everynne is famil- ia- with the fact that Western far. mers and Southern planters have been receiving phenomenally Aigl prices for their products this year nnabling them to be liberal purchasers of c;Oih- ing and household goods. no. to speak of such 1uxuries as planes, talking machines, pianolas. automobiles, etc. Not a few farmers instead Of buying more land, are making investments in securities with their sufJ;ius funds q condition of affairs wki1h will event ually promote the floating oi all sorts of questionable schemes intended to enttce the Inexperienced.
 Prosperity of tho iarr,er Is natural ly followed, though in a less degree, by the activity in industrial circles. All our large plants are busily run. ming on full time and owe and labor is well employed. In commercial circles there is a corresponding de gree of activity, and ,hs only classes
 who are not sharing in the benefits are those with fixed incomes anC those whose work is of professional nature. The latter, however 6id not suffer during the panic, but cften bsn- efitcd thereby in a reduced cost of liy, ing so cannot seriously complain. But those who took the brlnt of the dis. aster should now have an opportunity of averaging up. Labor is showing much higher wages in order to share the improvement, often forgetting that 1 it took little of the loss which fol lowed the panic While it is satis | factory to record a generally active state of business, it should not be overlooked that the benefits of such activity have not been fairly distri- buted. Its advantages have largely gone to certain organized classes, whc should now be content to see the un- organized get a share before demand ing more for themselves.
 Investors are beginning to show some interest in the security market, and with the opening of the new year there should be a brisk demand for desirable issues. Di'lueAu ulSSllOU tions will be larger than usual and al the same time there is likely to be no lack of attractive new offerings. A number of important new issues are in prospect, which in all probability will be readily absorbed owing to the very high prices at which well seasoned and high class securities are now hei.'. It must be recognized that securities are upon a higher level than before, and that this generally high level is largely justified by existing eondi- tions. The high prices of securities and commodities are part of world wide movement arising from the de preciation of gold, the activity of trade, the comparative scarcity of az ricultural products, the advance in land and numerous other causes which enter in the complex makeup of prices.