Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1909-07-04
PROSPERITY HERE AS
DIVIDEND DAY SHOWS

Chicago. June 30.-(Special Core
spondence of The Republican, THE
new prosperity, which was timed to
begin with the settlement Of the tar
Tiff, has upset predictions in the mid
die West by putting in an appearance
ahead of time.
Manufacturing and financial re-
ports show an increase of orders and
general revival during the past few
days that will mark the month of
June and not the passing of the tar
if bill in July as the official turn
ing point in the long business recoV-
cry. From now on the growth viii
be rapid, it is declared. The first
signs of a coming big upturn in trade
began to be felt nearly a month
ago by banks and manufacturers here
which are in close touch with out
side conditions.
Later word was received from a
score of cities that merchants wcro
planning to begin buying again on
large scale within sixty days. The
first of these orders have begun to
come in and now one of the big
Chicago banks, the National Bank Of
the Republic, which has large and
growing credit relations with insti-
tutions from Minnesota to Texas and
west to the Coast, predicts a thor
| ough- going boom in general business
by September las ! look at the sit
uation, everything points in that di-
rectiOn," said Vice President w. I.
Fenton, "althoug the prospective yield
! of the crops, Of course, will have an
| important bearing. The merchants
and manufacturers are prepared, /
think, to go ahead as soon as Is
possible on a big scale. There is an
abundance of money in the country.
our farmers and all the agricul-
| tural interests are rich and they are
going to spend. There are no sur
| plus stocks of goods to amount to
ANYTHING and any increase in the de-
mand will make it necessary to start
| mn the factories all around. The
railroads have not bought much ma
terial or done much in the way of
extension or betterment work Con-
ditions are favorable for them, how
ever. Their business is improving
and they can get all the money they
want at reasonable rates. | am con-
vinced that we are on the way to
|
ness will be in full swing again by
September"
The biggest gains have been made
| in the iron and steel business, which
| is now once more on a prosperity
| basis. The mills of the country are
funning to very near their full ca
pacity and those here report so many
railroad orders in hand that it will
be difficult to keep their promises
for delivery. One recent order was
for $4,000 tons of rails, for the Har-
riman roads alone. This and other
orders win keep the furnaces busy
until winter
Since January 1 some forty rail-
road. industrial and mining companies
/ have enlarged their dividend dis
bursements to stockholders. The lat
| est figures of railroad earnings show
a gan throughout the country of
nearly 25 per cent. in net earnings
over the corresponding figures of
last year. Bank deposits have in
creased materially, especially in Chi
| show marked gains, ranging from a
| few thousand dollars in the case of
the smaller banks to between three
and four millions in the ease of the
| National Bank of the Republic. Out
of town institutions have recently
sent large sums of money to the re-
serve centers, which has its effect
] in raising the general total of Chi
cago deposits.