The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-08-05
NO ABATEMENT IN TONE OF OP-
TIMISM THAT HAS BEEN PRE-
VAlliNG.
Henry CIews Says Feeling Has Be-
come Confirmed Rather Than
Weakened In Last Seven
Days.

markets showing persistent strength.
There is no abatement in the tone IF
optimism which has now prevailed for
several weeks; in fact, it mas become
more pronounced rather than other
wise This feeling is based upon a
general recognition of sound condi-
tions in business and gradual recov-
cry in the volume of trade. We have
to measuring business by values, and
in many cases the records of COMPARE
son already Snow increases over the
pre- panic year. The methods of COM
parisOn, however, is somewhat mis-
leading and when the volume Of
business in measured by quantity
rather than value, it is seen that in
many respects we are still behind
1907, although we may be rapidly APP
preaching that year; and in eXcep
tiOnal instances passing it.
The steel trade is unquestionably
leading all others in point of activity
at this time. Several of the large
Independent concerns are turning out
great United States Steel corpora
ton in many of it's departments is
also taxed to the utmost in filling or
ders. Since prices have advanced, it
is easy to see that the current bust
ness of the steel industry must be
very much more profitable than
year ago. This of course accounts
for the strength of the steel issues in
spite of the disappointment felt at the
divident on steel common being raised
to only per cent. Such a conserva-
tive policy, however. is to be COM
tend to establish confidence in the
management of this huge corpora
ton. With uncertainty as to the
steel dividend out of the way the mar
ket temporarily lacked specially in
teresting features. The latter, now
ever, were soon supplied by the
strength impaired to the Hartman is
sue and New York Central, both Of
which were taken in hand by the
speculative leaders and pushed to new
high figures on rumOrs of his fortn-
coming plans. This apparently is
10 of in,
ly, to take special stocks as leaders
and mark them up one by one, thus
establishing contrasts and cOmpari-
sons calculated to excite the specula-
tive appetite. Expectations of high
er dividends now appear to be the
basis of manipulation. Meanwhile
the market is insensitive to unfavor
able news. Ordinarily the southern
stocks would show some weakness
the growing cotton crop, but these
shares in common with others have
maintained the old level and advance
more readily than they decline. 1t is
still very evident that the market is
completely under the control of
few big leaders, and, until they have
sufficiently diminished their holdings,
their grip upon the situation is not
likely to relax. When they have sold
out, the market will be left to take
care of itself and we may then see
the long expected reaction. But that
is not in sight today
Outside conditions continue favor
able. The trade outlook is promising
Interior merchants have been buying
on a conservative demand for nearly
all classes of merchandise. Build
ing is active, and our railroads are
free purchasers of materials for COIL
structive purposes. Advices concern
ing wheat and corn continue favor
able, the only discouraging reports be-
ing from the cotton districts, where
continued drouth and heat have caused
further deterioration in the condi-
tions of cotton Money continues in
good supply at easy rates, but the
westward currency movement has al
ready begun. and both the interior
and Canadian banks are drawing
against their balances in this city. 1t
is not generally thought, however, that
the crop demands this season VIII
cause any material advance in mon
ey rates, western banks being album
dainty able to meet a large part of
anticipated requirements. The con-
dition of the national banks appears