The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1910-03-22
Especial by Henry Clews.)

tSpeclal by Henry CleWS.)
NEW YORK, March 22.-Firmer
money, labor troubles, profit taking and
absenteeism all combined to induce a
moderate reaction in stock market
values. Several influences also contrib
bursements around the first of April
are always exceptionally heavy, and
preparations for that contingency had
much to do with the recent advance in
interest rates. Bank reserves have
been declining, and the demands upon
the money market to finance new Sc
curity issues were also an important
element in the situation. The advance
of one per cent in the Bank of England
rate, showing an unusual situation
abroad, also eXerted perceptible in
fuence Added to this is the general
activity in business On a high price
level, which absorbs Ioanable funds
much more rapidly than when prices
were UPON d IOWeI SCdle. AS IOr ldDOr
troubles these have had a decidedly
deterrent effect especially where de-
enable. Demands for higher wages
have frequently caused less concern
than the regulations which some of the
unions sought to enforce upon their
employers. So long as present pros
perity continues there is a disposition
among corporation managers to deal
literally with labor, which materially
sOftens the antagonism between capital
and labor, and lessons the probabilities
of any serious disturbances. 1t is to be
noted, however, that the ability to pay
the higher rate of wages is frequently
confined to the large establishments,
many of the smaller and newer con-
Germs not being able to report such
handsome rates of profit as shown by
some of the big industrials and the
older established railroad systems. A
great deal is made in the press of the
profits OF some of the leading concerns,
but practically nothing is heard of the
smaller concerns, some of which are
keenly feeling the increased costs Of
production, and are not always able to
meet the growing demands of employees.
While general business is fairly ac-
tive and has a promising outlook, still
activity is not evenly distributed. The
farming cvlasses probably lead in point
of genuine prosperity, owing to the alb
normally high prices of all agricultural
products. The iron trade, too in it's
leading branches appears to be enjoy
ing a full share of activity, though on
a basis of lower prices. There is also
great activity in the real estate field
in the west, where specula-
tive operations are being conducted on
an unprecedented scale. In other direc-
tons, however, the outlook is not so
rOseate. The cotton goods industry is
in very unsatisfactory condition. Many
cotton mills are idle. The high price of
cotton is a serious embarra ssment to
manufacturers, and distributors are de-
cidedly reluctant about stocking up at
the present high level. In the wooden
the situation is mixed, some
mills having a full complement of Or
ders an dothers finding business very
dull. In mercantile circles there is a
general feeling of conservatism be-
cause OF very proper indisposition to
carry large supplies at present prices
this tendency being enforced by bank
ers, who are prudently discriminating
more closely in their purchases of COM
mercial paper. Perhaps the most un-
feature of all is the popu-
lar discomfort arising from present
high cost of living. For this economy
IS the only true cure. Already the cris-