Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1914-12-09

throughout the United States are show
ing gradual and substantial improve
ment, according to advices received by
the Chicago Herald from bankers and
business interests.
From San Francisco come reports
that California has harvested the larg-
est crops In Its history, and that the
net revenues derived therefrom will be
greater than ever before. There Ia
confidence Of an early increase of bust
ness activity.
In the Pittsburgh steel district much
betterment also has been shown. The
Industries there are awaiting the re-
sumption of purchases by the railroads,
which. by tho way. have shown i'm
provement since the letters telling OF
conditions were written.
The largest railroad car. locomotive
and steel rail orders that have been
placed In months were contracted for
late last week.
Orders for pig iron have been larger.
both In the Eastern and Southern dis
tricts, which usually form the basis
for activity in lines of finished steel to
follow later
Recent sales of iron are estimated
In aggregate of 100000 to $1,000. 600,
The oil and copper industries. which
were among the sorcst spots during
the war depression, are beginning to
look up. Prices arc better and so is
the demand.
The dividend record OF corporations
is improving. Within the last fort
dend meetings, and only three reduc-
tions have taken place. Some dividen
payments deferred at the preceding
quarter have been restored.
Merchandising ouickcns.
Despite unreasonable weather the
staple merchandising lines are moving
with greater freedom. All trade au-
thorities verify this assertion. Collec-
lions, too. all over the country are
better now than at any time since last
spring.
Advices from the Southern States
show that business Is breaking away
from the depressing influences of the
cotton situation. The cotton loan fund
is restoring confidence.
In Iowa and tributary territory the
effect of heavy shipments OF grain and
the high prices received for these COM
modities by the producers is rejecting
an increased demand for many things.
Railroad traffic is gaining In the grain
growing sections OF the country, and
complaints from those sections are
now few and far between.
The banking position in every section
OF the country whence these re-
ports come is described as being easy.
Bankers and business men alike praise
the new reserve system, and tell OF the
possibilities OF unhampered trade ex-
pansion that will develop under the
broadened credit plans.
Bank clearings all over the country
are gaining. the showing In Chicago
last week being the largest since July.
Money rates are tending downward
at all the centres, and funds are abun-
dainty available for all legitimate bor-
rowers.
One encouraging feature in the cur
rent situation Is the strong investment
demand for securities. The movement
has been widespread and aggressive.
applying to both stocks and bonds.
The sum total of the situation is that
business is getting beyond the spec
tacular features incident to large or
ders for war supplies. In other words,
the demand for everything is spread
ing out In point of home consumption.
Persons who were frightened few
weeks ago and kept their purse strings
tightly drawn against all but the most
them again. Confidence is undeniably
gathering force, labor is more fully
employed than a month ago. and more
mill wheels are spinning.
Pacific Coast Business.
Business conditions on the Pacific
Coast are encouraging. according TO
President Herbert Fleishhacker, of the
Anglo & London, Paris National Bank
Of San Francisco. He writes:
"The tonnage of the crops which
California has just finished harvesting
exceeds that of the crops of any previ-
Gus season. AS q result of the war,
prices for some Of the crops have been
below normal. while other crops have
enhanced, but the net return to our
people account of agricultural
products will exceed that of any previ-
GUS year.
Our petroleum industry is tempo
rarly crippled by lost markets, and a
good deal of capital is being absorbed
in providing for and financing storage
where extraction must continue. Also
the production of copper Is not profit
able in this State at present prices for
that metal Our other mineral indus
tries. however, are prosperous. While
the market for forest products is de-
pressed, this condition. in q measure,
has stimulating effect on certain
classes of buildings.
There is considerable unemploy-
meht, but nothing approaching that
which seems to exist In some industrial
centres elsewhere The water CON-
rnerce OF this port has increased rap.
idly since the opening of the Panama
Canal, In part at the expense of the
transcontinental carriers. There are
many indications of general economy,
and the volume of trade is less than
might be expected from the apparent
gross income of the people AS always
dence in an early. increase of business
activity.
1.-The financial readjustments result
ing from the opening of the reserve
bank have not been attended with any
special Inconvenience nor has that
bank al yet become an active factor