Daily capital journal. (Salem, Oregon) 1903-1919, 1915-11-17
Bank Clearings SholU Gain
Astonishing to Financiers

New York, Nov. l3.-Bank eIearings
last week at principal cities aggregated
$4,5O0,000,00Gy or 81 per cent more
than year ago. This is an astonish-
ing gain. The ratio of increase was
l0S per cent at New York, 80 per cent
at Boston, 80 per cent at Philadelphia,
% per cent at Chicago, AZ per cent at
st. Louis and 81 per cent at New Or
leans. OF course the Stock Exchange,
which was closed year ago, had much
to do with swelling tne total in this
city. But outside of New York, where
financial operations were more nearly
on normal scale, the gains were also
impressively large and proved conclu-
sively a widespread business expan-
sion. The returns for the month of 0c.
toner were equally significant the to-
tai being $4,000, 100000, against $ll,-
70O,O00,0O0 year ago. Here was an
increase of over 70 per cent at all
cities; New York showing a gain of
127 per cent and all other cities a
growth of 20 per cent.
So much for bank cearings as evil
dence of trade revival. What about
railroad earnings9 In the third week
of October 80 roads reported earnings
Of $l4,300,000, an increase of $2,100,000
or over II per cent. Previous to 0c-
tOber, the railroads had been report.
ing more or less serious losses, but
these diminished sharply during Sep
tember and turned into steadily increas.
ing gains in October. The latest re-
turns are even more encouraging, many
of the big trunk lines both east and
west showing very handsome recover.
les, particularly such roads as Burling-
ton, New York Central, Pennsylvania,
Canadian Pacific and others. Bigger
tonnage, better rates and lower ex-
pense mean good net results. The num-
ber of idle cars November l was only
$4,000, compared with 100000 year
ago.
The iron trade continues to furnish
examples of unprecedented activity
Since the first of September orders
for over 100000 tons of rails have
been placel, about $50 locomotives
and more than $4,000 cars This only
represents portion of the new activ-
ity in the steel trade as some of the
railroads are building considerable
equipment on their own account, and
the steel companies have received large
orders for outside construction work;
not to mention munition orders. The
report of untitled tonnage issued by
the United States Steel corporation
which is running nearly 100 per cent
capacity, surpassed all expectations;
showing an increase of S47 900 tons, as
compared with the amount of business
on the books in the previous month.
Prices for steel are steadily advancing,
and this industry is now enjoying a
period of prosperity which in some
respects surpasses all others on record
The facts just cited prove industrial
revival, based as stated in our previ-
on adviees upon big crops, abundant
money and foreign munitiOn orders
This activity is already spreading to
various branches of trade. The textile
industries show healthy tone, interior
merchants having been often caught
with comparatively empty shelves,
which are now being replenished. La
Dor is well employed and generally at
good wages.
On the stock exchange speculation
slowed down somewhat; tne rapid adj
vance of the last few weeks having
induced moderate realizing and tenn
porary reaction. More or less foreign
selling was detected at the higher pric-
es, and the decline was further acceler
ated by operations of local bear
clique. The weaker shares were the
war industrials, from which attention
has been wisely diverted to the moro
substantial railroad and industrial e.
curities. Liquidation, however, ap-
peared to have no serious effect upon