The Detroit times., 1915-12-09
Bank Clearings Show
Huge Increase, Henry
Clews Reports
STOCK MARKET
is OFF, THOUGH
MunitiOn Shares Weak
en-; Big Profits Not to
Be Repeated

Henry Clews, the New nork
banker, in his weekly review of
business conditions, says in part:
General trade continues to ex-
pand and bank clearings last week
showed An increase from last year
OF nearly 81 per cent, in spite OF
diminished speculative activity.
November clearlngs were rs per
cent ahead of last year and 40 per
cent ahead OF 1918. Reports from
the west, where good crops are q
powerful stimulant, seem especially
encouraging. West of the Allie
ghanies the war counts for little
and local conditions are the prin-
cipal factor. Merchants in those
regions report bare shelves and a
widening demand for all classes OF
merchandise. Big retail stores In
all sections OF the country antici-
pate good Christmas trade. The
steel industry continues on its rec
ord-breaking course, The present
rate of pig iron production exceed
ing all precedent. Prices are again
advancing and in some instances
have reached a point that restraints
orders: but profits are large and
this industry Is now enjoying de-
gree OF prosperity which should
compensate for the lean period
which had been endured for months.
Railroads are heavy buyers OF
equipment, having placed liberal
orders for rails and engines. In ad-
dition to nearly $4,000 cars in No
yember, the largest number since
January. 1918. Our export trade in
steel is also promising, since for
eign requirements are increasing
while Great Britain and Germany,
our chief competitors. are divert
ing their energies TO the demands
OF war.
Building operations sre also be-
ing resumed on larger scale under
the stimulus of rising confidence
and an easier credit situation. There
has been a decided Improvement
in the demand for textiles: both
cotton and wooden fabrics rejecting
this change In advancing prices.
New interpretations reported in No
vember aggregated s2i?,000,000.
against SIG. 100000 year ago and
1927 100000 in the same month of
1913. The total interpretations re-
corded for the past IL months
reached 1882 100000, against ss77,-
600 900 in 1914 and SI.5s2, o00,0 in
1918. These facts show a remark
able revival OF enterprise from the
severe contraction which followed
the declaration of war; the low ebb
being In October, 1914, when the
volume OF new interpretations was
only s70,00O.000. The amount OF
new security issues recorded In No
vember was .s23O,000,0oO against
SOS COCOON year ago. This was
the largest sum In many months.
except February last when the total
was swelled by several large rail-
road bond issues, including $780,
600 600 BY New York Central. In
the face OF such facts no very pro-
longed reaction in stocks can be
expected.
I'm spite OF satisfactory trade
conditions. hattering railroad earn
ings, phenomenal activity In steel.
etc. the stock market showed n
steady declining tendency. This
was attributed partly TO continued
liquidation. 20 foreign selling and
the approaching opening OF con-
gress A lot OF new problems have
lately been pressed upon public az
tention, such as prepar dness. rev
enue, tariff. shipping. etc. and the
political situation is further com.
pllcated by the coming presidential
campaign and the excitement and
uncertainty which that movement
Is likely to produce. There Is no
/ reason 10 anticipate any more dis
turbance than usual during the next
/ election, and when the presidents
/ message reveals the administration
/ policy for the coming session.
sense ~ relief will probably he felt.
One important factor in the reac-
ton was the weakness In the mum.
ton shares. Exaggerated war prof
its will not be repeated The Al.
lies have secured enough ammnni.
tion to tide over tho emergency. and
Great Britain will now be able TO
make It's own munitions at much
lower cost than supplies drawn
from the Cnited States"
A young man giving his name as
Harry G. Miller. aged %. with no
home. was arrested In the union
station. Wednesday morning. by
Datrnfypa,. TTuCh Mpore lie L. oI