The Washington times., 1915-12-26
Week in Financial Circles

Never before probably in the history
OF the country has American business
in all of its aspects confronted a new
year with so general feeling of con-
fidence as that with which 1t will en-
ter upon 1915.
Retail and wholesale trade has es-
tablished in the holiday dealing a
record which exceeds any figure es-
tabllshed during the past half doz an
years. Within the last ninety days
domestic manufacturing has increaS-
ed in a degree that only few months
before could not even have been hopes
for. and the demand for building ma
terials adds its promise to the fac
tors that point to a still further de-
gree of prosperity.
Christmas trade this year. according
to reports from the leading cities OF the
country to the weekly trade papers,
broke all records in history. With it
came increased activity in practically all
lines. especially in the steel industry,
where prices of many products are the
highest in years. 1t is estimated that
MANY industries have business booked
ahead to keep them busy for at least six
months. or trade conditions Bradstreet's $
saws:
"A record-breaking holiday trade ac-
companies evidence OF extra ordinary
activity in industrial lines. reports of
light stocks almost everywhere, market
strength In grain and higher cotton
prices, good collections. heavy railway
traffic. smart activity in employment at
relatively high wages. widespread dis
tribution of bonuses. increased incomes
from protit-sharing investments. and
strength in the stock market
"On the other hand. Wholesale fra de
has receded somewhat In Consonance
with the season of Year-c<d inventory
ing. which takes salesmen from the
road and causes this branch of enter
prize to temporarily mark time
'JobbinR trade, because of the neces-
sity for filing in depleted stocks, is
rather less affected by seasonal changes
than wholesale distribution. in which
line business was done up to the last
moment thus indicating a very short
gap between the old season and the new
one. In fact. some lines continue TO
experience an overflow of orders, and.
indeed. a number of points report the
tob5ing trade has increased rather than
decreased.
I'm short. the situation as whole
is an extraordinary one for a period
that usually sees business i'm the larger
channels at rather low tide. and At the
same time business for sNring is COM
ing out in An encouraging manner.
When the feeling OF a betterment OF
conditions in American business first
began to perVade the general public
that Improvement was accredited and
could be traced primarily and principal |.
ly to industries engaged in manufactur.
ing munitions and other supplies thai
went to man and maintain in the field
the great European armies. Today the
industrial instruments of peace are
claiming their share in the furtheranct
of prosperity.
The corporations engaged in the man,
utacture OF war supplies have, witt
tracts fully as profitable as they hat
expected. but those employed in TN,
production OF material for reconstruc
tion rather than for destruction hav,
enjoyed a greater degree OF prosperit,
man they dared to hope for at the enc
or the second quarter of the calendAl
year. The upward swing of the pendu
lum has received Its greatest accelera,
tion during the last ninety days
Now domestic demand is the motivI
power that Is driving the wheels OF in
dustry to the limit OF their speed anC
which seems to possess sufficient re
serve energy to keep them revolving n
this great pace for months, possibl,
of depression throughout the country
hand-to-mouth purchasing policy ha,
heen the rule from the hearthstone I,
| the counting house. Now the countr,
has found it's stocks so depleted by tn
emergency buying OF Europe coming al
the heels OF its own prolonged econ
Omies that the powers OF production
have been taxed TO capacity while tn
transportation industry whose frugaiit