The Washington times., 1915-12-05
EVENTS OF WEEK IN
FINANCIAL CIRCLES

Bank exchanges this week told ths
tale of prosperity in business lines IN
as effective fashion as anything that has
appeared since the railroads became
congested with freight. The total
amount Of checks drawn and passed
through the country's clearing house
was close to the 5000 10000 mark. beins
In exact figures 1896. 900. .ooo accordins
to the records of the Financial Chroni-
Gle. There never was q week like that
before. ComDared with the correspond.
Ing week last year the increase was
FULLY 90 DER cent.
New York's ciearings were practically
l0o per cent greater than In the same
period of 1914. but two important and ex.
ceptional factors contributed to this re-
markable showing.
In the first place. certain local bank.
were the recipients of funds from sub
scribers to the $500 000. 900 Anglo French
loan. which probably figures in the
drawing of checks up to several millions
OF dollars. Again. the weeks business
was swelled by transactions on the stock
exchange. whereas @ year ago the ex-
change was closed except for restricted
trading In bonds.
Gross earnings Of railroads for the
first three weeks In November as SO far
reported to Dun's amount to $28, S61. .Sss.
same peaiod q last 's seer For eeF eSe
three weeks in October these roads re-
ported an increase of per cent In
gross. and for the first three weeks in
the November showing every important
system in the South, notably Southern.
Chesapeake and Ohio. Louisville and
Nashville. Mobile and Ohio, and West
ern Maryland, makes a very satisfac-
tory statement, testifying to the recos-
cry that has taken place Of late in gen.
ersl business throughout that section.
In the West and Southwest. however.
contraction, but the loss is far more
than offset by the gains on Missouri Pa
cifc. Colorado and Southern. Denver
and Rio Grande. Texas and Pacific, and
other leading lines. which indicate gen
orally prosperous conditions among the
railroads in that part Of the country.
The last signs of the late depression
are disappearing from the business
situation. Every tagging industry Is
coming UP into line. and all of the cotn
try's activities and productive forces
in the future has replaced the timidity
engendered by the great war. and pri-
vate enterprise is again busy with the
thousands Of local projects which rep
gressive country like the United states.
Large new undertakings have not yet
appeared, and are not wanted at this
stage. for just now there Is enough in
SlSnt fOf everybody TO 90.
The manufacture of lumber and OF
railway equipment are two industries
that have been particularly depressed
and hopeless. Everywhere but in the
Pacific Northwest the former has un-
dersone q very rapid change in the las,
month. Notwithstanding the scarcity
Of shipping and high rates. the export
trade has been large. the Italian
government alone having come into
the market for 1000 ,occ feet OF
army. The foreign sales would Be-
much larger II cargo space could
be had. The demand for yellow
pine for general building purposes IN
the middle West. where great pros:
communities, has put the mills OF
Texas. Louisiana. Arkansas. and Mis-
etesfppi upon full time. and In some in
stances double time. and relieved the
South Atlantic States Of their competi-
In the busy industrial towns and for
general purposes has become very
active. Prices have been moving rap
idly back to normal figures. The Pacific
coast mills. unfortunately, are prevent
coast business by the closing Of the
Panama canal. but they are sharing
with the Northern and Southern mills
In the improved conditions west of the
Mississippi.
The railway equipment concerns have
taken a large amount Of munitions orders
but have also reserved1mportant railway
orders from Russia and France. and
within tho last month the home roads.
with increased earnings in sight, have
turned loose a large volume of bust
ness The general condition Of the in
dustry is indicated by the fact that the
Pennsylvania railroad has declined all
bids upon 5000 freight cars. and will
postpone their purchase.