The twice-a-week Twin Falls times. (Twin Falls, Idaho) 1916-1918, 1917-05-31

weather in many sections, and renew
ed strength has replaced the recent
depression in securities. The more
confident sentiment in financial cir
cles, though directly due to other
causes is made possible by the sta
bility of trade and industry during a
period of readjustment, and the alb
sence of monetary disturbances is
likewise a reassuring factor. While
retail distribution in the East, as in
the West and South, has broadened
under the stimulus of more season
able temperatures, activity in manu-
featuring continues the overshadowing
feature and promises to become even
more pronounced as the necessities of
the government are more definitely
determined.
That special financial Operations
and the high and rising commodity
prices are tending to swell bank
clearings is obvious yet the present
notable exhibits would not be possible
ii general business were not sustain
ed in extensive volume. Only in two
weeks since the end of March have
aggregate exchanges at fourteen lead
ing cities fallen below $5,000000, 900,
and the total this week is 1875 per
cent in excess of last years, when the
figures were unequaled for the per-
iod. The expansion at centers outside
New York is even more striking, be-
ing BIB per cent, and individual in
crease of 30 per cent, and over are
common, with the greatest gain, II.
per cent, appearing at New Orleans.
Other statistics which reflect the rise
and fall of business show similar
characteristics, and gross earnings
of railroads reporting for two weeks
of May are 11.3 per cent larger than
those of year ago. Yet the effect
of the higher operating expenses is
seen in net revenues, which diminish
on not a few systems.
Recurrence of hardening tendencies
in call money, with rates exceeding
last weeks 3 Der cent maximum, has
contrasted with easier conditions in
time accommodation Not only are
funds for the fixed periods in less re-
stricted offerings, but quotations have
moved in borrowers favor, and even
where the collateral is all Industrial,
nothing above "a ger cent is now
bid for any maturity. Relaxation has
not unnaturally followed the recent
decided improvement in the local
banking position, with the surplus at
the highest point since early in April;
yet it is scarcely to be expected that
the market will recede to its former
basis during a period of extraordinary
government financing With the
placing of an additional $780, 900
of treasury certificates, the outstand-
ing amount now exceeds 500, 900 900,
and aggregate advances to the allies
have increased to approximately $685.
100000. How the situation may be
affected by preparations for the rec
ord June interest and dividend dis
bursements remains to be determin-
ed, and the renewed strength and ac-
tivity in stocks is also a factor to be
considered.
The recovery in stocks, which start
ed about ten days ago, following gen
eral depression, has made further de-
cisive progress, and speculation has
broadened appreciably on the rise.
Pressure of professional selling and
liquidation by actual holders have
been replaced by vigorous buying, and
though setbacks have occurred on
profit-taking, prices disclose substan-
tial net gains from the months lowest
levels.