The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-24
BUSINESS BETTER
FOR HALF OF YEAR
AMERICAN NATIONAL BANK ISSUES
STATEMENT SHOWING con-
DITIONs.
INCREASE IN O
NUMBER OF FAILURES INCREASE
DURING, FIRST SIX MONTHS,
BIT TOTAL AMOUNT is
INCREASE IN EXPORT

issHed the following summary of the
business situation at the end of the
first half year:
The completion of the first half Of
the year and the end of the fiscal
year for the government and for
many of the larger Institutions gives
US an opportunity to take a care
ful survey of the present situation
as compared with a year ago and
with the beginning of the present
calendar year as Well as TO guage
the possibilities Of the immediate
future. as near as may be, from the
experiences OF the past.
In mercantile and manufacturing
lines, the average of all business
shows approximately rs per cent.
better than a Year ago. while in
Nestnient conditions show that 90
per cent improvement in the wear.
This is partially accounted for by the
fact that just a year ago witnessed
the lowest point in business activity
of the entire year while last month
saw the lowest genera leverage of
business conditions for this year, and
the Improvement of the past few
weeks helps materially in making a
comparison with business conditions
of a year ago.
1oAiNAfh SotStkiOlAN are very iIIAtI
below the corresponding period of
last year which condition, however,
is almost wholly attributable to idle
funds. The recent Improvement in
manufacturing and mercantile lines
n In investment business means
the employment Of these funds and,
therefore. a general Improvement in
banking business. This Improvement
has been felt since the first of July
in the larger financial centers. sur
plus reserves having been drawn
down materially through an increase
in loans. Payments TO the govern
ment on Of Panama bonds
is practically offset by mtd-year In
terest payments by the government.
Gain In Exports.
Imports for the half year are con-
s~iderably less than last year while
exports have made a gain approx
mating $500. 600 600. leaving a
balance of trade In favor of this
country considerably in excess OF that
figure and. therefore. a European
credit of considerable size. putting
this country In a position to import
gold whenever needed. The credit
in Europe which we have built up
through sales of securities and large
exports has not been Drawn upon
70 any extent MS YET LOT the FedStH
that ~thaalmoney was not needed, the
home demand for loans being I'M
usually light.
A. was expected. immigration 80
far for the year has been much
smailer than 1908 or 1910, although
the number OF new arrivals has been
Increasing each month since January
until June when a slight falling off
was shown. 1t lie generally believed
that excessive immigration ia not de-
sirable.
The increase Of loans by New York
banks since the first OF the month
will, of course. have a tendency 10
advance time money rates. although
the advance should not be material
and II is expected that rates will con-
tinue now for the balance of the
year
Bank Cearings Decline.
Bank clearings for the six months
for the entire country declined but
were heavier for both June and July
than for the corresponding months
last year. Exchanges exceeded IN
previous record for the first six
months OF the year except 1910. The
same com arison- Is true Of the en-
tire country exclusive OF New York
i city.
Although investment conditions
have improved greatly as compared
/ sssit,a In e.. yaasE.s tina average, prices OF
leading bonds are slightly below the
January figures with average stock
prices about W. points higher. Bonds
range from one to two points higher
tina last year 1t this time, n
stocks from five to seven points. This
refers to a selected list of top-notch
securities.
Bond sales on the exchange are
1ust at present doubling last years
figures. the total sales for h year
to- date exceeding last years figures
by about $4,000 900. Stock sellinh
has been less active, sales being
more than sac. 1000, 900 less than last
year and SIS. 000, 600 les for the past
three months
The new securities issued for the
wear have greatly exceeded last
years figures, but for new securities
listed on the stock exchange the
showing Is far below 1911. The un
listed bond offerings for the half
year are about 500, 600, 900 in excess
Of the corresponding months OF 1910,
and new issues exceeded the showing
for last year by $4,000. 600, These
figures presage greater activity IN
investm eIt lines.
Business failures show an increase
of 500 in number and are exactly
the same amount in total liabilities
as the first half OF last year with
a tendency 10 decrease. A steady de-
crease has been shown each month
for the past % months, and total
liabilities were less than one-half
as large in June as in January.
The activity in building lines has
been less for each Individual month
this year than for the corresponding
month a wear sgU, but very recent
indications suggest q possible show
ing for the next few months over
last years figures.
The last National bank statement
shows total resources increased, in
dividual deposits increased, loans and
discounts Increased. total reserves
increased. percentage OF loans to
total decreased, percentage
OF loans to deposits decreased, and
reserves increased-surelLa-go good
bank showing. Total in
creased nearly half a billion dollars
for the year, making a gain for Ma
tional banks for two years OF almost
q billion dollars.
FAN on In Steel.
Steel and iron prices have been
lower and activity in these lines
has been below normal. There has
been q recent improvement Of ron
siderable size and individual orders
reported by the larAs steel companies
suggest a material Increase. New
rlontu haya hoar NM o. oo~-atton