The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-10-03
BUSINESS SOUND
AND WHOLESOME
TRADE OUTLOOK FOR OCTOBER is
ENCOURAGING AND TENDENCY
- FIRM.
FAILURES FOR AUGUST
SEPTEMBER SHOWS IMPROVEMENT
IN BUSINESS OVER PREVIOUS
MoNTH-FOREIGN TRADE
sATlsFACToRY.
FAILURES FOR AUGUST

Inc monthly letter on trade con-
oitiohs Issued by the American Ma
'iohai Bank. as forecast for the
Noiii'as month, proves Of no little in
'erest for the month Of October That
conditions are declared to be sound
''td "hoiesome In the face of scare
mead rumors will be "A source of gen
erai satisfaction. The report saws in
part: "a
IN the lace of surface conditions
"hlen look alarming and in the face
Vi manufactured stock market
panic business conditions are
really sound and wholesome.
Commodity prices have been and
are advancing slightly. The volume
OF trade in various parts Of the conn
,ry is luliy up to the ten-year aver
age allowing for the increase in pop
uia'lof. On the whole there is moth
ing In the business situation to s..ri
ousis disturb substantial interests
sank clearings for New York CITY
We're heavier fer August than last
year and heavier for the country OUT
size OF New York than any previous
august. Clearings for New York city
ior september. to the twenty-thtrd. an
Wen as for the country outside OF
New YORK. showed gain for each
meek over the previous year. The
banking condition has improved ma
terially and the surplus reserves
"hiie large enough to insure sufficient
money where needed. are now not so
large as TO Do unwieldiy.
august business failures for the
country were exactly the same in
number as last year with total la
olIiles OF 100000 less This fact as
somes great Importance when we
consider the bear attitude OF big In
terests which has been in evidence for
fully eighteen bonths.
Earnings of principal railroads
while quite satisfactory for July. were
not go good for August, but have in
creased during septemb Der. The num-
per OF Idle cars Is being reduced SO
rspiuiy that there is good promise
OF very satisfactory earnings both
gross and net for the last half OF
wi. The total number Of idle cars
reported for this date in North Amer
lea Is less than $4,000, which means
That for the United States alone the
NUMBER OF idle cars IL considera bly
less tnan on any previous day this
year The report shows $4,000 mis-
ceiIaneous cars. many OF which are
unft for service. These figures in
dicafe that We may yhce car short
age before the year ends. Railroad
gross earnings are within a small
traction OF ! per cent. OF last years
nkures 10 date. Net earnings are
somewhat less. Expenses are being
reduced all along the line and q con-
tinuation OF present gross earninrs
VIII insure increased net earnings.
The foreign trade situation con-
tinues to be highly satisfactory. Inn
ports Tor last month were $4,000. 900
less IMAM the corresponding month OF
lSlo: while exports were $4,000. 600
greater-making a gain In favora Bile
trade balance TOR the month Of SEA.
ooo.ooo. as compared with a year aRo.
the balance Of trade in favor OF
America for the month Was $4,000.
goo and for the first eight months of
this year. quarter OF billion dol
lars The indications are for heavier
exports during the remainder Of the
year Steel exports are making a ma
terial gain.
The steel business continues GOOD
on immediate deliveries There is
some complaint that the usual GUAM
tity or bookings for future delivery
are not being received. As most Of
the companies will not accept orders
for later delivery at present prices,
there is excellent reason for the non
placing OF such orders. The corpo-
ration as whole is running at rs
per cent. Of capacity at producing
plans and above so per cent. Of capa :
city in most of the finishing depart
ments. Exports amount to about 20
per cent. OF output. The government
Investigation Is having but little ef-
feet upon the company's business,
sales or profits. Its securities will.
Of course. rise and fall with each new
rumor. Most OF the independents
are running from Is per cent. to 80
per cent. OF capacity. Average daily
bookings of the corporation abou,
1000 tons above last year.
The August production OF pig iron
was the largest menth's output this
year with the exception OF March and
April, and the averaged prices OF all
grades for tho month were the hi9h-
est since April. although the advance
lntnrn<atn Rain tvaAhh..ra "