The Bridgeport evening farmer. [volume] (Bridgeport, Conn.) 1866-1917, 1913-09-30
GENERAL LETTER ON
TRADE CONDITIONS.
Issued by The Connecticut Ma
tional Bank Of Bridgeport.

AAOSS VI 0cCh month OF the year up TO
that time had been an improvement
| over the previous one, activities in
creasing right through the summer
months and up to and beyond the
election of a President, Including a
1 change of the political party in pow
er. This condition was a surprise to
every one as we had become accus-
| toned to believe that business must
of necessity be quiet during the sum-
mer and a falling off must be expert
enced during a Presidential campaign.
1 We learned that neither of these
things were necessary. After such a.
long season of constantly increasing
business, it was necessary that we
have easing up and the most nat
| ural time for such easing up to come
was during the summer months. This
year we have witnessed the usual
summer quiet and many people mis-
took the condition, believing it to pre-
sage financial and business trouble. 1t
was argued that the dulIness was due
to the tariff bill and the currency bill,
! both of which would bring about such
changes in business as to entirely up
set conditions
Both the Tariff and the Currency
! bill are affecting business and yet bus
mess is experiencing it's regular fall
picking up, almost all lines reporting
the usual increases for September.
For the month of August, business
failures numbered 1,145, the same
number as in June and less than in
any month since August of last year
when the total number was 1,1O2. To-
tai liabilities were nearly FL million
dollars, exceeding those of any pre-
vtous month since March. This large
liability figure was due to several
heavy failures, most of them in ma
ch1nery lines. It has seemed that
business failures were unusually nu-
merous this year but it should be not
al hot
ures for 1913 to date is 173 less than
for the same period of last year. For
the balance of the year, failures may
show greater total liabilities than last
year as most of the failures during the
latter part of 1912 were concerns of
small caltber.
There was during August a consid-
cradle decline in bank clearings com
pared with the previous August but
outside of New York, the early days of
September showed an increase. In
comparing bank clearings for this
summer with those of last year, we
get a distorted view because, as above
mentioned. business during the sum-
mer months of 1912 was unusually
brisk and far above the average 1t
is still possible for bank exchanges for
1913 to equal those of 1919, although
it is probable that they will be some
what less.
There is every indication of in
creasing strength in the steel market
and prices have firmed up. Buying is
in good volume and is nearer to pro-
duction now than for some time past
The untitled tonnage of the Steel Cor
poratfon at the close of last month
showed a slight decline compared with
the previous months but is believed
to have Increased since September
first. The untitled tonnage at the end
of September may equal or slightly ex-
coed that at the close of August. The
same conditions apply to the princi-
pal Independ emit steel companies.
The production of pig iron for Au-
gust was slightly less than for July but
larger than for any previous August.
Prices show an upward tendency but
the advance far has not been
enough to make the market active.
The August production of electricity
tic copper was less than for any
month this year excepting February
and June and was less than for any
month during the latter half of 1912
The visible supply in the United States
is one-third what it was at the begin
ming of the year and for the World
about one-half. The market is re-
cording a steady and strong advance
in prices.
The pig tin market is stronger and
prices range higher; lead is quiet but
firm and the spelter market is fairly
active and steady.
is healthy and both the production
plants and the markets are fully up
to normal activity for the season of
the year.
Building operations for the month |
of August were somewhat below Au- |
gust of last year in the principal cities |
the greatest decline being shown in |
New York City where operations were
less than one-ha1f the total of August /
1912 Outside of New York City,
building activity for the entire Coun- I
try has been about the same as last +
year This includes 100 of the small /
er cities but In several leading cities,
big gains have been made over last
year. The demand for building ma
tertaIs continues good and fall pros
poets are normal.
Our imports for July were 1S9 mill
lions compared with 149 millions the
previous July and 118 millions in July
1911. Our e. sorts were 161 millions
compared wit 149 millions for July,
1912, and 128 for July 1911. The
greatest falling off in imports was in
foodstuffs which also showed the |
greatest export gain. A slight gain
was recorded in imports of manufac-
tured articles while exports of the
same articles dec1iHed. Exports of
articles amounted to 81
million dollars compared with 6 2 mil
lions last year and 4S in July 1911. For |
the first seven months of this calendar
year, imports declined IA million dol
lars although they were 1877 million |
dollars greater than for the same pei
Rod of 1911. For the seven months,
exports increased 70 millions compar-
ed with last year and PIP millions |
compared with 1911. Our favorable
balance of trade so far for the year
has been more than 800 million dol
lars. This, coupled with the fact that
Europe is buying some American Sc
curtties, believing them a good pur-
chase at present prices, is expected to
bring about gold importations.
Exports of gold exceeded imports
during July by three-quarters of
million dollars. Gold exports have
exceeded imports for the year to date
Of 81 million dollars but the trend is
now in the opposite direction, money