The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-05-01

nearly SIT, 100000. making a total for
the month of $171, O00, 900. The divi-
dend payments were made on $4,4S1,-
900, 900 of outstanding stock, the inter-
est payments on $3.50, 000,0 900 Of
bonds. About $50. 900, 900 Of divi-
dends were paid by railroads, $685.
600, 600 by industrial and public serv-
ice corporations and more than ST.
600, 900 by electric railways.
The steel trade shows a decrease in
specifications and new contracting is
in small volume. New contracts in
large amounts are not necessary to
the prosperity of the trade as nearly
all mills are booked for the major part
of the year but the lighter specitica-
tons are making it difficult for the
mills to keep busy. Within a month,
heavier specifications must come IN
or a number Of mills must cut down
operations in some departments.
The pig iron market is still stagnant
furnaces will be unable to continue
unless prices harden within a month.
The consumption Of pig iron n CT
finished steel is at a high point.
The earnings of the steel corpora
ton or the past quarter are now est1-
mated at about 1000, 600, showing
a gain over the previous quarter. The
untitled tonnage on the last. of March
was 7,469, 900 tons compared with S.
SOC, 1000 tons a year age n 3,447,OOO
two years ago. The situation with
the independent companies on untitled
is about in the same proper
ton.
The copper production for March
showed a gain over any previous
March. With a somewhat increased
production and with a decreased sup
ply in this country and in the world,
prices have again taken an upturn.
The production of gold in the Trans
vaal for March. reported at 100000
fine ounces, is the largest single
months production ever reported
with the exception of March 1912,
when the output was $4,000 ounces.
The average price Of all commodi-
ties has steadily decreased since De-
cember and is now only a shade higher
than it was a year ago. Low prices
for all foodstuffs except meat and
lower pig iron quotations helped bring
down the average. Present prices on
staple crops average 800 lower than
a. wear ago, 3.7% lower than two years
ago and 1870 lower than three years
ago.
The lumber of shares of stock
traded on the New York Exchange
during March was 100000 which Vas
about one-half the total Of March
1912. and about one-half the ten year
average. Bond transactions amounted
to $40, 000, 900 compared with $70,00O,-
900 for the same month last year.
For ten years bond t~ransactlons nave
ranged from $54, 000, 900 to $1O0, 0OO,-
600 for the month of March, this
March being the lowest on record.
Bonds average five points below a
year ago and stocks average fifteen
points below the quotations at this
time last year. So far as April, the
exchange has been more active and
trading for the month should show a
considerable increase oVer March but
will hardly equal April Of last
year.
Bank clearings, totaling $14,112,00O,
600 for March compared with $l4,45l.-
600, 900 for March last year, were still
S426, 900, 900 dollars above : February
which was, of course, a short mont
Total bank exchanges indicate some
decline in mercantile transactions al
though. most of the falling off is at
tributable to lack of business in stock
exchange circles. The easier money
situation in England has assisted in
bringing about a similar condition
here and an increase in the surplus
reserves of banks is expected.
Textile lines are quiet and prices
are softer. There is better move
ment In fancy cotton fabrics.
Woolens and worsteds are slow.
Silks are in good demand but dyers'
strikes prevent prompt delivery.
During the month Of March. there
We're 1,190 commercial failures com
pared with 1,454 for the previous
month and 1892 for March of last
The liabilities for March total
ed S26, 900, 900 compared with SIS, 000.-
600 for the previous month and $22,-
600, 900 for March 1912. The failure
situation for the past few months has
caused some uneasiness but the i'm