The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-12-31
AMERICAN NATIONALS
BUSINESS FORECAST

rying this matter has been variously
estimated at from fifteen to twenty
five million dollars. based on the
present tonnage, which is constantly
increasing.
Merchandise exports for October
amounted to 272 million dollars. while
imports were only / SO millions, leaving
us with favorable balance OF trade
of nearly 1879 million dollars, the
largest favorable trade balance for
any month In our commercial history
There is a world of meaning in these
figures because, placing Europe in our
debt to the amount of 1879 millions In
a single month, Is q considerable help
to money conditions, and this is fac
tor which Will do its share toward
relieving tho recent tight money
market. It Is also an interesting fact
that practically one-half of these ex-
ports were manufactures, which means
that much American labor Is repre-
scented in the values of at least 1871
million dollars worth Of these ex-
ports Our total exports for the first
four months of the new fiscal year
were $50 million dollars. with i'm
ports of 5s1 millions. leaving a fav-
orable trade balance for the four
months of 25S million dollars, COM
pared with balance of 145 millions
for the same period last year, and 176
millions for the same period of 1911.
Shrinkage In Steel Outfit.
The report OF the steel corporation
at the close of the last month shows
an untitled tonnage Of 1895 thousand
tons slight shrinkage from the fig
ures OF the previous month. The I'M
filled tonnage has declined someW hat
each month this year. but as 1t in
creased each month except one last
year, the situation Is today practically
what 1t was at the close Of 1911.
Steel prices are in about the same
proportion to wages that they were at
the close of te11. gThe best authorities
seem TO believe that average bottom
prices have been reached, although
1t Is quite possible that lower figures
may be quoted temporarily on in
dividual items. The steel business is
operating at fifty per cent of capac"
ity today, and not much change for
the better can take place until next
month. There is every reason to ex-
! pect January to show a gain over
! December in volume Of business. and
! February gain over January. Some
considerable orders have been placed
for steel rails since December LIST. A
number of good sized car orders have
ming to several thousand cars with
! Inquiries out for several thousand
more. The fear of foreign compe-
tition Is decreasing, and the buying
already In evidence in steel lines In
dica.es a gradual increase in activity.
beginning with the first of the year
| Operations, and possibly prices. will
remain az they are or decline slightly
J between this date and January first
! The pig iron situation may be said
| to be improving already. although
prices are practically at cost of pro-
duction, and bookings are light. Some
large orders have been placed since
December first for iron. There is
some Improvement in the copper sit
uation, the visible supply being down
to almost nothing. and the production
below normal. The price decline has
been checked, and prices may be said
| to be hard at all markets. The
worlds visible supply of electrolytic
copper Is the smallest ever reported
! The average price OF all commodi.
ties Is about satisfactory. and there is
no indication OF either any marked
advance or decline in the near future
the gains in certain comm odities which
are inevitable being offset by the