Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-07-03
BUSINESS BOOM
IS PREDICTED
BY LOCAL BANK
Union Nationals Statement
Lays Present Depression to
"Howlers."

Relief from the socalled- bust
ness depression is predicted to come
this fall by the Union National Bank
of this city. Business will move slow
ly, but steadily till September, then a
big Improvement is expected. The
crops of the country will be very
good, but the business will be better.
rhe supply of money will be sufficient
TO take care of all legitimate enter
prises These predictions are incor-
porated in a statement issued today
by the bank.
The statements in the banks cir
cular letter, are based on the reports
of experts, and the evidence in the
leading private statistical bureaus,
the various State and government de-
partments. and from Dunn and Brad
streets mercantile reports. The bank
declares the figures are dependable.
The present depression Is attributed
by the report to a year of complain
ing about poor business" Last
year, the report declares, there were
large bank clearings, high records for
exports, few big business failures and
few idle freight cars. These all tend
to show fairly good business period.
This year the conditions have
changed. Business has 1apsed into
quietude, according to the report.
sional session usually brings unsatis-
factory business. This year the i'm
provement is looked for early in the
fall. The winter wheat harvest will
be heavy. That will start things
moving. Other crops also promise to
be good. This will put money in the
hands of the farmers. The crops win
be moved The railroads will benefit.
All this is expected to bring a decided
business boost in the fall
The report states, In part:
while business failures in May
were larger than In any previous
May. the total number of failures was
less than for any earlier month in
1914 Failures were larger on the
average. and the total liabilities,
therefore. were s24, 00O, 900, compared
with $1,000, 900 a year ago The
failure situation has improved
steadily since the first of the year.
Merchandise exports for April
amounted to 1852 200, 900. compared
with 5000. 900, 900 a year ago. Imports
were s17S.OO0. 900, compared with s146,-
100000 year ago. leaving our excess
OF imports, or unfavorable balance of
trade, at S10.000,O00 for the month.
Gold movement was in our favor to
the amount of about SO, 000, 900, in
spite of the fact that We have shipped
abroad more than SCI. 900, 900 so far
this year. For the first four months
of 1914 the gold movement was in our
favor to the amount of IS, 600, 600. The
heavy exports of gold have not dis
turbed our situation in the least, nor
have they affected our markets. Our
principal domestic exports for May
amounted to SCI, 900, 900, against $751;
100000 year ago, the principal de-
cline being in cattle and meat
The earnings of all railroads for
April showed decrease of more than
8 per cent, while operating expenses
were decreased more than per cent,
leaving loss in net for the month of
only l per cent. compared with April
of last year The decrease in operat-
ing expenses was largely accounted
for, however, by the unusual and
tremendous expenses occasioned last
year through foods in the Central
States. Partial reports for May show
a decline in gross earnings as COM
pared with the previous May of about
6 per cent The decline in gross is
shown by nearly every principal road
and is general throughout the coun-
try.
Building operations in eighty prin-
cipal cities for May tota1ed SIC, 900, 600
of a year ago. This is the first month
of 1914 in which building operations
have equaled those of 1913, the total
for these eighty cities for the first
five months of the year being $780,
100000, compared with 1925, 100000 for
the same period last year