The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1914-05-09
BUSINESS DIGEST FOR
THE MONTH OF MAY
Continued From Page One.

Continued From Page One.
March as compared with $4n,Do0, GOT
for the corresponding month last
year stock sales amounted to S,SSS, 00t
shares compared with 1880, 900 shares
for the same month last year, 30 thai
the increase in bond sales was prac-
.tically Offset by the decrease in stock
transactions and the slight increase in
clearings was, therefore, not trace
able to increased financial transact
tions.
Dividends and interest payments for
April will amount to $l64.0Oe, 900 com
pared with s1T1, 0oo. 900 q year ago,
The entire apparent decline is not real
because Of special accumulated divi-
bends paid during March, 1913, by one
large industry. The disbursements FOR
April are made up of SIS, 900, 600 in
interest and $50. 600, 900 in dividends,
In April, 1913. dividend disbursements
totaled $94, 000, 900 and interest pay
ments nearly $77, o00, 900. On the
ments for the frst four months of
1914, totaling S2sS, 0eo, 900 compared
with 1887, 900, 900 for the sane period
last year, is surely gratifying.
The number of concerns failing in
business during March was unusually
large, numbering l,41S. The liabilities,
however, of these concerns totaled
only S22. ZOO, 900 compared with $24,-
o00, 900 for the 1909 concerns which
failed in March, 1913. There were only
thirty failures OF consequence during
March, this number contributing S1O,-
600, 900 OF the total liabilities of fail
ed concerns. A large number Of small
concerns, which have been doing bus
mess on a shaky foundation for a long
time have been forced to discontinue
this yea while the 100 fail
which have contributed the major
portion of the total liabilities Of all
tailed concerns, mean, in many cases,
readjustment and a better business
condition. In considering business
failures, it is well to keep in mind that
times a r~eceivership means a
conserving Of the company's proper
ties and business for the bona fide
creditors and often means the re-es-
adjustment Of the business on a bet
ter basis than before.
During March, pig iron production
held at about so per cent Of capacity,
the total output being 2,34S,o00 tons
compared with 1883, 900 tons the
previous month and with 2,764, 600 tons
for March last year. Since the first
IF the month, production has been re-
1uced to about IS per cent of capacity.
The bookings of the merchant fur
naces so far for the year are easily
double what they were a year ago
and at least Is per cent more than for
he same period of 1912. Orders dur
ing March we're light but, taking the
entire year to date, bookings by the
merchant furnaces have been excep-
tionally good.
The unified tonnage Of the steel
corporation at the close of the month
was 4,654.000 tons compared with
$4,000 tons on the same date a
year ago. The pull-down from $685.
900 tons of unified orders at the close
Of February was brought. about by
of over 81 5000 tons daily
during March. while bookings only
in at the rate OF "a, 900 tons per
day. Bookings during February were
considerably in excess Of 5000 tons
per day and, therefore, the decline in
orders during March was not unex-
Copper production for March
amounted to 1852 900 pounds com
pared with 1876, 600, 600 pounds a year
ago. Even with this increased pro-
duction, deliveries exceeded produc-
ton by nearly $1,000, 900 pounds and
the visible supply decreased during
the month. We used 6 1000, 900 pounds
at home and exported 10000, 900
pounds. 1t is quite evident that Euro
pean are stocking up on
copper at present prices in the expec-
tation Of an advance. That this cop
per is going into private hands is
indicated by the fact that the Euro
pean visible supply decreased during
the month and today stands at little
more than half what it was a year ago.
Our March exports of copper were the
largest ever recorded.
The final figures on spelter produc-
ton for last year proved a surprise
to some men directly interested
in the industry, the production for the
year exceeding any previous record,
even though production was consider
ably reduced during the closing
months of the year. Stocks on hand
at this time are excessive. Shipments
OF zinc and spelter from the principal
market are slightly below the receipts
and total shipments r 30 per cent
below h same period a year ago.
The visible pig tin, which has been
unusually large for a short period, de-
clined during the month to II, 1000 tons,
domestic deliveries showing an in
crease for the month Of nearly 1900
tons.
Gold production, while continuing
at a rate far below a year ago, is
showing an increase in the TransvaaI
district which bids fair to continue.
General Indications are that the gold
for this year will be not quite
up to normal, although it will probab-
~ equal last year.
Hide and leather prices are high and
firm, even though our imports of hides
and skins have declined over a period
of seven months and our exports Of
leather have also declined. Leather
in first hands are not heavy
and the leather business should give a
good account of itself during this
month and next.
The final figures on the production
Of cement for 1913 do not agree with
the generally credited statement that
plants were running during the last
few weeks of the year at around SO
the year totaled $4,000, 900 barrels. an
increase Of 10000 900 barrels over the
previous year, and shipments were
IS, 600, 900 barrels compared with 49,
700, 900 the previous year. Stocks
we're rather heavy at the beginning Of
he year, amounting to $1,000, 600 bar
'els, while a year ago only 5000. 600
were reported on hand. The
heard from the cement
manufacturers during 1913 were ap-
oarentiy not we'll founded and dull
business must have been confined to
plants rather than to the
industry as a whole. Indications are
production and shipments this
year will be considerably below last
ears figures.
Building operations during February
In 100 leading cities were about $10,-
100000 or L. per cent below the same
month OF last year. Building activity
Is spotted, a few cities showing tre-
mendous gain and others, led by New
York city, showing declines running
as high as so per cent. During March.
building operations improved at many
important points and total operations