The Bridgeport evening farmer., 1914-09-02

(Issued by The Connecticut National
 Bank of Hrdgeport)
 In undertaking to report the gener
 al condition of business and finance in America to-day, we are fully sen sibIe of the tremendous task before us, and the readers of our repoFts must understand that while the fig ures we shall quote this month can be depepded on. the general trend of business ca-h be changed in a day by jew developments in the European sit uation- In, general, it is safe to say that as much as we deplore the ter rfble war into which Europe has been plunged, this country cannot fail to benefit commercially, and the misfor- tune of Europe, while a misfortune to the entire world, may leave in its wake some material benefits to the people of America, if it does nothing more than to wake. us up to the possi- bilities of the expansion of our trade with the South American countries
 The SteadfneSS with which American business has met the new conditions is the best evidence of oRr present sta 'bility and of the resourcefulness of this great country. Present eondf- tions call for a clear head and a steady nerve. In the end the business man who is strong enough to push steadily ahead and make each. days business count will win. but the man who at tempts to make a quick fortune be cause he chances to own a warehouse full of meat or grain, taking this for tune out of the pockets of the people at large, may find himself discredited and financial failure. The Ameri- can business man will usually be found to be eminently fair, and in times like the present he will have no patience with the man who tries to +~aIx ~,-- f-,s happy condition.
 The c1earings of banks for the month of July, showing an sincrease of almost a. billion dollars over the previous year duly. demonstrated material improvement in the business situation of this country. CIearings outside of New York for July exceed ed the previous July by more than 100 millions For the first seven months of the year clearings have slightly exceeded last years figures both in New York alone and for the
 The business mortality for the month of July was heavy. numbering 1.S15 concerns as compared with l. IF failures in July of last year. The total liabilities were only slightly over 25 million dollars compaTed with nearly 3S million dollars in liabilities Of the concerns failing in July 1e13.a It will be noted that while the num- Der of concerns failing was large, the total liabilities of the failed concerns was very. much lower than for the. same month last year, indicating that failures for July. this year. although numerous, were smaller and therefore of less commercial importance. !,
 Dividend and interest disbursements for August are estimated at 92 mil lion dollars compared with 78 mill lions for August last year. Divf- dS 1,ea 4 oe Sf 1aSe than II millions a year ago and in sterest nearly Az millions against less than 3s millions last year.
 Merchandise imports for June to- tailed 159 millions compared with f31 millions last year and Exports were 15z millions against 163 millions a year ago. The balance of trade for the month was 653 thousand dollars in favor of other countries. We i'm ported less than million dollars in Gold for the month and exported AS million dollars making drain on our 45 million dollars. This heavy out flow of gold was of short duration and the whole Import and Export gftua,- ition as regards merchandise and mon ey have been upset by the European War. It is generally believed that matters will soon adjust themselves so that this Country can continue it's usual trade. and increase it's trade. with all neutral nations Imports dropped to almost nothing because of the war and there should be a small balance of trade in favor of this country each month for some time.
 Preliminary reportss indicate build ing operations for July of about S5 5 million dollars in 150 cities as compar- ed with so millions in the same cities last year. Building operations made gain over last year in both June and July.
 Railroad earnings have continued to make an unsatisfactory showing. Fi- nal reports show gross earnings for May to have declined 26 millions as compared with last year and net earnings to have declined nearly 16 millions. Gross earnings for June for 116 roadsswere 149 million dollars compared with 157 last year and net earnings were only AZ millions com pared with 45 millions Q year ago. Preliminary reports indicate that July gross earnings fell about per cent. below July of the previous year. Gross earnings of all roads so far reported for the first seven months of the year are 6 per cent below the same period of 1913. The falling off in earn ings has taken place in all parts of the country and on nearly all roads. The small freight rate advances permit ted by the recent ruling of the Inter state Commerce Commission will not be sufficient to change this situation to any appreciable degree The gen eraI crop movement will help the rail- roads, but the wheat and cotton move ment to seaboard will be slower be- cause of difficulties attending the ex- porting of any commodity. During the past five years freight rates per ton mile have decreased about per cent. while the average daily wage of railroad employees has increased about 14 per cent. This leaves an item of something like 250 million dollars to be offset by more economical manage n1ent. We are not prepared to be- lieve that the management of railroads generally has been so profigate that