The Bridgeport evening farmer., 1914-02-28
GENERAL LETTER ON
 TRADE CONDITIONS

tFror the Month of March. 1914, issued
 by The Connecticut National Bank
 of Bridgeport-1
 It is well understood that sentiment and confidence have a great deal to do with the general condition of busi- ness. The sentiment grows more wholesome each week and confidence has been steadily increasing. Busi- ness is not normal It is still below normal There is, however, enough visible Improvement to make it safe to say that business will grow better as the weeks pass.
 The improved condition is felt in a greater or less degree in almost every line of trade. The railroad situation has not improved. Net earnings de- eIined for a considerable period, and now gross earnings have been dechn- Ing The freer movement of metals and general merchandise will help the railroad situation in a measure but genuine relief cannot come te the rail- roads until the 1914 crops begin to come in. Even good crops may not wholly remedy the present unsatisfac- tory conditions unless some method is found by the railroads or the Inter state Commerce Commission to enable the roads to get a higher rate per ton per mile on freight. Fortunately for the roads, the cost of materials is less than it was few. months ago and they would now be in 9 position to buy new equipment and supplies 5berally were they able to finance such pur- chases. Financing by railroads was accomplished during January to the amount of { million dollars compared with 76 millions for January of last year. Industrial financing being smaller for the month than last year by 16 million dollars, probably helped the market for these securities. Rail- road securities generally will look bet ter to the investor when the railroads can show better net profits on opera fion.
 The clearings of banks for January; totaling 6 billions. were SS millions less than for the same month last year C1earings outside of New York were 6,659 million dollars compared with 6.92S millions for January of. 1913 The decline in New Y ork City was very slight but outside of New Money was easier for the month largely because business operations were smaller.
 Building operations for the month of January showed $ gain of about 10 per cent. over the same month last year. although they were smaller for New York, Philadelphia San Fran cisco, 4os Angeles, Newark, Cincfn- nafi, Baltimore and New Orleans Big gains for the month were shown by St. Louis, Seattle, Portland. Pittsburgh. Minneapolis. Grand Rapids. Duluth, Detroit, Denver, Columbus, Cleveland. and Albany A number of other lead ing cities showed fair gains.
 The figures on business failures for January call for careful analysis on the part of all business men. Only for the year 1910 did the January failures approach the figures of Jan uary, 1914, in total liabilities which last month amounted to over 39 mill lion dollars A larger number of failures was recorded in January, 1912, and 1908. but the total Habili- ties for each of these months were considerably Jess Mortality was heavy i'm manufacturing lines and 25 failures of misunderstanding concerns having liabilities of more than one hundred thousand dollars. caused the total to swell to unusually large fig ures- There were fewer failures in brokerage Iiness as well as in grocer ies and meats In foundry and ma chfnery lines failures were fewer in number, but in foundries, total Iiabili- ties were greater. As similar condi- lions are reported for Canada, the situation is not a local one, but is still further evidence of the general busi- ness house-cIeanings which has been going on for some time and is aDpa- rent1y not yet completed.
 Railroad gross earnings for the call endar year 1913, for all roads set a new high record at 3,2o1 million dol lars the highest previous showing be-
 
 would prove misleading were it not mentioned that the gain made by the railroads was experienced during the first nine months of the year. From October 1 to December 31, gross earn fngs declined materially. Net earn fnes showed the first falling of in March, a gain for April and May, fol- lowed by a steady decline through out the balance of the year. The rail- roads added about per cent. to their =4411 earnings for January, so far as re- ported. fota1ed ST millions compared with I'll millions for 1anuary of last year. Ia decline of per cent
 Imports increased for December 80 million dollars over the corresponding months of the previous year, while ex- ports decreased IS million dollars for the same month, leaving a. favorable balance of trade of 50 million dollars to compare with 98 millions for De- cember of the previous year. Inn ports for the year, however, were less and exports more than for the pre- vious year, leaving us a favorable bal ance of trade of 692 million dollars compared with 582 millions for 1912. For the last six months of the calen- dar year, exports exceeded imports by 4O5 million dollars, making 9 new high record in favorable trade bal ance for the last six months of the year and for the year as whole.
 Gold exports for the year exceeded imports by z8 million dollars while the previous year imports exceeded ex- ports by 19 million dollars.
 In the Metals Trades, the much needed Improvement is in evidence and is expected to increase. Bookings of steel orders for January by the Steel Corporation exceeded shipments by 331 thousand tons, and, while Feb ruary shipments are averaging heav- Ter than January, bookings are keep Ing pace so that the untitled tonnage report at the close of February will not show a decline unless the produc- ton is materially increased during the last few days of the month. Being g short month, the business of the month should naturally be compared