The Bridgeport evening farmer., 1914-12-02

LOFS--One, the ScdrClIy or 1I1OASys et1la the other, decline in the employment Of labor; both of these conditions were accentuated four weeks later by the beginning of hostilities in Europe. For perhaps 60 days, the decline was rapid and general. after which the upturn started in the la6or world
 Probably 40 per cent. of the labor usually employed in the metal trades, the textile trades and heavy man ufacturing generally was out or em- pioy1nent at the beginning Of this closing quarter of the year. Not since been so large in this country as on October first. Since that date, fncreas- ed orders for home consumption, the opening, conversion or equipment of factories for the making Of goods previously bought in Europe and the receipt of heavy orders for supplies from the be1gerent nations, have each served to reduce the number of un- employed. Within fortnight, enough mills have resumed or in creased their working forces to re- employ 25 per cent of the idle and 1t is safe to assume that not more than 25 per cent. of the labor usually employed in the heavy manufactur- ing lines is idle at this writing with good prospects of the number being decreased daily. Among those con- cernsA which have been favored with heavy orders from the nations at war.
 many are operating at full capacity and some working twenty-four hours 2 day for the first time in their his tories
 Commercially, we have not yet felt to any extent the great change in sen tin1ent which has come about during the month but the change has been distinctly felt in financial circles. The
 most potent factor in bringing the |fmprovemen was the opening of the
 Federal Reserves Banks and the re-
 leass for use in f1narcial operations
 Of hundreds of millions Of dollars in reserve. the amount released in the
 New York banks alone reaching
 more than 166 millions. Whiles4 1t
 will take portion or these reserves
 to retire the Clearing House Certif-
 cates which have been used between
 banks. the effect of the use of the re-
 discount privilege by the banks r1l1st soon be felt throughopt the business world.
 T1e next move in the restoration of |fcohfid ence and the oi1inE Of the heels of business will be the opening Of the stock exchanges and the cotton
 xcflanges. The principaI cotton and stock exchanges will be open before
 we can place this Report in your
 hands, with the, possible exception of the New York Stock Exchange and it is even probable that this Exchange
 VIII open for redistricted trading soon. 44Il4tl4 <S1LSe1Is sIO +C6Ttd1nz 5DOAdSzs ana guaranteed stocks, some of these be- ing called into action dazly TI3ls will bring about daily quotations on stand- ard securities which will mean re- investment by the peopIe-at-large of some hundreds of millions of dollars
 which have been held awaiting al proper and safe opportunity for in -4 vestnent. An evidence of the better sentiment among cotton traders was
 the sale 2 few days ago of a Cotton sElxchange membership at an increase
 Of 35 per cent. over the last previous l sale.
 Although of less inportance than
 the home trade situation in reality,
 Foreign Trade conditions are being carefully followed by students of bus mess. Our October imports totaIed
 140 million dollars compared with 13s
 millions last year, an evidence that
 Europe, in spite of her condition. is seeing that we get anything we want
 which she has to sell. Our exports for October were 195 million dollars
 compared with 2z2 millions last year, giving us a favorable trade balance of more than ST million dollars and
 making our export gain for October oyer September, 39 million dollars
 The Improvement in foreign trade continued through the first half of No-
 vember and is practically certain to continue its upward trend Bank c1earings for October amount ed to 12 billion dollars conapared
 with Is billions last year. The de-
 crease is almost wholly attributable to the business shock caused by Euro pean conditions and is in direct line
 with the decreases shown in August and September. The first week in November showed a smaller decrease compared with the previous year and December, bank clearings will be back
 to last years level.
 During October. there were 1,560
 business failures with total liabilities of 27 million dollars compared with 1~201 failures a year ago with HabiIi-l des somewhat over million dollars More failures seem to have been due to lack Of money than to lack of busi q ness and. if this be true, the great in crease in volume of our circulating
 medium will naturally bring about a
 material decrease in business failures
 Money lin circuIation on November 3, aggregated 3,T16 million dollars compared with 3s695 a month ago and SHAT a year ago. The stock of mon ey in the United States was 4.055 mil lion dollars compared with 4,0S8 year ago. This would make the cir culation per capita $37.S1, as<new high record. compared with $35.03 a year ago.
 1 Dividend and Interest disbursements for November will amount to 11z mil lion dollars compared with I25 a year ago. Dividends make up s1 millions of the amount and interest nearly 31 n1i1H ons, the dividends being practi- cally the same as last year and in terest about IS millions less. This dividend showing is remarkable in the face of present conditions and
 shows how well the large and stable concerns of the Country have wealth cred the storm. The year-end divi- dend disbursements will show the re- 1 duced earnings of these past few weeks.
 Railroad Gross Earnings for Sep l tember were 273 million dollars com pared with 286 a year ago, a decrease 1 of only 5 per cent. while operating ex-
 penses for the month were decreased per cent. leaving net earnings of