The Bridgeport evening farmer., 1914-10-30

For the past two or three years. be- cause of the constantly changing and irregular business situation, the re- sourcefuIness of almost every business man has been taxed to the limit to keep his own particular business op- erating on an even keel and in 8 fairly satisfactory manner. This business strain he's been so great and has COW cred such a. long period of time that it will be difficult to prevent a yto- lent reaction as condition improve.
 We are not on the eve. but really in the midst of a material improvement in business and, although some lines must still suffer because of the Euro pean conflict and other unsatisfactory conditions, tho larger portion of the business world and the majority of lines will show Improvement from time to time on, partly because of the war and. partly because business re- pression has lasted as long as it can. Business went below the normal line earlyetn 1911 and it zig-zagged back and forth above and below normal until nearly the middle of 1913. at which time it went below normal and has since remained there, falling to it's lowest level in July before war was de- cIared and not in August after the declaration of war as many business men have believed. The business level of August was very low, in Sep ternber we climbed slightly nearer to normal and it ie believed that very early in the new year, business will have made a full return to normal Jnst now boom times are being talked and such talk should be frown ed upon because it leads to extrava- gances and causes too strong an am ticipation of possible business. Oyer extension of credit and over-borrow- ing should bs carefully avoided, but kx- for a good strong pull with every promise of a material increase in bus tness and profits.
 Bank cIearings for. September fair 1y evidence the condition of business during that month. the total ex- changes being 10,027 million dollars compared with 13,44T last year Out were 5.399 compared with 5,S91 a year ago, showing that the larger portion of the decline was in New York operations partially accounted for by no stock transactions and less ened foreign trade
 September Business failures totaled 1s492 with liabilities of 27 million rol- lars compared with 1,172 failures a year ago with liabilities of g million dollars The liabilities of the con cerns, failing in September were II million dollars less than for August
 
 monthly average for the year to date, showing some Improvement
 During October nearly 160 million dollars were paid out in interest and dividends, which is exactly the same amount as was disbursed in October last year. Dividends amounted to ST millions, compared with nearly 92 millions last year, and interest tota1ed 73 millions compared with less than 68 millions last year. Our recent dividend record has been remarkable in view of conditions, but 1t cannot be maintained unless a very great tn- crease in general business activity de- velops during the closing weeks of the year.
 Our September exports amounted to 156 million dollars against no mill lions for August and 218 millions for September a year ago. We import ed 139 million dollars in merchan- in August and I'll millions in Sep tember of last year. Our September foreign trade netted us a favorable trade balance of IT million dollars compared with an unfavorable bal ance in August of 19 millions and a favorable balance in September of last year of 4 T millions:
 The gold movement for the month was against us, netting 8 loss to us in gold of 19 million dollars, while a year ago the gold movement was 1 millions in our favor. Since the be- ginning of 1913, our exports of gold have exceeded our imports by 146 million dollars.
 In 16O of the principal cities of the United States. indicated building op- erations for September amounted to 56 million dollars, being about IS millions less than for the same month last year. The few cities showing increased building activity for the month include Cleveland, Milwaukee St. Paul and Denver.
 Final figures on railroad earnings for August show a gross of 270 mil lions against PSI millions for the same month last year, while net earn ings amounted to nearly ss millions