The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1914-03-02
Continued From Page One.

first nine months of the year. From
clined materially. Net earnings
showed the first falling off in March,
a gain from April and May. followed
by a steady decline throughout the
balance of the e The railroads
added about 1 per cent to their mile
age during the year. Gross earnings
for January, SO far as reported, total
ed SGT, 000, 900 compared with $71,000,-
600 for January Of last year., a de-
cline Of S per cent.
Imports increased for December
$50, 900, 900 over the corresponding
months Of the previous year while
exports decreased SIS, 600, 900 for the
same month, leaving a favorable ball
ance of trade of $4,000, 600 to COM
pare with $9S, 000, 900 for December Of
the previous year. Imports for he
year, however, were less and exports
more than for the previous year, leav-
ing us a favorable balance Of trade of
1892, 000, 900 compared with $5S2,000,-
600 for 1912. For the last six months
of the calendar year, exports exceeded
imports by $405. 900, 200, making a new
high record in favorable trade balance
for the last six months of the year
and for the year as a whole.
GOlQ SApOILS LII LnS ySd1 SACSSNSu
imports by $751; 1000 while the previ-
GUS year, imports exceeded exports by
$4,000, 900.
In the metals trades, the much
needed improvement is in evidence
and is expected to increase. Book
ings Of steel orders for January by
the steel corporation exceeded ship
ments by $4,000 tons and, while
February shipments are averaging
heavier than January, bookings are
keeping pace, so that the untitled tom
mage report at the close Of February
will not show a decline unless the
production is materially increased
during the last few days of the month.
Being a short month, the business of
the month should naturally be COM
pared only with business for the cor
responding month of other years. The
Corporations plants, as we'll as those
Of the Independents, are running at
slightly over 65 per cent Of full ca
pacity and the rate of operation is
expected to go above 20 per cent very
soon. ~
Additional railroad buying must ma
~teralize before output will be increas-
ed and present output can only be
maintained with a continuation Of
railroad orders. AS inquiries are
L DIT ~ SSCkAsp = L 40 ttl0
the railroads will buy a considerable
quantity of needed material, pending
the decision of the interstate COM
merce commission IN the desired
freight rates increases. This decision
is now probably sevral weeks ahead
and the railroads cannot afford to
wait for it before making, certain re-
placements and additions to equip
ment.
Pig iron is moving and prices show
an inclination to advance, although
the advance is slight as yet.
Coke prices are a little harder,
bituminous, is exceedingly quiet.
Copper production for January
showed a further decline. the output
being the same as in August and
September Of 1913. The visible sup
ply, both for the United States and
the whole world, declined during the
month.
The output of gold from the Rand
mines in January was less than any
previous month since February, 1911.
Commodity prices for January reach
ed the lowest point since October,
1911. During this month, however,
commodities show twelve prices ad-
vancing to seven declining, indicating
an increase In commodity prices,
which, in the natural course, should
continue for some weeks.
The total number of shares handled
on the New York Stock exchange dur
ing January was greater than for
any month last year. Bond sales were
heavier than for any month for two
years, doubling the sales of December
and tripling the sales Of November,
1913. The average price Of sixty
1 cfpn1-ey%A xyo1nnfn ~ n 70 80 ~ l - 49, - n - -
compared with 1898 a year ago and
compared with 87.73 in December.
This records a liberal average ad-
vance since December. although
prices at present are only half way
back to the quotations OF a year age.
The average price OF a selected list
Of bonds shows an increase of two
points over last month ana nearly
four points over December, present