Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-05-11
BUSINESS LAST WEEK.

; There is an improved sentiment in
commercial and industrial channels
even tho actual progress is slow. The
brilliant outlook for the winter wheat
crop inspires confidence in the future,
and the splendid agricultural pros
poets, generally, constitute the best
| fea ture of the situation.
Statistics of trade movements are
! conflicting; gross earnings OF railroads
reporting for the month of April were
| IS per cent less than iast year, and
bank exchanges last week were 1.6 per
cent smaller than those of 1913.
Some encouragement is derived from
reports regarding the leading trades
and industries; the weather has mill
tated against a full distribution OF sea-
sonablo merchandise, yet there is a
wider movement in certain lines. Least
satisfactory news is received as to iron
and steel, where conditions are slow
to improve. AS was to have been ex-
pected, the production OF pig iron dur
| ing April showed a considerable falling
| off toward the end Of the month, and,
according to the Iron Age. there was a
net loss of eighteen furnaces in that
month. Most of the reduction was due
to the blowing out Of steel works fur
naces, and it is significant that several
more of these are scheduled to stop in
/ the current month. Indications OF i'm
provement in this trade are not wholly
absent, yet the betterment IS not gen.
eral. It Is estimated that the steel
output is approximately from 60 to 65
per cent OF capacity, tho in some in
stances, such as plates and sheets, sew
/ eral Of the mills are working on so
per cent basis. There are evidences
that the railroads find It necessary to
replenish depleted supplies, yet the
transporting companies are not buy
ing equipment at a normal rate.
In the primary cotton goods markets,
trading is still OF a conservative char
acter. The mills continue to carry
stock, and In certain instances cur
tailment has become necessary.
It Is gratifying that the business
mortality OF the country IS steadily
diminishing. Statistics prepared by
this paper show that there were fewer
commercial reverses during April than
in any month this year, a.tho there
was some increase as contrasted with
1913. Owing to several defaults of ex-
ceptional size, the aggregate liabilities
were again rather above normal. yet
it is to be remembered that the num-
Der of insolvencies, and not the amount
involved, is the most significant feat
ure of the failure returns. Obviously,
as more concerns are embarking upon
new enterprises every day 1t Is only
natural that the commercial death
rate should show some increase from
time to time. In Analysing statistics
Of failures it is highly important to
realize that few suspensions Of UNI
usual size frequently swell the in
debtedness above normal. When these
reverses Of exceptional magnitude are
eliminated, there remains a very in
teresting record as to losses in com
mercial and industrial channels. The
least satisfactory exhibit, numerically
last month was made by trading lines,
yet even in this case not many more
; firms failed than a year ago. Among
agents and brokers. ETC., the number
of insolvencies disclosed scarcely any
variation from April, 1913; the total
debts Of this group, however, were
!, considerably increase because Of the
closing of large brokerage concern
!. in the east, involving something over
/ $1,000 900.