The Bridgeport evening farmer., 1914-06-03
GENERAL LETTER ON
 TRADE CONDITIONS

al BankO
 The lack of developments in the Mexican situation has kept things all most at a standstill for the past month. the only real war news being the meeting of the peace conference at Niagara Falls. The nations of the world are watching this conference with great interest because either an old American policy is to be well es- 1a-blished or a new American policy is to be the result of the deliberations of these envoys-
 The work of Congress has received less than the usual attention recently, the Panama. Canal Tolls repeal being the most discussed question: wholly overshadowing prospective antitrust legislation and Rural Credits lsB1sla- 1ion-
 The preparations for the operation of the Regional Reserve Banks are going forward and bankers preolcI that it will not be long until these in stituffoxss will be in actual operation.
 The outflow of gold is causing lit tie comment because the balance or gold movement fer the fiscal year to date has been greatly in our favor and the gold now so eagerly demand ed by European countries is not real ly needed in this country
 Bank clesarings for April totaled- S15oO0,O0O, 1000, a gain of more than 4 per cent over the corresp ending month of last year. It must be re- unembered that because of disastrous floods a year ago, business totals were reduced and clearings, therefore, re strIcted- For the current year to date c1eartngs are practically the same as last year and somewhat more than 1 per cent above two years ago. The gain in clearings. in New York City alone for the month Of April amounted to s per cent, practically all of which came from mercantile transactions. there being no real Stock Exchange activity during the month
 hrat v~az $S, ,476, ,O0OsOOO compared with s3,450, ,OOo, 900 millions a. month ago and $3sS54, O00,00O a year ago. Total money in the United States is ss,790, ,00O,O0 compared with $S,- T74.0OO, 900 a month ago. The per capita circulation of money is $35.20 compared with $34.s9 month ago and S34.56 a year ago.
 Shares traded on the New York Stock Exchange during April amount ed to 7,141,0 900 shares compared with. 5gso.ooO shares for March The daily average was 2S6sOO0 shares compared with 3z5,000 shares daily average for April of last year Bond sales for April were $55,O0O,000, traction of a per cent. 1ess than the sales of April 1913. The average price of a selected list of high grade bonds is one-ha1f point higher than
 
 lected miscellaneous stocks ds now s9s4 compared with 92.17 a year
 Dividend and interest disburse- nents for the month of May amount ed to $1L5. .00Os 900 compared with s11S.O00. goo a year ago. or this amount dividends were 5000, 900 compared with $S2.O0O,0OO last year and interest totaled $s2, o00,00o com pared with ss1,ooe,O0o for April. 1913 June dividend and interest disbursements are estimated at $117,- 00,0OD compared with $113y0O0,0O year ago. Dividends will be sonic what less and interest payments con- year
 There Is an encouraging note in April Financing which totsled $264,- 0oO, 1000 dollars or more than double the amount of April, 191s So far this calendar year, however, total financing falls about $125, ,0O0,000 short of the same period last year.
 Bua1ness failures for April number ed 1,2sI compared with 1,231 for the corresponding month last year. The total Liabilities were s21, ,000,0 900 com pared with liabilities of only SlS,00Q,- GOO for the concerns failing in April 1918. 95 April failures had total lia- bilfties of $10, GOO, 900, so that the re- rnadnfng number averaged much less in liabilities than those concerns which failed in the same. month a year ago
 There is material for careful study in the foreign trade report for April For the first time since August, 1910s our imports exceeded our exports, leaving an unfavorable balance of trade The decline In exports is largely accounted for by declining prices abroad. The decline in prices of manufactured articles in several European countries has been great, which has stimulated our imports and caused decrease in our exports. Fve are buying their products because they are selling at low prices and they are not buying ours to so large an extent because we have not met their spr7ce levels During April, SIS per cent Of our total imports came in free Of duty compared with 5z-6 per cent for the same month a year ago Here we have the first fair opportunity to judge the effect Of our tar1n reductions and good bus mess men will not jump at conc1u- sions but will give careful considera- ton to our April foreign trade state u1ent, sitting and ana1yzing it to see just what kinds of merchandise we exported and imported and learn the real cause in each case of the increase or decrease Some manufacturers in this country have either shut down or curta77ed production and ara not in a position to accept all of the bus tness that comes with the result that merchants and consumers must buy foreign. merchandise or go without. Retail. merchants stocks are woefuIIy depleted and. given a reasonable sum r1er demand for all classes of mer- chandfses imports ara bound to in crease Both imports and exports of iron and steel have shown a decrease