The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1914-06-07

per cent above two years ago. The
gain in cIearings in New York city
alone for the month Of April amounted
to per cent. practically all OF which
came from mercantile transactions,
there being no real Stock Exchange
activity during the month.
Total money in circulation on May
first was Bats million dollars COM
pared with $3.50 millions a month ago
and 1854 millions a year ago, Total
money in the United States is $3.50
millions compared with 3774 millions
month ago, The per capita circu-
lation of money is $500 compared
with $3499 a month ago and $34.56
a year ago
Dividend and interest disbursements
for the month of May amounted to 115
million dollars compared with 113 mill
lions a year ago. Of this amount. the
dividends were SO million dollars
and interest totaled 81 million dollars
compared with 81 millions for April,
1918. June dividend and interest dis
bursements are estimated at III mill
lion dollars compared with 113 mill
lions a year ago. Dividends will be
somewhat less and interest payments
considera bly, more than in SlNe of last
year
There is an encouraging note In
April financing which totaIed 264 mil
lion dollars or more than double the
amount Of April, 1918. So far this cal
endar year, however, total financing
falls about 125 million dollars short Of
the same period last year.
Business failures for April number
ed 1891 compared with 1921 for the
corresponding month last year. The
total liabilities were p million dollars
compared with liabilities Of only IS
million dollars for the concerns fail
ing in April. 1913. So April failures
had total liabilities of 10 million dol
lars, so that the remaining number
avera ged 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. 1910,
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 be~n great.
which has stimulated our imports and
caused a decrease in our exports. We
are buying their products because
they are selling at low prices and they
are not buying ours to so large an eX-
tent because we have not met their
price levels. During April, 61.8 Per
cent or our total imports came III
free of duty compared with 52.6 per
cent for the same month a year ago.
Here we have the first fair oppor-
tunity to judge the effect OF our
tariff reductions and good business
men will not jump al conclusions but
will give careful considera ton to our
April foreign trade statement, sitting
and analyZing 1t to see just what
kinds of merchandise we exported and
imported and learn the real cause in
each case of the increase or decrease.
Retail merchants stocks are wOefully
depleted and, given a. reasonable sum
mer demand for all classes of mer
chandise imports are bound to in
crease. Both imports and exports of
iron and steel have shown a decrease
for the year and a great decrease
compared with the ten year average.
Building operations for April in $50
principal cities were only s. million
dollars compared with 100 millions for
the same month last year. Total op-
era tions for the year to date in 40
cities outside Of New York We're 212
million dollars compared with 240 mil
lions q. year ago and, for the city of
New York. the total this year has
been 40 millions compared with 60
millions a year ago.
The reports of the railroads for the