The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1914-06-01

Continued From Page One.
$4,000 900 a month ago and 1884,
00O, 600 a year ago. Total money in the
United States is $3.50, 900, 900 COM
pared with $3,774, 600, 900 a month ago.
The per capital circulation of money is
$500 compared with $34.99 a month
ago and $34.56 a year ago.
Shares traded on the New York
Stock exchange during April amounted
to 7,141,OO0 compared with $3.50, 900
shares for March. The daily average
was 286,O0 0 shares compared with $685.
600 shares daily average for April of
last year. Bond sales for April were
$4,000, 900, a fraction Of q per cent
less than the sales Of April, 1913. The
average price of q selected list Of high
grade bonds is one-half point higher
than a year ago, while the average Of
sixty selected miscellaneous stocks is
now 1884 compared with 92.17 a year
ago.
Dividend and interest disbursements
for the month of May amounted to
$115,000,000 dollars compared with
$4,000, 900 a year ago. Of this
amount, the dividends were $33, 600, 900
compared with $32, 000,0 900 last year
and interest totaIed $50, 900, 900 COM
pared with $81, 900, 900 for April, 1913.
June dividend and interest disburse-
ments are estimated at SILT, 000, 900
compared with $113, 900, 900 a year ago.
Dividends will be somewhat less and
interest payments considerably more
than in June of last year.
There is an encouraging note in
April financing which totaled 1884,
100000 or more than double the
amount Of April, 1918. So far this
calendar year, however, total financing
falls about 1925, 900, 900 short Of the
same period last year.
Business failures for April number
ed 1921 compared with 1921 for the
corresponding month last year. The
total liabilities were $21, $1,000 COM
pared with liabilities of only $18,000,-
600 for the concerns failing in April,
1913. Thirty-five April failures had
total liabilities Of SO, 900, 900, so that
the remaining number averaged much
less In liabilities than those concerns
which failed in the some month a year
ago.
There is material for careful study
in the foreign trade report for April.
For the same time since August, 1910,
our imports exceeded our exports,
leaving an unfavorable balance of
trade. The decline in exports is large
ly accounted for by declining prices
abroad. The decline in prices of manu-
featured articles in several European
countries has been great, which has
stimulated our imports and caused a
decrease in our exports. We are buy
Ing their products because they are
selling at low prices and they are not
buying ours to so large. an extent be-
cause we have not met their price
levels. During April, 61.8 per cen of
our total imports came in free of duty
compared with 62.6 per cent for the
same month a year ago. Here we have
the first fair opportunity to judge the
erect Of u tariff reductions and
good business men will not jump at
conclusions but will give careful con-
s~ideration Of our April foreign trade
statement, sitting and analysing it to
see just what kinds Of merchandise
we exported and imported and learn
the real cause in each case of the in
crease or decrease. Retail merchants
given a reasonable summer demand
for all classes of merchandise, i'm
ports r bound to increase. Both
Imports and exports Of iron and steel
have shown a decrease for the year
and g. great decrease compared with
the ten yea average.
Building operations for April in $50
principal cities were only $685. 200, OOC
compared with 800, 100000 for the
same month last year. Total opera
tons for the year to date in 14O cities
outside Of New York were 1922, O00, 900
compared with $24O, 600, 900 a year age
and, for the city of New York, the
total this year has been $49,O 900, ZOO
compared with $50, 100000 a year
ago.
The reports of the railroads for the
month Of March showed a light gain
in gross over March. 1913. and this
added to the fact that March, 1912,
showed a gain Of $13, 600, 900 over 1911
and March, 1913, made a gain of SILL
100000 over 1912, makes even the