New Britain herald., 1915-05-01
'bOS|NlSS OOIl
 VfRY ENCOURAGING
Promises Of General Improvement Be
 comes More Definite Every Day.
Especial to the Herald,

t5 zSa= ..-t
 New York, May 1.-Promises of
 general business improvement Become
 more and more definite each day.
 Thus far progress in this direction has
 been much too slow to satisfy the im-s
 patient nevertheless, there. has been
 a steady forward movement which
 cannot be overlooked, and the turn
 for the better has really come. This
 is clearly expressed in the new spirit
 Of confidence begotten by reaction
 agaanst political radicalism, by the
 more reasonable public attitude to-
 ward business, by the establishment of
 the Federal reserve banking system, hy the adjustment of our finances to
 q war basis and by the unquestioned
 stimulus of big war contracts
 As usual, the spirit of confidence
 first manifested itself in the west,
 where the bulk of our 10000, ,000, 900
 of agricultural wealth and large DOT tfAs of our $2,oO0, O00,o0o mineral
 Wealth is annually produced.
 Western bankers. though still wisely
 elinging to large degree of caution, are daily becoming more and more candid in their expressions of optim- ism, and advices all the way from the Pacific coast to the Allegnanies are almost uniformly hopeful. So, too, are the reports of travellers returning from the California expositions. inl- psesxed with the magnificent resources of their own country. Not the least l of benefits to the United States from fhc war. will be the spread of such ka owledge among our own people. i Am erican travellers and American in l Eestors will become better Acquainted I with their own country, and for some | time to come will distribute their spare funds at home instead of l abroad; thus affording another new Stimulus to home industry which can not be indefinitely held back. For | the first time in many months bank clearings are showing an increase. Railroad earnings are also exhibiting bttter results, several systems having shown encouraging gains in recent re- ports.
 a~. Steel Trade Improving.
 s Perhaps one of the most significant | developments is the slow but sure in the steel trade. This 1 at first began as the result of heavy war contracts. A healthier feature, | However, is the symptom of revival in the demand for railroad material. It is known that the railroads have heen making careful inquiries with a vieNeho placing important equipment orders. In the cotton goods trade signs of improvement are also visible, 1 and manufacturers are securing better prices owing partly to the rise ineeot- ton and partly to an actual increase IT demand.
 Foreign Trade Active.. 2 our foreign trade. continues active. the heavy orders for munitions of war tending to offset the declines in bread stuffs and cotton which are usual at this season of the year. There has been some recovery in imports, the result being that the excess in exports IT. this time is running less pro- ncunced than several weeks ago. 1t is quite easy to attach too much inn pertance to our foreign trade, a1- though it very vital factor in ices and providing mar xet for our surplus products. Securities nave been returned freely this week, from London, and this will tend to restrain imports of gold l So, too, will the diminished expendi- tures of tourists abroad which are al- ways a factor of importance at this con2ing season.
 Monetary Situation Satisfactory.
 The monetary situation in New York IS satisfactory. Rates are relatively l easy and the situation is such as to stimulate imitation rather than con- traction of security values. One good feature of the market has been the E widening activity of bonds and the steady advance in prices, in which | EnepNew York Central debentures proved conspicuous example. The (-apidity with which the $40,oo0,000 Elfort term Baltimore & Ohio notes Eere taken shows the healthy absorb Ing power of the market. Security | salues have now had a very consider sble rise, especially in the so-calied [ (sar 1sfoup. Railroad shares have also lad very fair advance, and the l Etock sent back from London were [ feadily absorbed, showing a better buying capacity here than was sup posed Indications point to an active 8nt Irregular market It is hardly l Trident to discount embryonic pros
 eritMtoo rapidly: especially in view
 | the uncertainties of war.
 HENRY CLEWs.