West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1915-04-22
The Business Situation

dence OF an increase in actual produc-
uon, in the number OF men empioycd
and in the amount of payroll disburse-
inents. We are now running into a
period when comparison with the cor
psponding time last year will be
more favorable, and the public is al
WAYS impressed by statistical compari-
sons. For example. in March and
April last year there was little spurt
IN The iron trade. but this subsidized
anu Tor the remainder OF the year the
industry was on the down grade. At
the same time there was decidedly
untavorable change in our foreign
commerce, and i'm April, 1914. for the
nrst time I'm many months there was
an adverse balance OF more than Sill
100000. The stock market during the
early spring months seemed To be
foreshadowing the disturbance and
depression which later embraced the
entire financial world, and I'm April
1914, the average price of the better
class of shares was on 10 points as
compared with the beginning of the
year
The statistical and sentimental as
poets OF the situation are now rever
sed. This week the stock market was
more buoyant than any witnessed I'm
years, and the average price has now
reached level considerably above
that registered before the war. People
may shrug their shoulders at stock
market movements and some OF them
may describe operations on change as
merely gambling; nevertheless the
character OF these dealings has n dis
tlnct effect upon entirely legitimate
business affairs. and even critics of
Wall Street must admit, IL they are
frank with themselves, that they are
not immune from it's influence. The
larger benefit OF the present exhibit
ton of confidence in security values.
provided IL is maintained, will be to
facilitate the raising of capital by the
issue of new securities. With the ex
ception of floating war loans and mu-
nicipal bonds, new financing thus far
this year has been far below the aver
age, and the absence OF adequate capi-
tai, especially for railroad use. has
been the chief drawback to the placing
OF orders with industrial concerns.
The steel trade this week shows that
activity In finishing mills Is fully
maintained and In most instances the
prices are steady to firm. The pig
iron market remains rather weak. and
II is possible that some curtailment of
production may occur unless there is
an increase in demand The coke
trade presents "A better tone than at
any previous time this year, and the
hopeful feeling noted last week i'm the
coal trade is still present; although as
yet there is no great Increase In out
put. Export bookings OF steel pro
ducts are estimated at the rate of $50
OOO to 100000 tons a month, which
compares with an average OF about
10000 tons a month at the beginning
OF the year. Advices from abroad in
dicate that the chief manufacturing
plants are engaged almost entirely
upon war munitions, and this virtual
ly gives to the United States the neu-
trail markets formerly supplied by Ger
many. Great Britain and Belgium.
Activity in the textile trade has
brought relief to New England and to
the South, and i'm both sections a much
better feeling exists. The census re-
port this week showed that domestic
took 523.959 bales of
cotton during March, which was 5000
bales more than the highest previous
monthly total. Cotton exports for the
month were ,208,573 bales, or more
than double the total for the same
month last year Our exports Of man
uiactured goods in February. the lat
est month for which complete figures
nave beer compiled, were three times
the value Of similar exports I'm the
same month last year, and wooden
goods exported quadrupled in value.
In the eight months since the war be-
gan Germany's purchases Of raw cot
ton were only one-tenth the amount
taken I'm the same time last year. and
exports TO Great Britain fell of 147.-
600 bales. On the other hand. Italy
doubled her purchases Of the staple.
Our exports Of harness and saddles
were seven times as large as last year.
and shipments OF boots and shoes
more than doubled From these fig
uros 10 is seen that the impetus 10 our
Tadec ONES from the necessities OF
foreign belligerents, and therefore the
duration Of the war becomes an inn
Dortant consideration in trade calcu-
lations
The domestic money market ruled a
little frmer this week, but surplus re-
serves remain so large that compare
lively low rates for all classes of loans
seem assured for months to come An
incident Of this week was the engage
ment Of $7OOO.OOO gold for import
from Ottawa. this being the largest in
1ividual sum received by New York
from that source this year The only
change in foreign money markets was
The announcement OF the british gov
ernment that future issues of treasury
bills will be made az a Fixed rate
Heretofore bills have been offered for
open bidding, and the rate has been