The Washington times., 1915-03-28
WEEK IN FINANCIAL CIRCLES

With no definite news to denote
termination in the near future OF the
European war, but rather general
sentiment built upon that oehe1' oolh
financial and trade conditions In the
United States during the past week de-
veloped marked improvement.
This Improvement cannot, however
be based entirely upon indications OF
clearing of the clouds that have en-
yeloped a large part of the world since
last August. The internal trade or the
United States has been steadily improV-
ing for several months, but at such
gradual pace that only now Is this I'M
provement becoming perceptlple. Inc
railroads of the country Which LOT
many months reported continuous de-
creases in gross and net revenue are
now greatly reducing their monthly
losses; converting gross decreases into
net increase, or in many instances, pet-
ter still, showing gains for poth gross
and net.
markets is the continuous improvement
of the foreign trade. During fepruary
the export of bread stuffs, oils, cotton,
and other products made eXtraordlnar!
gains as compared with a year ago,
and the weekly statements from the
larger ports show that March snouoa
even far overtop the excellent balance
in trade piled up by the preceding
month
Turn To United States.
Not only is the United states the great
supply market, but 1t Is fast oecohihs
tbe financial center to which the Euro
pean nations. not alone those at war,
b hut neutrals on whom the wars efect
is being reflected, are turning Tor none
tary aid.
Friday the announcement was maue
in New York that negotlatlohs i4l a d
consummated. Coincidentally it was saio
that conferences among bankers III
New York, coupled with the arriVai ~. ~.
London of ]. p. Morgan, brousht neatel
the conclusion OF airahsr Erance JtaIv
credits to Great Brltalf' rr"'ee'
and other countries. 49, oon ono c;ss
only a Jew weeks ago $l5,0O0,D0 SWISS
notes were sold in New YORK; s'iiiiiai
amount of Argentine securities were
disposed of, and negotiations are NV
under way for further nnahcihs VI ''o
Latln-American state. -,
A French credit. which 1t is SAID may
reach $4,000, 600, is expected to be tne
first of the pending European creuils
that will be definitely disposed ot' nv,
nIans being worked out call for one-F.al
French treasury nOtcS pealihe fN
cent interest. ,,4 ,o,,
arranged, will probably be twice thai
which it is proposed to advance 10
France In addition, 1t Is reported tna. ID.
Russia having already secured zo,oV''"VN
in the United States is endeaVorihg "
obtain more funds, while italy Is IKE
wise dickering for a substantial credit
Rankers who are conducting the nego-
+iations take the broad view that 1t Is
greatly to the interest Of both captaI
and labor in this country that the euro
mean nations should be Dut in position
TO continue their purchases mere
Gets Lions Share.
Jabor. they contend, gets the lions
share of the money so expended anc
thc extension of such credits enables
mills TO continue operations, thus givins
cmnlovment to thousands of workmen
who without the extraordinary demands
of the war would be without work.
The German commercial credit cStao
Nshed in the United States was secure'
through the sale by syndicate or New
York and Western banks of $lO~oeo o
nine-month per cent German imperia
treasury notes.
Proceeds from the sale of these note
will remain on deposit in New lorI
banks. and the commercial agents o
the KaiSer'S government VIII 'Il"'
against the proceeds for the purchHs
OF norcortraband goods for the Germa
ponulation.
The bankers who are resDonsible 70
tho lo?n declare that the express stipu
lation was made that all purchase
should ho lirnitcd 10 ronc"ntrabanc
Not n dollar It Is said will be cXp"1dG
ro,. tho Gerr-ar army or navy.
The loans which ar" h"'ng negotiate
fnr nv the other countries those inte,
ested in Hoating them saw. will b" r.
stricted to great degree in simils
manner.
Much Of the export trade that hs
heretofore been enioved by IN" Unite
States has haen COmnosed ~ munitior
of war These great credits, " col
summated should broaden the fields
Industry stimulated nv the war, Az
spread the henc1ts derived from tn
heavy Foreign trade more generally ov'
the country.
At the close OF business March 26 II
condition of the Federal Reserve Bar
of Richmond was as follows:
Accommodation coin and certificate