New Britain herald., 1915-04-10
COUNTRY ON WAY
 TO BETTER TIMES
Activity and Strength Of Stock
 Market Proof, Says CltUs.
Especial 10 the HeraIdD

pated activity and strength of the stock market fully materialized. The general undertone on the stock ex- change has been exceedingly strong, some prices reaching record levels while few receded under the temp tation to take handsome profits. The withdrawal of minimum prices left New York 8 free market, the oniy important free market in the world, and this of itself had considera ble to do with stimulating activity. In some of the industrials, particularly those in receipt of war contracts, there have been violent advances. which exposed the whole market to sudden reactions. On the other hand, a few of the industrials are feeling the effects of prolonged trade stagnation, which have already caused the reduction or passing of dividends. These unfavorable conditions have however, exerted their full effect, and the market is now chiefly occupied in discounting trade improvement and the approach of peace. To the lay mind, the war struggle seems to drag disa appointing ly on at its western end, where the deadlock is evidently so obstinate that neither party appears prepared to break it; whether. because of in- ability or from desire to evade the terrible cost of life involved, is not yet apparent. At the eastern end, Russian successes, plus the activities of the Allies at the Dardanelles give hope for an early termination of the war. The most sanguine opinion is that before the end of summer we will see the end of the war, while tht least optimistic fix it's cessation about the end of the year. What the effects of peace will be, once restored it is difficult to measure. It means another period of readjustment to vastly changed conditions. Several of the belligerents will have to face a period of severe exhaustion. First efforts will be confined to reconstruction work or the rebuilding of homes, fac tories and railways, as we'll as restor- ation of fields and highways to usable conditions It is quite possible that each of the nations will show greater recuperative powers than at present anticipated.
 Foreign Trade Disturbed.
 Our own foreign trade has been more seriously disturbed by the war
 
 are running steadily behind, thus swelling the excess of exports. The latter would also have shrunken con- Slderably had it not been for the large shipments of food products, war materials and the partial recovery in cotton shipments. During the seven months ending January 31st, these re- markable decreases occurred in our exports: Cotton, $275, 100000; ma chinery, $64, 4,000,000; steel products, $5O,0OO,0 900; copper and manufactures thereof. $33,000,00O; lumber and man ufacturers thereof, $32,000,000; min eral oils, $14, ,0O0,000; engines and cars, $11, 1,000,00O; tobacco, $10,000,- 900; naval stores, $7,0O0,000 electric machinery, $5,O0O.0O0, and cotton goods, $4,000,000. These losses were almost entirely due to the war They were partly offset during the same period by increases of s190,0OO,0OO in brea dstuffs, s24,000,00O in horses and mules $12,000,000 in leather, $1O,- 000,0 in wool manufactures, and large shipments Of war materials. A further idea of the effect of the war upon our foreign trade is illustrated by decreases of s215, 100000 in our exports to Germany, $29,000,00O to Belgium, $10,00O,000 to Russia, $11,- 000,0 to Austria Hungary and S38,- 000,000 to Canada; while our exports to Great Britain increased $45,0 ,000,000 to Italy $40,000,000, and to France $33, ,000,000. At the moment export demands for grain and cotton appear to have reached their apex and are temporarily at least on the wane. This of course would tend to keep down the big foreign credit balance here and encourage more normal con- ditions in foreign exchange. At the same time the latest records from Washington show that during the week ending April 3 our exports in creased $57,000,000, while the inn ports decreased s35,000,0O0. leaving @ trade balance for the week alone of over $21, 100000. It is known also that orders have been placed in this 1 country for fully million tons of steel products for export, which at a fair valuation would approximate about $30,0O0,000. Heavy shipments in war materials are forth coming, and these figures will have to enter into the international trade account. An other important item which will have to be considered is the annual re- mittances for tourists, usually es- timated at about $20O, 100000. This sum will not be sent abroad this year but will remain at home, much of it to be distributed among American railroads, hotels and summer re- sorts
 Railroad Affairs Improving.
 Further evidences are coming to the surface that American railroad l affairs have turned the corner for the l better. Quite number of instances prove that earnings are making bet l ter reports and net results are more 1 promising. The effect of the Panama |