The Washington times., 1915-06-27
WEEK IN FINANCIAL CIRCLES
FURNISHED by W. B. Hibbs 4 Coz

International influences having bear
ing on American business and finance
an deyeloped during the last week were
practically nugatory.
Save for forecasts of a favorable ma
ture which emenated from Berlin. the
attitude of Germany toward PRESIDENT
Wilson's second note relative to me
Lusitania disaster IS still proble-natical
and consequently continues to generate
a spirit of hestancy among security In
vestors: q like effect. but to lesser
degree, is created by the Mexican stu
alton as no evidence Of the conciliatory
spirit which President Wilson has de-
manded has been manifested by the
warning factions Of that republic.
are at work, but the general trend is
toward the goal of prosperity to which
the country has been gradually work.
ing for several months.
This is manifest by marked improve
ment in several of the leading indus
. tries. Tho steel boom continues. Opera
tions Of the United States Steel Cor
poration are expected to soon reach 80
per cent capacity. The vast war orders
breaking wheat crop now being har-
vested and heavy yields OF other grains
are creating a new demand for labor
These latter influences are being re-
tation business. The number Of idle
oars on the Pennsylvania railroad lines
East and West on June IS was &c, 500,
compared with 1926 on April l. a de-
crease OF 1885 cars or % per cent.
g A week ago there was much concern
oyer the sharp slump in foreign OK
change, The United States was selling
To- the belliserents. particularly the
npeaiiness was felt as to the manner in
which those countries would make pay
ment.
During ths last week Morgan 4 Co.
~ announced ha nj AZ hi
OF Arrangements for q French loan of
ZOO 900, which was to be made in New
York on collateral constituted Of Ameri-
can railroad bonds which the French
loan, It was said. would be increased
from time to time as necessity might
! There is talk that similar loans will
be made to Russia and Italy. England,
too, It is said, may avail herself of such
RELIEF. but 1t Is not expected that any
step of this nature will be taken by the
latter country until the new S., ,OCO, 900 OOC
war loan just authorized shall have
These loans. though the effect is
scarcely yet evident. are expected to
check sharply the rapid decline In rates
pf exchange which are putting the
Annsrtcan dollar at such a high premium
as to tempt foreign holders of American
Sscvraties to dump them on the New
As the end OF tho fiscal year draws
90 close, the Prediction of a trade
ealapee Of over $1,000. 10000 favorable
20 the United States which has been
predicted by Secretary OF Commerce
Redneld and other students of com
merce seems ever more probable OF
II the forecasts prove true, II will
20 an event of momentous Importance
IN the history Of American trade Since
the restoration Of specie payment in
1Sl there have been only nine years
when the trade balance has reached
one-half that amount
Tho largest balance In any year in
the period between 1871 and 1918 was
In 1sS. when It was $6s6, ,481, ,554 In
nfteen years OF the time since 1871
The balance for the whole year was
ary last, when 1t reached the high
mark OF $l74. .6S2. 900. In seven wears
since is71 the balance Of trade was
against the United States, mounting
In ls7s to debit Of s2,417.ooo.
An oven greater proportionats In
orSAse IL shown In bituminous coal
export Apr Agpril established a new rec
ord with 7Ss 900 tons shipped to foreign
Baltimore and Philadelphia May ship
ments through the same ports reach
ed 7n .76o tons, an increase OF 49, 750.
The monthly average from these ports
III 1rlf was oTly SzO,UU June Ship
ments are showing increases over May
ana the total is being estimated at
100000.
One OF the industries which has
profited most In the increase OF Ameri-
can exports has been the steel indus
try. Iron and steel exports for April
n=ssented the largest total since June,
:s1s, amounting to s25.sl4.O0O as against
March exports OF $50, ,9T4. In April
1914 $40, 1855 was exported.
The United States Is not only Gaping
o rich harvest through this trade which
has been practically thrown into the
lsps OF Its manufacturers and exporters