New Britain herald., 1915-11-13
TRADE REVIVAL IN
 1I UNITED STATES
Steel Industry Now Enjoying
 Period of Prosperity
Special t. the Herald.)


 ANew York, Nov. 13.-Bank clearings last week at principal cities aggregat- ed $4,500, 0,000,000 or sixty-seven per cent. more than year ago. This Is l an astonishing gain. Of course the stock exchange, which was closed a year ago. had much to do with swell ling the total in this city. But outside of New York, where financial opera tiohs were more nearly on a normal scale, the gains were also impressively large and proved conclusively a wide- spread business expansion. The re- turns for the month of October were equally significant; the total being $2O, ,00O, 000,000 against $11,7OO, 900, 900 year ago. Here was an increase of over seventy per cent, at all cities: New York showing a gain of 127 per cent. and all other cities a growth of twenty per cent.
 So much for bank clearings as evil dence of trade revival. What about railroad earnings? In the third week of october 32 roads reported earnings If $14, ,30O,000, an increase of $2,1OO,- poo or over seventeen per cent. Pre- vious to October the railroads had been reporting more or less serious losses, but these diminished sharply during September and turned into fsteadily increasing gains in October. The latest returns are even more en- conraging, many of the big trunk lines both east and west showing very hand some recoveries, particularly such roads as Burlington, New York Gen. ttral, Pennsylvania, Canadian Pacific and others. Bigger tonnage. better rates and lower expenses mean good met results. The number of idle cars November was only 26, 900 compared with 170,000 year ago.
 Iron Trade Active. The iron trade continues to furnish 1 examples of unprecedented activity. 1 Eince the first of September orders 1 For over 100000 tons of rails have 1 been placed, about $50 locomotives and l more than 45,00O cars. This only l Fypresents a portion of the new acti- 1 rty in the steel trade as some of the | Railroads are building considerable | Equipment on their own account and l he steel companies have received | large orders for outside construction york; not to mention munition or- Lers. The report of thrilled tonnage ] ssued by the United States Steel Cor Doration, which is running nearly 100 Der cent. capacity, surpassed all ex- Sectations; showing an increase of ~, ,0O0 tons, as compared with the mount of business on the books in he previous month. Prices for steel re steadily advancing, and this indus ry is now enjoying a period of pros- berity which in some respects sur nna nlI of1n nrd a | lust cited prove industrial revival, based as stated in our previous advices apon big crops, abundant money and (oreign munition orders. This activity already spreading to various branches of trade. The textile indus ries show a healthy tone, interior \erchants having been often caught nth comparatively empty shelves, which are now being replenished. La- or is well employed and generally at ood wages.
 Speculation Slows Down.
 On the stock exchange speculation lowed down somewhat; the rapid ad- lance of the last few weeks having 1 hduced moderate realizing and tenn orary reaction. More or less foreign l ellinN was detected at the higher rices, and tae decline was further ccelerated by operations of local har clique. The weaker shares were he war industrials, from which atten- on has been wisely diverted to the l nore substantial railroad and indus rial securities. Liquidation, however, 1 ppeared to have no serious effect up- | In the market, and on the decline l aere was good buying for all l he more desirable issues. indicating ! good undertone. The war still has 1 powerful indirect effect upon this l harket. During the past week war de- nlopments have not been of very l hcouraging nature, since they sug- ested a prolongation rather than a 1 hortening of tne struggle. The pos- ibility of further friction with the 1 entral powers over the conduct of ma- 1 Inc warfare also exerted an unset I Eng effect. The continued withdraw 1
 of ocean tonnage for war purposes
 having tendency to restrain ex- orts, the result being less pressure of l bmmercial bills and an increased 1 rroness in foreign exchange. The sit I ation of the latter was favorab1y af- 1 ected by the successful negotiations 1 br establishing British credits to the 1 xtent of $50.0o0,o0O or more with | lew York banks As for the future of the market, hile reactions such as those wit essed during the last few days are |robab1e and necessary, the forward Increment does not seem to have l .ached it's climax. Of course, there i'll be an end to the present rise, but hat end is not yet in sight. The inn etus of big crops has by no means bent it's force; nor is there anything