New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1915-03-20
j. s. FINANCES ARE
IN GOOD SHAPE; cLEWS
Weekly Business Letter Expresses
Optimism for This Country.
Especial to the Herald.)

New York, March 2O.-The most
striking also the most assuring, fact
in the outlook is the remarkably
strong financitl position of the United
States. Our fiscal affairs are thor
oughly modified upon a war basis
Nearly all the emergency currency
issued in the form of Aldrich-Vree-
land notes or clearing house certifi-
Gates has been retired. Our banking
xystem is exceptionally strong; and
the Federal Reserve system. with
minor exceptions, is working very
satisfactorily Our GOLD supply is
simply enormous. reaching about
$500, 100000, which is vastly more
than necessary for our requirements
There is consequently no need Of our
Importing gold, although foreign
exchange rates favor such an influx.
Our merchandise exports are upon
enormous scale, and promise to so
Continue for months to come AS i'm
ports are declining, the trade balance
in our favor is steadily rising To
some extent the void in imports is
being filled by a return of. securities;
hut much of the balance remains on
this side in the form of foreign
credits which are steadily growing in
Importance and volume. New York
for the time being is the chief open
money market in the world, and all,
or nearly all, of the bentgerents have
csta blished large credits in this mar
lSet to be used chiefly for the purchase
Of munitions of war. Until the war
ends, contingency unhappily not yet
In sight, this situation will proba bly, |
be maintained. The war is still the !
dominating influence in our financial |
@ffairs, land the United States is the |
only country thus far receiving any
off setting advantage whatever from I
the staggering waste of life and prop |
erty now devastating Europe. Spring
has arrived and the struggle will now
be waged with renewed bitterness and
vigor: no end being in sight at this
writing. except such as must develop
from exhaustion or breakdown
Home Business Improving.
The home business situation, while
far from satisfactory, shows 1mprov-
ing tendencies at work. OF course
business is depressed; that could not
be otherwise. circumstances con- /
sidered; but the sane policy is to
make the best Of things and steer a
steady course between blind OPP
timism and deadening pessimism.
Confidence is slowly reviving Many
Industrial activities will resume with
the coming Of spring. Building opera
upns are already on a rising scale.
The steel trade is expanding slowly
but surely, and is now running on a
sixty per cent basis. Unusual guam
titles Of manufactured steel are being
exported; ALSO large quantities of war
Materials. /, American ship owners
reenjOying a positive boom, such as
they have not witnessed in years
implement makers are beginning to
feel effects of the prosperity enjoyed
by American farmers, which has done
so much to offset industrial depres-
sion in other parts Of the country,
Cjlr cotton industry is working under
better conditions thanks to 1essened
regarding raw materials
and labor. Our railroads, however,
are still seriously hampered by di-
minished revenues and increased ex
so that the dividend out
lco1 is still a problem for weakened =
lines. Nevertheless, it would seem as
f.t the worst concerning the railroads
had already been experienced; and a
very important factor regarding their
future is the steady subsistence of
popular agitation against roalroads
and other large corporations The
to injure capital by ILL
advised legislation and regulation is.
on the wane. Not only at
but in state and NUM-
f1al governments, a more rational
and just spirit is developing, that IS
sure to encourage a slow but steady
revival Of confidence among business
leaders as we'll as investors. The
labor situation here is better than in
any other country of the world at this
time. American labor is free from
he curse of war The proportion of s