New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-09
Favorable Trade Balance
Now at Annual Rate
of 81 ,500,000,000.
TIDE TURNED, SAYS
u. S. STEEL HEAD
This Is the Only Nation, He De.
clares, to Take Role of
Worlds Banker.

~ 6eeHieu up 10 rev weeks ago tnat
the prospects of material improve
ment in business were doubtful, Prosi-
dent James A. Farrell Of the United
States Steel Corporation told the En-
gineers' Society of Western Pennsyl-
vania at its dinner here tonight that
the tide apparently had turned
Each day, he said, was recording a
marked betterment in the general stu
alton, and he pleaded for cooperation
among business men to solve industrial
unrest
In closing his address Mr. Farrell
evoked cheers by announcing the re-
sumption OF new construction work by
the Steel Corporation in the follow
ing words: Last year we suspended
all operations on new construction in
this district; az evidence of our faith
in the immediate future we have de-
cided to proceed with that work at
once in order that we may be prepared
/ for greater things"
Whatever may be the political out
come of the European war, changes of
territorial lines or colonial domination.
1t is apparent that each of the coun-
tries now engaged will find it necessary
/ vigorously to pursue its foreign trade
/ TO repair the ravages of its domestic
I commerce, and it is OF vital conse-
/ quence to Americas future position
/ that advantage be taken of the present
opportunity TO exploit the products of
American invention, enterprise and
! quality to establish firm foothold in
/ foreign markets.
Big Trade Balance Piling Up.
/ There is strong sentiment for CO.
trdinated effort in the trade activi-
ties; confidence in the business future
| CT the country is growing. Our inter-
! nal conditions are better than they
! have been for long time, and, due to
easier financial circumstances and an
! export movement of unexampled vol
time in foodstutfs and other commodi-
| ties, balance of trade is piling up
which will place the business Of the
country upon firm foundations.
"Our foreign trade balance for
January will, incomplete official re-
! turns show, approximate s150,000 900, a
| figure never before approached By any
month in our history. Eminent au-
/ tEorities, both American and Eu-
ropean, have calculated that our OK
cess OF exports over imports in 1915
may easily reach one billion dollars.
The balance for the opening month Of
the year is at the rate of more than
enc and half billion per annum. The
years Of greatest prosperity in the
United States have been when the bal
ances were largely in our favor.
THE exchanges of the world to-day
stand in our favor We are the only
nation at TIE present time in a posi-
tion to assume the role of the worlds
banker. We have already supplied up
ward OF S100,000,0O0 to other coun-
tries, and our bankers have applica-
tons, understand, for several times
that sum. We are furnishing Canada
with capital; we have made a begin
ming in extending investment to South
and Central America; branches of
American banks are being opened in
leading Latin-American countries, and
this movement is only in its infancy.
DOLLAR exchange is to-day nearer a
reality than ever. The outlook, indeed,
for raising New York 10 first place
among the financial centres OF the
world is declared by able bankers to
be now something substantially more
tangible than a dream. New York
banking institutions record a surplus
reserve of no less than Sli4,O0O0OO
Money is plentiful and low rates OBJ
tain The Pennsylvania Railroad Of
fered an issue of S49,0000 900 of bonds,
and subscriptions for it appropriated
$3.50 600. 900. an incident full of en-
enlargement to the railroad world. The
500 600. 900 of st. Paul bonds recently
offered to stockholders are selling at
n premium. The cotton loan fund OF
S135, 900. 900 was provided by bankers;
only a few thousand dollars was APP
piled for. Cotton has recovered IN
rrice from ga cents in October to
fully Sls cents a pound to-day, ana
exports are going forward at greatly
increased rate, shipments to date eX-
ceeding 100000 bales, or two-thlrds
of the corresponding total year ago.
"The United States is to-day the
chief granary of Europe. The prices
received should insure for our farm
ing population an unprecedented meas
ure of prosperity, and 1t has come 10
be an American axiom that wneh our
farmers are prosperous the "hole
country prospers.
"The steel trade is improving and
the outlook is encouraging. The lum-
Der industry is likewise. Large orders
from belligerents and neutrals IN Eu-
rome are keeping various lines OF IN
dustry quite busy. Building has oeen
ouiet. but investors are coming to re-
alize that money can be saved by start
ING operations now, material belhs
available at unusually attractive prices
There is evidence of increasing mer-
chandise traffic on the railroads, OF OPP
portunity to earn more money, 10 es-
tablish credit and make expenditure
for materials and equipment wnlch
means activity in manufacturing lines
dependent upon railroads for orders
"Our 1915 grain acreage promises 10
exceed all previous records, ana wheth-
er peace be declared or not IN the near
future let us pray that 1t will)' prices
of exportable foodstuFs cannot iaiI 20
remain on a level remunerative 10 our
farmers Il is not imprudent 70 pre-
dict that our total farm values lot lhe
current year. for the first time III tne
annals Of this or any other country
will pass the 100000 marx.
"The elements of prosperity are AZ
hand; the Developments from day 20
dav are favorable: conditions when
have favored buyers are turning N ia
yor of sellers. The steel trade mas
been called the barometer OF business;
,here is a marked increase IN orders
and in operations; more men are o1
tanning employment and the TRACE
movement is progressive and encour-
AGING. and we should do everything
practicable 70 sustain and advance IL
mhU ccun0I m Rljll d