The Ketchikan miner., 1915-03-18
BUSINESS SITUATION REVIEWED.

Taklng into consideration the un- precedented upheaval brought about by the war in every part of the fin ancial and commercial world, it is cause for wonder that international commerce has not been affected more seriously. Conditions have brought into play the greatest ingenuity, re- sourcefulness and daring possessed by men and nations. New precedents have been established and much fin ancial history has been made within the last half year.
 Commerce, both international and domestic. of the belligerent countries has been greatly curtailed as re- suit of the hostilities, and not much hope for improvement can be held out until war ceases. Commercial warfare has supplanted international commerce between the belligerents, and it has become so intense as to menace shipping interests of the neu- tral countries. Insurance rates have advanced tremendously and the risk to cargoes is greatly increased, and vet vessels continue to dodge sub marines and mines to an extent little appreciated by tine world at large. Losses thus far have been relative light as compared with the total vol ume of business handled overseas.
 Stoppage of commerce between countries engaged in war has in part been made up by increased business with neutral countries. The foreign trade statement issued by the United States government day or two ago shows that exports have been increas- ing at a rapid rate. The January excess of exports over imports $145,- 536, 103, was the largest in history When it is remembered that only last August there was an excess of i'm ports over exports of $29,000000 the heavy purchases Europe has been making in the United States since the war began will be the more read fly appreciated. A shrinkage of i'm ports, of course, had something to do with the transformation, but the m precedented shipments of foodstuffs and war materials are mainly re- sponsible.
 The domestic business of the bellig- erants, except in tEe lines manufactur- ing war equipment is flat. Neutral countries whose relations with the bclligerents are close are likewise experiencing business stagnation Con- sequentlv it is Lot surprising that industrial Improvements in the United States have been slow to respond to the improvement that has taken place in the financial machinery following the depression. The United States is more favorably situated. and its fundamental business conditions are vastly better than those of ony other country in the world today. and yet business is mending in very slow fashion. It is encouraging, however, that little better prospect is seen from day to day. Weekly bank clear ings. although comparing unfavorably with those of year ago plainly in- dicate business expansion Although the railroads have not begun to mako purchases to any appreciable extent the steel mills arc reporting heavier tonnages and slight stiffening in prices here and there. There is no doubt that the United States will soon feel the effects of the big mone- tary returns from the crops and the orders for various foodstuffs aud man. ufactured products coming from Flu rope. The purchasing power of the people is being gradually strength ened on this account, and because of the almost universal practice of econ omy. The general improvement then will be reflected in larger railroad earnings, and the railroads will be in position to make long-deferred pur- ehases of rails and equipment. It is this that lends hope that in a few more months business in the United States. at least. will be measurably better than it is today-Christian Science Monitor
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