The Richmond Virginian. (Richmond, Va.) 1910-1920, 1915-02-27
NATIONAL
MONTHLY TRADES LETTER


. groundieSs. We passed through the
period of settling our current obliga-
uons without serious consequences
and we arc creating a credit balance
with Europe at the rate OF more than
a billion a year. II the foreign trade
| conditions for the remainder of this
calendar year should continue as they
nave started, Europe will either pay
us during the year or owe us at the
end OF the year more than a billion
dollars. To offset this, she may. If
we force the prices of American Sc
cuities high enough, unload those Sc
curities on which she has the OPP
portunity 30 take a profit Otherwise
| she must settle with us In gold y
careful following of stock market
| operations and of large private sales
of securities during the past few
| months gives no indication that
| European investors are dumping their
American holdings and it is not rea-
sonable TO suppose that they Will sell
them until prices reach IA higher
level The leading financial journal
of Europe States: Instead OF, being
a debtor for immediate payments
America Is rapidly becoming, If she
| has not already become a creditor
| for immediate payments
| Must Accept Wage Reductions.
The number of unemployed Is be-
| Inc rapidly reduced, but with the re-
dnctina- in unemployment Wlll-cnme
wage reductions and. unfortunately,
the workers. of the country must ac-
| cept a reduced wage as the investors
I of the country must accept reduced
return on their investments in the
| form Of dividends. On the whole the
| labor world IS at peace with the en-
! ploSing world and the number Of
serious strikes Is very small. Wage
/ reductions have been put into effect
! by some concerns, notably in lumber,
cotton, steel paper and embroidery
( lines. 1t Is possible there may be
few wage increases. but the tendency
3 for the remainder of the year will
naturally ne toward lower wages in
those lines where wages have ALREADY
gotten beyond a point justified by
present conditions.
During January, Bank Exchanges
totaled only thirteen billion dollars
com pared with sixteen billion dollars
! year ago, a decline Of almost II per
cent The decrease In New York city
vas % per cent and for the remand
er of the country per cent. Thes"
figures are for the cities usually used
as an index. Clearinss for the Cen.
| trail Reserve, Federal Reserve and
! Reserve cities for the month were
thirteen billion dollars compared with
fifteen billion dollars for the same
month last year.
Business failures for January NAM
bered 2,602 with liabilities OF ntty
million dollars. compared with f.793
! failures for the same month last year
with liabilities of thirty million
dollars.
d., Financing for January by large
Corporations amoun.eiith u million
dollars compared with 1903 millions
for the same month last year, and
gain of thtrty-three million dollars
over December. More than fifty mil
lion dollars of this amount was new
issues and half Of the total amount
was in bonds. the bulk of the re-
mainder being in short term notes
with issues Of only eight million dol
lars in stocks.
Dividend and interest payments
for February will he l09 million dol
lars compared with ninety-eight mill
lions for .he same month last year
Nearly seventy three millions az the
amount : for interest. This compares
with hfty-four millions in interest a
year ago and forty-four millions in
dividends.
X Building Shows Increase.
building operations for the month
In 100 cities totaled fifty million dol
liars compared with fifty-dve millions
: in January, 1914. A good gain Is
. shown In New York and New Eng
| land as well as in few cities in the
Middle States. the remainder of the
| country showing a decline as COM
5 pared with year ago.
, January production of pig iron
was 1901 thousand tons compared
/ t.. her and SsE IN
= January of last year. The average
price at all markets shows new low
, record, out the tendency together with
: steel is toward an advance. The
, opening of February found 16o
: furnaces in blast compared with I4b
month before.
THE Increase shown In untitled
tonnage Of the steel corporation at
the close of last month is the FIRST
real tangible evidence of the gradual
hut steady Improvement in steel pros
poets The untitled report showed
4,249 thousand tons compared with
$3.50 the previous month and AL
, year ago. The improvement In
steel is, however, very definite as
. while mills were operating on the
average. at not quite 35 per cent Oh
capacity three months ago, they are
now operating at nearly so per cent
/, rate, Railroad orders ana inquiries
are showing weekly increase and
the building demand Is better THESE
. things coupled with good dem@no
from abroad for manufactured ma
cLinery and other products OF steel
are creating daily a more sausfac-
, tory condition. Some considerable
orders for railways equipment have
been received from the governments
of Europe already and other IN
Iquiries are out.
LAS the production of tin Is almost
normal and consumption at de-
creased rate. the visible supply OF TN
must increase during the year and the
, tendency of the price will be down
ward. January deliveries fotaleu
twenty-three hundred tons against
thirty-six hundred the year before.
Visible supply at the opening Oh rep
ruary was 1891 tons compared with
13.s96 the month before.
sThe visible supply of eiectrolytic
copper decreased materially during
the month. both In this country ana
for the world and on account OF u
better demand and heavy shipments
4 abroad the price has advanced TO
point beyond the quotations OF Janu-
airy, 1914. with tendencies toward
further advance. ;.
"Shipments of anthracite coal IN
mana Thousand tons