South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-02-14
FOREIGN ACTIONS
STILL RULE MART
Much Satisfaction in ConCeS-
SiOnS Made to American
Demands.
BY Henry Clcws.

81 4 AfAiARlA- NOl4AAllAt ~ Nf dAA AAAA
portant factor in the stock market.
Apparently the Lusitania incident is
settled. Highly important conces-
sions have been made 10 American
demands. and il Is a source of salts
faction and relief TO have so serious
an uncertainty permanently re-
moved.
The stock market naturally huc-
tuated from day To day i'm sympathy
with the hanging advices concern
ing diplomatic negotiations. Their
successful contamination however
impaired a much better tone gener-
ally. American securities held
abroad have been sold upon every
good opportunity by private holders
owing TO the pressure eXerted by the
war British finances are under a
great strain. but show no signs of
weakening Under the circum-
stances. of strong situation here
and a weaker one in Europe. a spas
modic influx Of American securities
must be anticipated from time 10
time. The probability of the British
government negotiating a collateral
loan rather than selling modified
securities will of course prevent the
heavy liquidation which the other
method might have involved. Hap
PLY. this country is in an excellent
condition for taking back its s"curi-
ties if necessary; a state of affairs
which is equally fortunate for pos
sible sellers on the other side
In the war situation there is no
change The weary struggle drags
it's cruel way without developing any
decisive features. When. however.
we survey the situation 1T home, the
outlook is one of genuine hopeful
ness and i'm strange contrast with the
sad conditions abroad. The de
cided improvement i'm home trade is
illustrated by January bank clear
inss for the principal cities. which
aggregated over 10000. GOO, 600,
compared with $13.40O.O00,0C0 a
year ago: an increase of about 1870.
These increases. which must be
largely credited TO a good harvest,
were also partly dine to higher prices
and 10 speculative activity. not to
speak of the stimulus afforded by
war contracts. The figures for New
York $1,000, OD0.0bo. which showed
an increase of nearly roo. were of
course inflated ny stock exchange
activity. The increase. however. was
notable. considering that the stock
exchange was i'm full operation for
the first time during the month of
January a year ago. The increase
in bank clearings i'm the middle
states was $40 in England $40. In
the middle western states ego, an
the Pacific states 11fC and in the
southern states 21HC A very strik-
ing fact is that the January clear
ines at New York were more than
one-third Of those in the entire
country. compared with less than
one-half of the total year ago.
This shows that New York gained
vastly more in the volume OF bust
ness than any other city in the
United States. Outside Of New
York bank clearings in the entire
country we're 25Ct ahead of the pre-
1-ious wear. New York alone gained
nearly 20 per cent over last year.
A further proof Of business I'M
,ro,-e,uent if needed. will be found
in the railroad situation. Earnings
continue 10 show very satisfactory
gains. particularly on the larger
trunk lines: and the total earnings
thus far reported for January i2dl-
cate an increase of about 200 over
those of n wear AGO. When all re-
turns are i'm the ratio will probably
no still greater. In December the
increase i'm earnings was over 500
and in November about 27fs. COM
nared with almost no gains or con
sequence but frequent losses ultl
Scptenber. 1915. when the roads re-
Gel. ed "a sudden and pronounced I'M r.
Uetl, from the moving OF our nlS
CROPS: which we repeat has been the
essential factor i'm our present pros
n.rit,. although the war as an IN
nationarv element is playing "A Ne'N
conspicuous part. The railroad SIT
uation has also been improved by
the more reasonable attitude or the
public toward large coTpoIdloii9'
and the prospect of their being bet
ter able to secure square zeal III
the future. The only cloud upon the
railroad horizon is coming lapor
troubles. The excessive demands or
emplove- seem likely TO be insisted
upon. ana while the roads are IN a
better position to make some con-
s-.. .b,,, FOR some time mast il
would appear doubtful that the dis
pute will be settled without more or
less disturbance and possible loss.
The labor outlook in the coal re-
gions is also unsettled. Demands
will be made which cannot be met
without advancing the price Of coal,
something which will not be very
pleasing TO consumers in view Of
the constant rise i'm the cost o. many
"a r1preecq ripS Of life.