The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1916-08-01
National Bank of Com
merce Trade Letter
Is Optimistic
BANK CLEARINGS
HERE SHOW GAIN
Commerce Through
500 Canal Increases
Million Tons

Ane trade letter rf the National
Bank OF Commerc, OF Detroit for
August says:
THAT business Will receive an
immediate Stback when the war
ends seems unlikely. The very mo-
mentum OF present domestic and
foreign business will undoubtedly
carry on the volume OF trade for n
considerable period even after the
European war comes TO an end.
Next TO food. shelter aud cloth.
ing the prime requisite OF life Ia
transportation. The motor car not
only furnishes individual rapid tran.
sit but gives q vast amount Of
healthy pleasure. Available statis-
tics indicate at the present that ap-
proximately two pnd onc-half per
cent OF the people Of The United
States own automobiles. There Is
no evidence OF slowing down of
orders In this great Industry.
Commercial transactions are
maintaining substantial volume
through . summer period which
usually Witnesses larger failing
on Slightly abated activity Is 10
be noted In some quarters, and
there are definite evidences OF re-
adjustment and closer approach
to normal
Bank clearings In i62 cities during
June aggregated nearly 2l billion
dollars compared with II Millions in
June OF last wear, gain OF 40 per
cent This Is new high record in
clearings for the month Of June.
Clearings outside OF New York city
were eight billion dollars compared
with six billion dollars a year ago.
. gain OF 32 per cent. The Detroit
Clearing House reports clearings
for June. 1916. OF s1S9.71.9i2 IS. as
compared with fl?4,s79, ,4G6.34 for
the same month last year
Exports OF merchandise during
May totaled Az million dollars com.
pared with l42 millions year ago,
making favorable balance OF
trade for May OF 2f3 million dol
lars compared with 1872 million dol
lars for May, 1915. The department
OF commerce has estimated cur for.
eign trade. totals for the l. months
ending June 30. 1915. tho amounts
for June being based upon final re-
turns for May given above Exports
for the IL months are estimated nj
4,345 million dollars con. .rared with
2,7GS million dollars for the previous
IL months, the gain being | l.577 mil
lion dollars or 81 per cent. lm-
ports for the period are estimated
at ALSO million dollars compared
with l.67i million for the corre-
spending period last year
Lake commerce through the 500
canal IN June totaled 10000 900 tons
compared with ~ million tons In
May and eight million tons in June
last year The June movement set
q new high record. The eastbounj
movement was nearly II million
tons, the same as in juno a year
ago
During the hscal year ended June
80, 1916. there were 1890 vessels
build in the United States with n
gross tonnage OF 247 thousand tons
compared with 216 thousand gross
tons for the !. 1.2G6 vessels construct
ed In the previous fiscal year.
Lake Superior iron ore ship
ments during June again set a new
high record totaling 9,50S thousand
tons compared with $3.50 thousand
tons In May and 6.eeJ thousand tons
in June. 1915.
"June business failures numbered
1,239 with liabilities OF 10 million
dollars compared with 1922 failures
I'm June year ago with liabilities
of nearly IS million dollars. As the
assets OF the concerns failing In
June this year were less than Ave
million dollars compared with not
quite IL million collars in June. a
year ago. net liabilities were five
million dollars compared with eight
million dollars last year"