New Britain herald., 1916-02-12
HENRY CLEWS SEES
 MORE IMPROVEMENT
Better Foreign Relations and Rail- road Conditions Helping Market
Especial to the Herald.)

Factor in the stock market. Appar entity the Lusitania incident is settled J HShly important concessions hav'
 been made to American demands, ant
 it is source of satisfaction and re
 lief to have so serious an uncertainty
 permanently removed.
 The stock market naturally fuct tuated from day to day in sympathy
 with the changing advices concerning
 diplomatic negotiations. Their suc-
 cesSful consummation, however, i'm
 parted a much better tone generally
 American securities held abroad have
 been sold upon every good opportun-
 tty 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 circumstances, of a strong situa-
 ton here and a weaker one in Europe,
 8 spasmodic influx of American secur-
 lties must be anticipated from time to
 time. The probability of the British
 government negotiating a collateral
 loan rather than selling mobilized se-
 curities will of course prevent the
 heavy liquidation which the other
 method might have involved. Hap
 oily, this country is in an excellent
 condition for taking back it's secur
 ties if necessary; a state of affairs which is equally fortunate for possible sellers on the other side.
 New York Gains 7OGs.
 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 at home. the outlook is one of genuine hopefulness and in strange contrast with the sad conditions abroad. The decided inn provement in home trade is illustrated by January bank clearings for the principal cities, which aggregated over $20, 900, 100000, compared with S13,- 400, 100000 a year ago; an increase of about 48%o. These increases, which must be largely credited to a good harvest, were also partly due to high err prices and to speculative activity, not to speak of the stimulus afford by war contracts. The figures for New ork, $12,3OO, 100000, which showed an increase of nearly 70&o, were of course inflated by Stock Exchange ac | Livity The increase, however, was | notable, considering that the Stock ! Exchange was in full operation for l .he first time during the month of 1 January year ago. The increase in 1 bank clearings in the middle states was 64@o, in New England 349o, in the middle western state 22@o, in the Pa cfffe states f19e and in the southern states 21@o. A very striking fact is hat the January clearings at New l York were more than one-third of hose in the entire country, compared l with less than one-half of the total a year ago. This shows that New York gained vastly more in the volume of business than any other city in the United States. Outside of New York 3ank clearings in the entire country were 25%o ahead of the previous year. New York alone gained nearly 7OGo ,ver last year.
 Railroad Situation Improved.
 A further proof of business inn orovement, if needed, will be found II the railroad situation. Earnings continue to show very satisfactory gains, particularly on the larger trunk ines; and the total earnings thus far 'eported for January indicate an in crease of about 20%o over those of a 5ear ago. When all returns are in Tle ratio will probably be still greater
  vas over 3O%c, and in November about ,7G6 compared with almost no gains if consequence but frequent losses 1ntil September, 1'15, when the roads -eceiyed a sudden and pronounced inn 1etus from the moving of our big ,rops; which we repeat has been the ,ssentiaI factor in our present pros oerity although the war as an in- ationary element is playing very l part The railroad situa- ion has also been improved by the more reasonable attitude of the pubic ,oward large corporations, and the prospect of their being better able to secure a square deal in the future. The only cloud upon the railroad | horizon is coming labor troubles. The excessive demands of employees seem ikeIy to be insisted upon, and while he roads are in better position to make some concessions than for some ime past, it would appear doubtful hat the dispute will be settled With put more or less disturbance and pos sible loss. The labor outlook in the coal regions is also unsettled. De- mands will be made which cannot ce met without advancing the price Of cdal, something which will not be very pleasing to consumers in view or the constant rise in the cost of many Nf the necessaries of life.
 Foreign Trade Satisfactory.
 Our foreign trade continues in sat sfactory condition. Exports are I 1eavy, though a slight abatement seems to be anticipated by reason of ] he fact that the crop movement Is l 1n the wane and munition shipments for the time being appear to have reached their zenith. Imports are | llso increasing, which tends to en- 1 courage return to more normal con- 1itions in our foreign commerce. The 1 foreign exchange situation continues 1 ,o improve, the return of American securities from abroad and the es+a'