The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-07-02

for July. issued by the American
National Bank:
Conditions which have obtained al
most since the European War began
are rapidly changing and II will be ad-
visabie to watch the Fundamental lines
Of trade and finance CLOSELY for the
next few weeks. The present tre-
mendous activity IN most lines. not
ably the metals. IL almost surely In
dicative OF the dnal squirt Of buying
before . natural iapsing into q more
normal situation.
30 many things Of great moment
confront tho business man today that
the usual hesitAncy and doubt caused
by a presidential campaign are likely
to be overshadowed. A slight let-up
In general activities would be inevi-
table regardless OF the presidential
campaign or prospects OF war with
Mexico. although both OF these fac
tors WIN, Of course, AFFECT business
conditions to a degree.
Exports OF merchandise during Ap-
ril amounted 10 4o4 million dollars
compared with zs4 million dollars in
April, 1915, and imports were 21s
million dollars compared with 100 mil
lion dollars in April Of last year. Our
favorable balance of trade in April
totaled 1856 million dollars compared
with 1874 million dollars IN April. 1915.
and compared with a favorable bal
,ence Of 1915 million dollars In March
OF this year.
Bank cleartngs during May at les
cities aggregated al billion dollars
compared with Is billions In May.
1915. a gain OF ~ per cent, and COM
pared with ciearings Of 10 billion dol
lars in April OF this year. Only four
OF the 1e2 cities included In the re-
turns failed to show increases over a
year ago. The May total In only .
very little below that OF March Of
this year. the record high month.
There were i.4Aa business failures
In May compared with 1871 In May
1918. and the liabilities OF the failed
concerns aggregated IL million dol
lars compared with not quite 10 mil
lion dollars for the failures year
ago. Assets of the concerns failing in
May aggregated nine million dollars
compared with ten million dollars q
year ago leaving net liabilities of nine
million dollars this year or Just the
same rs year ago.
Financing by corporations during
May aggregated is3 million dollars
compared with % million dollars in
May. 1918, Something over rs per
cent OF the May total was used to pay
maturing In June will total IS million
dollars compared with "a million dol
lars In May and 1o7 million dollars In
June. 1915. Although below last years
total, June maturfties are the largest
of any month Of 1915.
The total capitalization OF new and
large corporations formed during May
was 3l2 million dollars compared
with ia million dollars In May, 1915
n. -
during June will total 1877 million
month. and compared with 1l5 mil
liom dollars in June Of last year. Dr.
,v4dsnds paid In Juno total 81 million
dollars compared with II million dol
lars last year and interest payments
Will aggregate - million dollars COM
pared with ss millions In June. 1915.
sales OF stocks OF the New
York Exchange OF over rs million
shares were the largest Of any month
this year. comparing with Is million
shares In April and Is million shares
in May. 1918. Bond sales ,otaled 80
million dollars IN May compared with
II million dollars in April and 81 mil
lion dollars In May. 1915. The aver
age price OF 4 selected list OF 81 stocks
at the close OF May was 101.+ COM
pared with ss.8l month previous
ana Ss.71 year previous. Tho aver
age price OF 30 selected bonds was
$3.50 compared with s6.57 month
before and si.s2 at the close OF May.
1915.
Total money In circulation on June
ist was 1874 million dollars com
pared with 1910 million dollars on
May LIST and S.517 million dollars on
June 1. 1915. Tho per capita circuia-
ton on June LIST was 39s.3s compared
with $3S.2S a month previous and
1S5.01 year previous The populA-
ton OF the United States 10 estimated
70 be 104.1ss thousand persons COM
pared with loo.bss thousand ! year
ago.
siross earnings Of ATS railroads in
April totaled 3ss million dollars COM
pared with 3ss million dollars In April
1876, = gain Of - per cent, ana net
million dollars compared with 81 mill
lion dollars last year. gain Of % per
cent. These increases are q little less
in both percentage and amount than
for the months Immediately proceed
ing, but they are highly satisfactory.
especially since the gain In net earn
ings In April follows considerable
gain in net in April OF last year Pre-
liminary reports show gross earnings
OF " f1ufO&09 In May OF II mllI1cn
dollars compared with 50 million dol
lars IN May. 1915. gain OF 81 per
cent. The western grain movement
shows some expansion even over last
years gains ana the southern cotton
movement In May was = little better
thAn tor this two preceding years.
May orders for railroad cars total
I'd S.161 compared with 9.454 cars
ordered IN April with 2O.210 ia May,
1915. Locomotives ordered IN May
numbered fs2s compared with le3 Ia
April and 166 In May OF last year.
May rail orders aggregated 13S thou
sand tons compared with sB6 thou
sand tons In April ana ~ thousand
tons IN MAY = year ago.
On Tune LIT. there was 4 net SUR
plus Of IS thousand idle cara la the
United States compared with III thou
sand = Honth peeyaons ana an IN,
GREASE IN tdfo acArs Tor the third sue.
cessfv0 month. On Tune i. 1918, there
were 400 thousand caro 1dlo,
Lake commerce through tho sod c.
nal in MAy a&xregA4ed twelve million
tons compared with seven million
tons III May, 1911. IN April new
high record for tho opening month of
nAvi9atiou was sot ana Ia NAY more
commerce passed through the canal
than eyer bofor0 III any ana rna0s&th &