South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-05-08
SHARP SLUMP ON
MARKET CHECKED
Good Buying Follows Declines
Caused by Tone of
German Note.
shines Special Service;
by Henry Clews.

controlling feature ON the stock eN-
change Until Thursday the market
was Optiinistic-toO Optimistic-con-
corning the expected answer TO Pres't
Wilson's last note. When the note
was made public and it's unsatisfac-
tory character divulged on Friday
morning. there was a sharp slump \
in securities and general disappoint-
ment. ON the decline. however. |
there was good buying and the reac-
ton was soon checked. The hope /
also prevailed that in some way a |
diplomatic break would be averted; /
the very evident willingness Of the
German government 10 conciliate |
American opinion being the basis of |
this hope The Mexican situation |
has much improved. and this served /
10 lessen the general apprehension |
against which the market has been
contending.
Our export trade continues its |
headlong expansion. The total meF- |
chandise shil ments from the United |
States IN March were valued at S41O.- !
0OO. 600. an increase Of $113. 900, 600 !
over a year ago, and about double |
the March average for the past i've
years. 10 Is also said 10 be the larg
est amount exported by any nation
in one month. March imports reach /
ed S214,O0O,00O, or $50, 100000 more
than a year ago. and so per cent
above the last five-year average OF
the United States. These are extra
ordinary figures; confirming the un-
precedented activity of shipping at
.
exports over imports for one month
Of $4,000. COO During the past
nine months our exports were nearly
$3.OOO.O0O. 200. or more than $1,000,
000, 600 ahead Of the same time any
other year. Imports for the same
period were S1,505, 600. goo. or S291.-
600. 600 more than a year ago This
left an export balance Of nearly ST.
500. 100000 in nine months. and the
government report indicates that this
excess may reach $4,000. 900. 600 ny
the end OF the fiscal year Thus far
these phenomenal conditions, due en-
tirely TO the war. have not caused
any serious arrangement OF the ex-
change market. the adjustment of
which seems 70 have been aided by
granting OF credits to foreign ma
tiOns.
Trade Reports Good.
Trade reports from all parts of
the country are exceptionally salts
factory. II should be remembered
that the Increase i'm volume of trade
is not as large as IL appears. for the
reason that comparisons are usually
made with values, which are much
higher now than a year ago. Never
theless. the volume OF trade IS large,
and rising prices are bringing good
profits 10 both manufacturers and
distributors alike. Strikes have been
the order of the day, hut these have
usually been the accomplishments Of
prosperity rather than depression.
While labor has not secured all its
demands. many concessions have
been granted. and the laboring
classes generally are getting a full
share OF the country's prosperity.
This means enlarged purchasing
power among "A large population.
which in itself is a stimulating fac
tor Interior jobhers and depart
ment stores are buying freely and
stocking up in anticipation of good
autumn trade Building is reviving
N the west Railroads are report
ing earnings 20 per cent and over
ahead OF last year. Bank clearings
confirm trade activity. being over 30
per cent larger than a year ago
ApriIs new interpretations for the
principal states aggregated SEA-
900. 600. compared with $1,000. 900
the same month I'm 1915. In the tex
tile trades there is considera bic ac-
tivity. though more or less unsettle-
ment caused by labor difficulties. The
steel industry for the first time i'm
a long period shows hesitancy. Prices
have at last reached a level that re-
strains orders and imposes caution
upon all new enterprises. Possibly
The high peak has been reached. The
mills are sold well ahead into 1917.
Pig iron production is running az the
rate of 10000. 600 tons annually,
.hough output latterly has been re-
iuced. This week the industry has
been much upset by strikes of more
or less seriousness. but as very lib
aral concessions have been made "a
he majority of hands. the disturb
ances are hardly like 10 be OF Ions
duration. The anthracite labor prob
lem was settled by granting an ad-
vance, which inevita bly, means dear
pr cCsl 20 the consumer. The rail
road controversy has not yet been
adjusted. nor does 10 seem possible
or fair that the railroads should be
obliged 20 take on an added burden
without permission 20 compensate
themselves by better rates if neces-
sary. Thus the upward trend zoe,
IN and on. adding 10 IN cost OF liv-
ng: for all OF these concessions in
wages i'm the long run fall upon the
wage Garner himself.
crop Outlook Fair.
The general crop outlook IS fair
though not equal 10 a year ago. j
IS estimated that nearly 90 per cen
of the winter wheat acreage ha,
been lost and that the coming croI
wiu le over lee. COOS 600 bushels les.
.nan year ago There is large
surplus. however. left over from las
year 20 ofTse this decrease. 4 large
acreage Of corn is anticipated owins