The Washington times., 1916-06-11

while wall Street has been Inclined
TO mark time during the past week, d.
viding II, attention between the Chicago
conventions and the recent news of the
war. the industries OF the country have
continyed to forge ahead at high speed.
with no Indication OF a material check
in the in->>,->~ta future. Figures made
public durii~~Ae week show further in
creaess in earnings In practically all the
larger industries.
Clearings through the banks during
the week in the principal cities in the
United States were again In a very
satisfactory volume. amounting to 81
Se2. 4S6.s05. or an increase Of GO per cent
- compared with the same week last
year. according to Dun's Review.
The railroads continue to enjoy phe-
ed reports of increased earnings indi-
cate that the various big systems are
doing capacity business. According to
figures published by the Wall Street
Journal. the gross earnings Of twenty
three roads. operating In the United
States. for the third week in May was
T.a0,l9l as compared with t8,2l6.t07 In
1915. This shows an Increase OF 1885 per
cent. which COMPARES with decrease of
a.@ per cent for the corresponding week
OF 1915. and a decrease of 6.3S per cent
for 1914
DTy uOOub lThue OtfOnB.
Marshall Field & Co. In their weekly
review Of the dry goods trade. says: "Cur-
rent wholesale distribution OF dry goods
10 In equal volume to that Of the cor
responding period Of year ago, not
withstandinp the fact that we did not
hold our semi-annuai. pre-inventory
sale. which event occurred during this
week year ago. Road sales for both
immediate and future delivery are we'll
ahead Of the same week last year. Gus
toners have been In the market for few
Or numbers. but the decrease Ia account
ed for by the pre-inventory sale OF last
year. which ALWAYS attracts an I'M
usually large number OF merchants"
Cotton goods markets are marking
time. what price changes there are be-
Ing upward. The principal advance for
the week was made by some lines OF
percales, which gained u cent a yard.
On the whole the situation Is quiet, but
firm. Mills are well sold up and re-
taiiers are doing a satisfactory trade,
30 that there seems little reason to
anticipate a setback.
According to the Department OF Agri-
culture crop conditions on Jnue indi-
Gated smaller production Of small grain
crops than last year. but not materially
different from the average production
OF the preceding five years, taking the
conditions are said to be better than
average. Fruit crops are good taken
as a whole. The wheat crop Is con-
siderably below last years, but there
over from last year. so there should
be no scarcity. and the situation Is such
as to indicate good prices for growers.
The report Of the United States for
eisn trade for April Ia most favorable.
Imports were valued at Ri7.7oo.ooo. Of
S7.o00OOo In excess of the same month
q year ago, while exports were $780,
100000. or Slo5, 10000 more than a year
ago. The excess OF exports over i'm
ports was S1s20oo.ooo, compared with
1892 900 900 in 1915 This Is the season when
there is usually a decline In exports Of
grains. and the present increase 10
doubtless largely due to niunit!on ship
ments.
Financial Situation Normal.
There is nothing IN the financial
situation to warrant either pronounced
optimism or undue caution" says Hen
ry Clews & Co. In their weekly hnan-
pear to have been we'll discounted and
unfavorable conditions are difficult to
discover.
business In this country is still very
active in spite Of the slowing down
which has occurred In some lines, and
which was certainly desirable II I'M
wholesome excuses were to be avoided.
The steel trade seems to have reached
the high point for period at least, and
titS ooHho 10 HuS VI SUNNI oIhoi ihuuS-
tries
THE building. trade. on the other
hand shows signs OF recovery. and
would prosper more freely II materials
high prices. Attention this week has
been largely diverted by the automobile
merger and the attendant speculation.
which induced some discrimination In
conservative banking circles. a tenn
porary advance in call money also ex-
cited some comment"
The Iron Age says: "rEe tendency
Of prices for early delivery to approach
those for forward delivery Is more
marked In the heavier finished lines
shapes. and to less degree In plates
In that feature OF the market close OBJ
servers are confirmed In the Judgment
recently passed that In prices the crest
ducers whose policy has been to cater
to high-priced spot business find now
and then that they have space. and in
such a case the mill makes the price.
ness has made II. Such orders are not
large factor. with most mills we'll
sold into next year. but they are indie
atiye.,
vas month OF high.rate production.
the total being 3.3ji.nI2 tons. or los. O9s
tons a day. against 3.227.76s in April. or
loSb92 tons a day, and 107.687 tons a
In an address before the recent New
York state bankers convention. Paul
NJ. Warburg. member OF the Federal
reserve board said that the pyramiding
OF reserves Is still a matter OF weak
ness In the national banking System.
and cited rgures showing that tho posi-
ton of the national banks was not as
strong as appeared.
Weakness in Reserve Banks.
He said. In part: Let us consinder.
as the strongest case in point. the
pyramidnR OF reserves. wish II had
been possible to stamp out this evil
within short time after the opening
OF the Federal reserve system. AS 1t
Is, many OF the smaller banks are still
IN the condition Of a patient who knows
that he must undergo an operation In
order to be fully cured, but whose
mind every now and then rebels ut the
thought and who continually relapses
into arguing with himself that. after
all, he might possibly prefer TO con-
tinue to live with his disease and take
his chances OF the certain recurrence
Of acute convulsions and intense suf-
fering rather than to have the opern-
ton performed. The country. however,
has decided that the operation Is nee