The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-11-05
Only Exception Is Freight Car
Shortage, Says American
National Bank Letter.
MONEY CIRCULATION PER
CAPITA MORE THAN $40
Bank Clearings Have Reached
Record Figures, As Have
Also Dividends and Interest
Disbursements.

Conditions may be said to he IN
usually sound and. with the single ex
ception OF the shortage OF freight cars.
conducive TO the transaction OF a largo
and profitable business in practically
all lines Of trade" says the American
National Banks General Letter on
Trade Conditions and Business Fore
cast for the month OF November
The General Letter continues:
Record foreign trade. larger bank
ciearings than ever before, a new high
level in the circulating medium. as
we'll as highly satisfactory totals In
many other departments OF CONNER
ctal and financial activity. indicate
clearly the enormous amount Of bus
mess now being done IN this country.
Exports OF merchandise during
August totaled $40 million dollars
impaired with ISL million dollars in
August a year ago. while imports ag-
eregated l99 million dollars compared
With l42 millions In August Of last
year making a favora bic balance Of
trade OF 81 million dollars compared
with ia million dollars IN August,
1918. and compared with q tavoEa bic
balance Of asa million dollars IN July
o. this year. This 10 new high re-
cord for a favorable balance Of trade
for any one month. The Federal De-
partment OF Commerce now forecasts
This export excess for the calendar
year OF 1916 at $500 million dollars.
Greatest Bank Clearin@s.
Bank ciearngs during Septe n her
81 l62 cities totaled almost IS billion
dollars. which is considerably IN ex-
less Of our previous record Of clear
lngs Tor one month and com ares with
clearinss ~ ls billion dollars IN Sep
,enoe OF }ast year Ciearings outside
Of New York City totaled eight mil
lon dollars corr pared with six billions
in Septemhcr.- i9i5. only two OF the
&C. cities reporting show q loss " hen
compared Win a wear ago, and -
een;ers. Including New York City. re-
cord the greatest c!earings in their
history
There were 1893 business failures
!0 September con. pared with $40 IA
September a year ago and the liah'il-
ties of the failed concerns totaled -
IT. }lou dollars compared 0ith not
quite Is million dollars for the fail
sres In September, 1915 Concerns
failing IN Septera Der this year had
assets OF over nine million dollars
compared WIKI seven million dollars
wear age. making net liabilities this
Year 81 not quite five million dollars
compared with nearly eight million
dollars III Septen3 Der OF last year
Financing by corporations during
Sc prember totaled ss million dollars
compared with - million dollars in
Septemb Der a year ago Financing in
September aggregated less than in any
other month SO far this year. but Il
fellows many months unusually
heavy financing Approximately IS
per cent ~ the September financing
vas used 10 pay off maturing obiiga-
tons Securities maturing in Octob
viii total 2S million dollars compared
IN Nsz~
and 1IS million dollars IN October,
1915
Record Disbursements.
The total ca TIta ttZat1ou Of new
and large corporations formed during
eeptem Der was over aiS million dol
lars compared with rs million dollars
IN August and s24 million dollars In
Sc ptem Der of last wear
Dividend and interest disourse-
raents during October viii reach q
total of eos million dollars, a record
for the month of October, and COM
pairing with 1-3 million dollars paid
tn October, 1918 Dividend payments
Will be 100 million dollars compared
with 81 million dollars In October a
year ago, while October interest pay
nents will amount to 100 million dol
toher OF last year.
Sales OF stocks on the New York
Exchange in September wore nearly
81 million shares compared with Is
million shares in August ana - nil-
lion shares In September. 1918. Bond
sales in September aggreAted % MIL
lion dollars compared with ~ million
dollars in August and So million dol
lars IN September a year ago. The
average price OF Q selected list Of 50
stocks at the close Of September was
1857 compared with S3.31 q month
previous and 1913 a year previous The
average price OF 80 railroad. public
utility and indusuial bonds at the
close Of September was 1913 COM
1886 at the close OF September. 1915.
Per Capita $4,000.
Money In circulation in the United
States again made new high record
on October !. standing on that date
ct 4.l7e million dollars compared with
4.o67 million dollars on September.
and $3.50 million dollars on October
last year. The circulation per capita
has risen above $40 for the first time,
on October l. 1t was s40.s2 compared
with $40. 50 month previous. and
S36.sS year ago The population
OF the United States is estimated to be
lo2,s5s thousand persons compared
with 1ol.15l thousand one year ago.
Gross earnings Of 45s railroads in
compared with 27s million dollars in
August, 1918. an increase Of 90 per
cent, and net earnings for the same
roads were 12s million dollars COM
pared with 90 millions a year ago, a
gain Of 81 per cent. Gross earnings
OF - railroads in September were Is
million dollars compared with 10 mil
lion dollars in September OF last year.
q gain OF II per cent. The movement
Of grain in September was somewhat
reducAd. but the Southern coAon
SContinued on Second PaxA,