El Paso herald. (El Paso, Tex.) 1901-1931, 1916-09-04
GOOD BUSINESS
OUTLOOK AHEAD
Every Indication of Pros
perity, With Commodity
Prices Dropping.

ter distributed and now includes
greater number of important centers
than at any previous time. save the
general letter On trade conditions and
a business forecast for the month OF
September. issued by the First National
bank today
Prospects for smaller wheat crop
and the danger of strike on the rail-
roads have not seemed to affect com
merciai activity adversely, the De
crea ses which have occurred beihE
rather continuance IF the graouai
read iustment which has been Solhs Oii
1 for the past few months
Exports Of merchandise during June
totaled 100000. compared Win
ss69. 900. 900 in June Of last year ana
imports aggregated s246,0eO,evV com com
Jared with sI5SOOOO00 year ago,
making a favorable balance OF trade
for June of this year of S2lS,ouO,"VO
compared with S111.O0o,0OO IN June
1915 and compared with favorabie
balance Of $4,000 in May OF TINS
year
Bank CIearinGE Increase.
Bank clearings during July AT 10
cities aggregated Sl9.cOO,ooO-oVV com
pared with Sl5.OOO.0O0.0O0 in July OF
last year. a gain of 80 per cent IN
crease being shown by Isl OF the re
porting centers. Outside OF New ! ORR
city. clearings were nearly Ss.OOe'oOO'-
ago, a gain Of % percent
There were 1855 business failures IN
July compared with 1891 in July OF last
year. and the liabilities OF the faiied
concerns aggregated nearly 81 100000
compared with $4,000, 600 for the fall
ures a wear ago. These figures com
pare with 1888 failures in June OF this
year with liabilities of 100000.
Many New Concerns.
Financing by corporations during
July totaled S136.000,000 compared with
$4,000. GOO in July of last year, an In
crease Of 109 per cent. II is estimated
that fully 80 percent of the financing
done in July was used TO pay off ma
turing obligations Securities matur-
ing in August viii total SZ2,eOO-0Oo,
and an early compilation OF September
rnaturities shows total of only s14,-
100000 compared with $52.OOO,O0O In
September a year ago
Dividend and interest disbursements
during August will total 1851. 100000
compared with SI21. 100000 in August
|, 1915. Dividends paid in August VIII
total SS2.0O0,0OO compared with over
s57.000,O00 in August last year and in
1erest payments will aggregate S6S.
100000 compared with Se4.000,000
year ago The dividend and interest
total for August marks a new high
record for that month
Money In Circulation.
Total money in circulation on August
J was $4,000. 100000 compared with
Ss.o1S,0e0-oe0 on July 1. and S5,5e4,oo0,-
GOO on August I, 1915 The per capita
circulation on August / was S39 COM
pared with S3923 on July 1 and 1858
on August I Of last year. The popula-
ton OF the United states is estimated
10 be 102,5l4,000 persons compared with
100,S67-000 one year ago
Cross earnings OF 10 railroads IN
June were s1S1. 100000 compared with
$4,000. 600 in June year ago, a gain |
Of 10 per cent, and net earnings for i
those roads aggregated S65.0o0.OO0 |
compared with S50.000.000 IN June |
1915. gain Of % per cent. 4 mora |
complete gross earnings report for /
June gives total Of S266,OOO. 600 CON- I
pared with S222,OeO-O0e in the same
month Of last year, gain of 20 per /
cent
Orders For Cars.
July orders for railroad cars totaled /
1000 compared with 6S54 cars ordered i
in June and $500 in July Of last year. |
Car orders would undoubtedly be larger |
could the manufacturers obtain the I
necessary raw materials Locomotives |
ordered in July numbered 81 compared I
with 526 in June and 12O in July. 1915. |
July rail orders aggregated 1900 tons |
compared with $4,000 tons in June, |
and 10000 tons in July year ago,
Building operations at ISL cities in !
July aggregated s11S.000.0OO compared |
with 81. 600, 600 in July Of last year. d |
gain of SIS per cent These figures !
should be scanned carefully, however, |
as nearly S41,000.U0O Of the total gain |
over last year Of $4,000 600 was con-
1ributed by New York city, where some :
unusually large permits were taken out |
in anticipation Of the passage IF new |
building laws and some Of these per
mits may never develop into actual /
construction
big steel Orders.
The untitled tonnage of the Steel 4
Corporation on July 81, stood at 1884, |
600 tons compared with $4,000 tons
= month earlier and $4,000 tons on (
July 81. 1915.
Structural steel bookings during July !
totaIed $1,000 tons compared with 100.- I
900 tons in June and $4,000 tons in
July of last year.
Production of copper in the first six /
months Of the year by 20 large COM
panies was S96, 0G0, 900 pounds compared
with 597. 900, 600 pounds produced in the
same period of last year. So far as can
be ascertained. stocks are extremely
small. The demand for copper con-
tinues to be heavy and 1t seems prob |
able that buying for 1917 requirements
will begin in earnest in a very short
time
principal market during July totaled
500 900 slabs compared with $50, 900 I
sIa BIS in July, 1915, and shipments from !
this market were $4,000 slabs COM
pared with $1,000 in July year ago.
Commodity Prices Drop.
Commodity prices fell off a little |
during July, Bradstreet's Index stand
ing at sf1-44 on August !. compared |
with Sl155 on July l. In1S Is the |
fourth successive monthly decrease in
this Index, since the record high point
of SlI76 OF April / The Index stood
at S9-S2 on August I OF last year Dur
ing July % articles advanced. Sc de-
clined and - remained stationary
Commodity prices are continuing |
their recessions begun four months ago, |
but a well maintained gold production !
and considerably less favorable crop |
prospects in this country should |
strengthen the price situation, and may |
even result in checking temporarily the
gradual decline in the average OF all |
prices. There has been no |
betterment since our last Report in the
labor situation. and the shortage is
still marked
Statistical factors. one by one, are
giving every evidence of having reached J
and passed the peak Of their present {
record climb Orders booked for fu-
ture delivery, however. are large in |
most lines, and this should insure !
against any notable slackening in bust
ness for many months to come.
Increase In Sales.
Sears. ROebuck & company's July |
sales t1taled S1O.071.724, an increase |
over a year ago of 43 per cent F W
WOolworth and company's July sales
were S6,52LS34 compared with s5.S73.-