The Bridgeport evening farmer., 1917-03-06

' ./ For the first time in over halt- wear. the total volume of business Tn this country has failed to show gam over the previous month, transactlons duringt January having been sllgntiy 2 less than in the closing months ot 1916. This can hardly be considered as a cause for apprehension put Il taken as a sign that a welcome con- ! servatism has become factor Tn the s;tustion. It is we'll known that pres ent bookings in most large industries fare such that continued activity TOT "a considerable period is not depen- dent upon new business.
 s, Exports of merchandise in Decem- :. her aggregated 521 million dollars compared with 359 million dollars Tn December, 1915, and imports totaled 2O5 million dollars compared with s172 millions in December a year oe- fore. making a favorable balance of trade for the month of Sl6 million dollars compared with 1S7 million dollars in December, 1915. Merchan- disc exports for the entire year 1916 totaled 5,4S1 million dollars compar- ed with 3.555 million dollars in 1915 and imports were 2,392 million dol lars in 1915. The favorable balance or 5 ars in 1915. The favorable baance of trade for 1916 of 3,0S9 million dollars sets a new high record and compares with s1.776 million dollars for 1915.
 Bank clearings in January at l74 cities were not quite 26 billion dollars compared with 20 billion dollars in < January, 1916, an. increase Of 27 per cent, and compared with 27 billion dollars in December. Outside of New York city clearings were over 10 bill lion dollars compared with less than eight billion dollars in January a year ago, a gain of 34 per cent. Of the cities reporting, 50 recorded larger 5clearings than ever before in any one month. N
 There were 1.54s business failures in January compared with 1.094 in January a year ago and liabilities ag- gregated 22 million dollars com pared with nearly, that amount in January, 1916. The concerns falling in Janu- ary had assets of over 12 million dol lars compared with assets of seven million dollars for the failures in Jan- uary, 1916, leaving net liabilities of 10 million dollars compared with IS million dollars 8 year ago.
 Financing by corporations during January totaled 1S3 million dollars compared with 193 million dollars in January of last year. January offer ings of foreign government loans in the United States, amounting to 265 million dollars, are, not included in this otaLs,Approximately 30 per cent. of the months financing will be used in refundihg. Tn this connection, it is estimated that the total of securi- ties maturing in February will be over 39 million dollars.
 New and large corporations formed during January had a total capitaliza- tfor Of 312E million dollars compared with .335 million dollars in January, 1916. the last named month having been the largest in tll.s respect in sev- 'eral years. Concerns capitalized at one million dollars or over made up 244 million dollars of the January to- tai of interpretations compared with 271 million dollars a year ago.
 Dividend and interest disburse- ments during February will total 155 million dollars compared with 128 million dollars in February of last year, These will be, .thes largest dis bqrsements ever, made in the month of February and will be made up of 78 million dollars in dividends and TT million dollars in interest pay n1ents compared with 63 million dol lars in dividends and 65 million dol lars in interest disbursed in February, 1916
 Sales of stocks on the New York Exchange during January were IT million shares compared with 32 mill lion sharesyin. January a year ago. These were the largest January stock sales since that month in 1910 Bond sales during January totaled 124 mill lion dollars compared with 96 million dollars in December and 118 million dollars in January last year. The av- craze price of a selected list of 60 stocks at the close of January was T.03 compared with 8032 a month before and 76.30 a year ago. The average price of 30 railroad, public utility and industrial bonds stood at 96.97 at the close Of January com pared with 96.49 at the close of De- cember and 95.63 at the end of Janu- ary, 1916.
 Money in circulation in the United States has set another new high marx. totaling 4.49S million dollars on Feb ruary 1st compared with 4,441 million dollars on January 1st and 3,934 mil lion dollars on February 1st a year
  reached a new high mark of s43.5O compared with $43.00 on January 1st and $38.67 on February 1st, 1916. The population of Continental United States is estimated at 103,4O3,O00 compared with. 101.719,000 one year ago.
 Railroad gross earnings in Decem- Der totaled 262 million dollars com pared with 242 million dollars in De- cember, 1915, and net earnings total ec S3 million dollars compared with S6 million dollars in December year ago, decline of 4 per cent. The req son for the decrease in net earnings may be observed in the fact that op- erating expenses for the. month ag- gregated over 23 million dollars more than in December, 1915, and totaled l79 million dollars. Gross earnings reports are now at hand for all rail- roads in this country for 1916 and show total for the year of 3,654I million dollars compared with 3IO6 million dollars in 1915, a gain of 1s per cent. The gain in gross earnings was shared by all classes of roads and all sections of the country Gross