The Bridgeport times and evening farmer., 1920-01-24
PROSPECTS FOR
 BIG INDUSTRIAL
 YEAR ARE BRIGHT
Demands For Capital Will Also Continue Say
 Experts

The January 15 issue of American Goods and Foreign Markets, the semi monthly publication of the Guaranty Trust Company of New York devoted to foreign trade, says that "the prospects at the beginning of the new year in this country are all for sustained industrial activity, and for continued demands for capi- tai on a large scale. The new records of turnover made last year and the shortage of both consumption and capital goods which still obtains seem clearly to indicate that the present condition of large volumes of do- nestle and foreign thrilled orders will hold over for some time." Con tinuing, the bulletin says:
 Foreign trade statistics show that in all probability the value of the total exports for the year 1919 reach ed 8 billion dollars; that of total i'm ports billions. Of the 8 billion dol lars of exports, those to Europe ac- counted for more than billions, or nearly two-thirds; of the billions of imports, less than 800 millions, or one-fifth came from Europe. Opinion is general that the year 1920 will see a marked reduction in exports and an increase in imports.
 The latter will be influenced chief ly, perhaps, by the degree Of inn provement that is effected in Euro- pean industry; the former by the same factor, by conditions in the for- eign exchange market, by the amount of financial aid extended to our Euro pean customers, and, not least, by the character of the service rendered by our exporters, and the character and nrices of their goods. The time is fast approaching when, with norma conditions of international commer- cjal competition, American goods must. as of old, sell strictly on theil merits, and not because buyers mus have them at almost any cost; 1T other words, when buyers market will replace a sellers market.
 Significant Foreign Trade Statistics.
 "Of peculiar interest, as emphasiz' ing the needs of Europe for oul goods, and her ability to cont1nuE taking them, are certain Novembel foreign trade statistics. The tota exports for that month exceeded 1T value those of October by 10S mil lions; but this increase was more than accounted for by an increase ot 113 millions in the value of the ex' 
 manufacturing.
 The latter amounted to 2S0 mil lions out of a. total of TAO millions for all exports, or more than 31 pe1 cent. whereas in the preceding tel months of 1919, the value of sucl raw materials was only IT 3-4 pc cent. of the total. Just so, far a Europe is able, or is enabled, to in crease her purchases of this class 0 our goods she will be in good way t restore her industry to normal con ditions and bring about the all-im portant increase in her exports o manufacturers that Is indispenssabl to her economic salvation. 1mport from Europe during November wer valued at 110 millions, as agains 90 millions for October, 1919, an only 20 millions for November, 1918
 Gains in imports from all the i'm portant former belligerent nation were registered These statistics an other evidences afford reasons fo distinct hopefulness in regard to tn European situation.
 Advances by War Finance
 Corporation.
 Announcement has been mad that the War Finance Corporation out of it's fund created for that pun pose, has advanced, or is about advance, seventeen million dollars [ American exporters who are sellin / machinery abroad Announcement ( further loans by the Corporation expected, though it is not certai whether the policy now initiated wi be continued indefinitely, or whethe it will be limited to the time whe a sufficient number of Edge Law, ( similar organizations, will have bee formed and will be functioning sati; factori1y.
 Domestic Demand for New Capital '"Nhat in any case aid by the Wa Finance Corporation in solving tr problem of financial assistance Europe will be welcome, is cles from a perusal of certain statistic recently made public. These sho that during the year 1919, in tt principal states of the Union, cha, ters were obtained for corporation with an authorized capitalization more than 12 1-2 billion dollars, a increase of 414 per cent. over u corresponding figure for 1918, ar well over three times the figure f. 1901, the year of the incorporate of the United States Steel Corpor: tion- To be sure, the figures are authorized capitalization only, h. capital issues, and they include r organizations which may involve lit or no actual investment of new cap tai Inasmuch, however, as the san holds true of previous years, Il figures constitute an index of remarl able domestic industrial activity a1 suggest at least one important reast why loans to Europe have not be, forthcoming in the volume that hs been hoped for; especially when it
 considered that the great volume
 industrial financing involved here
 in addition to heavy borrowings the Federal Government and by oth governmental units"