Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1920-08-06
Tremendous Gains In Output OF
Dominating Commodities
Reported
NEW HIGH RECORD
IN BANK CLEARINGS
Average Price of All Commodities
:, Shows Ten Per Cent Increase
In Past Year
CReported TO the News-Budget by
the Eau Claire National Bank

The most notable changes in the bust
ness situation in recent weeks nave
been the tremendous gains IN the out
mt of iron, steel. coal, coke and petfo-
Ipum. the production of each OF when
is far above last years showing. Inc
TRANSFORMATION situation is improving
and with sufficient Improvement a
10000 supply of metals and fuels VIII De
available. The total volume or busl-
ness. although declining, is still large
and the decline is in no way sensa
tiOnal.
Bank Clearings at the principal
cities for June amounted to So Dillon
dollars. a new high record for the
month of June, which compares with
less than 81 billion dollars for June OF
last wear. Clearings exclusive of New
York City were nearly Is billion dollars
compared with II billion dollars the
previous month and less than ii Dill
lion dollars in June 1919, an increase or
1901 over a year ago and 1870 over two
years ago.
Exports of Merchandise during May
were valued at TAG million dollars
compared with $50 million dollars the
previous month and 6O4 million dollars
i'm Nav of last year. Imports were
431 million dollars compared with 496
million dollars the previous month ana
800 million dollars in May 1919, leaving
favorable Balance of Trade of SO
million dollars compared with only lS9
million dollars in April and 30 million
dollars in May of last year. In May OF
this wear imports of crude materials for
only 149 million dollars compared win
1913 million dollars Il month ago. de
cidedly mfavOrable change. Imports
of manufactures ready for consumption
amounted to only "A million dollars in
May compared with nearly Il million
dollars i'm April which Indicates
slight trend in the right direction.
Heavier imports of raw materials ana
heavier exports of manufactured artl-
cles will be of great benefit to America
and particularly to American labor
while the heavier imports of raw mater
iaIs will at the same time be of great
HELM i'm restoring foreign exchange TO
par.
4, Business Failures during June num-
berpd 600 compared with sol IN May
and 453 in June of last year This IS
the largest number of business failures
repOrted since January 1919 and the
total liabilities of the failed concerns
amounting to nearly 33 million dollars
is the largest failure liabilities report
ed for more than five years. For some
time these reports have Indicated a
natural trend toward the heavier Dusl-
ness mortality which seems now To
have arrived but perhaps not as YET III
fuU force The coming months call
for the utmost care in both buying and
the extension of credits. The ellmin-
alton of some of the weaker concerns
which have only been kept going
through an abnormal business comb:
tion is reasonable certain. 1t is prop
able that failures will be mere numer-
ous in those lines which he = enjoyed
the greatest measure of prosperity as
i'm these lines production costs nave
risen so high as to preclude the posi-
bilitv of the price reductions which
must inevitably come.
Dividend and Interest Disbursements
for July will he nearly 341 million doi
lars compared with 2S3 million collars
i'm lime and 316 million dollars III Jul!
Of last wear. OF the total, DIVIDENDS
will account for over 40 million dol
I.rs comnared with 103 million dollar
wear ago. while interest payment
will be over go million dollars com
pared with less than 213 million dol
lars wear ago. Almost 80 million uoi
lors will he disbursed by railroad com
nonies compared with % million dol
lars wear ago while rail road mtefes
navments will total 10 million doiiar
,ompared with 113 million dollars /
JuIv of last year Interest disburse
oantS nv the Government will be neal
" % million dollars as compared VII
II million dollars year ago ana II
dnstrial dividends will be nearly
million dollars compared with l. mn
lion dollars year ago and industrii
dividends will be 80 million dollar
oo,,narod with 80 million dollars
July 1919.
Nancy i'm Circulation on the first
IufV was O.USo Hiliiloi NoAi'A -
pared with 6,1o2 million dollars
month ago and 5,S41 million dollars
year AGO. The population OF Il
Trnitad States is 1O7, 155 thousand con
nored with 100000 thousand a yes
ago making the money circulation p
capita S5G79 compared with Soo.9o
month ago and $54.2S a year ago. III
stock of money in the United States
the first of July was 1887 million &c
lars compared with 7.SO3 million d'
l.TS 81 month before and 1858 milli'
dollars year ago.
The average price of all commOditi'
according to the Bankers Commodi
Price Index, on the first of July w
S7OS.17 compared with $715.27 mon
ago: 1851. sc at the beginning OF t