The Birmingham age-herald., 1914-11-23
DEMANDS OF WAR MAKING BUSINESS FOR UNITED STATES New York Banks Find Pay Roll Demands Show
 Larger Increase EXPORTS CONTINUE
 TO SHOW BIG GAIN October Showed Fifteen Million Dol lar Gain Over Last Year-Nov-
 ember Has Made a Fine
 Start
By HOLLAND


 New York, November 22-tSpecialD There was somewhat careful scrutiny in the financial district of the figures re- ported from London as the estimate of the chancellor of the exchequer, Lloyd George, as to the amount of money that must be raised by England on account of war expenses for two years. At a su- perfieial reading it seemed like con- fession of extraordinary emergency. Yet the amount Is not much in excess of that borrowed by the federal government in the first two years of the civil war. and England can place her loan on better terms than the United States govern ment was compelled to give, Then, too, the clear intimation that the chancellor looks forward to a continuation of the war as far ahead as the year 1916 is re- garded as of special consequence to American business interests.
 There seem to be two points of view, both of which are of importance to American business life, from which the English financing is regarded. Occasion ally the question Is asked: will not the enormous expenditures entail such econ omy throughout Great Britain as will tend to decrease her demands for Amer ican products? Others feel confident that no matter what England is com pelled to expend to maintain the war she must turn to the United States for a vast amount of supplies which the emergencies of the war prevent her from getting anywhere else
 Presumably, no small portion of the enormous credit the chancellor of the exchequer has obtained is to be expanded in the purchase of food. equipment, ma terials of war and machinery with which rifles and other implements of war may be manufa ctured in the English arsenals There is no other place where commodi- ties of this kind can be secured in the amount needed and within the brief time which is essential for the manufacture and delivery of these products than the United States.
 These purchases must sooner or later greatly increase the activities in almost all departments of American industry. It is to them in some measure that those who direct what is colloquially called .'big business look for remunerative out put. while the wage earners can rely upon t1lS Qenldnu TOT occupation on Iuli time and good pay Many of the banks of this city find demands already made upon them for pay roll disbursements so large and so suddenly increased as of itself to furnish good indication that in many lines of industry much activity now pre- vails. These pay rolls are the means upon which the retail tradesman rely for good business. From all parts of the country there come intimations of q
 l. healthful revival of domestic business. The large manufacturing concerns con- tinue to receive heavy orders, particu- larly from England. Italy and. curiously enough, from Normay and Sweden. h. stead of there being any letup in these orders, they have been maintained and even increased. Of course. credits which have been established here in favor of foreign governments or purchasers are as far as possible confidential. Yet the man ner in which some of the big industries have received payments for. commodities already exported furnishes good proof that large credits have been established in New York.
 An Infallible Sign
 There is, however, one infallible-be- cause it is official-sign of returning pros perity particularly in the large indus
 
 which are executing orders for food prod ucts This sign is furnished by the re- port which comes from the governmental authorities at Washington and Is the rec ord of our exports as they are made from week to week and month to month.
 For instance. from New York alone there were reported commodities to Flu rope in October of the money value of S15, GOO, 900 in excess of the exports for Oc- tober of last year. There are as yet no details such as the manifects of the steamships contained which would show the character of these exports, but there is no doubt that for the most part they represent purchases of food and of equip ment and war material and are in such amounts that 1t is inevitable that general business must speedily feel the reflex ac- tion.
 One of the reasons why it Is regarded as fair to assume that the exports, at least the excess of them over last year rep- resentes war supplying commodities pur- chased of American industries is the fact that the exports from New York to Eu- rope in October were S16.000000 greater than the exports last year. whereas, on the other hand, our exports to other parts of the world were less than they were last year. Besides. we sent to Ger many and Austria on account of interna- tional trade in October of last year com modities of the money value of Sl0. GOO. GOO This year we sent nothing to either of those countries, at least directly It is possible that the increase in our exports to Italy, Norway, Sweden and Denmark covers in part commodities which are de- signed ultimately for Germany, although of this there Is no proof.
 When the sudden and unprecedented in- crease in the sale of the products of American industries and agriculture be- gan. in the latter part of September. 1t was sometimes thought that these pur- chases might represent only a sudden emergency. The hope was strong that they would be continued through Novem- Der for if they were they would surely stimulate American business life and would also make 1t all the easier for us to recover normal international financial re- lations.
 Apparently this hope is to be fully real ized. We already have official record of the money value of the products of American industries which were bought and sent through the harbor of New York in the week which ended November IA. Presumably a majority of the exports of manufactured articles represented pur- chases from some of the great corpora tions. From New York in the second week of November there went commodities of the money value in round numbers of S24,-