The Washington times., 1915-08-15
WEEK IN FINANCIAL CIRCLES

from these reports. The Boston head
quarters Of the American Federation of
Labor on Friday estimated the number
OF on asv In not oysr IN sx
these. It was said. were being conducted
by local unions, and not by the Ameri-
can Federation Of Labor:
Industrial New England Is today gen
ployment during the last few months.
owing to the increasing war business,
has greatly improved, particularly In
the building trades. which have been
been made to many Of the manufactu-
ing plants engaged In the munitions
business.
The war business" today the princi-
pal immediate factor in the promotion
Of Amercan continues bas bs
business become that In certain lines of
materials in pressing need by the
European armies, the American plants
are unable to take further contracts.
ports were circulated to the effect that
the Russian government was seeking to
place contracts for 20oo. 900 900 rifles
cartridges, the value Of which would be
approximately $S0. .ooo. 900. but could not
accept the order, owing to the fact that
the New England manufacturers Of
ammunition are already oversold. and
the brass founders have plant capacity
Great Britain is credited with the
payment for 1900 tons Of fabricated
steel for extensions for New England
plants engaged in making munitions for
her armies. and It Is suggested that
Russia may find 1t necessary to aid
plants In their extension work to obtain
| the materials which she is now seek
ing.
Thursday there were unconf1rmed
| rumors that the DUPONT Powder Com
pounds Of powder from the allies, the
largest order in the company's his
tory. That company has already begun
the construction Of the fourth addition
to Its plant at Carneys Point. The
| addition will be larger than any Of the
bring the Carneys Point production up
| to 100000 pounds Of powder per day.
When the war began the company only
had one plant at Carneys Point.
order for slooO.oo worth Of shrapnei
for the allies: the Poole Engineering
| Company. Of Baltimore. has booked an
order for 81. 500 900 worth Of guns. bring
ing Its total Of war orders to $500 900
and the Bethlehem Steel Company has
| purchased the Detrick and Harvey ma
chine works OF Baltimore with a view
to converting the plant into a muni-
tions factory.
| Foreign exchange depreciation is one
OF the most serious problems growing
out of the European war which today
confronts the United States. Sterlins
has fallen to close to $40, or 16 cents
under the par Of exchange which
means that England is finding 1t diff
cult to finance the purchase of supple.
for herA,lf and her allies in the Ameri
can market.
During the week Great Britain sent I,
J: F: Morgan & Co.. the fiscal agents Q
the British government. so .oc0 In gol
and $50 1900 worth Of British -owne
American securities. but the shipmen,
which was made to make payment q
war orders. had little effect on the ex
the week to the lowest point ever re
corded in New York. Now there is tai
Of the establishment Of $500 00c 900 Brits
credit in New York. to be secured b
British owned American securities. a
was done In the case Of the recen
French loan.
American bankers favor the sugges
tion. for they contend that England car
|, not make gold payments sufficient
maintain the exchange rates. and adj
need the gold. The establishment Of tn
/ credit, they say. would relieve the neces
, sity for drafts on London and 500
ca use sterling to rise.
The most recent decline. which wa
registered Friday. was said to be due
, turers In Wall Street with due bills &c
$50. 900 covering completed war cor
tracts.
During the week the Interstate Con
merce Commission rendered two rat
! | A~k trS, =