The Birmingham age-herald., 1915-10-27
Experience of Ten COnnecti- cut Industries-StOck Is
 Worth Double Now What
 It Was Eight Months Ago
Fly HOLLAND

-NtA iofh, ocIoDer zb.-kSpeclal. IA computation recently made by the Wall Street Journal of the present day situa : ] tion so far as 10 industries of Con neeticut are concerned compared with the condition i'll which these companies were eight months ago tells Tn bare statistics a story which explains not so much the recent financing of the Anglo French loan of $500, GOO, 900 as the move- ment Of gold from across the sea to the l United Sates. We are so near these unparalleled financing transactions that We cannot see with accurate vision the meaning of it. As. for instance there have come to New York within the year approximately s300, 1000, 900 in gold. This is using round numbers, about three- quarters of the yearly produc- ton of gold. It is s200, ,000, 600 more than the output of new gold in the mines or the United States in the territory of Alaska. The remarkable feature of this import of gold is the indication it far nished that it is not the end and is perhaps not more than the beginning of imports of that kind.
 The Connecticut companies occupied largely the manufacture of commodi- ties which are needed in carrying on the War in Europe have capital stock at par value of $41, POO, ,0O0. A year ago at this time the market value of the stock in some of these companies was consid- efaply below par. Today the market value or the stock of these corporations IS sl3S,522,00 poo. Selecting one at random from the list of 10 companies the Niles bement Pond company, in it's experi- ehee In the last eight months, fur hlshes an example well worth consid- er1ns. A little over year ago the com mon stock of this company commanded no more than s6O a share. par being sloo. It is one of the largest American industries It's plants are in Ohio. Penn sylVanla, New Jersey, Connecticut and canada. It's Connecticut plant was oe- IiPieo TOT a year or two before the european War began with the manu- iaclure or tools and machinery. part or Which was exported to Australia to equip the government arsenal there and part or which was, and much of if still IS, to be exported to China to eqnip the government arsenal there.
 lew weeks after the European war began this corporation received heavy
 
 was Tor machinery and tools. A year ago, the common stock of this corpora ton was quoted at about 60 and there was really no market for it. Today the common stock is quoted somewhat in excess of 150. The appreciation in the market value of the stock which repre- sents its Connecticut plant alone is s7,650, ,O0o 'ie 10
 The manufactory the name of Coli identifies which, like the Niles Be nlent Fond company, is located at Hart ioro, has stock which has appreci ated s1S,0oo.000 within the year.
 All or these Connecticut industries. "hlch may fairly be taken as A type of the industries of the United States occupied with furnishing war material are now driven to their utmost capae ny. Most of them have been com peiied 10 Increase their plants. Tho W Winchester company has more than oupIlcated it's New Haven plant besides puiidlhg large storehouse at the Wa ter iroht rom which the munitions of war which il manufactures can easily be shipped by vessels of almost any draft Of water '
 IL Is for the purpose of paving for the commodities with which these 10 Connecticut industries and other Amer lean industries are occupied in manu- iactur1nS war material that no small lf'-t N'iY iiAtly dl--OI the gold which has been received in New York Las been sent here. The understand Ing Is that the new commercial loan Will be chiefly utilized in paving for commodities, food. clothing and many artlcles which are now necessarily war materials Which are yet to be bought in the United States.
 If the people of this country were TO- mote enough from this unparalleled gold movement to be able to study it lntelligently they would realize that it Is by far the largest and most mo- mentous transaction of its kind in his- tory
 Nevertheless. notwithstanding the size of the import of gold and of the Anglo-French credit when the figures are set in comparison with some other figures the magnitude of the strength and resources of the United States is clearly brought to view. In compre- hensiye article dealing with this sub iect the New York Times a day or two ago-s2id that while the Anglo French credit Is spoken of as huge, 1t is in fact less than half of the increase in the New York Clearing House as sociations transactions since the first of January this year.
 There Is another feature of this im- nort of gold and of the probability that 1t may be largely increased before the end of this year which is sometimes spoken of by some of those in the financial district who have a few mo- ments of leisure to study and discuss theses transactions, They say that the spokesman for the Anglo French com mission. in the first statement he made after the commission reached New York. asserted that the purpose which lay behind the negotiation of the loan was the steadNing of foreign exchange and the bringing of it as nearly as possible to normal conditions. But the success of the loan appears not great ly to have affected foreign exchange. It is not yet normal and there are no req asonable indications that the loan will make it normal.
 This fact points to the strong prob ability that the only corrective for the situation Is the establishment of ex- change nominated in terms of dollars. The reason for this is that by far the larger part of the worlds business is now being done in the United States. represented and concentrated in New York. For that reason money which Is at par with gold Is not only today the acceptable money here but it is also the money of the world.