Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-08-15

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In "the street" for a week or more.
there have been none either to deny
or confirm these rumors.
1t is felt in international banking
circles, however. that the exchange
problem between Great Britain and the
United States is a much more stupen-
dous one THAI had perhaps been real
lied. short time ago our most prom
inent bankers were talking of Brit
ish credit or loan of 100. O00, 900, which
would readjust theu difficulties in ster-
ling exchange. Today it is realized that
$500, 100000 is nearer the sum which
would be necessary to put sterling back
on a normal basis. 1t is said that in
some weeks the payments falling due
in this country for the account of Great
Britain for war purposes are not far
from Sl00.000.000. This will necessitate
more gold shipments. unless some other
method for financing these large opera
tions can be devised.
Business Reports Fair"
Reports compiled and published by
two of the most largely representative
organizations of the United States. the
federal reserve board and the United
States Chamber Of Commerce, may be
accepted as an accurate barometer in
so far rs American business and finance
are concerned. For not only do they
give an actual survey of actual physi-
cal conditions as relating to supply and
demand production and consumption.
but they take note of that very inn
portant feature which we call business
sentiment. and which at present is
pointing without deviation on the bust
Added to this is the government S
monthly crop report. issued Monday.
which promises a billion bushel wheat
crop anu A three billion -bushel corn
CrOn- a. he htxyh eat nfJcQS
ever known to the younger generation
of farmers.
The chamber of commerce su,nma ri re s
| conditions somewhat as follows: Esti-
mates of the corn. wheat and cotton
crops are almost identical with those
| made by the got ernment reports. with
the possible exception of the cotton
crop. Here there is reduction of
100000. ba les from last years produc-
ton, making the 1915 crop about H.
100000 bales. This is explained AS a
! result of the reduction of 16 per cent
in acreage and 40 per cent in fertilizers.
Lumber interests are everywhere very
quiet A general dearth of building
| outside of the large cities is having a
depressing effect on the sale of build
ing materials.
The conditions of mining vary sharp
| ly as to the thing mined. Copper mines
are running full time and new ones
are opening up. Zinc and lead mines
are exceedingly busy. and the mining
OF iron ore is improving. Coal mining
Is everywhere dull, largely because of
slack demand from the railroads and
the slow business in most manufactur :
| ing. Slate mining in Pennsylvania is
at low stage because of lack of de-
| mand. Silver mining suffers because OF
| low prices Of silver, and gold mining
| is not much better save in a few favor
| ed localities.
| There Is little business in naval stores
| because of lack of demand. Phosphate
mines of Florida still remain closed
| because of the European war. I'm
| fisheries of Oregon, Washington, the
gulf and along the Atlantic coast
| Manufacturing varies much. according
to the articles made. though in general
| it is fairly active. The steel and iror
| business shows distinct improvement
| with increasing orders.
| Business in cotton and wooden mills
| is fair Those manufacturers in diff
ferent sections who have orders fol
| war contracts are exceedingly busy
Furniture business in Michigan. north
ern Indiana and Chicago is alike dull
Paper mills are running only three
quarters time. Cement factories ano
those making bricks and tile report
| as whole, is dull There is very little
demand for railroad ties.
| Conditions as Viewed in New York.
Current commercial conditions do no,
| justify either exaggerated forecasts OF
prosperity or pessimistic gloom ovel
| tieher the present or the future. With
the opening of August the trade situation
is quite satisfactory both in itself ant
with respect to Indications for the au
tumn and winter course of events
| Wholesale trade in the city Of New
might be better During June the
number of merchants and buyers in
| the city as recorded by the Daily Hotel
Reporter was about % per cent above
| the total for the previous June.
For July, however, the improvement
over last year is less than per cent,
SO that there is no occasion for in
diligence in rosy views. The difference
however, between the two years is
| merchants and buyers came to the city
only to look around, and when they
had satisfied their curiosity they went
| home again without making any pur-
| chases. Everybody was in a blue funk.
and, as no one knew what to do. the
country did nothing.
It is needless to state that this con-
| dition of waiting for something to turn
up, when nothing turned up. continued
opening of 1915, however. there was a
decided change for the better. Great
Britain began flooding the country
| with huge orders for war supplies
which at once put the manufacturing
plants into a state of general activity
This condition reacted on other branch
eS of business and so it was inevitable
that within few months general bust
ness in this country should be good.
Increase in Steel Tonnage.
That Is what has come now, and in
consequence the conditions can be de-
scribed good with a drift always
in the right direction. Last year if
the number of merchants and buyers
in the city had been doubled or trebled
this fact would have brought no ad
vantage to the wholesale trade, because
| it simply would have increased the
number of merchants and their repre-
sentatives who bought nothing. Such
| visitors may be q benefit to the hotels.
| but their presence in town is of no
| consequence to the wholesale trade.
| This year while very few more mer-
| chants and buyers are coming than
| were here last year, all who come buy
goods and are banking on brisk au-
tunfh trade.
| The monthly report of the untitled
| tonnage on the books of the Steel Cor
poration. which was promulgated Tues
day, was. if anything, above eXpecta-
| lions, showing an increase of 250,344
| tons as the net gain in new orders over
deliveries for the month of July. The