The Washington times., 1915-11-28
WEEK IN FINANCIAL CIRCLES

Continuing on the phenomenal course
which It has been pursuing for months.
he foreign trade Of the United States Is
on record. At the same time domestic
:rad". aided by exceptionally good
weather. and encouraeed by the i'm
orovement In labor conditions and higher
prices. Is approaching proportions Of a
boom.
Hardly a week passes that does not
zee something new done In the indus
rial line that would not have been done
this country had not been compelled
oy force Of circumstances to do things
other than was its wont. Thus the
ylassmakers Of Pittsburgh have up to
low thought 1t necessary to use a GER
:ain kind Of German clay for the pots
n which the glass was melted. When
ierman clay became unavailable the
search began for a domestic substitute.
Bv the aid Of experiments conducted by
he United States Bureau OF Standards
his has been found. and the mixture
prepared from American clays has
proved superior to anything that ever
came from Germany. In the future.
I Is needless to say. this country will
depend on Its own resources in this
natter and will do no importing. Simi-
arly: up to year or go ago. soda was
he exports instead. and the glass in
lustry Of the Netherlands. which Is
threatened with stoppage because It
:anpot obtain its usual supplies Of soda
from Great Britain. Is arranging to get
is material from here. Another typical
case. which has to do with exports. con-
,cins the sale by North Carolina manu-
facturers of about $4,000 worth Of
chairs and other furniture to be
shipped to South Africa. which has been
accustomed to get these articles from
Europe. These are by no means iso-
ated cases They are. rather. typical
IF development that. once begun will
not cease when peace again comes.
UprUesuc- and foreign applications
Tor 'VeaiS tp New York now aggregate
mora a.tSnH 5000 900 OoO but they are not
n AIf6aient vDlume to cause any rise
rate last week was. with one exception.
the loyest for this season of the year
n tho history Of Wall street.
During the week negotiations have
ncen closed between London and New
York bankers whereby $4,000: 900
institutions. This loan will run six
months at AZ per cent. without privilege
II renewal. The borrowers will deposit
5000 900 of British government bonds
ts collateral with the Bank of Eng
land.
It was further announced that tho
;uaranty Trust Company had practi-
callv arranged with the Russian gov
'rnment loan of $60.0O00OO. the funds
% remain here for the purchase OF
supplies. This loan is to bear interest
at the rate OF per cent for ninety
nys and may be renewed for a similar
5eriod up to eighteen months on pay
ment of l per cent for each extension.
II the Russians avail themselves OF the
'ull privilege the annual carrying cost
will be per cent.
The steel Industry Is now apparently
entering upon the greatest period OF
expansion In its history. Business Is
limit OF their capacity. and present
prices. with the efficiency that has been
developed during the lean years. are
yielding unprecedented profits. During
the present quarter the United States
Steel Corporation will show net earn
ings above liberal appropriations for
depreciation and betterments and re-
placement of surplus sufficient to pa:
the dividend on the common stock al
the regular rate for year to come
indeed, there Is a strong proba piiity
that the directors at their January
meeting. may feel justified In reim-
bursting the common shareholders Tor
their loss of income during the last
There was some diminution OF equip
ment orders during the past week from
the previous week. The largest sinTie
order placed was by the MINNEAPOLIS.
St. PAU ana Sauit sue marie Tor lVI
SO-ton ore cars with the American Tar
aud Foundry Company. The Canadian
Pacific railway Is building 80 refriger-
ator cars In its own shops. The Erie
railroad has placed an order for rhir-
Teen all-steel suburban coaches with
The Pressed Steel Car Company. and
the Chicago and Alton has ordered 1bL
romposite gondola cars from Haskell
T. Rnrkcr. The Missouri. kansas and
rcXas ls in the market for 800 general
70
composite cars ordered previously.
Tweiv. railroad companies reporting
ssI week for Octobsr showed . total