Evening star., 1915-09-16
Allies NEEDS BROUGHT
MILLIONS TO AMERICA
Not Only in Cash for Supplies, But
in Big Advances in Values
of Securities.
Local Traction Shares Slightly Firm
er-United States Productive Ca
pacity of Steel Enormous.
BY I. A. FLEMING.

Elsewhere on this page will be found
a compilation of the enormous advance
made in the stocks. of industriai cor
porations engaged. to sre:'eF vi
lesser degree. in the manufacture oi
munitions. arms, cannon and parts vi
rifles, guns, shells, etc, on oroer iro''i
the allies
When war broke out year ago. IL
found the United States in serious IN
dustrial depression. and the announce
ment that two-thirds of Europe anu
Great Britain and her colonies were at
war did not in the slightest improve
the situation.
There was an enormous demand for
munitions and equipment; a great bu:
ing movement in foodstuffs and horses
began and has been increasing win
each day: the factories steadily an
creased their production, gave more
employment to labor. started furnace
after furnace ir the steel mills. From
fear and the minimum of production
the situation turned to one OF 1uii
capacity of activity in all steel ana
equipment mills. increased demand Tor
shipping, better freight hauls for roads
running to tide water and general pros
perity in the lines mentioned.
1t is generally admitted that America
was saved from Industrial and general
business oppression by reason OF the
orders from the allies in their need
THESE advances in security HaIues
represent nearly SoQ0,00O,O0O in tangl-
BILE gains. not because OF stock specu-
lation, but because of the profits to the
corporations and the chances for en-
larged dividends to shareholders. lhat
this entire advance will be retained is
scarcely to be expected. once the war
is ended, but the United States trade
balance of s1.500.000 is a tangible gain:
the millions of gold. more million millions OF OF
securities sent home from Europe and
distributed among investors. and the
tens of millions of dollars paid to
farmers, stock raisers and others are
even more tangible than the prohts
made in stocks. although these hgures
tell an important story.
And the end is not in sight. America
will continue to prosper. The Dig
New York city will, in all probab -lity.
be granted. in some form or other. not
a loan to take money out of the coun-
try. but a credit against future pur-
chases. This credit will help absorb
surplus wheat and cotton, as well as
other American products.
IT, and this question is not being
argued in this column, the government
form is practically assured-mayhap
not for a billion-but for substantial
part thereof, and the acceptance rul-
ings of the federal reserve board will
be of vital assistance to bankers in
shifting assets to raise the needed
cash, while the federal reserve act it
self released hundreds of millions of
dollars of reserves, and the dullness in all
lines of normal trade and commerce has
added to the idle money in banks vaults.
Local Stocks Little Firmer.
There was just little firmer tone on
values for local street railway shares,
but no radical improvement in trend of
prices today. Railway common sold at
S5. an odd lot or two of Capital Trac-
tion at S6 and S6I4. while the official clos
ing was SIS bid for the former and S512
for the latter. both being offered at Sc.
4 few shares of Railway preferred
changed hands at sos.
With the exception of a sale of 10
Mergenthaler. at 113. there was no fur
ther activity or life in Washington Sc
eurities, stocks or bonds.
Dividend Declared.
The National Bank of Washington
will pay the regular quarterly divi-
dend of 5 per cent to shareholders Oc-
tober 1, books closing September Is.
Personal.
John Poole, president of the Federal
National Bank. returned to Washing
ton this morning after four-week
trip to the Pacific coast, visiting Mime
apolis, Omaha, Denver, Seattle, the ex-
position cities. New Mexico and the
Grand Canyon of the Colorado.
E. S. Wolfe. cashier of the District
National Bank. will return to Wash
ington this evening following a ten
day stay at Atlantic City.
Low Rates.
The Richmond regional bank of the
federal reserve system has been given
q per cent rate on ommodity paper
and 3is per cent on trade acceptances
Treasury Condition.
The condition of the United States
Treasury at the close of business yes
terday was:
Net balance in general fund, s4S.472,-
<22
Total receipts. $I,1l7,104.
Total payments. s2.51o.s25.
The deficit this fiscal year is s33,-
%53,273. against a deficit of si7,O15,963
last year, exclusive of Panama canal
and public debt transactions.
Financial Notes.
Ihe CniteQ states now mas steel pro-
dnctfve capacity as large as Great Britain,
France and Germany combined. The pres
sure to buy supplies and munitions is just
as pronounced as when Schwab landed his
first ffty-miliion-dollar order. Capacity
annually OF American steel mills is
placed at 35,900,ooo tons. The greatest
individual producer. the United States
Steel Corporation, has not turned a hand
TO land war orders.
About $2,500,o00 General Motors 6's
mature in October and will be paid off.
Prices for steel products are SO to 81 a
ton higher than they were a year ago
at this time.
Eight months ago the Netherlands
oversee trust was organized. and in
that time has handled nearly 100000
600 of American products. the trust
having the confidence of the British
government in the matter of preventing
export to Germany of goods permitted
TO reach Holland.
Baltimore and Ohio tonnage con-
tinues to show an increase. President
Willard is authority for the statement
that August showed 10 per cent in-
crease in tonnage compared with
August, 1915. Passenger traffic is still
poor in comparison with the periods
when 100000 a year was received for
enigrant travel, which is now cut off
A. G. Spalding, base ball expert in
the early days OF the game, merchant
for many years, left an estate of $780,
600, of which probab bly, not one dollar