Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-08-08
FINANCIAL-LOCAL AND OTHERWISE.
BY I. A. FLEMING.

foreign markets, and that is facilities
by which foreign purchasers can make
payment The freedom Of the seas
will avail US little without these
The magnitude of the problem con-
fronting Great Britain is shown by the
figures of her foreign trade. OF course,
all of that balance does not come to
the United States, and whenever II is
practicable to divert purchases TO the
colonies or allies. where payments can
naturally be done. There Is a prospect
for competition in the wheat business
this year. Canada has a large, crop
maturing. and if the Dardanelles are
opened the Russian surplus Will be
taken. There remain the commodities
that can be had only in the United
States, but much as they may be want
ed they evidently cannot be taken un.
less they can be paid for.
Serious as the situation undoubtedly
is, 1t would be more serious to any
other country under the same clrcum-
stances, for no other country has such
a variety and amount of convertible
assets as Great Britain. Her eggs are
not all in one basket by any means.
Aside from her wealth in fixed property
at home. Great Britain held, at the out
break of the war, securities based upon
valued at $4,000, 100000 and of these.
according to competent estimate, she
had parted with not to exceed $780,
100000 up to June last.
Great Britain is still abundantly
strong in her general credit, but be-
sides that she has these transferable
assets. outside the area of the war,
and, although they are private proper
ty, there should be a way to use them
if necessary to support public credit in
an emergency like this"
General Business.
General business throughout the
United States is beginning to show in
dications of Improvement. Enormous
crops are promised and with the rapid
increase in activities in the iron and
steel trade the situation contains real
elements of encouragement.
The trend toward economies, prob
ably produced largely through neces-
stiles and aided by the example of
waste of billions abroad, has restricted
accumulated make for. good trading
and better business when conditions
become more settled. In the western
section unreasonable weather has
this has been intensified by the fact
that the farmers are busy between
rains in caring for crops and in getting
in hay and other grains.
Every one is anxious to see real i'm
provement in the realty and building
business long in the dumps and slow
~ recovering. Some large local loans
have recently been made here for
apartment house projects. but there
still remain opportunities for great
improvement and at a time when
money is so largely unemployed in the
In the Pittsburgh district the iron
and steel plants are now operating at
95 per cent of their capacity. The
Carnegie Steel Company has forty-six
furnaces in blast against twenty-five
in, Tan Ia T,rh
pany is operating 80 per cent of it's
capacity. and its plant at Ellwood City
is being doubled for the making Of
seamless tubes At youngstown the
nounces it's plans for increasing its
plant by the addition of two open
hearth furnaces and two tube mills.
These additions will represent an in
Hill Steel Company. Youngstown. has
also started to add to it's plant an
other furnace to take care of increas-
ing business. The McKeesport Tin
Plate Company has placed a contract
for the doubling of their plant at Nc
Keesport, Pa. The United States Steel
Corporation is expanding 100000
upon a new zinc smelter in the Pitts
burgh district as result of the war
demand for spelter. 1t has contracted
for certain Australian ores that have
been going to Germany. The American
Smelling and Refining Company is
building g. tin smelter in New Jersey
to handle the Bolivian ores Hereto
fore these ores have gone to Europe
for treatment, and bringing them here
will create more dollar exchange in
South America. The new and extern
sive works being constructed by the
United States Steel Corporation at Duluth
will furnish an important addition to
the steel producing capacity of the
country.
War Orders, Perhaps.
The American Can Company is ex-
pecting an additional order for $780,
600, 900 worth of shells, which will raise
the total shell orders to this company
to $s0,000.000. Much Of the war orders
have been for canteens and shells.
The gun factory of the Crucible Steel
Company Will be 900 feet long by 80
feet wide. Ten buildings are now in
course Of construction.
International Harvester Is likely to
raNAiva ordera for S1o0 000. 900 OF war