New Britain herald., 1915-12-04

1 report bare shelves and a widening l demand for all classes of merchan-
 disc. Big retail stores in all sections i of the country anticipate good Christmas trade. The steel indus try continues on it's record breaking course the present rate of pig iron production exceeding all precedent. Prices are again advancing and in some instances have reached a point that restrainS orders; but profits are large and this industry is now enjoy ing degree of prosperity which should compensate for the lean period which had been endured for months. Railroads are heavy buyers of equip ment, having placed liberal orders for rails and engines, in addition to nearly ;5, ,000 cars in November, the largest number since January, 1913. Our eN- port trade in steel is also promising, since foreign requirements are 1n- creasing while Great Britain and Ger many, our chief competitors, are dl- verting their energies to the demands of war. Building operations are also being resumed on a larger scale under the stimulus of rising confidence and an easier credit situation. There has been a decided improvement in the demand for textiles; both cotton and wooden fabrics ref1ecting this change in advancing prices. New incorpora- tions reported in November aggregate, $243, 3,O0O,O00, against $116,000,000 a year ago and $121, ,OOO 900 in the same month of 1913. The total incorpora- tions recorded for the past eleven months reached $1,362 OOO,O ,OOO, against s877,OOO,OOO in 1914 and s1,-
 
 show a remarkable revival of enter prise from the severe contraction which followed the declaration of war; the low ebb being in October 1914, when the volume of new ,incor- porations was only $70,000,000. The amount of new security issues re- corded in November was $230,0O0,o00, against $2S, S,0OO0O0 a year ago. This was the largest sum in many months except February last when the total was swelled by several large railroad bond issues, including $1OO, 100000 by New York Central In the face of such facts no very prolonged reaction in stocks can be expected.
 steady Declining Tendency.
 In spite of satisfactory trade condi- tions, f1attering railroad earnings, i phenomenal activity in steel, etc., the stock market showed steady de- clining tendency. This was attribut- 1 ed partly to continued liquidation, to foreign selling and the approaching l opening of Congress. A lot of new 1 problems have lately been pressed up- 1 on public attention, such as prepar- 1 edness, revenue, tariff, shipping, etc., 1 and the political situation is further i complicated by the coming Presiden- | tlal campaign and the excitement and l uncertainty which that movement is 1 likely to produce. There is no req 1 son to anticipate any more disturb i ance than usual during the next cleo l tion, and when the Presidents mes :, sage reveals the Administration pol :! icy for the coming session, a sense of . relief will probably be felt. One inn ! pOrtant factor in the reaction was the weakness in the intuition shares. ] Exaggerated war profits will not be re- i peated. The Allies have secured l enough ammunition to tide over the ! emergency, and Great Britain will now be able to make it's own muni- tions at much lower cost than SUD- l plies drawn from the United States
 Of course while the war continues further orders may be expected, but they will be less urgent, less fre- quent and at lower prices than the first series. Concerns with orders at early prices that will keep them occupied for some months to come must continue to show good results
 but It IS a question whether these nave not been exaggerated and fully d1scouhted Indirectly the war con- tinues the most important factor Financial conditions have been ad-