New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-06-14
War Stocks Prominent.


Trading in stocks Of companies as
sumed to be in the way Of making large
profits through supplying the need Of
Europe for paraphernala OF war was
ventured on more boldly as rumors Of
further large orders stimulated price
advances For the most part such re-
ports continued unofficial, but that such
purchases here are reaching immense
totals %ust be recognized.
In England and France tho resources
Of the governments are being exerted
toward Increasing the output Of war
supplies as much as toward furnishing
men TO do the actual fighting. Yet it
seems evident that so effective have
been the preparations Of their enemy
for turning out munitions that only
through purchases here can the Allies
overcome their inferiority.
Contracts recently placed here cannot
begin 20 be filed for some months, but
already large increases in shipments Of
explosives appear in the details OF our
exports. Chemicals used in the manu-
facture Of ammunition are contracted
for far in advance. New plants for
ordnance making and changing over old
ones to accommodate the new enter
prises suggest that we soon may have
reason 20 fear that too large a proper
ton Of our industry is being turned
aside from the more permanent bust
ness Of production Of goods used in
time OF peace.
Metal markets are completely disor-
gained by the unprecedented demand
for ordnance material. During the
week lead reached the highest price for
thirty years. Copper, which only a few
oil 1ar y 4
cents pound, was quoted at as high
as 20l9 cents by at least one large sell
ing agency, and sales were reported at
20& cents. Stocks Of copper are low
in spite of larger scale of production.
Exports are fairly large even when
compared with last years great totals,
reached when Germany was making
ready for the war she was planning
Domestic demand for ordnance work is
heavy, and ordinary business of this
country that uses copper may be en-
barrassed by the urgent foreign buying
Nickel, tin, anthony and spelter have
also felt the stimulus of the needs Of
war. High prices for spelter have al
most demoralized the trade in galvan-
lied metal products.
Business In finished steel, largely be-
cause of needs of ordnance work, is on
an excellent scale of operation. I'm
filed orders on the books of the Steel
Corporation at the end Of last month,
with the exception of February, when
mills were running on a greatly re-
| duced basis, we're the largest since
| April Of 1914. New business is in a
/ good volume, with the Pennsylvania
large order for steel rails finally placed
/ during the week. Concerns with war
/ contracts call for material and send
new domestic business to companies
not benefited by the foreign buying
What War Might Mean TO Is.
| During the week there was naturally
/ some questioning as TO what possible
/ break with Germany would mean Ia
our industries. In few quarters was il
admitted that for this country actual
/ warfare should be considered as even
remotely probable. Traders hoped that
declaration of war would merely
carry on a big rising market, with the
/ demand for munitions that PLAYED SO
/ important a part In the revival Of our
market much increased. Bankers were
| inclined 10 call 20 mind General Sher-
mans definition and deny that under
any circumstances war could fail 10
work injury.
The submarine blockade Of Great
Britain, unquestionably more effective
as the days 60 on, might seriously
check our foreign commerce if attacks
without warning were indiscriminately
made against all our vessels in the
prohibited zone. Domestic trade, which
under peaceful conditions is expected
TO continue its steady Improvement
might well be retarded. Certainly It's
upward course has been checked by the
uncertainty of the last month. Our
sending n large armed force 20 fight
4 in Europe is not yet accepted as think
able England herself had difficulty
enough in enlisting men to fight across
| the Channel.
At present domestic business is still
| far from satisfactory. Manufacturing
/ is sub-normal save where work on mu-
nitions of war has turned idle wheels
Idle cars are many, for our factories
produce most important traffic for our
common carriers Our crops, always
important and particularly so since
EurOpe's harvests must suffer to some
extent this year, promise well.
OF wheat, through the enlarged acre
age under cultivation, harvest OF
$50 900 900 bushels was indicated by
last weeks government report. This
was 10000 900 better than the forecast
l..