The Detroit times., 1916-08-21
EARLY END
OF WAR NOT
IN SIGHT
HENRY CLEWS
New York Financier
Says MunitiOn Or
ders Pile Up
CONSUMPTION is
NOW STUPENDOUS
ID e m a n d Increases,
Though Britain Sup
plies Own Wants

NEW YORK, Aug. 2l.-Henry
Clews in his weekly trade revio ".
says; quite a rev val developed
On the Stock Exchad.:", the market
being more active and stronger than
10 many weeks. Directly and indi-
reCtly the war again proved the
chief s'lndlus. The resumption OF
war orders dec.sively affected the
muntion group. and the general
market stiffened under the success
OF a new British loan; while rail
road shares were visibly affected by
belief that there would be no strike.
The consumption OF ammunition
in the present cruel war staggers
Imagination; but Great Britain now
seems able to supply her own
wants. both as 20 shells and guns,
and intimates that she will soon be
ready to assist hcr Allies III this re-
spect Nevertheless, botn shells and
guns are being consumed upon a
stupendous scale, and bigger repeat
orders are coming 10 American man
ufactuTers than ever anticipated:
all of which does not portend an
early end OF the war. Such orders
are being placed with greater dis
elimination than in The earlier stages
Of the struggle and are going chiefly
to large and responsible concerns
whose products have best stood
actual test. While new orders are
being placed urou better business
basis, and are not encumbered by
such tNtrIyagant commissions TO
promoters as marked early con
tracts, there is still handsome
profit TO concerns which obtain
these orders and which. needless to
say, mean continued activity and
prosperity for the American steel
industry into 1917.
Some munition concerns are be-
ing dismantled Of their war machin-
cry; usually those whose profits
were below expectations or those
whose output hal not proved salts.
factory. The evident pruiongation
Cf the war means continuance OF
big exports. further inl.orts of gold
or securities, also additional big
credits to the Allies; all of whic1
we can readily handle, thus pointing
to continued prosperity. As already
intimated in these adYices, when the
war ends our steel plants will be
occupied for some time in satisfying
reconstruction demands Cf Europe,
wherC railroads, industrial plants,
etc. viii have 10 be Immediately re-
stored. particularly in France and
Belgium. on this account alone,
many millions Of steel products will
be sold to Europe when peace is de
Clared
AT this writing. IL Is Impossible
to anticipate the result of the great
controversy between tho railroads
and their employees Tho conse-
qucnCcs 10 both sides of nation
wide paralysis of traffic are so grave
AMI momentous that q strike is re
Cardcd as almost impossible. be-
cause neither side really cares tn
deliberately face the consequences
or an aroused public Indignation
"lIrnceforw ard. financially speak.
ing, We must look out and not In.
aud aCCustom ourselves to larger
transactions than have hitherto been
the rule. 70 us the S25o.0u0G50 loan
appears to be Il matter OF vciy con.
siderable Importance, yet IL small
compared with Great Briain's total
borrowings which, since The war,
have reached nearly $4,000 600, 900.
The loan recently granted in New
York would 1nly pay Rritain's war
expenses for about eight days In.
stead of thinking In milliCrs, we are
obliged tu think I'm billions