Evening journal., 1916-11-23
THURSDAY, NOVEMBER %, 1916.
WAR ORpERs CONTNUE.

rx1FIE passing OF election day had no material effect
Il upon our war-order business Concerns that
reaping a harvest from the direct indirect demand
for commodities for shipment to Europe have con-
tracts extending considerable period OF time
there European buyers in this country ready
to give more orders wherever they find firm with
ability to deliver tho goods.
II is announced that one car-building company's
munition deliveries this year will amount to 100000
O0O or fifty per cent OF its ordinary gross business.
And the shortage OF cars, due to congestion in trans
portation of war-order communities has created
demand for which the factories unable to fill.
They find more profit making shells.
The great sensation OF the pest week in business cir
cles was the announcement that one OF the smaller
powder companies has cleared a profit that enables it
10 declare a dividend Of 179 per cent its common
stock. That Is prosperity Of unprecedented kind,
but very satisfactory those who happen hold the
stock OF that company
One OF the largest advances in prices due TO the
war is in the copper market Before orders be-
active, copper sold at about IL cents and yielded
a small profit at that. Now the price is lowering
around 30 cents, and with European sales to the
amount Of 5O0OOOOO pounds made last week. there is
likelihood OF decrease soon. Consequently there
is prosperity in the copper regions.
Much copper is exported for in foreign manu-
features. More is sold to American manufacturers Of
brass who later sell their product FOR export Be
Iolt the war Dtkdhs OdAaud hdu ho Nieo9 i"N'"liNo
whatever but with the needs OF to be supplied
her newly established brass factories have capacity
Of i5O,OOO,OOO pounds per year
or course orders have had their continued eff
feet upon the iron and steel industries and values are
going up. Il is expected that European powers will
place orders for nearly 100000 tons Of steel during
the coming year. Exporters are offering a premium
OF 81 per ton for pig iron.
But producers OF powder, copper and iron are not
getting all the war-order prosperity According to
recent market reports. a million bushels OF wheat
were sold in New York in day for export TO Eu-
rope The demand for cattle and horses continues, the
Gamers and beet sugar producers are getting record
prices. and prices OF all farm crops high and
likely TO remain high long the war lasts.
With no prospect for the termination of the war
within year. the outlook is good for prosperous con
ditons indefinitely However, there is recognition Of
the fundamental unsoundness Of business the pres
ent basis and fear that when the ends it
might do Unexpectedly, just it began, Europe will
cease to buy from us and begin TO sell In anticpa-
ton OF this the Federal Reserve Board has arranged
hearings to devise means Of preventing Europe from
Withdrawing quantities OF gold that have been
shipped to this country in the past two years TO pay
for our commodities.
This is an official acknowledgment that business as
AT present constituted is abnormal and that the huge
gold reserves are as uncertain they are unusual.
Although the Federal Reserve Board is Democratic.
it may conclude that protective tariff is advisable
in order TO prevent the dumping Of European goods
and an alarming depletion OF hoard Of gold.