New Britain herald., 1916-08-19
Especial to the Herald)

i New York, August 19.-Quite a re- l vival developed in stock exchange, ! market being more active and stronger l than for many weeks. Directly and ] Indirectly the war again proved the I chief stimulus. The resumption of war orders decisively affected the mu- nltlOn group, and the general market stlffened under the success of a new British loan; while railroad shares were visibly affected by belief that there would be no strike The con- sumption of ammunition in the present
 cruel war staggers imaginatiorh but
 Great Britain now seems able to sup
 ply her own wants, both as to shells
 and guns, and intimates that she will
 soon be ready to assist her allies in this
 respect. Nevertheless, both shells and
 gun are being consumed upon a
 stupendous schale, and bigger repeat
 orders are coming to American manu-
 facturers than ever anticipated; all of
 which does not portend an early end
 Of the war. Such orders are being
 placed with greater discrimination
 than in the earlier stages of the strug- gle, and are going chiefly to large and responsible concerns whose prod. ucts have best stood actual test. While new orders are being placed upon a
 better business basis, and are not en- cumbered by such eXtravagant cOm- missions to promoters as marked early contracts, there is still a handsome profit to concerns which obtain these orders and which, needless to say, mean continued activity and prosper 1ty for the American steel industry into 1917. Some intuition concerns are being dismantled of their war ma Chinery; usually those whose profits were below expectations or those whose output had not proved satis- factory. The evident prolongation of the war means a continuance of big exports, further imports of gold or se- curities, also additional big credits to the allies; all of which we can readily handle, thus pointing to continued prosperity. AS already intimated in these advices, when the war ends our steel plants will be occupied for some time in satisfying reconstruction de- mands of Europe, where railroads, in dustrial plants etc, will have to be restored, particularly In France and Belgium. On this account alone, many millions of steel products will be sold to Europe when peace is declared.
 
 anticipate the result of the great con- troversy between the railroads and their employees. The consequences to both sides of a nationwide paralysis of traffic are so grave and mOmentOus that a strike is regarded as almost inn possible, because neither side really cares to deliberately face the cOnse- quences of an aroused public indigna- ton. Prhaps the threatening attitude of the unions has not been taken with sufficient seriousness; but in any event he vigorous initiative which President Wilson showed in aiming for settle l nent had quieting effect, and was a prime factor in saving i he country from serious trouble. The 1 will probably be adjusted by ! OncesSiOns on both sides. Forum l ltcly the demands come upon the rail- 1 -oads at a time when they are fairly 1 able to meet them, if present volume 1 of traffic is maintained; but the crisis l reveals the fac more strikingly than ever that relations between the rail- roads and the government or pubic are at present upon a basis Of mus tice. Some readjustme must be made if the railroads are to prosper and maintain their ability to attrct capital for necessary Improvements and expansions. Under present con- I railroad owners work for a i wage that the government restricts, ! does not protect nor allow COmpen- l satiOn for increased costs of opera tiOn; l while railroad abor is free to force it's 1 claims upon railroads to a degree that l threatens bankruptcy for the cOrpor- ! ation and unheard of inconvenience and damage to public interest. One side has responsibilities and restraints which 1t cannot escape; the other has neither and Is disposed to Wield it's power reclIlessly.
 The formal announcements of a loan l of $25O, 900 to the United King 1 ment from two viewpoints. Of the 1 $500 GOO 900 of securities that are to 1 the collateral for this large 1 ransa ctiOn, one-third, or approximate y $10O 900, 900 represents high grade | American bonds and investment stocks l that have been accumulated by the British treasury in pursuance of it's plan. These securities i will now necessar rily be removed from of sale during the two-year period that the new notes will run; thev will no longer constitute a threat ! to the general stock exchange price level The loans second influence, to which reference has already been made in these advices, contemplates the favoring results to the market that are not unlikely to accrue from the ef- l