New Britain herald., 1916-07-22
LOAN ID BRITAIN
 IS IN THE AIR
But CleWS Thinks War Will End
 Before Financial Crisis Comes
Especial to the Ierald.)

New York, July 22.-The most in-
 fluential factor in security markets at
 present is the war financing of the al-
 lies. new $1O0,OO0,OO French loan
 has been successfully launched
 through specially organized corpora
 tion and being an attractive invest
 ment promises to find ready distribu-
 tion. It is expected to be followed
 by huge British war credit grant;
 the amount named being $1,5OO,OOO,-
 900 and bringing the British total for
 the war up to over $13,OOO O,OOO
 How long Great Britain will have to
 stand this terrific strain no one knows.
 but her resources are so vast that the
 end is by no means yet in sight Just
 now it looks as if the war will end
 before any financial crisis can possibly
 occur. Germany is also facing the
 drain far better than anticipated:
 the real test there being deferred un-
 til after the war. A portion of the
 British loan will most likely be offered
 in this country when issued; and
 other foreign loans will probably fol-
 low
 A good undertOne exists in the stock
 market, based largely upon excellent
 home conditions. Trade is very ac- tive, considering this is the season of midsummer quiet; and bank clear ings are still running over forty per cent. ahead of last year, the gains be- | ing well distributed throughout the 1 country A satisfactory feature is the | reaCtiOnary tendency of such cOmmO- | dities as had risen unduly high owing , to war demands and actual scarcity. l These declines come not so much | from cessation of demand as from pro- duction overriding consumption. The reactions have been in met als and chemicals which were unduly by war. Breadstuffs are also lower, though hides, leather and fruit are at about top figures. Bradstreet's Index figure stood at 11.5294 July 1; a decline of Is per cent compared With a month ago and per cent. with April 1, the previous high point. Crop reports are more encouraging. High CT temperatures materially benefited corn, which now promises good crop. Wheat also improved slight lv but no one expects a big yield of wheat this year. Cotton reports were moro favorable despite damage from floods in the south. Upon the whole the crop outlook is satisfactory, there being no great gains and no serious I deficiencies. In industrial circles no noticeable cessation of action can be observed The steel trade is still at practically top speed. and profits of the big steel corporation | are reported at the marvellous rate of thirty per cent. for the last quar- | ter. Of course such abnormal results | cannot last and it is worthy of note | hat this uneXampled prosperity has 1Ot been made the basis of any spec : llative orgies, as was the former GUS ,Om So much for the better stand lrds of conduct which prevail in Wall ( street than formerly. Railroad earn ( nes aDundantly prove trade activity. ( June reports indicated an increase of i twenty-five per cent over last year, l md this rate promises to continue turing July While a portion of this increase is attributable to better rates, he larger volume of traffic Is the main and most welcome factor. The question of a big railroad strike must soon be decided, as the men are now 7oting upon the question of giving heir leaders the right to order strike, to enforce their demands. The seriousness of the situation is so great hat every effort will be made to avert 90 grave a public inconvenience. Pres- dent Wilson has been asked to inter- { ere and hope remains that sober sec )nd thought on both sides will pre- Jent a rupture Nevertheless this 1S- sue will be an important factor In the early future. A change of significance