New Britain herald., 1917-08-04

extensive credits and loans that have already been granted them. This pol icy of aid not only greatly stimulated our foreign and domestic trade, but also immensely strengthened our credit resources through gold impor- tations, giving us status as a great commercial and banking nation which would not have otherwise been pos-i sible, even by years, of strenuous competition.
 Aside from the midsummer quiet the general business situation con. tinues satisfactory. The greatest fea- ture of encouragement is the crop outlook which steadily improves, Latest returns indicate that we shall produce something like billion more bushels of grain than a year ago. which at present high prices means great prosperity for the agricultural districts. The corn crop promises to be a record breaker, or nearly that The wheat crop has turned out much better than antict pated and it is calculated that with reasonable economy we may be able to let Europe have about 100,00O,OO0 bushels more than last year. Cotton Is also doing well. although the gov- ernment monthly report was below general expectations. Tho next stimU- lant of importance is the enormous prospective expenditures for war sup plies during the fiscal year, which may reach not less than $1Q,OO0, 100000 for ourselves and Allies The significance of this does not need to be expanded upon. Its importance, however can be measured by the fact that prev1OHa to our entry into the war the leading belligerents had been spending at the rate of about $2O,OOO,OOO,OOO annually and even more lately The earnings of our leading railroads and industrial concerns continue to show very hand.
 some gains. On the other hand, ex-
 penses are usually rising faster than
 gross results, so that with increased
 expense and heavy taxation ahead
 not to speak of the probability of fixed
 prices, 1t looks as If many concerns
 had reached if not passed the zenith of great profits. August dividend pay ments amounted to over $160, 1000, the largest August on record, due partly to extra dividend payments and partly to increased payments on for eign loan. The new railroad and in-s dustrial issues in July figured at $135,- GOO, 1000, "a decrease of only s1, ,000,0O which was a very good result con- SlocIlHS tie huge ulVeTSlOn or Cap1Cal to Liberty loan Of last named total $77, 100000 were in notes, which under existing uncertainties seemed the most favorite mode of financing. Since January 1. new issues have reached s1,0S1, 100000, a decrease of $388,- 000,0O0 in seven months. The total issue of foreign loans in this country since January 1 was $485, 100000 In addition our own Liberty loan ab- sorbed up to July 31 about $2, 1000, 000,- 900, including what was turned over to the Allies. Another indication of industrial activity resulting from the war was the enormous amount going into oil productionsn new companies re- ported since the war began in 1914 being $1,016,O 100000.
 The outlook for the stock market Is favorable despite the innumerable problems ahead awaiting solution. Our general financial and industrial situa- tion is sound, and all extensive opera tion in the future are generally de- ferred until a period of greater cer- The effects of the em bargoes upon exports of steel, food and other products must be taken into considera- ton. Also the forthcoming regulation Of shipping, through neither may be determent if wisely exercised. The problems of taxation. trade regulation, price fixing, etc, which are now 7ab- attention at Washington are unsettling; and yet the fu- ture is hopeful in many respects. stocks are in strong hands, he money situation is satisfactory, and the railroads should before long effect the better rates granted in cer- ain sections. Consequently the posi- ion of the market is one that wilt justify an advance in prices on reli- able announcement of favorable war lews hereafter, which may be reason ply expected from the present outlook.
 More Censorship.