The evening herald., 1917-06-06

The country fufNiHnce an uteitrAih7
picture OF the great commercial ma
chine working under approaching war
irfluences.
This picture visible through thel
compilations In Dunh's Review Tor the
past week. imprcsses one about as fol-
lows.
In nearly all sections there mas been
a icssening OF distributive tTade--a d.
n,inished retail trade due partly toI
backward weather and partly to the
extra cost OF necessities. Even the
hardened anti-economy produced byI
high wages shrlnks from these expen-
ditures as prices mount higher In
some eases staple goods have not been
sold as promptly as expected ara
special saies take place to reduce the
accumuiations. The peroeptible lull in
regular buylng j. accompanied by
some cancellation OF orders, and p1ri
of the machinery not engaged on gov
ernment work i now idle. These in
stances are rare. however. sentiment
Is more conservative but showdown
IN activity In considered natural after
many months OF remarkable eNl'an-
sion. There Is no show OF loss NJ con-
fidence among the leaders. The on
coming OF war conditions has produced
less adjustments than might have
been expected Labor shortage alone.
as men have Withdrawn from DroIuc-
tive enterprise looms large. and the
difficulty of keeping up suppl Is In
tensified by the scarcity of raw na-
teriais. Transportation facilities are
stili over-taxed. causing delays IN de-
liVcries; enormous volume of traffic
shows increased gross revenues over
1915. and bank ciearings are un-
equalied for this period Higher prices
OF everything. however. are account
able for some Of this Increase. The
record Of failures continues favorable.
The market IL led by steel. and the
strength OF steel common and of the
other steel stocks is justified by the
volume of bush ess and the great
profits Of these companies. In which
are no signs Of retrogression for long
period steel common. up TO it's ex-
dividend date. was upheld by the large
dividend 10 go to holders previous 20
June LIST. and its action in partial re-
covery OF the dividend indicates ia
on the bull side.
All business II cheered by the cheer
fulness Of the market and by the fav-
orable reports from the loan subscrip-
tions.
Submarine sinkinRs have slowed
down. which h taken by some to mean
failure Of the bloody comPaign. hui
too much faith should not be founded
on current figures 81 DESTROYED ton.
nngc These atrocities rise and fan
slowly indicating the periods when
the exhausted pirates must return for
repairs. The wolf hikes To iis lair G."
lick ~ wounds and recover lts breath.
and then rencws the attack with ad o.
ded feroclty with the prospect of "a
dormant RUSSIA the demand FOR out
own war activities becomes all the
greater Government preparcdness h
progressing and registration day mark.
ed the first firm accomplishment
which is % mobilize ultimately 'n
army OF 2.0o0. 400 men for the front
These are the somUre happenings
that make for serious thought But
equally important with the sendiag n
men b. effort of business To- Keep ace
tiyity and profits az the highest pitch.
a. funds in vast amounts viii thus
bc more literally furnished 20 carry
on the war a. the only pussi1le ending
that Of peace with yictor turr"nt
orders are being sweIled by gpvorp-
ment expenditure as large commit
monts at satisfactory prices are being
placed daily without publicity
The Industrial hive is teoming with
activity and with every evidence ot
continuation and increase. Under such
pressure OF pronts constantly piling
up stocks refuse tu remain inactive.
The railroad equipment business is
beginning to show evidence ot added
volume. which will come TO nearly an
business by reason of OUR own war
purchases. added 10 renewed require
ments from the other allies
For May the orders received for
cars and locomotives Amounted -
sitO.e00 600 In April the amount was
only sgs 500. 600 and IN March $40
O0o. coo.
Foreign orders. aided By our l"-ns
10 the allies we're in the maiorii'-
with Russin. now reinforced 10y the
8 90 600 ooo loan from us. the most
active The Boston News Bureau calls
attention To- the rather inieresiin=
outlook In the equipment business. dne
10 the fact that IN al Europe there