Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1877-08-25

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rT~ wiil c@a-- u ,. ~H-E o. ~-- AN
ga temT-rzztiy rI-e> snd nS,,si state,
h nses f4il. ia, ct ~ EASY - ssr whv -.
former efert shou.d t. oaly teags.gsry.
- many expect. If the ~ar lNsis Nen
lay. War create extraordinary oppEta-
mites fer employment Il money; disturb
anoe ia the money markets also creates
extraordinary demand; and men sell " hat
they can sell At least loss in order to real
iZe the money needed" Turkish and
Russian securities have become nearly
unstable, and decidedly not good colat-
eral for loans; new demands for money
spring up on every side; and the people
who want to realize in order to employ
money at better profit, or who must real
lze in order to protect themselves, sell
United States stocks because these sell
quickly and at small sacrifice. This rea-
soning undoubtedly applies to some tran
sactions. But the slight decline in United
States bonds is by no means cOmmensu-
rate with the rapid rise in gold. The
truth is that something else is coming to
this side much more largely than the
bonded debt of the nation.
1t does not seem probable that very
large transfers of Government bonds will
be made to this country. There are
great many sellers, no doubt, in every for
eign market, but there are also great many
buyers, and the more because European
are depressed and the future Of
European nations is cIouded with doubt.
Unhappily, We owe to Europe very large
sums which are not represented by Gov
eminent bonds. Our State and county
and municipal bonds, our corporate secur-
tiles, and especially our railway bonds
and stocks, are held there to an enormous
amount. Confidence in such securities
has been terribly shaken by recent events.
When thousands Of former holders wish
to realize on the securities, there will not
he found, as in the case of Government
bonds, other thousands anxious to invest.
A great exodus of American securities of
the less satisfactory kind is likely to be
an immediate effect of the war, and, if
the struggle is prolonged, and involve.
great exhaustion of European capital or
the borrowing of large sums at high rates
by European Governments, this shipment
of securities to America seems likely to
continue.
Inasmuch as We owe nearly or quite
81, 000, 100000 abroad, in the form of
bonded debt, the credit of corporations
and municipalities not known to be strong
is likely to be severely tested. Not few
railways, which have struggled until now
against bad management or adverse fate,
will be forced to surrender at discretion
long before the Turks lay down their
arms. Stocks of all kinds, mining, rail
way, and manufacturing, are also largely
held abroad, and in many cases are likely
to come back. 1t is unfortunate for us
that this disturbance in Europe 80 closely
follows events which have impaired con-
tidence in the management of many
American corporations and municipali-
ties But we must face facts IA they are
and it seems probable that, for some time
to come, a large share OF our exported
grain and produce will go to pay for
bonds and stocks returned to this coun-
try.-Nesc York 7'ribune.
WINDMILLs IN HoLLASD.-0f wind
mills = Holland correspondent of the
Eairersaiist writes: I'VE had NO coacep-
ton Of the magnitude Of these lai,ur-sss-
ing devices. We counted not les, than
sax stories in the to~er vi the Que &C ~err
r.-ruatffs-i IA rxamfae L. a.p-s have l.,-u