The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-01-08
OUTLOOK IN GERMANY BRIGHT
4 REVIVAL or COMMERCE. AND
jNDtSTRl LAST IEtR,
American securities In Favor Substantial
Increase Of Trade win the tinted
states Long Period Of Continuous
Prosperity ProphesIcd for the Empire.

hEHLlN' nee WV lle qthck recovery
'i'm depression is characteristic OF great
nations ~ OF great minds the recovery
often accompanied by certain arrest
enterprise and apprehension for the
me This may he described az the con
f-ion of Germany. commercially and in.
ou>inally during the year now closing
NIe l. la recovering from the ami
'f''tcs 9OO and 1901 but the marks
h} these black years ike those left
1cr political religion, and social de-
pmcN by the Thirty Years War. are
vet entirely e1aced Her industry
fH commerce however have nov com
r"'fN passed through the proce,. Of ros,l,-
a.ou r"rdcred necessary by her disaS-
and the unhealthy speculation and
-"fud undertakings that for a moment
t'f"r p brilliant but wholly delusive light
on 'nr prugrc-- of the empire have dis
appeared
generally agreed that with reform
hour'e legislation in the direction
allowing more play TO legitimate and
p"'HY To non-profes-ional specula-
' and wI'h the coming into effect Of
-"Nen new commercial treaties all Of
,n ilt one. that with Austria Hungary.
" 2Aed and sealed, Germany has
1s period Of continuou seprosperty before
l' j. truo hn' her imperial treasury
Disorder and constantly in need OF
t7j- l,:' this is chiefly matter Of ac-
counting and not becau.a the people are
Impoverished
~ suitable financial system has vet
ncu organized for the still Youthful en-
f.r" "a, whole The finances and financial
condition Of the individual States and
peoples are perfectly sound
with special reference to America one
~ The leading bankers here while wishing
io preserve his anonymity departs so far
from his reserve as 10 give me the follow
lnG statement
1t vas in good time foreseen that the
financial relations with America would
develop fayorably during laoi Owing to
the fact that speculation in this country
fetered by badly conceived stock ex-
change legislation. German capitalists were
alithe moreready o prove the good opinion
they had Of American securities by album
dant purchases
The interest shown 10y the German
public in these securities especially the
railroad. and recently the industrial also.
was lively throughout the whole wear.
This disposition may be desert bed as con
slant and firm, inasmuch a. no considera-
ton presents itself to suggest that the
development OF Americas economic con-
nIuons Is likely to take an unfavorable
turn
Very considerable business has de-
vcoped IN Baltimore and Ohio Railway
common shares. which were introduced
10 Berlin by the Deutsche Bank at the be-
ginning Of the year. The amount Of these
shares in German hands has continuously
increased
As TO this statement il may be remarked
that while il may be possible thus 10 fore
ca"t In tho most general terms the probabl
permanence OF good financial relations
retween the two countries il still remains
tr1e that the German bourses and notably
that Of Berlin. are so dependent on the
New York Stock Exchange that every
movement Of an abnormal character there
u Immediately, and it may be very dis
a-'fously. reflected on the bouIses of Ger
many, and that from week to week it il
always possible for disturbances to arise
Shares 70 up and down under the in
flence OF little known causes and are sub
J'ei TO events which no one can foretell '
and against which no one can provide.
Moreover. the movements Of the money .
market as recently Illustrated by the deal
iHg- in Copper. have frequently very little c
demand and supply; in other words. with II
the or"c- Of commodities and there i.
an action and reaction always at work a
uron them which cannot be prognosticatcd =
or determined II
'0uogrrently, for example with the ex- r
element about Copper there was a dis
'HHgnc" Ell along the line in South African
INNING securities and although there was \
no Hhle connection between the two sets n
coy phenomena n j. highly probable 70
'h7 they were. related Pos ibly losers "
'n Upper may have been forced to
''. South Africans IN order 10 provide in
cover for their Copper Losses; but, how Of
f'cr that may be similar phenom are In
liable TO occur and upset the most prudent 50
calculations "
Inc expert opinion given above * CON ~
hrm"d 10y the equally expert opinion Of
l1e infringement Of the Dresdener Bank ~,
ms institution which has largo connec- ~,
u'l~ Niih America writes follows
During he year there has been a com
t"." fo'lval both rs regards industries -
and the activity Of the share market. The ~
AFTER which began ct the end OF 1908, suf 'u
Tered sudden, setback in February. a.
The war between Russia and Japan broke y.
'ii uut the Berlin Bourse was the first sr
Tho var would bring no complications, ~
Gained permanently down. en-
he war. by bringing into existence a or
great demand for coal and iron. supplied br
stimulus to activity which was felt on
every bourse IN Europe. These activities ~,
""Fe strongly supported by the activity IN
q" 'ar Ncw York Stock Exchange especially 90
mo meta market fn,
} hr good tendency Of the market in Ber- an
vas well assisted by the cheapness of ms
money which ruled during three-quarters INC
.'' year In the last quarter some stif-
made itself perceptible, but not on
'' 'nF -.'c!. es'cnt as in previous years. are
.ld1stri1l outlook in Germany An
coming year is bright, and practi- inc
all ns1 mills are supplied with orders
wih ooep them busy for the first half ma
'' 'f'f Prices have bettered. and the for 100
'N4'i"n % tho German iron and steel syndi- s2S
'' "'I! afford 4 51-ia FOR all industries mo