Arizona republican., 1912-02-21
HENRY CLEWS' WEEKLY FINANCIAL REVIEW

possibility of a conflict between Eng !, land and Germany. which not a few | seriously minded statesmen appre- | hended. but it also enables two of ! the greatest powers in the world tO modify their eXtravagant eXpendl- ! lures on army and navy. Should 1t be possible for England and Germany to come to an agreement whereby this waste was limited. the result would be a vast step forward for civ ilizatiOn as well as incalculablc eco homie gain; for money which has hereto gone into UnprodlctiVe direc- tions for ironclads and armies would be turned into profitable channels. The significance of this peace move ment is shown by the rapid rise in
 British consoIs, which have long been considered the premier security or the world For months past they have been selling ar the lowest price in
 many years because of the strain up- on national resources from military .expenses and the Socialistic measures of Lloyd George. A partial relief has been found by the means just referr- ed 10. and a rapid improvement in |
 | Financial London is greatly relieved and a strong tone of hopefuiness pre- | vafls in consequence. the effect of which cannot but have beneficial ! reflex action upon the United States. | Similar improvement is taking place in Germany General trade there IS ] in excellent condition and has been throughout the late eXcitment. What ever stress developed from the Mo roccan incident was chiefly confined to financial circles. Now that the strain has been relieved by the rap
 proChemant between Germany anC
 England, German financial markets are experiencing quite as much relie
 as shown in England. German loans
 have either been paid or well takel care of. Financial anxiety has disap
 peared and the outlook in Germany
 is quite as bright as that in Britain With conditions so satisfactory Tn two , of the leading commercial nations o the world, how long will the United
 States remain behind, when there nothing but unnecessary political dlS a turbances to prevent a fresh move ment?
 The New 1O1k Slbth Hl''ir'N ''''
 been dull and letharSic. StrehSt . has been shown in few specialtle' t but hesitancy still prevails for we u understood reasons. The money mar
 ket continues easy and there IS sti 10 q nlethora of idle funds, with no pros
 pects of material change until pre - parations for April settlements are e lorder It cannot be said that yer
 hopeful feeling prevails in New TOT
 financial circles. and though the ger ~ eraI situation in both finance du 10 business is sound. operations Tor IT n immediate future still call for dl' s crimination and conservatism. Tn u' - season the market is sure to take ( 'i greater activity, and that activity
 more likely to be witnessed on u 7' side of rising prices than lower. II most depressing factor of material II ruence is the insistence of caplt To unop larger returns. This is proV' '- bv tbe rate at which new issues ha ' been put on the market. Any lar - increase in offerings would. of cour:
 render a bull campaign more dlftlcu N and if capital is able to commanu per cent to 6 per cent ana oNel' T follows that some oi the hISH Piio - issues must more nearly approd li that level for the reason that shre' ~ buvers will begin to transfer LII .s9 holdings of fancy stocks to the pet u class of new issues. On the otI we hand. conditions are favorable il' hatter European huying, and IT. would pomptly check any signs ne weakness here. Under strong Tea Il" ership the market might develop c' i'o siderable strength, but at present m- Sluei ""'' i sigbt
 ,b- SuOii