The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1913-03-18
Henry CleWs' Letter

New York. March 1.-THE controll-
ing feature OF the financial situation
Tor the time being is the money mar.
Ret. We are now actually i'm the ne
ROD of preparation for the April set
Elements which is usually AN occasion
OF slringency at home and abroad. In
Europe the situation has been particu-
larly aggravated by the strain of the
balkan war coming at a time when
the demands of trade imposed heavy
burden upon the financial resources Of
all the great European banks. The
situation In Germany appears To he
less critical than fortnight ago.
Liquidation has afforded some relief
there, and the large exports of gold
from the United States have also been
OF material assistance Their, is no
doubt also that the situation in Ger
many has been somewhat exaggerated,
probably for speculative effect. Ger
many ard England are apparently
reaching an entente cordiale": but the
possibility Of Austria being a disturbe,.
81 the peace, backed by RUSSIA, ana
the proposed large increase I'm the ar
mes "f both France and Germany has
introduced new phase in the Euro
pean situation. Much of the current
irritation evidently originated In ire
sponsible Continental newspapers but
IT'S effects are To stimulate the war
spirit and encourage eXtravagant and
oppressive military OUTLAWS. The policy
of all the great European nations 4.
To Ice prepared for hostilities. and this
~ placing an intolerable burden upon
the taxpayers Of all Europe. The sit
uatlon iS one that cannot continue
Either some movement toward dsarm-
must be attempted. or a state or
tension Will be created which may only
require some small incident to start a
serious conilagration. ~ The moment, |
however, there is a sense Of relief. a,
well as belief that the relations be !
tween the various powers are not as |
bad as supposed. German trade. though
showing signs of slight reaction. is stlll |,
active and generally sound Those in
position Ia judge appear confident of |
another year of good business tor this |
great industrial nation. German for |
eien trade is stll running on record .
breaking lines, German prosperity in |
this respect being Illustrated by the /
earnings of her great |
lines, which show an in,
crease of % per cent net over last
year. There is also no abatement in
he activity of British trade Condi-
lions such as there make strongly for
'eaCe. ana ii should be remembered
hat the great bankers of Europe are
neither willing nor able to finance
great war. This fact itself is one of
he strongest reasons for the mainten>
Ince of peace.
The business situation at home CON
inues satisfactory. There has been
10 abatement i'm the activity of the
asst few months. The open winter
has encouraged outdoor work Ia an un-
usual degree The crop outlook thus
ar Is entirely satisfactory Many in
lustrial establishments are running
ull time. our railroads are over
PRESSED with traffic ana reporting en-
gains in earnings. Clearing
House returns have for weeks past
hoWn liberal increases over last year.
-ess is now heard about tariff dis.
ussion for the reason that many lines
# business have already amply dis
ounted probable changes. The extra
essiOn Of Congress will soon he called
ma the subject will come up for acute
discussion, which may induce more or
ess hesitancN until this important
'roblem is adjusted. The new admins
ration has thus far caused no jolts.
IN the contrary it's policy appears to