New Britain herald., 1914-08-29
INDUSTRIAL GERMANY IS AT STANDST|LL
Financial Situation in New York
 Sh.Wj Some Improvement.

New York, Aug. 29.-Persistent and confident efforts are being made to adjust business to war conditions both at home and abroad. Here much progress has been attained and more will follow. Abroad the situation s
 different. Germany's enormous com-
 merce and industry is, of course, prac-
 t1cally paralyzed. Beyond taking care
 of her own immediate internal neces-
 sites, industrial Germany is unavoid-
 ably at standstill. Upon that coun-
 try the stress of war is falling with
 intense severity; and, whether sym
 pathizing with the German cause or
 not, one cannot but deeply regret the
 gigantic disaster which has fallen
 upon that progressive and enlightened
 nation. Upon little Belgium and upon
 France also, two of the most advance
 countries in the world, the blast of
 war has come with crushing force.
 These two nations will suffer rela- lively even more than Germany; for their fairest and most prosperous sec tions are being devastated by immense
 armies and wholesale destruction. Upon Russia, Austria, Japan and other nations, the blow will be much less severe because they are out of the field of conflict. Upon Great Brit ain the effects of the war cannot yet be told. If short, the loss will not be so great as in the case of Germany; and would soon be at least partially compensated for in various directions, such as new avenues of commerce, new colonies, new markets, new in- dustres and the hope of decline in militarism.
 Shows Some Improvement.
 The financial situation in New York, though still much confused, shows some improvement. There is a calm ness regarding the seriousness of the situation which at least is reassur- ing. Our banks are cooperating to meet a grave situation in the most energetic and cordial manner. The government also has done much to relieve the situation and prevent harmful stringency. If any sugges- tion could be offered toward further aid in the situation, it would be in the direction of a more generous use of Clearing House certificates. A lit tie more judicious liberality on the part of the banks would certainly be help full, and the great danger is, that un- less this is granted the way may be paved for dangerous infationary schemes in congress. 1
 Better Than Anticipated.
 The business community in New York and elsewhere has met the shock far better than anticipated. or course, there is much confusion, espe- cially in important and export circles | arising from the demoraliZation of the foreign exchange market. This | is abating somewhat each day and the | financing of imports and exports is becoming less and less difficult, i though the end of trouble is by no in sight There is now no | longer lack of transportation to | countries with which international l commerce is possible. Exports of l wheat have been upon a more liberal | scale, and are likely to continue at | high prices, this staple having already | shown very violent fluctuations The | cotton situation is still serious and | requires most judicious handling. Of | the four million bales which | Germany usually takes will be car- ried or consumed in other markets, | and the problem of financing the com ing crop is one now that is receiving 1 the serious attention of our bankers l and cotton merchants, efficiently aid | ed by the government at Washington. The effect of war upon the British export trade of cotton goods will not be as severe as at first expected; pro- vided England keeps the routes to China and India open, and provided too many of her operatives are not thrown into the army.