The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1914-08-17


ly passed without grave disaster on
this side, and as a people we are now
gradually resuming such activities as
can and must be carried on in spite Of
the war. The strong efforts to steady
the general situation emanatng from
leaders in the business world are hay
ing their beneficent effect. Courage,
consideration and cooperation are
working wonders in restoring or read
justing trade movements, The most
important relief thus far obtained is
the announcement that Great Britain
has been able 10 reopen transatlantic
communication. with the prospect that
other avenues of sea transport may
soon be reasonably safe for commerce
We will shortly be able to ship our
surplus wheat and cotton. FOR which
we need the proceeds quite as much as
Europe will need the products.
There has also been considerable re-
lief in the foreign exchange situation,
although that branch of commerce is
still badly demoralized. The estab-
lishment Of the moratorium abroad
leaves international transactions in
state Of deplorable confusion; but
these are the eXigencies of war and
must be faced as best they can for
some time to come Financial London
has partially recovered its equilibrium.
and the reduction of the Bank OF Eng
land rate is decidedly reassuring
symptom. Its action also in opening a
credit agency at ottawa will be ma
terially helpful both here and abroad.
The resumption Of the London Stock
Exchange for business, however, is re-
mote; the impossibility of closing up
transactions with many of the princi-
pal centers Of Europe being a problem
Of the most serious character. There
is no immediate prospect Of opening
the New York Stock Exchange, but
much relief will result from the APP
pointment Of the Committee OF Five
to pass on the buying OF securities for
cash at not less than the closing prices
Of July 3Oth. This will allow the COM
pietion Of many legitimate contracts,
and viii prevent any decentralization in
security values through excessive trad
ing. Practically it means that this
market will be sustained az about the
last prices of the Both Of July when
the New York stock exchanged closed
Extensive efforts have been made 10
safeguard the money situation. and our
bankers are Of course all exercising I'M
usual precautions In credit operations. !
Happily this country is I'm splendid |
position 10 stand the strain imposed by !
a vast European war II is but rea- |
sonabIe that We should now place a |
fair estimate upon the offsets.
U. 6. Has Bio ADVANTAGE.
This country possesses an incalcuI- |
able advantage since il is the greatest |
civilized power entirely removed from
Tho possibility Of being drawn into the |
Naelstrom. Europe and the rest Of the |
commercial world are looking 10 the |
United states as never before. While |
Furope cannot expect the United |
states 10 finance the war. We are quite |
likely 10 give important aid in the mat |
ter If extending credit and relieving |
foreign bankers Of their usual sea
sonal financing Of American products |
We may even find il 10 our advantage |
10 aid finance the war II such funds
are used tu pay FOR our wheat. cotton,
etc. our s.rpIus food suppIies will be
sold 10 Europe al handsome profit.
The world may consume less cotton
next year but Lancashire is hungry for
the Heecy staple that must be had I'm
order 10 keep her mills going and her