Las Vegas optic., 1914-09-21


abroad with remarkable success
There have been relatively few sus
pensions of dividends, which demon
strates that our Industrial and railroad
corporations have been eminently
successful in sustaining their credit,
Notwithstanding many reverses. Again
the United States will feel this war
less than any other civilized nation in
the world. To large extent this
country is self-contained, and is less
dependent upon foreign trade than any
other country at present involved in
war. Our foreign commerce, it is
true, has received a shock, but the
disturbance has not been as serious
as expected; and though our August
exports showed heavy losses the later
foreign commerce returns indicate
that we are rapidly returning to more
normal conditions. The losses in our
exports were very largely the result
of temporarily denoralized foreign
exchange market, and with an i'm
piovement in financial conditions ex.
ports are steadily increasing. The to-
tai exports of merchandise from New
York last week we're $4,000, 900, COM
pared with $15,4O00O0 a year ago. For
the week ended August %, when the
shock of war was felt keenest, our
exports at New York were only $S.5OO.-
eco. compared with 15,S00,OO the pre-
vious year. The imports of merchan-
disc at New York last week were S15.-
100000 as against $20,20O,O00 a year
ago; a much smaller loss than was
noticeable in the third week of Aug
ust when the imports at New York
were $12.OOO,OOO, against SIS, 900, 900 at
the corresponding date last year. The
total August returns for the entire
United States when they appear will
certainly make an impressive show
ing of the effect of war upon our ior-
elgn commerce. but it should be re-
cognized that with the resumption of
shipping, and improved conditions in
foreign exchange, our foreign trade is
rapidly getting back to normal. the
losses being chiefly in our trade with
Germany. With Austria and Russia
our trade is limited. In August the
value of our cotton shipments was
crly 51,3OO,OOO, against S16,5OO,1OO
year ago. Mineral oils in that month
declined to $7SOO,OOO, as against $l2.-
100000 the previous year, while bread
sluffs actually increased to $29. 500, 900.
against 2S,6O0,OOO for the same month
in 1913.
In home industrial circles more |
feeling is developing. Good
crops are helping the west wonderful
ly Throughout New England there
are signs of recovery. The actual
stoppage of industry has been less
tran expected, and in some cases in
cieasing activity is already noted. Our
.extile mills stood the shock well. some |
Of them being engaged on foreign or
ders; and our steel industry is also |
giving a better account of itself than
At cne time anticipated; an increasing
interest being shown in export trade.
Vigorous efforts are already being
made in the latter direction by our
bankers and export merchants with in
ilcations that a considerable increase
n foreign trade will come to the
n1ted States as result of the war.
There is just one other element for
'eyived confidence, which has been al
most lost to sight by the European
ragedy, Which is the abatement of
hostility al Washington to large cor
'orations. The government is already
howing more friendly attitude to
'ig business and there are signs that
ne spirit of prejudice is giving way to
eason. The plight of the railroads
as been somewhat aggravated by the
var, had something will undoubtedly
ave to be done to improve their earn
ng capacity which xas been impaired
y restriction imposed by the inter-
tate commerce commission. A re-
uest has been granted for reopening
he case for the 5 per cent rate ad-
'ance. This is warranted by the fact
hat the roads have been enforcing the
economies suggested by the commits
ion. but are still unable to meet the
demands upon their financial resourc-
IS, especially since the impairment
t general traffic brought on by the
var A great many readjustments of
ne sort or another have been made
within the last few months which are
to improve the resisting quail.
les Of Investments and will undoubt-
dly lead to substantial recovery as