Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1914-08-11
CLEVs' MARKET LETTER

New York, Aug. 1O.The crisis OF
the age is on, and the worst Is prob
ably appreciated. The result must
now be left to the arbitrament of
arms. Great Britain's entry into the
war will acknowledgements the end;
the sheer intensity of the conflict
necessarily limiting its duration. For
the time being the worlds commerce
is demoralized. On the Continent of
Europe the losses will be colossal.
Hundreds of thousands of precious
lives will be sacrificed. and billions
of capital and property destroyed.
The horrors that will have to be en-
dured are too dreadful for the imag-
ination. Chaos will rule European
industry and commerce for possibly
some time to come. The most that
can be reasonably hoped for in some
great decisive battle in the early
stages Of the war, decisive enough
at least to open the door for medal
| ton ana thus stop this no11str0us
struggle; the saddest blot on Chris
endom in many generations.
Confusion Will Disappear.
In the course of time the present
confusion will partly disappear. The
world is rapidly settling down to a
war basis, and many Of the necessary
activities Of life will soon 60 on much
as usual. So far as the United States
is concerned, we are energeti cally adj
justing ourselves to the new situa.
ton. Our leading financiers are
showing degree of calmness, cour-
age, consideration and wisdom that
is a splendid exhibition of public
spirit. Today Wall Street is shoulder
ing responsibilities, accepting risks
and granting accommodations that
are saving this country from panic
and materially alternating the stress
abroad. Whatever the misdeeds of
the past, today those who manage
our leading financial institutions are
showing a fine ability and a splendid
courage in meeting the grave situa-
ton. Not only our financial machin-
cry has been put in shape to meet
almost any contingency, but impor-
tant aid has been rendered to Europe
an bankers, relieving them of con-
siderable Of their obligations to this
SIDE. Foreign banks often finance the
moving of some of our crops, cotton
for instance; but in this case by re.
lieving them we have helped our
selves as well as Europe. In all de.
partments Of business there Is a
growing spirit of cooperation, which
should be generously enlarged until
the crisis is passed. s5
Extension Of Credit.
There ia universal extension OF
credit where needed and where con
ditiOns are sound. The moratorium
has been promtly adopted wherever
necessary. The financial strain on
this side has been materially relieved
by the issue Of $500 900 900 of emer-
gency currency under the Aldrich-
Vreeland act, and laws have been
passed making it possible if neces'
sary to put into circulation over
81, 700 600, 900 of such currency. BY
common understanding our bankers
have also agreed to prevent any fur.
Their important exports Of gold. The
closing Of all Of the Exchanges has
fortunately prevented an aggravation
OF the crisis by stopping ill-advised
speculation; and before long there is
little doubt but that the financial sit
Ination here will have. been SO
strengthened as to allow the reopen
ing Of Exchanges throughout the
country. 4
AT the moment the most serious
effect Of the war upon ourselves out
side Of financial circles, is the utter
decentralization of foreign commerce
and its handmade. foreign exchange
our cotton, our grain and our oil
which constitute large portion Of
our exports are practically blocked
Yet somehow or other Europe must
have these products, or suffer still
more seriously. We need the pro
/ ceeds Of their sale, or many Of oul
merchants will doubtless be for the
time being more or less inconven
fenced or crippled. Just now we sore
ly feel the need Of an American mer
chant marine, which we might have
had on hand but for the many ill.ad
vised restrictions upon operation
] which still remain. Some relief may