The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1914-08-11
TIE OUTLOOK.

splendid condition is such that not alone are We
in good shape at home, but we have been able TO
give help abroad. In this country there IS a
much more confident and hopeful feeling re-
garding the future. In Europe, following the
first furry Of the war, there was an increase e
rates, but since that both by the Bank of England
and the Bank Of France the rate has been re
duced to six per cent. That helps abroad and
helps in this country, for it shows confidence,
which is the great need.
The world of finance has been studying cond-
tons and it regards the outlook as good. It IS
the general view that out Of the war in Europe
there will come as a final result much Of good
to affairs in America. We present here extracts
from the report sent out by the banking house
of Henry Clews and Company, of New York.
yesterday, and the views expressed by it are
such as to add to the feeling of confidence which
is evident in our country, that report saving in
part:
The crisis of the age is on, and the worst {,
probably appreciated. The result must now be
left to the arbitranent Of arms. Great Bntain's
entry into the war will undoubtedly hasten the
end; the sheer intensity Of the conflict neceS
sarily limiting its duration. For the time being
the worlds commerce is defnoralized. 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-
during are too dreadful for the Imagination.
Chaos will rule in European industry and COM
merce for possibly some time to come. The most
that can be reasonably hoped for is some great
decisive battle in the early stages Of the war, de-
cisive enough at least to open the door for me-
diation and thus stop this monstrous struggle,
the saddest blot on Christendom in many gem
erations.
I'm the course Of time the present confusion
will partly disappear. The world is rapidly set
ting down to a war basis, and many of the nee.
essary activities of life will soon go on much as
usual. So far as the United States is concerned,
we are energetically adjusting ourselves to the
new situation. Our leading fnanciers are show
ing a degree of ca1mness, courage, consideration
and wisdom that is a splendid exhibition of pub
tic spirit. 4 = = Not only our financial ma.
chinery has been put in shape to meet almost any.
contingency, but important aid has been rem
dered to European bankers, relieving them Of
considerable of their obligations to this side.
Foreign banks often finance the moving Of some
OF our crops, cotton tor instance; but IN this
case by relieving them we have helped ourselves
as well as Europe. In all departments Of bus-
ness there is a growing sprrt of cooperation.
which should be generously enlarged until the
crisis is passed. There is a universal extension
Of credit where needed and where conditions are
sound. The moratorium has been promptly
adopted wherever necessary. = =
AT the moment the most serious effect of the
war upon ourselves, outside of financial circles.
is the utter Generalization of foreign commerce
and its handmade, foreign exchange. Our cot.
ton, our grain and our oil, which constitute a
large portion of our exports are practically
blocked. Yet somehow or other Europe must
have these products, or suffer still more &C.
rlously. The products held back now.
however, will be in great demand later on at
unquestonably high prices. One sorry result OF
the war will be the worldwide advance in food
products, which we in common with other na-
tons must expect. On imports the stua ton is
equally deranged. = = < European sugar and
gram crops will certainly suffer severely. British
cotton and wooden manufacturers will incur
heavy losses. Even if they ultimately secure
their supplies Of raw materials, as they probably
VIII, their export trade will be seriously dis
turbed. This will greatly stimulate American ex.
ports OF cotton goods, and at the same lime check
our imports Of woolens. = = <