The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-02

| the incentives to new enterprise. to say
! nothing of the influence Of the new laws
! ON the potential returns of established
4 enterprise.
! In other words. where Europeans have
| no further adjustments to make Ameri-
can business men may yet discover that
much readjustIncnt is required. Europe
! alone cannot give the signal OF release for
| American economic energy, nor can cheap
money alone ill all the requirements Of
the near American future. What we have
! still 10 find out lis whether or not the
/ halt In our business which was largely
: called on Europe's account IL TO lie con-
/ tinued for any protracted period on our
| own account There Is no argument here
| FOR surrendering particle OF the hope
! and courage with which the American
business community has lately been In
! spred by fact and sentiment. but nearby
! realities must Inevitably temper the mood
OF business and financial optimism which
was 50 marked a feature OF last month q
record. Some of these realities were I'm :
/ piled IN the catalogue of domestic devel-
opments which We're set forth earlier IN
this review. n will be observed that
practically every one OF them Is involved
! with political considerations or with the
effect Of political departures.
The Interstate Commerce Commissions
order compelling the railroads to make
full changes for the service rendered over
was the outcome of railroad Initiative
itself. but the ruling was made In Ian
guage which initiated against expecta-
tons Of an award favorable 10 the rail-
roads in the Eastern ratio case at any
time IN the very near future. The ruling
was another notice OF the change which
has been wrought In the political terms
of business EFFORT In the United states and
! OF the Establishments which must be eff
fected as a requisite to sustained business
! expan. Ion. The foreign trade statement
! for last December disclosed the largest
aggregate of imports for any month In
the cuuntry's history. Exports fell s17.-
0ou. 600 below exports for December. 1912,
hut imports increased $50. 100000 The
evidence OF this exhibit tina, the drastic
revision OF the protective tariff had In
augurated a season OF swelling importA-
lions OF foreign wares and commodities
was unmistakablc.
Confirmation OF the view that we are in
FOR many months of remarkable import
statements IS ohtainablc from bankers.
who have been learning from their Gus
/ toners OF the extraordinary increase OF
purchases abroad OF materials and goods
! which have heretofore been obtained In
the home market The December foreign
trade return happened to coincide with
the United States Steel Corporations re-
port of earnings FOR the last quarter.
or $4,000 900 from the September quar-
ter. the earnings for December alone hav-
ing fallen to about 1900, 900. The corpo-
ration's report could not be fairly con-
nected With the operations Of the tarir
SO far. but the prospects OF business With
which the revised tariff invites foreign
competition have come in for much dis.
cussion because Of the caution addressed
from authoritative quarters agains, the
, anticipation OF early recovery OF steel
prices on the strength OF the moderate
turn FOR the better IN the tide of new
. orders.
Washington dispatches Of the last week
in the attention paid to the manifold diff
cultjcs OF foreign relations In which this
country seems 20 have become curiousiv
entangled, coutrastcd with the cvidenc.
that Europe had worked out Of the ,.riti-
cal Junctures of international politics
They showed thar cXclusiv, OCCUPATION
with domestic concerns aas rot possible
for Americans and impaired a somewha,
novel twist Ia reflection on the domestic
business outlook For the most part.
though. political reflection al home was
engaged chiefly with .he menacing nor.
tents OF the legislation bending in Con
gross for the extension nj the regulating
Interference ~ Government over the do
main OF business ondeavor. That American
business men :lay acqui.sce IN whatever
programme ~ legislative Enactment poll.
ties chooses to put through does no.
prove that the enactment IL beneficial or
desirable. II may only prove that BUSINESS
offers no antagonism to political projects
OF 4" noT unwholcsome nature. such as the
Fat smelling Federal trad. con,nis-
sion which the Administration proposes.
because II has been compelled 10 recognize
III" lu'UltA of kicking against the bricks
OF politics. But this does not mean that
political revolutions in the lines Of bust
ness legality can be carried on wholes,l.
without Impeding the diffusion of material
prosperity.
~ AL domestic occurrence. toward the
ca of last month 'hc most cheering was
N" steady direction OF money TO invest.
h"nt purchases Of nign grade securities
AZ steadily rising prices. with la.se over
subscriptions for new issues This may
denote IL suspicion that stocks which de-
pend for their attractiveness on tho ont
look for good general business haV. stu
TOO many uncertainties 10 contend with
mat a creditor relation to American en-
t"rprsc IS preferable. to a status OF OWN
ership with tn" prerogatives % an owner
subjected to vast contraction by political
"ncroachmen;. Vet II IL precisely IN such
n direction Of money 20 nigh grade cor
p"rat" obligations that IN times past the
financial foundations have been laid for
rearing anew the structure of American
business prosperity. II ~ the usual pre-
cursor OF larE. provision OF capital
sooner or later TO the promoters OF new
enterprise and is always the frst con.
Nlncing sign that "A constructive. era In
approaching after a series OF destructive
years. We may rot SEQ clearly through
the murk ot political aggressions on cant
tai how the task OF upbulidng Is 10 bo
carried on, but reasoning In such matters
is apt 10 overlook the small part which
logic plays In human achievement COM
pared with rhetoric. The soothing dict,on
OF a Presidential message may be OF vast
potency In allaying tho approximations that
might prevent ia" accomplishment OF an
economic miracle
Meanwhile the solid ground of comfort.
able money conditions Is once more AFFORD.
ing sure footing for business aspirations
ana evidence II acrruing that the country
Is unwilling 10 borrow trouble from the
difficulties on political account with which
II may collide IN going forward 10 the
creation of values. Indeed people in the
mass are at tn" moment persuaded that
III" political revolution In the United
states Is facilitating tine exploitation OF
cheap money for til" production Of now
wealth and its distribution on n scale OF
unprecedented breadth, The stock market
has he"n trstifying to nothing else. and
the latest phenomenon of the market,
Europe's current replacement OF It's sold
out commitments IN American shares Ia