The Cairo bulletin., 1914-09-14
Says Henry Clews, the New York
Banker in His Weekly Let
ter to the Press.
FINANCIAL MARKETS
AFFORD ACCURATE INDEX
Sterling Exchange Transactions Ap,
preaching More Nearly
Nonal Basis.

| financial situation, All interests
without exception, are cooperating
cordially for the general welfare
The problem of necessary readjust.
rent, has obviously, been attacked
1t its root. Hence. when
| business in Stock EXCHANGE securi.
ties is at the proper time resumed
It will then be on completely
sound and safe basis. The Cover
| nors of the New York Stock Ex-
change with their usual conserva-
ism are handling The situation in
broad-minded way. They may be
'elied upon to reach proper con-
.lusions.
The financial markets almost In
yariably afford an accurate index
Of the mercantile and Industrial ac-
'ivities of the nation. Thus stable
market for securities is dependent
upon the degree of prosperity in
hose activities. Our foreign trade
which has been 80 completely upset
~ the arrangement of foreign ex-
hange facilities is prime essential
O the progress of trade at home.
sterling exchange transactions are
approaching more nearly normal
'asis than has been current at any
i'm since the war started. II should
'iot be necessary to resort 10 the ex-
,ortation Of any large amount OF
he precious metal Facilitating
hipments OF wheat and other food
reductions that are needed so free
Y abroad would be more effective.
President Wilson has designated
October 4th day for the American
PEOPLE to raise their voices in prayer
hat the horrifying carnage that is
ow in progress and which means
uch widespread desolation and suf-
ering may cease. Ii is TO be hoped
hat the prayers Of the millions
pom millions Of God fearing people
all creods, in all nations will be
answered and that the Wholesale
laughter, the destruction of homes,
he waste of the savings of the TN
iortunate people shall not be per-
ritted to proceed to the extreme oi
omplete exhaustion Let us hope
hat the day appointed may in fact
rove to be a day of thanksgiying
hat the deplorable conditions have
,nded
When the war has ended new
onditions will arise Tho intcrna-
ional struggle will of course nave
| be financed The burden " tax
ton vii bear heavily upon the peo-
le of all the belligerent nations
egardless of which side may be
| esignatcd the final apparent yictors.
Happily, our own country has not
cen drawn into the maelstrcm and
| ur increased taxation is merely the
csult Of the interference by the for
| ign situation with our routine
eyenuos With the great derange-
| tent and destruction of export mar
cts that have heretofore been scry-
d by the belligerent nations our
| ,wn manufacturers and merchants
| will unquestionably find many
favorable export opportunities. Con
gTess has already enacted legisla-
| ion that undoubtedly means the
establishment of merr hant marine
which will in turn facilitate the cX.
| portation of the produces OF Amcri.
can farms and American mines AMI
| american factories All this means
N increase in Our national actiyi
es, 1t at once suggests an increase
in the freight tonnage carried by
aur railroads and in the volume OF
he products OF our manufacturers
till further, an increase In the vol
0me of business means a correspond
ng expansion Of profits. hence il
the value of securities OF the yariou.
transportation and industrial agen
cies 1t may. believe, be aiken fol
granted that American foresight anC
ingenuity will be found completely
equal to the task of taking full ar
vantage of the opportunities that
are so clearly in signt.
There is still another fayorahl,
feature fthe situation that viii
In all probability follow the de
rangement caused by the European
conflict. ! refer to the worldwide
necessity for economies that viii b.
forced in all branches of national
state, municipal as well as individ
ual affairs. Extravaganza has beer
increasing on such phenomena
scale that some check has long beel
needed. The real effect will be far
Il