The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1914-08-26
Commerce
Is on Strong Footing

Gradually but surely business of all
kinds is being resumed, and the worlds
commerce is adjusting itself to the
necessities of war, BY far the great
est and most important basis of i'm
prOVoment has been the partial restor-
alton Of international trade. Traffic is
now practically safe across the Allan
tic and through the Mediterranean, two
channels through which much the
largest share of the worlds commerce
travels. The route to South America
is also practically open.
German boats, representing an en-
ormOU tonnage, are Of course out of
employment. and the sudden with
draWal Of so large a capacity must
continue to be Il serious Inconvenience.
The loss Of tonnage will fall most
sol crelN upon the passenger service,
but this class Of traffic promises to be
exceedingly light for at least a year
or 50 to ONE.
Transportation Rapidly Resumed.
Fortunately freight transportation is
being rapidly resumed; chartering has
become much more active, and very
sOOn our wheat and cotton will be
going abroad in liberal quantities.
Germany will not be able to buy our
grain or cotton with any freedom; but
England must have both in large
amounts and will be able to secure
them as long as she can control the
sea. This helps matters very material
" on this side of the Atlantic, and will
lessen or avert the loss that threaten
ed our southern and western farmers
by an embargo upon transatlantic
routes.
The proposal of our government to
1 49, l~-4
vessels is now unnecessary. 1t is I'M
wise for both political and commercial
reasons. Our government would he
entering upOn an exceedingly costly
and losing operation for the purpose
of meeting q temporary emergency,
which is rapidly passing away.
Another Improvement.
Another important sign Of improve
mpnt is the diminished tension in the
financial world. International banking
ARRANGEMENTS are being gradually re-
| sumed. and foreign exchange opera Co.
tons have now been rCOpened on the
continent on a limited scale. The New
York stock exchange remains closed
and may not he reOpcned until it is
known what the LUndOn exchange is
likely to doc 70 open the New York
exchange under existing conditions
would he sheer folly, since it would
make New York the dumping ground
of all the needy sellers in Europe and
DreCipitate fresh Generalization in this
market.
Meanwhile a business of every con
siderable importance has been aCCOmp-
lshed under the present methods Of
limited transactions for cash under
approval of the stock exchange com
| ~, ttoo ,F fN0 'ThIc nl9n hoc worked
very satisfactorily and has done much
toward furnishing relief, prices beinl
maintained at the closing of July 80
and in some cases showing a Sigh
Improvement.
Settling Money Situation.
Our bankers are doing their utmost
to settle our domestic money situation
which has he"n greatly relieved by
emergency circulation, by the release
of government funds and by the ISSUE
Of clearing house certificates. Thus
far all infationary proposals. have
been sternly checked; and It is to be
hoped that this policy will be firmly
adhered to. Initiation might nelp now
but would eventually bring on vastly
worse conditions than yet seen
A fair idea of the effects of the wa
on the United States can now be had
As the effect Of the first shock passet
away, it is seen that German com
merce and industry will suffer NOR
than any other. The United State
will temporarily suffer from the los
Of German imports. These. however
will in due season be compensated 70
by supplies obtained from other oOun
tries and by the creation IF new O
stimulus of old industries in thi
country. This may or may not reviv
the tariff as an issue.
Steel Industry to Benefit.
Our steel industry will Ulti1natel
also benefit, for many of the order
which at one time went to German.
will now be filled in America. o.
cotton mills may reasonably eXpet
larger orders for export, which wi
somewhat offset the loss of Germa
purchases of raw cotton. German
transacted a very large trade wit
South America. much of which ST
/ will lose to the United States.
The American sugar industry wi
also profit largely by the Temporal
: loss of the German supply. The wor'
of the shock of war in this countI
has already been felt. We may see |
, later effect in high prices of foo
whilet he dislocation Of industry W!
temporarily increase the number
unemployed.
however, our lndustFl'
will receive a great impetus, and
any country in the world can possib
benefit from the colossal, disaster no
hanging over Europe, it will be tt
United States, which is happily FRI
of all foreign entanglements ar
should absolutely keep so.
Federal System Soon.
Considering the abnormal condition
which have prevailed since the Eur,
| pean nations became engaged in
death struggle, the banking interes
throughout the country have handlt
| their affairs remarkably we'll.