The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-01-05
FINANCIAL REVIEW
OF THE PAST YEAR
Forward Looking Aspects Of the
CONFUSION in the Worlds
Capital Markets.
POLITICS ITS INFLUENCE
Signs Of a Better Understanding
Between Government and
''Big Business"

After the exercises more or less ap-
proprlate to the change in the calendar
the world wakes up within Il few days
to realization that 1t starts the new
year Just about where II left the old.
The hopes and fears that were enter
tanned IN December survive into January,
although t'.r. is always this much
gained. that sentiment. which Is a power
full factor IN the affairs OF men, en-
courages cheerful dispositions as the new
year comes into view with all its possi-
bilities Of happiness ana prosperity. The
temptation Is strong accordingly at this
ness situation sentimentally rather than
logically; to deal with It in terms Of OPP
timstic anticipation rather than In terms
OF hard experience and plain facts The
turn of the year is after all nothing more
than a sentimental factor IN itself and
1914 has received an Inheritance OF prob
lens which are bound up In the record
OF 1913. but not concluded therein.
Men this week are thinking of very
much the same things as were giving them
concern week since. They are asking
TO what extent further liquidation OF gem
eral business may go In continuation of
the process which has been under way
for many months how the task OF re-
fWanctng and new financing in
which all the leading countries
of the world must engage in the
near future will find the capital markets
prepared for the undertaking; whether or
not politics IL to remain a persistent
ft,ft,, f,,t "a i.st,, % 4
industry and the impairment of conf
dence. AT the same time there are rea-
sons why the outlook should b. r.garde,
with more than a degree of optimism
| Although IL must be optimism which IL
| felt less on account of what can be fore.
/ seen in the way Of favorable factors In
| the prospect than on account of VIVA,
| civilization has been enduring in the way
OF reorganization. political ana economic
| Ii Is bound IL be opt,'nism tempered witt
determined resolution. but when one con.
siders how much that WAS bad was eN.
| pected in 1918 which failed Of realiza.
| ton, IL Is not at all unlikely that 1871
will be more to everybody's liking be.
cause so little that Is good is really ex.
| pected OF it.
AZ the world looks back over the pas,
| year II may with all propriety wonder
| that II got through the twelvenonth VI
well. The year began with promise OF
| trouble of which there was for many
months SO much apprehension as to pre-.
| clude its occurrence on an enormously
destructive scale. Apprehension served
to compel widespread adoption OF
| measures to guard against either the
| shocking accident of "A great war or the
! equal calamity OF a great panic. SINH.
larry the entrance on 1914 has been
made with such a widespread spirit OF
caution. with so much evidence of intcn-
ton to put or keep the general business
house In order and refrain from the in
diligence OF reckless opinion and reckless
action that We may be now observing the
necessary prel!minares to Il year OF more
agreeable outcomes than prudent persons
are inclined to reckon upon.