The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-07-27
ton represented bv the large European

ton represented by the large European
holdings of American securities The
Sun believes that advantage will he
readily taken by American investors to
absorb on their own terms the further
sales Of stocks and bonds which Europe
may seek to make here NJ the dictates
Of fear or necessity. If the absorption
can be- augmented by the purchase OF
European state funds or other foreign
obligations which will place the Old
World In debt to the United States,
so much the better.
Meanwhile there are other encour.
aging considerations which deserve to
he noted. There could hardly he less
unfavorable time for Europe TO try
the desperate solution of general war
for the problems that have for decades
made II an armed camp. In the sou-
ton other problems which have NcNed
these times will obtain their answer,
but quite aside from this phase of the
crisis 1t Is to he observed that war
, will not find Europe nor the r"St W N"
world unprepared.
The blow cannot fall with so much
crushing force on an economic situation
which sums up almost two years Of
financial liquidation and accccratinG
trade and industrial contraction and
depression. Moreover. 1t is now seen
that much of the worlds decline in
business and values in recent years
was. instinctivcly or otherwise, by way
of making ready against precisely such
- dreadful emergency ~ has arisen
! abroad. To some degree. indeed. tn"
costs Of a European war have already
| been borne I'm those troubled years
when money was being forced out Of
the channels Of peaceful activity 4"
augment European central reserves that
would be required TO stand tho strain
of war
Outside tho area Of hostilities, the
people Of the United States are add
tionally fortunate in that American
values aud enterprise are not N n
vulnerable state Of expansion II tho
storm of war Is to break over Europe.
Inherently soundcr and stronger from
an economic point of view than those
Of any other country. values In the
United States have heen placed on a
sound basis by the tests Of worldw ldc
disturbance and the aivcrsitlcs of do
nestle politics which have searched
out weak spots in the financial and
business structure and compelled q re
ductlon Of inflated commitments in al'
the avenues Of economic cndcayor.
Before these somhrc war cloud.
darkened the European sky there had
been indications in the tokens Of rc
action from the excuses of radica
politics that on tho basis of values
which had been established tho United
Z states was almost ready TO so aheat
10 achieve the restoration Of prosperity
How much this prospect may be inter
fcred with by European Development
. cannot he conjectnrcd AT the moment.
, We know these thing, however. Th'
> agricultural promise of the year i OK
, Cellent. The foreign market for on
crops will he vastly enlarged bccaus
$ of European war. American mCr
, chants and manufacturers should hav
, command of tremendous export mar
. kct for goods and commodities Gus
tomarily provided by Europe, and il W
p are not mistaken American banker
will be able 10 furnish the credits tina
1 must 90 along with them. The countr.
as whole has an immense amount .
5 capital awaiting employment.
: After all, the worst may not happc
A abroad, but n II does, we are conhdcn
( that the American people can cope wit
. It's difficulties courageously.