The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-04-05
Constructive Features.

Constructive Features.
There II more than a hint here Of an
estimable and competent judgment OF
the prospect for American values and
Wall street has noted duly that tho
volume OF European liquidation In our
securities market has not begun to tax
the markets absorptive capacity. II
has been far from sufficient to keep tho
foreign exchanges from displaying cx-
give up our securities In creator guam
THY our bankers would not have on
their hands NO much OF n problem as
II denoted by the arrangements made
and making to extend n large amount
OF credit accommodation abroad so that
the rest OF tho world can continue TO
mako the purchases OF goods and conf
nod!ties which have been swelling our
export trade balances 10 record breaking
proportions.
Other loans OF smaller size and OF less
public character preceded the $50
600. 900 issue OF French Government
notes here, but this issue will be fol-
lowed by still larger promotions. The
international transactions with which
our bankers are occupying themselves
are among the plainest reasons which
offer for such n return OF confidence as
the Wall street stock market has been
heralding
In the last four months our foreign
trade balance has Appropriated $780,
0o0. 900 This would have suN,ced for
any average full year IN the past decade,
and apart from its financial effect the
foreign trade movement is communicat-
ing recovering impulses to domestic
business. While business recovery this
spring is not likely TO attain great d.
rnonsiuns, betterment Is more manifest
than depression In the rise Of cotton
to more than 10 cents a pound the South
sees evidence of the reestablishmen; of
its economic status, but the cotton In
dustry IL only one OF many basic Lines
which are making contributions to a
wider resumption OF profitable activities
All tho metal markets are gaining IN
strength, copper, for example, having
risen TO I6 cents a pound on an Increasing
scale Of production. Every-w here the ag-
ricultur,l season hs s started with prepa-
rations for large crops. and tho unem-
ployment OF labor Is diminishing. The
cost OF living throughout ehe winter ha.
j not been so exorbitant an had been sp.
/ pretended, and effective economy Il
being generally pract!sed, except by the
Government. Tho heightened ef'ioicnc,
( OF corporate enterprise Is atteered by tho
/ remarkable control OF operating expenses
4 the increase Of deposits In savings bank
IL a token Of the measure OF pr.vat,
/ thrift.
| Need the catalogue be extended? II
could readily BE- iengthene ID by discussing
| tho organization OF the Federal reserv,
banking system and It's Importance to
day. Place would also have to DO fount
for the numerous portents Of pol!t!ca
change for tho better. beginning with tn
November elections OF last year and In
Guiding tho adoption Of new policy o.
regulation by tho Interstate Commerce
Commission, the property preserving de
cis.ons which have been coming from tn,
courts In cases brought under the anti
trus, law. and the refusal OF Congress a
the session which ended last month q
pass some vicious measures OF an anti
business character which were power
fully urged upon II.
Moreover the stock market like gen
cral business was sold out. II there re
as some students suspect, inaationar!
financial influences now at work the.
are working on basis of Fundamental
soundness. whether In the field OF actua
values or quoted values Rejecting tn
business conditions OF the country IN
stock market during tho winter rule,
at Unfortunately depressed prices an,
was devoid OF any speculative flaws Il
its structure. AZ in the case OF gen
eral business the teohn.oal position O
tho securities market has been one O
extraordinary strength, and low price
for securities. with holdings 'concen
trated In strong hands, a banking posi-
ton Of unprecedented power. with
money market Of vast ease arc a con
junction apt to prove Irresistible to tn
American spirit Of enterprise.
To hardly En- ha unr1ar.A IN
speculation for the advance has broke
out In tho stock market It would hav
been more cause for wonder W IN
stock market depression had pemiste
against all tho signs which argued
turn for tho better in the factors q
value by the tokens of Its speculativ
manifestations In stocks the spirit G
enterprise must be already stirring 1
trade and industry. Much profitabl
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