Evening star., 1915-11-21


million dollar credit had been arranged
in this country for a group of impor-
tant London banking Institutions is
another step in the advancing interna-
tional financial prestige of the United
States. This will probably be the fore
runner of other and similar transac-
tions and should be as beneficial to
America as to the nations which for
the time being, at least, must occupy
the place of debtor nations For the
next ten years or more the demands for
new capital, both for industrial ex-
pansion and for the repairing of the
raVages OF war. will be greater than at
any time in the history of the world.
Inls means that the prudent investor
Will be able to exact higher and still
higher rate of earnings upon his cap
itai; In other words, an increasing rate
OF interest upon bonds and loans. AL
ready this tendency is being felt in the
pond market, where the keen demand
for prime investments is a matter of
much qualification to the high-grade
bond dealers
Inc president of the Investment
Bankers Association of America is
quoted as saying that the faith of the
american people in American secur-
ltles is higher than at any time preyi-
GUS, and that tine heavy absorption of
municipal, railroad and corporation is
sues may be confidently expected. The
oIerlngs OF municipals at the present
tIme' ne says, is entirely inadequate to
meet the demand, and municipal Off
cials nave been complimenting them
0ni
mas accompanied their recent offerings
Inc prices OF corporation bonds TOR
some time past show advances OF from
= 10 10 points, without any apparent
ammunition in the absorptive Capacity
OF the market
French and American Trade
The French financial commissioner
"no assisted in completing the ar.
.ahsements Tor the Anglo French cred
loan nave returned to France; bu,
IN their place have come six new COM
lhisslohers on mission that should
ue OF great Importance to the business
men OF the Cnltea States This new
party ls known as the French mans.
trial and commercial commission. and
Is the omclal representative of the gov
ernment OF France, as well as of the
the French republic
FROM informal statements of one or
more members of the commission III is
inferred that their visit will lead even
tualiy 10 the placing of orders Tor two
nuhdreo million dollars worth of Amer
ican products, chiefly machinery and
mechanical devices tor reconstructine
ana moderniZing the Industrial plants
that have been shattered by the war in
Europe: But this is only the begin
nlng OF reciprocal trade relationships
n
proportions as time goes by
PRIOR to the war the French imported
the greater portion of their structuraJ
IRON ana steel industrial machinery an.
raw supplies of all kinds from Ger
many, but 1t Is now conceded that even
after the close of the war such inter
change of products between these ma :
tions will be impossible. and that the
tween the United States and France
Will bring about closer trade reIation-
ships after the war
Big Customer of Germany.
1t is estimated that France annually
imported from Germany machinery and
industrial supplies to the amount of
s160,000.000. This sum, with additions.
will most probably find it's way to the
United States. On the other hand. it
is expected that American patronage
VIII De more largely extended to French
industries, and this win be made pos
sible by the furnishing of superior
goods at attractive prices. AT least.
this is the claim of the French com
mlssloners, and We should be willing
TO give them trial in return for their
purchases of American products,
The United States has built a great
reputation for making machinery of
precision and reliability as a result of
the materials sent to France since the
sioners this week, "and we are
here to learn what to buy and
how best to buy it and arrange
close connections between the banks Of
the two countries to aid in. making the
purchases. We want the cooperation
of your industries. your commerce and
your banks, to obtain that is our mis-
sion. In return we want the United
States to buy the manufactured out
put that the United States formerly
bought from Germany. our TOYS. for
instance. We do not want to go into
competition with you. the machinery
we buy will not be used for that pur-
pose, but We will ask you to buy from
us goods that you do not manufacture
here extensively and which formerly
came from Germany. Our war with
Germany will not end with the fight
ing. trade war will follow"
The New York Chamber of Commerce
is arranging the itinerary of the
French commissioners, and it is ex-
pected that they will pay a visit to
the more important Industrial centers
before starting on their homeward
journey. w. s. COUSINS.