The sun., 1915-10-25

against any kind Of aggression, soonomis
or military. In time to come.
With regard to that time also oul
prosperity can be made subst stantiai and
enduring II Wise use is made Of the
profits yielded by the opportunity which
has come to US as q result Of economic
and political relations to the European
struggle. Invalid business can be pu,
In a state Of oonvalescence. and business
which has been saved from sickness by
the windfalls Of war trade fortune can be
restored to sound health. Solvent enter.
prises can be strengthened and new en-
terprfses can be started with Q brigh,
prospect that both viii be afpie to cope
with the vicissitudes Of the future.
The great danger is Of course that
corporate finance may yield to the
temptation to disburse abnormal profits
In excessive dividends or through the
speculative capitalization Of profits The
future Of established enterprise and Of
new enterprises may. however. he made
Immensely more secure II windfalls OF
business fortune are availed Of to pay
on Indebtedness and provide more ade-
quate working capital. an Item In respect
to which too much OF our business has
been damentably deficient. II such proc
essee are resorted to earning power will
be enhanced and the ultimate returns to
both capital and labor will be moro sub
stantially guaranteed by the increased
equities Of the owners Of enterprise.
As bearing on these considerations one
Of the most significant Of recent fnan-
ciai features has been the increasingly
constructive ar.itude Of important bank
Ing and business interests expressed In
undertakings and projects which fall in
the category Of new enterprise Not for
years has go much willingness been
shown to do nav things and TO take up
with new projects for the exploitation OF
profitable opportunities. The Anglo
French loan - Of course the largest
transaction in this direction. but tho Mid
vale Steel combination n only ono Of
several Schemes which have been carried
further than the stage Of mere pros
pccts. The copper situation. following
the development in stool lines In receiv-
ing increased attention and new enter
prise IN the copper industry reflects not
only the signs Of sustained strength IN
tho copper metal market for tho dura-
ton Of the war but the outlook for con.
tinued strength IN the period after the
war.
In other lines new industries have be-
gun to take something moro than an IN
choate form and II cannot 10 doubted
that these manifestations Of forward
business are q response to the Incentives
afforded by rho appearance Of q large
quantity Of now money which 10 benocn-
ing available for expansbve depArtureA
In addition TO the now money which has
como into sight there 10 also the induce
ment for its employment derived from
tho confidence making events Of the past
year. which are now demonHtrating
themselves On the all around hroadening
out Of general business endeavor.
Domestic trade and industry havs
been losing their features of irregular
and checkered Improvement lately. and
in none Of the principal sections Of the
country 10 there the backwardnees which
was obvious even in the latter part Of
tho summer. The portents of car short
ages with which the railroads are con-
fronted testify to the growing volume Of
trafiSc everywhere The agricultural
community. thanks to two year Of
phenomenal crops. is richer than Il has
ever beon. and unless the great basic
iron and steel industries are misleading
domestic bus,neY is about 70 Develop a
widespread activity which Il has not
known in years. ProduOtion Of iron u
on a record level. and tho demand for
finished steal Ia growing % rapidly that
the steel manufactures are more fearful
Of excited runaway prices than they are
Of their ability to obtain profitable
orders.
Manwhae chs great foreign erads
which the country did AA fan and
winter promises to be cast into the
shade by the current movement Of ex-
are record breaking. and they follow the
phenomenal returns rust published for
September. Tho export balance last
month. . little more than $4,000 900.
was second only TO last FebruAry's
balance and brought ths total for nine
months 70 S1.227. 900. 900. Incidentally
net gold imports of 34o,ooo.ooo last
month carried the aggregate for nine
months TO 3253.ooo.ooo, and the new
October movement viii PROBABLY bring
the amount well above 100000. 900.
There Is In this fresh inflow Of gold
and In the fact that by security loans
and other extensions Of credit abroad
this year. amounting to almost q billion
dollars, our bankers have gained expert
enoe In world banking and courage
to enlarge their operations. ASSURANCE
that our now foreign trade position will
be sustained with It's enormous corollary
Tho renewed weakness which 10 show
Ing In sterling exchange Is putting
American finance under further oompul-
s,ons Of necessity TO do increased bank
ing for the world. II Is now prsct!-
cally certain that stability cannot be I'm.
parted to'the foreign exchange Of other
countries by any artificial measures. and
under ne circumstances there can be no
other consequence than that dollar ex.
change will be created In sufficient vol
ume TO meet the worlds requirements
for q stable medium In which to deal.
Qualifications OF optimistic Vows
must be urged on account OF the oolos-
sal uncertainties Of the war abroad, but
II may be said that nothing has yet
happened 10 alter the conviction Of tho
financial community that Germany and
her military partners cannot wage q
prolonged war against the terrific pres
sure exerted by the Allies unless the
all,a nee disintegrates. OF which there are
no signs. Domestic politics looms
UP with formida BILE possibilities Of DIS
turbed confidence. but the tide Of rrdi-
cal politics has already eboed far II
the New Jersey vote against woman
suffrage IL as significant as It seems
TO be.
LAST WEEKS BOND MARKET.