The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-02-22

Last Thursday. February "a. was the
fateful day announced by Germany for
beginning another offensive against the
Allies. There has been in this country
a disposition to construe the German
notice 20 the world as a gigantic
bluff" significant only Of the extremity
IN which the German nation fnds itself.
OF this view ii may be said that nothing
could be more dangerous. II seems 10
bee an echo OF the similarly deluded
opinions which were entertained even as
ate as last July about the outbreak Of
a general European war.
There is So much impatienCe to re-
sumo the occupations of prosperous and
peaceful activity that public sentiment
inclines 10 slight the contingencies OF
the conflict. As a matter of fact the
spring campa gn. to which the c~nergics
of ne bell!Gerents have been directed.
promises TO be carthshaking in its vio-
lencc. The greatest armies that have
eve. been enlisted and the greatest fleets
that have ever been assembled will en-
ge Ia cause the greatest destruction
OF life and real wealth. not mere money.
that the world has ever seen Such a
war is likely to he ~signal'zed ny I'M
settling occurrences and ALI the time the
dram on the worlds economic resources
Will be augmented.
Reduced TO It's lowest terms the war
I'm is new stage is something to which
business must get hardened before Il
can move To- ward very far. Al its
worst the va = something which abso-
lutcly nhibi reflective intelligence
from a uE predictions about II. So
far as concerns ourselves irritating IN
tcrnatlonal questions continue to accu-
mulate, Mexico and china both present
them and as fot our diplomatic con-
trOvcrsies over the Treatment Of neutral
shipping in European seas no one cares
TO make prophecy.
When such a war as II now waging
Is started there is no safety until II
stops, GermanY's note in reply to the
Washington protest against the dangers
threatening TO our shipping in the war
zOn" of German submarine operations
did not diSpel uneasiness. Only on the
surface was il even friendly in tone.
Essentially II VAS severely critical OF
the policies of neutrality 10 which Wash
ington has adhered and practically Of
fered satisfaction only IN case of Wash
ingtcn's intervention 20 weaken tho pres
sure Of Great Britain's sea power on
Germany.
Altogether il was hardly surprising
that Wall street last week quito OBJ
voGsly reflected increasing tension in
the securities market AS a result OF for
eign conditions. The real causes OF
tension are involved in the war and are
not likely to be materially lessencd or
removed before spring IS well advanced.
Domestic V, nations are negligible and
uninfluential in comparison. The Adj
ministration's shipping bill can be
killed without effect on banking and
business moods or plans. Like tho
withdrawal of the menace OF an extra
session Of Congress negatively favora-
ilA funtOrG will IA h1y MT ava ~
much against the positively unfavorabie
contingencies OF the war. All the actual
occurrences OF the last six months con
tribute TO n long range confidence, hut
the accidents which may happen in the
near future have been coming upper
most lately and they tend to restrain
optimistic effort.