The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-11-22

U a stong Investment market, az
ISOLATED as O with extremely easy
monetary conditions, facilitates new
nnanoing for new enterprise. n new en-
terprtse always spells bigger business
and q greater diffusion Of prosperity.
That prosperity is already hero Is OBJ
vious. and that II has come to stay Ia
the judgment Of competent observers.
The declaration OF Jacob II. Schin
on this score only expresses the gem
oral tenor of business opinion.
Professional traders In Wall Street
have been disposed toward the selling side
of the stock market because there has
been such a wide advertisement OF good
business ews and II tho skies were
wholly clear the features Of optimism In
tho business and financial situation
would. indeed. make for caution In ven
turing on constructive n agements. But
1t ma be pretended that there are
clear skies when the war storm is raging
40 violently In Europe. and one OF the
best reasons for deriving confidence from
the present output Of good business news
Is that the news Ia sufficiently qualified
by the European advices to keep bust
ness men from losing their heads.
Nor Is there any cause for concern In
tho fnct that after so many depressed
years our shops. stores. offices. factories.
workshops, farms and banks find hem
selves caught in the swing of u busy
movement which has possibilities OF pro-
longed persistence despite occasional set
backs. The difficulties that have had 80
be overcome In achieving our present de-
gree OF prosperity constitute a ALT na-
surance that as other difficulties are met
they too can be disposed of. The prob
lens OF prosperity may be difficult. but
are not after all 10 troublesome as the
problems Of adversely.
II the business movement r. seasoned
by setbacks az the stock market Is sea
soned by reaction the country's progress
In prosperity will be all the safer n
ounder. When runaway markets threaten
to develop. as In steel to-day and In
copper tomorrow. they may be the pre-
cursors of reaction. We are bound also
to encounter difficulties from n shortage
OF labor and a shortage OF transportation
facilities. A scarcity Of shipping is
hampertng our export trade n domes-
tic trade has already begun to contend
with q congestion of railroad trafhc'
But as long as difficulties occur and ef-
fort Ia required to surmount them there
will be plenty OF time for business con-
fidence 70 weaken.
on the score Of constructive effort II
Is gratifying. accordingly. 70 note that
the past week proved anew the fitness ot
American finance TO meet the emergen-
Giles OF wartime conditions. The arrange
ment Of credits for use by London bank
ers. experimenting the proceeds OF the
A~nglo-French loan. marks only a modest
beginning In q new field OF American en-
terprise. but 1t has very hopeful inpl!ca-
,ions. The rally OF sterling exchange
which Il has assisted Is li..ely to be hrm
enough to diminish one obstacle In the
way OF our continued export trade dur
inp fhe war. Moreover, II Is a modest
beginning OF foreign credit expansion
which must almost inevitably become
more ambitious and contribute nate
RALLY TO the promotion Of our export
trade when foreign markets are restored
to a peace footing.