The Washington herald., 1915-01-17
New Phases of War and Trade.

1t is matter OF common observation that the
is exciting far less interest in this country than
it did short time ago. The great ostensible reason
for this is that the has passed into less
sational phase, partially, doubt because of the
winter weather which is unfavorable for military
operations. The war, at least in France and Bel
giunl, has settled down into deadlock between the
contending armies.
There is, however, another and greater reason
for this subsistence of activity. All the parties to
the contest finding out that they cannot go on
indefinitely with the destruction of men and capital
at the rate which was maintained up to November
I. The war is said to be costing Europe in the
Ineighborhood of $4,000 900 day, and the estimate
lis probably substantially correct. Now, Europe
has not got $5o,oooooo a day to spend in this way
for an indctcrminatc length OF time. Neither is
there unlimited number OF lives that Europe
has it in her power to lose. There is such thing
as bottom national credit and end to the
humiliation Of one two army corps every week
or so. In other words the signs are coming to be
plain that all the parties to the struggle get
ting little tired Of it, and il this is true the end
of the contest may not be very lar off as many
people imagine.
Another fact is just beginning to stand out
clearly. and that is that while the continues
our own country will occupy the foremost place
largest share of the worlds commercial business.
There is every indication that this condition will
be the more pronounced the longer the war lasts.
Our country is the only place in the world
where the nations can borrow money and get
actual gold on their borrowings; and it is the one
great storehouSe from which foodstuffs muni
tions OF war, and pretty nearly everything that
the world wants be obtained
This is not the condition that outlined in
popular thought when the began at the end
Of last July. Our people then in a state OF
CONSERVATION because it seemed it own
country and every other country was to be in
volved in general business ruin. But matters
have turned out, they often out, very dif-
ferenty from what the popular imagination
thought likely The war cost this country a
pretty penny TO begin with. But with hostities
actually in progress the United States have been
pushed to a place OF pre-emincnce and correspond
ing profit in the business OF the world When the
war ends other nations will dispute this pre-
cminence with of yore. But it is impossible
that shall not permanently enjoy the benefits
OF large proportion OF the immense advertise
nent OF credit and financial strength that has
been made in the last few months. To instance
matter alone, one OF the troubles that has been
hanging over us has been the necessity of finding
money to repay the foreign holders OF the short
term notes OF our railroad companies and other
corporations that will fall due in the next six
months, to the amount abroad of perhaps $780,
ooo,ooo This approaching foreign payment will
be made very easily OF the great trade balance
that has already accumulated in our favor and
that will be largely increased in the months im-
medately at hand.