The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-04
EXPERTS
LOOK HOPEFULLY TO 1915
Predict Improvement in Financial and Industrial Cond
tons in This Country and Advance in
Price of Good Securities.

Better conditions financially and Indus
irialy are predicted for 1915 by invest
'nent houses and students Of the situation
lreatcd los the war,
John Moody president Of Moody's In
',s'mont Service, says 1T TX almost
universally held that as direct result
~ the war and its destruction of capital
we are IN for period Of high interest
rates the world over for many years to
como I d. not state to take issue on
MS question The direct effect of war
's not to increase demand or buying
"apaoty, but rather TO lmpoverish a cOuu-
'ry TO such an extent that people every
here buy less Of everything. In CON
sequence producer. dealer and transporter
of. have less To do, and because OF this
ne Of them need much or any new
.autal Consequently demand for capital
tls Not and interest rates rang" at 10"
Harvey Fisk q Sons say:
THE situation Is a decidedly improv-
r one. with signs 81 promise of sub.
s.ln'Ial prosperity during the year upon
which We are now entering
Granting that this is so, ii II reason
able 10 expect that there Will be an
.a.e1So Iu corporate earnings
While q r,turn 20 n low Interest basis
''u hardly Dee expected. we DO believe
wat IL Is reasonable To look for RE-
adjustment of prices more I'm accord with
Intrinsic values.
9Th, difference In the business Of pub
..H service companies between times ~
"rosr.ritv ana times Of adversely Wis
shown 100 the latter case I'm reduced
'. of growth Of business rather than
an actual reduction IN the business
Spencer rrtsk 4 co. say : "The rail-
d- ROW have the task Of rclahli,arng
.'.r ur'nur'I,r. That they N.ll succeed
r..,,, without doubt IL h our judg-
.r' however, tlDt thr process of l'-
ran lfIuu Viii bee slower than f. gen"f-
.y expected. The railroads viii BE-
"..oI t3 do AN enormous amount oil
ug u 1915. alone To meet ma
.- of securities reprcscutlrE money
.1ay spent, estimated ut S1O0,oOO,OeV
VIII ana their customary foreign
.rts practically closed to their APP
fNu fresh capital The uncrlui
.r H.l ut necessity nave TO bc more
.-., rHau uUlcg ordinary conditions,
whole, however the increases al
t.a Dos fny commission promis" 10 bc
.E material advantage.
N, 800, much 10 encourage MS. our
..- total close TO the SJ,OOu,OOU, 900
r.. our steel industry shows si-us
InuvoN,m,t, and other lines Indicate
.'..- activity In addition, there IL
reason To- hope chat the attitude
ul-Ir' toward large corporate IN
-, which has run through the last
Al... STATIONS IL becoming less
THE war with lts problems has
~ the business man into closer re
.u with the official than over before
better understanding of the lcgitl-
.'r nr,ds of trade has resulted.
Owe huge European loan after another
70 "'1ad abroad, invariably with such
.-S, II local reports may be believed,
'.' % e.. evident Imitation is creeping in
'' .pIu uI tuothr. This Imitation
...| ."' necessarily bring Europe to the
.f or q great nnanrEi a,saseer, uu'
|dout that the future production
l,I is benz mortgag"i for "a great
wears b. come
20 NJ Geiger. presiden, Of tho Geiger-