The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-03-01

guide their present actions In accord
ance with the dictates OF the strictest
prudence and feel their way ahead only
a step at a time. This. however. Is why
securities. after having their Wall street
rebound, have reacted substantially to
the Levels from which they rose. From
the Wall Street point OF view tho re-
action is Itself n reminder that In the
customary curse OF events the level TO
which such return is made proves Don
or later TO he the level from which per-
manent advance begins
wall street View.
Moreover. from the Wall Street point
OF view and irrespective OF the unsettling
accidents which may he apprehended IN
the near future, the solid facts advise
al optimistic and constructive attitude
TOWARD the ultimate prospect. Tested by
all the experience Of our past. securities
are so low that they are cheap. and
when accumulated on those terms the
reward OF courage has always been
handsome profit. The times are hard
e Is said, on all s!des. but when times
are hard they are not likely to become
worse, hut better.
In these hard times the valuable los
sons Of thrift and economy are being
i~nculcatcd and enforced The enormous
energies Of the people are being slim
ulatel 20 a point OF efficiency which our
economic life has not revealed IN recent
years. The unity Of business interests
and the public welfare Is being demon
stra'ed In "a q .hion that must conduce
To more constructive politics than BUSH
ness has had to contend against IN the
last decade. We are all. In brief being
hardened TO endure hard times. and
under such circumstances there Ia not
much sense In Eolng shor; OF tn" coun-
try and its values.
From the Wall Street point Of view
indeed all the conditions are being pre-
pared which viii make sornc day for an
Unprecedented loom. vs. the financial
community looks upon the war. how
ever. IL constitutes an Immediate and
heavy drag or cnterprisinx crdenvor.
and no matter how strong an argument
offers for confidence in eventual buei-
i"ss recovery. financial experience has
shown that n s. expensive 10 be right
too soon. Wall street Is persuaded that
this f. n period OF accumulation, but
ore 70 which no limit can o be set.
nor can : be- predicted that the terms
now presented for accumulation will he
the best terms obtninable.
Apart from those aspects OF me war
which tho micd cannot AFFORD to dwell
upon there are praotica! questions "
concern which have been d~emandinS
and receiving m answer. Appreheusiors
aroused by the accumulation of diplo-
matte difficulties AZ Washington have
become less acute because Il has been
more clearly manifested that the de-
sire Of the country TO preserve !tsclf in
peace will support the administration
H. an ultra pacific programme. II ne
got!lt!ors TO procure a modification or
the new sot warfare nre f-uitless y will
stu remain 70 bc demonstrated that our
current export trade will suffer disas-
~trpIsly
The further arrangement ~ the for
ei-u EXCHANGES suggests that un.Hsiness
about our foreign trade movement owes
less TO alarm over the chances OF ava
Interference with thar 20 the
|iuancia. strain whio.1 IS making Il diff
cult fOr our forelSu customers 20 pay
for their purchases. on thts account &;
can be predicted that bankers here and
abroad win not be long In agreeing
upon Methods and adopting them TO
finance INTERNATIONAL trading Neither
Will WASHINGTON stand In tho way of
workable C~ontrivanres. even ~ these
Involve che pr- motion OF loans for
~bclligerent nations.