South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-08-30

become involved in military opera
tons against happily a re-
mote contingency-tha would ma
terially affect the placing OF a British
loan. So far as our immediate finan-
Nial necessities are concerned, this
government could easily raise for
&c porary purposes S5O.OOO.OOO by
sale Of Panama 3 per cent bonds and
another S1OO.O00.OOO in 3 per cent
notes which would carry US along
until congress assembled as usual IN
Decem II. when an issue OF $500. O0O.-
600 for preparedness, or $500. 000.-
900 in case OF actual war. might be
added. With the possibility OF these
enormous demands upon the Ameri-
can money market before us. II is
well "a move cautiously in all none
tary cOmmitI ents.
Bank Clcarings Increase
Some idea 81 he increase in bust
ness activity can be obtained from a
comparison Of bank clearings with a
year ago. The total clearings at prin-
cipal cities for the IRIS, three weeks
Of August was S9.917.0OO. 600. against
S6,947 100000 year ago. an increase
OF 5000, 600. 600. Included in these
totals are clearings at New York.
amounting TO S5.O95. 600, goo, against
$2.715. 900. 600 last year an increase
Of $3.50, 900. 900 The great increase
in New Yorks clearinss is chiefly
due 10 the exceptional outburst of ac-
tivity on the Stock Exchange which
was closed a year ago. There has
been "A sharp revival OF speculation.
amounting TO a boom in the war group
and the transactions since January /
are more than dou bic those Of . year
ago. AT the same time, there has
been a steady expansion of legitimate
business throughout the country. a s.
demonstrated by an increase OF SO per-
cent in clearings during the second
week of August in the middle states. of
"a per cent In the New England
states. o per cent in the middle west
3 per cent In the Pacific states. lOl
per cen in other western states and
4 per cent in the southern states Re
ports from 135 cities in the middle %
August showed an increase of nearly
A per cent than which no bette
eidence Of trade improvement could be
found. cen after eliminating specul;-
tie transactions
Outlook Satisfactory.
The business outlook continues sat
isfactOry. the only cloud being our
difficulties with Germany. If these
are adjusted. as now seems probable.
we may look for GOOD business during
the balance Of the year The agrl-
cultural districts will feel the benefit
Of large crops and Iair prices. The
steel industry shows increasing &C
tivity at advancing prices for rea-
sons well understood, and our rail-
roads must soon reflect the changes
for the better in larger gross earnings.
Talk of an extra session of congress
should be discouraged, because il is
absolutely unnecessary. The executive
department OF the government under
Pres't WiltOn's leadership is album
dainty able to meet almost any sit
uatiOn likely TO develop between now
ard December OF course. ONLY con
greSs can declare war, and peace is
more likely TO be preserved when
congress, which is only a legislative
and not an administrative body, is
not in session on the Stock Elk
change business continues to show
feverish activity. speculation being
most pronounced in the industrials
benefiting by war orders. The market,
dency, and there is more disposition
to operate in the better class of in
dustrials and railroad shares espe-
cially those which will benefit from
trade improvement. The technical
situation of the market has been
somewhat improved by temporary set
backs which acted as a test of values
and brought in a new influx of buy
ers UnavOidably the war remains the
controlling factor in the market.
which must be expected to fiuctuate
sharply in either direction. according
as the days news is regarded favor
able or unfavOrable.
Tho PbiIistine we'll known during