The Washington times., 1915-05-04
THE BUSINESS OUTLOOK

loE ltb ulSpOSlIlOH 10 TuSH W cA~
tremes over the "war Stocks" as
they are being called; that is, Sc
curities of industrials that may have,
or be in position to get, contracts for
war supplies for Europe. But the
fact remains that Wall Street is still
or rather, once more--a pretty
good barometer of business. The
railroads are looking up in the mat
ter of tonnage and earnings, and
they are, as was to be expected un-
der the circumstances, proving gen.
erous spenders. They need to do
some of the maintenance and i'm
provement work that was neglected
so long. They are safe enough in
placing their orders because it is
now too plain that their business is
going to be increasingly satisfac-
tory, barring the entirely unex-
pected.
The day-by-day news from Eu-
rope has recently impressed power
fully the realization that the war is
indeed beginning in May. Germany
is giving a demonstration Of power
and preparedness more striking even
than any in the first period Of the
conflict. She Is making business bet
ter, every day, for the American
munitions manufacturers, despite
that she cannot buy their wares.
The time is only a few weeks
ahead when the agricultural product
Of 1915 will begin to move. Wheat
harvest in the Southwest begins
early, and there is every reason to
expect that strong prices will draw
the crop to the seaboard for foreign
shipment just as fast as the thresh.
ing machines can get it ready fol
movement. From the day when the
first carload Of the new crop is an
nounced from some country town IL
Texas, there will be a steady in
crease in the volume Of the move
ment. This will be supplemented
constantly by other crops as the!
come in.
Important as Is the foreign trad,
just now, however, domestic business
is vastly more significant. In Apri
the number Of business failure
showed a healthy decrease in mum
!: Der, which while not so great as hat
been hoped, yet indicated that tn
) tide has decidedly turned for tn
better. There were 27.5 per cen
fewer failures in April than in Jan
, uary, and considerably fewer than il
, March.
Money is plenty; so plenty indee
!. that there have been warnings of tn
) danger that a period Of imitation ma
: require to be guarded against. Tai
E of heavy gold importations impend
8 ing suggests the further danger o
S such a condition. 1t is very doubt
full if it would be to the advantage O
= American business to have a grea
: addition to our gold stock poured i
e upon US. The worlds gold is lik
e the ocean; it needs to be prett
t equitably distributed in order t
: make business navigation safe; If
8 gets into undue agitation It'd,
waves may be induced, that are di!
r astrous in their effects a long wa
o from their source. Gold in Euror
2 gets better chance to do real wor
8 for the whole business world, ju!
n now, than gold in the United State
Z 1t is not so important that we sha
Immediately get gold in payment {
the vast trade balance; it is impor
ant that we shall continue sendin
our products abroad, and piling U
8 more and more credits there. If tt
:, foreigners can do more bushes
i with US by dint of keeping the
e gold at home for the time bein
IS there ought to be methods by whie
: they may accomplish it. We ca
$ get along without it for awhile; the
e cannot.
~ Drinking is one vice which VII
II