The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-31
Business Effects Of q Year Of War


With all the manifest extravaganza
Of tho excited gambling in munition
shares and despite its warning vio-
ience, the activity and strength which
developed In the stock market this
month r an adequate summary OF
the country's business experience in
the first year Of the great war. A
year ago to-day the New York Stock
Exchange closed its doors in order to
assist in limiting the spread Of the
panic which was caused By the out.
break Of the war; and Wall Street
aspects now measure the difference
which the experience Of war has
made in the commercial and financial
outlook. Such a speculative craze &C.
curs only when hope has been fred
by evidence that powerful factors are
working for expanding volumes and
values, when men see in their W af-
fairs and all around them that profits
are being made and that q prospect
Of profit offers.
From time to time all the features
Of change for the better In the money
market, in foreign trade, IN the EN-
ployment of labor and capital. In the
market for agricultural products, in
railroad earnings. In the output Of
our Industries and the like have been
duly and widely discussed. There Is
no need to review them In detail OF
elaborate them here. IT sufiices to say
that they evince the growth Of a
sturdy confidence in the banking and
business community. for 1t has been
found that the war has n hurt our
business disastrously. On the con-
trary, 1t has put In operation infu.
enCes for business expansion.
Before the war started we were
suffering increasing depression. In
part this was on account Of the i'm
pending catastrophe abroad. In large
part 1t was the result Of n fantastic
era of politics which had sought to
make business better by choking It
TO death with all manner Of govern
mental restraints on initiative and
opportunity. Not only has the wal
relies scd forces which have worked
to stimulate economic activity here;
1t has had the wonderful and desir-
able consequence of %shattering politi.
cal Illusion and inaugurating a proc.
ess Of converting our politics to prac.
teal views.
There could be nc better proof OF
the diminished prestige Of the pol!ti-
cal dreamer than the steps which
Washington Is taking to strengthen
the country's preparedness against
war. When an Administration ultra
paciflst in its origins ran 20 30 far
in descending to facts there Is as
surance that politics in so practical
q matter as business viii hold an IN
creaslngly constructive attitude.
Whatever the costs of the war may
be, whatever the current Of events as
regards our relations to IL, there is
every reason IN the record Of q twelve
month why our farmers, merchants,
manufacturers and bankers, our capt.
tai and labor should commit them.
selves TO forward efforts. Thought
of the more remote future Is depress-
ing and tends to paralyze action.
The facts of the concrete present set
forth in the business recovery already
made and In the incentives for expan-
sion supplied by the vast opportunity
which finds us outside OF the geo.
graphical area Of the war prompt TO
the new enterprise which extends the
borders of prosperity.
The times call for prudence and
thrift, not for recklessness and ex-
travaCance, but they call even more
emphatirally for courage and eXpend!.
ture In forward lines. From the panic
~ last year To the boom of this year
wall street may have been making
somewhat c%cStatlc progress, but Will.
Wal Street often discounts the future
too rapidly and overmuCh In the long
run II only engages IN anticipating
the Response Of the whole II TO
business facts.
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