New Britain herald., 1915-04-03
RAbE AND FINANCE OF UNITED STATES
Completely Adjusted to War Con- dtlons, Declares Henry CIeWs.
Special to the Herald.)

a period of vacillaton between fear and confidence. Through all of these phases. the process of financial aud commercial readjustment has been progressing with remarkable steadi- 1ess until fear has now almost totally disappeared and buoyancy is taking its place. Trade and finance, at least so far as concerns the United States, have been completely adjust ed to war conditions; and the tend ency now is to discount in advance the coming of peace. Confidence has been further strengthened by progress of the war itself. While it would be 1ln- wise to indulge in premature optimism the hope of an early end is based up- on the belief that preparedness on one side and exhaustion on the other ean only bring one result. The gen eral opinion is that peace will come during the autumn. 8
 Among the favorable developme11 e11ts of importance is the change of atti- tude at Washington and by numerous influential politicians toward big bus- . ness. The significance of this change in policy will gradually be appreciated inasmuch as enterprise will be stimu- IdLeQ fDy CeSSdIOn or the aICaCkS Indt have done so much to impair bus- ness confidence during the past de- cade. A favorable impression has ai- so been created by number of court decisions, both in the United States supreme and state courts, which have restrained many of the pernicious at tacks upon corporate activities, and assured our corporations fairer treat ment. H"
 Money Continues Abundant.
 Money continues abundant and easy, and this too is a powerful aid to recuperation. Our banks are in sound condition, reserves being high CT than at any time since the new sys- tenn went into effect The strength of the New York monetary situation is illustrated by the freedom with which foreign nations are coming here for capital. Canadian, Argentine and Swiss loans have already been placed upon this market. A French loan of $50,0o0,000 is now being offered, which will undoubtedly be successful Holland is also understood to be knocking at the door. Even Great Britain is securing financial facilities in this market through the extension of credits resulting from our excess of exports.
 Excess of Exports.
 Our foreign trade continues to pre- sent a remarkable excess of exports due entirely to abnormal conditions brought about by the war. In Febrl,- ary we shipped about $75,00O 00O more foodstuffs than in the same month last year. Over $1O,0 100000 in hHrGnC ,,lo Europe chiefly for war purposes. Tn addition many millions were expended on munitions of war, the record of which is not yet obtainable Our Feb ruary exports to France were $3O.O00,- 900 larger than year ago. To Great Britain $52,000,O0O greater. than a year ago and to Italy $20 900, 900 more than last year. In March the results promise to be still more astonishing. the total shipments from this port amounting to over $136, ,000,0 900, or $4S,O0O 900 over a year ago. Our i'm Rorts are still running heavily be- hlnd, the March total at this city be- ing less than $90,00O,00O compared With 1O7,000,000 last year. The re- duction in imports is, of course, man. ly due to the loss of trade with Ger many, France and Belgium. Under such circumstances, heavy gold im- ports would be ordinarily expected. but the fact that gold is needed more abroad than here, our supply being Tar beyond requirements, calls for other modes of settlement. Very con- siderable amounts of foreign securi- ues nave been sold in this market recently, and more are likely to fol- low. especially should this market contlnue US present advance. On the other hand, the new foreign issues TO. f&rred to above and the granting of credits to foreign countries will tend to absorb this balance and restrain gold imports. In this connection it is of interest to note that the admins tration at Washington has apparently wlthdrawn it's objections to the float Ing or loans for the belligerents Tn this country
 Minimum Prices Abolished.
 The most emphatic reminder that the stock market has successfully faced the war crisis, was the abolition of minimum prices by the Stock Ex- change. This is a most encoura zine declaration of financial independencc which cannot but have a wholesale influence throughout the whole fnan- c!al world. It means that we nc longer nave fear of foreign dumping, and that this market has shown it's capacity to meet all legitimate de. mands. Speculation on the Exchange has broadened considerably and ssown widening activity, the transac- tons in stocks and bonds during ~March being much larger than foi several months past. There has been good investment buying, and the whole market shows a healthy tone in spite of the excessive and some. what sensational advance in certain