The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1915-03-03
Needs Only Recognition
To Keep Going.
IS AN ABUNDANCE OF MONEY
In Six Months Country Turn.
ed From Debtor TO Cred.
itOr Nation.
FUTURE LOOKS VERY BRIGHT


was patent several weeks ago that
way out in the offing the first faint
turn in the tide of returning pros
perity had set in. To-day it is run
ming strong and true. Even the
skeptical cannot deny the evidence
when it is spread before their vision.
In a short six months the United
States has changed from the role of
debtor to a creditor nation on the
international stage of world finance.
We have loaned to Sweden. Norway,
Argentina. extended credits to Rus
STA and Italy, and have taken $780,
100000 of Canadian municipal Sc
curities in the last four months
which would ordinarily have gone
to Europe.
No other money market of the
world possesses the enormous pleth-
ora of idle cash and working funds
which the United States holds to-
day. Despite business depression
the savings of the people have ac-
cumulated faster than their losses
in income. In six months we have
undoubtedly added $150,000,0 per
month to our national working cap
ital.
To-day acceptances are changing
hands at "a %. Money for six
months has loaned on all indus
trials at 3 " %. Railroads are sell
ing their high-grade mortgage bonds
on better than Y % basis, where
as in October the story was one of
doubt about the ability of many
roads to refund this year at any
price. At that time So and 10
were considered the probable rates
that the better roads were likely to
have to pay. Not only are the rail-
roads able to refund at saving of
millions over anticipated payments
for interest, but they are likely in
this year of grace to shake at least
in part the intolerable burden of
heavy loads of short-time notes
which have cramped and crippled
some of them for the last eight
years.
The total of war orders placed in
this country so far easily bulks ST.
900, 1000, 900. For ten weeks to Feb
ruary our balance of trade was
running at an average of $4,000
600 per week or nearly $4.0O0,0OO
per day.
For the six months to June 80 IL
is believed that our trade balance
will run at a monthly rate of over
100000. 900.
The influx of war orders has be-
come too national to be longer dis
missed with a wave of the hand.
Even in such centers of pessimism
as New England and New York the
potency of these orders is no longer
denied. They have saved our New
England textiles from absolute stag
nation. They have given Massachu-
sets machinery builders a new lease
of life. They are one of the main
springs in a slowly starting revival
in the steel and iron industry. the
sincerity for which is attested by a
marking up of 81 per ton, for ex-
ample, in wire products and other
advances in semi-fnished products
II is not alone that Charles M
Schwab had $46.00O,000 of unfin-
ished business on December 81. The
steel mills of Pittsburg have been
given war orders for not less than
$50, 100000 of products.
No less than $10,000,000 of kha-
XII wooden goods orders have been
distributed. largely among New
England mills. since November |.
And these are but isolated exam
pies.
The rise of 21sc per pound in cot
ton has added at least 10000 000
to the value of the cotton crop still
held In the South. II is new
stream of life blood which is already
apparent in the great relaxation OF
tension In Southern markets.
The phenomenal prices OF wheat
corn. oats and other cereals have
added at least $1,000. 900. 900 to the
wealth from the 1914 soil products
of this country. Some OF this the
fprma- fa~ seer-aa spma has 900