The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-12

the money market there are to be found
some OF the strongest reasons for an OPP
timistic attitude toward American values
and the forms OF enterprise where the
Intrinsic value is created. Our unprece-
dented control OF the foreign exchanges,
the international ascendency of Ameri-
can finance. guarantees our Industrial
expansion II our bankers prove equal to
the opportunity to use their new power
for the maintenance and promotion Of
u foreign trade.
Enterprise I'm the Foreign Field.
Among the most valid arguments for
a constructive attitude owa securities
liz the unparalleled external
which the country liz carrying on and
the certainty that our accomplishments
here can be consolidated and established
permanently II our international bank
Ing power IL properly employed. In the
meantime there Is testimony In the for
eign trade statements that one branch
of American business is extremely ac-
tive. and there are unmistakable signs
tina. the circle OF activity IL spreading.
Nothing could better suggest II than
the incipient boom which characterizes
basic industry. especially in steel lines.
Not in three years has Pittsburg been
so busy. and with steel production al
most at capacity, forward ordering is
brisk enough to put prices on n more
profitable plane. Dealing more directly
with the securities market, II IL to be
noted that on the average quoted values
are at n low level, which would or
d~inarily never be regarded az a selling
level. and. furthermore. there is a strong
technical position in that the speculative
interest for the rise seems far from
being extended.
All the uncertainties of war remain,
but the certainties of prevailing condi-
Ions are more substantial. Business
has to be done: hat Is the very law
OF its being. Men do not do business
on negatives. bur on Alternatives. and
the affirmative factors of value which
exist will tend to assert their con
troll in the long run. Nor IL IT in
the nature Of American business to
pursue n policy Of inastion Cor any
protracted period simply because we
have no way of telling how man
years the war will last. nor who Is going
to win it nor whether we are going TO
be able to stay out of 1t.
Counsel II bound to be taken OF
reasonable hopes rather than vague
fears. and without looking very far
We can find proof OF this in the work
which our bankers are already doing
" aita ~ Nv ~ y u
external commerce by providing the
credits which will enable belligerent and
neutral nations to trade with us during
| the war. The progress which is being
made In this matter Is altogether the
most gratifying of contemporary tokens
that American volumes and values are
not going to remain In check because
from time to time the war compels us
to take fresh bearings and readjus,
our circumstances.
Publication of the German note In
further reply to Washington carne 80
late in the week that the financial COM
munity was unable to arrive at any
;.ry definite conclusion about its Inn
| mediate bearing on the securities mar
ket. 1t was doubted. however. IL the
latest effort OF German diplomacy could
be regarded as making the state OF our
relations with Germany any more un
! satisfactory or critical than they had
been.