South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-01-11
RECUPE GRAFTON Of
BUSINESS GOES ON
Henry CIeWS Sees No Diminu-
ton of Upward Tendency
During Past Week But Adj
mitS Enterprise is Checked.

SEW YORK. Jan. 1.-THE first
week OF the new year has shown no
Elimination of the recuperative in
nuences observed in our previous adj
vices. The war is still the dominat-
Ing factor. and must so continue until
peace is in sight 40 great changes
in this respect appear to be antici-
pated until military preparations are
energized by the approach of spring
For the time being the contending
armies are az deadlock which can
only be broken by vigorous fresh in
tiatsNc. The London stock exchange
reopcned on Monday with scarcely
a ripple. Transactions there have
been relatively unimportant owing 10
the numerous restrictions still i'm
posed. London. however, seems TO be
thoroughly adjusted 90 war conditions.
The effect of the war upon its Sc
curity markets is shown ia the fact
that the total new British issues Tor
the year amounted Co about S512.-
e60 coo pounds against 100000
pounds a year ago. The figures for
1919 included the war loan of 80,
10000 pounds. but not the 100000
pounds of treasury bills 81 the new
ISSUES nearly S1.OOO,00O pounds went
20 British possessions 12,OO0,O00
pounds TO Russia, 3J,OOO,00O pounds
20 other European countries, and j o.
100000 pounds TO the United States
Last year British investments i'm the
United States were about $4,000 00O
pounds and the year before 10000
GOO pounds. Outside of war loans the
largest single neld for British invest
ments continues TO be railroads, es-
Decially in India and Canada.
The total issues OF new capital in
the principal states OF this country
in 1914 amounted TO $1.436,000. 600.
compared with S l,645, 100000 for the
previous year, "a decrease of SOS, 000,-
GOO. These new issues for 1914 in
clude SG4S,00O.0OO for bonds, $50
O00, GEO for notes and $262,000.000 for
stocks. The changes indicate am in
crease OF SAP, 100000 i'm railroad bonds
and notes, but q decrease of S66,000.-
600 in railroad stocks. In industrial
corporations there was a decline in
all issues amounting TO S10.00G,000
ina bonds. $51-0O0,0U0 i'm notes and
S125.0OO, 600 i'm stocks Thee figures
show cOnclusively the depressing eff
feet of the continued attacks upon
business interests by the various legis-
Iatures.
Enterprise il Checked.
IT is quite evident that at present
our industrial activities are not keep
ing pace with the natural growth of
the country. Enterprise has been
checked Capital is relatively idle,
and must be accommodating i'm spite Of
diminished profits i'm many lines If
industries AS confidence IS restored
enterprise viii revive. capital will
come ont of hiding and the invest
ment situation should gradually i'm
prove. Although the usual January
Investment demand has not yet ma
terialiZed. there are indications of
coming revival one mark of recov-
cry is the important new issues an
nOunced this week by the st. Paul and
the Pennsylvania railroad systems
Both OF these organizations are about
Co put out important flotations. which
they would not be apt TO offer unless
in their opinion the situation was
faVora BILE. Another indication of re-
Viving confidence is the increasing
orders placed by the railroads for
rails. cars and other materials This
changed attitude on part of railroad
managers is no doubt largely due TO
the concessions recently granted by
the Interstate Commerce commission.
and the belief that that body has
moderated its long-Continued attitude
OF hostility. As railroad earnings
continue very unsatisfactory. this dis
play OF confidence on the part of rail-
far as the steel industry is concerned
the volume OF orders is still very small
and prices are SO low that profits must
be nominal. Nevertheless. the dispo-
sition OF the railroads the largest and
shrewedest buyers of steel. to enter
the market at this time is q positive
exhibition of confidence i'm the future.
Money continues very easy To good
borrowers and funds are now return
ing from the interior with increased
freedom. There is "a continued sur
plus OF currency. which. however. is
being slowly Cou! teracted hy retire
ment of the emergency issue under
the Aldrich- Nreeland act \ further
break in foreign exchange to the low
est figure since 1907 was also a favor
able indication. being chiefly due 10 a
larger supply of fOodstuffs and cotton
which are now going outward I'm large
quantities. a sharp advance occurred
in wheat owing To foreign buying.
This means increasing profits for the
western farmer and also serves TO in
crease the excess of exports over inn
ports which for the month OF De
cember are expected 10 reach about
S11O.000,000 The situation. there