Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-07-06
BEGINNING TINE FISCAL YEAR.

prospects at the opening OF lue SeS-
ond half of the year afford striking
contrast to those OF six months ago.
Then. new problems were presented
that hade the outlook extremely I'M
certain, whereas business has since be-
come more fully adjusted to the I'M
usual conditions created by the war
equanimity rather than concern. The
record Of the first half OF 1915 is large
~ one Of difficulties encountered and
obstacles surm ounted, and the funda-
mental soundness Of the economic
structure is demonstrated by the steady
recuperation from the effects of the
previous strain. Acute depression in
many lines has been succeeded by
gradually reviving activity. and in
some instances by rapid recovery, and
in its broader aspects the general sit
uation is better now than was the case
even before the outbreak OF the war.
Having more than doubled the balance
Of merchandise exports over imports In
the fiscal year just ended, this nation
has completely reversed its interna-
tional monetary position and the ex-
changes continue to move strongly in
our favor, both sterling and Continent
al bills again touching new low levels
this week.
All Of the gold that left the country
during the crisis OF last summer and
rope is sending back considerable
blocks of American securities without
seriously disturbing the markets here.
Recent foreign borrowings testify to
the growing Importance Of New York
as a world financial center and it is re-
assuring that funds are ample to meet
these outside demands and all home
requirements That large sums are
available for investment is indicated
by tie vac. TIA. the s71.o00r00o offering
Of local municipal bonds was four
opinions were formed as to the results
of the sale. the outcome was considered
generally satisfactory under the cir
cunstances.
AS to the commercial and industrial
developments, all news is not good
news, but favorable reports still out
number those of an opposite character
War emergency business continues
vital factor and both the production
and consumption OF iron and steel is
rapidly expanding. while wages in the
coke regions are being restored to the
former basis. Following a shutdown
of several weeks, the largest linen mill
in the country has resumed operations
and q big carpet plant in the east is
to again run full time; on the other
hand, labor troubles in Chicago affect
ed building trades there. While there
Is still considerable complaint mer-
camille prospects are improved by more
seasonable weather; collections are
generally better and the business NOR
tally during the second quarter was
~
months Of the year.
Figures usually make dry reading,
but there is much of significance in the
failure statistics II they are viewed in
the proper light TOO hasty deduc-
tons. however. are often apt to be
drawn fro a record Of this kind. Ex-
elusive OF banking and other f1duciahy
reyerses, insolvencies in the first hall
OF 1915 were about so per cent more
numerous than in 1914, yet it is OBJ
viously Of greater importance that
Losses were % per cent smaller during
the second quarter than in the opening
three months OF the current year,
Comparisons with former years have
been deprived Of much Of their value
by the great conflict in Europe and
previous standards do not fully apply
in the present instance. Latest oata
naturally gives the best idea OF the
existing situation, and in this connec-
ton there is plain evidence Of steady
return 10 more normal conditions. Inc
adverse effects of the war have not en-
| tirely disappeared, yet most OF the
weak spots seem to have been elm
| in ated and there is reason for san
| CLINE feeling regarding the future
Prophecy is not the function of a bust
| ness journal, says Dun's, but the out
| look is for increasing stability in com
mercial and industrial channels.