The Washington times., 1915-10-31

Peace rumors. while not given ere
dence as forsrunners Of an immediat
or even a near approaching ternina
ton Of the European war. have Of
fccted u rather sharp shift In tn
trend Of speculation. and have al
ready done much to sober the erst
while wild exploitation OF securitie
of corporations which have beei
rcaping large proffts from the manu-
facture Of munitions.
The American public during the Las
week showed marked evidence Of |
stocks and bonds of companies whicl
will be called upon TO supply the ma
terials which the war stricken coun
tries will require for their upbuild
Ing.
In commenting on the effect Of pros
pective pence upon investments. th'
keto York World of today says:
The vague hints that huve como
'cross the water during the week
., to the disposition OF one or
aetther of the European bellig-
ci ents to discuss terms of peace
have had very SOLDERING effect
on the speculative element both
on and OFF the floor Of the stock
exchange, while the progress OF
events In tho Balkans has given
pause to the sxploitnrs OF some
Industrial issues Of the better
class whose Investment potentials
are more or less closely concerned
with the continuation for some
time to como OF the great con-
flagration that has swept through
Europe and is now eating its way
through the vitals OF the little ma
tions or the southeast. The very
possibility Of peac" therefore, ns
grateful as II would be to the
horror stricken world. has caused
a tremor OF dread to course up
the gambling element of Wall
street. 1t would mean the end OF
the delirious dance OF tho war
brides. that much Is certstn. and
how soon II would bring this
country, as well as the rest Of the
world. face to face with the eco
n"mic problem of paying for the
lives and the forces OF human
energy. no man can tell.
No ono believes. Of course, that to-
day or tomorrow We are TO be con-
fronted with this crisis in the worlds
year or more away-but II Is coming
as sure as the succession OF the sea-
sons. and the sooner II comes tho
smaller tho labor and the sacrifices It
win impose on those who must un-
dertake the work Of reconstruction.
No nation. oven the most remote po-
littcally and geographicallv from the
great conflict. can hope to wholly es-
cape Its inevitable penalties. Every
country In the civilized world was
forced to bear. IN a greater or less
degree. the cost Of the Russo-Japan-
quake. and other calamities that in
volved great destruction Of capital
and caused a halt in world progress
until the work Of readjustment was
completed. There Is no way OF gaug-
Ing the price that the unparalleled
cataclysm whose reverberations arc
shaking the universe to It's founda-
tions will eventually exact from civil
ization.
Our country. with its wonderful
energies and resources. Is certain to
suf,er less from the waste Of the war
and to profit most from the work Of
recruitment than any OF the nations.
The industries that will first feel the
shock OF the contraction of Furope's
buying power will be those that have
been supplying her, with tho agen-
cies Of destruction. Those that will
urgent patronage will be those that
can supply her with the implements
and material for her reconst ruction.
Translated into terms OF invest
mont and speculative significance.
this means that the securities whose
earning power has less appearance
OF permanent stability are those OF
corporations engaged wholly In the
manufacture Of armament and NUM-
tions-un'ess the lessons OF the war
are to be wholly lost upon humanity
and its issue " to be p Temporary
truce during which militsrism will
merely mend It's mail for the greater
fray that must be fought to f,nality.