New Britain herald., 1915-10-02
GREATER EASINESS
 s IN MANY CIRCLES
Funds Will Seek Securities Market
 for Profitable Investment
(Special to the HeraldD


 ket for securities. The news of the definite closing of arrangements TOT the new Anglo French credit loan mas heen accepted as an influence of far reaching importance. The terms of this loan as officially announced nToved to be much more inviting than had been expected, and the prospects of a satisfactory subscription nave cor respondingly improved. It seems qulte fair to assume that, in view or the large concentration of important American banks and bankers that have become identified with the un- derwriting of the loan, no stone Will be left unturned to make it success.
 The loan, it may be observed, is of greater importance to the national ac- tivities of our own country than in its relation to the conduct of the Euro pean war. It's main importance, as l have recently stated in these advices lies in the fact that the export trade of America is not to be severely handi- capped by a protracted period of eX- oessive weakness in our international exchanges. While only Great Britain and France are directly interested in the negotiations, the real influence on American trade is much wider ana much more important. Besides our own trade with the countries named, the dem oralization in exchange rates means interference with trade that is financed through London. A very considerable amount of this class Of business is still being conducted. AS everybody knows, dollar exchange, while rapidly attaining worldwide popularity is still quite in it's infancy. Under most favoring circumstances 1t VIII require years to develop on an important and worldwide scale. But with the restoration of our interna- tional exchange rates there will be less incentive for foreign interests to avoid the American market when purchas- ing their supplies or rood and of clothing and all other necessities. This is of great value to our agricultural sections, especially to the west, where such large crops have been success fully raised and are now for practical purposes ready for our home and for eign markets. Had the loan not been 2 arranged there would have been very strong encouragement for foreign buy CTS, where they could not entirely de- lay purchases, to obtain their supplies from other countries. leaving the United States last upon the list as a source of supply. This quite natural ly would have been a source of de- pression on the prices of American grains and provisions. Beyond this it would have placed American grain products in the list of those that would be most subject to the com- petition of Russian wheat, which will be released in such large quantity when and If the Allied armies and navies are successful in opening the Dardanelles. There are as yet no data on which to base definite opin- ion that the operations against the Straits will be promptly successful. It is quite obvious, however, that the task has been undertaken as a most serious one and that it will not by any means be lightly abandoned.
 Boom For War Stocks.
 The announcement of the terms of the loan and the indications that it will be so successfully distributed prSved an added stimulant for the so- called war stocks. Operators were encouraged to believe that the inn provement in the international ex- changes would mean the unrestricted placing of war orders with American manufacturers so long as the Euro pean conflict continued. But there has nevertheless been noticeable drift in the trend of operators toward the more conservative investment properties, particularly the railroads. The delay in killing frost has been a favorable feature so far as the corn crop is concerned, and that class of grain will shortly be moving in its various forms over the railroads on a particularly large scale. It is not sc much the movement of the corn itself that constitutes such an important source of railroad traffic. It is the various forms of manufactured pro- ducts in which the corn is utilized that i5' the important item.
 Still another influence in the weeks market has been the reports of vari- ous combinations among the independ- ent steel manufacturers. Definite plans have not yet been announced There, however, seems some really substantial basis for the reports. With Y the continued exportations of Ameri- can foodstuffs and all kinds of pro- ducts the balance of trade will con- tinue to move strongly in our favor. This will undoubtedly encourage fur ther selling by foreign holders of their American securities, though with the prospective incentive for such sales will be measurably reduced Meanwhile the money situation al home continues one of the great re- dundance. Thus far the news of the subscriptions to the $500,0OO,OOO loan that are in prospect has not affected money rates adversely. The funds are not to leave the country and to a large