The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-10-11

Street pariance the Anglo-French loan
Ia distinctly bullish on activities In the
direction Of new financing. for VIII; 81
plentiful opportunities are going to be
afforded.
All the opportunities are certainly To-
to be found in the foreign trade de-
velopment In which the country IL en-
gagged. Added to the various impulses
which have set domestic trade n in
dustry In motion at an acceierating pace
there Is above everything else the mira
Gle OF this years crops. as set forth In
the Governments report published last
week. More than a billion bushels Of
wheat Ia Indicated and more han 1900
900. 900 bushels Of oats. record yields
both, and more than 1000. O00. 900 BUSH
els of corn, only a little below the rec
ord. The agricultural season has in
other respects been highly satisfactory
in the main, and n tremendous and wide
spread buying power is denoted by the
value OF this years products Of the
soil.
' A relatively reduced crop OF cotton
is putting the South in funds and more
and more orders of domestic origin are
being everywhere placed on the books
Of manufacturers and merchants. Both
| 'tIlta uHu lbDOT are kcttlnR TlslnR re-
turns n In the financial and business
situation the conditions OF new enter
prise have been established. signs Of
which are already showing. as in the
new corporate combination Of which the
Midvale Steel Company In the nucleus.
II Is to be supposed hat there will
be an inordinate amount OF rumor Of
new corporate combinations to the per-
centage Of actual fact, but the times are
propitious for manifestations of new
enterprise. All the usual incentives for
a Encouragement Of corporate ~orRaniza-
ton In the Industrial world are now
In existence. multiplied beyond anything
even known before by the economic fac
tors which the European war has gem
Grated.
An argument which has much validity
offers for such combinations in that
after the war our trade II Industry
Will have to meet in the home and for
eign markets IA foreign competition Of
unprecedented severity. Our business
will be better equipped to meet this
competition through large scale indus.
trial units provided OF course they are
put together legally and on a sound
financial basis. Our corporate capi-
talizers a not as n rule justified
themselves when migrating Industrial
units. but II may now be urged that they
are not going to capitalize water as In
the past M burden their corporal.
units with a load OF capitalization cal
culated according TO a conjectural earn.
ing power at its maximum. 1t will
probably be asserted that Increased CAPT.
talixation will cover increased assets
represented by the windfalls Of wartime
profits. While the capitalization Of un.
usual pronts Is not altogether the safest
basis for new financing II this Is an tina,
is done. new corporate combinations will
be more soundly capitalized than durins
the era OF combination a decade and a
half q
One Of the greatest drawbacks 10 a
sturdy growth Of business and banking
confidence has been tho nature of DO
nestle politics. The political future Is
difficult 20 forecast. but recent occur.
rences at Washington SUCCESS that In the
coming session of Congress the propa.
gandists OF disruption and the promul-
gators of fantastic theories will not have
a great chance to exploit themselves
The Administration at all events appears
to be looking toward the session in al
extremely practical frame Of mind and
with n purpose to get very practical re
suits.
So much seems to be implied in Presi.
dent Wilson's declaration the other day
oi NV h''NtfANs Va " wa
tary preparedness against the contin-
gency Of having to defend our institu-
lions and possessions. II was also implied
by the Treasury statement that Con
gress would be asked 20 keep the reve-
nue. tariff on A national election
II coming next year, In which business
issues will weigh most with the voters
and there is every eason 10 believe that
what the electorate desires is a deter.
mination Of the issues in accordance
with the standards n needs OF prac-
teal business and not after the whims
OF fancy politics.
SO far as the course OF the European
war goes the prospect OF peace has lately
been rendered still more remote. Nc
doubt we must be prepared for a turn
Of the war in the Balkan area which viii
be regarded here as unfavorable, bu,
this may be offset by the operations tina;
have started on the western front.