The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-31

VsNh ~ oul pdIlhlUk aTu butlHttf
community is animated to-day. and men
OF business and men Of money do not
employ their time In the projection of
constructive undertakings unless the in
centives and the means which offer the
promise Of profit from economic enter
prise are both presented.
Incentives TO Enterprise.
When the April foreign trade state
ment was published the other day II only
accentuated facts which have already
mad much 10 do In contributing to a
revival of financial and CONNER
cial confidence. April exports were
almost s95. 900. 900 in excess of
the value of shipments for any
previous April and the export balance OF
more than sl33.ooo. 900 brought the total
balance for the elapsed ten months OF
the fiscal year up to ss51.0O0 900. which
was 1861 900. 900 more than the balance
for any previous ten months in the
country's history. Despite all the de-
r~angement OF foreign which
results from the scope OF the war abroad
the signs are that the calendar year
1915 will yield an export balance under
estimated at 1900. 900. 900.
The deficiencies OF the import trade
and the enormous curtailment OF the ex-
ira tradeo obligations which we custom
arily incur abroad show that there can
be little offset to this huge export ex-
cess unless we count the balance as so
much imported capital. That precisely
Is what II Is, n amid all the un-
certainties OF the moment there In this
one certainty. that the vast volume OF
capital which We are importing in pay
ment for our exports OF goods and COM
modities. including a material. will he
used productivity through the channels
In which II can be directed by intelli-
gent banking and by intelligent bust
ness.
There II no profit IN idle funds. Courage
TO lend money and invest IL and courage
to borrow II will not long be wanting
when there is such pressing necessity
TO put money at work as that with
which the country Is being increasingly
confronted. t,nterprislng initiative has
been restrained by the appalling condi-
tions which have been created in Eu-
rope, but initiative Is not going TO be
held In check by the fact OF the Euro.
pean war when II Is supplied with the
incentives of profit for constructive en-.
deavor combined with an Unprecedented
plethora OF financial resources for the
exploitation of wealth producing oppor.
tunity.
When the Federal reserve act went into
effect the forecast OF discerning oh.
servers was that in the first two or thre,
years of the new banking system W.
would probably eNpor in the noighbor
hood of n quarter Of n billion dollars al
gold because II would no longer b'
needed. The new banking organization
permits Us to make a far more efiicien'
Use of a diminished stock of gold thar
the old organization made with "A large,
stock. There was a large export u
gold last year. not SO much because -
the institution OF banking reform 4,
because of the approach and outbreak o
the European war. But what do ",
find now? Simply that American fnanc.
is threatened with n deluge of gold
which must come here from abroad I,
settle the obligations that are now beIni
Incurred at tho new worlds money mar
ket. New York.
Is il not clear that with the ney,
equipment Of financial machinery which
We possess. with the new cNperi@uc,
which American finance Is acquiring il
the performance OF credit and capita
operations long familiar 10 Europe. hu
hitherto almost totally unfamiliar here
with the compuisiou OF necessity whicI
the financial disruption Of Europe Is eN
erCisinE upon US, that We must begin {,
employ for profitable purposes tn
financial capacity with which the for
tunes or war nave endowed us" NarlOu
oracular warnings have been uttere,
against speculative departures. hut III
excuse for all these warnings has bee
the demonstrated existence of all tn
essential conditions which conduce L
speculation. II there is any trust
worthy tradition of finance 1t is tina
I with speculative conditions given specri
, lation will result.
/ But the spirit Of speculation Is tn
: spirit that reviNes dormant entcrpriS
? and promotes new enterprise. which /
the anticipation Of future profit and tn
expenditure of money to procure Y
l The speculative outburst already wit
: messed in Wall Street his year wi
p almost inevitably be- repeated again an
again and i, will indicate that economl
Z enterprise il stirring with new ~,
: What forms enterprise will take nohod
! can say. but nothing Is impossible to
> after the apparently impossible thing
that have been achieved here since las
July, Not the most unlikely manifest
ton will he the inauguration OF a REL
( American shipbuilding industry and
: real American shipping trade.