Pine Bluff daily graphic., 1915-01-27
WE ARE PREPARED TO MAKE FARM LOANS.
 Phone Us, No. 29. R. H. M. MILLS < SONS, Sd Floor, Citizens Blk. Bldg.

with confidence; to take a fresh hold and do as a local manufacturer:
 Go after business.
 As an indication of how the New
 York financiers regard the bushes, situation and the future, a summary from the Bache Review of J. S. Bache X company may be cited. Here it is;
 "We have passed through the
 greatest world wide financial panic in history, and to appreciate the re-
 covery which has taken place, it is only necessary to remember the dark days of August and the financial nightmare of fear and Haralysis which prevailed only a few months ago. 1t was almost impossible then to conceive, much less to predict, so complete a recovery as has taken place. When then, with millions of Emergency Currency and ClearinE, House Certificates issued. exchange on London at $7 per pound, domestic transportation and foreign commerce paralyzed, the stock exchange closed, and loans frozen up, we were strug- gling with the problem of how to pay our debts to England, who could have ina gined that by now we should have been loaning to the outside world over hundred millions; that exchange, then prohibitively high, should by this time be in our favor in all the markets of the world, that gold would be shipped to us from China and Japan: that our export trade would be running larger than a year ago, and that our excess eX- port for December would be $751; 0OO.O00, and mounting up at the rate of $7,000,000 day. And. most re- markable change in the most dis tressed of our products, that cotton should be going out daily in larger volume than at the same time a year ago, with money so cheap. that heavy competition for short tenn corpora tion notes is prevailing.
 "But these are actualitics, and while even so short a time as a month ago. there was considerable doubt iii many minds as to the fu ture, today the outlook is So bright that the most pessmistic have be- come cheerful.
 "We need only a strong impetus to our domestic trade to start us into enlivening activity and confidence is daily growing. The pressing rail- road needs, if only half provided for, would give this impetus and railroad should begin heavy buying, assured by the countrywide change of sentiment ill favor of transporta- tion companies, which is developing daily. If we had Hartman he would equip and extend the roads under his control to the fullest needs and the wave of awakening activity | would, spread outward through all the rhmiiied industries which aa- pend upon railroads.
 Through the Federal Reserve sys- tenn $400,000,000 has been automati cally added to our surplus reserves and the problem of money and credit supply is not in the way. There is no danger of credit initiation or undue speculation; the sharp sting of the fiuancial breakdown of the last few months is too well remem bered to allow caution to be under 
 "It is a time for energetic planninG and prompt action on the part Of the business managers of the country, and the sooner the action begins the quicker will be reached, the bene fits, due from the enormously advan- tageous position of this country as the great commercial nation not at war"