New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-02-08
New Bond Issues Serve TO
Absorb Much of the
Investment Demand.
ECONOMY AIDING
BUYING POWER
Canada Coming Here for Credit
Money Easy - Trend OF
, Stocks Downward.

ouict for the most part, with prices
lower toward the end. Stocks were
-sc.1. ;- on a smaller scale following
'ybc excitement Of the week before over
hc fror in Steel Bonds changed
-.bor5 on the floor IN comparatively
.sr,,r amount. new financing absorbing
"a great part Of the investment demand
.-,rberc s..il remains, Il Is believed con-
Siderable buying capacity. Savings
banks have already taken good many
bonds. b., there are other institutions
80, q. % come into the market. and IN
-l.viJyal Investment can take much
,,o~o The West, with its great re-
ccip.s from this years immensely
profitable harvcsts, has as yet haro'y
been heard from.
~ B.yiug power in this country Is az
-cum.la.i-g IN spite o. the oePfeSs.o"
-..n general trade. People arc go go,
..s,,;-i,., as never before. A9 naIloH
.g.c have been careless and eXtraVs-
roar. Last sumner was great snocH
=, "a. belief that reckless spenolng
.,e,,i4 co on regardless Of consequences,
:.,,d sbeu men once caught unprepaIeo
i.u - ssve the habit IS likely to
-re.s;s+ How much ne may accom-
uIrl e surplus earnings are put W
.wors instead % being wasted no one
"a, tp.f. but the war across the wafer
is furnishing US our opportunity,
The new banking act may be expected
10 add more 20 our financial power ma
r.is generally realized. ALREADY -
bri1ring nearly to level money rs'es
through out the country, as Changes -
.-Sircount rates authorized laet "eeh
-..oyr Violent fluctuations because OF
scssonsb,e demands for funds, theI
re proyed so disturbing, should De
-..o,o-.od as we'll Through the lower
ycsor,e requirements OF the new law
~ ,.alas available . great mass OF
.r,ri. which as vet has been scarcely
s-sc.r on. In addition IL will aid IN the
.-tobI:sbr1ent Of a broad discount mar.
yot which, in London. has proved OF
H., -res. assistance 70 financial oper-
afious.
Great Excess of Exports.
Trade with the rest OF the world IS
r,ur.ng heavily in our favor. IRE.
.limirarv figures from the principal
'uorts OF the country that produce
fi.tlc more than So per cent OF our eE-
mort excess give favorable trade pal
.nce % S131 100000 for last month,
This. II is officially estimated means
"a total o. around Sl60,OOO'OOO, wnich
rroula be SisOOO.OO0 greater than last
or,h and more than 100000, 900 better
man for January, 1914. As we take up
Jbe work OF financing nations Europe
rs,not az present provide for we send
Them our exports in return FOR credlt
Granted. bringing business TO our own
Industries and receiving payment loi
The accommodation. ~
Canada. which Is heavily our debtor
on exchange Of goods, can no Ionge'
borrow in London 70 pay US and IS
coming 70 our money markets Tor Iunos
q, facilitate her purchases. Practically
every province Of the.DOminion is ask
iug rs for loans. Manitoba placed WIN
local bankers an Issue Of around go
SOC. 600 fve-yeGr 3 per cent notes las'
week. and other smaller loans followed
There is new financing 70 be done for
l. our own corpoYations, which IN the az
rregate seems formidable, but for the
N most part this is refUnding Of present
" loars and absorbs no new funds Those
who do not exchange their presen'
holdings for the new issues that re
Mace them will receive money ths'
must be invested. l3 times OF cas-!
money srd confidence refunding oper'
poration notes are 20 he largely retired
IN favor Of longer bonds, and require
meuts OF necessary new expenditures
should be met without any great trou
Bile II no unforeseen disturbance arises
All this requires care and foresight
Our relations with warning powers arr
delicate and call for skilful handling
Business transactions with countries
unfamiliar 20 our manufacturers ant
exporters will require caution. but TIT
opportunity is ours. and IL Will be on
fault II we do not make good use OF II
The more this country prospers in thu
time Of war the better we will be abl'
10 play our part in the period Of worlt
recovery after peace has been declared
Sound Finance 90 Aid Trade.
With our finances kept upon . sount
basis, IL appears that industry mus
improve. The slow recovery 30 far ha
some excuse In the very caution ant
sconomy that make up so important
factor in successfully building UP bust
ness on a permanent foundation. Or
ders for export are assisting TO reduc
unemployment and turn wheels hith
erto idle. The ease with which larg
financing Is being accomplished in
.creises orders in industry dependen
on the condition OF the money market
The steel trade reports better pur
chases by railroads as they find neees
,ary borrowing conducted without din
Guilty. The Steel Corporation Is maxim