New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1915-09-27

in benefits OF the upturh IN INDUSTRY
Before long comparison of railroad
earnings will be with abnormally small
business Of last year. Such comparl-
sons. il is true. will mean little. II the
public is still inclined to purchase Sc
ourities and the AnGlo-Frcnch credit
arrangement lessons fear Of European
liquidation they may. nevertheless. do
considerable toward creating more
favorable sentiment toward the rail
roads
Investment Outlook Improves.
Buying for investment, with regard
for income obtained. does not compare
with that for speculation, which looks
toward chance Of profit on principal!
StiIl. this Is the autumn investment
season, and bond houses reported bet
ter inquiry last week than for months
past. On the stock Exchange prices of
standard bonds stifened and business
transacted was about the best OF the
year. European selling was COMPARE
lively light and confidence in establish
that selling for European account was
rot expected 70 be resumed on any un-
comfortably large scale until another
internal loan is put out IN Great
Britain.
There was a more confident tone in
financial circles. The ditfculty with
Germany and Austria, so threatening
short while back. seemed reasonably
certain Of peaceful settlement Our
crops. the foundation or which so much
Of our prosperity rests, hold remark
able promise Industry. while uneven
IT, it, expansion. Is steadily improving.
the steel trade Oh d high rate o. opera
tion providing Tor foreign orders.
Progress in the preliminary discussions
toward plans through which we are to
enable our good customers In Great
Britain and France to purchase here on
credit seemed 20 insure the stability OF
our foreign trade.
Arranging the terms OF the proposed
bond issue on which the Anglo-French
credit is 20 be based proved long
drawn out proceeding, though there
was no serious doubt that agreement
would be reached. Buying from abroad
has been the principal cause Of our ad-
vance from the depression Of last sum-
mer That our farms, mines and manu-
factories should keep such profitable
outlet for their surplus IS most in
portant In former times manufactur-
crs have felt that TO maintain business
on large scale, with plants running
and working forces intact, il was worth
while 20 sell their product abroad at
great reduction of prices. Now they
are getting good prices for doing what
is TO their advantage.
Profitable Use for Idle Funds.
The proposed loan Will proftably en-
ploy part Of our otherwise idle funds
/ The money placed TO the credit Of Great
Britain and France will be deposited
with our own institutions and be drawn
on to pay our own people for their
profits, their wages and the material
+ they furnish. The resulting stability
10 foreign exchange rates will lessen
the danger that high cost of payment
here might drive some of our foreign
customers 70 other neutral markets.
Prejudice against the loan, apart
from that violent prO-German feeling
which must be expected TO oppose the
I project. rests mainly on two grounds.
These ere HAT the proceeds will be
used Tor purchase Of munitions OF war
and tina, Russia, so unpopular with
certain section of our iiuanclers. viii
receive assistance. Since the effect Of
any sucn credit arrangement will be
/ TO steady sterling exchange al some
reasonably nigh level, % necessarily
must aid I'M these TWO directions.
Russia. however. got large credit
in London q little less than "a year ago.
y was felt that II this could be re-
+ peated Russia could make payment
through the British capital and so avoid
any direct part LOB the present loan
Some announcement from the Russian
Niris:e. Of Finance. now iu London. is
4 expected this week. s. far as NUM-
tions o. va, are concerned. We have in
cich; months OF the calendar year
4 shiorca abroad goods valued at more
+ thas s. 2I0.C00,000, of which ammuHi-
ZION and 50 or forms only small part
Govcrnmen, purchases can he paid in
exchange Il exchange steadics without
any appreciable difference. whether the
bills are created from ordinary sources
OF through thc proposed bond issue
Great Britaiu's New Taxes.
Great B.i.ain. though her cxpendi-
:Jrcs are so StupcnGoUs that Il Is ir-
possible 20 ray for the war as it is
beng carried on, IS not content 90 leave
the whole burden 10 the future. The
budget, ;Htrodlced IN the House o.
Parliament last week. seeks new
sources O: revenue, as bad been expect
ID. Import duties on so-called Injuries
may bring more clearly 10 the Pritish
..b!ic realization that immense gov
crnuci: spending for war purposes
ruts no0cy no circulation hat should
20, BE used cxtravaeantly.
ilor ..fGcuual his will prove
toward -educluc IMPORTS remains 20 be
seen Automobiles. bicycles. motion
picture films and 90 on form 'aree
ra.t OF ~. private purchases En- his
country wr'ch IL is desired 20 clt
down British authorities realize ma,
since ec uany men are Withdrawn from
pf0juc. on 80 wage war ard so many
more ceroted 20 providing for their
needs g difficult 10 DO much toward
increasing shipments Of goods. Pres
sure against Imports MAJ b. more e. .
fectlVr.
The income tax IS raised 40 per cen, .
IaTge lnearned incomes my what We