The Birmingham age-herald., 1915-03-13
America Getting Ready to Absorb Her Securities in
 Case They Are Offered
NORTHWEST IS NOW
 IN FINE CONDITION
Men of Capital Are Still Waiting to See Just What Developments of the Next Few Months
 Will Be
Nv HOLLAND

New York. March 12.-(Special. )-From the northwest, and especially that part of 1t of which Minnesota is the financial and commercial center, there comes fn- formation to this city of fairly good even excellent, business conditions If throughout the United States like condi- lions prevailed, we should have evidence of that prosperity which has so long been predicted While the business and finan- cIal condition in the northwest is grati- flying, nevertheless the belief is strong that so far as investment of capital in large amounts in American industries or in the utilization of American resources Is concerned we must wait until the close of the war before it is made. This is the reason why business revival upon a great scale has been delayeds although there may be increase of domestic busi- ness this spring. Men of capital are not only waiting so that they may learn what the developments of the next year may be, but they are also accommodating all the evidence possible upon which they can base some kind of forecast.
 There would be some astonishment if it were known how many are now oecu- pied in gathering and assimilating sta- tistics for the purpose of getting infor- nation which may be of value to Amerl- can business interests. About two years ago a man of capital who was in inti- mate relations with the financial district and especially the cotton exchange, de- termfned to retire from business. He was apprehensive that the contemplated fed eral statute which, if adopted, would have put an end to dealing in cotton futures would destroy the cotton indus try of the United States, at least so far as foreign markets are concerned. He therefore wound up his partnership as- sociations, sold his seat in the exchange and decided to devote himself to a sta tistical study of our material resources and the tendency of capital to develop them This purpose was diverted after the European war began so that he has been occupied for four or five months in gathering statistics which would furnish reliable information respecting some of the financial aspects of the struggle.
 This information he is now able to give to his business friends. It is of the same kind as the statistics which those who have had large part in the financing in this country of some of the needs or belligerent and neutral nations have also collected. It is information which justi- fies these leaders in still adTising men of capital to be cautious and in still maintaining the view that not until the war is ended can it be expected that in vestment upon a large scale in American industries and resources will be made.
 Reaching Into Billions
 Chief among the statistics collected by this expert is one item which shows the aggregate of the national indebtedness of the allies and also of Germany and Aus tria. It reaches nearly S30,0000OO,0O0. By making comparison of expenditures which have already been made with estimates of what the continued expenditures will be. he assumes that if war prevails throughout the rest of this calendar year the aggregate indebtedness of all the na- tions now engaged in the war will be approximately s50,OO0. 100000. This will be in part represented by loans and these are to be a mortgage upon the future. He cannot see any other way of meeting these loans, outside the resources Of tax ation, than by selling securities. Presl- dent vanderlip, who is a high authority upon international financing. recently said that the maximum American secu- rities held abroad is certainly not in ex- cess of s6,000, 1000. Estimates range all the way from $4,0O0, 000,o00 to $6,O0OO0O,ooO
 The experts assume that 1t Will pc