New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1915-03-13

a heavy decline in imports is rapid
1y turning the United States into
creditor nation. The debt which Sir
George Paish referred to last autumn
has already been paid and instead
Europe is getting more and more into
our debt. We are steadily buying less
and selling more as a result Of the
war Our interest payments, which
used to be about $3.50, 100000 annual
ly, will be reduced by the return or
securities. The remittances by aliens
to their friends in Europe, which are
large in the aggregate, have been cut
down materially. American tourists
usually spend over $200.000,O00 a
year in Europe, and this outflow will
be stopped this season. Our ocean
freight bill, usually about 50,o00,0oo
annually, will be smaller because we
only pay the freight on imports. The
war is revolutionizing our financial re-
lations with Europe, and will leave us
financially independent in higher
degree than ever before. Our present
loans are only war loans but they are
of the greatest significance; and ere
long the American banker and the
American manufactures will be doing
effective team work together in the
worlds market. This means also new
fields for the American investor, who
is becoming weary Of the obstructive
tactics of home politicians
Slow and Gloomy Progress.
The war makes slow and gloomy
progress. Before very long Constant
inople is expected to fall into the
hands of the allies. This will be one
of the most decisive events of the
war, and is bound to have important
consequences. It will give Russia tho
much-coveted access all the year into
southern seas, and will promptly re-
lieve the present congestion Of wheat
and oil supplies In the Black sea. This
means the Strengthening OF Russia FL
nancially; also cheaper wheat the
world over. AS for the end Of the
war, that does not yet appear to be
in sight. A military deadlock exists
on the continent which cannot be
broken without terrible loss OF life on
one side or the other would really end
the war At the moment these con-
tingencies did not appear to Be close at
hand and> maybe some months will en-
sue before they can be actually
reached. unless returning reason and
outside pressure should bring the
struggle TO pause earlier than now
seems likely.
The business situation continues I'M
satisfactory. The volume of trade is
still running below normal Econo-
my is the rule in every direction and
consumption is checked. Money is be-
ing saved, while enterprise and initia-
tive are restrained by fear. Our rail
roads are doing less business than n
year ago, as demonstrated by the in
crease in idle cars. The steel industry
is somewhat more active, but produc-
ton is not gaining as rapidly as de-
sired, although the export outlet shows
gratifying gains. In the textile field
there Is reason to maintain moderately
button is gradually widening and mill
owners are less perplexed by raw ma
terial and labor problems than year
ago. In spite of these drawbacks.
there Is reason to maintain moderately
hopeful views. Spring is at hand, and
with 1t comes starting of construction
work and general sectional activity
Collectively our business situation is
exceptionally sound. Spring is usual
~ season of hopefulness and were
II not Tor the war, a decided recovery
would probably set in. In view, how