The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-01-25
Economic Opportunity In War.

Probably Wall Street as a whole has
not been conscious OF responding to tho
impulses OF any great and far reaching
forces Ordinarily wall Street processes
OF discountlng the future are instnc-
tive rather than reasoned To the ex-
tent that they are guided by facts tho
facts are largely on the surface. Ac-
cordinRly one found that the prevailing
Inducements for the purchase OF securi-
ties last week were the so-called tech
meal position OF the market, its bare
ness OF offerings and its reduced specu-
lative commitments and the copious ca
pacity Of the money market to accom-
mediate requests for credit and capital
Nevertheless II has become increasingly
obvious that n wide basis for improve
ment In securities and later for general
business expansion has been furnished by
the economic advantages accruinC to the
United States from the European war
There Is a sensitveness which deplores
this view OF the outlook. II deprecates
the parade Of any incentive to pursue
the rewards OF the dollar, but this Is not
dofenslble In economic argument. When
civilization Is threatened with destruction
by the forces OF disruption which Europe
has let loose, the whole world gains by
the ability OF American commerce and
finance to strengthen themselves. II we
are tho gamer because We can promote
and assist trade and industry everywhere
during the war and afterward, who Is
the loser?
Our country has been most extraordl-
narily prepared to take advantage OF the
commercial and financial opportunities OF
the war Several years OF bear markets
in securities and general business, &C
CELEBRATED by the war panic Of last year,
have eliminated vast quantity OF eco
NJ mic unfitness and Eave brought values
10 bedrock fundamentals Social unr est
and political agitation nave wrought some
desirable changes In business and bank
ing conditions. and the war has helped
to dispel some decisions about the ma
ture OF business which threatened to
put captalistic endeavor in political
chains. BY a marvellous coincidence with
tho opportunities which the war affords
the Panama Canal has been opened, and
rho oountry's banking machinery has
been remodelled, Every essential factor
has been provided to assist the greatest
neutral nation during the greatest war in
history to make an unprecedented use Of
its resources for its own profit and the
profit OF all mankind.
When tho storm OF tho worst war in
history broke over the world there was
an interval OF wild alarm, but at the most
desperate stage of the panic there were
cool headed observers who saw what q
vast economic opportunity proportioned Ia
the magnitude of the war would be pre-
sented to the United States. With Amer
lean neutrality preserved and belligeren,
rights duly regarded our natural re-
sources, our accumulated wealth and the
abilities OF our citizens assured a rally
Ing ground for civilization during tho con
Met and support for all nations afterwsrd
in the effort to reestablsh an economi;
footing for the reconstructive works OF
peace. There Ia nothing marvellous ir
the proof which events have given OF the
validity OF these expectations. The mar
vellous thing Is that they should have
been justified In 30 short a time, and this
suggests that our read difficulty Is going
TO lie in the comprehension OF tho Amer
lean prospect.
I Recognition of Our Advantage.
In nlacinK Its ban on thu innnnn cn u