The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1916-01-08

I
The men who came on the stage a
I little later are growing old today and
than meet the interest on the gov
ernment's war borrowings.
I Outlook Is Dark.
The war has compelled the rapid
expenditure of such unprecedented
sums of money that it's difficult to be-
/ lieve the warning governments will
continue the strain for another year
unless one side or the other sees the
possibility of a complete victory. No
/ decisive success for anybody is now
in sight. Even if either group of bel
! ligerents has the power TO force the
other into bankruptcy, it is not prob
able that power will be applied. The
injury which would be done to the
most robust of the warning nations
would not justify the infection of
condition of insolvency upon the
enemy.
France is leading the other nations
in taking preliminary steps to recover
from the financial blight of the war.
The northern area of France now in
/ the enemys possession is one of Eu-
/ ropes most important manufa curing
centers. The factories will have to be
rebuilt and new machinery must be
installed, after peace is declared. A
/ French commission is now in the Unit
saving devices and American methods
of production. Factory output in the
! United States is between 2 and times
as much per man as it is in Europe.
If, after the war, France can adapt
| herself to American methods, the
French factories will at least double
their productivity and France will be
able to care for her war debts and
grow richer at the same time. If Eu-
rope at large is to make a speedy re-
| covery from the wars distress, the eX-
| ample of France must be followed by
all the countries alike. On Europe's
! ability to copy American industrial
methods, therefore, depends the eff
feet of the financial burdens which
the war is fastening on the backs of
the taxpayers.
Prosperity in U. S.
Prosperity is written in letters of
gold across this country's financial
record in 1915. Uncle Sam has al
most half a billion dollars more of
foreign gold than he had year ago.
American merchants have sold more
goods abroad than ever before. The
greatest external loan in history, the
| Anglo-French loan, was floated in
1915. The market value of American
securities appreciated something like
two billion dollars in the II months.
National banks have bigger deposits
and larger reserves than at any time
since this country was founded. A
wave of speculation swept the country
and permitted the New York Stock
exchange to close 1915 with a boom
as eXplosively bright as the years be-
ginning was dull. UnSmirched by the
failure of single member, the 1915
record of the New York exchange is
crowded with stories of newly made
millionaires and sprinkled with fifty
million-share trading days.
More than 60,O00,0O0 shares of
stocks were traded in during the year.
representing an aggregate value of
more than fourteen billion dollars; and
nearly nine hundred millions worth OF
bonds. In 1914, only 4S,031,S33
shares changed hands, representing
less than four billion dollars; and the
bond business was only $44O,43S.6 800.
The war caused the stock exchange
to close four months in 1914, which
partly explains the comparatively
small business. From the dark, un-
certain days of early January, 1915,
, with minimum prices and other war
restrictions, business in the worlds
biggest stock market gradually devel-
Oped until million share trading days
became almost common. There were
fifty of these million share days in
1915, only two in 1914, none in 1918
and IL in 1911. There were fifty in
1909. In January, 1915, only about
four million shares were dealt in; in
october almost thirty million shares
changed hands. Many days in the lat
ter part of the year were almost mil
lion share days; that is, when bust
ness ran well over nine hundred thou
sand shares. Minimum prices were
abolished April L and from then on
the market doomed.
War Babies and Brides.
The war babies ana war bride stocks
of companies manufacturing war sup
plies for the belligerent countries fur
nished more spectacular fireworks in
1915 than Wall street had witnessed
since 1901, when j. J. Hill and E. H.
Hartman sent the market into con-
WILSON'S by their fight to buy control
of the Northern Pacific railroad in the
open market. Bethlehem SteeIs un-
= rivaled jump from SAP to 5000 a
shares. closely traiIed by General Mo-
tors advance from $50 to $40 and T.
s s. Steers rise of 81 points are a few of
( the high spots in the years boom mar
: ket.
Fifteen stocks, including motor,
electric, steel and equipment and in
e dustrial securities. appreciated just
S S570,665,62S in the year. The aggre-
E gate appreciation of all stocks and
t bonds on the New York exchange is
t near s2.0O0,00O,0 United States
=. Steel increased a hundred and fifty
. five million in value and Bethlehem
e Steel about $S5,000,000. The steel cor
[ poration has more than five million
s shares of common stock issued while
! Bethlehem Steel has less than 10000
Y shares outstanding. General Motors
4 common increased S75,00O,00O in
Y value; General Electric, $3e, 534, 900;
= Anaconda Copper S69.93T5OO; Stude-
4 Ill NJ -.