Evening star., 1917-04-08
FINANCE AND OTHERWISE.

by bankers all over the country.
In this connection it is interesting to
recall that Great Britain has raised
during the war more than $40. .00O. .00o,O 600.
OF this total 5000. 0Oo0 600 was raised by
taxation and $4,000, 100000 by borrow
ing at home and abroad.
The United States in it's new role as
world power must raise much money,
but there are few who can conceive of
anything like Great Britain's burden for
the United States.
Crop Shortage.
The most serious worry of the i'm
| mediate future has to deal with short
age of the essential crops. Argentina
reports wheat failure and an embargo
against exports; Australia is 50.000,000
bushels short: France 10 per cent be-
low the yield of 1916: a shortage is re-
ported in our winter wheat, and even
without war the chances are for a food
shortage in this country. Other crops
are very light and prices climbing.
For years farmers have been saving
only heifer calves. marke citing others as
soon as possible, and there is distinct
| shortage of beef cattle as a result
These conditions are today serious
the world over.
"Gone-Era of Big Profits"
Wall street has come to the realiza-
| ton that while the demands of the
United States in its preparedness cam
paisn will naturally be enormous.
there will be no fabulous profits made
from supplying these demands.
THE day of big profits is gone" is
the way the head of one big New York
Drancn house put it yesterday. And
the corporations understand it, too.
In many lines manufacturers have
served notice that their factories are
at the disposal of the government; that
they will be operated as near cost as
possible.
Wool dealers in Boston have decided
to cease trading and to put their entire
supplies at the disposal of the govern
ment at present prices. Tanners have
tai ken similar action, committee of
the national association having been
named to work with the National
Counsel of Defense
These corporations appear to be sac
rificing stockholders interest in fat
dividends for the good of the country,
and the action might be called com
mendable, but admittedly the corpora
tions of the country should all follow
suit, in order that it might be a fair
and equitable assessment on all
10 make IT SO the government might
establish maximum prices and enforce
rations and men of wealth who will
come forward in the nations need.
gladly and of their own free will. al
though they would welcome the same
movement universally and not alone on
the willing burden bearers
THESE strawS stand out boldly az
signposts pointing to the fact that there
Will be no wild era of speculation in
connection with this war.
The action of the stock market in the
last three days would suggest that
there are to be no profits in business:
that close selling to the government
and the payment of taxes in divers
ways to aid in financing are practically
eliminating all temptation to operate
on the long side of the New York mar
ket: but it is not at all likely that there
VIII be need of cutting dividends on the
part of the industrial corporations,
while there is little or no probability
or any cutting of freight rates, but
rather strong possibility of fncreas-
ing them, in response to the wage In
crease under the Adamson law
The shrinkage in the gross and net
earnings of important railroad corpo-
rations fs becoming serious and accen
tuates the need for higher schedules Of
charges.