New Britain herald., 1917-09-15

available for dividends despite the
 higher gross was only s3,543,955, and compares with $3,641, 126 for July last
 year, which, of course, is reduction
 of close to $1OO,00O. But it neverthe-
 less is no less than $1,2O0,000 larger
 than the corresponding surplus in 1915. The Pennsylvanias net earnings
 for the seven months indicate de-
 crease of 0,00O,OO0 from the cores
 bonding period of 1916; ;but they are
 still more than $12,5O0,O0O in excess
 of the 1915 figures and are no less than
 s17,000,O00 greater than those of
 1914.
 If these comparisons are represen- tative of the general railroad situation
 and it is believed they are, there cer- tainly is no incentive for permanent investors Gin contradistinction to spectators who are desirous of secur-
 ing day to day profits) to indulge in the active liquidation that has so re-
 gently been feature of the market for railroad securities. We are very apt and not unnaturally, so to overlook because of our sympathies and the per sonal dangers of our loved ones, the material advantages that must inevi- tably result from a war that we tried so hard to avoid.
 America has attained and will main- tain new financial position among the nations of the world; it will be re- stored to the seas as an important maritime nation; it will have become associated in a practical way with many new export markets, and, finally, it will moreover have the lasting repu- tation of being the nation that at the crucial moment stepped in to decide the war in favor of democracy. This is a position that cannot fail to mean much in the material sense. It will mean a postwar continuance of our national activities on a remarkable scale and a continuing prosperity for the great corporations that so clearly are responsible for those activities.
 Our country has yet far to go before it reaches the peak of it's development For our farms and mines we have had a series of wonderfully prosperous years. High prices have been paid for our products by foreign countries, thus increasing our wealth. This year We have in sight a corn crop of SPAS, 8,O00,- 900 bushels. Winter wheat crop is below the average, but spring wheat promises about an average out-turn. Meanwhile virtually all the minor crops are well in excess of average yields. These facts indicate the de- gree of prosperity that is being eX- perienced in the agricultural sections of the country. Industry is presenting a similar position. Labor is so active ly employed at high wages that it's spending power can hardly be over The increase in the price of silver to virtually $1,0O per ounce is an indication of the increasing value of the product of our mines. This too, means a corresponding increase in our wealth especially if, as seems not inn probable, advantage can be taken of the current opportunity to export a part of the huge volume of silver that we have on hand
 A period of some strain has de- veloped in money circles. It is not calculated to be of protracted na- .ure. The government, through our new banking system, which has shown it's ability to handle such per- ods of strain, may be depended upon 10 keep the money market in a com l fortable position, at any rate during 1 he period of distribution of new loan. | The subject has already been taken | ID officially with the banks by the government authorities with a view )f nationwide cooperation. Our Fed sral banking officials have full au- hority to issue notes as needed; thus banks of the Reserve system leed experience no strain, since they Ire able to rediscount their own com nercial paper at the Federal institu- ions whenever they desire.