The sun., 1918-11-25
SECURITY MA RKETS A WATT
PEA CE DEVELOPMENTS
Striking Changes in Week of Important Happenings in
Investment Situation-Some of Factors Influence
ing Trading Here and Abroad-Pending
Foreign Loans.
By WILLIAM JUsTUs Bo1Es.

ny
The work Of putting the>country back
upon n peace footing with the least de-
lay consistent with the enormity OF the
task has become the chief problem Of the
hour. 1t reaches every pocketbook in
the land and ls\causing the most thor
oughgoing readJustment~ of Industrial
AFFAIRS that tho nation has ever seen
Some preliminary work has been done
through the dIsmantling of war plants
and the shifting OF operating forces to
peace production. But the real test will
come when the multitude of soldiers re-
turn to productive pursuits and the out
and out war Industries close their doors.
These uncertainties have been reflected
by the unsettled Investment markets
of New York and London during the In
terval that has elapsed since the armls>
tice was signed. The War Department
within ten days after that event saved
prospective OUTLAWS Of s1,33s, 100000, In
addition TO cutting out overtime and
Sunday work, amounting TO nearly So
100000 a day. The Government is re-
turning men from the training camps In
large numbers and arrangements arc
under way TO send back as many of our
soldiers In France as can be spared
from police duty. As soon as these men
arrive they must be given something TO
do. since any prolonged period of I'M
employment would add to the Difficult
ties Of the perplexing situation that has
been created by the abandonment OF war
work
shifting to Peace Pursuits.
The President has asked Ave heads OF
important Government departments to
report upon the advisability OF convert
ing war commissions into reconstruction
boards. SO as to carry the country back
to a peace basis with as little Industrial
distress as possible. This programme
Will be outlinedA in the Presidents mes
sage week hence. and in the meantime
every business man in the land Is con-
shutting himself an investigating COM
mlttee on his own account to consider
the readjustment of the business that he
has charge Of II is an extraordinary
situation. but the country is prepared
to meet il. and although the process will
cause unsettlement in some quarters, the
indications are that the reconstruction
OF industrial France will give our in
dustries vast amount OF lucrative
business. Arrangements are under way
for closer economic intercourse between
France and the United States and large
credits for the purchase here OF raw ma.
terials will be sought by various Gov
ernments which purchased most OF their
| supplies here when the conflict was at
us height The decision Of Andre Tar
dieu, the French high commissioner TO
the United States, to return to this coun-
try to perfect these arrangements shows
tnat the period of industrial restoration
| buying" Is near at hand.
Ihat the Federal authorities here will
favor the quick development OF enter
| prises which had to be abandoned dur
ing the war period is indicated by the
eagerness of the War Industries Board
to have States and municipalities push
the large schemes OF Improvement work
which were deferred during the period
When the Government was putting out
its enormous war loans. That this era
OF financing has closed was indicated
ny the Treasury announcement last week
that no more long term bonds would
be issued. but that the Government
would finance its remaining war OUTLAWS,
together with the needs OF the recon
struction period. through the sale of
short term bonds. maturing within seven
or eight years. This move is Of great
| importance TO all borrowers and means
that after eighteen months OF urgent
war financing. when private applicants
had to step aside in favor OF the Gov
eminent, the situation is fast becoming
normal again, so that II will not be
necessary for the Treasury 10 continue
its offerings OF record-breaklng war
, issues.