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Show merclal prophets. It is the rid unwisdom for Americana to culthv relations with Russia, since then country on earth, the friendship ui of which is so Important to (Ml States, as the dominions of tlx Russia is three-fifths of Buropcl third of Asia and its resoujCMi it in its potentialities th" frealthicl try in the world. American? want Russian, trav.i is the part of wise foresight till stone unturned In securing this l of all prizes. If the friendship is lost no oi her possible gain Id at can nmlin up for this fatal odi Russia has 1 70.nno.0rt0 of popsU ilic zrmvtli if the great Slays-some Slays-some thine calculated to inspfrt ifcB contemplation. . 1 SECURITY MARKETS REFLECT " BUSINESS WAITING ATTITUDE Eyes Directed Toward International Bankers' Conference in New York; Speculation on Post-bellum Conditions. By W. S. COUSINS, Editor The American Banker. loaded with debts to a point never before known In the world's history. For litis reason German trade may be reduced to a comparatively small total for an indefinite indefi-nite period, pending the slow and painful recovery from the exhaustion of this greatest of all wars. What is true of Germany is also true of Austria. Russia is In the best condition condi-tion of any of the belligerents because even more than the United States it is a new country with undeveloped resources .and the possibilities of wealth without a precedent or parallel In history, it may seem strange that a consideration of future fu-ture commercial conditions in this country coun-try should be so largely taken up with discussing the status of foreign countries, but this is an inevitable consequence oi the fact that any one country is mere ly a part of the world and is like any organ in the human body which is favorably favor-ably or seriously affected by the condition condi-tion of other parts. In the nature of things what the United States has gained ' by the temporary tem-porary crippling of European commercial rivals is much more important than it would be if the gain had been made at a time of peace. What Germany has losl In South America cannot be recoveret for a generation, and in the meanwhil the United States has been occupying lh lost ground. Whatever this country can acquire bj commercial relations with the Tatin re publics is comparable almost to new creation, crea-tion, because during the war and for som years afterwards, the southern oontlnenl will be quite remote from the European field of intercourse, and in the interval of" commercial isola tion the United States will fill the vacancy created bj these exceptional circumstances. When American manufacturers have established es-tablished themselves south of the Panama Pan-ama canal they -will make gains not easfl? lost. One feature of the European situation situa-tion is very easily overlooked by the- com- than ours. A credit of half a billion dollars dol-lars secured by English consols and French rentes should be arranged for in New York City. American securities cannot can-not be exacted, both because the amount of them held abroad is not unlimited, and because they are in the hands of private owners. The big .iob of feeding the world must be backed by the credit of the world and the circumstances are surer that we cannot exact unreasonable terms or refuse re-fuse to do our share of making the transaction trans-action possible without sacrificing at least a large portion of our market and forcing forc-ing prices down to a point that will mean distress instead of prosperity to our agricultural agri-cultural interests. "The same principles apply, though perhaps per-haps less seriously, to all our foreign trade.. Our cotton, for example, is absolutely abso-lutely necessary to Europe, for the field of supply is limited. The same is true of such manufactures as the warring nations na-tions at present wish to buy. It Is the farmer who is the most concerned here, who stands to lose if we refuse to make reasonable credit arrangement for the movement of our crop, or if that arrangement arrange-ment should be long delayed. In the interest in-terest of this country no time should be lost in the establishment of a European credit account for the marketing of the surplus food products of the United States." As to the ability of our banking organizations organ-izations to absorb a loan of one billion dollars (in the form of credit and not of gold or currency) there is no room for doubt. A loan in the form of bonds bearing bear-ing 5 per cent and maturing in from five to ten years will reach the American investing in-vesting public through the instrumentality of i he most powerful financial syndicate ever organized. This syndicate will be composed not of any single group of bankers or any single financial interest, hut will be made up of nearly, if not quite, all of the important banking institutions in-stitutions of the United States. Its successful suc-cessful flotation will be of infinite benefit to the American workman, and will In no wise violate our pledge of strict neutrality. neu-trality. Manufacturers Look Ahead. Na turally there is much speculation about business conditions in this country after the war. Despite the old maxim against 'Tossing the bridges before you come to them, American manufacturers cannot refrain from looking ahead and seeking to determine what is in store for them when peace returns to the world. Perhaps It would be well to point out to these prophets that whatever condi-1 condi-1 ions may exist immediately following peace, those conditions will not be permanent, per-manent, but that the situation will improve im-prove from year to year. After sufficient time has elapsed for the European countries coun-tries to recover themselves, thev will he in as good shape as before. Of necessity. neces-sity. Great Britain and France will be In a somewhat weaker position financially finan-cially than they were before the outbreak of hostilities, but their trade, since the commerce has been suspended, will quickly quick-ly recover. With Germany, however, the case Is quite otherwise. During the conflict all trade and industry indus-try Is suspended and unless the cost of the struggle can be put upon the allies, the states of the German empire will be NEW YORK. Sept. 19. Never in its history has the United States commanded com-manded the position of financial pre-eminence among the nations of the world that Is accorded this country today. Certainly the., financial commission representing Great Britain and France, which is now eagerly eager-ly seeking to enlist our financial resources for the furtherance of trade relationships relation-ships between America and Europe, is a unique experience and marks a very important epoch in American financial history. Though it is too early to comment com-ment in full upon the plans to be presented pre-sented by the European financiers, it is now evident that their sole purpose In making this visit Is to arrange for a loan estimated at from one-half billion to one. billion dollars. This being the case, it is important i,o consider a few fundamental fundamen-tal facts, entirely from the American standpoint. In the first place, It should be remembered remem-bered thai this commission is not an official of-ficial government organ, but merely a representative or the banking and commercial com-mercial interests of the countries from which its memhers come. Furthermore, their dealings In this country are not with out government, but with the representatives representa-tives of priva te capital, trade and Industry. In-dustry. Is Business Arrangement. In this capacity they arc therefore at liberty to make such terms as they may, and; those who grant concessions or guarantee guar-antee transactions must do so at their own risk. Further, the whole subject should be treated in the light o'f its ben-1 efit to American trade and commerce, and not as an aid to a belligerent nation. It 1 should therefore be stipulated that whatever what-ever loans or advances are made to the foreign representatives must be in the nature of commercial credits, which will enable the European countries to secure our goods: but, more important from our standpoint, will enable American business busi-ness to secure payment for these goods. This will automatically solve the foreign exchange problem, because it will provide pro-vide the facilities for financing the ever-increasing ever-increasing commodity export trade, leaving leav-ing only the munitions to be paid for with British gold. This has heen the strong point advanced bv such leaders of American industrv as James .1. HIM. While in New York this week Mr. Hill made the following significant sig-nificant comment : '"The maintenance of a stable rate of foreign exchange, which i can be done only by the establishment In this country of a very large credit ac-, ac-, count for Great Britain, to be dmwn ; against for the purchase of foodstuff, is j of far more importance to the United States than to England. It is not too I much to say that on this the prosperity . of the American farmer depends. European Requirements. "A careful estimate shows that the total requirements of the continent of Europe i for the coming year will be about 550.-j 550.-j 000.000 bushels of wheat. The United i Stales will have not less than 375,000.-i 375,000.-i 000 to sell of its big crop. The supplv of ' Canada for export will be fully 175,000.-: 175,000.-: 000 bushels, and of the Argentine 100,-' 100,-' 000.000. The lowest estimate of the total to-tal marketable supplv from this continent, conti-nent, therefore, will De 650,000.000 bushels, or 100,000.000 bushels in excess of the total to-tal demand. These conditions, growing out of facts that are not subject to change, shot that the prohlems growing out of international exchange concern the United Unit-ed Slates as intimately as they do the j nations that are at war. It is most es-' es-' sential to the prosperity of our people ' that our wheat should get to market and find a purchaser. And if the sale of our wheat does not go forward steadily to the purchaser, the latter will - certainly turn elsewhere, especially If a more favorable fa-vorable rate of exchange gives him a greater advantage In another market |