| Show if A DAY WA COST SAYS BANKER BANKE I Henry Clews Quotes Quote Figures Figures Figures Fig Fig- ures but Declares U. U S. S Business Is in Excellent Excellent Ex- Ex celent Shape By HENRY CLEWS to The Special Telegram NEW EW YORK Sept Sep 22 This 2 This country countr Is rapidly adjusting a itself to war conditions conditions con con- and already shows visible signs of ol recovery recover from the terrific blow which fell upon the entire entre civilized world moro nuoro than six weeks ecks ago ao That blow smashed the worlds world's credit system in a fashion never before experienced experience and never expected by br those responsible for the war or by those who ho able ef ef- ef were to estimate Its Is e- e bets fets Nevertheless the shock ha has hs been met with remarkable success UCC S in t this country country country coun coun- try s to intelligent operation co-operation co be between between be- be b. b tween government financial and commercial commercial commer commer- cial dat Interests and while the difficulties to overcome are still sti of or the tho gravest character character character char char- acter and while further disasters ma may yet jet bo lie possible the te situation Is vastly better beter than at at any time since the war began begar and the outlook is I certainly for steady improvement There I Is a better demand for tor commercial commercial commer commer- cial cal paper pape and foreign exchange is de declining de- de dining clining und at al the tho lowest since sinco tho the war Finance grain grin and cotton cotto colon bills arc are each eachIn eachIn In better beter supply and tend to prevent gold exports which otherwise be in In- In evitable The Thc success of ot th the New ew York CI City C G per cent loan and t the e Improved ed condition of the bank of England are also allo encouraging factors factor Much uch necessarily depends upon the progress s of the war An early erly end of the struggle would bring absolute relief followed followed fol fol- tol- tol lowed probably by a sharp rebound in ir values A protracted struggle would however impose a growing strain upon an already seriously weakened financial position abroad I If the allies ale are de determined determined de- de as is said to crush militarism that means the end erl will wi not come until I exhaustion of f one side aide or the ether An earnest movement Is 13 being made for foi pece peace but at this stage of af the tho struggle It seems ems hardly likely that Germany would such proposals as the allies accept ales may maybe maybe maybe be expected to make make It I I is said raid this war wai warIs Is costing about abut a day ay which Is at tho the rate rte of about a n year car These figures are probably somewhat exaggerated exaggerated Besides It I should be re remembered remembered re- re that in Ur of ot peace the time huge huse armies of ot Europe have cost cst sl staggering sums lums so that the net Increase in the war wai warIs waris b Us its actual is not represented by ls cost The worst effects of ot the struggle gle gleat at the moment are the awful carnage the tIme wanton de destruction of property and the wholesale demoralization of fn finance nce and commerce Happily the financial situation is gradually improving both in London and in tn Now York No arrangements have o nave as yet et been beer made for the reopening of tho the stock ex exchanges exchanges exchanges ex- ex changes at these respective markets forthe for tor forthe the reason that thus far no rio plan has been beca devised for fOI taking care of af the securities which would probably bly be offered for or sale from froni rom abroad Until some somo plan of or gradual or partial resumption is d devised leed it I is the tho part of wisdom to keep the exchanges closed cosed disappointing as that may ma be to the large lare numbers vitally interested In their resumption Next ext to ending the war ar the surest suret means mens of stock stock market resumption will willbo willbe wl bo be a revival of confidence Thus far ar In Investors Investors investors In- In seem seeni to have held their heads heds n and nd the greatly improved financial conditions of af the last few weeks warrant a n distinctly 18 dis dis- more hopeful feeling regarding the tho future of Investments There is no doubt that any shrinkage In our investment se securities securities se- se resulting from the war will wi be Le made good oo within a reasonable period of time after ater the war wars Is s o el over History shows that In all 01 wars warn war a sharp recovery reco er In security values alues followed after tho the worst effects became known The worlds world's output of securities annually amounts to about The war will of ot course result In A n vast output wl of forel foreign T loans Joans for posterity will be obliged o to pa pay the costs It I is quite quie probable therefore that the tho output of new securities in this country countr will bo be curtailed for tor s some me time to come This wI of Itself Isel will wi have a steadying In Influence Influence influence In- In fluence upon security values here es especially especially es- es upon tho those e of or the better ca dats dass g. g There Is another reason also lo for preserving pro pro- serving confidence in le regard to American securities which is that they th are now ata nt at nta ot a 0 very er low price having ha haIn In withstood the tho strata strain of unfavorable conditions both at nt home and abroad with wih remarkable suc sue cess There have ha been relatively few suspensions o of dividends which demonstrates demonstrates demon demon- strates that our Indu Industrial and railroad corporations hove have ho e been eminently successful successful success SUCcess- ful ul in sustaining their cre credit lt notwithstanding standing many reverses A Again aln time the tit United States will w feel feol this war less hess than any Unie other civilized nation In the world wold To o a largo large extent this country countr Is la self contained and Ix is less dependent upon foreign trade than UI any ally other country countr nt at present involved In in war In home twine Industrial circles a n more morn confident confident con con- feeling Is de developing Good Goo crops crap arc ore helping tho ho West est wonderfully There is Just one other element for 10 to- confidence which winch has been almost amot lost to s sight 1 ht b by the n tragedy which Is tho time abatement of hostility at Washington to large corpora corpor corporations lols Tho The government o I Is Ii already showing a more friendly attitude e to bl big business and d a there are II signs ms that the tho spirit of prejudice Is giving way to re reason nn A great ft man many readjustments of ot one ono sort sorl or another have ha been ben m within this tho last few months montha which are arc bound to Improve the thc resisting qualities of Investments and anti andwil will wil undoubtedly I lead leach JI to a substantial re recovery recovery re- re covery as 18 8 toon toon OOm a as the thc sl signs ns of peace positive I become more |
