T

HE speculative fever in Wall Street, and other financial centers, is rapidly degenerating into a godless scramble for unearned wealth, with the maddest gamblers to the front. Industrial stocks that are supposed to represent great earning power, on account of war orders, lead the market, which shows a general advance "in sympathy" with the phenomenal prices at which these "war stocks" are being moved. That the inflated prices of the more speculative stocks will utterly and suddenly collapse, seems inevitable; but it should be borne in mind that all manner of securities have been abnormally low for months, and even for years and it is not at all impossible that, with the general improvement of business, the gain made by the better grade of stocks, although only in sympathy with the speculative excitement, may be maintained. In the meanwhile, those who wish to profit by the great financial revolution now in process, would do well to leave "war stocks" alone, and satisfy themselves with careful investment in genuine securities.

The Anglo-French war loan, negotiated by a group of American bankers, under the leadership of Mr.

Morgan, is being handled, apparently, in a manner that leaves only a reasonable profit to the bankers, and passes on the real benefit to the public. This country has seldom seen a better opportunity for sound and profitable investment.

The New England Magazine is unable to see anything in violation. of a strict neutrality in this loan. It is so manifestly to the interest of American business, that it is quite justified on that ground, and it is wholly unnecessary to drag in questions of national sympathy and prejudice. It is certainly to be hoped that the loan will be readily absorbed by the public, the more so, as future loans seem in all human probability, inevitable, and their successful flotation may sufficiently modify the abnormal movement of gold, and prevent what otherwise might become a dangerous situation, not only to "big business," but to all business, and the prosperity of the country for years to come.

We should discountenance in every way the confusion of this great international loan with the unreasoning speculation in war stocks now obtaining. The effort to create such a confusion cannot be regarded "in the best interests of the American people."

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