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in America.

the closing of all the stock exchanges 000,000 of gold in bullion and coin. own industries, as we have expected, of the world. Every stock exchange He added: "That is more gold than in the face of a wholesale destruction in Europe closed when Germany de- any other country in the world pos- of capital in Europe?" Heroic measclared war on Russia. Vienna drew sesses and almost twice as much as the ures have been taken. Gold was rushed heavily on Berlin, Berlin on Paris, Paris stock of gold of any two other coun from Washington to the financial cenon London, and London on New York; tries. lle could meet a demand for ters. Congress amended the banking New York was one of the last ex- nearly $300,000,000 of gold for ship- law so as to permit the issue of over a changes to close. Jubilantly our news ment abroad and would still have a billion dollars of emergency currency if papers pointed to the fact that ours was billion left. We have $400,000,000 of considered necessary. Clearing houses the only free and unrestricted market gold in the mint in Denver, nearly as went on a certificate basis. An arbiin the world. But it had to happen. much in Philadelphia, with stocks of trary rate was fixed by representatives Prices of stocks dropped 5 points, 10, gold in Washington, New York, San of the big foreign exchange houses in 20 or more, until they reached a level Francisco, and other places.” Never- the attempt to establish some basis for near or below that of the panic of theless the press exhorted the govern- settlement where the market had dis1907.

Certain cotton and stock ex ment to take additional steps for pro appeared. Finally the bankers mutuchange houses closed their doors in tection. “Could anything be more ra- ally agreed to discourage the exportaNew York. · Fifteen firms were sniffed tional,” asked the New York Sun, “than tion of gold by every legitimate means. out in London. Germany, France, Rus a refusal by the United States, the gov- Emergency currency was authorized by sia and other countries declared a ernment and the banking and business Congress under the amended Aldrich"moratorium"; that is to say, a period community acting together, to permit Vreeland Act and its issue began when loans are not callable and all Europe to draw on this country fur- promptly. It is taking the place of gold payments are suspended. England and ther for the expense of the mad courses certificates and greenbacks, which are Argentine declared long bank holidays. on which it is about to embark? After being drawn into the bank reserves. Prior to the closing of our exchanges, declaring, through its governmental and The new bank notes, like the old, are stocks poured into the American mar business representatives, that it pro- promises to pay legal tender. They can ket from Europe, and fast steamers poses to honor all legitimate drafts be presented at the bank for redempraced across the ocean to carry gold upon it after Europe has made its peace, tion and the money received can, in to Europe. A madness for selling should not the United States now an turn, be presented at the treasury for seemed to have come over the world. nounce to the world that if Europe is gold. As gold export again becomes On the morning after Germany's dec- going to plunge into the abyss the possible, the issue of this additional laration of war, cable orders were re United States does not intend to go currency may only serve to facilitate ceived in New York from all parts of down with it?"

it, unless extraordinary measures are Europe offering stocks at one-half of

taken to guard against it. As an alterthe panic prices. These quotations

The Gold Supply

native to suspending specie payments, never got into print. In a hurried

T THE time Mr. Burke issued who seck to draw on their account for

the banks may discourage customers meeting the governors of the Stock Exchange decided to suspend all busi

his comforting statement there

export purposes. They may agree The Curb, the Consolidated Ex was over $1,280,000,000 in gold

among themselves to raise the rate of change and smaller exchanges through in the treasury; but of this sum, slight discount to a prohibitive point on all out the country followed suit.

Yoly over one billion was the trust fund loans the proceeds of which are instocks could be quoted. No collateral against which our gold certificates are

tended for export.
could be sold. No margins could be issued. The trust fund belongs to the
called. No business whatever in stocks bolders of gold certificates, not to the

Our Currency Problems in
An additional $150,000,-

the Near Future. was transacted. How long this situa- government. 000 constituted the reserve against

T is to be deplored that the new tion may continue, it is impossible to

Federal Reserve system is not in foretell. Several days before the out- greenbacks and treasury notes, and it break of the general war the demoralis required by law that this reserve be

operation so that we might have

an effective central organization for ization of our foreign exchange market maintained at its present status. There took place. There had been a tremen was left in the general fund and the raising the discount rates.

ent it does not seem advisable to atdous outflow of gold from New York treasury only about $85,000,000 availaand this was one of the most serious ble for export. The interest on the tempt to organize and start the new

system. nnually amounts to

The enormous transfers of dangers which confronted the Amer- public debt, which ann ican people. In ten days last month nearly $25,000,000, must be paid in bank reserves made necessary by such sent abroad $45,000,000 of the gold. The United States gets her gold an action would only render the situa

tion more chaotic. The gold certifimetal, in addition to nearly $30,000,000 from import duties. This source was at once largely cut off. The other way mally flow into the banks will build up

cates and greenbacks which should norshipped in July. Europe holds about six billion dollars worth of American to get gold is to sell bonds—a course securities and obligations, so it is esti- which we will be slow to take as long their lawful reserves and increase their

If $500,000,000 is mated by Mr. Paish, editor of the Lon as the market is as demoralized as at capacity to lend.

drawn into bank reserves in this mandon Statist. It could take every ounce present. Even allowing for the annual

ner it will be legally possible for the of our gold, if given the opportunity, $90,000,000 output of our mines, we

banks to increase their loans by from in exchange for these securities. were in no position last month to ex

two to three billions. There will be an port $300,000,000 of gold.

incentive to lower the rates of discount Uncle Sam Guards His

on commercial loans so as to lend this T SEEMED imperative for the


enormous sum. If the banks yield to United States, in the mad rush for T VARIOUS times during the this incentive no difficulty will be ex

gold that ensued in Europe, to take last few inonths attention has perienced in financing ordinary businneasures to guard its store. Our stock been directed toward the call for ness ventures. With discount rates of gold is, fortunately, of impressive new financing which will come from low, the task of preventing a further proportions. The government, so John American industries in the fall. The gold outflow will be tremendously more Burke, the treasurer of the United European crisis has presented new com- difficult. Easy access to capital will States, declared, stood ready to meet plications and the question is now being impart a hectic flush to those lines of any demand, having a stock of $1,280,- asked, “Il'ill we be able to finance our business which are not too seriously




At pres



Our New Financial





affected by the tie-up in foreign trade. Unless the banks exercize caution and impose a good stiff rate of discount on even ordinary loans, we shall have to fear inflation and its inevitable aftermath of prostration.


Ideal Fountain Pen



AD Accurate Pen

Finance Methods Abroad

During the War, CCORDING to the N. Y. Times,

England, France and Germany

promptly adopted measures for the financial support of their war operations. The British Parliament voted a war appropriation of $1,000,000,000. In Germany a bill was introduced

appropriate $1,250,000,000. The French Parliament authorized the Bank of France to increase its note circulation from $1,340,000,000 to $2,400,000,000 and to abstain from paying out gold in exchange for notes.

Only in the case of France was there any definite indication of how the money was to be raised, aside from drawing on government funds already in hand. The N. Y. Times quotes one financial expert to the effect that the European nations would be able to carry on the war for several years so far as financing is concerned. New forms of taxation might be the chief resource. All of the European nations at war have built up large gold reserves and have taken steps to preserve them. This expert predicts that bond issues may be sold as readily as the billion-dollar indemnity was provided by patriotic Frenchmen after the Franco-Prussian war. Illustrative of a few of the methods which might be used, he says in part:

The pur

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The more a man's mind can concentrate on the business at hand, the better he is going to care for that demand. Iriting is but a vehicle of thought, and the easier the writing the clearer the expression. pose of Waterman's Ideals is to make writing easy. The old dip pen, or the inaccurate flow of ink in a fountain pen,

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“Great bond issues are more easily absorbed than is sometimes supposed, in cases where an appeal to patriotism is behind them. This is particularly true in Europe, where there is always much money hoarded. In the past foreign securities have been heavily sold in order that the holders may invest in their national war loans. In the present instance this recourse is removed for the time being by the closing of the exchanges, but this situation may be changed before such loans are authorized and opened for subscription. The banks are practically compelled to take the loans and carry them until finally absorbed.

“Finally, irredeemable currency may be resorted to, altho this is hardly likely to be done except in Austria. The extent to which such currency may safely be put out, however, is much better understood now than when it was abused with disastrous results in earlier periods, and its use is therefore not at all out of the question."

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call for their reservists, provided ships can be obtained for transporting them out of this country. Our ability to export our food products and manufactured articles will depend entirely upon the marine situation. If this war illustrates anything, it is the crying necessity for an American merchant marine. Those of our industrial activities which are in a position to profit by the foreign needs of Europe and the elimination of foreign competition in other foreign markets are practically paralyzed by the inability to ship the goods on American or other neutral vessels. In 1913 the United States exported

than $2,000,000,000 worth of goods, only 9.1 per cent. of which went in American vessels. England carried considerably more than one-half of all our exports, while Germany, the next largest carrier of our goods, transported approximately 14 per cent. No other nation carried as much as 5 per cent, and about 85 per cent. of all our exports were carried in the bottoms of vessels registered under the laws of the countries which are now at war. Washington took steps promptly last month to provide the American shipper with a merchant marine which will be exempt from attack and seizure and which possibly may enable us to transport our commodities with almost as much ease as in the past. In giving American registry to foreign-built merchant ships, the United States Congress will enable the American shipper to reap the advantages of the high prices which will be paid for supplies to be used in Europe. Of course this presupposes that the passage to Europe is not blocked by vessels of war. We will be enabled also to supply in part the markets now suddenly left open to us in South America and in the far East.



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American Industries Chiefly

Affected by the War. RANTING the possibility of establishing a merchant marine,

it remains to inquire concerning the direct effects of the war on certain industries. In the manufacturing industries, where the United States is a large shipper to Europe, there will be, outside of war supplies, a rapid falling off of trade. This has already been indicated by the decline of approximately 20 points in the market price of International Harvester Company stock. The European market for harvesting machinery has been temporarily wiped out. The same is true of cash registers, automobiles, petroleum products, copper and copper goods, sewing machines, typewriters, mining and milling machinery, starch, tobacco, and office and industrial supplies. While we lose these markets in Europe, she is our competitor in many other markets in the same line of trade. The European losses should be offset to some extent,


134 W. 29th Street, New York City





therefore, by our increased sales in neutral countries. But this offsetting will hardly be sufficient to enable the industries just mentioned to

pass through the crisis without feeling some depression. Another large class of losers consists of those whose income is derived from the importation of products from Europe, to be consumed ultimately in this country. European importations

almost at brought to a standstill and orders for delivery in the near future cancelled. At the same time that some industries reap certain loss, it is equally sure that other industries will reap certain gain. This gain will be in direct proportion to our ability to provide shipping facilities. Our manufacturers who are in a position to supply the needs of the European armies, such as our makers of shoes, blankets, and other naval and military supplies, should profit materially. Again, the foreign demand for agricultural products of all sorts, excepting cotton, has materially increased. “Armies and navies,” said Napoleon, "fight on their stomachs.” The proper care of the stomachs of the belligerents will be left largely in the hands of American and South American farmers.

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Expense of the War to

American Consumers. 'HERE seems to be no doubt in

the minds of the leading author

ities who have analyzed the situation that there will be a rapid rise in the cost of living in this country as well as abroad. It will not be possible to maintain one price for the domestic market and a higher price for the foreign. We shall be obliged to pay more for our foodstuffs and for much of our wearing apparel. With the European cotton and woolen mills closed, the New England and southern manufacturers of cloth should reap a harvest for which the American consumer must pay in part. Wholesale food prices are already climbing. Many produce men predict that they will reach sensational heights if the European war continues more than a few weeks. Supply-houses were refusing early last month to sell to hotels more than the usual orders. Many hotels have endeavored to lay in a stock of non-perishable food sufficient to last six months. Large stocks of commodities on hand prevented any immediate reflection of the jump in retail prices; but before many days the price to the consumer will change. Enormous increases were soon reported in perishable imported articles. Champagne and other imported wines will be among the first things in which a scarcity is noticed, and it is predicted by importers that prices will go up within a few weeks. European production has been cut off and the vineyards

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may be destroyed. The workmen have some hope of offsetting this increase in the cost of living through the shrinkage of our labor supply due to the calling in of reservists by the belligerent governments. Even tho this movement does take place on a large scale, it will be in turn offset by the reduction of the forces in those industries which are largely dependent upon Europe for a market. The salaried man will be obliged to pay more for what he gets and his salary is not likely to increase as rapidly as his expenses for necessary commodities. A wave of industrial improvement may in the long run result, however, through taking over the industries of Europe, which will again place the salaried man at an advantage.

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Panama-The Silver Lining

in the Clouds of War. HILE the great celebration at the opening of the Panama

Canal must be indefinitely postponed, the canal itself may receive a strong impetus through the conflict of nations. It is more than likely that much of the commerce that formerly passed through the Suez Canal will be diverted to the Panama route. Our South American trade by way of the Panama Canal is also likely to receive a powerful impetus. This is the one silver lining in the war-clouds for us. The United States, as the Philadelphia Public Ledger points out, might easily acquire commercial dominance in South America if England and Germany continue to fly at each other's throats:

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"The United States is about to begin an aggressive campaign for the trade of the west coast of South America, which England and Germany have heretofore practically dominated, and by transshipments at Valparaiso our merchants will be able also to reach with better advantage into the Argentine market. The dominance which the United States might readily acquire while the energies of her two prin| cipal competitors were being exhausted in strife might easily become overwhelming.

“To Argentine alone Germany and the United Kingdom now export about $175,000,000 in merchandise annually; to Chili, about $70,000,000; to Peru, about $11,000,000; to Ecuador, about $4,000,000; to Bolivia, about $9,000,000. British exports to Bolivia were double in 1910 what they were in 1909, which gives some idea of how the South American trade has been | increasing under thı stimulus of the approaching completion of the canal.

“Germany's total exports of merchandise in 1911 amounted to $1,827,895,833, and the United Kingdom's to $2,784,392,160. The exports of the United States the same year were $2,204,322,409. The British Navy might keep open the Empire's arteries of commerce, but the handicap of war would quickly advance the United States to first place in the world's trade."

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