INTERNATIONAL FINANCIAL OPERATIONS While it would be inexcusable under normal conditions, it is felt by most American business men that the highly exceptional circumstances of the war make it both wise and honorable. Τ International Financial Operations. 289 The new, completely revised, greatly enlarged 1914 edition of the foremost of money-savers in telling one WHAT NOT TO DO. is just off the Presses THE FAMOUS LEGAL STANDARD PARSONS' HE French Government attempted to arrange with J. P. Morgan & Company a loan of $100,000,000 to defray some of the expenses of the war. A similar loan had been arranged at the time of the Franco-Prussian War, yet President Wilson considered that to preserve the strictest neutrality, it was better not to make the loan to one of the belligerents. Consequently, the loan was not made. The sale of American securities in New York by foreign owners, however, has practically amounted to the creation of a forced loan on the part of the United States to European people. The money realized for such sale will presumably be invested in French rentes and English consols, and will then be used to purchase American goods to maintain the armies. This is the only way we can pay for these securities in the long run. This illustrates, also, how European trading and capital are being spent for consumption and diverted from constructive use. The payment for American goods by foreigners has been further facilitated by the deposits of the French Government of $16,000,000 with Morgan, Harjes & Company, of Paris, which was immediately transferred to the credit of the French Ambassador to the United States with J. P. Morgan & Company, of New York, and by the establishment of a branch of the Bank of England at Ottawa. The branch of the Bank of England at Ottawa was also intended to facilitate the settlement of American debts in London. Gold can be shipped from New York to Ottawa without risk of seizure on the part of the enemies of England and without the expense of war risk insurance and transportation incurred in shipping it to London. The Bank of England can then issue notes against this gold deposit in Ottawa as a reserve and settle American debts in London. This plan would have been successful had it not been so imperative for the United States to cease exporting more gold. T IS unfortunate that the Federal Reserve Banking System was not organized before the outbreak of the European hostilities. This system presents advantages for the solution of such difficulties as we are now experiencing, through its lower reserve requirements, through its cen LAWS OF BUSINESS The invaluable companion of anyone in business, anyone who does business, anyone needing knowledge about business, anyone who holds property or wishes to hold it. Over 250,000 sold of former editions. Whether or not you have one, you cannot afford not to own the New, Greatly Enriched 1914 Edition. Up-to-date chapters on Employers' Liability; Powers and Liabilities of Stockholders. Officers and Directors of Corporations; Food_and Drug Law; Trade-Mark Law; Copyright Law, Bailment, etc., and a Full Glossary of Law Terms. Interprets in untechnical, understandable business English, the newly enacted WORKMAN'S COMPENSATION legislation of the various states. It is an indispensable reference book of supreme authority and superlative value to every employer of labor. 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Down through the pipes come the dirt and dust into a sealed, air-tight vessel. With them come thousands of cubic feet of dead, breathed-over air, laden with minute bacteria that would otherwise find their way into the throats and lungs of the family. This air is all expelled through a vent outside the building and its place is taken by fresh, pure atmosphere from out of doors. Dirt, dust, disease and melancholy, household drudgery and the ills that follow it, are strangers to the home that is equipped with the TUEC. And there is a TUEC perfectly suited to the requirements of your building, no matter what its size or age. The cost is well within your means and less than your expectations. Installation can be made at any time. Write today for the TCEC Book. LAW Canton, Ohio BOOK tralized control of financial matters, and through the provision for the establishment of branch banks abroad. It is probably much better, under the circumstances, to delay the organization of the Federal Reserve System until such time as our financial affairs are more nearly in normal condition. An institution which is so important to the future welfare of American business should not be compelled to establish itself under such disadvantageous circumstances. The transfer of reserves from their present position to the Federal Reserve Banks would be fraught with dangerous consequences at the present time. It is understood that Mr. Warburg, the member of the Board who has had the widest banking experience, has stood out against the immediate, hasty organization of the Reserve System, in spite of the pressure of his colleagues on the Board and the opinions of many of his former colleagues among the New York bankers. Prospects for the United States Export Trade. GAUMER "Gaumer lighting everywhere follows the evening glow" .010017 DESIGNS of unusual beauty and a finish guaranteed against deterioration are found in Gaumer Hand Wrought Portables Table or Desk Lamps, either gas or electric, to harmonize with the furnishings of any room. Ask your dealer for Guarantee Tag with purchase. Portfolio on request. Write Dept. L Biddle-Gaumer Company (Formerly John L. Gaumer Co.) 3846 to 3856 Lancaster Avenue, PHILADELPHIA CEIGHTING FIXTURES HE closing down of Europe's in- TH heralded in the press of the United States as offering a tremendous opportunity for the industries of the United States to establish themselves 'ABLE IDEAS WANTED. Manufac books; inventions wanted, etc. I get patent or no fee. Manufacturing facilities. RICHARD B. OWEN, 12 Owen Bldg., Washington, D. C. in the export trade, particularly in SONG POEMS WANTED We will compose South America, which in the past has been so largely supplied by England and Germany. Prominent exporters who are familiar with South American conditions are inclined to think that the extent of this opportunity has been exaggerated. A representative of one of the largest firms engaged in South American trade said: "Discount 90% of what you read about the increase of our trade in South America. South America has always been dependent on Europe for its capital, and now that supply is cut off absolutely. South America will have something like two or three hundred dollars to spend now where they formerly had a thousand." The Needs of South HILE it is true that the ex music to your verses and arrange for publication immediately. Write today. Dugdale Co., Studio 296, Washington, D. C. MSS. SUCCESSFULLY PLACED Criticised, Revised, Typed. Send for leaflet L. References: Edwin Markham and others. Established 1890. 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In the past, Europe has supplied considerably over three-quarters of these products. The principal articles of import in South America are textiles, iron and steel, machinery, railway and electrical equipment and a miscellaneous line of manufactured goods. Tropical South Amer-. ica also imports food stuffs, notably wheat and canned and salted meats. All of these goods are manufactured extensively in the United States, and the only drawback to their export to South America is the lack of knowledge of the particular grades and exact nature of the demand. Create a Permanent Market in Tropical America. HE largest items of imports into the United States have been coffee, rubber and hides from Brazil. Argentine, on the other hand, being a temperate zone country and duplicating a part of our Mississippi Valley, produces meat and cereals which are more largely in demand in Europe. It is considered by many business men that the principal adantage of the present situation for he extension of the United States rade in South America is not in the bility to take immediate profits, which will be largely curtailed by reason of he limited nature of South America's urchasing power at present, but prinarily in the opportunity to get the eputation of our goods and our trade connections established, which will enble us to hold this market in cometition with the Germans and English when the war is over. A permanent evelopment of this sort is, of course, much more to be desired than temorary profits, and it is to be hoped hat our manufacturers will take the ecessary steps, perhaps at a sacrifice, O establish such a permanent conection. 291 SOUTH AMERICA My Beauty Exercises Will attract travelers seeking health, recreation, or business opportunity. 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Write today for my New Booklet on Facial Reanty Culture, Body Culture and New Beauty Suggestions-FREE KATHRYN MURRAY Study the History of Your Country at its Source in the original spoken and written language of the men who worked out the legal and constitutional principles that have made the United States a great nation. This has been made possible by the publication of GREAT DEBATES IN AMERICAN HISTORY, This great work, although published but a few months, has earned the unqualified endorsement of the press, librarians, jurists, statesmen, educators and all who appreciate the importance of unquestioned authority in history. There is no work that resembles it and the information that it contains has heretofore been possible only to the student who has given the same amount of time and labor to research as has the editorial staff in making its fourteen volumes. Read the following press comments and personal testimonials of well-known men in all walks of life: of source material and gives new light on many Judge James A. Blanchard, Supreme Court, "It contains much that is new. As a compendium of our political, social and economic history its possession will be a valuable addition to every library." A. H. Robertson, Supt. of Public Schools, Paw "The assortment of subjects is about as perfect as possible to make. I prize Great De bates as one of the finest collections I possess.' This is legislative history of the only con secutive, concise America as represented in the Great Debates on issues affect ing this Continent, from the debates on Colonial Rights in the British Parlia ment, to the recent diplomatic debates on the Panama Canal. This is no dry and musty history, but a very com prehensive work of historical activity, so bristling with life, spirit and richness of oratory as to beggar description. You should at least see it. Fourteen Crown Octavo Volumes, size of each volume 6x9 inches. Printed on the finest quality of paper in large type from new plates, wide margins, gold titles, gold tops. The handsome photogravures form a valuable picture gallery of American Statesmen, and the HUNDREDS OF CARTOONS constitute in themselves a rare and unique humorous Political History. ABSOLUTELY FREE OF CHARGE we will mail you a four-page Chart, the two inside pages measuring 25x381⁄2 inches, showing the great legislative debates in American history. The names of the debaters are in consecutive columns and form a list of the greatest men in the history of the country. The Chart will. be invaluable to you for reference purposes. MAIL THE COUPON BELOW TO-DAY Current Literature Publishing Company, 134 W. 29th Street, New York City, Department G. D. Please send me your large Chart descriptive of "Great Debates" and showing the legislative history of America and the names of the great debaters who were instrumental in shaping the government of America from Colonial times to the present day. This inquiry places me under no obligation to purchase "Great Debates." Name Address WILL THE AMERICAN FARMER BENEFIT? ably lies in supplying the needs of these European countries. This means demands, primarily, for the necessities of life. Our wheat, of which we fortunately have a large surplus, will be the main article of this trade. There will also be a large demand for textiles, clothing, boots and shoes and other articles of daily consumption. England has been buying from the Continent many raw materials and semi-finished products to be worked up into highly finished goods in her factories. W Will the American Farmer Benefit? HILE it has generally been considered that the war will benefit the American farmer, it is possible that many of the things which the farmer purchases will rise in price to a greater extent than the average of those things which he has to sell. In this case the war will be of scant benefit even to the farmer. Dr. C. N. Carver, of the Department of Agriculture, emphasizes this unfavorable view in an interview published in the New York Evening Post, in which he says: "As to American agriculture, the European war will be of no benefit unless it should make agricultural products much scarcer than other products. If all the things which the farmers have to buy rise in price on the average as much as all the things they have to sell, there will be no gain to them as a class. This will depend, first, upon the effect of the war upon agricultural production as compared with production in other fields and, second, on the effect of the war upon the consumption of agricultural products, as compared with the consumption of other things. "As to agricultural production in Europe, there is no convincing reason to expect that the present war will materially reduce agricultural production and it is pretty certain that it will not reduce this line of production more than other lines. "The recent war in the Balkans which was as hotly contested as any other in recent years, had little or no effect upon agricultural production in the countries affected." Dr. Carver goes on to say that the fighting in the present war is likely to be confined to the national frontiers, and so the area of destruction is relatively limited; secondly, that much of the agricultural labor of these countries at war is performed by women at all times, and consequently no readjustment of habits is required for them to continue the entire agricultural production; third, agriculture is performed in Europe to a much less degree than in the United States through the use of machinery, which offers the possibility of maintaining production by the introduction of machinery, as the North 293 "How I Saved $7,000 a Year" This is the true story of one of our subscribers, the assistant treasurer of a New Jersey soap-manufacturing concern of country-wide reputation. He prefers that his name be withheld for the present. "A few months ago the company was getting ready to build a new factory. The plans were prepared and the officers seemed well satisfied with them. "Somehow I felt that there was a flaw in the arrangement of departments, but I could not place my finger on it. But I got the officers to wait one more day before giving their approval. "That night I went over in my mind the ideas about factory organization I had gained from the Modern Business Course and Service. I refreshed my memory of them. I worked with brain my and my pencil until after two o'clock. At last I was ready. "When I brought in my criticisms and suggestions next day, the officers pooh-poohed them. But I knew what I was talking about. I had the principles and the facts. Finally I won them over. "Now they estimate that the changes I suggested are saving them at least seven or eight thousand dollars a year. And you can believe that a fair slice of that goes into my salary. "You have the right idea in telling a man to know more about every department of business. If I had just stuck to my own specialty I could not even have seen this opportunity. It certainly paid me to reach out." It will pay you, no matter what your business position, to reach out for more knowledge and better organized knowledge of business. A few hours a week invested in a study of the bed-rock principles that have been tested by the experience of successful concerns will yield dividends throughout your business career. The Modern Business Course and Service of the Alexander Hamilton Institute will give you the knowledge you want in the way that is best adapted to your own particular needs. It will help you in little every-day problems and big emergencies. It is planned and conducted by recognized authorities under the supervision of an Advisory Council composed of the following educators and business leaders: JOSEPH FRENCH JOHNSON, D.C.S., Dean of the New York University School of Commerce, Accounts and Finance. FRANK A. VANDERLIP, LL.D., President of the National City Bank of New York. ELIJAH W. SELLS, M.A., C.P.A., Senior Partner in Haskins & Sells, Certified Public Accountants. JEREMIAH W. JENKS, LL.D., Professor of Government, New York University. ELBERT H. GARY, LL.D., Chairman of the Board, U. S. Steel Corporation. Its subscribers include men in every rank of business life; presidents and officers of big corporations; proprietors of progressive smaller concerns; department heads and assistants; accountants, chief clerks and the younger fellows who are looking forward to bigger responsibilities. To all these it gives knowledge that could be otherwise obtained only by years of Find out today bitter experience-if at all. what it offers you. ALEXANDER HAMILTON "Forging Ahead in Business," by W. H. Lough, contains a vital message drawn from the experiences of hundreds of successful business men. The book is handsomely printed and bound, contains 116 pages, is illustrated with charts in colors, and will make a valuable addition to your business library. We will gladly send you a copy free and with out the slightest obligation, if you will request it on your business letterhead or fill out attached coupon. Send the Coupon Now INSTITUTE Number of years in business... If you wish to add any facts about yourself, or your business plans, that will help us to determine the fitness of our Course and Service for your needs, we shall treat your letter as confidential and give it personal attention. |