Examine A FREE Sample of the Fabric and You Will Realize the Superiority of

Duofold

T

Underwear

HE practical,

common-sense

construction of the Duofold fabric appeals to every intelligent person desiring the most comfortable, most hygienic undergarments.

Duofold is a double garment. Although made of two distinct fabrics it weighs much less than ordinary underwear. The outer fabric is warm, light-weight wool. The inner lining is soft, thin cotton. No wool touches the skin.

The cotton lining absorbs the moisture of the body and protects the flesh from the irritating wool. The woolen outer fabric repels the Winter's cold and retains the natural heat of the body.

The two fabrics are joined by wide stitching through which the air circulates and keeps the garment fresh and dry. Could anything be more practical? Physicians wear and endorse Duofold as the ideal underwear.

Combines All the Protection

of Wool and All the
Comfort of Cotton

Made in union and two-piece suits, in several weights and all sizes for men,

women and children.

BRITISH AND AMERICAN BUSINESS AND THE WAR

B

USINESS "must and will carry

on." These words, uttered by David Lloyd George, Chancellor of the Exchequer, and quoted widely throughout England, expresses the determination of the British to keep their mills running and their people employed in spite of the difficulties which war has imposed upon them.

In treating the British commercial situation, it must be borne in mind that Great Britain is, to a very large extent, dependent upon the outside world for raw material and foodstuff, and can purchase these materials and foods only by the sale of her manufactures abroad. Thus a large part of Great Britain's trade is with the outside world, while, in the case of the United States, a much less important fraction of our trade is with the outside world.

The inconveniences which have been

experienced in the United States with

the disruption of foreign exchange and portance compared with the great diff

of ocean shipping are of small im

culties which beset English business.

TH

Condition of Cotton Industry. HE British cotton situation is of special importance to the United States in view of the present troubles of our southern cotton plantThe gravity of this situation is set forth by the Manchester corre

ers.

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spondent of the London Economist, MEN OF IDEAS

who says:

"Lancashire cotton manufacturers depend upon foreign customers to take fourfifths of their production; and the disorganization of the trade of the world, as a result of the European war, has had a serious effect upon the condition of spinners and manufacturers. On the whole the shipments in yarn and cloth are only about half of the same month's last year, but in view of all the circumstances of the situation, the figures are fairly satisfactory. . . . Practically all outlets took less than twelve months ago, an exception being the United States, figures for that outlet being rather better than last year. As practically no fresh business is being done at the moment from Manchester, shipments must continue to dwindle. It may be said that in the chief markets of the world, supplies of manufactures of cotton goods are fairly heavy."

B

Great Britain's Foreign Trade.

RITISH imports for the month of August declined 24 per cent. and British exports for the same month 45 per cent. The volume of imports held up better than that of exports by reason of the large imports of American grain and foodstuffs to assure Great Britain's food supply. It

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365.

is in manufactured goods that this greatest decrease in foreign trade has occurred. Imports of manufactured goods decreased in August over 50 per

cent.

It is recognized that if Great Britain's people are to be kept employed and are not to suffer bitterly from poverty, the foreign trade in manufactured goods must be revived. Writing of these August trade returns, the Economist says:

"On the whole, the decline in the volume of trade, appalling as it is, is not more than was expected, and some material improvement of the August figures is anticipated. Meanwhile we may comfort ourselves with the reflection that, as regards trade prospects, we are undoubtedly better off than any other of the countries now at war, for our navy has command of the trade routes, our great industries are assured of a ready supply of raw material, and our difficulty is unemployment instead of a depletion of our factories by a call to the colors."

"The plan of the campaign to secure the lucrative foreign trade which Germany forfeits through the war was settled on the day that war was declared. It began in the City of London with a scheme for establishing a museum of samples of German and Austrian goods exported to us by those countries, and an invitation to all the leading English manufacturers to view these samples.

"The next step was to appeal to London banks to advance money to British manufacturers on terms similar to those hitherto offered by German banks to German manufacturers. Our joint stock banks are perfectly safe, but not elastic enough for successful competition with Germany.

"The wholesale Textile Association then passed a resolution that every facility be offered to large wholesale British manufacturers to copy samples of popular goods which up to the war we imported from Germany in enormous quantities to the detriment of British firms and British workpeople. Its associated houses have individually issued a warm invitation to their manufacturers to 'come and see' their popular German 'lines.""

Point the hollow, bottomless-throated Wand at the dust-filled surfaces to see it instantly and completely remove all dirt without raising any dust. Avoids use of insanitary dusters or rags. No more backaches, beating, lifting, reaching, step-ladder climbing, dust-breathing—a boon and a protection to women! One contagious illness prevented saves the price of an ARCO WAND.

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The ARCO WAND is proving a great success in homes, apartments, churches, schools, stores, hotels, hospitals, restaurants, libraries, clubs, theaters, barns, garages, etc., for the past three years under most severe tests. Let us give you list of users in your locality. Seeing is believing. The machine will work and wear for many, many years. Is backed by our reputation and full guarantee. Accept no substitute! Write for free catalog. Public showrooms in all large cities.

Cooperation of Bankers.

HE paralysis of the foreign exchange market has offered serious difficulty in the resumption of British trade. The prevalence of moratoria throughout the world has made the reestablishment of foreign exchange on a normal basis more difficult than was anticipated. The British government has taken active steps to remedy this condition and to supply British manufacturers and merchants with working capital. The government has issued legal tender notes through the Bank of England, for discounting pre-moratorium bills, both domestic and foreign. These discounts are made with the understanding that the borrower shall collect the money due on the bill as soon as possible and turn it over to the bank. The Bank of England agreed, however. if collection cannot be made, that the bank will not

Machine is set in basement or on lower floor. A suction pipe runs to each floor. ARCO WAND Vacuum Cleaners, hose and tools, are sold by all Heating and Plumbing Trade, in sizes at $150 up. Price does not include labor, connections and freight.

press the payment of any amount not collectible until a year after the war is

over.

Much criticism has been made of the action of some of the banks as lacking in public spirit, because of their unwillingness to accept foreign drafts and to extend credit liberally. It all has a familiar ring to Americans, who have been hearing much the same critnkicism of American banks and of ers expressed by the Secreta the Treasury and others. The atist voices this feeling as follows:

"We are sorry to say that the less wellmanaged banks did not act up to expectations. On the contrary, they have often seemed ignorant not only of their own interests but of the interests of the traders generally. We trust that they will awaken to a sense of their real duties, and to a recognition of the fact that if they do not they will be brought to account for their neglect."

A

T TIMES a man gets the fool notion that he must be a nasty, cursing, irritating sort of a creature, provided he can pretend to the public that the reason for his general nastiness is the Fearful Load of Responsibility he carries all week.

The other night a business man said to me, "Dreier, I wonder if you can help me to save my soul?" "Why, what do you mean?" I asked. "I mean that I want to be saved from the thoughts of business that dominate me. My wife and I would be eager to go back to the time when I was earning $20 a week, if we could get with that wage the same sweet feeling that was ours then. My home life is lost. In my mad rush after business success, the ideals of my youth have vanished. I don't know when I have laughed out from my heart." I shall write a story some day about "The Man Who Lost His Laugh." And in that story I shall show that no man can lose his laugh without making others lose theirs.

There can be no success in business when there is failure in one's personal life. And it is certain that the man who has lost the power to live leisurely is an abject failure as a man, no matter how many dollars (net) he earns each month. When his children crawl under the bed, the cat hikes for the back fence, the dog growls, and the neighbors call their children into the house when they see him comingthere's something wrong, even when the man thinks he is making sweet music by rattling the loose change, in the shape of five-dollar gold pieces, in his pocket. I think that a little gold in one's heart and in one's laughter is worth more than a whole lot of gold in a bank or a pocket.

I

THE GOLD POOL AND
AMERICAN TRADE

N the United States as in Great Britain the foreign exchange situation has proved more difficult to solve than was anticipated. In spite of the large amount of grain exported, our credits have not been large enough to offset our maturing obligations in Europe. Consequently foreign exchange has remained far above par.

To meet this situation and make all our maturing payments promptly, it was considered necessary to export gold, and in order to take it from those places in which it could be best spared, the plan has been adopted of organizing a gold pool, to which bankers contribute in proportion to their reserve holdings.

Under this plan the gold is shipped to a branch of the Bank of England in Ottawa, as needed, and the Bank of England in London issues notes

367

How the Public Profits By Telephone Improvements

Here is a big fact in the telephone progress of this country:

Hand in hand with inventions and developments which have improved the service many fold have come operating economies that have greatly cut its cost.

To appreciate these betterments and their resulting economies, consider a few examples:

Your present telephone instrument had seventy-two ancestors; it is better and cheaper than any of them.

Time was when a switchboard required a room full of boys to handle the calls of a few hundred subscribers. Today, two or three girls will serve a greater number without confusion and very much more promptly.

A three-inch underground cable now carries as many as eight hundred wires. If strung in the old way, these would require four sets of poles, each with twenty cross arms a congestion utterly prohibitive in city streets.

These are some of the familiar improvements. They have saved tens of millions of dollars.

But those which have had the most radical effect, resulting in the largest economies and putting the telephone within everyone's reach, are too technical to describe here. And their value can no more be estimated than can the value of the invention of the automobile.

J. ROGERS WARNER

928 Lockwood Bldg., Buffalo, N. Y.

I should like to smoke five of your Private Havana cigars. Enclosed find 10c. toward shipping expenses. I prefer (....) Light (....) Dark cigars.

Name

Address

(Please pin coupon to your business letterhead or business card, stating your position.)

Smoke Five Free

I make this offer especially to men accustomed to smoking 10c and two-for-25c cigars.

For these are the men who most appreciate the exquisite flavor of my private Havana.

The leaf is from a mountainous district in Cuba. It is selected for me by a resident

expert. Then made up especi

ally for me under my monogram band. In 40 years of smoking I have never found so mild and sweet a smoke.

I want you to know, as thousands already do, what a delightful smoke this is. If you don't say that these cigars at $5 per hundred are the peer of any 10C. cigar you ever smoked, the trial will have cost you nothing.

Send me 1OC.

My Offer: toward ship

ping expenses and I will send you trial cigars. Then you can get future supplies at my low price $5 per hundred, $2.60 for fifty, all charges prepaid. I offer other cigars, too, for those who like heavier, stronger smokes. You will find them described in my booklet. But send for the trial J. Rogers Warner Panetelas now. The coupon above is for your con(43)

venience.

J. ROGERS WARNER 928 Lockwood Bldg. Buffalo, N. Y.

WERE RIGHT
ON THE GROUND

6%

B

ANKERS and business men take

pride in the fact that the United States in this way is meeting its obligations promptly at maturity, when a large part of the rest of the world has declared moratoria. The N. Y. Commercial and Financial Chronicle, however, considers that this shipment of gold was unnecessary and that the withdrawal of so much gold from bank reserves, at a time when the reserve in many of our banks is below the legal limit, has jeopardized unnecessarily the foundation of American credit. It says:

"Considering the matter entirely from the standpoint of the deficiency in reserves, additional impairment of these reserves seems to be fraught with peculiar menace at this juncture. We are on the threshold of the crop-moving season, when the New York City institutions are always called upon to meet exceptional demands for funds; and these demands invariably persist, notwithstanding Government aid in the shape of additional public deposits.

$13.25 Freight Paid.

See Note.

will give you-not merely because the Price is Low

All superfluous parts and operations in manufacture have been eliminated. All necessary parts are amply strong. Joints are interlocked, glued and screwed together. The file is practically wear-proof. Roller Bearings at points of bearing let drawers roll easily.

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Weis Filing Desks are Files and Desks Combined

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Solid Oak, handsomely finishedTop 28 x 52

inc.es. As it happens, too, the banks will, the present year, be subjected to still

another drain arising out of the fact that $23.00

the new Federal Reserve Banking System is about to be definitely inaugurated, and as a consequence large amounts of reserve will have to be transferred from the vaults of the banks to those of the new Federal reserve banks. Thus the banks are confronted with the possibility that they may ultimately find themselves with very little or no gold under their

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W

Restoring the Foreign Exchange Market. HATEVER the advantages, therefore, as far as the foreign exchange market is concerned, a further outflow of the metal, so the Financial Chronicle thinks, is distinctly to be deplored. This being so, the question comes up whether additional gold exports are imperatively called for, even to rehabilitate the foreign market. Says the same journal:

"Exports of the metal, of course, furnish an easy and a quick way of breaking exchange rates. The attendant dangers, however, as we have seen, are serious, and exports should hence be avoided if possible. Shipments of gold are, after all, a primitive method of making foreign exchange settlements. The enlightened way is to offset credits with debits, and within certain limits the creation of both debits and credits is within the control of the foreign exchange houses themselves. They can anticipate credits and defer debits. Shipments of gold should not be resorted to except as a last extreme; and at the present time they ought to be avoided

Swinging Stand described below

freight paid see note. A Complete Office On Legs" the files you want are at your finger-tips. NOTE: Freight paid at prices quoted on File and Desk to points in Eastern und Central States. Consistently low prices in the West and South. Booklet "Filing Suggestions" helps solve FREE: filing and indexing problems. Sent with Catalog "F"-96 pages office furniture and time saving specialties. You should have these if you have an office.

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Al