South Bend News-Times, Volume 32, Number 242, South Bend, St. Joseph County, 30 August 1915 — Page 5

THE SOUTH BEND NEWS-TIMES mommy, atri'st r.n. mi.-..

ORE

N EXCHANGE

11 NEED OF BELIEF

Henry Clews Finds U. S. Trade Seriously Deranged Imports Fall, Exports Rise.

Hy Ilcnr Clews. NEW YOUK. Au'fi. .p.. Some form of relief in the foreign exchange i ttiation is Imperative, and a .solution will undoubtedly be facilitated by the conference between American and J!ritish bankers now on the way to this port. Our foreign, trade conUnties .seriously df-ranged, imports being greatly curtailed while exports persistently .show a tremendous expansion. For example, the exports from New York during the week -"nd-ins Auk'. 14, were l.0'),OU ag-lnst M", 700,000 the same week last year; vhile our imports, though increasing Mightly, are still running far below normal. This excessive preponderance of exports will continue, and probably iijion an even larger scale during the mnairnkT of the calendar t .ir. On June '-'0. th- expfsa of xi.';rts had reached $1,000,00 VO". an(1 some authorities estimate that it will Much a-i hl'h u.h $ 2. :. 0 0 j,((") ty J-rmber Z. Kurope cannot pay In merchandise or goM; some form of credit must be established if we are to accept foreign war orders. The urgency of the crisis is emphasized by the coming to New York of Inidon's leading bankers. The idea of importing JO.uou.OoO gold is less jiopular here than when first broached. The supply of the precious metal In this country now estimated at nearly J2.000.00o.u00 is so excessive that our Lackers are naturally un"willlng to see any further addition because of its uselessness and its possible inflationary tendencies. The latter must be carefully guarded against.

Jt is well to remember, however, that

it is inllation of credit that is most oangcrous. and bankers always have it within their power to curtail credit, whether based upon gold, securities, merchandise or reputation. An excess of gold or monev may and somelimes does cau.se inllation. but this tendency can always be avoided by those who control the lending situation: and now that the Federal re

serve .system is in operation inllation j could be much more easily resisted.

Moreover, if this proposed $LTiU,000.('00 in gold were imported, the credit based thereon would be almost entirely devoted to lin.mcing foreign war orders, and would have little effect here beyond the stimulus of war orders which his already been experienced and largely discontinued in the present high prices of the war group shares. The settlement of Hritish obligations by sales of American stocks .seems as far off as ever. Oood buyer.could undoubtedly be found, but John Hull Is evifh i.tly indisposed to surrender more of his American inAestments. which are anions the choicest of his possessions. Tnere ha. been some talk of mobilizing or mass

ing Hritish holdings of Americans and I

depositing them here as collateral for loans. 1 lut even this plan arouses no particular enthusiasm. On this side of the Atlantic the most approved plan is. of course, a Ilritish loan in this market on conditions likely to attract American capital; but the terms asked are likely to strike hard at Uritish pride and prestige; because Kncl.uit! cannot expect to borrow on this side of the Atlantic at rates and terms to which she has been accustomed on the other. Oapital naturally commands better rates here than in Kurope; hence its How here in normal years; and American buyers would certainly balk at the' Hritish income tax on the bonds. Some one cf these plans may possibly be adoptd and an important loan, possibly J.'.iiM.iMMt.cmt. arranged for at an early date. others would follow, provided tiie Fnited States itself i not drawn into the war. If perchance we

become involved in military operations against 'lennany happily a remote contingency that would materially affect the placing of a Hritish

rtn. So far as our immediate financial necessities are concerned, this g' vcrnrnent could easily raise for tt porary purposes $ r.U.oftO.ono by sal- of Panama 3 per cent bonds and another $100.0oOno in 2 per cent notes, which would carry us along; until congress assembled as usual In Decern t, when an issue of $ .Too, 000.000 for preparedness, or $.,00.000.- ()) in case of actual war. might be added. V'th the possibility of these enormous demands upon the American moncj market before us. it is well to mow cautiously in all monetary commit! nts. liank Clearings Iiiorca.. Some idea ,t he increase in business activity cai. be obtained frorn a comparison of t.- ml; clearings with a year ago. The total clearings at principal cities for the iirsi three weeks of August was 7 T.ttOO.OOO. against $6,9 4 7,000,000 ;i year a jo. an increase of $r,,03o.O00.oee. ine! ided in these totals are clearings at New York, amounting to $.Vo'jr-.oe0."O0, against ?l!.713.000.0o last year, an increase of f-.-HO.OOv.oOo. The gr'at increase in New York's clearings is chiefly due to the exceptional outburst of activity on the Stork Kxebar.g . which was closed a year ago. There has been a sharp p vial of spec jl.ttion. amounting to a boom in the wrr group aiPl the transactions since January 1 are rnurf ti;n .loufde thos r: f a yar ago. At the same time, there his been a steady expansion of legitimate busirie.s thn'iKlout the country. :s demonstrated by an increase of fy per cent in clearings during the second wek of August in the middle states, cf 24 per cent in the New England states. 10 per cent in the middle we-t. :i per cent in the Pacific states, 10 per cen in other western states and

4 per cent in the southern states, lie-I ports from 135 cities in the middle oJ August showed an Increase of near.v! 4 1 per cent than which no better eidence of trade improement could be, found, cen after eliminating specuh.-

tle transactions. Outlook Satisfactory. The business outlook continues satisfactory, the only cloud -beinjj our ditliculties with Germany. If these are adjusted, as now seems probable, we may look for wood business during the balance of the year. The agricultural districts will feel the benefit of large crops and Tair prices. The steel industry shows increasing activity at advancing prices for reasons well understood, and our railroads must soon reflect the changes for the better in larger gross earnings. Talk of an extra session of congress should be discouraged, because it is absolutely unnecessary. The executive department of the government under Pres't Wilton's leadership is abundantly able to meet almost any situation likely to develop between now aid December. Of course, only congress can declare war, and peace Is more likely to be preserved when congress, which is only a legislative and not an administrative body, is not in session. On the Stock Exchange business continues to show feverish activity, speculation being most pronounced in the industrials benefiting by war orders. The market, however, exhibits a broadening tendency, and there is more disposition to operate in the better class of industrials anil railroad shares, especially those which will benefit from trade improvement. The technical situation of the market has been somewhat improved by temporary setbacks which acted as a test of values and brought in a new inllux of buyers. Unavoidably the war remains the controlling factor in the market, which must be expected to fluctuate sharply in either direction, according as the day's news is regarded favorable or unfavorable.

44 Millions In Securities and Gold Reach N. Y.

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NEW YOUK, Aug. no. Forty-four million dollars in gold and securities, Europe's second shipment to the United States in the past fortnight, arrived here Sunday. While New Vork was going to early worship it was carted through the streets to the iub-treasury and deposited, making. with the ID-.O00.oe0 that arrived two Neeks ago. a total of W.ono.ooo. The treasure was placed to the credit of J. p. Morgan A: Co. and will be u?ed to pay for the war munitions and food for the allied armies, and incidentally to prevent a. further decline in the price of sterling and francs. f the $44,000,000 that came Sunday, li',000.000 was in gold coin of the United States, while the remainder was in Kilt edged securities, most of them American. Iuidcil at Halifax. Like the previous shipment the money arrived under conditions that resembled the transfer of treasure in the days when Spanish pirates infested the high seas. Just how it was brought across the ocean, oilicials will not say positively. ft i admitted, however, thai it came under an escort of Itritisli warship-- to Halifax. There Canadian soldiers took charge of it and escorted it to the American border somevhere in "ermont where it was turned over to the American Express Co. and started on the last lap of its trip to New Vork, over the lines' of the New York Central. Although the gold and securities could have been easily loaded in one car, a seven-car train all of the cars of steel was used to bring it to this city. A dining car anil a sleeping car were on the rear of the train to accommodate the oS armed guards who day and night kept viuil over the gold. Each man was armed with a Winchester rifle and each carried a revolver. The 700 gold tilled cases, each two feet long and six inche: wide and of the same depth, weighed 1 pounds. The securities were in eight large cases, four by five feet.

25c Buys Up to $2 Values

TUESDAY

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Sale SSarSs 8 A. M. All Quantities Limited Come Early

j Mo Item Worth Less Than 50c; Many $1 and $2. Many Small Lots From Our

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Which Continues Its Daily Offerings of Sensational Values in All Lines

ALL REPORTED SAFE

$1.00 HOUSE DRESSES

' 'ii" lot of Women's House Dresses,

that sold up to .5 1. .". While they last Tuesday

25c

UP TO 75c GLOVES

One lot of Women's and Misses' ( I loves, consisting of long and short

styles, in silks and lisle. While they last Tuesday

2 Pair 25c BURSON HOSE Women's Bursan Hosv- in black and tan: J pair for

Child's 50c PLAY ROMPERS One lot of Rompers, made of gingham and galatea, colors.

Up to $1.50 MUSLIN UNDERW'R One lot of women's Muslin Underwear, consisting of Combination Princess Slip etc.; while thev last

25c

$1.00 SHIRT WAISTS

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25c

iu- lot f Women's Waists, that sold up to SI. "of. Two-day while thev last

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sacas

$2 PICTURE FRAMES

Closing out lot of I'ranie some nre slightly damaged. While they last Tuesdav

l'i lures; 25c

Iio!i;;eTs on Marowijne on Way to r New Vork. NEW ORLEANS, La.. Aug. 30. A dispatch from Mobile Sunday night says Mrs. A. E. Willard of that city whose husband was a passenger on the United Fruit steamer Marowijne, reported lost with all hands in the recent hurricane, has received a wireless from him saying that all the 9 5 persons who were on the Marowijne are safe on a steamer en route to New York. The local port commissioners have no information regarding the Marowijne which was given up for lost by its owners.

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The Philistine, well known during the -1 years Elbert Hubbard published it, has been discontinued by way of a memorial to its founder.

One of the big motion picture studios in New Jersey is using a stage mounted on a turntable so that it can face the sun at all hours and eliminate undesirable shadows.

Ftgq from Ecnzoatv of Soda

adds to and brings out fjM

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m fbod with whkh it is 0m m served just what fflll

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BOYS' $1 WASH SUITS Best grade Galatea, Oliver Twist and Russian style

75c PRETTY SCRIM CURTAINS In plain white; pretty lloral border; pair

BOYS' 50c KNICKER PANTS mall lot in fancy .v o o 1 mixtures; small sizes only.

BOYS' 50c DRESS SHIRTS In pretty patterns co it styles: just 30 shirts in lot.

WOM'S 65c DRESSING SACQUES Made of best grade percales in pretty patterns,

$1 CEDAR MOP AND OIL Tuesday only a Cedar Mop. a bottlo Cedar Oil, complete.

2 YDS. 25c WIDE SILK RIBBON Our regular L'.'c wide Silk Ribbon i't all colors; two ards for

WOMEN'S DRESS SKIRTS oily 7 skirts in t his lot : all wool ; v allies uj, to . ;:t

25c

$1.00 COUCH COVERS

Large sizes Tapestry Couch Covers; Roman stripe; only small lot, so hurry.

50c WORK SHIRTS . . .

.25.

Men's P.lue Shirts; only price.

Cham bray Work ; dozen at this

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25c

MEN'S 75c OVERALLS . . . .

Plain white Denim; choice of Overalls or Jacket, while they last.

WOMEN'S 75c nC GOWNS JC One lot Women's Muslin Clowns, embroidery and ribbon trimmed, while thev last.

Women's 25c Lisle Hose, 2 Pair for

35c Mexican Scarfs and Squares, 2 for

Women's 6c White Handkerchiefs, 7 for Boys' 50c Muslin Night Shirts Women's 20c Gauze Knit Vests, 2 for . .

1 50c Window Shades, Linen Opaque, each

S Infants' White Long or Short Dresses

Infants' 50c Silk or Lawn Bonnets Women's 50c Beautiful Neckwear 50c Velvet Pillow Tops, each .... Men's 10c Work Hose, 4 pair for Boys' and Girls' Union Suits .... Women's 50c Auto Hoods at ....

Women's 75c Bathing Caps at

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WOMEN'S 75c PETTICOATS . .

25c

One lot Women's petticoats, in sateen and Kirmham.

10 WHITE 5c KERCHIEFS

Men's White Kerchiefs; large size; Tuesday 1 for 1' ."', while they last.

MEN'S 50c UNDERWEAR . .

One lut of Men' shirt or drawer, last each.

t "nde i ea r while ihev

50c KIMONO APRONS . . .

25c

For women, made of fast color percales, liuht colors

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Every customer will have an opportunity to purchase one of these electric conveniences on liberal terms of payment

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Westinshouse Electric Iron

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Westinghouse Electric Percolator

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Westinghouse Electric Toaster Stove

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