Martinsburg statesman-democrat. [volume] (Martinsburg, W. Va.) 1906-1921, 1912-12-06

had fallen to level that justified ship !
ments of gold from London to New
York. Between $4,000 ,000 and $l2,-
100000 gold was engaged for ship \
ment hither, but portion Of the en-
gagement was Immediately Cancelled
because of the war and permitted to
remain with the foreign bankers. Last
week sterling rates again fell and ST.
100000 gold was engaged for import
but the movement was again checked
by the pc ssibility of the war extend.
ing. As a consequence, our own mon
ey market was stiffened, and yester-
day call loan rates in New York adj
vanced to IL per cent the highest for
more than two years. This advance
was not due, as on former occasions,
to oyer-speculation on the stock ex-
change. On the contrary, dealings
have been exceptionally light, and
Wall streets needs on account of
stock market operations are today
smaller than at any corresponding
time in years. But Europe's need OF
gold is greater than our own-at
least European bankers feel con-
strained to maintain as strong fin
ancial position as possible, and hence
fund which in the ordinary course
of business would now be flowing from
Europe to the United States in pay
ment of our exports of breadstuffs and
cotton are permitted TO remain abroad
Il they were .peremptorily withdrawn,
Europe would be compelled to sell
American securities. and such sales
might easily be of such volume as to
cause a severe break in market val
ues. the effect OF which in the United
States would be more disturbing than
'ho higher rates now quoted for mon
ov. However, IL II were not for the
aa waF and the fear that il
~ seraad borrower in lhe Unit
as would DE- psies less for
@ Tins s how the war At.
aaue'sliv
Id Hl,iH' involve
eaa uatious r tl.js as-
5 continue Ter a 1s#
tha Uoire3 ststga Hga,d
jog temporary commercial adyan-
tage. This country is the largest in
diyidual producer of wheat in the
world, and this year the harvest was
100, 100000 bushels larger than in 1911
thereby greatly increasing the amount
available for export. Russia ranks
second as a producer and exporter,
and then come France, Austria-Hun-
gary and Italy in the order named. Re
cent shipments from all the exporting
notions have been more than double
the amount shipped at the cores
bonding season last year, suggesting
that dealers were anticipating an in
terrupution of the movement. At
the momnt the countries most liable
to become involved in the war are
Rus sia and Austria. If it should ap-
pear that war is inevitable, shipments
of breadstuffs from these countries,
would Immediately cease, in which
event the world would have to depend
mainly upon the United States, which
as already stated has a larger export
able surplus of wheat than for years,
and upon Argentina, In the latter
country the harvest does not begin
until the latter part of December and
extends through January. Thus far
in the current crop year the exports
of wheat and -four from the United
States and Canada have been about
$4,000 600 bushels larger than in the
same time last year In addition TO
our increased yield of wheat, we har-
vested 63S 100000 bushels more of
corn, 1876, 900 600 bushels more of oats
and 17500,000 tons more of hay than
in 1911 Therefore, the United States
is III position to supply both man
and beast among the beligerents.
But the commercial benefits of war
are of very questionable character
The supposed beneficiaries are already
paying higher rates of interest for
loans in bank IN their own country
and large exports of our cotton and
breadstuffs would mean a diminishing
of supplies and raising of prices,
tho burden of which must be borne by
domestic consumers The nations of
the world are closer together in every
way than ever before, and serious dis
turbance of calamity in one is soon
felt in the others.
WHERE THE LOST VOTES ARE.
Much Of tho anuarpnt nv stpTV in