Grand Forks daily herald., 1914-11-18
SHAPING FOR BUSINESS.


and immense magnitude has just TAX
en- place without many people being
aware of it except through the casual
mention which they have seen in their
newspapers. The whole banking sys-
tenn of the country has been reorgan-
lied and placed on new basis, and
one hundred and seventy million dol
lars worth OF gold reserves have been
transferred from the banks which for
merlN held Them to the new reserve
banks created under authority of the
new currency bill. The country has
been given Il now banking system and
new basis OF credit. and SO little
does the average Individual come In
contact with the real details of the
business OF banking that not one man
in a thousand has been aware that
anything UNUSUAL was going OH. His
relations with his own bank have been
unchanged. and beyond that he was
not interested.
The new banking plan does not in
tcrferc at all with the relations be-
tween the bank and it's private Gus
toners. There has been. from some
quarters demand FOR an 'easier"
banking system. BY this was meant.
although the meaning was usually
covered a system which would make
it easier for the individual without
assets or character to borrow money.
1t was not expressed in quite that
l,,,i ,lN lit
stripped from the demands, 1t was in
to this that many Uf them resolved
themselves. The new banking law is
not intended for that purpose, and if
it has anything like that effect it will
be a rank failure.
If the law Is sound, and il it is
properly administered it will still he
necessary for the man who applies
for loan from a bank to be able TO
demonstrate that ne has both the abil-
ity and the willingness to pay Strip
ped of technicalities. the purpose OF
the new law is to facilitate the exten.
sion of credit to persons and institu-
ttons In every respect sound and wor,
thy. The promises to pay Of such
persons and institutions will be more
easily convertible into under the new
than under the old.
Concerning the business outlook at
the outset Of the operation of the new
law. Secretary Redf1eld says:
"one can look back calmly now to
the hrst weeks Of August when there
was wheat embargo which some
feared might mean sad loss to many
of our farmers. Those same farmers
are prosperous today for wheat ex-
ports have been unprecedented in
amount and at profitable prices,
Cotton has begun to move and ex-
istlng arrangements promise relief
from the shadow which has so long
hung over our fellow citizens in tho
s"'th. If both money and crops are
IN FAR better condition than they were
incnths ago and If both are in some
respects i'll excellent condition, the
same is true Of our Industries. They
are not all fully occupied as facts in
the iron and steel trade show and
there remains still surplus of idle
cars. One does not hear as much OF
the number of cars in use as is said
of those which are idle and one Won
ders whether the proportion Of idle
cars TO the total, il it were stated,
would not give a different impression
from that which is made by the pres
ent form of statement However, he
who wants may read plain facts
which show on every side not only a
marked hopeful feeling in industry
but tangible facts on which such feel
ing rests. All problems are not
worked out yet to perfect solution.
That could hardly be with most Of the
business and industrial part Of the
world engaged in destroying life and
property on = colossal scale.
Nevertheless, on many sides mills
are busy and factories running full
time or over time; the number OF un.
employed is steadily getting less. The
coming winter throws no such dark
shadow before as was feared a few
weeks ago. and the statement 10 be.
ginning to be heard here and there
that goods cannot be delivered a.
promptly as they are wanted because
the factories are too busy. The world
abroad, both that part of it which il
In arms and that which is at peace
ts turning toward America for a large
portion Of its supplies, and the phrase
BUY It in America" has come te
have = potency that has hitherto beer
lacking, The improvement IN condi.
tions. however. is not wholly due t.
the war. Great and growing a on,
i exports are. they form but a small
portion Of all Of the total busines,
that 70 going on and which is con.
stantly increasing. A knowledge tina,
DreAucts can be sold: the certaint,
that money can be had to finance bus
lness and enterprise; these and fact,
Hkt thsse have brought fresh conf
Aenae Int our AemAstie msrksts q
]: tho same time that foreign buyer,
1oNo antseeA then. s
sNs may be grateful, therefore, ii
i sense both calm and osaAaenl. no
ol,ly that ~ ars far bslssr c2 IN,
. - our spAerlAg bFethsea bsyeaA Il,
- III tha4 N aye hsttsr p,acst
I 1ssD q hsns thsa ~ wsrs = ~
S1Qae. We nsar - GeaA ths
1G1111 Il osed ;tAaakeai tAaf /
tas1gsW1ng he1ta1 ana hSpseaa ssr III
Ag naaNe