Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-08-05
Financial Machinery Of This
Country Is Running Smooth
y as Result of Emergency
Measures, Is Report,
WHEAT FOR EUROPE IS
PILlNG UP IN PORTS
Some Way Must Be Found to
Secure FoodstuffS or Peo-
pie Of BeIIigerent Nations
viii StaVe.

tHY MORNING JouHskL SPECIAL LEASED wiaK1
New York, Aug. Although the
financial machinery Of the country
was working smoothly as IA result Of
the emergency measures taken yester-
lday to meet the present extraoid dlnafy
situation, little progress was made to-
ward resumption Of the interchange
Of credits and commodities between
the old world and the new.
With immediate financial neeessi-
ties met, Wall street turned It's atten-
ton TO the general trade problem.
which is more intricate than any
other which has confronted the eoun-
try for century. Unless this prob
lem IS solved, in part at least 1t was
recognized that the consequences
might be felt seriously throughout the
nation.
Import Trade paralyzed.
The greater part OF the import
trade from Europe already has been
cut off on account of the seizure of
every facility in France and Germany
by the governments for military pur-
poses and the holding in port of trans-
Atlantic vessels of those countries.
Merchandise impoftatlons here from
France and Germany alone average
s1000.O0O daily.
The export trade presented still
larger problem. American exports to
Europe under normal conditions av-
erage sl,000,000 daily, nearly one
third which usually goes to England,
Is halted by the present absence of ia
cillties for financing the export move
mont. With this problem the COM
merclal and banking interests OF New
York began to deal. but even the most
experienced bankers were unable to
give an idea Of what the solution
would be.
Wheat pied Up in Ports.
Stoppage of foreign trade already
has been reflected by the piling up
OF wheat ut ports and inland storage
points The great industries also be-
gan to feel the effects Of this sltua-
ton. The United States Steel corpo-
ration, for example, annually exports
nearly rs per cent Of Is entire prod
uct. Word came from the steel trade
that men were being laid off.
lie tUDUtI lluut was tNtt tli't1 VI
rectly affected since one-half of the
American output is exported. Several
of the larger copper companies de-
cidcd today to reduce their output by
one-haf From the anthracite fields
came reports that operations were
being curtailed. 1t was feared in Wall
street soday that If that portion of the
aounrys industries dependent upon
the export trade should be cut off in
definitely by prolonged European
war. the result would be felt seriously
by the business community and wage
workers.
The opinion was expressed In some
quarters. however. that a way would
be found to overcome these condi-
tions.
Some Means Necessary
I'VE have food supplies anu other
necessities which Europe must OBJ
tain said representative banker to-
lay, "and as The nations over there
allow themselves to starve to
ieath. they will find some means of
obtaining what we can sell. | do not
know this win be arranged. but
plan will be devised.
we have the situation very well
n hand ana ! have no fear of the out
,ome. We are now on a paper basis
md we will remain on it for a long
ime to come. That will stimulate
.hines ana we shall all feel cheerful
IN the not distant future. For the
present we shall endeavor to meet
as they arise from day to
lay"
one result of unrest on the part
Of depositors In small banks has been