The Washington herald., 1914-09-22

stir up It's manufacturers to the new
i opportunities for foreign trade has
reached this country. It IL thoroughly
comprehensive exposition Of the situation
abroad, with special reports from nearly
all foreign countries II points out that
German traders did business OF szoOo,-
100000 q year In the British dominions
alone and not everything German Is un-
popular. The paper concludes:
'aThe words of the Trade Commission
Of New Zealand have special significance
ana are worth repeating: Prompt over
tures should be made so as to anticipate
competition from America
The Bureau on Foreign and Domestic
Commerce reported Saturday that 1t was
receiving all kinds Of inquiries about
American goods from Great Britain.
Some Of these were for copper and zinc
plates for Photographs blocks, bronze
powder. lighting accessories, tumbIers,
wine glasses and gobIets, architect sup
piles. insulation material, cotton under
wear and gas and tugsten.
These goods were formerly purchased
in large quantities in Germany The
United Kingdom bought sl25, 900 900 worth
OF merchandise annually from Germany.
which 1t now desires to purchase else
where.
Traffic on western railroads is begin
ming to fall below that OF a year ago.
Loading reports of nearly all Of the i'm
portant lines last week indicated q mod
crate loss in general tonnage as COM
pared with that time. and II was the first
time in quite a number of months that
the falling on in shipments Of freight
SO generally was represented by the
business OF the railroads 1t was be-
lieved that this situation was due to
nothing more than the effect upon busI-
ness in this country by the war in Eu-
rope. In spite of optimistic displays in
sentiment In many directions and in
many sections OF the west. there is no
denying that in many lines OF trade great
uncertainty prevails and conditions are
unsettled to a point where there is no
comparison.
There is beginning to be the feeling
among the closest observers Of condi-
tions as they refer to affairs domestic
and foreign that there is a ray Of light
creeping over the business horizon. At
the same time. money rates at the lead
ing centers throughout the West rules
firmly at per cent, and up to the present
time, bankers In the West are not re-
laxing in their determination to hold busi-
ness in check until they are satisfied that
1t Is absolutely safe to let down the
bars and make capital loans for the pur-
pose OF new business expansion. This, of
course. is causing some unrest among
those who are impatient to get started
under new conditions, SO that they may
take advantage Of new trade openings
which have been ordered up as a result |
Of the war.
Investment interest appears to be grow |
ing a little more cheerful concerning the |
outlook, although there is probably no |
line Of business which has been so com |
pletely stopped as that of the bond |
dealer. but as far as can be learned |
every body connected with investment |
banking appears to have done everything |
and maintained the standing Of American |
securities.
Many brokerage houses say that since |
their customers received their monthly |
statements on September 1 there has been |
evidence Of . strong effort to Increase |
margins 30 as 70 reduce interest charges. |
A rate OF 8 or s1-2 per cent has looked |
high to great numbers OF those who are |
carrying stocks on margin. and for that |
reason they have tried to reduce the |
amount owing to their brokers. There |
have been strong protests against the |
rate in some cases, but as a general |
rule the brokers have succeeded In con-
vincing the customers that it was q ne |
cessity, pointing out that on their own |
loans from the banks they must main
tain a margin Of Is or 30 per cent. and |
that 1t would be only fair II the custom
ers kept an equally liberal margin with |
them. Many houses now report that |
their customers accounts are being more |
Strongly margined every day.
Taking the shipbuIldlng of the Clyde |
as representing very fairly that Of the /
whole of Great Britain, IT can be seen |
from the August figures received here
how the industry is being affected by the
war. Twelve vessels were launched, but
the majority OF them were small, and
they aggregated only 1900 tons. This
was the poorest August since Iss6-nearIy
thirty years, and the figures for the
eight months ending with August are
hopelessly behind those for 1873 the de-
crease being no less than Ill, ,2eo tons.
Steamships carrying food to Great
Britain are guarded by a lane Of war
ships stretching across the ocean, 900
miles apart and in direct wireless com
munication under a system said to have
been planned seven years ago.