Evening journal., 1915-09-25
Munitions and the Loan
(From Do New York Pregs.l }

It is astonishing what laggards SO
many of our people are at compre-
honding the futility of wanting 10
exclude the credits now being ar
ranged for the Allies from being
used in the purchase of arms and
ammunition. If they will only take
the trouble TO look at the commodi-
ties imported into this country in the
course Of naural trade they may see
Why.
If foreign customers had nothing
but credit notes with which to pay
us for goods bought here II might
make great deal of difference
whether the use OF the present loan
were restricted TO wheat and cotton,
TO featherbeds or to soothing syrup.
But whether the foreign credit shall
be for $500. 100000 or for $1,000
100000 it will not be the only instru-
mont Of payment for supplies bought
here for use abroad it will not be
even the principal instrument. 1t will
not pay for the major part of the
foreign purchases here; it will pay
for only a small part OF them. And
let IL be understood that thus far the
export of munitions has been only
a triiing fraction of our total ex-
ports since the war began.
At this very moment, when arms
and ammunition are going out in
greater volume than they have ever
gone before and when the tide Of
our great exports, cotton and wheat,
is at low ebb pending receipt of the
new crops, our shipments aboard of
the direct implements of war cut a
small figure compared with our other
shipments. They make no consider
able showing against even ordinary
manufactures. Take some of the
exports from the port OF New York
for the week ending September II:
II the exports of cartridges went
up from S14,771 to S257 .053, the ex-
ports Of dry goods went up from
S13O.5S3 to SS56.231 II firearms
went up from S17,245 to S191,204,
cotton cloth went up from S21O193
10 1884 ,424. II copper ingots in
creased by some $540000 and copper
wire by some S112.O0O, hardware in
creased by some $4,000 and leather
by some 100000. If manufactures
Of brass--assuming that they were
intended for direct use in war-in-
creased by some S223,OOO and like
wise manufactures of iron and steel
by more than S135O,O00 oil cake
went up S2fA000 cOttOnseed oil
1924. 200 and oleo nearly s5OO,0OO
while shoes went up $4,000 and
sugar some SS50,0OO.
When it comes to paying for the
goods bought from us our customers
abroad pay first Of all and for the
greater part with their own COM
modities shipped to us Since far
back last spring there has never been
a week, though Germany and Aus
tria have been virtually shut out of
our markets. when our imports of
commodities through the thirteen
principal customs districts have
not been more than $4,000, 900 TO
offset in part purchases from us. There
have been weeks when they have
been as high as S3S000.0OO. In the
last FIVE months our average imports
at those thirteen districts have been
we'll above S3O,0O0,0OO week, and.
Saking our other customs districts
into account. our total imports can't
have been very for below some $685.
100000 week.
SO here is coin" of pavment
mounting toward $4,000. .OOO. 900 a
year as against any credit arrange
ment of $700,000,0OO to 81 .00O. coo 600.
And then there are the very i'm
portant coins of interest and divi-
dends which we owe on American
securities owned abroad and Of ocean