Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1915-11-17
Saving STRENGTH
OF GREAT BRITAIN
Closer Relationship Is Being
Established In industrial,
Financial and Mill
tary Policies.
BY FRANCIS w. HIRsr,
ditor 1.-THE Economist" London.

London (Speclal)-StOck exchange
was dull and inactive today, awaiting
political and military developments. AL
though the military organization and
unity of Serbia are broken by the cap
ture of the arsenal of kraguyevtaZ,
guerrilla warfare may prove more
wearing and fol midable thar organized
fighting. This is the view of a personal
friend of mine who has just returned
from NlSh Uskub.
The marvellous success of Lord Der
by's appeal is being felt in fresh eff
forts to substitute women for men.
Yesterday a girl plumber visited my
house to put the gas right. Women
ticket collectors and clerks are multi
plying fast.
Walter Runciman's interview indi-
Gates that the ministers are alive to
the gold standard and Importance of
the American exchange. His emphatic
endorsement of free gold as our finan-
cial basis strikes me as significant. l
believe that the governments recruit
ing policy will aim at avoiding, as far
as possible, any reduction of the ex-
port trade. The need of correlating the
financial with the military policy Is
evident.
Lord Welby's death is a severe per-
sonal loss to the world of finance. He
was the most distinguished and expe-
rienced representative of Gladstone's
financial methods. and succeeded Lord
oo Sli1Al A0I VI I'm SOO0SAA SAAO
He busted himself with problems of
war and finance to the end When ]
visited him last month his mind was
perfectly clear.
He was a contemporary of George
Trevelyan at Cambridge and of Lord
Eversley at Elton. The most remark
able incident in his career at the treas
ury was his mission to Walter Bage-
hot. then editor of 1.-The Economist"
which resulted in the invention OF
treasury bills.
This reminds me that the S per cent
"yearling'' pills have attracted plenty
Of private investors, though they can
not be bought in smaller denominations
than $1,000, sterling. Meanwhile. high
rates for treasury bills have naturally
dea1ened the discount market.
AS to the new loan, the ~desirahility
of avoiding another long term issue Is
recognized. Reports from Germany
n Austria indicate the approach OF
famine conditions. due to insufficiency
of wages. through depreciattng curren-
cy, rather than to any actual failure Of
New York, Nov. 6. 1sl5.-The October
business record was a particularly favor
covery in trade n industry extended
over the entire area of the United States,
and few localities there were which did
qualification now emanate from many
quarters in which, one year ago. gloomy
prospects were the rule rather than the
exception.
this review to the fact that the great
southern agricultural section, which a
wisely varying it's class Of production. re-
gained its former hold upon its claim to
prosperity. This years cotton crop will
be as valuable as last. while at the same
time more acreage has been available for
the raising of crops that are comparative
ly new to the southern farmer. These in
clude wheat and corn. which heretofore
proceeds of a not too abundant cotton in
come. The result of the new policy has
been two-fold: 1t has raised the price of
cotton while enabling the southern plant
er to secure the necessities of life other
than by purchase from distant localities.
In the west the business Improvement is
reflected in the larger export orders. the
increased consumption OF merchandise.
and a broader demand for money. Some
industries even report an actual dearth OF
creasing orders both for home and foreign
consumption. some factories have been
compelled to adopt a N-hour schedule.
Railroads Profitina.
The railroads are now reaping a large
benefit from the record shipments from
the interior points to the seaboards. A
new feature in this traffic trade is the i'm
mense shipment of automobiles. which are
rapidly changing from the classification
of luxury to that of necessity. The figures
for idle cars have taken a sudden drop and
complaints of car shortage, congestion Of
traffic and Of labor shortage are becoming
frequent. This note of prosperity In favor
Of the railroads Is being reflected, in the
investment %centers, in increased demand
for railroad securities. dividend stocks
having very appreciably advanced in price
In consequence of the new buying era.
Stock exchange houses are advising their
clients to take whatever profits they may
transfer their interests to the standard
railroad stocks for regular dividends rath-
er than for sensational fluctuations in
quotations.
showing large increases in both gross and
net, and the statements issued by the
PENNSYLVANIA, New York Central. and all
t Yogab1 1rth Nsstsrn r railroads q ARE are very Ed,, ia,
a heavy volume of freight traffic, and the
western roads are moving the largest
crops ever harvested. SO the traffic re-
turns, for the last quarter OF the year
promise to break all previous records. In
this connection, the statement issued on
Tuesday of this week by the Interstate
income and expenses Of 81 roads during
September is particularly favorable; The
during September. During his same
month last year the net revenue was $408.
This increase was not, like some Of the
ton in operating expenses. AS a matter
of fact. the operating expenses Of these 81
roads during September amounted to $685.
4sS. 0o. an increase Of 5000 over the same
operating revenue Of .sls2. $4,000. an in-
crease Of $1,000 900. which 10 possibly the
largest increase in this item for q consid-
commission reported that the net revenue
OF those Of the 81 ROADS operating Ia the
so.called eastern district amounted to
tember. During September last year It
was only $64S. The net revenue OF the