The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1915-08-25

ders and it was also mentioned that If
these orders were placed the aggregate
of them would amount to many millions
in money.
The executive officers of some of the
large war order corporations have some
detailed knowledge of the kind of orders
Russia purposes placing in the United
States. These include not only purchases
for delivery as soon as possible of a large
amount of munitions of war, most of
which will go to Russia by way of ST.
IBERIA, but also purchases of apparatus
which will enable Russia to undertake
at as early date as possible the man
ufacture at home of arms and implements
of war in great amounts.
There are some reasons for believing
that Russia hopes to equip one. probably
several, arsenals in such manner that
implements of war of all kinds from rifles
to heavy cannon can be manufactured In
Russia. This would seem to Indicate that
Russia expects that the war will be of
long duration and before the close of 1t
that she will be in the condition of which
Balfour gave a hint In his recent adj
Dress which will enable her to match
her opponents In implements and NUM-
lions of war. One of the executive Off
GERS of an American industry which IL
now occupied to it's capacity with war or
ders reports that he was informed upon
reliable authority that some months ago
Russia sent word to her allies that she
could put 100000 men in the field If she
had the arms and munitions that are
needed, that she would have no diff
Guilty in feeding or clothing an army OF
that size, but that she did need an amount
of arms and munitions sufficient to equip
| this army The Russian leaders were in
formed that the allies would as soon as
possible give aid. financial and in other
ways so that she could secure the needed
munitions, but that inevitably sone
months must pass before this could be
DONE
What Balfour said and what representa-
tives of Russia are now doing in the
United States are regarded as conclusive
proof that Russia looks upon her reverscs
| in Poland as temporary and that the time
| will come when she can redeem herself.
The Movement of Gold
Some of those who are masters of the
science of foreign exchange are able to see
clearly the other side of the picture which
would illustrate the stupendous movement
of gold from other parts of the world to
| the United States. Max May and John
| some other way be provided, gold must
continue to flow to the United States or
else international finance will be abso-
lutely clogged, nevertheless say that it
| would be a dangerous and probably a
ruinous policy for the United States, hav-
| ing imported the gold, to keep 1t unen-
pioyed. The present outlook Is that before
the end Of this present calendar year the
United States will have received In the
aggregate hundreds of millions of gold.
| This, however, must be put to employ
ment. If England sends US many mil
lions of gold we not only In justice but
| of necessity, If we are to maintain our
present conditions. must use 1t so far as
possible to help England. In addition to
the gold which will come to the United
States from abroad, suplpementing that
which has come since January l. we are
likely to take from our own mines, in
| GLIDING Alaska, not less than $4,000, 900 and
| possibly $780, 900. That, of course, Will
be an absolutely new supply.
The bankers who attempted to arrange
| for some feasible method whereby for
eign exchange could be relieved are under
stoodvto have been a little perplexed by
reason of the fact that some of the bank
ers in other parts Of the country and some
of the great insurance companies did MT
| respond very cordially to proposition
| that they cooperate with New York In
perfecting some method whereby a great
credit for England can be established IN
the United States However. the exper-
fence of last fall led those in this city who
undertook to work out this plan to the
belief that hearty cooperation would be
/ furnished by the banks of this country
| It was a wonderful object lesson which
| the experience. Of last fall taught. II
| showed that national cooperation Is vital
to the maintenance Of good financial CON
| ditions. The banks Of the United States
co-operated in the underwriting Of a gold
fund amounting to S0o0oo.0oo. and while
4 New York was the central point OF THU
| cooperation, nevertheless this city bor'
only proportionate relation to the entire
| count.
The idea that formerly prevailed tina
/ New York city was in exclusive ant
| monopolistic control of the money markets
! and financial condition was dispelled b,
the. experience of last fall. Some year
ago. one of the leading banks Of Chicago
imported 100000 In gold and the move
ment of that gold from the train to th'
banks vaults was a spectacular as wal
| the recent movement of gold from Hall
1 fax to New York city. The purpose wal
/ to free Chicago from its dependence upof
New York so far as the foreign exchange
market was concerned. The experiment
however, was q failure, but 1t was valu
able in this respect: While it showed tina
Chicago as we'll as other money center
could not be Independent of New York. !
also showed that New York could not b.
Independent Of Chicago or any Of tn
other great financial centers. In othc
words, cooperation 10 essential That co
operation of this kind would be furnishes
by those who have the resources and op
portunity so that negotiations looking L
the establishment of great credit coult
| be completed was believed by bankers o
II this city to be inevitable. New York i
| not now in the sense in which the ide'
j was formerly entertained the great cen
n tial authority-for II there be any au
II thority, Of that kind 1t Is with the fedora
/ reserve board at Washington-but the cit,
must continue to be the great central r.
ceiving and distributing point.