East Oregonian : E.O. (Pendleton, OR) 1888-current, 1915-06-19
S150,000,000 OF
FOREIGN WEALTH
FINDS PLACE HERE
GOLD AND SECURITIES OF EURO
PEAN CAPITALISTS DEPOSIT
ED IN \. Y.

than $3.50, 00,000-possibly as much
as Se5O,000, ,000-in tangible wealth
has been transferred to the United
States by European owners since war
began 10 threaten in June of last year
according to a member of one Of the
leading International banking houses
here. While it is impossible to esu-
mate with any accuracy the extent Of
such funds, the banker in question
based his opinion upon the amount
that has been handled by his own
firm and by his knowledge Of the ex-
tent of foreign business handled by
other leading houses in the same line.
This flood of incoming wealth began
to make its way to this side Of the
Atlantic before the actual outbreak
of hostilities and has continued in
varying volume ever since. Some of
ii is in the form of gold. more Of It
is in standard securities or in Amer
lean currency received from the sales
of such securities. Apparently the
owners who comprise representatives
of practically every old-world country
feel that under present conditions Am
erica is the safest place for valuables
Of this description. There has been
gossip to the effect that several Euro
pean rulers and members of the royal
families have deposited large amounts
here against the possibility of un-
pleasant results arising from the war.
Such stories cannot be confirmed, but
1t is known that many very wealthy
Europeans now have a part of their
fortunes deposited in this country.
While the greater part of the enor-
nous aggregate of wealth which has
sought the United States for safe
keeping is likely to be Withdrawn at
the conclusion of peace it is the opin-
ion of most well-informed bankers
that goodly portion of it will remain
here and will seek American invest
ment. This movement of stored-up
capital to this country, added to the
enormous purchases of American
goods for European account and the
resale of American securities former
ly owned in Europe, is regarded as an
Influential factor in fastening the
| transformation of the United States
from a debtor to a creditor nation,
and in giving New York a position of
far greater importance than ever be-
fore in the field of international fl
nances.
The Metropolitan Museum of Art in
this city through a newly arranged
textile exhibit is helping to make this
country Independent of Europe for
its styles. The exhibit has attracted
designers of cloaks suits and gowns,
and of materials as we'll, who are
seeking new fields for ideas and sug-
gestions for the coming fashions.
While Paris is still acknowledged as
the metropolis Of modes, the Euro
pean war has affected conditions to
such an extent that the American
manufacturer of feminine apparel is
| forced to look about him on this side
of the Atlantic and to seek his inspi-
rations from fabrics both old and
new. To this end the Museum has is
sued bulletins which inform all per-
sons interested in the study, manufac-
! ture or sale of textiles as to the help
which it may be able to afford them
Designers for some Of the largest silk
| lace and other textile houses in the
country have taken advantage of the
opportunity presented by this action Of
the Museum, and one silk house has
1 produced a Genoese cut velvet very
much like the famous old pattern.
! The Museum has at the service of
/ manufacturers an artisans special
study room where duplicate speci-
mems Of textiles and small pieces may
be handled. These are mounted on
/ heavy linen stretched on walnut
/ frames Of uniform size. In addition
/ to the study collection, there are
| many thousands of specimens on pub
lie view, dating from prehistoric times
/ to the present. Linen weaves from
the Coptic tombs Of Egypt, silks from
ancient Alexandria rich fabrics from
4 the Orient Italian velyets and French
brocades may be seen in numerous
I examples. In the costumes depart
ment there are beautiful fabrics, as
well as many fine dresses of the first
1 quarter Of the nineteenth century, and
bonnets and shoes of the same period
The New York State Nautical
Schoolship Newport started several
days ago on what will be the longest
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