The Washington times., 1915-09-12

the railroads when the conditions re-
quire 1t. and grant them quickly. Their
prosperity Is important to the prosper
| ity Of the country. Their needs consti-
| tute a substantial per cent of the de-
mands for our manufactured goods.
Millions own their stocks. They employ
millions Of men.
We must not allow the outrageous
| injustice to continue by which We in
augurate the real reform of parcels
post. and do 1t at the cost of the rail-
roads by compelling them to carry
the enormous increase of traffic for
nothing.
We should repeal the full crew bills
that impose upon the railroad compa-
MES the burden of employing unncces-
sary labor"
Second only to fear of the involve
ment of the United States in the Euro
pean war as a cause of disturbance. has
stood the decentralization of foreign ex-
| change. The lharp break In sterling
exchange that resulted more than a
week ago led to the liquidation Of a
large volume of foreign-owned Ameri-
can securities. and American manufac-
turers were said to be declining to book
further large war contracts unless
guaranteed payment in dollars
This problem Is expected to be salts
tactorily settled in few days. Both
Britain and France have sent repre-
sentatives to New York to confer with
the heads Of the monetary institutions
OF America on the establishment OF 4
credit. or other means of stabilizing
exchange.
The Anglo-French delegation includes :
From Britain. Baron Reading. lord chief
justice; Sir Edward Holden, Sir Henry
Darlington Smith. and Basil 2. Blackett,
OF the British treasury. From France,
Octave Homberg. of the French treas
ury. and Ernest Mallet. director OF the
Banque de France.
There has been much said OF the size
OF the credit that would be established,
but now that the British and French
bankers are here. the size of the credit
suggested is increasing. 1t is said that
II VIII be at least $Cb.Do.O0O. and may
extend in time to $l,OO.OD,GO.
Manufacturers OF munitions are deem
~ Interested in the conference for they
toresee in proper adjustment of cred
lts and exchange further orders OF vast
proportions.
In addition to a building UP Of large
foreign trade through the sale of sup
plies to the belligerents, American man
, ufacturers and bankers have devoted
much time to laying plans for increas-
Ing trade in markets of neutrals which
have heretofore been dominated by the
nations now at war. One of the prin-
cipal drawbacks to the broadening of
the American market has been said to
be a lack OF shipping facilities. The
tonnage Is stu small for nation hold
ing the place among world powers that
the United States occupies. but 1t is
probably much larger than the average
American citizen would suppose in view
OF the wide criticism of the country 8
merchant marine.
The Department of Commerce has Just
completed statistics which show that
the merchant marine OF the Chited
States. while vastly less in tonnage, Is
second to that of Great Britain.
Great Britain has a tonnage of 2l.-
TiOGS. and the United States a total
tonnage in its merchant marine of S,3l9.-
iS6. This latter figure includes river,
lake. coastwise, and ocean steamers.
The large increase In the United
States merchant marine is due solely to
the neculiar conditions that beset for
eign commerce because of the war. The
United States has more ships engaged
In the carrying trade than Norway
Italy. France and the Netherlands com
bined. The increase has come almost
wholly on the Atlantic Ocean. Many
owners have transferred to American
registry to obtain better protection.
Increase on the Atlantic has been
437 .iSl tons in the last year, and on the
Pacific 1t has been only 2l,Sil.
There is grave doubt now, how
ever among shipping interests whether
this increase will be held next year
The prejudice occasioned by the sea,
mems act and the stand of Great Brit
ain relative to seizure of non-Contra-
band cargoes and the valorization of
American products shipped to neutrsls
II Is said may drive many ships now
under American registry to other nags.