The Washington times., 1915-02-07

Having only recently manifested sign
Of successful recovery from the tlepres
sion that ensued with the outbreak o
war in Europe, the commercial and in
dustrial interests Of the United State
are confronted with a situation tina
threatens seriously to stine them.
The action Of Germany in establish
ing its paper blockade" was immedl
atelv reflected in the stock market. an,
many Of the foremost business men o
the country regard the outlook as any
thing but promising.
American shipping is the principa
subject before the general public Of thu
United States. both from tho domestic
and foreign point of view. During TIN
past week the Administration has mad'
stubborn fight to push through thu
Senate the proposed ship purchase bill
designed to furnish sufficient bottom!
to transport the products Of this coun
try which are now pressing FOR salt
abroad, but at present the prospects ol
the measure are not bright-not. a
least. without an extra session of Con
sress.
That the United States is presented
with opportunities Of which 1t cannot al
present take adequate advantage be
cause Of a lack Of shipping facilities
merce Redfieid in an address Ge.~s..ad
Thursday night before the Chamber OF
Commerce Of the United States.
At the outbreak Of the war. Secretary
Redfield declared. this country had 3
foreign funded debt Of approximately
IS 900 900 900 and a floating debt ranging
between $500. 900. 900 and $500. 900. 900. The
floating debt has not only been paid
all IH
said. but each month since Septembe,
the balance has been favorable to the
United States until. when the figures
for January shall have been compiled
this balance will be found to have
mounted up to $150.O00.0 .000
This may seem favorable, but the
Secretary declared that were the ship
ping facilities adequate 500. 900 8
month could be added to this trade: tt
demonstrate the demand for America
ticular time, Mr.. Redfield said that h.
had very recently received dispatch
from the prime minister of a grea'
country. asking that America take tht
place in his country that Europe has
laid aside. and another from monarch
sired America to come into "his lano
and take the place which others have
hitherto filled.
TO prove his good faith the European
monarch in question promised to estab
lish in America a branch Of the bank
of his country. IL the people OF the Uni
ted States would consent to establish
banks in his nation. and added further
that he would do whatever possible or
ficially to forward American commerce
peals. said Mr.. Redfield. that he
did not feel at liberty to disclose
the identity of either the prime minister
or she monarch.
While disClaimirS any intention OF
advocating the shin purchase bill. Mr.
Redfield asserted that there We're now
lying on the wrarves of the great
Atlantic and Gulf seaports Of the
United states vast quantities o'
freight for which II was impossible
to secure ships.
The secretary. however, did not say
that there We're not ships available
but upbraided in strong terms the
attitude OF certain Of the steamship
companies, and predicted that once
the. American people are apprised OF
suffer. He had read contracts. he
declared. in which rates were made
at ~ cents without conditional clauses
which had not only been aagrantly
brazenly Offered to replace with other
contracts calling for rate OF 70
cents. Not only had the company vio-
lated it's contract and endeavored to
squeeze" the shipper in this manner
but was charging demurrage for the
freight tnet had been placed in its
warehouses.
In other instances. Mr.. Redfeld said.
the foreign steamship companies,
without maintaining that they lacked
facilities. were "laiminG the right to
take certain products on which a
high rate might be charged. and to
leave Cheap freight.
This condition. MIR. Redfeld con-
tended. instead of permitting Ameri-
can manufartur"rs to take advantage
establish a foothold in foreign lands.
was closing the door to opportunity
Mr. ltedfeld. in indOrsinS the sug-
gestion Of President Wilson that n
means he found that would permit
American manufacturers TO cooper
ate in foreign fields for the purpose
of comnetin" with the manufacturers
of ether nations, made the significant
proposal that it may be necessary to
permit several ranks to unite for the
purpose of establishing branches in
foreign parts.
In it's weekly statement Of the condi-
tion of the several regional banks, the
Federal reserve board ANNOUNCES that
the Richmond bank, serving the district
In which Washington and Baltimore are
located. made substantial gains in loans
and discounts. The resources and liza
bilities of the bank are as follows:
Recources-Gold coin and certificates,
S. 10000; legal tender notes. silver cer-
tiHcates and subsidiary coin. &,S. ON: bills
discounted and loans. SIZE O0O; all other
resources. slI.C00
Liabilities-Reserre deposits. $3.50. .0GO: Z:
due to othsr Federal reserve banks.
81. .130 0o0. Federal reserve notes in circu-
la, ion, si,i1a"d; capital paid in. 81 o.. .OoO.
The statement Of the combined ~