Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1915-12-01

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care of the credit needs of the working
Nations he credit crisis was quickly d
Business Bows to Army.
The industries were hard hit through
the outbreak of the a Suspension
OF many industrial enterprises seemed
inevitable. Germany was cut off from
oversee ommerc by the British fleet.
england considered it an easy matter
to .subjugate the German empire by
p army supplies. This attempt
may have had the desired effect on
other nations. But in the case of Ger
many 1t failed, thanks to the nsus-
pected capacity of German industry.
Within a short time practically the
Whole German industry placed itself
az the disposal of the army authorities.
with astonishing adaptability the va
rious Industries concentrated their en-
ergies on the manufacture Of war ma
terial. The highly developed chemical
industry found ways and mean to
produce raw materials which previ-
ously mad to be imported or to create
substitutes for them. Within a short
time 1t was possible to manufacture all
war materials and the army supplies
at home.
This great industrial development
nad, aside from its decisive military
significance, far reaching economical
n financial effects. The most inn
portant of these was in the field OF
international money exchange. Raw
materials, guns, munitions and sup
plies were made at home, and the large
amounts needed to cover such orders
were kept in Germany.
Army 10 Chief Employer.
The increased demand for labor for
the manufacture of munitions was
more than sufficient to e~uualize the
over supply in III labor market caused
by the suspension Of industries. The
military authorities became the prfn-
clpal employers. The extensive de-
mands of the army provided sufficient
for nearly all branches Of
industry.
soon there was no lack of employ
ment. The German labor market after
the first month of the war was more
favorable than it had been during nor
NAL a in peace times. And, what
workmen made itself felt. Wages
scared and women volunteered to take
the place of men.
A stronger economic condition was
the natural consequence. How strong
~ this movement developed is seen in.
me facts that the freight receipts Of
the railroads have steadily increased
and that the great Prussian state rail-
road system recorded in June, 1915, the
largest receipts of any June in its his
tory.
But the filling OF army orders also
1t system of the empire. This was
principally due to the fact that the
government invariably paid for goods
In cash Immediately on their delivery.
thus making it hardly necessary for
manufacturers-great or small-to
h contrary, they received large
amounts Of ready cash, which was
turned n the large money reservoirs
the banks and savings institutions.
The money market was swamped
with cash at favorable terms. This
vate credit and every trace Of q panic
disappeared. The credit institutions
which had been created during the
first critical days at the beginning Of
the war were utilized only moderately.
Even the Observation-Disclosures" were
not much used.
Loans Were All Popular.
With this favorable development in
economic and financial conditions, the
success OF the war loans was insured.
The first loan in September, 1914.
brought a total subscription of 4.46O.-
000. 900 marks; h second, in March,
1915. 9.103, O00, 900 marks, n the
third, in September, 1915, 12.10O. 00O.-
three war loans is Is. 1868, 0Oo. 900 marks
The price of the first war loan was
a714, Of h second 9S1A, and Of the
third 80 per cent, despite the fact that
the interest rate remained at S per
cent.
The number Of subscribers, too. be-
came larger with each issue. To the
first loan there were 11S, 900 subscribe
ers, to the second 100000 and to the
third 100000. The great number of
small subscriptions indicated that the
loan VIZ nOn,11ar In tho fuIIac% ,o,.o