The Birmingham age-herald., 1915-12-16
SWEEP OF ORDERS
 ID OUN|TED STATES NOW STUPENDOUS Experts From Many Nations Here Looking to Days
 When Peace Arrives DROP IN GERMAN
 EXCHANGE SUDDEN Financiers Now Wondering Whether It Is Merely Temporary or
 Whether Strain Is Becom-
 ing Too Great
By HOLLAND

By HOLLAND
 New York December 15.-The sweep and scope of the stupendous currents which are bringing to the United States funds, gold and orders for commodities of all kinds cause many things that are of real importance to be overlooked. Few people realize that within the past six months there have been six recognized and authorized representative groups of expert authorities seeking, not to place orders for war material. but to learn, by careful investigation, in what way and how far the United States will be able to assist these nations in restoring their industries and repairing devastation oc- casioned by war.
 In addition to these authorized and of ficial bodies, there have come represen- tatives of Great Britain and of Russia who have been occupied not with the placing of war orders put with the study of our general industrial capacity.
 China sent in late summer or early fall a body of men who were exceptionally trial conditions and to make reports. Those of our manufacturers and some of our bankers who met these Chinese com- missioners were gratffied to learn that in all probability China will speedily make propositions to American manu- lecturers which, if accepted, will cause exports to be made to that country of manufacturing commodities in large amounts. Already one of the largest of tha Ap,arioap ;pd,1strYo1 corpora tiops iS manufacturing and exporting to China machinery for the equipment of large public work the aggregate value of which is approximately $2.0Oo.o00.
 Russia is now looking earnestly and favorable toward the United States in the hope that We may be able to furnish that empire with manufactured commodi- ties and agricultural implements and also electrical implements, all of these to be used not only in upbuilding Russa's de- vastated industries, but also in greatly expanding her industrial system. In ad- dition, Russia wants American brains. Apparently she is anxious to turn to the United States so that she may secure leaders who will do for her industries what some of the framed military ex- perts of Japan are understood to be doing for her armies.
 Another expedition, not large. but au- thoritative, reached the United States q few days ago from Holland. The purpose of this commission is to facilitate and increase trade between Holland and the United States, or, in other words, to maintain the enormous increase in trade which was occasioned by the European war.
 The Scandinavian peninsula at least that part of it which Sweden governs, is to be represented here by a commis- sion, as is also what remains off Bel gium. The visit of the leading banker of Japan, while professedly no more than a pleasure excursion, nevertheless un- doubtedly will be followed by increased trade between Japan and the United States
 AFTER THE WAR IS OVER Occasionally the comment has been made that after the war in Europe is ended the United States will find that much of the greater part of its interna- tional trade, or at least its export trade, is ended. But the visit of these represen- tatives of foreign nations all of whom are preparing not for war, but for the emergencies which will arise when the war is ended, is regarded by the best judges as sure proof that though the ex- ports and munitions of war may end there will be an enormous export of the com
 
 suits. That is the opinion of Charles M. Schwab, and the friends of James J. Hill, who met him while he was on his recent visit to New York, were convinced by some things he said that he is also of that opinion.
 A PERPLEXING SUBJECT
 For 10 days or two weeks a good deal of discussion has been under way in the financial district based upon the unfortu- nate depreciation of German and Austrian exchange. Of course, this unprecedented break in German and Austrian exchange does involve copsideration of the question. Is the financial situation in those two countries as good as almost all of the re- ports which come from Berlin and Vienna would seem to indicate?
 All sorts of conjectures are possible and there is inevitable comparison between the appreciation in the quotations for English and French exchange and the re- markable depreciation in German and Austrian exchange. Does this indicate that the central powers are beginning to be seriously embarrassed financially or does it mean no more than a temporary dis turbance?
 An excellent idea of what is meant by the serious decline in German and Aus trian excvhange may be obtained from the statement that if citizen of Ger many wants to pay an obligation to a cit izen of the United States, say of a thou sand dollars. he must actually pay from s1200 to $125O.
 Another feature. of our international financial transactions with Germany and Austria which has caused a good deal of discussion is the fact that Germany prob- ably holds now very smal! amount of American securities. These securities have been sold through the banks of one of the neutral nations. It is inevitable that these developments should cause some wonder whether or not the central powers may not be put to their utmost en- deavors speedily in order to meet the ap- Talling cost of carrying on the war. Ev- cry one can make his own surmises as to what the great depreciation in German and Austrian exchange means. but 1t is inevitable that men of financial exper- fence should wonder whether 1t does not rcrtend serious financial embarra ssment
 Bills Introduced By Stephens
 Washington. December 15.-Representa- tive Stephens. Mississippi, today intro duced a bill aimed to prevent misuse of the mails and the telephone and tele- |. ;., tl., of