The Birmingham age-herald., 1915-03-01
Many Plants in East Even Have Guards Stationed
 Around Them
NEW BRANCH FORMED
 BY MORGAN HOUSE
Is Devoting Its Attention Entirely to the Sale of Products Used by the War Nations
 Abroad
By HOLLAND

New York, February -(Special.)-With fhe exception of the figures contained in the officially report from Washington which tell of our foreign trade week by week or month by month, there is al- most no way of learning what the de- tails of that trade are. Of course. the Washington reports tell of the aggregate exportG of wheat or of cotton. The time Is near at hand when the records will show that we are exporting considerable amounts of hay But of manufactured commodities it is practically impossible to obtain any information which will show their character, their magnitude or the nations to which they are exported one reason for this secrecy is due to the anxiety of manufacturers lest depreciation be con.mitted. Guards are stationed around some of the powder manufacturing plants Vigilance Is necessary at plants where ammunition or various war equip ment is manufactured for export, espe- cially since the experience at Trenton where presumably destruction of manu- facturing plant was caused by one who sympathized with one of the belligerent nations
 Another reason for the secrecy main- tained by those who manage our great in- dustries which are now occupied with filling war orders is the natural one Of keeping business affairs of that kind to themselves, probably also refiecting the wish of those in the belligerent nations who have committed orders to the man. agers of these industries.
 Ci,,oo tho latest rapart ha come from Washington of the February exports and the excess of them over imports new es- innate has been made of the aggregate excess of exports over imports in the F months since the war began, certainly in the 12 months of the present calendar year. This estimate, based upon present exports. fixes the aggregate favorable trade balance-tnat is to say, the visible trade balance for 12 months-at from $1,- 600,000. 900 to $1, ,750, 100000. Furthermore, one of the best estimates made in the financial district here is that the invisible export of capital in the form of dividends and interest upon American securities and also AmeHcNr letters of credit will this year be not much in excess of SEQ, 100000. Here tofore, these Invisible items have cut heavily into our visible trade balance.
 
 inferential proof which shows in some detail the character of our exports of commodities which are known as contra band of war. One of the best evidences of that kind was furnished by the Rou- manian commissioners who sailed for home the other day for the purpose of reporting to the government of Roumania that they were unable to place the orders in the United States which they came here for the purpose of placing. The reason was they found the American in- dustries occupied to their capacities. so that they could not pledge themselves to fulfil Roumanian orders upon any given date in the near future.
 Some Great Salesmanship
 Another invisible demonstration of the magnitude of the orders now flowing into this country can be witnessed by those who are privileged to see what is going on in a new department of the banking house of J. P. Morgan & Co., This house, as is we'll known, has been appointed com mercial agent or representative for Great Britain Through it much the greater part of the purchases which Great Britain has recently made and will hereafter make will be transacted. The exclusive portion of the Morgan banking house which has been appropriated for this new. even unprecedented, department of it's business constitutes really a great sales mans department. In some respects it resembles the foreign sales department which the United States Steel corporation under President Farrell built up or which earlier, the Standard Oil company estab- lished. There is this difference. however, that the foreign sales department of these