The Birmingham age-herald., 1915-11-19

investment III DOnOS. lHdt ouSht AaVoA ably to be felt by railroad companies whose bonds are in good repute ana also by industrial companies.
 NOT EXCLUSIVELY LOCAL This condition is not confined to New York or other financial centers. Ever in the early summer. reliable reports were received from banks in the west telling that the plentifulness of money was really an embarrassment, since the banks could not find profitable use for much of it.
 An opinion commonly held here is that the time is distant when tight money vii be reported. After the war is ended, the United States will have money capital in enormous amounts, and it is presumed that much of it will be exported in the form of aid to other nations, some of which will be impoverished by reason o1 the war.
 IN NEW YORK CITY AND STATE Although New York city ranks first among the manufacturing centers or the United States, nevertheless its own man. ufacturers have not es speedily felt the stimulating influences of the war as the manufacturers in other parts Of the state That, however, is easily explained by the fact that chief among the industries oi l - clothing In that industry business has been somewhat slow The war has not di- rectly affected it. In other parts of the state many of the manufacturing plants are being driven to their capacity because these plants turn out products which are directly or indirectly associated with war orders. The reflex influence of war orders is gradually permeating all departments of manufacturing. One or two industries in New York state have not yet responded to the impulses occasioned by the war, and chief among these is the paper in- dustry.
 A DISTINGUISHED COMMITTEE
 It was with good deal of care and utilization of almost all the time he could spare from his administrative duties as mayor of New York that John Purroy Mitchell made up the committee whose purpose is to stimulate public opinion, if that be necessary, so that adequate de- fense can be secured against hostile at- tack and also to concentrate that public opinion upon Congress so that the Presi- dent may find in the body abundant sup. port for his plan for national defense.
 Mayor Mitchell wrote to great many
 citizens of New York to ask for their CO operation. He was gratified at the num-
 Der of approving replies which he re-
 ceived. As a whole. the committee rep
 resents every intellectual. professional
 educational. commercial and financial ac-
 tivity in New York city The aggregate
 wealth of the members of this committee
 would reach far up into the millions
 With much discretion, Mayor Mitchell has
 named as chairman of the executive com
 inttee Cornelius Vanderbilt, who expects
 to devote all of his time upon the work ot
 perfecting this organization and making il an influence. Also upon the committee are
 Willard D. Straight, whose experience ir
 China will stand him in good stead in this
 work, and George w. Perkins. whom
 Mayor Mitchell regards as without su-
 perior when it comes to perfecting organi. i zaticnc.
 l It is spoken of as a real inspiration thai came to the mayor when he asked Cardi- nal Farley to serve as the head of the general committee. an invitation which the, cardinal did not hesitate about ac cepting when he understood what the pur-
 pose of the committee is. An organiza l tion of this kind, supplemented as it i.
 to be by the organization of like commit tees in all cities of the country, will. it is presumed. demonstrate to Congress whai the prevailing state of mind of the Amer ifan people is respecting the perfectini
 q adequate defense