The Birmingham age-herald., 1916-06-06
Paying Interest Simply to Have Money Available in
 Case of Need
CALHOUN'S CANAL
 PLAN HANDICAPPED
Clara Louise Kellogg, First American Prima Donna to Accumulate Fortune by Her
 Triumphs
By HOLLAND

cooperation of banks in several of the larger cities of the United States, bank CTS in London secured a credit of s5o,0OO 900 in November of last year. The trans action attracted less attention than would surely have been the case had it not been regarded as in some measure merely supplementary to the Anglo French loan which was negotiated about that time for $5O0,OO0 900. It was a most profitable transaction for the banks, since they have gained for six months in terest at the rate of Az per cent, all though the yhave not been obliged to pay out a cent on account of the credit thus established.
 On June 1, announcement was made that the British banks had arranged with the syndicate of American banks through which this credit was estab- lished to extend it for F months, agree ing to pay an additional F per cent or ) per cent in all It may be that at the end of year and half this transac- ton will be brought to a close without a penny of the credit having been util- ized. If this should be the case then, ac- NNi uiiiS tO OPlilloll III liG IlIdUCIdl OlS- trict, this transaction will become tradi- tional as well as unique. For there is no record of a considerable credit hav- ing been established and maintained for months without having been drawn upon From one point of view, the transaction has been regarded as something which is to be considered in the light of an in- surance method for the protection of ex- change. The maintenance of heavy or ders sent from England and Europe to the United States and the proba biity that these will be continued throughout the year 1916 make it imperative that careful measures should be taken to pro- tect foreign exchange.
 One of the leading bankers, when speaking this morning of this unique financial transaction, said that Great Britain's utilization of American securi- ties so as to enable the kingdom to pay some considerable part of her indebted ness to the United States on account of imports suggested to him the thought that the transactions could be properly compared with the restraining effect of large short interest at the time of pan
 
 on finding that prices were rapidly drop pign were accustomed to turn around and buy for the purpose of taking whatever profit might be possible. The heavy buy ing by short interest in time of panic, he said, tended to check demoralization in the securities market.
 JOHN c. CALHOUN HANDICAPPED
 It was nearly 100 years since John c. Calhoun, when Secretary of War in the cabinet of President James Monroe, ear nestly advocated the construction of coast-line waterway from Massachusetts, bay through Long Island sound and by canal across New Jersey and Delaware, thence by Chesapeake bay to Norfolk and by canal from Norfolk to the sounds of North Carolina. Calhoun predicted that were canal of adequate size cut across Cape Cod at the shoulder, or where the cape joins the mainland, it would attract nearly all the commerce to and from Boston.
 At last Cauhoun's prediction is verified to certain extent. The great steam boats which in the past have made the trip to and from Bos,on by all-water route around the end of Cape Cod have begun to use the Cape Cod canal If these steamers make use of that canal other vessels of considerable size are cer- tain to follow the example. Besides shortening the time to and from Boston, the navigation of the canal makes it pos sible to avoid the perils of the sea off the promontory of Cape Cod.
 The use of the canal by these great steamboats also vindicates the courage and judgment of August Belmont After more than 100 years of vain endeavor to cut canal across the shoulder of Cape Cod so that Buzzard's bay and Massa- chusetts bay could be connected by deep water canal, MT. Belmont, in spite of the advice of men who were known to be shrewd, undertook this work. He stood to lose several million dollars.
 The investment is now, at least so far as practcability is concerned. success.
 CLARA LOUISE KELLOGG'S
 The first and probably the most success full of American girls to attain high tri- umphs in opera will always be remem- bered as Clara Louise Kellogg, for she had practically finished her operatic ca reer when she married Carl Strakosch. She was known to be a wealthy woman when sh eretired, and as she had good friends who were able to give her excel lent advice regarding investments and, furthermore, as she lived inexpensivey during the greater part of the year at her country place in New Hartford, Conn.,, a town in which she had child hood associations-she was able to in crease her estate by considerable savings from her yearly income The probate office of New Hartford reports that her estate was in excess of $300,000. but some in New York who had Knowledge of her affairs think it likely that the estate will be found to amount to over $400. .000 0t0. Mrs. Clara Louise Kellogg Strakosch was not the richest of American prIma donnas The accumu'ations of Nordica, q Maine girl, were approximately s1,0G0,- 000,. Nordica, however, made a number of successful investments in securities, and at one time she was receiving very much larger salary from the Me-