The Birmingham age-herald., 1916-04-10
FINANCING UNITS STAGGE
 THEIR MAGNITUDE Even Our Imports are on St..--cendOus Scale for
 Raw M, -~ials
OTHER ITEMS SWELL
 ENORMOUS TOTALS
Recent Cheek for Over Seventy Millions to Canada is Another Striking Unit in the Big
 Transactions
By HOLLAND

By HOLLAND New York, April 9.-(Special.)-One ot \ those who took prominent part in the ne gotiations of last fall which resulted Tn the Anglo-French loan of $50O.000U0 salc this morning that not even those who are \ brought into closest touch with the move ments of the day fully realize the magnl- A tude of the units of many of the transac- tions now in progress.
 He spoke particularly of the estimate Of ' the foreign trade of the United States in q the year 1916 If the figures for Febru- A ary furnish fairly good basis for an 4 estimate than the aggregate foreign trade H of the United States in 1916 should be A of the money value of about $6,o0O, ,0000oo. One-third of this sum will represent the [ money value of our imports and two thirds will reflect the money value of our exports
 Not since the nations of the world began I cultvating foreign trade has there been any such unit representing foreign trade as this Great Britain had before the Eu- 4 ropean war began cultivated trade which was approximately $5,Ooo,0Oo.0Oo, \ money value.
 The European war does not entirely ex- plain, according to the authority Just quoted, the increase in the foreign trade of the United States We were advanc- \ ing rapidly up to the time the European ! war began. The remarkable feature about this advance, he said, was the 1n- \ crease in our export of manufactured commodities. This well demonstrated the ability of American manufacturers to get a foothold in the foreign markets. MEANING OF THE IMPORTS It is not necessary to give reasons for the increase in our exports since one reason is sufficient-that is, the demand occasioned by the war in Europe for American commodities. The probability that the money value of our imports for 1916 will be somewhat in excess of $2,- 1 0O0,O00,000 justifies the leaders in tinan- cial and commercial activities in saying I that really imports so great as to be reckoned of the money value of $2,000,- 000,000 make from one point of view ! more important factor in our progress than the magnitude of our exports. For the greater part of these imports con- sists of material which, far as manu- featuring is concerned, is raw material. We are buying heavily of material of that kind and importing it so that 1t may be made available for our great manufac turing enterprises.
 ANOTHER GREAT UNIT
 
 Another unit which of itself makes a new record is represented by the check for some $70000,0O0 drawn by J. F. Mor- gan & Co. in payment to Canada on ac- count of recent financing of the latest Canadian loan. A few years ago, when payment was made by the Union Pa chc railroad to the government to liqui- date the indebtedness of that company to the United States. the magnitude of the check-reported to be approximately $40, GOO, ,O00-caused nationwide interest. Other checks for or more of mil liens have occasioned comment but the Morgan check passed through the New York clearing house almost as though it were an everyday transaction. Never theless it tells a story of the great units represented in various separate interna ticnal financing transactions. Probably in the year 1916 the managers of the copper industry of the United States will produce about 2,0O0,0 00O pounds of copper. This production Is spoken of as an excellent illustration of the magnitude of the units which reflect various enterprises and activities now in progress in the United States. B. D. Harris vice president of the Ma tional City bank, illustrated from another point of view the magnitude of the units which represent American activities when he told the American Cotton Manufac- turers' association, which was in session
 
 of the domestic and foreign commerce of the United States was, in 1914, $44, 900, ,O00,- 0O0 Of this total. $2O.OOO, OOOOOO represent ed the output of the manufacturing plants of the United States.
 If in the year 1914 the United States was able to carry on an aggregate com merce, domestic and foreign, of the money value of $44,0O0, ,00O, 900, then the estimate for 1915 must be considerably larger For
 not until the late autumn of 1914 did there begin the demand from the bellgerent countries for munitions and equipment of war.
 THE GOLD UNIT Another record--that made by the ac- emulation of gold in the United States in the year 1915, much the greater part of which came from countries across the sea-is well worthy of being added to the list which tells of the great units of which the international financier who was quoted above spoke both with enthusiasm
 and with amazement.
 As gratifying feature as is any other associated with these stupendous units is
 the evidence that in all American enter prises-in finance and especially in inter- national financing. in maufacture, in ex- ports in agricultural development-the people of the United States as whole are spoken of by those who should know as handling these great enterprises with Remarkable skill, wise conservatism and With great energy. This feature of the sl uatiOn is one which leads those whose jt igment is excellent to say that condi- tias in the United States are now very q nd.