davidaulloa/AmericanStories huggingface dataset:
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
SETTLEMENT IN SIGHT
BRITISH MINERS DELEGAT ES
RECEIVED BY LLOYD GEORGE.
Fresh Proposals Are Made and Dis
cussed for Two Hours-SmiIie
Now for Peace.

London, Oct. 25.-Fresh proposals TO
end the coal strike were discussed for
two hours between Premier Lloyd
George Bonar Law and other members
of the British cabinet and a delegation
Of the coal miners, headed by Robert
Smile, at Downing street. The min
ers' delegates reported the result of
the conference to the miners fedora
ton and the executive heads Of the
unions, 1t is understood that the pre-
crease the wages of the miners unless
they guaranteed an increased coal out
put But a settlement has been rem
dered much more likely because, at
the same time, he yielded to the min
ers i'm the view that they alone cannot
send more coal to the surface unless
the mine owners are prevented from
restricting work. This difficulty seems
easy of settlement as long as the gov
eminent guarantees the shareholders
fixed profits
The settlement is likely to be on the
basis that the output of coal from
the mines will be supervised by COM
mittees formed of representatives of
the government, of the owners and the
miners. These committees will en-
sure efficient pit equipment, working
conditions and production. 1t seems
certain now that Robert Smile, the
miners leader is ready for peace. In
fact, the parleys with the government
will he resumed today. This is ac-
cepted as an omen that the general
strike will be avoided and peace in
the coal strike made possible within
wppk
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
CLOSE BOSTON SUBTREASURY
Eight More Must Be Closed Before
July I, 1921, According to Act
of Congress.

Washington, oct %. - Secretary
Houston made public orders under
which the subtrcasury at Boston was
closed and the Office Of assistant treas
urer discontinued, Under the last act
carrying the appropriations for the
treasury all SubtreuSuries must be
discontinued by July l, 1921. They
include those at Chicago, New York.
Philadelphia, Baltimore New Orleans,
st. Louis, Sal Francisco and Clncln.
natl
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
RIOTS CAUSE CHURCH PANIC
Dublin Report Says AthIone Is Being
Terrorized by British Troops
Many Shots Fired.

London, Oct. 25.-According to the
Dublin correspondent of the London
Sunday Times. Athlone is being ter
rorzed by rioters believed to be Brit
iSh troops. Hundreds of shots were
fired in the streets and many bombs
were hurled from lorries while the
people were attending services in St.
Mary's church. The firing was so ter
rife during the sacramento blessing
by Father Lemon that women in the
congregation rushed inside the altar
rails for safety and there was a ter
rible panic in the church.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
"PINCHED" FOR JOY FLYING
Aviator Arrested In Omaha for Jeop.
ardizing Life and Property Along
the Streets.

Omaha, Neb., oct 25.-What Is said
TO be the first arrest i'm the West for
reckless flying was made when w. G.
Brooks, aviator of Blair, Ncb., was
arrested for ieopard2ing life and prop
erty by so flying Omaha streets TINT
the wings Of his plane almost scraped
the sides Of the buildings tie was
released on 1000 bail and VIII be
tried I'm police court.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
kIRMAN IS KILLED IN LEAP
Parachute Fails TO Open and E. r.
Moon Falls Into the Susque-
hanna River.

Aberdeen, Md, Oct. 25.--After a
spectacular leap with parachute
from the wing OF an airplane here, Pri-
vate r. II. Moon was killed when the
apparatus failed to function properly.
lie fell into Stetuia narrows, a part Of
the Susquehanna river. His body has
not been recovered, Moon was an old
hand at parachute leaps from air
DlaneS.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
WHISKY PROBE IS
ON IN CALIFORNIA
Washington Federal Agents Ar
rive at San Francisco.
TWO WOMEN ARE IMPLICATED
Mrs. Warburton, Former Acting Pro-
hibition Director of the State, and
Miss Quinn, One of Her Aids,
Are Named.

San Francisco, Oct Especial
agents from the internal revenue serv-
ice at Washington have arrived in San
Francisco to assist in cleaning up the
federal end of the whisky bootlegging
investigation. They are to work di-
reCtly under E. c. Yellowley, acting
prohibition director.
The probe into the wholesale whisky
output is to be taken into southern
California. Los Angeles is to be put
under the investigation activities of
the officials from Washington. AS
sistant Commissioner of Internal Rev
enue Paul f. Myers expects to depart
today for the South to make first
hand study of the situation there.
Mrs. Warburton Involved.
Charges have been filed with the
Treasury department against Mrs.
Gladys Kimball WarburtOn, former act
ing prohibition director, involving her
conduct of the Office during her brief
incumbency and also while she was
uCJlHS us lue ldlc l1OIlh a. IldllulSS .
secretary.
Those charges have beens followed
by an official order suspendng her
from the government service. The
order becomes effective Monday.
Action was also taken by the gov
eminent officials looking toward the
removal of Miss Gertrude Quinn, a
clerk in the prohibition directors Of
fee. She is reported to have been
close to Mrs. Warburton in office af-
fairs. Myers has had several confer
ences with Mrs WarburtOn and Miss
Quinn, but declined to answer ques-
lions touching his reported talks with
them
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
MUM ON MILITARY TRAINING
United Luthern Convention at Wash
ington Refers Subject to the
Executive Biard.

Washington, Oct. 25.-The United
! Lutheran church convention refused
to approve a declaration opposing mil
itary training in public. 1t was re-
ferred TO the executive board for ac-
ton. A committee had reported It's OPP
position, saying that in doing so It was
passing only on the question of milf
tary training in the public, grammar
and high schools"
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
SIAMESE PRINCE IN THE U. S.
Half Brother to King Rama vi in
America to Study Operation of
Railroads.

New York, Oct. 25.-Prince Pura-
chatra of Kampengpetch, half brother
to King Rama VI of Siam, is in the
United States "to study American rail-
roads in order to ascertain what i'm
iprovements can be made in our sys-
tenn" he said. GAS commissioner gem
eral of the state railways, | want to
keep our lines up to date" The prince
made it plain in his conversation that
he was regular railroad man.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
Stomach
on Strike
20 Years
Eafog1ic Settled III

"Eatonlc is wonderful" says G. w.
Burton. Il had been a sufferer from
stomach trouble for 20 years and now
I am WELL"
Eatonic gets tight after the cause Of
stomach troubles by taking up and
carrying out the acidlty and gases and
of course, when the cause Is removed.
the sufferer gets well. If you have
sourness, belchng indigestion, food
repeating or any other stomach
trouble, take Eatonic tablets after
each meal and find relief Big box
costs only trife with your druggists
guarantee.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28

A novel table for workshops can
be turned and locked In % different
positions 10 save the labor of moving
objects on which work Is being done.
To make 1t easy TO repair, a New
York man has invented an umbrella
In which each rib and stretcher Is
separately mounted on the tip plate
and slide.
To develop electricity for the pro-
duction Of fertilizer, d Norwegian en-.
gineer VIII tunnel mountain In
Sumatra and divert the course of a
river TO create q waterfall.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
COAL SUPPLY IS ADEQUATE
Mild Fall Weather Has Saved Dancer
of Shortage at chcago--Possi-
biIity of Famine Remote.

Chicago, Oct, 25.-Chicagos coal
supply has reached normal Owing to
the unusual midness of weather this
fail, coal experts announced at least
n 3O-day supply Of coal on hand in the
city Possibility of a famine this win
ter Is remote.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
SOUTH DAKOTA MINER HELD
Carmela cacci Arrested When 100
Pounds of Giant Powder and Dyna.
mite Is Found in His Home.

Deadwood. S. d., Oct. 25.-Carmela
Cacci, thirty-fiye, miner of Terry.
near here, at whose home officers saw
they found 100 pounds of giant pow
der and dynamite, decorating caps and
fuses, is being held by authorities
pending further investigation.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
CARNEGIE ESTATE APPRAISED
Net Value Is Given as $23,247, 161-
Mrs. Carnege's Share Is
$11,338847.

Pittsburgh, Pa, Oct. 25.-The ap-
praiSal of the estate of Andrew Car
negie has been completed, showing a
gross value of S26,293,024. and a net
estate Of S23 PAT, 161. The huge for
tune which he once possessed was re-
duced by the many public and private
gifts Mr.. Carnegie made during his
life. The total value of Mrs. Car
negie's share is estimated at 1885,
SAT.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
MANY DIE IN CHINA WRECK
Report Says 300 Casualties. 100
Killed, in Collision Near
Hardin, Manchuria.

Tokyo, Oct. 25.-Special dispatches
from Hardin, Manchuria, report 800
casualties in killed and injured in a
collision of trains on the Chinese
Eastern railway near Hardin. The
victims. the reports add were Rus
SLAMS.
Vladivostok. Oct. 25.-Messages re-
ceived here reporting the train wreck
on the Chinese Eastern railway near
Hardin, place the number of killed at
100.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
Mexico Not to Ask Loan Yet.

Mexico city, oct. 25.-Gen Obrcgon
back from Dallas, Tex, admitted he
had heard rumors that United States
bankers were contemplating floating q
loan for Mexico, but asserted such re-
ports were "vaguc," adding that, IN
his opinion, Mexico should decline a
loan now and await the time when
economic conditions had been adjusted
and the people had returned to normal
activities.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
OPEN U. SCUBA AIR LINE
Two Heavy Seaplanes With Passen-
gers and Mail Leave New York
for Havana.

New York. Oct 25.-Two heavy sea-
planes, which will inaugurate passen-
ger and mail service between Key
West and Havana November |, left
here, each carrying II passengers and
sacks of mail, containing a letter from
President Wilson to the President Of
Cuba. The planes are named Santa
Maria and Pinta, and will cover the
so miles between Key West and Ha-
vana in IS minutes.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
GET $1,745 IN BARBER SHOP
Robbers Hold Proprietor, Helpers and
Customers in st. Louis Ton.
serial Establishment

st. Louis. Oct. 25.--Elght bandits
entered a barber shop here and forced
the proprietor, his helpers and ten
patrons to line up along the wall. The
highwaymen searched their victims.
emptied the register and escaped with
a total of $i,745 in cash and ieW elry.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
INTERESTING ITEMS

In Persia boys and girls never play
together.
single musk OK Will fee from
dogs, but a herd will give battle.
In England, until the reign Of Will
liam III, bigamy was punishable by
death.
Within five years the French gov
ernnent expects to expand Its tele-
phone system, now serving about 800
600 subscribers, to accommodate
/ .0OOOOO. ..1.e. .a.-.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
FARMER VIGILANTES IN OHIO
Hundred Men Organize Committee to
Run Down Thieves Who
PilIage Farms.

Springfield, o., Oct. 25.-About 100
farmers hsve organized the Clark
county vigilance committee, to aid
county and city officials catch thieves
who have been pllagiDg farms, stock
pens and stables.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
MAN "a HELD FOR Staying
Muskegon Resident Charged With
Stabbing Antagonist Through the
Heart After Dance.

Muskegon, Mich, Oct 25-WiIliam
Bishop, seventy-four, is in Jail charged
with the murder of Charles Iamia,
twenty-one, Stanard Oil engineer lam
liza quarreled with Charles Rlnggold
at dance When they were turn.
ing home, 1t is said, Bishop, who had
been a spectator of the quarrel, start
ed it again. In the fight, police say
Bishop stabbed Iamlia through the
heart The police say Bishop has con-
fessed
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28

Socialist Newspaper in Rome
Prints Alleged Revelation.
NAMES OF PROMINENT MEN
May Proclaim a Democratic Republic
With Radical Program IT Any
Concessions to Jugo-SaVia Are
Insisted Upon

Rome, Oct. 25.-Revelations pub
lished by the socialist organ Avahtl,
regarding the future status of rune
and Dalmatia, are described by the
Giornale DItalia as embracing a plot
(which seems like a fairy tale
Won't Make Concessions.
According to Avanti, former Pre-
mier Orlando, Gabrielle DAnnunZio
Vice Admiral Thaon hi Revel, former
chief of the naval staff Rear Admiral
Milo, commander of the Dalmatlan
occupation forces; General Giardlna,
member of the supreme war council /;
General Caviglia, former minister OF
war; General Badoglio, and several
deputies, among them former Minister
Nava. have agreed to maintain the
status quo of Fiume and Dalmatia for
two or three generations rather than
make any concessions to Jugo-Slavia.
If these views are opposed, accord
ing to the Avanti, the plotters Will
have recourse to force, using Zeara.
POa and Trieste as headquarters AMI
having at their disposal about lOOuOO
men. The action, says the newspaper,
will be contemperously anti-Bolshe-
vik, with centers at Milan, Bologna
and Rome.
Plan Coup De Main"
1t is hoped by the organizers of the
scheme, Ayant! adds, to obtain con-
sent of the king for the formation Of
a cabinet with General Giardina,
D'Annunzio and Admiral hi Reyel as
members, otherwise it is intended to
proclaim a democratic republic with a
program of most radical reforms. 1t
is asserted that money already has
been spent to have royal guards on
their side.
The coup de main," says Avanti,
twill occur at the moment news is re-
ceived that the government has made
concessions to Jugo-Slavia."
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
outtalks Mob; Court Frees Him

Welland, Ont, Oct. 25.--Davld Nc
Neal, who several months ago obtained
his release from mob bent upon
lynching by speech demanding "fair
play was acquitted OF charge OF
numbering 4-year-Old Margaret D0u-
cock of Thorold Ont, July 10.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
PRIVILEGE AND DUTY.

There are hundreds OF cases of
drowning every year, and the boy
scout ought to know how to rescue
those who are in peril Of their lives
by water. how to produce artificial res.
plration and how to act In every cnse
Of accident and emergency. TO know
what TO do and TO BE Prepared" to
do 1t is one OF the privileges and d,t
ties and the glories OF the boy scout.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28

! was leaving
home, | found
my front gate
nailed shut, and |
had to climb over
It, and nearly
broke my back
doing it,"
81 wouldn't give
three cents for a
boy who didn't
play tricks" re
piled the hotel
Keeper. 81 ex-
peCt you were as
giddy as the rest
of them when
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
Charm.

Many people regard "charm" as a
gift Of the gods, given 10 some and
denied to others, like all other natural
gifts. But "charm" is n gift that
all may possess n greater or less de-
gree IL they are prepared to cultivate
1t. This quality IL the outcome OF
true sympathy and kindness Of heart.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
6iIIy's Natural History.

Billy saw a garter snake a yard
and a half long today.
Paul-Never; garter snakes don't
grow that long.
Billy-Well, | thought 1t must have
been garter snake, 1t was wrapped
around the limb of a tree.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
Actor Oliver Byron Dies.

Long Beach n. Y, oct 25.-Olver
Doud Byron, veteran actor of the
American stage, who had appeared
with Edwin Booth, John Wilkes Booth.
Joseph Jefferson, Laura Keene, Mrs.
Scott Slddons and other famous stars.
died at his home here.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
HUMOR OF BOYS

GSkHY next door neighbor has
IVA boy who is going to get into
trouble if he doesn't reform" said
the retired merchant. He's always
playing idotic tricks on me, and I'm
getting tired Of it. This morning, as
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
TO WORK FOR AUSTRIA FUND
Or. Karl Beck of Chicago to Launch
Drive to Raise Money in
u. S.

Vienna, oct. 25.--Addressing the VI
emma Medical society, DR.. Karl Beck
Of Chicago promised to launch a move
ment in Chicago to raise funds to sup
port an Austrian scientific institution.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
influence OF Weather.

"under the weather" IL founded on
fact. EpIdemics are caused by atmos
pheric influences, affecting those who
lack resistance. through wrong living
And atmospheric conditions depend
upon the sun.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
The Result.

~ am sorry your little boy is sick.
He was so delighted with the water.
alon that | let him have an unusually
large portion of It,"
We'll. he is no longer delighted; he
is melon-collc."
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
Probe Woman's Conduct.

From other sources it was definite
ly learned there has been a thorough
inquiry made as to Mrs. Warburton's
activities in the Office as well as her
acquaintanceship with Harry Bro
laski, Il broker under indictment on
q charge Of conspiracy to violate the
federal prohibition law.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
Vague Description.

Little Betty running from a
luncheon where some very dainty
sandwiches were served said: 'Moth.
or dear, will You make some Of those
nice little sandwiches for me soma
day without any bark ONT"
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
About Twenty-eight.

"Popw
Eyes, my SON"
"What are the middle agesY
"Why, the middle ages, my boy, are
the ones which, when the women
reach, they stop counting. "-Yonker'
Statesman.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
aanknnt. Of 1899 3. c.

The oldest banknote was issued b!
the Chinese government in 1899 b. G
According to Chinese chroniclers
banknotes were current In China 269
II. c., under the name "hylng money.
They were probably written.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
Suitable Repartee

"How did she answer his logged
determination"
"With a biting retort."
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
Nursery Head Dies.

Bloomington, ILL.,, Oct. 25.--Bert ].
vandervett, aged fifty, died suddenly
at his home in Normal He was pres.
ident of the Corn Belt Nursery and
quite wealthy.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
IMMIGRANTS COME IN SWARMS
Seven Big Liners Reach New York in
One Day With 1850 for the
Melting Pot.

New York, Oct 25.--Seyen trans
Atlantic liners arrived in port Satur-
day with 1926 passengers, OF whom
1850 came In the steerage.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
A pnsslhlr Trouble.

Mugglns-Its strange that Wigwal
doesn't succeed. He seems TO have M
difficulty in catching on.
.Buggins- Maybe the trouble is HI
doesn't know when to let go.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28

Touch plmples, redness, roughness
or Itching, If any, with Cuticura Olnt.
ment, then battle with Cutlcura Soap
and hot water. Rinse, dry gently and
dust on a little Cuticura Talcum to
leave fascinating fragrance on skin.
Everywhere 25c each.-Ady
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
Strike to Aid Anarchists.

Rome, Oct. pa general strike has
been proclaimed at Sestri as a protest
against the arrest of several nnar-
chists.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28

suits in my family
for years. At one
time / was taken
with La Grippe and
It left me run down
and with pains in
my hips and back.
j took dIfferen t
medicines without
getting any benefit
At last | sent and
got soma AnuriC
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28

It's all due to
an over-abund-
ance of that
poison, called
uric acid. The
kidneys are not
able to get rid
of it. Such
conditions you
can readily
overcome, and
prolong life by
taking the adj
vice of Doctor
Pierce, which is,
keep the kid
news in good
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
A simnIeton.

our idea Of a simp is a man VINO
marrles n lady lawyer and then tries
10 make an alibi stick.--Dallas News
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28
Ouch! Such Pain!

1t takes you right in the back |
Sometimes in the arm, hip or foot.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28

and took It and am feeling well and
doing good days work. When /
commenced taking the Anuric Tablets
L could hardly get out OF bed, felt as
though a knife was sticking In my
back. "A. c. BLoDdErT.
The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1920-10-28

order" Avoid too much meat,
alcohol or tea. Drink plenty of
pure water, preferably hot water,
before meals, and drive the uric
acid out of the system by taking
'Anuric.' This can be obtained at
any drug store, in tablet form.
Roy RIVER, MINI. -U | have used
DIR. PIerce's medicines with good re-.
The Nenana daily news., 1920-01-15
PAPER IS
 ON SALE BY THE NEWS

A shipment of typewriter paper. of the standard American brand, has just been unpacked at The News office, where it is on sale by the box or in any other quantity desired. The sizes include both legal and letter and the weights range from the lightest to heavy.
 The paper was bought right and is being sold at a close margin of profit.
 The News also has imprinted en- velopes for sale by the box and by the package-aA sizes, from baroni- al to legal. white and colored, and bond and wove.
The Nenana daily news., 1920-01-15
FOREIGN EXCHANGE.

The depreciation ia foreign ex- change is not due merely to the heavy trade balance. declares the National Bank of Commerce of New York in the December issue of its magazine, Commerce Month ly. It is also due to the fact that foreign moneys are depreciated at home. The gold standard has been suspended in most European coun- tries, and the money is merely ire deemable paper. No normal ex- change can be expected until the gold standard is restored.
 How far the exchange rates will fall, when they will recover, how rapidly they will recover-these are questions to which no one can give confident answers" the bank says. Tt is the general expectation that so long as the heavy excess of imports over exports continues for the European countries, their ex- change will go lower. On the other hand, there are some observers who express the opinion that much of this has already been discounted in the existing exchange rates by short selling, and that the demand from these short sellers themselves will take up the new supply of foreign exchange growing out of the ex- ports for considerable period. Other observers, however. maintain that the general tendency of specu- lation has been bullish rather than bearisn. This view is strongly but tressed by statistical arguments; the long time loans to Europe in the past year fall far short of the bal ance of Europe's current debt to the outside world, and speculation of one kind or another must have absorbed the difference, either by buying exchange. or by letting bal ances accumulate in European banks, or by withholding exchange from the market, and allowing open accounts to run. There would thus be an enormous volume of exchange hanging over the market. Definite prediction is dangerous where so many uncertainties exist"