davidaulloa/AmericanStories huggingface dataset:
The Wilmington morning star., 1940-06-26
LIVESTOCK

CHICAGO, June 25@RNH o 6
prices declined 10 to Is cents to-
day in the wake of liberal re-
ceipts. The top was $3.50 sparing-
ly. Cattle were generally steady,
but closed slow and weak. Spring
lambs we're strong to Is C n t S
higher, but mostly 10 to Is cents
up.
Total receipts were $4,000, pack
ers having 5000 consigned direct
to their plants. Shippers took L.
900 and holdovers amounted to L.
500. Packing sows shared in price
declines. With the decline in hog
prices top price for pork loins fell
to $3.50.
Closing trade in cattle was slow
and weak, especially on better
grades, medium weights and
weighty steers. Some prices were
nearly a shade lower. Heifers were
slow and rather weak. The top
price of $11.OO was paid for yearl-
ngs and weighty steers. Cows,
bulls and vealers were steady.
The top prices for handwelght
natives was $11.00.
CU. S. Dept. Agr.) - Salable hogs
10, 900; total $4,000; fairly active;
largely 10 to IS lower than Mon
days average; packing sows ahar-
ing decline; top $3.50 sparingly;
bulk good to choice 100 to 100
bis $40 to Is; 270 to $50 Id butchers
4.85 to SIS; light sows up to 4.7O;
most 300 to 800 Id weights 40 to
60: good 800 to $50 lbs 40 to 35;
shippers took 1000; holdovers l.
500.
salable cattle 5000; calves L.
500; fed steers and ~yearlings gen
eral 6 steady; closing slow, weak,
especially on better grades, medl'
UNI weights and weighty steers;
some prices nearly a shade low
err: but this discounted more liber-
al waterfalls; top HOO for both
yearlings and weighty steers; Sc
veral loads various weights LOU
to 30; comparatively little below
900: heifers rather slow, steady to
weak; best 1000; bulk 9.75 down
to $50 and less; COWS, bulls and
vealers steady; some strength in
bulls at 7.25 down; practical top
vealers $50.
Salable sheep 1000; total $500;
lamb trade fairly active and
springers strong to Is higher,
mostly 10 to is up; bulk handy
weight natives 1880 to IS; top H.
90; some light natives around TO-
90: with throwouts usually go 0
down. 81 10. western springers
9.75; shorn old crops lambs large
ly 800 to 40; western ewes 4.lo;
most heavyweight natives 2.75 to
3.75: with bulls ESQ down. s
The Wilmington morning star., 1940-06-26
POTATOES

CHICAGO, June 25.-R-U. S..
Dept. of Agr.)Potatoes, arrivals
146; on track 431; total u. S. ship
ments 479; supplies heavy: de-
mand fair; tone, weaker, especi-
ally for stock showing heated and
decay, wide range on prices &C.
cording to condition of offering
from all sections. California long
white U. S. l, EOS to 10, North
Carolina cobbler U. S. l, $50 to
LIS, Alabama bliss triumphs U. S.
No. 1, $50 to 2.o5, Alabama long
white U. S. No. 1, 100, Arkansas
bliss triumph, fair to generally
good quality $50 to 1.60, Missouri
cobbler, fair quality 100 to LIS. l
The Wilmington morning star., 1940-06-26
What Stocks Did
NEW YORK COTTON

NEW YORK, June 25-(P)-Cotton
futures broke 10 to Is points today
as traders nerves frightened over the
more ominous view of the war open
cd by Prime Minister C%hurchill's
speech.
Closing near the days bottoms,
llnal quotations were lowest in more
than a week. All deliveries from
December forward slipped below the
Scent a pound mark.
Weakness in securities markets
Emphasized the seriousness of the
var situation to cotton dealers and
inspired considerable outright spec
native liquidation.
Worth Street reported only small
lAl-in sales of textiles at steady
Prices.
Exports Monday 4,78S bales; sea-
son so far 6,253,2S3. Port receipts g.
VIZ; port stocks 2,5O5,33S.
Range follows:
Now.
The Wilmington morning star., 1940-06-26
Only Dozen OF so Members
OF Senate Scheduled To
Be Back In 1941

RALEIGH, June Is In Less
than half of the 1889 general as
sembly will return to Raleigh for
the legislative session Of 1884,.
A survey today indicated that
only a dozen of the so members OF
the senate and only about SIS OF
the 120 members of the house Will
return to their old jobs. The house
figures are not exact because two
counties Ashe and Watauga -
select their nominees in con-
ventions which have not met as
yet. There is also a possibility that
the figures might be changed by
upsets in the general election.
AS usual, there was more turn
over in the senate membership
than in the house, because OF the
senatorial posts rotate among
counties in many senatorial dis
tricts.
In some cases, members OF the
1899 house have been nominated
to the 1941 senate, and members
of the 1889 senate have been nom
inatd to the house. For instance
R. Gregg Cherry, speaker OF the
house in 1887 and a house mem
Der in 1889, was nominated to the
senate from the 26th district.
Among the men who have re-
placed incumbents are many Who
had legislative experience prior to
1889.
Here is the first unofficial list
of nominees, compiled from data
made available by the state board
of elections, by secretary OF state
Thad Eure and by Associated
Press member papers:
Alamance, w. R. Sellers: e&and
DR.. Asa Thurston, Leroy Presler (R1
Allegheny, w. B. Edwards; Arson. U.
B. Blalock (incumhent); Ashe (t9 Pc Pc
Pitman, (R-incumbentl; Beaufort: DE-
2. L. Edwards (incumbent): BERTHE, J
A, Pritchett; Bladen, ]. A. Bridger
Brunswick, J. w. Ruark, M. L. Mlnt2
(R); Buncombe 1.-TWO %seats), Hubert Z
Jarvis (incumbenD, &C. Reynolds, Jr.
mac (R).
DEF Bu VS. ! dsn 81; Stony E. +. p bo M: 5 Aie1 an:
cumbent) Caldwell, J: 7. Pritchett lin
cumbent) Camden, w. I. Halstead
Carteret, H. S. Gibbs; Caswell, John A
Woods; Catawba. Eddie S. Merritt
Chatham, Wade H. Paschal: Cherokee
James Mallonee, Jr.. Clyde Jarrett (R-
incumbent) Chowan, ]. G. Campen
Clay, A. L. Penland ~(incumbent), Ray
Swanson (R); Cleveland, O.. M. Null
Columbus, Joe D. Sykes; Craven, D
L. Ward (in%cumbent); Cumberland
John H. Cook; Currituck. G. c. Bos-
wood (incumbent): Dare, Roy L. Davis
Cncumbent) Davidson, L. Roy Hughes
J. Eugene Snyder (R); Davie, w. l.
Moore, j. B. Grant (R-incumbent)
Duplin, C. E. Quinn ~(incumbent) Dur
ham 1.-TWO seats) Victor S. Bryant, For
rest A. Pollard (both incumbents)
Edgecombe, Cameron S. Weeks: For
Gass G%neumbent}. +. l.. Gobbie.
Franklin, H. c. Kearney; CASTOR tive
s~eats). Carl A. RudisiIl (~incumbent)
Basil Whitener; Gates, E. S. A. Ellenol
(incumbent( Graham, Donald B. Sher'
James W. Horner ~(incumbent), w
Leake Peace (R); Greene, A. C. Ed
wards; Guilford (three seats). Rupert T
Pickens (incumbent), Shelly B. Cavi'
ness, B. c. Moore.
Halifax 1.-TWO seats). B. B. Everett
The Wilmington morning star., 1940-06-26
SCHOOL OFFICIALS
HOLD MEET HERE
Problems Of Negro Education
Talked By Southeastern
Superintendent

City and county school superin-
te dents from southeastern North
Carolina attended a conference on
the problems Of negro education
held yesterday at the Cape Fear
hotel.
N. c. Newbold, state director Of
negro education, presided, and
Clyde A. Erwin, superintendent of
public instruction, also took part in
the discussions.
Discussion was devoted mainly
to the use of vocational education
in negro schools of the state.
/. Cities represented were: Wilson,
Kinston, New Bern, Clinton, Tar
boro,, and Wilmington. County
school leaders attended from Dup
lin, Fender, Jones, Onslow, Pen
der and New Hanover.
About 10 were present. 3
The Wilmington morning star., 1940-06-26
SUIT DISMISSED

LOS ANGELES, June 25-R-A
civil suit alleging patent infringe.
ment against Walt Disney, film
cartoon producer, involving an es-
timated $40, 000, 900 in profits, was
dismissed today by Federal Judge
Harry A. Hollzer. The Ned Mann
company had alleged that in film
ing cartoon subjects, including
Snow White and Pinnochio, Disney
infringed upon a patent involving
a Photographic process of synchro-
the movement of a persons
lips on the screen with sound. 3
The Wilmington morning star., 1940-06-26
N. Y. CENTRAL REPORTS

NEW YORK, June 25-CP-NeW
York Central system reported TO-DAY
for May net railway operating In
come, before fixed charges and other
income, of S ,S73, sos, compared with
S. ,6SS,13S in May 1899. Freight
revenues made the best showing,
jumping to $21,567,919 from $l7,l45'-
675 last year. There was a minor
decline in passenger revenues.
The Wilmington morning star., 1940-06-26
Open High Low Close
M LIVESTOCK

RICHMOND, Va, June Is ~
livestock :, hogs: steady. Good
; ;lo choice 1870 to 225 lbs. sis to
80 40 top. 100 to 100 lbs. 1856 to
IT9' 100 to 40 lbs. 1886 to 4.35;
lso to 1850 lbs. 4.35 to 4.80; 1850 to
I'o lbs, 4.8O to SIS; 225 to $50 lbs.
lo9 to Sis; $50 to 800 lbs. 4.35 to
100; over 300 lbs. 4.25 to rs.
%ws under $50 lbs. $50 to 4.lO;
"ef $50 lbs. $40 to $50.
sattle - generally steady. Dairy
wye cows $50 to $50, Gamers
au cutters as low as $50. Heavy
st ~ bulls 600 to $50, lights
i INV 10 800. Vealers steady, sell
y largely from $50 down.
oood and choice spring lambs
mey 800 tn $50, common and
"eolum grades 800 down. a
The Wilmington morning star., 1940-06-26
CHICAGO GRAIN

CHICAGO, June 25-4R-Wheat
futures sold off from l 3-8 to l
7-8 cents under Mondays closing
levels today and final prices were
virtually the lowest for the sea-
son.
The weakness of the grain mar
ket was influenced by favorable
crop and weather reports, lower
security prices, uncertainty over
the war situation in Europe and
lack of demand in the face OF
selling by houses with eastern con-
nections.
Wheat opened 1-8 to IL cent off
from yesterdays final prices and
continued to drift lower throughout
the session. The close was l 3-8 to
l 7-8 cents off, July II 7-8 to 70,
September 70 1-8 to If.
Numerous reports of the spread
of rust in the wheat belt failed
to attract much attention from the
trade. Advices from Nebraska re-
ported wheat fields full of rust and
there were also complaints of
drought and heat in the north
west.
Southwest weather was favorable
to harvesting with little rain re-
ported, and the forecast vas for
continued fair and warmer in that
section and for showers w h e r e
needed in the northwest.
Flour purchases over the week
end were officially reported at
512, 900 barrels for a total of L.
1853, 900 bushels in the past w o
weeks. 3
The Wilmington morning star., 1940-06-26
N. Y. COTTONsEED OIL

NEW YORK, June 25-R-Heav-
Ter liquidation of the July cotton
seed oil contract unsettled the rest
of the list today and prices de-
clined 10 to IL points.
Trade and refiner interests took
care of the selling, which anticipat-
ed first notice day for July this
Thursday. Weakness in securities
and grains also influenced offer
ings.
Sales totaled 1853 contract; July
5 96b, Sep. 6.08b, Oct. 6.10b, Dec.
Slab, Jan 6.16b. (B-bid)
Crude oil was nominally un-
changed at S IA cents a pound in
the southeast and valley and 5
cents in Texas.
The Wilmington morning star., 1940-06-26
REPORTS ON WAR
AFFECT TRADING
o,treat Induced BY. Statement
That French Will Yield
Navy To Nazis
nv GARDNER

tx B1
% New YORK, June 25-(R-
,.adins stocks sank two to four
Is;nts today in a moderate sell
p p@ induced by Prime Minister
churchill's statement that the
Trench had agreed to yield their
navy to Germany.
The pessimism among traders
uos moderated by the report that
French fleet was anchored in
aexandria harbor, which is under
british control. The possibility that
british control of the shipping
,,nes to America would be disput-
ID increased Wall streets w a +
fears.
The Churchill statement wiped
.,t for the full session much of
the markets previous interest in
,he republican national convention.
Even the early gains of yester-
dav's stare - the utilities and
rsils-were more than eradicated.
The Associated Press average OF
so selected stocks dropped 8 of a
roint at 4O.8. Transfers totaled 1884,
IN shares compared with All, 900
yesterday.
rorporate bonds were uneven.
Commodities we're badly battered
IN a fairly fast late unloading OF
htlres commitments. Rubber
sumped almost a cent a pound.
Hides and wooltops slipped. Cotton
closed s5 cents to $1.25 a bale
down. At Chicago, wheat fell ]
3.S to | 10 cents a bushel and corn
was 80 cent to l 1-8 cents off.
Among the shares on the down
srade we're U. S. Steel, Bethle'
hem. Chrysler, General Motors,
Douslas, United Aircraft, Glenn
Martin. Caterpillar, American
telephone, North American, Amer
ican, American Water Works, In
tenational Nickel, Westinghouse,
Dupont. Allied Chemical, us. Gyp'
sum, Chesapeake & Ohio. N e W
York Central, Standard Oil of NJ
and Loft.
Curb transactions of 143,O 0(
shares compared with 100, 900 yes
terday followed those of the big
board. losers of one or more points
included Aluminium of America,
Gulf Oil, American Cyanamid 3D.
Bell Aircraft and New Jersey Zinc
Some commr ntators saw in the
reduced scale of trading indica
tons that increased activity NIGH
depend on definite knowledge a:
10 what portion of the French navy
Germany really has captured ane
neither Germany makes use o.
tie ships.
The Wilmington morning star., 1940-06-26
POTATOES

BALTIMORE, June 25-RHPota-
toes-(old) dull. Unchanged. New
steady. Truck: N. c. 100 Id. sacks
cobblers U. S. Is bright 1.25 to 40,
few higher; dirty ITO to IS. Rest
unchanged.
Sweet potatoes-dull. N. G. bu.
baskets Puerto .Ricans U. S. Is
1.25 to so; ungraded rs to LOO.
Eastern, shore Md. bu. baskets
white yams U. S. Is 80 to 100,
ungraded go to rs. Kill goldens and
nancy halls. !
The Wilmington morning star., 1940-06-26
STOCKS IN THE SPOTLIGHT

NEW YORK, June 25.-LR-Sales,
price and net change of the
most active stocks today:
Comwlth and Sou, 80. 6OO-1% DIS
Loft. 25, 400-22A; d2k.
US Steel, IA, 400-51; d21a.
North Am Avia, II, 700-16; dig.
Curtiss Wright, II, 400-7B; d&.
Unit Airc. 10,400-34& ; 1874.
Unit Corp, 10,400-2; DIS.
Gen Motors, 10, 400-42h d1h.
Beth Steel, 9.6OO-73; d3K.
Am Wat Wks, 9,400-8%; dix.
Elec Pow and 1t, 9,400-5% DIS.
NY Central, 8,9O0-11B; d..
Colum G and Ell, S,100-5&; d..
Gen Elec, 7,90-31A; dis.
Lockheed Airc. 7,500-24; DPS.
The Wilmington morning star., 1940-06-26
STORES

SAVANNAH, June 25-P-Tur-
pentine steady 26 IL; offerings 233;
sales So; receipts 349; shipments
1874: stock 1928. Rosin quiet; Of
ferings 280; sales none; receipts
1888: shipments 485; stock III. 591.
Quote: B, 800; D, 3.35; E, 80;
F. c., H, I, X, 4.05; M, 4.4o; N,
400: VIC, 5.21; WV, 5.65; x, $50.
The Wilmington morning star., 1940-06-26
LIVERPOOL COTTON

LIVERPOOL, June 25-R-Fair
demand for spot cotton, prices 10
points lower. Quotations in pence:
American, strict good middling
8.35: good middling 1856; strict
midd1ing 7.80; middling ITO; strict
low middling 100; low middling
1856; strict good ordinary $50;
good ordinary 6.55. Futures closed
s to 10 lower. July 7.39; Oct, 7.l3;
JAM, 6.85. l
The Wilmington morning star., 1940-06-26
BUTTER

NEW YORK, June 25.-R- But
ter lila 28, firmer. Creamery,
higher than extra 81 "a to % H.;
extra C92 score) tubs q IL, car
tons 81 to q ii; firsts (88 to 81
Is IL to q; seconds ga to 80
"a to Is.
The Wilmington morning star., 1940-06-26
BALTIMORE HOGS

BALTIMORE, June. 25-R-U.
S. Dept. Agr.)-Hogs 500. 10 low
er; practical top $50. Good and
choice ITO to 210 lbs. 5.35 to CO.;
22C to 240 lbs. $40 to IS; $50 to
300 lbs. 400 to SIS; $50 to 100 lbs.
4 IS to $40; 40 to $50 lbs. 400 to
IS; 100 to 40 lbs. 4.35 to 60; 120
to 100 lbs. 4.20 to As. Packing sows
$50 to 400. l
The Wilmington morning star., 1940-06-26
COTTON

NEW ORLEANS, June 25-RH
The average price of middling Is
l6ths-inch cotton today at ten de-
signated southern spot markets
was 16 points lower at 1857 cents
a pound; average for the last 80
market days 1927 cents. 3
The Wilmington morning star., 1940-06-26
EGGS

IN I ,ao YORK, June 25R-Eggs
n steady. Mixed colors: fancy
II eStra fancy 10 to %; extras
h ~ to "a; storage packed irsts
II - II IA; graded firsts is IL
current receipts Is; me.
avss ,as II "a; dirties No. /, IA IL;
wage checks 10 IL to s..
The Wilmington morning star., 1940-06-26
CASH GRAIN

CHICAGO, June 25-R-Cash
wheat No. 3 red 81.
Corn No. / yellow IS to 65 IA;
No. l white 76.
Oats No. 2 mixed 80 IL; No. 3,
80 IL; sample grade 81 IL to 81
IA: No. 2 white "a to "a IL; No. 3,
80 to 80 3-4.
Barley mailing 81 to 60 nominal;
feed 40 to 48 nominal.
Sow beans No. 4 yellow "a IA. \
The Wilmington morning star., 1940-06-26

NEW YORK, June 25-R-
detachable cottonseed oil futures
closed 10 to IL lower. Sales 158
contracts. July, sob; Sept, 6.0Sb;
Oct, 6.10b; Dec, 6.14b; jan. 6.16b.
B-bid !
The Wilmington morning star., 1940-06-26
N. q. COTTONsEED OIL

NEW ORLEANS, June 25-R-
Cottonseed oil closed steady.
-Bleachable prime summer yellow
$50 nom; prime crude nom. July
Sab; Sep. 5.58b; Oct. $50; Dec.
6.65b.
The Wilmington morning star., 1940-06-26
SPOT COTTON

NEW ORLEANS, June 25-R-
Snot cotton closed quiet, 20 points
lover. Sales 81. Low middling $50;
middling 1890; good middling H.
Is. receipts 6,436, stock 609. 08S.
The Wilmington morning star., 1940-06-26
Shipping News
CLEARED AMI SAILED
T,,&knM

Orchid, GIT tons. U. S. coast guard
buoy tender, on routine cruise off
the coast.
IN PORT
Barges
Herbert and Harold loading ar
goes of lumber at j. Herbert Bate
Lumber company.
Steamer
Qtalian) Villarpcrosa, 1921 tons.
libeled and partly loaded with cargo
of scrap iron, Cape Fear Shipping
company, agents.
Yacht
Drifter, 81 tons, at Wrightsville
Beach.
Gutter
Modoc. 1890 tons, U. S. coast guard
cutter, locked at customhouse wharf.
The Wilmington morning star., 1940-06-26
PEANJJTS.

SUFFOLK, Va, June Is -R-
Peanut quotations: jumbos $50 to
4; bunch 3 10 to $50; runners 3 IA
to 3 3-8. Market remains quiet.
The Wilmington morning star., 1940-06-26
INWARD BOUND

Proctor from New York with
cargo Of lubricating oil, Southeast
r Shipping Service, agents.
Steamers
Beatrice, 2,18S tons, from Puerto
Rico via Jacksonville with general
cargo, c. D. Maffitt and company,
agents.
Marjory, 1894 tons, from West
indies with general cargo, c. D.
Maffitt and company, agents.
The Wilmington morning star., 1940-06-26
BUTTER AND EGGS

CHICAGO, June 25.-R- Butter
1,470,8 1852; steady; prices un-
changed. Eggs, 2l,8l1. steady;
prices unchanged.
The Wilmington morning star., 1940-06-26
NEW COTTON

NEW ORLEANS, June 25.-R-
Cotton futures declined today under
long liquidation, brought about by
~unfavorable war news and weakness
in other markets. Closing prices
were barely steady 18 to rs points
net lower.
Omen High Tow Close
The Wilmington morning star., 1940-06-26
STOCK AVERAGES

60.StOck Range Since 1877
1898 1882 sc 1929
Hish - 1873 1928 1877
Low . 1877 1853 61.S
The Wilmington morning star., 1940-06-26

CHARLOTTE COTTON
CHARLOTTE, June 2o@R-
Spot cotton 1914.
Evening star., 1940-01-07
u, S. Liner Manhattan
Detained at Gibraltar

NEW YORK, Jan. 6 P.-British
contraband authorities ordered the
American liner Manhattan detained
when she arrived at Gibraltar to-
day on her first voyage in the New
neutrality-suspicious. run.
Shipping officials in New York
said the 24,289-ton vessel would be
searched for contraband, a usual
procedure at Gibraltar. which has
disrupted sailing schedules OF every
American vessel passing through
the straits.
The Manhattan, forced out of her
regular trade with England, France,
Germany and Ireland by the Neu-
trality Act, left New York Decem-
ber 30 with 1913 passengers, 60 OF
them Americans.
Authorities at Gibraltar have re-
leased the American freighter Ex-
ecutive and $4,000 feet of nickel
tubing" seized December 81, the
American Export Lines said.
Company officials in New York
said they were somewhat mystif1ed
about the seizure of the nickel, as
the nearest thing they found in the
ships manifest to nickel tubing was
a 14-pound parcel post package con-
tanning radio tubes.
The Executive left New York De.
cember 7 for Mediterranean ports.
Evening star., 1940-01-07

mates that General Motors, a heavy
peacetime exporter which is also
equipped to meet certain war de-
mands, will on balance sell less
abroad than 1t would have in the
absence of war. This should not,
however, be typical of American in
dustry as a whole. Two facts starvl
out as dominant Allied armament
producing capacity can hardly be
decisively superior to that of the
German totalitarian war economy
without heavy reliance on Ameri-
can production. The allies have
dollar exchange sufficient in all
probability to assure this superiority.
Dominions' Production Up.
France and England are, it is true,
in better position with respect to
productive capacity than in 1914.
During the last war large section
of French heavy industry was in
areas occupied by the enemy.
Furthermore. the ore resources and
steel-making capacity of Lorraine
was German. The British dominions
have notably increased their in
dustrial production; Canadas has
about doubled The allies can also
draw to some extent on the output
of Italy, which is in the fortunate
position of being able to sell to both
parties. Nevertheless. in the years
Immediately preceding the war, the
iron and steel output of Germany
was in excess of the combined out
put of France and England, and
there is no doubt that Germany had
gone much further in the adapta-
ton of her productive facilities to
armament purposes than the allies,
While it is no doubt true that the
production of munitions in England.
France and Germany is far in excess
of the present rate of consumption,
this is not the final test of adequate
preparation for war. AS long as the
possibility of mass operations on
the western front or elsewhere
exists, military superiority will de-
pend heavily on output and capacity
in the munitions and armament in
dustries. The rapid transition Of
French and British industries from
peace to a wartime basis may be
expected to create demands other
than strictly war commodities.
It is quite clear that the allies
have dollar purchasing power ade-
quate for all probable needs for a
considerable period of time Ac-
cording to Federal Reserve Board
figures, the British Empire and
France have gold holdings, dollar
Evening star., 1940-01-07

balances and readily negotiable |
amounts to securities valued at S.
500 900 900 and direct investments in
this country of another $500, ,000,-
900. The annual gold production of
the British Empire amounts to $780,
600 900 year, q large part OF which
seems destined for the underground
vaults in Kentucky. The realiza-
ton of British investments in other
areas and the sale In this country Of
the securities of dominion corpora
tions would yield further dollar ex-
change.
The extent to which the allies
will be forced to draw on dollar bal
ances to finance imports of war
materials will depend largely on
how successfully they maintain
their exports during wartime. Brit
ish exports have declined rather
markedly since August and 1t is
only to be expected that the war
will involve serious dislocations even
in those areas not shut of from the
British market by hostilities. New
ertheless, in view Of the size Of dol
lar balances of the allies, which are
twice what they were in 1914, it
can be confidently predicted that
any exports of war materials from
the United States that are likely
to be wanted can be financed.
Shipping No Bottleneck.
Nor, at the present juncture, does
shipping seem to be factor which
will limit exports. If allied figures
are to be trusted, the rate of ship
ping loss to date is far less than
at the high point of the U-boat
campaign during the last war. AS
against the loss, the allies, together
with the neutrals supplying them,
have 10 million tons more Of ship
ping Of superior efficiency than was
| available in 1914
All things considered, 1t is to be
expected that the export Of war
materials from the United States
over the next year or two will be
somewhat in excess Of our loss in
non-war exports. How will this
affect American industry? It seems
probable that the influence of psy-
Geological considerations on output
and employment will be more i'm
portant than any measurable in
crease in war exports. From 1914
until the date of our entry into
the last war, the expenditure on
war materials Of three to four bill
lions in the country was accom-
panied by an increase in the ma
tional income Of close to ~ billions
l913 values.
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