...................
U a PORTION of a bank’s deposits are loaned to the busi- |j|
/\ ness interests o the community, secured by collateral g
/ 1 or indorsement,so that in case the borrower can not jg
*- pay, recourse can be had to the collateral or indorser, gj
Thus Mr. Canneryman needs money to buy cans and g
pay labor until his pack s sold, when he can repay teh loan; g
and Mr. Merchant needs money to put^ in his holiday stock, jj
which loan he repays afte- the holiday trade.
g The interest derived rom such loan pays the expenses of g
the bank. What is left i the profit the stockholders receive, m
I Bank of Alaska j
|gj Capital $170,000.00
H Cordova Skagway Anchorage Wrangell |j
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ALASKA TRANSFER COMPANY
TRANSFER AND STORAGE
COAL AND WOOD
AUTO SERVICE
DAY OR NIGHT
Office, Northern Hotel Bldg. Phone 85
ARB YOU GOING OUT THIS FALL?
Visit San Francisco and Stop with
Mark C. Thompson
at his new hotel in the heart of the city between
Powell and Mason Streets,
The Dale- Tallac Hotel
140 ELLIS STREET
Special Rates and Headquarters for Alaskans.
¥
~~ ' ' ff
THE NORTHERN CLUB
FRED HAEF, PROP.
POOL, CARDS, TOBACCO
Soft Drinks of All Kinds
The Popular Corner
PHONE 47 CORDOVA, ALASKA
OSBORNE BROS.
JEWELERS AND
OPTICIANS
WATCH REPAIRING
JEWELRY TO ORDER
CORDOVA, ALASKA
Cordova
Adjustment
Company
K. G. ROBINSON, Mgr.
Collections, Reports,
Insurance
Ostrander Bldg., Cordova, Alaska
The Time* Will Do that Job of Printing RIGHT
EUROPE’S NEEDS
TO BE SUPPLIED
BY AMERICANS
-„—
NEW YORK, Aug. 2 (by Associated
Press).—To pool Europe’s needs of
credit and commodities on the one
hand and to pool America’s resources
to meet them is a plan suggested by
James S. Alexander, president of the
National Bank of Commerce of New
York for rehabilitating European coun
tries and enabling them to reconstruct
their war-stricken industries.
Mr. Alexander is a member of a
committee recently formed here to in
vestigate methods for supplying
Europe with American money and
goods during the reconstruction pe
riod. This conynittee was formed
upon the suggestion of Henry P. Da
vison and is headed by J. P. Morgan
as chairman.
“A pool of Europe’s needs should
be met by a pool of America’s re
sources,” asserts Mr. Alexander.
“That is, America’s resources should
be applied to Europe’s needs through
a great, centralized credit organiza
tion, with extensive powers of co
ordination. This may sound like an
ideal plan stated in sweeping terms,
but I think its details can be worked
out in practical, concrete form.
“There seems to be no existing ma
chinery adequate to do so. There
fore, a special instrumentality must
be set up, probably in the form of a
great credit corporation, with capital
enough to handle transactions of a
size that would be involved, transac
tions representing not merely the busi
ness of individual concerns, but the
combined requirements of nations.
“A necessary step would seem to be
that surveys be made of the commod
ity needs of the nations of Europe, that
is, an estimate of how much copper,
steel, cotton, wheat and other sup
plies would be required for Belgium,
and also for the other needful coun
tries.
ine supplies avanaDie m America
are great, but they are not so great
as to meet unlimited and unbalanced
demands. Therefore there should be
a judicious rationing of our commodi
ties among the nations requiring them,
in accordance with their needs.
“In addition to this rationing and
allocation of commodities, there is the
question of establishing adequate
credits in this country to be consid
ered. The necessary credits will be
great, so that they must be carried to
the investing public of the whole coun
try in the form of bonds or debentures.
“Because of the deferred maturities
of these debentures, the banks are
not to be expected to absorb them.
There will have to be an appeal to the
general public on the grounds of a safe
and lucrative investment and for the
sake of humanity.”
Mr. Alexander pointed out that this
would be a means of maintaining the
business prosperity and integrity of
America and of protecting Americans
from unsound investments in Euro
pean securities.
“The secucity behind these deben
tures should make them almost equal
to government bonds in point of
safety,” Mr. Alexander said. “They
must be based on everything in the
way of collateral that Europe is able
to offer. The individual European
buyer must be prepared to give a gen
eral mortgage upon his entire assets.
His loan should be further indorsed
by a consortium of banks in his own
country, reinforced where possible by
governmental guarantees. Thus every
debenture sold to an American in
vestor would have behind it equal se
curity, consisting of the pool of all
the collateral supplied by Europe.
: There would be no direct loans
against the collateral of weak con
cerns or nations individually by the
American investor; neither would the
strong be allowed to monopolize the
benefits.”
HT-. At_J J t J i.1 A. CC.
xui . xiioAttiiuci uct.iaicu mat auui
cient credits must be extended to meet
the full requirements either of Europe
as a whole, of the nations of Europe,
or of the individual industries. The
full needs of Europe must be ascer
tained and met, he said, and this would
make imperative an economic survey
of its requirements. Credits supplied
should be made available not to the
nations of Europe as such, he added,
but to the specific interests within the
nations, properly co-ordinated; that is,
to industries, manufacurers, transpor
tation lines, and even to municipalities
requiring funds for reconstruction.
To put his plan into operation, Mr.
Alexander said, there would have to be
“this scientific survey of Europe’s
needs,” willingness of individual inter
ests in Europe to co-ordinate their de
mands, to furnish satisfactory collat
eral and to pay American rates rather
than European rates on loans made
by the proposed American corporation.
“From the American point of view,”
he said, “this plan is predicated on
t
the willingness of American producers
and manufacturers to co-ordinate their
selling plans, forming community
groups and permitting the allocation
of their products to places and in '
amounts according to need. Another
factor is the willingness of the Amer
ican public to buy the debentures at
a reasonable rate of interest. Still
another is the co-operation required
on the part of American banks to sub
ordinate their investment opportuni
ties to the general situation, and not
attempt to skim the cream of Euro
pean investments, which they might
be well able to do on account of their
close connections abroad.”
Without this proposed organization,
said Mr. Alexander, American inves
tors would have thrust upon them
many issues of varying values, some
based on the best collateral and some
on collateral of very uncertain value.
His plan, he pointed'out, would be a
means to protect the American people
from unsound investments in European
securities. “I believe that unless
some broad-minded scheme of this
sort is adopted there are grave times
ahead,” said Mr. Alexander, and he
continued:
“Solution of the problem of supply
ing European needs should not be un
dertaken by governmental means. It
should be carried ou\ with private cap
ital, not government funds. Never
theless, the necessary .measures should
be organized and administered on a
semi-public basis and along lines that
will have the support and approval of
the government of the United States.
The time is past for the United States
government to finance our allies in
Europe as it did throughout our par
ticipation in the war; there are plenty
of domestic problems for attention to
engross the full fiscal policy and ac
tivities of the government.”
Mr. Alexander pointed out that un
less a means by which America and
Europe could work together in solv
ing the problem is found, “unsettled
business conditions in Europe will
grow still worse and inevitably extend
to the United States.”
The organization as proposed for
fdealing with Europe was necessary,
he said, from a selfish point of view
of American interest, in order to con
serve America’s markets and avert
possible industrial depression. Unless
such steps were taken, Mr. Alexander
believed the world might be drawn
into unsound conditions. America
would be liable to see serious displace
ments in its business structure—that
is, great prosperity in some lines and *
great depressions in others, and ulti
mately a depression of the whole busi
ness structure, and possibly a collapse,
the weaker elements pulling down the
stronger.
Read the Daily Times for the latest
and most reliable world news.
The well-known “Westinghouse”
electric heaters are now for sale by
the Northwestern Hardware Co.
Try the Club Billiard Hall for
golden, silver and royal fizzes. 23-tf
Do you know the Horseshoe
Billiard Hall carries one of the
most complete stocks of Tobacco
and Cigars handled by any store !
in Alaska?
We have special facilities for
storing tobacco to preserve its
strength and insure it reaching
you in perfect condition. You
will find your favorite brand
here, moist and fragrant.
Standard Brands of
Cigars
including large sizes in the
Mozart, Lovera, Optimo, Up
mann, Roi-Tan and La Prefer
j entia.
2 for 25c
| $6.00 per box of 50
Popular brands of Smoking To
baccos in tins, such as Velvet,
Prince Albert, Tuxedo.
3 for 50c
$2.00 per dozen
We carry a full line of Pipes,
Tobacco Pouches and other
Smokers’ Accessories.
' HORSESHOE
BILLIARD HALL
E. L. HARWOOD, Prop.
4
Alaska
Steamship Company
Regular Sailings Between Seattle,
Ketchikan, Juneau, Cordova, Valdez,
Ellamar, Liscum, Latouche, Seward
FROM SEATTLE— SAILS SOUTH
July 24.ALAMEDA.Aug. 3
July 31. NORTHWESTERN .Aug. 9
Aug. 7.ALASKA.Aug. 16
Aug. 14.ALAMEDA.Aug. 24
Steamer Alameda will make trip to Anchorage.
' Frequent sailings of freighters carrying explosives.
This schedule subject to change without notice.
F. B. TRACY, Agent
Alaska—Washington—California ALASKA ROUTE !
Safety Courtesy Service Speed
OFFICE EMPRESS BUILDING
WEST BOUND SOUTH BOUND
LEAVE CORDOVA LEAVE CORDOVA
Aug. 20....WATSON.Aug, 5
Three Sailings per Week from Seattle for San Francisco, Los An
geles and San Diego. For further information call
Office Phone 7 L. A. COUNTS, AGENT Residence Phone 116
- —
inpper River and
Ni irthw sternRy.
rn •
Trai
Trains leave Cliitina for Kennecott Monday and Friday
Trains leave Kennecott for Cliitina Monday and Friday
Trains leave Cliitina for Cordova Tuesday and Saturday.
,
Dining Car in Connection with all Regular
Passenger Trains between Cordova and Chitina.
Freight received and delivered at Cordova
Wharf from 9 a. m. to 5 p m., except Sundays.
Tickets on sale at Second Street Depot office
one hour before departure of trains.
CALEJn CORSER Superintendent
D. L. LEATON, Ticket Agent
KENNY HOLDEN’S
Pool and Billiard Parlors
CIGARS, SOFT DRINKS AND TOBACCO. W
FIRST-CLASS BARBER SHOP
IN CONNECTION
MUSIC EVERY NIGHT PHONE 15
-
I Removal Notice
The latter part of next week we will move into our new store room
in the Lathrop building, and will have a new and up-to-date stock
of goods. The public is invited to call and see us in our new place
of business.
PAUL BLOEDHORN
Watchmaker and Jeweler
PLACE YOUR ORDER NOW FOR
j
ECONOMY AND MASON
JARS
QUARTS, PINTS AND HALF PINTS, AS THEY ARE SELLING FAST
CEDAR OIL AND MOPS
THE BARGAIN STORE
JOHN RAWSON
M for ladies and men at the right
1 B OO prices, which are made right here
w| 11 in town. No special order house
" yflljij work. New fall woolens due to ar
I TV AnfftT/l rive August 5- Come in and look
TAILORING T N HUBBERT
Phone 130 1*