DEMORALIZATION OF FOREIGN
EXCHANGE IS HAVING ITS
EFFECT ON EXPORT TRADE
NEW YORK, Dec. 30 (by Associated
Press)/—Three factors in the demor
alization of foreign exchange, intelli
gible to the average man, rise above
the complexities of the present situa
tion. according to old-timers in Wall
street. These are:
1. Allied and other nations of the
world N>we the United States approxi
mately $15,000,000,000.
2. American manufacturers hesi
tate, owing to peace treaty uncer
tainty, to accept big advance foreign
orders.
3. England's virtual suspension oi
gold exports outside the British colo
nies „i.s repulsing American trade.
"Just why the British pound ster
ling, normally worth $4.8665 in Ameri
can gold, should have declined sc
much since the war ended, and what
It all means, is an obscure question,’
said a New York financial expert
"The present situation, Sir George
Paish’s apprehensions notwithstand
ing, is by no means hopeless. Prophe
ciesof a ‘breakdown' of credit are not
well founded.
.‘‘America, the storehouse of the
world, and now the world’s banker, is
in the same position England was in
after the Napoleonic and American
Civil wars. She bought the cheap se
curities of impoverished nations in a
most prodigious manner, and thereby
laid the foundation for her future
wealth. We must do likewise, and do
it within the next two or three years
by which time these abnormal condi
tions will have passed.
"With pound sterling 25 per cent
or more below par, England can sell
to the United States at a great ad
vantage. We can sell American
goods abroad only at a great disad
vantage, because we must add the al)
normal rate of exchange to the goods
to get into foreign markets. Premiei
Lloyd George recently declared, when
sterling was selling at a discount oi
15 per cent, that the discount really
represented a ‘protective tariff of 15
per cent on goods manufactured in
England. Certainly it is helping tc
keep American goods out of that coun
try.
“The only remedy for this condi
tion is for the United States to bu>
foreign securities and extend long
time credit for merchandise. We art
in a strong economic position. The
nations of Europe must have our cot
ton and wheat and, since they are sc
heavily indebted to us and we musl
extend them many more millions tc
put them on their feet, what is the
difference whether we buy their bonds
or send them our merchandise?
“Everyone in Wall street knows
that if the peace treaty had beer
signed in Washington an internationa
exchange committee would have beeT
organized long before now to stabilize
exchange and bring about other neces
sary readjustments. Never durint
the darkest days of the war, wher
the Germans were almost at Paris
did British and French exchange go tc
where it is now. The British durinf
the war, by a system of credits wit!
the United States, had sterling
‘pegged’ to $4.52.
“The tension over and gold exports
curtailed, there was nothing to keei
it that close to parity. Indeed, unless
the United States loosens its purse
strings there are London financial ex
perts who say the pound sterling wil
drop as low as $2.50. That would be c
calamity. It would be a two-edgec
sword, injuring both England and the
United States.
“Europe is like a man on the verge
of death due to starvation. When yoi
find such an unfortunate you feed hin
gradually until the stomach becomes
accustomed to digesting food. Nov
our aim has been all along to ‘stuff
Europe with all kinds of Americai
products. We have piled up a trade
balance, according to former Secre
tary of Commerce Redfield, aggregat
ing $4,000,000,000 a year. Europe’s
financial system, like the starved hu
man stomach, has been unable to as
similate it. Consequently, we thus
contribute to the demoralization of tor
eign exchange and incidentally, b]
inflation, to lower the purchasinf
power of our own dollar.
“When you consider, as Mr. Redfielc
points out, that $4,000,000,000 repre
sents American dollars at par anc
must be paid by those who owe it it
depreciated currencies, making it the
equivalent of $5,000,000,000, the resul
' can not be healthful to future Arneri
I can trade and commerce. Foreign
buyers are going into more favorable
markets.”
SOLDIER’S NOVEL PROTEST
Ex-Private Wugstuff of the British
unity parading in front of the official
residence of Premier Lloyd George, 10
Downing street, London, in chains as a
protest against the treatment accorded
the war veterans by the British gov
ernment.
Your eyes fitted. Compound and
stigmatic lenses replaced. See Os
borne.
Mrs. Dunham’s home-made mince
meat at Finlcelstein & Sapiro’s. 10-tf
Job printing at Daily Times office.
UNION MEN TO i
PE
BY TEACHERS
NEW YORK, Dec. 30.—Education
of the union labor men, both leaders
and rank and file, is one of the prin
cipal aims of the Associated Teach
ers’ Union, local 71 of the American
Federation of Teachers, which is just
organizing in the faculties of the col
leges and schools of New York. The
Teachers’ Federation is affiliated with
the American Federation of Labor.
Professor Herman Defrem, of Col
umbia University, who is president of
the Associated Teachers’ Union, says
the union professors and teachers are
not going into the labor movement
merely for what they can get out of
it for themselves. Instead they plan
to help their new associates in the
Federation of Labor along the path
of knowledge.
They hope, by opening special night
courses for labor leaders in econom
ics, management and production pro
blems and kindred subjects, to devel
op a new type of leader who will co
operate in managing industries in
stead of spending his time, as Pro-|
fessor -Defrem says, “bickering with,
employers”. Under the auspices of
the Teachers’ Union two other sets
of classes will be instituted, evening
classes, in English, history, econom
ics and any other subjects whvch
1 w-age earners in general may desire to |
pursue; and day courses for men on
strike, so that their time may not be!
wnstorl
The union teachers are in confer
ence with the United Labor Education
Committee on details. British uni-1
versities some time ago embarked1
upon a program of education designed i
particularly for wage earners but the
idea has not made much progress in
this country.
Higher wages for themselves, said
Professor Defrem, is only a secondary
aim of the educators. “We need
money but our first two aims are the
democratization of colleges and uni
versities and the extension of the
tenure of our office.” Democratiza
tion. according to Professor Defrem,
means surrender of the administration
of educational institutions to the facul
ties, only financial problems being
left to the decision of boards of trus
tees. The union aim will be the elec
tion of teachers, heads of depart
ments, deans and other officials by
the teachers themselves on a demo
cratic ballot system, and settlement
of educational problems by the same
method.
Tenure of office of the colige in
structor, assistant and assistant pro-)
fessor would no longer be from year
to year, dependent upon action of
administration officials but would
also be based upon the ballot, the
term of the teacher continuing as
long as his colleagues considered him
efficient. *
—— -•
Scarborough Pictures that please at
prices that are right. Over Cordova
drug store. Phone 140—3 rings.
Read the Daily Times ror the latest
and most reliable world news.
SIBERIAN FUR COMPANY
C. Leen, Mgr.
NOTICE TO TRAPPERS
We Buy All Kinds of Furs
Honest Prices Paid
We make up all kinds of Furs, also
do remodeling. We also do Tan
ning and Mounting. Fourteen
years’ experience.
Next to Hegg's, on C Street
Telephone 190
Cordova
Adjustment
Companv
K. G. ROBINSON. Mgr.
Collections. Reports,
Insurance
Ostrander Bldg., Cordovt, Alaska
j SMITH &
M’CONAGHY
Plumbers and
Steamfitters
COR. FRONT and B 8T8.
TOKENS OF RESPECT
A well conducted funeral la a
token of respect to the deceased.
Our methods of conducting a
funeral have given us an oppor
tunity to serve you In a manner
that will command respect. We
are equipped to serve you satis
factorily.
K. E. HOLDEN PARLOR
Second Street, between
A and B Avenues
I ———■■■■■.. .1..I—! . . ■■
#
YOUR FUR8 MADE TO ORDER
Best work guaranteed. Low
est prices. Over 2,000 Alaska
customers.
R. W. Drew
Tacoma’s Expert Furrelr
11th and B’dw'y, Tacoma, Wash.
IT
_ i_
NEW
j BILLIARD
I
now under way at
The
HORSESHOE
i
•—•—
TONIGHT
j
Scarborough vs.
Murphy at 7:30
FIRST PRIZE—$25
SECOND PRIZE—$15
THIRD PRIZE—$10 L
_
THE HORSESHOE
BILLIARD HALL ,
i
E. L. HARWOOD, Prop.
_ l
FOUND—
Just the Gift you
are looking for.
Mrs. FUNK
WINDSOR HOTEL
WALLPAPER
In Latest Patterns
GLASS
In All Sizes
BOGART & ROBINSON
T~
BUILDING MATERIALS OP
ALL KINDS
Brick and Lime
CORDOVA MILL AND
LUMBER CO.
FRESH FROM OUTSIDE
Beef, Pork, Veal, Mutton and Poultry
Wholesale and Retail
All Orders Given Prompt Attention
NORTHERN MEAT MARKET
• " “ ~ ■ -—i— -
THOROUGHLY MODERN. NEARE8T TO EVERYTHING
POPULAR PRICE8
Hotel Atwood
Corner First Avenue and Pine Street
Seattle, Wash.
J. A. FARNHAM and E. TAYLOR, Proprietor*.
Headquarters for Alaskans
Ted Taylor, formerly chief steward S. S. Alaska.
----
| A Good Picture
| Deserves a Good Frame
We can give you both. We are carrying a %
| very select line of the latest in Moldings, |
£; also a number of beautiful patterns in $
| hand-carved Easel Frames. Don’t forget |
we make sittings day or evening. §1
I ' tl |
KODAK FINISHING PHONE 140—3
x*
STEAM HEAT ELECTRIC LIGHTS
Overland Hotel
MR8. J. W. KENNEDY
Chitina, Alaska
POOL TABLE IN CONNECTION
BUST BRANDS OF CIGARS KEPT
FRED M. SCHAUPP
SANITARY PLUMBING
Steam-Fitting, Marine Pipe and Tank Work
Sheet Metal Work
SECOND STREET, NEXT DOOR TO FEDERAL JAIL
PHONE 72
KENNY HOLDEN’S l
Pool and Billiard Parlors
CIGARS, SOFT DRINKS AND TOBACCO.
FIRST-CLASS BARBER SHOP
IN CONNECTION
MUSIC EVERY NIGHT PHONE 15
v*. ;X
& :j:j
This is the best time to
| <jj«
| have your |
X; *;•;
| Watch 1
v* -2?5;
1 Repaired |
;X ;X
$X *X
| 1
•A
•X $;
So that you can j
| start the f
New Year with
i the correct time
& $:
g £
g |
jx '
jx x%
) PAUL BLOEDHORN1
PHONE 2—2—3
•:* ;*>
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