Cordova Daily Times
Entered ut the Postorflce at Cor
dova. Alaska, as second-class matter
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H. G. STEEL
EDITOR AND PROPRIETOR.
MEM HER OK ASSOCIATED PRESS
The Associaleu Press la exclusively
entitled to the use for republication of
all news credited to It or not other
wise credited in this paper and also
the local nows published herein.
All rights of republleatlon of special
despatches herein are also reserved
Tilt USD \Y. .11 IA IT. P.'ls
BASIS OF THE NATION’S INDUS
TRIAL STRENGTH
ll has been said repeatedly, though'
seldom with exact definition or ex
planation. that this is a war ol whole
peoples, not alone ol armies; of mo
bilized economic resources as well as
ol fleets, air squadrons and batteries
ol artillery. In a sense this is true
ol every war, to the extent that citi
zens are called upon to huy govern
ment bonds, pay taxes and deny them
selves certain commodities which are
needed by the nation's armed forces.
In another sense, however, non-com
batant populations are involved in
the present struggle in a way which
has never been witnessed before
Our own government has laid hands
upon the bodies of its people in the
draft levies, upon their dining tables
through (lie control of food, upon their
daily business through the fixing of;
prices of commodities and the licens
ing of their distribution. Not a bill
cun be bought or sold in the foreign
exchange market without a report to -
the authorities on the transaction.
Not .$100,0011 of securities can tie of- '
tend to the public without official
sand ion. Not a man or w oman can i
set sail for Europe without satist'ac 1
lory cause shown for the voyage.
In the face of such minute control
of every-day affairs, the country is
protq crous Nearly all the customary
indicators point to an industrial and
commercial life at the highest level
in wur history, dross earnings ol the
railwavs arc unprecedented; foreign
trail'- is at a figure never approached
benne tin* war. the clearings, loans
-mil deposits ot lip- banks are the
gieatest ever recorded; there is prom
ike of one o! the greatest wheat crops
»• v ei harvsipd: our gold holdings ag
gregate one third Ot the total stock ot
tile i net ill in the world; production ol
pi: iron is the largest yet attained.
•| he stock market Inis recently Ilf
s' tit'il a firm front in tin- tie - of the
Hu t discouraging news.
It would I"- easy, of course, to draw
l,;ts. eunehisiims from these pleasing
la, t freight traftlc. conducted un
liet government control and largely
government account, mieht not be
paving its own way. or might he im
pi.sing a tii" heavy cost ol 'rnnsporln
ritin -.11 on tin- general pubic i he
treii.euilous expansion of hank credits
,tut.tig -In- (nisi year might be nothing
tint unwholesome inflation. Our ex
certs might represent sales to no per
nt in:irK« t. hut merely the tilling
ci • mergem y ofrlers from our allies
for war materials, with the prospect of j
.1 disastrous shrinkage when the emer
ge ni v lias disappeared. As to the
t;rmness of tin* security markets, it
is worth while to recall that a stock
market boom of impressive size has
been going on in (ierniany Itself. Most
ot these contingencies represent ques
tions for the future to determine. At
the moment the safe inference is that
tile production of commodities has
struck a pace which approximates,
though it may not fully meet, our ur
gent military demands, in addition to
the ordinary requirements of civil
life, in so far as those requirements
have not been curtailed or eliminated
under the stress of war. Moreover, it
is plain that the tremendous adjust
ments which it was necessary to make
in t nanro and industry were effected
with none of those rude shocks and
ruptures which it was feared would he
experienced.
The undeniable cheerfulness which
is felt in the industrial world, In spite
of drastic restriction and regulation,
can easily be traced to several basic
causes. It may be worth while to
refer to thru; m ire* or less in detail:
(li An unshaken belief in a vic
torious ending of the war It is a
notew »:*t > it that ,:a l.ir as the
t'ni . i sta'• i i onccj ned none of
the advocacy of a peace l»y negotia
tion which lias from time to time
mail- itsel* heard ha - Mad it' inspire
lion in a tear of deleat. I’ucitists.
a 11 r 11 -1 , ideali-ts have advoc ated a
"get In: I tiler poliev " bee all . e tiles
\\ ere In me-11> coin f need that or
ends ( eld lie attained in that wav. ot
I" i the' !>• lies eil ;i m i lit ary s i
for> s • not sr ortli t!n* eo-t to « is il
■i ii I • 1 the g re ,t mass of the
i-eople. am! the go\ eminent itsel:.
h is e i| :iti i onsi-tentIs gone upon
tie assumption that onr resource-;
n.ns mote and more he diverted to
war a • . until the lone we are aide
to oppose to the enemy., along with
that of the allies, shall he suflicienl
to compel him to abandon his pur
po-e- It is difficult to conceive* that
the multitude ot hampering restric
tion' vvt bas e impo -ed upon nurse!’.«
would he tolerated were it not for the
conviction that those measures, nr
more severe measures to follow, will
he effective in bringing the desired,
t • stilt- Tin* c entral powers have
asked lor or ottered or intrigued for
peaee, hoa-ting o! victory already at
tained. and threatening terribh- con
i-ipictic'e in tie* event that their cue
mil . continue to -tniggle The* fact
that all these attempts have ro.me to
i audit is the best i iiinineiitary upon
opinion in tin allied countries and in
\ merica.
i _ i A grow ing convi< lion that the
difficulties which will iuevitabh con
front us wlii'ii tin war ends will not ]
be more onerous than those confront (
ing our friends and former foes alike,
in the renewed competition for world
trade. Our per capita national debt, ^
in all probability, will be a fraction
>f that which the Kuropean belliger
ents will have to bear Kor the first
lime in a half century we shall have!
m adequate merchant marine, flying
he American flag and controlled by
\meriean capital. We shall have ob
lained at least a foothold in the for
■ign markets, while our allies have
infortunately seen their foreign trade
greatly curtailed, while that of the
feu t on ie powers has virtually been
viped out The great expansion of
>rodueti\«• rapacity brought about by f
»ur war activities will, if is true, con
dilute a danger if we cannot find an
>1111- t for it: but the same problem
vill confront Kurope in varying d»
free. In (lermany, especially, there
»as long been in progress a so-called
liquidation of industry." whereby
Manufacturers of products not essen
ial to the war have been forced out
if business and have found themselves
udders of government funds or spec
dative securities, in place of the (dpi
al formerly engaged in business en
erprises. 'ID reestablish these en
erprises. with a market denuded of
Materials, and with tin- national
a ea 1th so largid> represented by go\
■rnment paper, will I»#* a problem of
he first magnitude.
(•in which hi thoroughly withstood j
lie tests of war, and which promises j
o 1m* well adapted to the require i
nents of peac e* The* Federal Reserve (
system has excited the* admiration of (
!he* British tmmriers who a few \
y'*ar ago looked with justifiable tills j
giving upon Vi .c ic .in bunking It j
s not necessary to assume, as some
•nthusiasts have predicted, that New j
Vork will straightway heroine tit* ,
linaiic ial center of the world. At the ,
Moment tin* probability seems to he .
tli.it that distinction will still rest t
with London, with its centuries of |
•\perieliee with it's tine, it les* pr»* I
ise 1 \ formulated, financial method- ,
\**v« ! thc*b*‘s. the pi»*stice w hic h
\nieiican hanker.-' have gaine 1 dur
.eg the war. the « st ildislun iit of tor
eign branches by \nieriean inst it ti
lions, and the assistance which the
Reserve system is aide to offer for;
international development, afford ex
cellent grounds for confidence. Thy
impression is abroad that we have
done little in the way of preparation
for the economic aftermath of war.
Yet it has been the policy of the* Fed
eral Reserve hoard to keep well in j
advance of the present requirements,!
and it will doubtless be found that
that body has at least begun to lay
the foundations for an after-war pol
icy 'Kin* board is placed in a pecul
iarly delicate position, through being
unable of its own volition to express
approval or disapproval of many of
tin* measures suggested in congress,
or to make a complete statement of
what has been done in preparation
for the future. Much remains to be
done, it is true. One necessity would
appear to be a more liberal treatment
of foreign banks in the United States,
which in New York are prohibited
from accepting deposits or making j
loans. London has found a colony ofj
foreign and colonial banks an invulu-j
able adjunct to Its international
financial system.
it) The fact, now pretty thoroughly
demonstrated, that unprecedented
loans ,md taxes can he borne by the
business community and the money
'iiaihct with little sign of stress. Thi
i <i?ith saw the completion of the pay
i.ieiit of the income and excess profit
taxes, w hit h may turn out to ha
mount'd n» some three thousand mil
,m !. i • .T about turfy : \ e bun
Ircd millioie m hot l term 11 eamr •
• rtilit ales wen- plat « d through tl"
tii.nl arid already III • year all e»|ual
imouni has I*.-' ll Mild, with ni Mir
"Ml to In di- pn i-(| of lielWM'll HOW
nd ()etoih• r d" o Minded In.ms last
i car totaled im;irIv >'•;.«» *•*.* ••*,'*•..mid
i his \ car on* m h upci ,n ion h i -
1 rough! t he t re.isury more than
r | ...I'l.e.10,111111 Yd. in ihe lac •*!
he c trcmeiidou demands upon, tie
noiiey market, there has been no ;e
11;11 stringency in the rate for loans
XV.111 street's rate for demand loans
ta- for months past been kept at or
m low *; per cent, and time loans, as
af as New York is concerned, have,
aeon a\ailaldc at about the same
igur* Short-term corporate borrow
ng has naturally been mon- costly,
ivoraging perhaps 7 per cent. Hut
Maturing obligations tire being met m
• -new c<| w iih lift |c -in liculty. • \cepi
n ill*- *asc of a few public utility
oiiccriis, and fh* new issues which
ire brought out an* promptly tak* a
iy investors
l lit1 counuonc, v. hu m , cv mein m
lie business world is l»\ no means .1
• •suit ot ignoring tin* difficult and
Mil unsettled factors in the pr« -ent
dtuation and outlook. The whole
henry of wartime finance and Indus
rial control is built upon the piopo
ition that all the menus we possess
hall he applied in the most eff'u ient
tanner possible to the winning ot tin
car; hut a difference of opinion at
nice arises over the definition 01 ef
ieieney. Shall we at one stroke • lim
nafe the so called non-essential in
lustries? or should we stand to lose
non* than we would gain through
licit a procedure, because of the
hock and derangement which would
nevitably he felt throughout the ert
ire economic structure? The < n +
ion is purely one of expediency, nice
ranted that every private interest
hould be sacrificed, if need !>* to
he national necessity
Fortunately, the attempts which
.ere at first made, eathusiastn illy
lit rather ill advisedly, to define the
on essentials, in order that they
light be led forthwith to the exu;u
ioner’s block, have given way tr^ n
lore rational method. We have at
licked the problem from the other
ide. determining what are the essen
ials ; ml attempting to mak• * provl
ion tor them So mueh steel will In
equired for ships and munition- so
midi food for ourselves ami oui .il
ies, so much money for loan- and
.1 \« When these requirements an
irovided the non-essentials an el
ome to tl;e rest, provided tin an
perate under the difficultie. which
ui h a program imposes. Tin <q*
ration, it needs t*» be recalled 'ill*
I may not In- immediately tieo ary
or us. is distinctly necessary in main
aiding Xinerieivn credit in mitral
outlines, which have not yet a.ieei
n forego luxuries, and which an ill
ng to exchange for our luxur; »u •
roducts their own products which we
mperati\ely need
Standing in the way of this method
the - uii" difl'n ult> w Inch we hav e
net with in the matter of 11a i uial
maiict . namely. the lack of a 0111
»r« hen.'iv e and accurate budget The
ecretary < ! the t !<• asm > last No ■ n,
>er forecast a war loan of “not non
ban $11 .min,oim .mu' before the end
»f the fiscal year; vet it turned out
hat e raised a little more than
dniiti.iiiHi.iiii" through a funded loan
[’he ditfi< nity of estimating pre< is.-ly
low much steel, copper, sugar, lum
>er and other products we shall need
or our construction program is oh
iously far harder to overcome than
hat of forecasting our financial
ieeds. For one thing, our allies, who
mem to get along with a reasonable
legroe of preciseness In their flnan
Mai estimates, have been changing
lh**ir estimates of what they would
need from us. with resulting confu
sion in our industrial scheme. Once,
we have struck our pace in the war.
whether the pace he a fixed one or
one calling for a steady increase of
effort, we shall doubtless be better
able to forecast our needs
riuill iim- uumri ui uui
in the war the problem in the United
States has been radically different
front that which had all along con
fronted the other belligerent nations.
With them there was the pressing tie
cessltv of obtaining from abroad ma
terials to supplement an inadequate
home supply: hence the question of
inward bound ocean transport and of
arranging foreign credits to pay for
their purchase
In our case there has never been
any question of adequacy of materi
als. the <lifil< ult> being to divert the
resources we possessed into the proper
channels Hence all tin- elaborate
machinery ot war the mobilization ol
industry lor v, a i w In. h \,« ha \ c
built cj» m i> I e r- c. id* d |,
gim intended i . < < >u \ ej t 1be i ue| (,t
our natural pow• *. and p - . 0 non -
into I !l* I. > epii • ■!' <•! .1 ; i.,i •. <ir ,.j
! * * I ’ I". 111 > i '1 a > • 111 d. lie e j a) u «*r s
and p«' -Ii i i. t \ • ! .. I In mi! .. |
■ e j whelming grant
in: .i prop : a da i mistral ion and (.him
: mu o ejjo.j i. end m"pm- < o operation
\ lilt oar 1< - i.!\ iraldy iM .t. .1 allie,
Our * ' ban '* 'at* s mi i. \ • ; :n mar
kef • l.aNe I ilmn ii i true. |o treim-n
don d: i ,i t Ii i - ha m mid
in numci1 i • w In i • the ini rna
I mu,11 I - la i • • of 11 ad* h i la-en
uroncly in our ta\or.
It has been amply cb mmi-tr.it d
that a primary < ause tor the d« p*e
ri.i.mu ol our exchange has been the
corresponding, or men renter, de
pie.nation ot tin exchanges ot th*• al
lie I'or instance, with tin* Hi tisli
rate artificially supported in New
\nrk at a di count of not much more
than 2 per rent, fliere ha 1 <• ■ i n a
•-lauding im irafioti to m at. d d* ibn -
to e|| i he r sterling draft h* re. Imi.
they could g* t a good p: ice :.» hem.
;<iid in turn to « 11 ‘bdlar d; ! u.
their o\\ ii market, in ord« r f• • ren if
the proceeds home. It is ma I Oil
del that our rate h i d un h r
this pressure Vet much of tin prop
aganda. which is heard prim ipally in
congress, for "bringing tin Aim ric.m
dollar back tn |i;ir," apparently ignores
tlie fact that if the dollar should he
brought up to par (and possibly it
could, by drastic and abritrary means),
if might easily be at the expense of
our allies, whose exchanges might col
lapse on neutral markets if denied the
support of the stronger American ex
change. At a time when we have
pooled our resources and <>tir efforts
against tin* common enemy, we may
feel assunvl that no shortsighted pol
icy in regard to the exchanges will he
allowed to injure the nations asso
ciated with us in the struggle
How impressive is the array of re
sources which we command, for our
own benefit and that of our allien, is
I ■••ail) n otiabh familiar Against
• annual pin iron production of ap
s*: oximutely to.ono.ooo ton . Germany
n a war year ran show jmssibh \
e U,f>uu and Great Britain about
()| a v\ ol id's (nipper pi o
•i o ' i< n la t \ ear o! about I 1" '.
Mill tile I •fliteil Stall'S I i I . di'eil
n ii M.toils, or *',•• per rent, v.-Inle
11ernia n>■. in the i iinciit e t jnm t« : -
p •” dov, JI tut 1 } tot. : In’ ii< mat
’• T o’ ■ 111 p!: e . t h,' in. la.' i
like , e illi pro l \ e, < 11,1 • ll* .it ' » • 0
of 1 nnn.ooo bushels last year ( l.nnf',
uun.uim in i:»ir, and possibly as much
in the present season» compared with
an estimated harvest of 1 * m »,< h •
bushels m dernumy in 117 the small
• t o? aiiy of th* principal Kuropean
nat ion It l I he ktiow 1 * < i :.* * * ot » h* *
i e -o , r* •• i ml tin .■ row ina on vi* t i* n
that tin . ill 1 - • ably a»111: i n i s t • • i * - * 1 it.
tin inn i • o| t In- w a r v. lit* li |"t
bap pi inn -11. ive- tin- deep lyinic
i oiivi' ii-ii: • ho| <• dm to the -• n
f ilm <•: : In • r n . n p' opb in
i In s* t ;w ,m t ime
CLAbbl rltu nuvtniiamu.
FOR SALE—Thirty-foot hull; new
cabin; 2x4 ribs; 1 '4 inch planking;
price of hull with 10 h. p N. & S.
engine. $60o; without engine. $437
enquire GGeorge Dooley.
FOR SALE—Brand new typewriter, L.
C. Smith make, late model; only
been used one or two months;
owner enlisted; price. $7" cash For
information apply to Box 4.72. Val
dez. Alaska 22*1
WANTED—Six men for trail and camp
■ oi'k \pplv room 2. \dams build
III: . bet Wee' '. and '. p III. I-’ I!
Van Campe.i 2'5-tl
WANTED- A boy to learn laundry
it, r -ni ■ work chance to
learn good paying trade Modern
Li. diy. 25-tf
MAN AND WIFE want to cook in
camp -ill winter; best reference-;
>227 a month or better. Address
Times 2.s'*
WANTED—Position by first-class
i ci. either in small i amp or pri
i n. lab; VI referem s A'-pU al
a office 27 b
Ff 1ENT—Two-room cabin. Apply
Men a rooming house, l’hoiie 172
I'.t-tf
WANTED AT ONCE—Gas engineer.
ohm l-'ish ,v Baching ( ompau> Ap
ply Uluru <' Neill Co
WANTED — Men on road work. $4
pi r dai and hoard Apply Knifed
States Kommisoner. tf
WOMEN wanting work from 6 to 10
p m.. apply to the Lighthouse Kale
uing Company 17-tf
WANTED—Women and men for can
nery work Apply to George Dooley.
WANTED—Men and women workers
Apply Carlisle Backing Company.
WANTED—Man to fill position o<
janitor. Apply Dr Council. tf.
FOR SALE—Singer sewing machine
Bhone 200 . 9tl
FOR RENT—Furnished flat. Appl)
Kenny Holden. 19-tf
FOR SALE—Three-roomed furnishec
cottage. Call Northern Laundry, t:
FOR SALE—Empty gasoline cans. In
quire Times office.
FOR SALE—A piano and an electrh
washing machine. Bhone 218. 20-;
FOR SALE—Complete outfit of furni
ture for housekeeping J. B Kelly
WANTED—Two waitresses; twi
dishwashers Lindigs Grill.
35 Per Cent. Payment is due on |
Third Liberty Loan Bond
Installments not later than JULY 18th
This means $17.50 on a $50.00
Bond or $35.00 on a $100 Bond.
Do not fail in your payments
Bank of Alaska j
mi—.. msraJmmmmmmmmmnmmm
“Bevo” Is Here
It’s a drink that surely fills the bill.
Delivered to the trade or families in
large or small quantities
FRED HAEF, Distributor
i I_..
[ -- --[
Alaskan Grill
===== UNDER NEW MANAGEMENT =====
Courtesy, Service and Strict attention
to business should result in
satisfaction to our
patrons
- GIVE US A CALL —=■ —
GEORGE JAMES l>r,T'FRANK DOUGLAS
V
y
| Alaskan Hotel
GOTTSCHALK &. TERRELL, Proprietors
"The House of Comfort.”
THE BEST EQUIPPED HOTEL IN
ALASKA
BARBER SHOP IN CONNECTION.
Ilot and Coid Water, Kleetric Bells,
| Kleetric Lights, Steam ait, Suites S
:j: With Bath.
£ CORDOVA . ALASKA
<*.
•v*
K
I v i ri tm sr r • I
wnen rianmng a visit to
McCarthy stop at
Marshall’s
Rooms Large, Light
Sunny and Commodious
I Good Printing
MW Is Essential to Good Business
Better Let Us Figure on your
J |l Work and Save Money.
The Daily Times Job Dept.
I*.•:
v-::
TOM HUBBERT
TAILOR AND CLEANER
We have the only cleaning machine in town that
thoroughly renovates your clothes. Why have the dirt
1 rubbed in?
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