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Simplicissimus, Munich. RUMANIA: Help! Help!"

ALLIES: Hold your tongue! You are disturbing our deliberations on how to rescue you!”

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[French Cartoon]

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The hands of justice—they'll get 'em-they'll get 'em!

MONEY IN CIRCULATION

UNITED STATES BANKING ABROAD THE per capita circulation of money THE Federal Reserve Board has au

1, , thorized the Bank of England to bewas the highest in our history, $43; 1916, come the agent and correspondent of $38.48; 1914, $35.11; 1911, $34.25; 1907, the New York Reserve Bank, and pos$33.78. The total money in circulation sibly this bank and other Reserve Banks Jan. 1 was $4,440,932,634, an increase of will become agents of the Bank of Eng$137,937,400 in a month.

land.

. The arrangement was made possible

by amendments to the Federal Reserve FRENCH GOLD

Bank act by Congress last session. Owing THE

HE Bank of France is accumulating to the difficulties encountered in conductan enormous quantity of gold from

ing foreign exchange during the war, it the hoardings of the masses.

An en was deemed advisable to expand the Regraved certificate is issued to any one

serve system and make it possible for who exchanges gold for paper. In addi banks in Europe to appoint agents and tion to this method of patriotic appeal, a maintain gold funds here with which to bill has been introduced proposing that meet the obligations incident to war purafter the war all gold coins in the bank's chases. The Bank of England had never possession shall be restruck so as to bear

adopted the policy of having foreign the peace date-which he suggests will agents until the necessities of the present be 1917—and that only these coins shall war made it advisable to maintain a gold be legal. All other gold coins, he argues, fund in Ottawa. The plan adopted has must have remained in the hands of un worked so well that it can be seen that patriotic Frenchmen, who deserve to

similar agents in the United States would suffer for retaining them.

be to the advantage of Great Britain. M. Bouffandeau has found that of the

In line with this expansion of the ex$2,400,000,000 which represents France's change mechanism between the United total gold coinage only $1,600,000,000 is States and Great Britain is the growing at the present moment known to be in the

demand from business men of the British State's possession and abroad, hence colonies for closer relations with this $800,000,000 is still concealed somewhere.

country. Australia particularly has been He would have a special law passed to multiplying her purchases in the United guarantee the value of their gold coins to States. Canada never did so much busiforeigners holding them, but “ French ness here as now. Recent trade reports men," he writes, “ have not the right to show that capital from this country is keep their gold when the country needs going into Canada at a rate never before it, and thanks to my bill, those who have witnessed. The relations between the shut their ears and safes will be affected two countries are rapidly assuming imin their pockets, and it will be just!" portant proportions. Canadian capital

M. Bouffandeau's calculation that ists are turning to the United States for $800,000,000 in gold still remains in pri funds, and it is regarded as essential that vate possession is greatly in excess of the

banking relations should be prepared to figure generally believed to represent the

meet the certain trend of business. amount. M. Edmond Thierry, an

The Chairman of the Board of Directhority on the subject, places France's tors of the Bank of New Zealand has regold, after twenty-eight months of war, turned from a four months' trip through at $1,009,000,000 in the Bank of France the United States and Canada, and anand about $400,000,000 in the hands of nounces that arrangements have been the public, (half the Deputy's figure,) completed with American banks whereby with $193,000,000 credits abroad, or dollar credits can be arranged to facili. total gold reserve of $1,600.000.000,

tate trade between New Zealand and

au

America. Consul General Winslow, at Auckland, in a dispatch to the Department of Commerce, says this will be in the interest of American trade and now is the time for American marufacturers and exporters to make the niost of it.

A reciprocal arrangement similar to that established with the Pank of England is expected soon to be made with the Bank of France.

And it must be remembered, too, that these enormous totals have come with sev. eral of the great trading countries temporarily wiped off the commercial map. Our total trade with Germany, Austria. Hungary, Turkey, and Belgium has been but $35,000,000, against $700,000,000 in the latest normal year.

THE

MORE

RAILROAD EARNINGS
ORE than $1,000,000,000 net income

from operations was made by the railroads of the United States in the year 1916. The huge total is the peak of prosperity in railroad operations, and stands more than one-third higher than the total of 1913, hitherto the banner year. Statistics gathered by the Interstate Commerce Commission, complete for nine months and made the basis for calculation for the entire year, indicate that the total net income from operations will be approximately $1,098,000,000. For the first nine months of the year complete returns show $785,558,266. Even this does not represent the full amount, as roads whose income is less than $1,000,000 are not included. The estimate of $1,098,000,000 is regarded by officials as conservative.

NATIONAL BANK RESOURCES THE resources of the national banks

of the United States on Nov. 17, 1916, were $15,520,000,000. This exceeds by $1,000,000,000 the combined resources of the Bank of England, the Bank of France, the Bank of Russia, the German Reischsbank, the Bank of Italy, the Bank of Spain, the Bank of the Netherlands, the Bank of Denmark, the Swiss National Bank, and the Imperial Bank of Japan.

The resources of the national banks throughout the country have doubled since the Spring of 1906.

Against total resources of $7,670,000,000 in April, 1906, their assets on Nov. 17, 1916, were, as shown above, $15,520,000,000, the increase being nearly $8,000,000,000. The resources of the national banks on the date of the latest call art greater than the total resources of all reporting State banks, savings banks, private banks, and loan and trust companies throughout the United States at the time of the inauguration of the Federal Reserve system, about two years ago.

COMMERCE OF THE UNITED STATES

0. P. AUSTIN, statistician of the For

THE

tional City Bank, writing for THE NEW YORK TIMES ANNALIST for Jan. 1, 1917, says:

The commerce of the United States in the year just ended has been a surprise to the most optimistic. Who could have foreseen a year ago that our imports would reach nearly $2,500,000,000 and the exports nearly $5.500,000,000, and the total for the United States approximate $9,000,000,000? But these are almost sure to be the approximate figures. Reports of the Department of Commerce, just received, show total imports for eleven months ending with November to be $2,187,000,000, and if December even comes up to the monthly average of the year, the total for the full year will be about $2,375,000,000. against $1,818,000,000 in 1912, the former high record calendar year in imports. Exports are even more astonishing. They show for the eleven months $4,861,000,000, and it December equals November will be $5,475,000,000, against $3,547,000,000 in 1915, the former high-record calendar year.

EXPORT TRADE THE National City Bank's compilation

shows that the total exports of manufactures from the United States during the year 1916 exceeded $3,000,000,000, $1,000,000,000 more than Great Britain's highest record, which was made in 1913. Since the beginning of the war the United States has made its great increase in the exportation of manufactures, which amounted in the calendar year 1914 to $974,000,000, in 1915 to $1,784.000.000, and 1916 will approximate $3,200,000,000.

The growth in exports since the be. ginning of the war is, of course, due in a considerable degree to the demands for strictly war material, explosives alone being for 1916 approximately $675,000,000, brass tubes for the manufacture of shells $225,000,000; while in many other

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UNITED STATES HOME AND FOREIGN TRADE
Domestic Trade of

Ratio
United States Foreign Trade of For-

Net Income Net Income Minus of United States eign to Calendar

of the

Imports at Retail -Exports at Domestic Years.

United States.

Prices.

Retail Prices. Trade, %. 1890

$9,300,000,000 $8,100,000,000 $1,300,000,000 16.1 1891

10,400,000,000 9,200,000,000 1,400,000,000 15.2 1892

10,0:X0,000,000 8,700,000,000 1,400,000,000 16.1 1893

10,100,000,000 8,900,000,000 1,300,000,000 14.6 1894

8,300,000,000 7,300,000,000 1,200,000,000 16.5 1895

8,400,000,000 7,200,000,000 1,200,000,000 16.7 1896 7,900,000,000 6,900,000,000

1,500,000,000 21.8 1897

8,000,000,000 6,900,000,000 1,600,000,000 23.2 1898

9,100,000,000 8,200,000,000 1,900,000,000 23.2 1899

10,900,000,000 9,700,000,000 1,900,000,000 19.6 1900

12,900,000,000 11,700,000,000 2,200,000,000 18.8 1901

14,600,000,000 13,300,000,000 2,200,000,000 16.5 1902

15,600,000,000 14,200,000,000 2,000,000,000 14.1 1903

17,700,000,000 16,200,000,000 2,200,000,000 13.6 1904 18,000,000,000 16.500,000,000 2,200,000,000

13.3 1905

19,000,000,000 17.800,000,000 2,400,000,000 13.5 1906

21,500,000,000 19,500,000,000 2,700,000,000 13.8 1907

26,600,000,000 24,500,000,000 2,900,000,000 11.8 1908

23,000,000,000 21,300,000,000 2,600,000,000 12.2 1909

27,000,000,000 25.400,000,000 2,600,000,000 10.2 1910

30,500,000,000 28,200,000,000 2,800,000,000 9.9 1911

29,600,000,000 27,300,000,000 3,100,000,000 11.4 1912 33,800,000,000 31,100,000,000 3,600,000,000

11.6 34,800,000.000 32,100,000 900 3,700,000,000 11.5 1914

32,600,000,000 29,900,000,000 3,200,000,000 10.7 1915

35.400,000,000 32,700,000,000 5,300,000,000 16.4 1916

49,200,000,000 45,800,000,000 8,200,000,000 17.9 Retail prices of exports and imports are obtained by adding 50 per cent to the wholesale figures reported, on the assumption that wholesale prices are two-thirds of retail prices. The percentages in the final column are obtained by dividing the figures for foreign trade by the figures for domestic trade. The percentage would reach 100 when foreign trade becomes equal to domestic trade.

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1913

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