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IN the rapidly moving panorama of the war—whose swift sequence of events, no less than the startling diversity of the events themselves, diverts public interest with great suddenness from one quarter to another—the deThe Great feat of Cadorna on the Aus

oSrTecond trian front came almost War Loan exactly at the moment of the immensely successful subscription to our second War Loan. These two occurrences might seem at first glance to be singularly unrelated. Yet at least one motive for the concentrated attack of the Central Powers on the Italian army was knowledge that the full resources of the United States would presently be engaged on the side of its allies. If the Italian disaster showed the need of the unreserved employment of those resources, so the response to the war-loan offering showed our own people's mood in regard to the providing of those resources.

The second Liberty Loan, for which only $3,000,000,000 had been expressly solicited by the Treasury, witnessed an oversubscription more remarkable, from every point of view, than that of the $2,000,000,000 loan of June. In the vigor and enthusiasm of the campaign for the general public's subscription, as well as in the actual results, this great operation stands out already as a landmark in our financial history. It was evidence both of our people's capacity to finance the war and of their willingness to do so. It is possible that not less than 10,000,000 separate subscribers participated in this remarkable demonstration, as against the 7,000,000 of the last British war loan, the previous high record.

IT was a noteworthy incident, and perplexing to some observers, that the New York stock-market, both during

and after the loan subscription, declined almost continuously. At times it was extremely weak, though prices of many stocks had already fallen to the lowest figures in a decade. The Italian debacle naturally emphasized the downward movement, but it began before Mackensen had attacked Cadorna.

As the traditional index to an economic situation the fall on the Stock Exchange excited wide discussion. Primarily, there was no doubt that the movement was occasioned by sale of stocks, by investors as well as speculators, in connection with the war taxation. The very heavy taxes on rich individuals and prosperous corporations made it on the one hand prudent for some large capitalists to convert a part of their investments into cash, and on the other hand—as with the $122,000,000 set aside by the United States Steel Corporation out of six months' earnings, to provide for the "excess profits tax"—they diminished the surplus of such companies available for dividends. Neither result was in any sense disastrous, but both created pressure on the Stock Exchange.

IN these respects the stock-market movement merely reflected the conditions known to every one beforehand and arising from the programme of war expenditure adopted by our government. The favorite estimate of $21,390,730,000 for actual ex- Influence of

penditure in the fiscal year S?ur w.a-r

j- -tu t T Expendi

ending with next June was tures and

an exaggeration. A sub- Taxes stantial part of this was made up of authorized disbursements for purposes which could not possibYy be performed in a single year, and an even larger part consisted of loans to be made


to our allies, against their deposit with our government of similar obligations of our own.

But, even so, the final statement in the Senate showed that actual appropriations for our own war preparations were §11,879,177,000, and that $7,000,000,000 more was to be raised through loans for advances to the Allies, including the $3,000,000,000 or thereabouts already put at their disposal. It is these prodigious loans, no less than the heavy taxes necessary for our own war purposes, which are now a factor in our own economic situation and in the movement of the Stock Exchange.

WHAT, then, is the nature of that economic situation, in its broad aspects? The United States is in the position of an immensely wealthy producer, who is doing the largest business in his whole career and is Prosperity doing that business with the

Extended very best °* his foreign cus" Credit tomers, but who is getting in payment for his sales the long-term notes of his clients, not cash. If precisely this condition of things were to arise in the case of a private merchant or producer, he might count himself as prosperous in unprecedented measure, but he would be compelled to use his credit facilities as he never had used them before. After discounting in the market, on their own intrinsic merits, the obligations of his customers, he would presently have to indorse such obligations with his own name. The rate of interest would gradually rise against him as this process continued, and it would also, and naturally, become proportionately more costly for him to raise money for the conducting and extending of his own business.

This, with no great stretch of analogy, is precisely what has been the course of events with the United States. The country has never in its history done such a business with the outside world as it did in 1016 and is doing to-day. During the twelve months ending with last June—the fiscal year of the Department of Commerce;—we sold to foreign countries $1,060,000,000 more goods than the year before, and $3,830,000,000 more

than the highest total of any year before the war; the second of these figures representing an actual increase of 155 per cent.

Until we ourselves went to war last April, these exports were partly paid for in cash, through shipment by Europe to us of $494,000,000 gold in one fiscal year and $977,000,000 in the next. But in the main, payment was even then' deferred, through sale of some $2,000,000,000 short-term obligations of the foreign purchasers directly to American investors; by which arrangement the bulk of the cash settlement for the merchandise sent to Europe w-as postponed to dates ranging from 1918 to 1921. When we joined the war our government took out of the hands of private banking-houses the task of raising the money. Obligations of the belligerent European governments were placed with us as in 1915 and 1916, but the credit of the United States Government was now invoked to facilitate the borrowing from American investors, and our government held the securities issued by the foreign powers against such borrowings. In their commercial effect, the loans became "double name paper.''

AS would have been the case with • a private merchant, so with the government, the rate of interest on these deferred obligations rose as their magnitude increased. The first Anglo-French loan of 1915, for 8500,000,000 unsecured by collateral, was ^ placed on terms which tereluRate amounted to nearly 6 per cent annual interest. The British Government's $250,000,000 loan of last February in our open market, although fully secured by pledge of American and other stocks and bonds, had to pay as much. In 1916 the French Government offered 6£s per cent to American investors. When our own government began raising money on its own bonds for the same purpose it paid $yi per cent on its first $2,000,000,000 borrowing. Four months later it increased the rate to 4 per cent. Part of the proceeds were to be used for our government's own purposes; but the rate of interest paid had to be the same, and all these successive

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ONLY those who suffer the affliction of deafness can know the tragedy of it. Because theirs is a loss that is not apparent to others, they do not always receive the consideration that is willingly given to others whose deformity is visible to all.

All too often the affliction of deafness is regarded with impatience and irritation. People dislike to have to repeat their remarks—they tire of speaking in a loud tone—they lose patience. And so the sufferer from deafness, rather than ask continually: ''What's that?" or "What did you say?" gradually accepts the inevitable and sinks into a life of loneliness.

He finds himself shut off from the world about him. A wall of silence stands between him, his friends, and even his own family. They become as strangers to him. He feels that fate has sentenced him to a living death, and he thinks of the long stretch of dreary years before him, knowing that his hearing will continue to grow worse as the years go by.

Others can enjoy the theater, the opera, concerts. Life is full and rich and bright for them. They can hear. They have a priceless treasure —how great it is only a person without it can tell.

Not only does deafness deprive one of countless pleasures and enjoyments in life—it is also a constant source of danger. The deaf person is unsafe on the streets, for failing to hear the sounds of traffic, he may be run down by an approaching vehicle—-perhaps maimed or killed.

Hardest of all is the lot of the deaf person who is without independent means of livelihood. He finds that his affliction is a handicap in business —an almost unsurmountable obstacle to obtaining employment. Unable to work, through no fault of his own, he is compelled to place himself upon the charity of the members of his family.

A New Kind of Ear Phone

No wonder that men and women who know the tragedy of deafness seek relief in the numerous devices that are offered to them. But practically every deaf person knows that the old style ear phone affords at best only a small measure of improvement in hearing. What has been needed is the discovery of an entirely new principle in the construction of the ear phone.

Such a discovery has just been announced by the Mears Ear Phone Company of New York

City—the result of several years' research and experimentation by a foreign inventor. It is impossible to explain in this space the operation of this new "Intensitone" model with its remarkable adjustment to 96 different shades of sound, for every kind and degree of deafness.

A complete description and explanation, however, can be obtained by any one interested, without any expense or obligation. A valuable booklet has been prepared by the Mears Ear Phone Company, which tells all about the causes of deafness and its treatment and explains the "Intensitone" in detail.

Whether you are just a little hard of hearing or almost totally deaf—if you have a "ringing" noise in the ears, a sense of fullness in the head— if you suffer from catarrhal colds—if you find that you are not able to hear even slight sounds clearly and distinctly, it will pay you to get this booklet at once, as the tendency of deafness is to get worse all the time unless it is taken in hand.

What Causes Deafness?

The most common cause of deafness is catarrh of the middle ear. A congested condition is developed which interferes with the normal action of the various parts of the ear structure. The partial deafness and sense of fullness experienced by persons with cold in the head is due to the same cause. This condition, however slight, should not be neglected, as the ear drum itself thickens and withers from disuse, and the result is complete deafness.

On the other hand, people who are almost totally deaf, often give up all hope of ever hearing again. But, unknown to them, there may still be some vitality in the aural cavity and the auditory nerve, which may again be brought into use by the new "Intensitone" ear phone.

If you should decide that you would like to see and try the "Intensitone" Ear Phone, with its new 96 sound adjustment, you can do so without paying a penny in advance. So sure are the makers that it will enable you to hear perfectly that they are willing to send it to you for ten days' free trial without deposit.

But first get the free booklet, "Deafness—Its Causes and Treatment." Write for it today—a postcard will do. Address the Mears Ear Phone Co., Dept. 2312, 45 West 34th St., New York City.

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Modern Science Declares That If Nature Had Made the Colon Shorter, Half the Ills of Mankind Would Not Exist—How Medical Science Now Combats This Problem

VERY remarkable book, "Colon Cleanliness," has recently been published by Martin's Method, Inc. Written by an authority, this book discusses—-in a clear and fascinating narrative —what has i>een called "Nature's big mistake," the large intestine in man. Scientists now agree that poisons emanating from the large intestine are responsible, directly or indirectly, for many of the diseases to which mankind is heir. This book therefore possesses a tremendous interest to every man and woman. Incidentally it describes for the first time, in a popular way, an important invention which steps into the breach left by Nature and repairs some of the ills caused by the length of the large intestine. This invention is now being used in many hospitals and sanatoriums and by physicians in private practise.

Few people realize, this book points out, that the large intestine—coiled around in a small space in the abdomen—is usually at least five feet long. It is, in a sense, a long exhaust pipe for the body. The waste matter of our food reaches it in a semiliquid state. The function of the large intestine is to extract the liquid from this matter, and to discharge the residue from the body. This long exhaust pipe works by a series of muscle-contractions along its five-foot length.

Five Feet Too Much for Lazy

But very often these muscles work improperly. They are, in plain words, lazy. They are so lazy that they are incapable of pushing along the waste matter a distance of five feet. The result is that the colon

gets clogged. It then becomes a veritable bed of decomposing matter. Not merely millions, but billions of disease germs are generated in it. These are absorbed into the blood, and are carried to every part of the body, producing the condition, so much written about of late in medical journals, known as "auto-intoxication."

"Colon Cleanliness" tells, for the layman, exactly what happens to the various organs of the body when this condition occurs. It is an amazing narrative. Science, like a detective, has now traced many diseases to the clogged condition of the large intestine. Indirectly and directly the lazy large intestine causes more illness; kills more people; affects our health, our happiness, and our efficiency more vitally than all the other organs of the body put together.

The colon is, in a sense, a traitor to the rest of the body. By lying down on its work, it throws the whole splendid balance of the body "out of gear." It causes many of us to become seriously diseased, and the rest of us it puts into a poisoned half-alive condition. How often do we really feel up to par, really ourselves; with our brains keen and quick; our bodies tingling with vitality? So seldom that most of us talk about it, in surprise, when we feel "fit." Thanks to the lazy, large intestine, it is the unusual condition for us to be fully alire. The contrary, of course, should be the case.

How Nature Made the Mistake

Professor Elie Metchnikoff, in the great work in which he first pointed out the method and effects of auto-intoxication, has an interesting theory about the large intestine. Nature made it so long, Vie theo

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