se yet was the fact
that England, on Aug. 2, was obliged to require grace on exchange, and
France, on Aug. 3, grace on its accounts-current and Lombard loans.
Although along with England and France, also Russia, Austria, Italy,
Belgium, and other nations required temporary credit, Germany
to date has not deemed it necessary to ask for time in meeting its
obligations. Savings banks, other banks and financial institutions are
meeting all demands without restriction. The fact that the English money
market, which up to the present time has been considered the financial
centre of international trade, has failed, will bring many a serious
thought to all commercial men interested in the world market.

German commerce has doubtless been temporarily injured by the war, but
the esprit de corps and organization which animate the German Nation are
not only a firm foundation for German commerce, but also a strong
support for the further development of the commerce and trade of the
entire civilized world, if, as we hope, peace soon be re-established.

* * * * *

WHO IS TO BE VICTORIOUS?

An appeal to American friends

The American citizen who is now leaving Europe, which has been turned
into an enormous military camp, may consider himself fortunate that he
will soon be able to set foot in the New World, where he will be enabled
again to take up his business pursuits. In the meantime old Europe is
being torn asunder by a terrible war among its various peoples. It will
make him happy again to greet mountain and valley, field and garden
which are not threatened nor trampled down by armies or covered with
blood; again to see cities in which business and traffic are not brought
to a standstill by calling in all men capable of military service; and
he may thank fortune that his people have been given room enough in
which to expand and to permit them freely to unfold their power; that
they are spared the great necessity of resisting the tightening ring of
enemies in the east and west, on land and water, in a struggle for
national existence.

But the American will feel the effects of the fate of the Old World.
Even though he knows his own country is not directly involved, he will
certainly realize that the great net of international traffic and the
progress of his country are connected by many strong ties to the life
and prosperity of European peoples. He will be affected by every victory
and d