nomically far more vulnerable when the war began. It was under the worst financial auspices that Canada entered the European struggle. Not only did her stock exchanges shut Canada's down and her banks suspend in War Prosperity specie payment, but at that very moment, in the words of a Canadian writer, she was "emerging from an exploded boom, with land values tumbling and business of all kinds more or less demoralized." The grain crops, Canada's economic mainstay, had run very short in 1914. Six months after war had begun, the annual report of a large Canadian bank spoke of "many of our greatest industries working on short time or practically closed down." Yet business revival followed, and it was not unlike Japan's. The country's export trade of 1915 reached the highest mark of its history, both in value of merchandise and in number of vessels cleared. European orders for war munitions, estimated at $303,000,000 even in 1915, were filled by Canadian factories and delivered. the twelve months ending with November, 1916, the total outward trade increased $464,000,000 over the same period of the year before, or nearly 75 per cent. At his shareholders' annual meeting, last January, the president of the Canadian Bank of Commerce reported for the year a "prosperity beyond anything we have ever known, in almost every part of Canada." In JO doubt, one may draw too large inference from the case either of Japan or Canada, in regard to our own probable situation in war with Germany. Other influences than the mere fact of neutrality had a hand in shaping American prosperity during Financial 1915 and 1916 our unprec- Security edentedly abundant har Our vests, for instance. These may not be repeated; they were not repeated last season. But since we are considering the influence of a state of war itself, the experience of these other countries are the only tests and precedent which we have, and it is reasonable to consider them along with the vastly more powerful financial strength and economic preparedness with which the United States would (Continued on page 96) Didn't Ætna-ize HE thought himself so well and eaten up by doctors' and nurses' bills in a few weeks, and then he had to go to the public ward of a hospital. She is as well loved as your wife. Yet while he lies there in the free ward, she stands here and works all day. Save your wife from having to do this. Remember that one in seven is killed or injured by accident each year, and that you may be the one. Save yourself worry END ATNA-IZE @ Protect your wife, and protect yourself now, while you can. Remember that Fate does not wait till you are ready. Remember it is the little accidents that cause most of the trouble. 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I am in good health. 23 INVESTMENT LITERATURE Through our Investor's Service Bureau, readers of SCRIBNER'S MAGAZINE may obtain, without charge, authentic literature pertaining to any type of investment or financial subject in which they are interested. Readers will kindly check the subject or subjects in which they are particularly interested, sign the coupon below, and mail this entire page to the INVESTOR'S SERVICE BUREAU, SCRIBNER'S MAGAZINE, 597 Fifth Avenue, New York. April Bond Offerings: First National Bank of Milwaukee. Where the World Must Get Its Sugar: Toole, Henry & Co. The Investment Position of Cities Service Co.: Henry Chain Stores Securities: Merrill, Lynch & Co. Sugar Stocks: Hartshorne & Battelle. Safety and Profit in Central Kansas Farm Mortgages: The Farm Mortgage Co. How to Invest in Standard Securities by the Partial Payment Plan: Harris, Winthrop & Co. The Partial Payment Plan: Sheldon-Morgan & Co. Systematic Saving: McClave & Company. $100 Bonds: Merrill, Lynch & Co. Should Business Men Buy Stocks: Babson Statistical Organization. Russia and Russian Government Bonds: The National Kansas Farm Mortgages: Perkins & Co. The Partial Payment Plan: L. R. Latrobe & Co. SCRIBNER'S MAGAZINE MAY 281917 UNIV. OF MICH Stories by Katharine F. Gerould Important Articles Our Immigration Policy By Commissioner Frederic C.Howe The War With Germany CHARLES SCRIBNER'S SONS NEW YOP CHARLES SCRIBNER PRESIDENT ARTHUR HSCRIBNER TREASURER 597-599 FIFTH AVE. NEW YORK-CONSTABLE & COMPANY LIMITED LON |