Show WAR NAR RAISES VAlUE OF UNClE SAMS SAM'S DOllAR The American dollar since the outbreak outbreak out out- break of the war has been growing rapidly In f favor for or and now has a l lead ad on the monc money of or other nations especially In iii South America according to William Wil 11 liam liani S S. S Kles KleH of or tho tile foreign banking department of oC tho the National elt City bank of or New York City Among other things Mr Ir I IJes says Present conditions brought about by bythe bythe bytho the tho great war have been peculiar I favorable to tho tue rapid establishment of the dollar an as an au International medium medium me me- hum of or exchange e ami In comparison with tho the monetary units of value of oC other countries th the dollar has been for Cor SOnic some weeks and Is now at a premium The rhe pound Is worth less in an dollars and anda a a dollar t will buy Luy more marks francs franca rubles or lira than Luau ever er before In our history This of oC course means simply that the balance o of trade Is very cry largely large large- ly Iy In our favor or In that forel foreign n countries coun coun- tries have o purchased fd more from us ha than we have ha from them a arid and 1111 the they mu must t provide provide pro pro- vide the exchange or in other words the dollars with which to pa pay naY us in this country courtry for what we have sent nent them advantages tous tous to tous Of course the great reat us at this tills time particularly in connection connection con con- with South America Is that the dollar heretofore practically unknown In lii tho the large exchange o markets ts of or orI South America has hl today an established I value alue as ns a n medium of oC exchange and owing to the balance of or trade In our favor or Is In greater demand In ex exchange ox- ox change chango markets than the tho monetary units of other nations Branches of oC American banks lanks operating In Ing In foreign countries will be of material ma mn- tonal assistance In making a permanent permanent perma perma- nent nark market t for dollar donal exchange I have pointed pointel out the lie previous pre pie fence nence of ot the pound sterling an as a medium medium medium me me- for the settlement of International ollI obligations The Time Tact fact that the pound Is the common 1 denominator of oC values the world over has baa been of VCr very great commercial commercial com corn mercial advantage lo to England Our pe people ople who have havo fol aol pol-J goods S to South America hae have heretofore been obliged to accept I In pounds sterling and theoretically at cit least have ha run the risk of oC two exchanges DeS of or mone money from the local currency Into the pound sterling ster ster- ling hug and from tho the pound sterling Into the American dollar When hell the tho ox- ox change chanie market t is active and fluctuations lions ions arc In III order r the American exporter cx- cx porter portH has he been en obliged to pa pay fairly heavy tribute to the I English bank bankers re reIth With Ith a branch of ot an American n bank bankIn In a a. Corel foreign fI country In a 1 position to draw on the parent bank for tor dollars at t all aU times and with the tho parent Lank batik being permitted to draw on the branch for payment to be m made ulo in local currency cur cur- rency there will m al always be he dollars for or sale In the lie local market In which the I branch Is IR located and the tho value wOun of ot the dollar will become known and respected respect respect- ed |