German Situation

The fact that German note circulation increased only 106 billion marks last week has surprised financial authorities, accustomed to recent weekly increases of 500 to 700 billion marks. Germany's expenditures the last ten days in March, however, were 12,511 times those of 1913, while her income was only 1,421 times greater.

On March 31, her floating debt amounted to 7,641 billion; the last Reichsbank statement showed a note circulation of 5,642 billion. These figures reflect the losses incurred in state owned postal service, telegraph and railway systems, as well as contributions made to the Ruhr inhabit ants.

In addition, the American war claims against Germany alone amount to 25 trillions of her present currency. Thus far, Germany's net payments to allied nations have amounted to about $3,850,000,000.

S. M. Vauclain, President of the Baldwin Locomotive Company, recently remarked, " America's greatest asset is that every live American is up to his neck in debt." On this basis, the assets of Germany today are stupendous, incalculable.