davidaulloa/AmericanStories huggingface dataset:
Evening star., 1915-01-31

tack of any hostile ship and to beat
down by an overwhelming fire any
thing that tries to stop her from going
where she pleases. This was what the
Constitution and her sister ships did
in 1872.
Whether this will remain the policy
after the results Of the present LII
ropean war are known is impossible to
tell Vessels of the Princess Royal
type tBritish), built with lighter armor
and carrying fewer guns, but having
a speed of twenty-siX knots, would in
the open sea run away from any bat
tteshlp thus country possesses: In Il
sea fight would choose the distance,
and what is perhaps worse would
reach a distant objective long before
the hattleship could arrive to pro-
tect it.
When the guns and armor arc both
relatively light and the speed high
ia" battieship develops into the battle
cruiser. like the tioebeu type of tho
Germans. unable to stand up against
u battl"ship. but sufficiently swift to
escape from one, and powerful to over
whelm anything else but other battle
cruisers. All these matters must he
considered in selecting the ultima tie
plan of the neH battleship. The
method of selecting the plan for any
other type of ship is substantially the
same.
When the general plan is determined,
and 1t is known what sort of vessel is
expected. its size and the general re-
lations and positions OF the armor.
guns and steam power, the details
are worked out by the bureau of con-
struction and repair, and there must
now be incorporated in it provisions
for all dcsIra BILE and necessary details,
all the minor features incident to the
military anc: military efficiency of
the ship
When it is called 10 mind that
modera "o,ooo-ton battleship carrying
l,20G men and officers contains within
herself when ready for action the po-
tential energy of an army of 100000
men. that provision must be made not
only for the use but the conservation
of that power, that in its narrow linn
it's care for the health and comfort of
all on board must be taken, that the
ship is liable to be away from it's base
of supplies for long periods, that its
magazines must be made to carry in
Evening star., 1915-01-31
: Sans Banks Are Opened in South America

doubtedly does we'll. The River Plate
Fresh Meat Company has paid divi-
dends up to Is per cent and the Smith
field and Argentine Meat Company
railways of Buenos Aires is paying
per cent and the other 6. while the
city waterworks pay from to per
cent. Among the money makers of
known as the Argentina de Pesca. 1t
owns four steam whalers and 1t makes
from 25 to so per cent per annum upon
a capitalization of 100000
The electric light companies pay
from to 20 per cent. several iron and
steel companies from to "a per cent.
and insurance companies from nothing
to 90 per cent. Some of the savings
banks pay their stockholders as high
az 30 per cent and some of the land and
colonization companies pay as much
while others give no dividends whatso-
ever
There are several big department
stores here that are doing we'll. Gath
& Chaves has a stock value of about
ss.oo0,0o0. and is said to pay good div
idends 1t has several branches in
Buenos Aires and stores also in the
provincial cities and in Santiago and
Valparaiso. Chile. There are a num-
ber of breweries that are paying from
to Is per cent, and some exporting
companies which have good dividends
The railways are mostly owned by
private parties, the bulk of them held
in Great Britain. They have cap
italizatiop altogether of about $1,000
100000 in gold. and their profits aver
age more than per cent.
Times are hard now in the Ar
sentine Republic. The country is finan-
cially sound, but it is one of ups
and downs, and as rule 1t is like
old Egypt, with its seven years of
plenty and its seven years of famine.
When ] was here in 1898 the people
were still suffering from the panic
Evening star., 1915-01-31

E1HE naval committee OF the
House of Representatives has
reported bill appropriating
x s45,y09.a01 for the construction
of new ships with which to maintain
the relative standing Of the United
States Navy as a defensive one. Sub
ject to the changes which Congress
may make. il provides for seventeen
submarines. six torpedo boat destroy
ers. an oil fuel ship. a transport.
hospital ship and two battleships. The
latter will cost about s14.0oo.0Oo apiece.
The contract for their construction
will not be ready for execution for at
least eight months from the passage
of the bill. This seems stonishing. but
IL is due to the fact that extreme care
IS taken in determining the number
and character of ships to be built and
I'm preparing the plans for their con-
struction.
The imagination loves to dwell on the
picture of concentrated power in a
3O,000-ton dreadnaught with smoke
pouring from the tunnels, she rushes
through the seas: on the waves of foam
surgtng from her bows, on the officers
and crew at station. on the great guns
ready to hurl the missiles of destruc-
tion fifteen miles or more. Perhaps
aeroplanes fly before, like sea eagles,
watching against the attack OF deadly
Evening star., 1915-01-31

times providing whether they shall be
built by private concerns or by the
government at one of its navy yards.
The general board III general terms
determines the characteristics to be
incorporated In each new vessel. If it
be a battleship. for instance. it viii
give the tonnage, speed, arlnor aud
ciaI feature that it advises: aud turns
this recommendation over to the bu-
reau of construction and repairs for
development. That hrancl, forthwith
prepares several design sketches that
may appropriately be called spring
styles" They show more less in
detail varying arrangements of armor,
guns, speed, contour and displacement
The spring styles when ready for
exhibition are considered by the de
partment. The general board examines
the record of vessels most similar in
type. invites reports from fleet officers
and others who may be in position to
Judge, considers the class of ships that
other navies are building and their
characteristics rs far they can be
ascertained, and finally the plan along
which the new ship is to be built is
adopted, decision resting with the Sec
retarS.
The three great factors In 4 battle
ship are speed. armor and guns. Any
one of these can be developed only at
the expense of one or both of the
others. The practice of our navy has
been to give the battleships power to
give blows from the guns and to resist
those of the enemy by means of armor,
to be able to stand up against the at
Evening star., 1915-01-31

from Great Britain and the total in
vestments of that country in our sister
continent have already run into the
billions. l have before me the figures
of Sir George Parish as to what Eng
land has invested in South America.
The amount in Argentina is S1,6O0,O ,OOO,-
900: in Brazil, s739,00O.0 900: in Chile,
s305, 200, 900; in Peru. about S111 200, 900,
and in the several other countries over
$1S0.000,000. This makes a total of
about 3.000,000.000. all told, and the
most of the Investments are paying big
dividends. Within the past seven years
the total investment has been: For
Argentina. about 100000. 900: for Bra
zi1. S440,0 100000, and for Chile, S137, ,000,-
900. In 1913 the English put out almost
S200.000,000 in Brazil and Argentina,
and they would be increasing such in
vestments today if the war were not
on.
The above figures bulk large, but
South America is a big continent, and
it is only at the beginning of it's de-
velopment. The Argentine Republic
has already an enormous business. 1t
is a land of big cities, big farms, big
banks, and all sorts of big industries.
There are only two cities in the
United States larger than Buenos Aires,
and these are New York and Chicago.
There is one native bank here that has
a capital of over s50.000,000, and its
deposits are more than s400,00O,0O0 in
paper. or very close to s200,000,0O0 in
gold. l refer to the National Bank of
Argentina, which has altogether $50
Evening star., 1915-01-31

lion dollars a year, and the annual
English rake-off is in the neighbor-
hood of eight million dollars. The
shock of the war has awakened us to
a realization of this fact and the time
is coming when we shall SEND our
goods in our own ships and have our
own banks.
Such change will benefit the
the money involved. The big English
French. German. and Italian banks
which are now working here are trade
agencies of their respective countries
They devote themselves to developing
that trade and are reservoirs of in
formation for the Europeans engaged
in it. Said an American capitalist to
me today:
"It is impossible to do business with
out an American bank. l am interest
ed in contracts which involve millions
of dollars, and if my transactions pass
through the English or German banks
my competitors as to bids are kept
posted as to just what ! am doing.
Suppose 1 should make deposit In the
German bank of a half million dollars
with the idea of swinging some big
contract? The fact that the money
is there is told to the Germans who
are in the same line of business. ana
they are apt to discover my plans and
underbid me before l can bring my
deal to a conclusion. 1t would be the
same if I made the deposit in an Eng
lish bank and practically the same
with the French
The National City Bank will not only
prevent such publicity. but it will serve
as financial institution for pushing
American trade. 1t is collecting in
formation as to the credits of the
various companies and merchants, and
within short time it will have the
standing of every institution and deal
er of note in eastern South America
liza BILE to do business with the United
States. 1t will keep files of such cred
its in Buenos Aires and Rio Janeiro
and it will have duplicate files in New
York; SO that 1t will serve the place
that the Dunns and the Bradstreets
Evening star., 1915-01-31

submarines. But, behind it all is the
work, thought and rich Imagination of
the men who planned them.
Before the session of Congress whose
duty it is to determine the number and
value of the new ships and to provide
the money to pay for them, the general
board of the Navy Department. which
consists of the admiral of the navy, the
aids for material and for operations.
the president of the War College and
certain other officers of high naval
rank appointed by the Secretary after
most careful consideration. advise the
Secretary what new ships in number
and in type are required to keep the
navy effective for the defense of the
sea coast and insular and isthmian in
terests considered in relation to the
general condition of the navies of other
countries.
1t must be remembered in the con-
sideration of this requirement that the
great development in the speed of ves-
sells and their being kept in readiness
to strike quickly has brought. and Is
eacl year bringing. nations much near
er il point of time than formerly.
In making these recommendations the
general board is supposed to contem-
plate the problem in a military sense
with only a general thought Of the
Evening star., 1915-01-31
THE LONDON AND RIVER PLATA BANK.
100000 a surplus $5OOO,OOO

Deutschland, whose headquarters are
in Berlin, and the former is d branch
of the Deutsche Ueberseeischer Bank.
The Banco Aleman Transatlantico has
d capital of 30,0O0,O00 marks. and the
Banco Germanico 20,000,000 marks. My
letter of credit is on London issued by
the Riggs National Bank of Washing
ton. and until now l have done my
business here through the Banco Ale
man ransatlantico, which is one OF
the correspondents of the London bank
upon which my credits are drawn. The
Riggs National Bank Is closely asso-
ciated with the New York City Bank,
and any credits may have in the fu-
ture Will go straight from one conti-
nent to the other.
There is a great deal OF Italian,
French and Spanish money invested in
Argentina. There are three large
Italian banks. each of which has a big
capital, and there is one Spanish bank
with a capital of s10o,o0o.0o0 in paper,
equal to s44 ,Oo0.o 900 in gold. and sur
plus of over s40.O0O.00O This is the
Banco Espanaol Rio de La Plata. It
was founded twenty-nine years ago,
and it now has sixteen branches in the
different parts of Argentina and Uru-
quay. The capital of this bank is
larger than that of the National City
Bank of New York and it has long
been paying big dividends.
AS to the French banks, the Banco
Frances del Rio de la Plata, founded
about the same time as the Spanish
bank. has capital of S4O,0OO,OOO in
gold and surplus of over $4,000, 900.
Its profits run from two to three mil
lion dollars a year. and it recently is
sued new stock at 40 per cent premium,
and this was subscribed for twice over
by the shareholders
About the biggest Italian bank is the
Banco Italia v Rio de la Plata, which
Evening star., 1915-01-31
NATIONAL ARGENTINE


pence, and then translate the pounds,
shillings and pence back into American
dollars. l have travelled extensively in
the South American countries, having
been here, off and on for the past six
teen years I have always had to carry
letter of credit on London. and have
paid a tribute of about l per cent to
the greedy "Old Lady of Threadneedle
Street"
II is estimated that our total busi-
ness with South America gives the
English steamers and bankers at least
1 per cent of the whole as q toll
for their share in carrying the freight
and in making exchanges. This trade
amounts to nearly eight hundred mil
Evening star., 1915-01-31

estate mortgages. and in lieu of cash
issues bonds therefor, which are pay
able to bearer. They pass from hand
to hand. The bonds are known as
cedulas. and are guaranteed by the
government. They bear or per
cent interest. and there are special pro-
visions as to their redemption. Of such
bonds $3.50, 100000 worth had been is
sued in 1909, and the bank has now as
sets of between five and six hundred
it to place so per cent of its profits to a
reserve fund, and its safety is care
fully guarded. Loane are made on farm
lands at low valuation. and on lots
in the cities at go per cent of their as
sessment On vineyards Of not less
than four years cultivation loans can
be granted up to so per cent of their
valuation, and building construction
loans up to 60 per cent of their as
sessment-
The rate of interest on the bonds
may not exceed 6 per cent and all
of 1 per cent. This bank has been in
operation for almost thirty years. and
it is said to have had much to do with
the rapid development of the republic.
The foreign banks are doing d big
business III tIllS capital OF lne hiO ue
la Plata basin. This is especially so
Of some whose chief offices are in Lon
don. The London and River Plate Bank
has capital of s9,000.000 and sur
plus of s5.0O0.00o more. The London
and Brazilian Bank has a capital and
surplus of almost s14.00o.0o0, and the
British Bank of South America has a
capital of over 310,000,000.
The chief German banks are the
Banco Alenan Transatlantico and the
German Bank of South America. The
latter was founded by the Dresdner
Bank and the National Bank for
Evening star., 1915-01-31
THE ARGENTINE STOCK EXCHANGE BUILDING.
Where the New York City Bank has its oaaces.

which followed the Barring Brothers
failure. Argentina had had a boom
for ten years. during which more than
six hundred million dollars worth of
stock had been 1oated, and of that
more than S500.00O,000 was totally lost.
The country recovered from that and
it has been developing at dynamic
speed up until year or SO ago, when
the present stringency began. At the
time the war broke out there were sew
eral hundred automobiles held in the
custom house because the purchasers
who had bought them from the United
States and Europe had not the ready
money to pay the duties on them and
could not get the credit. There were
Evening star., 1915-01-31

best dividend-payins corporations. In
order to show something of what the
country is doing. industrially. l give
YOU the profits of some of its institu-
tons The Argentine Navigation Com
pany. founded by sailor known as
Mihanovich. is capitalized at 10000
900. and it pays dividends of from to
l. per cent. The LiebiG Extract Meat
Company has British capital of over
five millions and it pays dividends of
20 per cent, while the La Blanco Cold
Storage Company, backed by the Ar
mours, has paid as high as IL per cent
The La Plata Cold Storage Company.
owned by the Swifts. has a capital of
two and one-half millions and it un-
Evening star., 1915-01-31

branches scattered here and there over
the republic. In addition, there are
many other native banks. and also the
great foreign banking institutions
which have their headquarters in Eu-
rope. The number of principal banks
enumerated in the Argentine Yearbook
are about sixty, and outside these are
many others which do more or less
business. Nearly every Buenos Aires
financial institution has it's branches
in other cities, and all are more or less
associated with the industrial and rail-
road interests of the country.
One of the most important of the ma
tive banks is the Banco Hipotecario
Nacona1, which lends money on real
Evening star., 1915-01-31
Copyrighted, 1914. by Frank c. oarpenter)

Copyrighted. 1914. by Frank C. Carpenter9
BUENOS AIRES, Argentina.
81. 0NcLE SAM has at last begun a
III banking business in the south
III u ern half of our hemisphere
W The National City Bank Of New
York opened it's offices here last No
vemher. and it is now organizing
system of banks and credits which
part OF the South American con-
tinent. 1t has already established Il
branch in Rio de Janeiro. and it has
agencies and credit arrangements in
Montevideo. Santiago. Lima and La PaZ.
It's chief banking establishment in Ar
@cntina is in the Stock Exchange build
ing. and in the very heart of the busi-
ness section of Buenos Aires. The Off
ces open out upon the Gale Rivadavia.
and they are not far away from the
Pink House" where the president has
Offices. The bank here is under the
supervision of Mr.. John II. Allen. for
mer manager of the Bank Of Haiti and
one of the chief men who aided in it's
establishment was Mr.. Robert O. Bal
ley, formerly assistant secretary of the
Treasury of the United States. The
staff of clerks is made up of men
trained in the National city Bank of
New York, and of others who have had
experience in South American trade. In
addition are some bank clerks who
have been connected with the large
financial institutions of this city.
The National City Bank is doing
general banking business. 1t deals in
exchange. issues letters of credit. han
dies collections. and has already large
amount of deposits. 1t does its busi-
ncss III American dollars and Argentine
pesos: and for the first time one can
buy drafts here on the United States
without having to translate the local
currency into pounds, shillings and
Evening star., 1915-01-31

safety explosives enough to destroy a
mountain, that provision must be made
for every contingency that may hap
pen to ship. and that the plans must
show the location of the last riVet-.
when such points are considered II Is
obvious that no light task is set Tor
the naval constructor.
In working out the main idea the
constructor has the aid of his personal
experience in the development of
earlier ships, and he can modify the de-
signs of such fundamentals as keel.
frames. sections. beams. etc, of for
mer plans to meet the requirements OF
his new creation. In the preparation "t
these notifications and OF the MINOR
details. such improvements IN tuf-
rets. arrangements OF compartments,
designs for gun platforms and the
thousand and one other things. he ard
his assistants think and work aud
plan
They consider their OWL experiences.
they seek suggestions from the 1us
officers i'll actual service, from Other
bureaus, ordnance and steam. from the .
comma nder-in n-chief of the fleet, from
various navy yards where ships are
constructed. from the great prlVat te
shipbuildins companies. from the re-
ports of representatives abroad con-
cerning any known Improvement or
ia ailure in a foreign ship, from our own
aud foreign technical periodicals. trolu
the harsh lesson of experience, in fan
ures that have been made, from any
source. i'll fact, however humble or iin-
expected. that viii ma ke this new ship
better, even if only a little better than
the last. perhaps little better @
than the latest creation OF some other /.
navy.
In the course of time-t three four
nonths-there iS worked out set of =
plans showing in perfect mechanical
II
will be in the completed vessel except
her armament. her boiler ana engines
and equipment
These specifica tions must coincide IN
every respect with the drawings. they
provide for the quality and kind OF ma
terial. to the last ounce, that will enter
the composition of the vessel The
Continued on Fourth Fage.D
Evening star., 1915-01-31

numerous failures, amounting at timeS
to several million dollars "A week. and
aggregating in 1913 total of about
s5O.oo0.00o in gold. Building. which
had begun on the most eXtravagant
scale. stopped and public improve-r
ments amounting to many millions
were halted for lack OF money. Then
came the war. and the more than
400 steamships which are engaged in
the carrying trade of products to and
from Buenos Aires We're suspended.
The banks were closed for ten days,
and moratorium arranged which
postponed all payments for one month.
The government then put through
suance of $3.50 900 900 Of Argentine
currency through re-discount provi-
sion. and now business is on a fairly
good basis with excellent prospects for
the future. The great demand for
wheat. corn and meat from Europe has
raised the prices. and the country will
profit as the United States is doing
from the extraordinary foreign busi-
ness created by the troubles abroad.
At present there are many unemploy-
ed. Shortly after the war began It
was estimated that 10000 were idle in
Buenos Aires alone. and many more in
other parts of the country. The govern
ment has since iuaugurated certain
public works to give these men en-
ployment. and il is doing all that it
can to overcome the financial troubles
brought about by the war.
To go about through Buenos Aires no
one would suppose that the city and
country were in the throes of hard
times. The crowds on the streets are
well dressed, and the automobiles and
cabs fly in long streams through the
city. The automobiles have no speed
limit. and they cut across from one side
of the pavement to the other, their
wheels missing only by the thickness
of a hair. That there are many acci-
Evening star., 1915-01-31

dents seems TO make no difference.
The machines are costly. the most of
them coming from France.
| see no signs of hard times in the
store windows. The shops are filled
with the costliest of goods. and the
prices seem higher than ever. There
are jewelry stores here equal to any
thing in Chicago, and I might almost
say New York and the mlliners and
dressmakers have their models from
Paris. Notwithstanding the war. There
is undoubtedly plenty of money still
left in the country, and every one is
anticipating a great boom to follow
the advent of peace.
FRANK G. CARPENTER.
Evening star., 1915-01-31
Preliminary Steps Construction After Congress Makes the
Navy His
The Spng Styles Observation-Disclosures and Sketches and Mtnaow
the General Plan Determined UponThe

amount which the people, through their
representatives, are willing to spend
upon the navy. They advise the Secre-
tary. in Il general way. of the charac-
teristics which the ships should
possess.
Upon the recomme nda tion of this
board, the Secretary of the Navy, who
is usually appointed from civil life.
takes up the question in conjunction
with the President and his advisers.
and determines the amount which he