davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
Aversions.

Between those members Of Congress
who desire TO establish a consistent
system of emergency taxation, IN the
light of the European war. and those
other members who seek only TO place
the burden Of taxation upon their pet
aversions-such as the mining industry.
for example-there are still signs OF
discord in the United States Senate. IL
is requiring little time for the Sens'
tors to get their thinking caps on
straight Undeniably II conforms ven
with human nature to impose disagree
able burdens upon the other fellow
Scapegoat philosophy has always been
popular. Accordingly. the majority ID
Congress would like TO make up the
deficit In Federal revenues at the e.
pense of those communities and indus
tries which belong essentially TO the
West. Copper and explosives are Two
items in which the miners are espe
cially interested, but there Is no mor
reason for placing discriminatory ts1e'
Upon copper and explosives than thers
is for overtaxing other exports TO INV
seat of foreign warfare. How aoou'
saddles and blankets. cotton. bsroe'
wire and canned meats The Mining
American.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
Refnancing Mexico.

The question of refnancing Mexico is
at the present time causing the Admin
istration more real anxiety than any
other problem in connection with that
country. Committed to making the
Carranza government the real thing, il
possible, the Administration has so far
found it impossible to get financial in
terests either here or abroad 70 cor
slider any loans that are not secured By
the United States. Bankers when ap-
preached have very frankly said that
Hoating a loan in Mexico at this tine
would be a speculation not warranted
by the existing conditions. And. IN
less this government is ready TO get
the money for Carranza on its own
word, there will be little use Of hold
ing the proposed border conferences
The Banking World.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28

Most people would think that you
could not have too much gold. But
you could. You might have more
than you could spend, and that
would be too much, for except as a
metal that lends itself beautifully
to the jewellers craft gold has no
value in itself, and is desired only
as a token that may be exchanged
for goods. Scandinavia has too
much gold, because the belligerents
have been taking her goods in ex-
change for gold, until there is an
overabundance of gold and scarcity
of goods. Denmark, for this rea-
son, has actually demonetized gold,
in order to induce her customers to
exchange less gold and more goods
for the things they buy from her.
Sweden is in a like dilemma. Hex
banks are bullying with gold, and
she requires no more of it. She, too,
wants in exchange for her commodi-
ties less of that precious metal and
more of the goods that people con-
sumo. This is thing economists
had been saying for years. 1t was
hard for the average person to UNI
derstand. This country now is I'M
der the delusion that it is progress
ing in wealth by the simple fact of
adding rapidly to its store of gold,
but really it is not so. There is a
point beyond which it would be dan
gerous to increase our holdings of
gold. Fancy our having three-quar-
tiers or nine-tenths or all of the gold
in the world. What would happen
The rest of the world would be very
likely to demonetize gold, as Scan
dinavia is beginning to do, and for
the country that had all the gold
that would be a financial calamity.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
The Greatest Game.

Everything considered, the outlook
is good for the man who has some
thing to sell. The trouble is that
the season has given some Of US so
little that we don't stand 70 profit
much by it. But the total farm pro-
duction for 1915 will most likely bring
more than the usual figure. so that
the average farmer will come out about
as we'll as usual. or better, Which is
Just about as comforting TO the man
whose crop has burned up or been
destroyed by Hessian fly as the fact
that there's lots of ice at the North
Pole is to a man who is roasting
with heat. But, unfortunately, it's the
way of farming-the fortune Of the
greatest game on earth, which all who
play must accept.-Journal Of Agrieult-
ture.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
Steel Prices Touch the Farm.

In common with others. this Journal
accepted the statement Of The Iron
Trade Review" and "The Iron Age" las,
month that certain implement manu-.
facturers had closed contracts for steel
bars at Is points off the market, or q.
2.35c. This was denied at the time
by a number of implement manufae..
urers, and it is now admitted By TIE
Review" that il was misinformed.
One producer already has announced
an increase on bars Of 50 a ton, bu.
the advance appears not TO have been
generally put into effect so far. How.
ever, as the market now looks, there
appears to be little or no prospect Of
any lower price. and dealers who have
been hoping against hope for lower
prices for their 1917 farm equipmen.
will do wisely to forget it. accept the
inevitable and arrange their own sell
ing schedules accordingly. implement
and Tractor Trade Journal
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
MEETINGS..
THE MINNEAPOLIS & ST. LOUIS
RAIIROAn co

Notice Is hereby given that pursuant v
the Bylaws OF the Company the ANU.
meeting OF the stockholders Of The Minhs,
apolis and St. Louis Railroad Comp4n, 80
Minnesota and lows. will be held IN W.
office OF the Company In the city OF Min.t
apolis Minnesota. on Tuesday, OCTOBER ns.
1916. at twelve o'clock noon. for the ~,
pose OF electing directors and the u<hs,i,
come before the meeting. al
The transfer books OF the company -.
be closed from twelve o'clock noon ~
TENDER 2. 1915. until ten o'clock -
october tth. 1915. ..
NEWMAN ERB. PrssidsaI
0-~--e>@
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28

This country is now in possession
of 80 per cent of the worlds whole
monetary stock of gold. Its hold
ings are more than those of Eng
land, France, Germany and Russia
all combined. 1t is an incredible fact.
One hundred million people with al
ready nearly third of all the money
gold there is, and still gaining it
steadily! The consequences are be-
yond imagination. They may be not
at all what we like to think they
should be. Gold, after all, is not
wealth. Wealth is in goods and in
the power to produce them. 1t is in
the prerogatives of exchange. 1t is
in control of the sources of raw ma
terial and in jurisdiction over the
means of distribution. Gold is but
token. Man is yet enslaved to
tokens. This one of gold will come
out of the war much the worse for
usage.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
Building.

The increase in building operations
throughout the country is having a
favorable effect on the lumber situa-
ton. being reflected in very marked
improvement in the demand for build
ing material of all kinds. Drouth, ex-
cessive rains and other causes have
had an unfsvorable effect on the crop
situation, but the damage has not been
great enough to have any serious eff
feet on the buying powers of the rural
population.-The Southern Lumbermsn.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
Sense Of Duty.

The greater the opportunities 'n'
more difficult does ii become for human
nature to bear the sense Of duty. De-
cause Of this truth we often see 'h'
rich slipping to ruin through seif.in'
diligence, the vanity Of kings, the PEI
fish. snobbish egotism Of those WY
climb TO the top in literature. art sn'
politics.-The Ohio Farmer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
Prices Now and After.

In general, declining prices are &C
companied by an equally declining de-
mand, and for two reasons. Prices de-
cline as an effect and not cause Of
falling off in demand, and the
natural conservatism Of the buyer
halts purchases until he is satisfied
that the bottom has been reached. To-
day in the commercial world the in
evitably coming lower range of prices
in most commodities has already
largely been discounted by policy Of
purchasing which is entirely devoid Of
speculation and seeks to satisfy only
immediate needs.
The present high prices of COM
modities are both abnormal and un-
healthy, and they bear heavily upon
the general public. A recession to q
lower and more normal level will be
most beneficial to the great mass Of
consumers, despite the reduction in
profits to a comparatively few pro-
ducers and lower wages to certain
classes of labor. One of the most
significant features Of the situation is
that even the present high level Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
Monday, August 2S, 1916.

That a British loan of S250,O0O,-
900 was placed in this country last
week without in the least disturb
ing the ease of the money market is
simply an Incompatible fact. We
have nothing in our experience by
which TO scale it. The incident of
placing on one day of the same week
a commercial credit of S20,0OO,OO0
to the account of French borrowers
was treated with mild interest. Is
il that we are richer than we knew
and may lend enormous sums to al!
the world without in the least feel
ing it, whereas before we had been
borrowers only? 1t is partly that
We were much stronger than we
knew in economic and financial re-
sources to begin with, but in man
ner not clearly or definitely realized
the war trade has financed itself.
Europe has sent to this country
since the war began an amount OF
gold which, used as the basis of ex-
pending bank credit, is more than
enough to carry twice over all the
foreign loans that have been placed
here. Accretions from abroad to
this country's stock of gold coin and
bullion since August /, 1914, have
amounted, let US say, to 665 million
dollars. A dollar of gold in banks
reserve may be the basis of five to
eight dollars of credit, without re-
course to facilities of the Federal
Reserve Bank system. The number
of times a gold dollar may be multi
Piled in credit rises to ten or more
if you carry it through the private
banking system and then through
the Federal Reserve system to the
extreme possibility. But that in
wolves for the present a good deal of
theory. Let us assume that in direct
practice a gold dollar in bank re-
serves may be multiplied five times
in credit. That is conservative.
Then, by adding S665, 100000 of gold
to the country's stock of monetary
metal, you have increased the lend
ing power of the banks directly to
the extent of $3,315,000,000. The
aggregate of foreign loans placed in
this country since the war began is.
say, 81 100000. That includes
the loans of all foreign countries,
belligerent and neutral. Therefore.
the increase in the lending power of
American banks by reason Of the
gold received from Europe is more
than twice the aggregate of all the
foreign loans placed in this country
since the beginning of the war. 1t
is nearly enough to cover not only
the total of foreign loans, but also
the total of American securities re-
purchased from European holders.
estimated at $2,OO0,OOO,0OO. When
you think of it in this way, and when
you add to the increased lending pow
er of the banks that came from the
accretions of foreign gold the further
increase, besides, which came sud
denly at the end of 1914 with the
advent of the Federal Reserve Bank
system, you have the full explana-
ton. This is credit expansion at a
rate unparalleled in financial phe-
nomena. We are not at the end Of 1t
yet. Already it is beginning to take
the form of initiation, as witness the
rise in prices. The initiation so much
spoken of is not in circulating
money, but in credit.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28

even the wage earners who invest
a portion of their wages in insur-
ance policies or make deposits in
savings banks, for the insurance
companies and savings banks are in
situations that invest the peoples
money, even in war loans. 1t is a
kind of endless circulation, which
goes on and on, so long as the credit
is available. And credit, in the last
word, is but the confidence of every
body that everybody else will pay.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
PENETRATION
OF CANADA BY
OUR CAPITAL
Dominion Industries, Now
Occupied with War Or
ders, Are Indifferent.
By 8. ROY WEAVER.

Toronto, August 81.
Canada's war expenditure and the
obligations which the Dominion's part
in the conflict will entail mean that
the revenue requirements Of the Do
minion will necessitate a high tariff
against imports. The present expec-
tation is that the Dominion, after the
war, will impose the highest tariff
against the productions OF nations
which are now neutral-of which the
United States is the most important.
A somewhat lower tariff will be in
force against imports from the coun-
tries which are allied with Great Brit
ain in the present war. Commodities
produced in the empire will have
preference and be subject to still
lower-and the lowest-tariff rates.
With the Canadian home market grow
ing, and with Canada's highest tariff
in force against imports from the
United States, there will be increasing
inducement for American companies
which care for the Canadian business
to locate branch factories in the Do
minion.
The New Policy.
II the new trade policy of the empire
be successfully put into effect-and
there is good reason to believe that 1t
will be-all the markets Of the empire
will discriminate, as regards customs
duties or imports, in favor Of goods
produced within the empire. The ex-
tent of the preference is not yet de-
cided, but it will almost certainly ap-
ply to wide range of manufactured
articles.
The strongest opposition in Great
Britain to a preferential tariff has been
on the ground that it would involve
taxing the workngman's food. Can
ada's wheat is recognized as the best in
the world, in regard to gluten quail
ties, and the Dominion may not clamor
for q preference for wheat because /:
is not needed. But Canada will have
need Of preference on manufactured
products, and in all probability will get
it. American manufacturers, then, will
be under tariff handicap in competing
in empire markets with manufacturing
plants in the empire. By establishing
plants in Canada, these United States
interests will be able to enter the mar
kets of the empire on the most prefer
entail terms.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28

This is what happens. Great Brit
ain to buy goods must have credit.
She arranges with a Wall Street
syndicate to float a loan. The syn
dictate borrows credit at the banks
with which to carry the loan until
it can be sold to investors. The
credit borrowed by the syndicate is
placed to the order of Great Britain.
Then the contracts for goods are let
to the manufacturers, who borrow
credit at the bank with which to
buy raw materials, to erect new fac
tories, perhaps, and to meet their
payrolls. When the goods are fin
ised they are delivered to Great
Britain's agents, who pay for them
with checks on the credit which the
loan syndicate placed to Great Brit
aims order. The manufacturers re-
deposit these checks with the banks.
In the mean time, the loan syndicate,
if it has sold the British loan to the
investing public, deposits the pub
lies checks in the banks where it
borrowed the credit at first, and its
Indebtedness is cancelled. These
have been principally bookkeeping
transactions. Very little of all this
credit borrowed, reborrowed and
paid off again has ever taken the
form of currency-perhaps none at
all save what went into payrollS.
The net result of it all is that Great
Britain gets the goods and the in
vestors hold her promise to pay for
them at some future time. The in
vesting public is vague and in
definite body. 1t is everybody. 1t
includes members of the original
loan syndicate, the bankers as per-
sons. the manufacturers, the sellers
of raw materials, the contractors
who put up the factories in which
the war goods are produced, and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
American Capital In.

The Canadian Manufacturers Asso-
citation in a memorial TO the Dominion
government in 1911 stated: ct is
known that at the present time at least
200 United States manufacturing COM
panies are operating branch factories
in Canada, representing an aggregate
investment of S226,OO0,O0O. For this
influx of capital, with all the benefits
accruing to the Dominion therefrom, we
must thank a tariff which made il
worth while for those who hoped 10 sell
US goods TO come to this side of the
line 10 manufacture" The Hon. Eu-
gene Foss, of Massachusetts,, estimated
several years ago that approximately
$4,000 900 of American capital had
been sent to Canada TO build up branch
industries. The Toronto Harbor Com
missioners, in the preface of recent
publication, report a much larger num-
Der of branches of United States com
panies, but place a lower total valu1
upon them. The commissioners state I:
an the last few years l02 manufacture
ers with headquarters in the United
States have established branches,
valued in the aggregate at $50 300 900,
in Toronto. In all, 535 such branches
have been established in Canada, AIS
out OF the total being in Ontario. "
Taking the figures published by the
commissioners. the value of American
factories in Toronto represents about
II per cent of the capital invested in
manufacturing plants in the city. These
facts indicate that American branch
factories are already an important
factor in the industrial life of Canada.
A number of new plants have been
opened within the past few months, and
negotiations are pending for sites for
others: Moreover, important extern
sions have been made, and are being
made, TO American plants already es-
tablished in Canada. New opportuni-
ties in the Dominion and new-and
probably discriminating restrictions
on importations from the United States
are going TO bring many more manu-
featuring establishments north Of the
international BOUNDARY.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
Taking Steps.

While the Canadian factories are en-
gagged in the production of munitions
OF war American manufacturers are
strengthening their grip on the Cana
dian market. Before the war imports
from the United States represented
about Ga per cent of the total imports
Of the Dominion. Now they represent
"a per cent. Canada is buying from the
United States every day in the year
goods 10 the value Of more than ST.
100000 Eliminating from considera-
ton munitions of war, Canada is the
United States's best customer. This is
a market worth holding, and American
manufacturers to-day are studying
Canada and the outlook for trade after
the war
Many Canadian factories are devot
ing their entire capacity to the produc-
ton of war munitions, and have dis
continued their regular lines temporar-
lily. Through force of circumstances,
including the labor shortage, they are
not retaining their hold on the domes-
tic market. Newspapers in the Do
minion report that there has not been
as much advertising by Canadian man
ufacturers this year as there was last
year. On the other hand, American
companies which advertised in Canada
last year, with only one important ex-
ception, have greatly increased their
advertising appropriations for this
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-28
Finance Economics

GARET GARRETT Editor.
WALL STREET OFFICE: Telephones,
Mills Building, 15 Broad ST. hanover o'i'
Evening journal., 1916-03-25
PACKARD COMPANY TO
Have own BUILDING

The Packard Motor Car Company Of
Philadelphia, now located in tempor-
airy quarters at 222 West Tenth street,
this city. has contracted for a new
sales room and service station to be To-
Gated at Nos. 219 and 221 West Ninth
street. The building will be of the
most modern construction with a
handsome show room and modern SER
vice station, for the purpose of Offering
to Packard clientele the famed Packard
service. The service department will
be built on the daylight plan Of con-
struction and with every convenience
and facilities necessary to handle this
department in the most modern man
ner. Special attention has been given
for the handling Of the largest types
of Packard trucks.
Wilmington contractors will erect
and have charge of the entire con-
struction. Interest shown by Delawar-
cans has prompted the Packard Com
pany to establish permanently in this
locality and purchasers are now as
sured Of every advantage that this
company has to offer.
Evening journal., 1916-03-25
protectors Of came
HAVE SOCIAL NIGHT
Rod and Reel Association
Members Think OF Good
Times Ahead
LUNCHEON AFTER
HAPPY "REMINISCENCES

with more than sixty members in
attendance. the Diamond State Rod
and Reel Association celebrated it's
first birthday anniversary with an
elaborate smoker in their rooms. No.
Goa Market street, last night Il was
one OF the most unique and successful
functions that has ever been held by
the association, there being q num-
ber OF addresses on subjects Of interest
TO the association and q musical en-
tcrtainment
The object of the association is ic
have striotor laws for the protection
OF game. and 20 have the present laws
enforced The object of the smoker
last night was to stimulate more in
torest in this project. not only in this
city and county. but throughout tho
State A number of men who are
working 10 this end were present last
night aud talked to the members OF
the association upon the work
Addresses were made by Edward G..
Bradford Jr.. president of the State
Game and Fish Commission. Captain
John =. LeFovre, of Dover. chief game
warden: Senator Thomas r. Gormloy
Frank w VanIuvanee. president Of
the association, and j. = Schuyler
president Of the Anglers and Gunners'
Association. The addresses strongly
tended 10 increase the interest in the
work of the association
An interesting musical program
was given. The Blass Bass Guitar and
Banjo Club entertained with seloc-
tons The coon songs OF Albert War
Evening journal., 1916-03-25

ner were a feature OF the evening. and
the comic recitations by Joseph Shaw
back sent the gathering into laughter
throughout the entire evening. A
number OF phonograph selections also
we're given by Fred Stierle.
A luncheon followed the menu be-
ing as follows:
Tuna Fish Salad Ia Van
Potato Salad Lettuce Salad
Frankfurtors Ia Schueler-rol
Bologna
Davis Onions Olives sur Haynes
Celery from la Pond Comfy Aqua Pura
Rolls Cheese
Pickles en- Hopes
Coffee de FRITZ Crackers lmaybel
Smokes de Ia Hagner-ian
Ye Olde Clays and Virginia Leaf
The committee Of arrangements
comprised Millard r. Haynes, Elmer
.C. Pond. William Schueler. Walter
'C. Davis, Jr., Fred W. Stieno and
Frank VanLuvanee.
Evening journal., 1916-03-25
Y. NJ q. 4. SPORT.

The individual contest in the Mems
Night Glass OF the " Nj c. A. is fast
drawing 70 % close and a great fight
is on for Arst second and third place.
Arlington Is leading at present and is
being closely pressed by Philips and
sayers who both stand o good chance
of finishing ahead of him
But one contest remains TO be run
on and that will be on next Wednes-
day night and is sure TO be a hum
mer ass moro interest has been shown
IN the contest this year than ever
before.
Following arc The men who have
rcorcd 500 points or over:
Evening journal., 1916-03-25
EDGAR N .HOOPES loses
CHAMPIONSHIP BY Stroke

Special to THE EVENING JOURNAL.
PINE FOREST INN. SUMMER
VILE. S. c., March 25.-In the Pine
Forest Inn golf championship yes
terday Jesse Day, of New York, won
first prize and Edgar NJ. Hopes. of
Wilmington, Del. won second prize.
Mr.. Hopes carried Mr.. Day to the
twenty-first hole and lost by one
stroke.
AT no time was there more than
one stroke difference in the whole
game between these two playersS and
a large and interested gallery viewed
the closely-contested match.