davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
RATE OF BUSINESS
FAILURES IS LOW
For II Months Number Is l3
Per Cent | ess than in 1915

Business failures continue TO run at
a comparatively low rate both in num-
Der and the amount Of liabilities in
volved. As reported to Bradstreets
Journal. the number Of failures IN
November was 1856, a few less than
IN October, 10 per cent less than IN
November a year ago, and % per cent
fewer than in November, 1914, though
IA ner cent more than in November
1918. Liabilities for November aggre-
cate se.559,551, a decrease Of II per
cent from October. and the smallest
total with one exception. that OF June,
renorted this year, while less than nail
those Of November a year ago. ana
tho smallest November total, in TACT
reported since 1906.
The total number for eleven months
RI the present calendar year, l6'l4o'
&c Il per cent smaller than last year
and only 3.s per cent larger than III
tho like period of 1914. Liabilities Tor
eleven months. $157, 5S6,4S2, are 40 per
cent below last year or the year 1915
while less than half those of 1914 ana
tho smallest liabilities, in fact, since
tQOo
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05

Evidently the attitude Of the Fed
eral Reserve Board has been mis-
represented abroad, as in this coun-
try. That is clear from the reports
returning. James Kelley, editor Of
THE Chicago Herald" writes from
London: 'Bluntly speaking said
one influential banker, this action is
in effect a suggestion TO American
business men not to sell their goods
to US and the other Allies, because
our credit is not good. 1t is a per
fectly unjustifed attack upon the
financial standing Of solvent ma
TONS" 1t is nothing of the sort,
and a man like Mr.. Kelley ought to
feel obliged to clear up an unfortu-
nate misunderstanding. But he says
himself, speaking Of the effect Of the
boards action upon the French
mind: France cannot understand
the fact and is stunned. &.
Why its financial honor, its COM
mercial credit, should be stabbed to
the vitals is TO France incompre-
hensible." 1t might well be incom-
prehensible, if it were not such utter
nonsense. No such thing has hap
pened. "The London Globe" in its
worst emotional manner, says: "The
hyphenates in the United States
have won a temporary triumph"
But "The Standard" which has
financial intelligence, says: 1--WE are
glad to hear Of it. The pity is that
the advisers Of the respective gov
ernments should have suggested the
raising Of credit in the United States
by such undesirable means"-means,
that is to say. which are thought
undesirable and financially unsafe
even in Great Britain.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
WAR TO DOUBLE
FRENCH BUDGET
Must Raise Ten Billion
Francs to Met Expenses
After Conflict
BY YVES GUIOT
lBy Gable 20 The Tribune

Paris, Dec. determination OF
the financial demands on France
after the war, in view Of interest on
the national debt, pensions, rebuild
ing, etc, indicates that the annual
budget will have to be no less than
1O,000,000,000 francs, which will
mean an increase of about 5,000,-
100000 to be raised by new taxes.
There is no doubt Of the country
being able to support this burden
if industry and commerce develop
properly. In fact, it is only neces-
sary to double all existing taxes to
raise this increased revenue, but Of
course. there are some sources Of
income, such as customs duties,
which cannot be doubled, and others
which would cripple industry If
doubled.
Thus it will become necessary TO
create some new taxes, while in
creasing others already existing, and
TO put an end TO crowd exemptions,
which now reduce revenue TO help
the election of certain Deputies.
Many experts who have examined
the question consider it not difficult
to raise all needed revenue by mod
ifcation and reorganization Of the
tax system, and putting in effect
some much needed reforms looking to
economy in administration.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05

A government treasury bill Is
piece of unsecured I. o. u. paper
that becomes due and payable at the
end of sixty or ninety days. 1t is
offered for discount at the bank,
like the merchandise note of John
Wanamaker, the cattle note of a
Texas stock raiser or the wheat note
of a Nebraska farmer, and it is
carried by the bank among its liquid
assets. But there the similarity
ends and the difference begins.
When a commercial bank is in need
of money, it can take its merchan-
disc. cattle and wheat notes to the
nearest Federal Reserve bank and
convert them into currency. That Is
what the Federal Reserve bank is
for-to take liquid assets off the
hands of a commercial bank and
give currency in exchange. Such
notes. called Commercial paper"
are self-liquidating. They arise
from current commercial transac-
tons. When the merchandise is re-
ceived, the cattle sold or the wheat
delivered, the transaction is closed
and the notes are paid off with the
proceeds. Not so with the treasury
bills of. foreign governments. They
are not self-liquidating. They can
be paid off only with the proceeds
Of new bills sold for that purpose or
with the proceeds Of additional loans.
Banks holding the treasury bills of
the British government could not
take them TO Federal Reserve bank
and get currency for them, as it
could do with a merchants or a
farmers note. The law forbids.
Therefore, treasury bills are not the
kind Of stuff in which banking re-
sources may be said TO be liquid.
That is what the Federal Reserve
Board said, and If one seeks the
implication il was this, that in the
opinion Of the Federal Reserve
Board the purchases Of merchandise
in this country by Europe had bet
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
UNITED STATES FIRMS
LOCATING IN CANADA

The Toronto Hsrbor Commissioners,
according TO THE Monetary Times"
have had numerous inquiries in con-
nection with sites in their industrial
district from local and United States
firms contemplating either a change of
their location in Toronto at present or
the establishment of a new industry
in Canada. The outstanding feature
in connection with the inquiries OF
these United States concerns seems to
be that they are all awaiting the much
discussed preferential tariff OF the Al
lies.
Fully 90 per cent Of the correspond
ents desire no publicity regarding
their inquiries. So far as the United
States manufacturer is concerned, he
probably does not desire his eompeti-
tors in the United States TO be sd-
vised that he has any intention OF
establishing in Canada.
When any sites are leased the Tor
onto Harbor Commission makes IL
public through the press on account OF
the commissioners being public body
handling lands in trust for the city.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05

Finance expresses itself in what
to most people is blind and mys-
terious language. Therefore, when
a financial matter has political or
emotional bearings it is almost GER
tain TO be misunderstood. lrrespon-
sible interpretations are generally
more interesting and always much
clearer than the technical explana-
tons. So with the statement of the
Federal Reserve Board on the sub
iect of foreign loans. 1t has been
unfortunately misconstrued. Having
news echoes from many places, 1t
has been written about by reporters
and correspondents, among whom
not one in a thousand knows the
difference between a short term loan
and the treasury bill of foreign
government. Again and again the
assertion appears that the Federal
Reserve Board has partly closed the
door to foreign borrowers. That is
not the case. 1t was only trying
to keep the door on its hinges. What
il really did was to call attention to
the danger of financing the pur-
chases of our foreign customers by
a new method, namely, that Of print
ing in this country and selling TO
the commercial banks an indetermi-
nate amount Of British and French
treasury bills. That had not been
done before. It is unnecessary to
be done at all. 1t was an innova-
ton. The bankers by whom it was
proposed first discussed it with the
Federal Reserve Board and then,
without waiting for a final express
sion of opinion from that body, pro-
ceeded upon their own responsible
ity. The expedient Of financing a
war with treasury bills instead Of
loans is debated even in Great Brit
ain and denounced by some of the
best financial minds. There are
outstanding in England above five
billion dollars Of such bills, all of
which will have presently TO be
funded into loans, so that it had
been perhaps better to sell loans IN
the first place. The excuse for sell
ing so many bills was, first, that the
money could be obtained at a lower
rate OF interest, and, second, that
the war was not expected to last as
long as it has. Germany until re-
Gently financed her war expendi-
lures entirely with loans, and her
resort now to a relatively small
amount Of treasury bills is treated
in England as a symptom Of fnan-
cial weakness.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
Relevant
Information

Anaconda Copper. - Anaconda de-
clined rs points yesterday to 80 after
selling up TO 1914 The company's
November production statistics dis
closed a sharp falling off in output Of
copper. Total production of the metal
for the month amounted to 25,500,000
pounds, compared with 3l,5OO,OO0
pounds in October, 29,4OO,OOO in Sep
TENDER, a high record Of 33,300,O00 in
April last and 24,4OO,OOO a year ago.
Cold weather in the latter half Of No
vember greatly interfered with Ana
conda's operations. The thermometer
at Butte registered % degrees below
zero at one time, freezing the ore and
making it difficult to get the stuff from
the mines to the reduction works at
Anaconda and Great Falls. Anaconda
is paying So a year dividends on its
Sl16,5O2,00 (par 500 Of stock out
standing. An unofficial estimate places
earnings this year at approximately
$50 per share. Last year s7l62 was
actually earned on the stock. The com
pany produces at an average cost Of 10
cents a pound.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05

Chandler Motor The directors de.
clared an extra dividend Of per cent
yesterday in addition TO the regular
quarterly disbursement Of 2 per cent
The stock closed a fraction up on the
exchange at III after touching 1l4ih
There is 100000 of stock outstanding
Of an authorized issue Of 100000.
The stock went on a per cent divi-
dend basis in April last. In June the
rate was advanced TO 8 per cent and in
September 10 10 per cent For the year
ended December 81 the company re-
ported net profits Of S933,217, compared
with 1921 ,s2l in 1914. In August it
was announced that the corporation
was building motor cars at a rate Of
100 per day. The present company was
incorporated in 1915 to take over the
old concern.
f. C. Chandler, president, said: "Our
earnings this year will be approx
mately S1.715,000. or S2450 a share.
Shipments Of cars for 1915 are ll5 per
cent greater than in 1915, and orders
now actually signed up amount to 90
s81 cars. Our present facilities are
such that we can easily turn out $4,000
cars, and improvements and additions
which are now under way and which
will be finished by January 10 will
bring our capacity up 70 about 10000
cars. Our position with respect to raw
materials is a comfortable one, CON
tracts covering us for the good part Of
next year"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
Monday, December !, 1916

1t is the turn Of the banker s
commodity to rise. That is credit.
The spectacle of Stock Exchange
spectators paying up 20 10 per cent
for money with which to carry their
accounts overnight is a reminder
that there are limits TO all things.
1t is a reminder also that the Fed
eral Reserve system originally eX-
cluded the Spectator from its pro-
lection. A stock brokers' note can
not be rediscounted at a Federal
Reserve bank. There is still plenty
Of credit in Wall Street but now
for the first time it is realized that
a considerable amount Of it is mac
cessible 10 Stock Exchange borrow
ers.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
French Crop Estimates

The French Minister Of Agriculture
on November % published these esti-
mates Of production Of cereals in 1916
as compared with 1915: Wheat. s.
Sil,070 metric tons, against 6,O63,020
m 1915; spelt, lll,427 tons, against
lO9.sl9; rye, 9ll,632 tons. against
s42,Ol6; barley, s579iO tons, against
692.O79; oats, 4,l27,96O tons. against
3.i62 sos.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
Copper Confscation

Having requisitioned the church
bells throughout the country and
stripped off the copper from the roofs
Of churches and public buildings. the
Austrian Ministry of National Defence
has now announced the confscation Of
the copper on private buildings.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
Exports from New York

Total exports from the port Of New
York for the week ended December >,
as compiled by the foreign trade de-
partment Of the National City Bank
were s62,749,S11, compared with $685.
1919 for the corresponding week in
1918. s2O,061, 744 in 1914 and s16,769,-
42S in 1913.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
The Dollar in Foreign Exchange

Rising money rates resulted IN de-
clines in almost all forms Of foreign
remittances yesterday. Demand ster-
ling dropped to S4.757s. Francs were
easier at 5.s5 for checks. German
marks set a new low record at 65A
cents for sight drafts. Russian rubles
were quoted at 1855, compared with a
close Saturday of 1880.
Yesterdays closing rates compared
with a week ago follow;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
Money and Credit

Call money at the New York STOCK
Exchange rose yesterday to the highest
level since December, 1912. After DIS
nlaving pronounced frmness in the
earlv part Of the day, the rate sud
denly advanced TO Is per cent an hour
hefor. the close. Several important
Wall Street institutions called a great
nanv Of their outstanding loans. The
ruling rate was per cent, and the
close per cent.
Time money was hrmer. with quoted
rates on industrial loans ranging from
AZ 70 81 per cent, depending upon
the maturity. Mixed collateral loans
wore held at per cent for all ma
turtles.
Ruling rates on money yesterday
compared with year ago, were as
follows: y
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05

ter be financed with short term loans
as before. A loan is an investment
and must be so treated. 1t has to
be carried by the bank as an invest
ment, like a railroad or a New York
City bond, for the simple reason that
it cannot be turned into money at
will, except it be sold on the Stock
Exchange, which is another matter.
The Stock Exchange might be closed,
as it was during many weeks after
the beginning of the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
Current

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling for S4.755s; the intrinsic par
ity is s4.S6ts per pound. Thus, you
say either that pounds are at a dis
count or that dollars are at a prs
MUM. which is owing to the fact that
in England the demand for dollars
with which to settle accounts in this
country is greater than the demand In
this country for pounds with which 20
settle accounts in England
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
RAILROAD EARNINGS
AT A NEW PEAK
Washinaton. December /

Washington, December !.
The Interstate Commerce Commits
sion publishes the following compare
tive statement of the revenues, ex-
penses and profits of 1O9 railroads for
the month of October:
1916. 1915.
Op. revenues .S223,838.073 $to9,212,3t4
Op. expenses. 13S,e75,182 1929, 151
Net revenues. sS4,s62,Se1 s75,4S3, 1863
The increase in net revenues over
1915 is 1876 per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05
rs WEALTH MARKETS AND COMMERCE "a

New York. Is cents; Mexican dol
lars, 577s.
Boston Bank Statement.-Boston,
Dec. 4-The weekly bank statement
shows cash deficit Of S1,62S,oOO, de-
crease S2135,OOO; excess with New
York agents, 100000 decrease ST.
$1,000; excess with Federal Reserve
Bank. s4,426,OOO, decrease $4,000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05

Below is given the current exchange
value of foreign money IN dollars and
cents, together with the INTRINSIC golc
parity, as calculated By the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05

Gold to Canada.-Gold TO the amount
Of 100000 was withdrawn from the
Sub Treasury for shipment to Canada
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05

Commercial Paper.-The best regn-
lar maturities can be placed at 4 per
cent. as some of the institutions are
bidding that rate. but note brokers are
inclined to withhold their offerings in
anticipation Of lower quotations.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-05

ings at New York and other cities:
Bisbee daily review., 1916-11-25

the chaos that has come from civil war
 This country is pacific, but is not pacilist. It win fight willingly when it can fight toI something worth while and must fight. lt IS our business to make the occasion impossible. to make the duty unnecessary if this may be. And so. through many weeks We have striven to get upon a basis that will prepare the way for new Mexico-one in which Mexicans and Americans and others can live with some assurance of safety. But this is a long way off yet.
 We have jumped only two or three of the hurdles. We can see the way out, but it is not always possible to persuade others that our way is the right way, though the proposed reduc- ton of the new export taxes on ores and bullion and the pOstponement of the decree as to forfeiture of mineral lands, as well as the agreement reach ed with reference to withdrawal of troops and border control all are in dications of the growing desire of the constitutionalist government to meet those standards which the United States and the countries of Europe have a right to expect
Bisbee daily review., 1916-11-25

ed that he believed General Carranza a strong man and that he should be given full chance" adding that Mexico will do what is right without our help or with it.
 The statement follows:
 The full policy of the United States with reference to Mexico is not to be stated in a phrase or in any protocol or series of protocols. We are to come out of Mexico just as soon as we can decently and in order, and because we have other use for our troops who are there. But this is only a beginning of policy which will make a Mexico that We can live with.
 The border troubles are only symp toms. Mexico needs system treat ment-not symptom treatment. She can give it to herself and We hope she will. We shall reserve to ourselves the right to treat her invading ban dits as they should be treated, chas- ing them to a finish, if necessary, un- less Mexico gets right into shape to do this herself. This will serve Mex icos interest as well as ours and it will be the strongest possible deter rent to raids.
 We will help her to get into good shape if she can understand that we mean to be her friend. The world wants a new Mexico where the poor and ignorant will have a better chance. To this extent the world is with the revolution. The world has no sympathy with eXploiters, but it has great respect for rights that are vested and We shall go along with the world in protecting such rights. But revolution must not mean anarchy
 "CarranZa is strong man, be- lieve. His career shows that and his followers admire him to a point of reverence. He is the man to be given a full chance and we shall uphold him if he is sensible of the duties of his nation to the other nations. Mexico will either do right without our help or with it This is her chance.
 "The purpose for which this com mission was formed was for making one last effort to make her a peace ful neighbor and giving her a stable government. To this end we must pass from the border matters of fri tation and immaterial concerns to the concerns of Mexico which affect the lives and property of our nationals. These must be secure as soon as pos sible in a country where among the masses of the people there is deep distrust of us. Then we ask that with our help or without it Mexico feed herself and drive out disease. There will be'little banditry if Mexico gets to work.
 "The miseries of Mexico must be assuaged. Her poor, naked, starving. dying peons call out for help. They do not wish constant warfare, and only one percent of her population are actually in the war, but all are suffering We cannot maintain our self respect or be true to the highest dictates of humanity and see these people suffer as they do because of
Bisbee daily review., 1916-11-25
VILLAAT GATES
 OF CHIHUAHUA CITY

(Continued From Page One) from capturing the heavy artillery on Cerro Santa Rosa.
 Villa left his troop trains at HOrca- sitas south of here, and General ApOl- ono Treyino has been ordered by Gen eral Trevino to proceed in that direc- ton with his cavalry and cut the ban dits off from the cars on which they rode from Santa Rosalia. The wound cd are being picked up and the dead buried by the volunteer and military Red Cross squads General Trevino now is making an effort to ascertain the number of dead and wounded and expects to have a definite estimate O. the losses tonightI
 General Trevino announced he .c,;- sidered the back bone of the Villa at- tack was broken put he is taking no chances on another assault. He is sending patrols of cavalry to the out lying districts and is keeping his in- tantry and artillery commands at their p"st5 to prevent a surprise attack
 There have been no disorders within the city and no damage has been done to property here. due to the fact that the Villa forces have no artillery.
 The civilian population of the city is breathing freely again and is prais- ing General Trevino and his command for their defense of the city.
 General TrevinO tJOk time today from the work or directing his forces to receive The Associated Press cor respondent and to officially deny ru- mors which he had been informed were in circulation at the border. The report that any of his men were de Serting 1 Villa, he characterized as absolutely untrue.