davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
Mondoy, August II, 1916.

The stock market, representing the
conglomerate mind of Wall Street,
has never been able to imagine the
possibility of great railroad strike.
On the contrary, it has perfectly I'M
derstood the necessity for violent
gestures and shrill vocal sounds, In
creasing in their intensity at each
stage of the controversy. Whether
this conglomerate mind works by rea-
son or intuition there is no way OF
telling. but it works for the most
part efficiently. In these matters 1t
is very seldom wrong. That is not
wonderful. Common sense would
nearly always reach the same con
clusion. 1t has said all the time
that a strike was impossible; the
imagination has said that that was
what common sense thought about
the war in Europe, which neverthc-
less happened. People have talked
Historically about the perllous stu
alton and what it would mean to the
people of the cities for the railroads
to stop running, forgetting that the
railroad employees also arc people OF
the cities. If ever the four brother
hoods seriously thought of putting
the country's transportation machine
out of business they would have to
consider beforehand how to transport
their own families and dependents,
numbering several million, TO places
outside the cities where they could
be fed. II would not be feasible, of
course; they couldn't do it. They
could not starve the public without
starving themselves. That is to say
they could not strike at all. SO, 1t
was necessary TO bluff all the harder
And they have done a very goo job
of il.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
BRITISH LOAN
NOW IS READY
Offering Expected TO Fol-
low Settlement of Rail.
road Controversy.

II was confidently expected IN eanH
ing circles yesterday that formsl an
nouncement of the Forthcoming Vow
900. 900 loan 10 Crest Britain would
be made this week. Practically oil o.
rangements have been made for the o.
fering in this market OF the notes
which will be a direct obligation OF TIE
British government, and will proes0D
run for two years at an interest 70"
of 5 per cent. The security VIII &c
in tho form Of stocks and bonds OF Inv
Dominion Of Canada, dollar seeui'
ties. and bonds of the Argen''n'
Sutherland and other neutral nations
First reports Of the projected p''n
FOR further financing Great bn~ln
purchase of American goods were N"
all the collateral would consist OF d0',
lar securities. II has now deVelops'
that it is the intention OF the oshnD'
syndicate handling the loan 70 h~',
tho amount of stocks and bond' =.
domestic corporations TO sm'"
minority of the total list
A decidedly unfayorable turn In Wv
railroad labor situation, it was 80
mitted by bankers, might result IN :
DELAY in bringing out the loan. A e''
eral strike, they said, would douo'.es
make il unwise to attempt 70 sell w
oion securities in the face OF a Wv
IN of the important transpor'S'',s
systems Of the country, when wv.
necessarily raise the cost OF iiv'ns :
a level where investors might deem "
inadvisable to increase their nOiu'"'
of securities. ,,,
If the President is able 20 0'n' pre-
about a settlement of the difference,
between the railway traihms" -,
their EMPLOYERS. it is probable that y,
pending British loan will be follow
nv another loan to Russia BY the O'''
ers who recently arranged ereo'' :
$4,000. 900 This same syndicate
an option on sioO,OOO.Ooo OF Nu'' ',.
Government bonds. which IT may cav
else when 1t considers eono,,lss,
favorahlo for their sale IN thus ins''
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

can be in explosives. because a large
number of other things besides eX-
nlosives arc needed to conduct the war
We have to take number OF years
and carefully calculate the rate oil
procress: further, we have also 10 iihd
ont Tho articles that are generally USED
in The conduct of the war. 1t is not
necessary to go in extreme detail INTO
all the commodity figures in order 10
make our calculations. We have figures
only for eleven months, at present;
but considering the fact that the pro-
norton of increase in the last month
has been much the same as before, II
is easy to compute the value for the
twelve months. We know that the
highest total for exports of brass ana
manufactures Of brass in normal years
was under Ss.O00,000. In the past year,
the exports were to the value Of Sl32,-
oO9 900. Therefore. it is safe to con-
cludc that s124,O0O.000 additional eX-
port il due to the war. Automobiles
and parts of automobiles were exported
to the value Of sll2,e00,OOO. The
largest previous pre-war total was IN
1914, when the total was only 100000
900. Allowing for a normal increase
we have still to admit that sSO,OoO'OOo
OF exports are due to the war Inc
quantity of copper ingots, etc. e%-
ported in 1915 was only 63l,0OO'OoO
pounds as against 100000 IN l9lo
and se3. 600. 900 in 1914; but there has
been a heavy rise in price. and the
war accounts for s59,0OO,0OO OF TINS
additional trade. Machine tools, for
instance. stand at s52,sO0,ooO The
normal trade was never more than sl2'-
100000. Therefore. $40 ,OoO,o 900 must be
accounted for by the war
have selected Satisfactorily a lie"
leading items. and have arrived at the
conclusion that the following increases
are due to the war, after allowing for
normal advances in volume and value:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
NEW WAR ORDERS in
THE STEEL INDUSTRY
For Material $34,000,000 and
for Shells S150.000,000.

American steel mills last week ac-
ocpted contracts for 100000 tons Of
she'll steel, valued at S54,O00,000. OF
this total 100000 tons. valued at
s34,OOO,OOO, are for direct export, and
100000 tons, valued at s2O,OO0,000, arc
for domestic consumption. All of this
steel will be used in the manufacture
Of war munitions.
The domestic orders we're made up
OF number Of small lots, ranging
from 5000 to $4,000 tons each. The
greatest proportion of the total-25O,-
600 tons-was for Ga Inch round bars,
that brought 3A TO AZ cents pound.
The bars are to be used In the manu-
facture Of 6-inch quick-fring shells,
each weighing $50 pounds, according TO
British specifications. Orders were also
placed for forging billets-included IN
the above required in the manu-
facture Of 92-inch British howitZer
shells, weighing $50 pounds each. Such
billets were also bought for shells TO
be manufactured TO French speciiica-
tions, including 22Omm, each weighing
800 pounds. Other orders were placed
for heavy forgings for British 12-inch
shells, each weighing 1000 pounds, and
for 29Omm. French shells, each weigh
ing 700 pounds. The forging billets
sold between sos and $40 ton and the
heavy forgings commanded $50 or more
a ton.
1t is an interesting fact that when
the first war orders were placed here
the manufacturers obtained forging
billets at S35 ton.
Preceding this buying of steel. Amer
lean manufacturers of high explosive
shells in the last three weeks were
awarded contracts calling for the eX-
penditure of sl5O,OOO.OOO by the Allied
governments, end there is not an in
dustrial plant that has fulfilled pre-
vious shell contracts acceptably that
cannot have more orders for the ask
ing. 1t is only a question of capacity
and the amount of steel available.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

II would have been hardly decent
for the shares of munitions making
corporations to celebrate in haste the
victory won at Washington over
those who had been seeking to tax
war profits. Besides, it has yet to be
voted on. The compromise on a tax
of ; per cent to be levied upon net
profits is extremely moderate. II
was brought about, so the days
meagre information was, with the as
sistance of the Southern Senators,
who had been persuaded that a real
tax on war profits would "injurc
cotton" Only Providence may IN
lure cotton, and then in no very
reckless manner. The argument Is
worthless. The prices charged for
munitions are so high already that
even if a very high tax were added
by the producers to the cost and
passed along to the consumer, who
in this case is Europe, it would make
no difference at all. The Allies buy
ammunition here not because 1t is
CHEAP. nor because it is the best, but
because there is no other source Of
supply. They have got to buy.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

The above rates express the cost OF
foreign money in terms of the Amer
lean dollar. You buy an English pound
sterling for AS ll-l6, the intrinsic
parity is S4.s65s per pound. Thus, you
say either that pounds are at a dis
count or that dollars are at a premium.
which is owing to the fact that in Eng
land the demand for dollars with which
TO settle accounts in this country is
greater than the demand in this coun-
Try for pounds with which to settle
accounts in England.
If you calculate the cost of the dol
lar in terms Of foreign money that
is. as if you we're buying dollars with
pounds, marks or francs its value
Yesterday and a year ago would be
about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

war finance. If Germany should wln'
everything she has issued would he
good ON that account. If she should
lose her financial condition would be
desperate, no matter how sound her
financial practice had been. And the
same is true of her enemies. If they
win their securities are good; if they
lose. il is not so.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
Wars Solvency.

\ British war loan. lntcrhal OF
external. is an event in world finance.
So is y French. a Russian, an Italian,
a Dutch. a Canadian or even an Aus
tralian loan. But a new German
loan is first matter Of political in
tcrcst. As matter Of finance it is
related not to the present hut to
the future. Thus. the announcement
of fifth German loan, in wireless
message printed yesterday in The
Tribune, could in no possible manner
affect the prevailing rate of interest
in the world or even touch the rate
Of exchange between dollars and
marks. 1t could only excite conject-
ure as to the state of domestic
finance in Germany. The Tribunc'S
correspondent, Ernst Kahn. financial
editor of the "Frankfurter Ieltung,"
is one Of the best trained financial
writer's in Germany. lie is known
personally in Wall Street, where he
passed several years. His testimony
is wholly Trustworthy. He says the
new loan will certainly be success.
because deposits with commercial
banks and savings institutions are
enormous and industry is making
great profits, as is proved by the bal
ancc sheets now appearing. He
means that the corporations will be
expected to invest large portion Of
their war profits in the war loan, as
before, which. Of course, they will
do. 1t will be said that he is trying
to make out that Germany Is grow
ing rich by war. He is not. He is
stating only statistical facts. I'm the
next paragraph he calls attention to
the imitation of paper currency, which
now has passed seven billion marks.
There is a strong agitation against
any further increase. That is the
other side of the picture. and sug-
gests the inquiry whether The Ger
man Empire is solvent.
That she should be growing rich on
the war is, of course, impossible.
But there is taking place a great
relocation of capital; the rich are less
rich, and many others are relatively
rich for the first time. The process
( is one of dwelling. There is also the
money imitation. the rise in prices,
to create the greater illusion Of
wealth and of profits.
/ Germany's solvency is not for the
present, or during the war. matter
of any relevance whatever. The
question to be answered is whether
out of her own resources and ener-
gies she can 60 on feeding and cloth
ing herself and her army and pro-
vidng vast quantities of munitions.
If she can, the means by which the
production and exchange of the goods
arc effected need not be criticised.
1t is purely a question of self-sustain-
ment in goods. The paper tokens in
which they are bought and sold are
tokens only, while the war lasts.
Afterward, the question of solvency
will arise. but it will be governed
more by the outcome of the war itself
than by the technique or methods of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
War Loan Payable in New fo''

Will the new war loan be inAu.
.hls in New York as we'll as else"'', -.
The previous loan was made rep. :, Of.
as mar in Canada only, namely
tawa. Halifax. s.. John. Chari0's''-
Montreal. Toronto, Winnipeg n' a.
Calgary and Victoria. TO or0''' "
market Of the second war loan " :
issued next month. it has been been ~, =,
gested that the bonds De mAv a cas-.
able in New York as well a. he
ada. This suggestion is w;ri,ssf.
consideration OF the Finance nm
The Monetary Times.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
FINANCIAL MEETINGS.
THE WOODMERE CLUB

NOODNERE. LONG ISLAND.
PLEASE TAKE NOTICE that the Annual
Nooting Of the stockholders Of the Wood
mere club. Inc. will be held ~ the club
House az The Woodmorc Club at Railroad
Avenue and Meadow Drive. Woodmere. Long
Island New York ON Wednesday. th- 30th
day ~ August. 1916 at $50 o'clock In the
evening The purposes OF tho meeting are
TO hear the reports Of officers; TO elect
directors for the ensuing two year term and
inspectors Of election 10 serve Al the next
annual meeting and for the transaction OF
such other and further business as may
properly come before said meeting.
Dated. New York City. August 10th. 1916.
LEWIS NJ SCHETER, Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

War profits ought to be taxed
heavily. They are abnormal and eX-
cessive profits. and they are made at
the expense Of nearly every one, IN
some degree. The munitions makers
in order to harvest their profits de-
moralized the labor market. Their
competition for raw materials has
been such as to penalize all other
BUYERS. Their demands upon trans
portation facilities have caused
freight embargoes. War orders will
not wait. Therefore. the munitions
makers have had to be imperious in
their demands. They have had to
pay such prices As would command
labor and materials, and III doing so
they have made prices for everybody
else to pay. They were sure of their
own profits. They had customer
who would pay any price, and pay in
advance. Other people have been
less fortunate. Why should the tax
ing power be exercised gingerly or
tenderly against an industry which
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
Rise in Production.

The principal copper companies IN
this country have doubled and in some
cases trebled their output. Anaconda
average is 27,OO0,O00 pounds MONTH
a. against IL 900 900 pounds at the close
Of 1914: Utah, 100000 pounds, as
against 100000 pounds; Chino, $780,
900 hounds, as against 100000 pounds;
Nevada Consolidated. 100000 pounds,
as against 2,65O,0OO pounds. The out
puts Of only seven companies for the
current year arc expected to be as
under:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
Normal Exports Lower.


The exports Of the principal raw
materials make very poor showing
this year. have pointed out that it
is less than the total of 1915; the total
value is no more than s35,000.000
higher than the total Of 1913. While
prices have gone up, the quantities
show a very large reduction. Wheat
was 172,0OO,0OO bushels, against 1885,
100000 in 1915; corn was 100000
bushels, against 47,O00,000; oats, 49,
600, 900. against 96.ooO,OOO; illuminat-
ing oil, s2l 100000 gallons, against
Ss4 100000; -four, 100000 barrels,
against 100000 barrels; cotton,
100000 bales, against 100000; cot
tonseed oil, 264.OOO,000 pounds, against
81 900 900 pounds. The only items
which show substantial increases are
bacon. hams and pork. In any case, the
total expectation in quantity OF raw
produce in this country is actually less
than that OF 1913.
The balance of the increase in the
value Of trade is mainly made up OF
slight advances in quantity and very
large advances in prices. In my table
only enumerated the principal articles
which are connected with war orders;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
The Dollar in Foreign Exchange

Sterling rates were slightly frmcr
yesterday, with demand bills at
si.75 lilo. Francs were easier. Ger
man exchange continues to hold steady
at small fraction above sevcnty-two
cents.
The closing quotations were as fol
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

has flourished exceptionally at the
expense more or less of all the rest
Of the country?
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
Statistically.

As emphasis is laid on the statistical
position it is worth while analyzlng
carefully the figures Of production dur
ing the last five years. The production
figures for the last five years lin tons
e 2.2i0 pounds) arc as under:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
Week

Fellow is given the current exchange
value Of foreign money in dollars and
cents, together with the intrinsic gold
parity as calculated BY tho United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
,r>rR,I CurNICAL COMPANY

p Rr04I -frr0f- NV YORK, july y. wv
4 quarterly dividend Of one and ono
balf pcr cent Nt2ce1 win be paid Septeu.
her l. 1915 Co Common stockholders OF
record ~ d. m.. August -. 1915.
LANCASTER MORGAN, Treasurer.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
Wax Trade Alone.

How much of the increase in exports
is due to the war is a question which
needs careful consideration. II is
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
DIVIDEND NOTICES.
THE DOME MINES COMPANY llhITE0
$50 Personal Liability
ENECUTIyE OFFICES
M az INchange Place. New York,

August 14th. 1915.
The Board ~ Directors have this DAY
declared 4 Dividend Of Five Per cent tht',
cents per sharcl. payable september ISL
1915. 20 stockholders Of record ~ the CLOSE
% business on Monday. August 2lst. 1916.
i u DIN AE. HresIdeni.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

Cold. There was Withdrawn from
the United States SubTreasury yes
terday 100000 in gold coin for export
TO Spain.
Gold from Canada to the amount of
S2.A2O.OoO was deposited at the Assay
Office for tho account OF j. ?. Morgan
& Co.
The movement to date totals S2l2,-
$50. 900.
Money al Boston. Call money TO
brokers is steady at per cent. Time
money is nominally 4 per cent for four
to six months, but there IS very little
doing. Year money is still quoted from
a., TO a.. per cent. In outside COM
mercial paper the best names will sell
at per cent for all dates where they
will sell al all.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

Or total Of 9SO,OOO,OOO pounds, or
two-thirds Of the total production of
1915 which was a record. On this
basis. VIC arc safe in counting upon a
total output Of l.s6O,OO0,OO0 pounds, or
$4,000 tons, for 1916 or 1914 IT VIC
take the average Of about $4,000 tons
as the production OF the rest OF the
world, there will be an available sup
ply Of I.lS7,000 tons to dispose OF.
There is little reason to believe that
the outputs of other countries OF the
world will not be maintained at pre-
vious levels especially as the cher
producers arc Japan, Australia, Rus
ii, Germany and Spain.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

Estimated.
Consumption during the same period
u.,g ne under.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
Finance Economics

GARET GARRETT Editor.
WALL STREET OFFICE; IelephosnsS,',
Mills Building, Is Broad St hanover o'i'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

For the twelve months ended June
90 the increase due to war orders may
be safely placed at 81 ,279 100000
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15

Sub-Trcasury.- New York banks
gained from the Sub-Treasury 81
$4,000
Silver Bars i'm London, 3l3a pence.
Bars in New York, $685. cents. Mexican
dollars. 81, TO So, cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
What Would Be Normal?

The highest European consumption
before the war was 647 900 tons the
total of 1913. OF this, England took
l47 900 tons, France 100000 tons and
Germany $4,000 tons. 1t is barely
possible that these countries will take
more than the above totals. Ger
many has been mining in Belgium
and Serbia, and has also worked
mines that were not commercially
profitable before the war-on ac-
count of the blockade The recovery
from the battlefelds cannot be insig-
nificant, although not so large as some
people believe it would prove TO be.
Granting that the volume Of trade
of the European countries does not
diminish, and allowing for the widest
latitude Of industrial demand. which
was at its height in 1918. Europe can
hardly take more than $4,000 tons.
Tie consumption in this country was
800 900 tons al its zenith; and it must
be remembered that the years 1912 and
1913 were followed By very lean year
The mos, optimistic estimate can hard
IL he higher than 100000 tons. We
thus account for possible consump-
ton Of 100000 tons on the suppose
ton that every factor is favorable to
copper. Even then we have balance
of $4,000 tons to dispose OF. A SUP
ply OF Is per cent more than the de.
msnd is hardly a prospect justifying q
boom,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-15
Maturity in days
Bank Exchanges. The days clear

rs at New York and other cities:
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1916-11-01
LOVE FOR /. PRESIDENT
POSTMASTER SHOWED
REWARDED BY SMACK

CHICAGO, Noe. POSTMASTER Ar
thur M. Kloepfer of Winnetka, SUI
burb, broke into the limelight year
ago when he fired" his assistant,
George Burkett, for criticizing Presi.
dent Wilson's second marriage. Bur
kett was ordered reinstated by the
post office department.
Today K1oepfer is in seclusion, but
occupying the limelight just the same.
Miss Harriet Sylvon, who conducts a
tea room, is responsible. She had dis
played a picture of Hughes in her store
window. Kloepfer protested and de-
manded that a picture of the president
be displayed. Miss Sylvon refused.
Kloepfer undertook to hang the picture
himself. Miss Sylvon boxed his ears
soundly and crowd which had gath
cred cheered wildly. (,
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1916-11-01
$500 PEOPLE HOLD
FR0uC At DUBLIN
IN QUAINT ATTIRE

DUBLIN, Ind, Nov. about 2,50(
people gathered here last night for the
Halloween celebration. Half of then
came masked.
Margaret Smith, Dublin, was award
ed the prize, large basket Of fruit
for being the best costumed grown per
son and the 7-year-old boy Of Joe
Woodward, Cambridge City, was
awarded a silver cup for having the
best child's makeup.
The whole affair passed without an
accident or any trouble of any kind.
The town was artistically decorated
with Japanese lanterns, the unique
lights being strung at frequent inter
walls along both sides of Main street.
Dublin citizens assert that this was
the largest Halloween celebration that
has ever been held in the Western
part of the county.
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1916-11-01
HEAD
AND HIS FORCE
Greet WILSON

ENROUTE WITH PRESIDENT
WILSON,, BINGHAMPTON, N. Y,
Nov. president Wilson made his
first stop here today on his journey to
Buffalo and was greeted by a big
crowd. George F. Johnson, of John
son City, N. Y, who declared himself
for Wilson and followed it up by CIV
ing the employees of his manufacture
ing plant an eight-hour day, Joined
the party here.
At Johnson City, 10000 men and
women workers in the Johnson shop
turned out and gave the president an
enthusiastic greeting. The tops of
freight cars and buildings around the
station were crowded with cheering
men and women