davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
WARNS u. S. TO KEEP
GRIP ON WORLD TRADE
Max Hoschiller Says Much De-
ponds ON Policies.

Paris, Sept. 18.-Max Hoschiller, in
an article in the Temps" to-day, con-
trasts Americas financial position now
in respect to foreign countries with
what it was before the war. The article
says
Then the United States was sending
to Europe from s2OOOO0,0OO to $780,
900 900 in interest on it's borrowings,
$3.50 900. 900 to s2O0,O00,OO0 spent by
tourists. 100000 to s15O,ooO,ooO to
expatriates and s2O,OOO,OOO to $4,000
600 in ocean freights.
"Since the war the United States has
imported s73o,OOo,oOO in gold and has
paid back a considerable amount of its
previous borrowings, increased its for
eign trade by s2,25O, 100000 yearly and
lent to foreign countries s1,470,0O0,OOO,
so that the dollar now has replaced to a
considerable extent the old sovereignty
of the English pound abroad.
Whether the United States will re-
tain with her deficient financial or
ganization the position recently won
will depend upon American financial
and commercial policies. The arrival in
France OF an American commercial mis-
sion is an indication that Americans
are realizing they must follow the law
of exchange between countries, buying
in general as much as they sell"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
OUR TRADE WITH
NEUTRAL EUROPE
Some Big Gains in Ex-
ports Since the War
Began.

Figures bearing on the export trade
Of the United States with the leading
neutral countries of Northern Europe
since the beginning of the war and COM
pared with the year Immediately pre-
ceding the war have been compiled by
the foreign trade department of the Ma
tional City Bank. They are especially
interesting as they deal with countries
on which Great Britain has lately
frightened the embargo.
The total exports from the United
States to the Scandinavian states, Den
mark, Norway and Sweden, in the ifs
cal year of 1914, all of which preceded
the war period, were 500 1881 900; in the
fiscal year of 1915, practically all Of
which fell within the war period, s197,-
$4,000, and in 1916, sl62.1l2,0OO. To
the Netherlands our exports in 1914
were s112,2l6,O00; in 1915, s143, 267 900,
and in 1915 500 ,233 900. The following
comparative table indicates our exports
to the individual states (oOOs omtted) I:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
AMERICAN GOODS
GOING TO BELGIUM
Were Valued at $1,227,273 for
Week Ended September 16.

The analysis of the exports and
imports from the Port of New York
made by the foreign trade depart
ment of the National City Bank fof
the week ended September 16 showed
that Of the s34,s23,541 total exports
s2,4s9,976 was for refined copper and
s2,150,556 for munitions. During the
similar week of 1914 copper shipments
were only s191,343 and munitions ex-
ports amounted to the trifing sum Of
sl5,695. ..
The City Banks figures showed a
falling of in imports for the week Sep
TENDER 3 of s3,O13,O91, compared with
the similar period of 1915. The to-
tai imports to the Port of New York
last week were $l5,203,002
An interesting feature OF the ex-
port figures was the fact that goods
valued at s1,227,273 were shipped to
Belgium. while during the similar
week of 1915 nothing was exported.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
1916 BIG YEAR
FOR NTERBORO
Number of Passengers
Carried Six Times COun-
try's Population.

The elevated and subway trains OF
New York, owned and operated by the
marlborough Rapid Transit Company
during the year ended June 30 carried
6S3,752,114 people, more than six times
the population of the United States
and an increase of 36.373,S4S, or 5.62
per cent, over the year before. This
md other interesting facts are brought
cut in the annual report, published to-
day.
Gross receipts amounted to s35,s91,-
52s, an increase of s2.457,7S5, or 1885
per cent. After all expenses, taxes and
fixed charges had been paid there was
available for dividends the sum of
sS,s92,O14 This surplus is equivalent
to 254 per cent earned on the com
pany's .35,0O0,O0O capital stock, Of
which all but a small part is held by
the marlborough Consolidated Corpo-
ration. To this company t7,000,O00, or
20 per cent, was paid in dividends last
year, leaving a surplus of s1,S92,ol4.
The subway alone showed increased
earnings for the year of H,513,457,
while the elevated lines gained s944,-
S27. The larger earnings of the former
were attributed by President Theodore
?. Shonts in the report to the revival
in general business, which began in the
fall of 1915 and continued throughout
tie fiscal year. Gains made by the ele-
waited ware declared to be the result Of
the third tracking Of the lines opened
for operation January II, this year.
Operating expenses, the report points
out, increased S1,066,S5l as the result
Of an increase in the subway division
Of s672,121 and on the Manhattan
Railway division of s394,73O. An ex-
ransion of train service during the
year, resulting in heavy increases IN
csr mileage, with the shortening Of
hours Of station men and wage ad-
vances to transportation employees, led
to an increase in the cost of transpor-
tation of s7l4,400. The report adds:
"The net operating revenue was
s21,sS3,362, as compared with S2O,492,-
42S last year, an increase Of s1,39O,933,
OF e.7e per cent, being the result OF a
gain on the subway division OF sS4l,-
336, or 1923 per cent, and gain on the
Manhattan Railway division OF S549,-
597, or 6.21 per cent
"The total amount of taxes was 81
3l1. 6O6, as compared with s2,l33,sSO
last year, an increase Of s207,s26, or
9.73 per cent; subway division shows
an increase Of SCI. 257, or 1885 per
cent. and the Manhattan Railway d.
vision an increase Of Sl46,36S, or $50
per cent"
No mention is made in the report OF
the current labor troubles
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
ST. PAUL RAILWAYS
PROSPEROUS YEAR
Gross Earnings of S1O5,646,4s3
High Record in Its History.

Although not benefited by the 5 per
cent increase in freigh: rates allowed
the railroads in Eastern classification
territory, the Chicago, Milwaukee & st.
Paul Railway was able to report for
the fiscal year ended June 30 last the
largest gross earnings in its history.
The operating revenues for the year
we're slO5,646, 4s3, an increase Of sl4,-
2l1,109 over 1915. The revenue from
freight traffic was s7G,036,096, a gain
Of s12,0S2,297. Passenger earnings
were s1s,923, 1872, an increase of s97l,-
464. The number of tons OF freight
carried was SS,313,345, an increase Of
5,S53,953 tons.
The following classes Of commodities
showed an increase compared with the
previous fiscal year: Products Of agrl-
culture, 433,993 tons; products Of ami
mails, 174,9l6 tons; products Of mines,
2,123,593 tons; products of forests,
5l1,912 tons; manufactures, l,68s,Soo
tons, and commodities not specified,
42O,673 tons.
Operating income net after taxes
last year totalled 31,261,1s4, an in
crease of s6,544,194. Other income
brought the total net income up to
34,62O,640. Fixed charges consumed
SIT ,9O3,2s2 of this sum, leaving a sur
plus of s16,717357, equal to 7.3 per
cent on s117,4O6,000 common stock in
the hands Of the public after payment
OF preferred dividends. In 1915 the
company earned 1923 per cent on its
common stock and in 1914 6.33 per cent.
OF the s7,149,256 increase in operat-
ing expenses last year sl,lS6,5S4 was
for maintenance of way, S2,7S0,940 for
maintenance of equipment and $685.
500 for transportation expenses.
An analysis of the transportation
statistics for the last fiscal year showed
that 21,914,98S miles were run by
freight trains, as compared with 49,
377,921 for the previous year; also that
10,O43, 235, 657 tons OF freight were car
RED one mile in 1916, against $780,
98S,375 tons for the previous year.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19

In Europe people have learned to
produce more and consume less; IN
this country people wish to produce
less and consume more. The conse-
quences after the war may be very
interesting. They begin to be al
ready. THE prevalent tendency
toward shorter hours of work IN the
United States" says the First Ma
tional Bank of Boston in its New
England Letter, sis in striking con-
trast to the lengthening Of the work
dav abroad. In this connection 1t is
interesting to note that woollen man
ufacturers of Great Britain, handi-
capped by obvious labor shortage and
carving the extra burden of con-
tributing to the clothing supply Of
England's armies and those Of her
allies, have nevertheless been able
to export to us woollen goods within
% per cent of the amount sent TO US
prior to the war" Great Britain,
under all her great economic disad-
vantages, is able to apply skilled
labor to raw materials and export it
to other countries, even to the United
States. The total of Great Britain's
exports, in fact, is very nearly as
large as before the war. The ad-
verse balance of trade is owing not
to a decline in exports, but to the
enormous increase in her imports.
We are investing heavily in the idea
of foreign trade after the war. Shall
we be able to meet the terms of COM
petition?
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
.$t51,5e7 S340,440 S261,345

The principal articles in which there
tails for 1916 are not yet avsilable)
included grain, -four, dried apples, ba
con, lard, sausage castings, oil cake
meal, cotton and lubricating oil. The
increase in cotton exports in 1915 over
1914 was enormous. We shipped
$500, 900 worth of this commodity in
the year preceding the war and $751;
100000 in 1915. The natural presump-
tion is that a large portion of this
of oil cake meal, which aggregated 8
value of s9,225,000 in 1914, jumped to
s24, 100000 in the fiscal year of 1915,
while wheat exports TO the same coun-
tries rose from $40 900, in 1914, to
s54,645,OOo, in 1915.
The marked falling of in our ex-
ports to the scandinavian countriec
and The Netherlands in the fiscal year
of 1916 as compared with 1915 is the
result Of a combination of economic
developments, including rising prices
here and return to more normal con-
ditions in the countries involved.
Moreover, the blockade restrictions OF
the Allies in their efforts to prevent
imports into Germany, either directly
or indirectly, has been an important
factor.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
Monday, September IS, 1916.

In a sequence of million-share
DAYS on the New York Stock Ex-
change nobody knows who sells the
stocks. but it is very well known that
the public buys them. That is what
the public is for. 1t is thought to
be a strange, treacherous and gull
lible donkey. The extravaganza OF
its moods, the inverted nature Of It's
confidence, its unconcern with con-
sequences, the periodical effiorescence
Of its cupidity and the mystery OF
where it gets all the money 1t loses
in Wall Street-these are heads OF
an unending discussion in which
everything is proved save the sepa-
rate existence of the body discussed.
There is no such separate thing. The
public is everybody. The head of a
great banking institution, who talks
of the stock market in terms appro-
pirate to the lobby of the New
Stock Exchange, is as much part of
it as anybody else. The professional
speculator, who was short Of Steel
common at IS because it had gone
up too fast and is now long of 1T at
1OS because it has a look of going
higher. is a part of the public. All
the emotions, impulses and charac-
teristics ascribed to the public are
common in Wall Street itself, in all
classes and on all planes Of intelli-
gence. Wall Street is always bullish
at the top of bull market, and so
is its imaginary public. Wall Street
is always bearish when stocks are
cheap. and 50 is its imaginary public.
Neither has the courage nor i'm
agination to buy securities when
they are cheap nor the restraint to
sell them when they are dear, be-
cause they feel and act together, be-
ing all one. There are exceptional
individuals, both in Wall Street and
out of it. You will find people who
come seldom to Wall Street and peo-
pie who spend all of their time there
talking and thinking about stocks in
the same way. The Wall Street por
ton of the stock market public is
more dangerous than the outside
portion. It's emotional and tempera
mental weakness is the same, but its
resources in folly are greater.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
BRITISH SALES OF
AMERICANS SLACKEN
Cessation of Offerings Here
Arouses Interest.

Confirmation of the fact that J. P.
Morgan & Co, acting in the capacity Of
fiscal agents of the British government,
have ceased, for the moment at least,
the Offering of American securities col
ected under the British mobilization
scheme was obtained yesterday. twas
learned that leading bond houses in
Wall Street had been told on inquiry
that no further offerings Of such bonds
were being made at the present time.
Just what this means, however, bank
ers were unwilling to say. 1t was
pointed out that the matter was en-
tirely in the hands OF the British
was made that perhaps the cessation OF
offerings at this time indicated ex-
haustion of supply, or, If not this. pos
sibly the British government had taken
to boarding the securities in anticipa-
tion of more collateral loans.
The explanation of banker who is
in a position to know was that the
British Treasury had ceased selling
through its representatives for the rea-
son that it had obtained sufficient
funds from its recent loan and its
previous liquidation of Americans to
carry it along for some time to come.
The slackening in offerings at the
moment was nothing new, it was said
as in the past there have been period
cal let-ups in tho liquidating move
ment
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19

The Annalist" has performed the
interesting service of calculating the
rise in the aggregate value Of Stock
Exchange securities since the begin
ming Of the war. Taking all the
listed stocks together, it finds an in
crease of S3,044,931, 900 from July
80, 1914, to September 16, 1916. Ad-
ditions Of new securities in the peri
cd are not counted. The increase is
nearly 33 1-3 per cent. The late
James J. Hill, in a discussion of in
fation, once included securities as
the equivalent Of money, which was
a thought unfamiliar to most people
and has perhaps never received the
consideration it deserves. Stock Ex-
change securities are convertible
into money instantly. You can sell
them for cash or you can borrow on
them at bank. They are a kind Of
secondary currency. Banks and cor
porations very often carry reserves
in securities, which yield interest on
the money and are convertible into
money or credit on demand. Indi-
viduals unsystematically do the same
thing. Two years ago, when Steel
common was at so, one could borrow
on it at the bank only $40 share.
Now on the same stock one may Dor
row about $50 a share. A rise in
prices enormously increases the
amount Of bank credit necessary to
finance speculation on the Stock Ex-
change. Much credit now is en-
ployed in that pursuit.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
u. S. INVESTORS BUY
CANADIAN WAR LOAN
Mackay Companies Subscribe
for S2,OOO,OOO of Issue.

Advices from Canada indicate that
the second Canadian war loan, involv-
ing an issue Of s1Oo,OOO,OOO of fifteen
year per cent bonds, is going well,
making its success practically assured.
An interesting feature Of the offering
is the demand for the new issue from
this side Of the border. One American
concern alone, the Mackay Companies,
mas subscribed for block of $4,000, 900.
OF the inquiry from the United States
"The Monetary Times" comments thus:
The fact that the bonds are payable in
gold makes the issue more attractive to
United States investors. who ultimately
will play an important role in the absorp-
ton OF the loan. Subscriptions from the
United States may not be as numerous as
anticipated although there have been many
INQUIRIES, and the aggregate subscriptions
should prove substantial. United States
investors are keen on interest being paid
in New York. which is not the case in the
present loan. Some Of the Canadian
brokers are disappointed in this regard.
Even though the interest is not payable in
Nr" ioIh' h""''ci' "''' Pi'"e'P"' "'' ~
terest arc payable in gold. and the invest
ment is a very profitable one for people Of
the United States. Participation by United
States investors in the loan. according to
investment houses with international con-
nections. will probably be large. although
tho Mackay Companies 100000 is the
only important subscription in that class
announced this week. However. il Is known
that different houses are carrying inquiries
for substantial amounts for New York. and
the loan offering is only in its first wecs.
The Canadian Pacific Railway has
made application for s2,5oO,0Oo Of the
new issue. The company's balance
sheet as Of June 30 last showed total
OF s5,272 900 described as temporarily
invested in war loans"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
Corporation Returns

Canadian Locomotive. Report for
the year ended June 30, 1916, shows .
total income Of $574,2l1, as compared
with l34,613 in the year preceding.
Payments for interest, reserves, etc,
totalled s307,69l. an increase Of s1l7,-
$40, and dividends of 100000 were
paid on the preferred stock during the
year. the same as in 1915. Surplus to-
tailed $16l, 800. which compares with
a deficit of $i6o,499 as of June 80, 1915.
Maine Central Rsilrosd.-Report for
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
LEGAL. NOTICE..

STATE OF NEW YoRK.-oFYIcs o.
TIE SECRETARY OF sTATE - "a.
II is HEREBY CERTIFIED, In..
trademark "GEAREASE," OK sNa A.
Finch Company. was this cay Ps1sr. Of
Ale in this office. The principal pas. y,
business OF said Company 3 looA.,,,a
No 1865 Broadway. Borough ~ M,nnl
city. County and State OF New iI Of.
WITNESS my hand and n. 49, n,
Office Of me Secretary OF ss..,'.,s
rseal1 the City OF Albany. ms tnf ar,
day OF August. one thous~hS
hundred and sixteen.
c W TAFT. .,.,.
Second Deputy Secretary OF e'.'~
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19

IL all the world could agree TO
limit the hours Of labor 10 eight in
the twenty-four it might contrive
10 have both the extra leisure and
the same amount OF goods as before.
That is at least theoretically pos
sible; it would require only better
use Of the time at work. But if half
the world works harder than the
other half, and efficiency be equal in
both cases, industry will tell its tale.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
Chicago and North western Railway Q

NOTICE OF ANNUAL MEET ~ ,.,.
The Annual Meeting Of the stocEno 81.
~ Company will be held at the onoe ~
the company. 22s West Jackson Bou. rsa,..
In the city OF Chicago, Illinois. on Icy
day, october 10. 1915. a. eleven oS 80
A. N. for the election OK Dr.S,su A
IN. transaction Of such other o1
NAV come before said meeting. ,,.l.,
Transfer books will be closed on n..s."
September IS, 1915. At the close OK "a.
on that day and will be reopened u
day. October 20. 1915.
Dated September 1. 1918. ,..,,
RICHARD r. ASHTON. Pre'oe's
JOHN ID. CALDWELL, Secretary
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
FINANCIAL MEETINGS.
CHICAGO. SAINT PAUL. NINNEAPOiB
An OMAHA KAILMAl 20.

NOTICE OF ANNUAL MEETING
The Annual Meeting OF the SocSnold''i.
OF the Chicago, saint F~ul,
and Omaha Railway Company viii Dc hs,
al the office OF the company. IN me CIV !, y,
Hudson, Wisconsin. on Friday. octooer I.
1915, at nine o'clock A. NJ. for me e,eeuss
OF directors and the TRANSACTION OF ".
other business as may come psio''
meeting. y.,.
Transfer books will be closed on MOI :,
day. September r. 1915. q. the eos y.
business on that day, and will he reepe'''
on saturday october 81, 1919
Dated. September I, 1878. -,
JAMES T. CLARK. President
Holm ID CALDWELL. secretsry.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar You buy an English pound
sterling for t4.754; the intrinsic par
ity is 4.S65s per pound. Thus, you
say either that pounds are at dis
count or that dollars are at premium,
which is owing TO the fact that in Eng
land the demand for dollars with
which to settle accounts in this coun-
try is greater than the demand in this
country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19

Comment on the technical position
of the stock market is futile. Events
alone will disclose it. Hesitation in
prices and activity at the same time
suggest increasing liquidation from
a few sources and less enthusiastic
buying from many. 1t is probably
true that some very rich spectators
have sold an enormous quantity Of
stocks and that the professional OPP
orator is inclined to play for reac-
ton, but all opinion is fallible I'M
der conditions such as now prevail,
The material is extremely infamma-
BILE, and there is plenty Of it.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
PARIS BOURSE
PRICES FIRM
Conditions of New Loan
Affect the Market
Favorably.
By YVES GUYOT.
e.. Minister Of Public wsrts. Editor "lAsenes
Economlque et Flnsnclere."
lBy cable to Tie Tribune J

Paris. Sept. 1S.-The Bourse was
in a better state to-day, as there was
less profit taking, and thus prices
were better sustained.
The conditions of the new loan
were very favorably received and
had a good effect on the general tone
of the market. American metal
stocks held at good prices, while the
market in Russian industrials was
rising.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
Neus Digest
Foreign

London Stock Market.-London, Sept.
ls.-The excellent war news received
since Friday created cheerful atmos-
phere on the Stock Exchange, but there
was more tone than business, as oper-
ators are holding off pending the set
Element of the railway trouble and
confirmation OF loan rumors. Business
consisted mainly of investment buying
of Japanese bonds and oil and shipping
shares, with the latter strong. Amer
lean securities advanced well in SYM
patty with Wall Street. Union Pacific
and Canadian Pacific were the most
active issues. The closing was firm.
Money and discount rates were
steady. Money, Az per cent; discount
rates, short and three-month bills,
52@55. per cent; gold premium at
Lisbon. $500.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
U. S. Treasury Finances.

Washington, Sept. 1s.-The condition
of the United States Treasury at the
close Of business to-day: Net balance
in general fund, $188,e12,118; total or
binary receipts, s2,6oI 1882; total ordi-
nary payments, s4,461 300.
The deficit this fiscal year is $751;
3e2, 1908, against deficit of s31,714,564
last year. exclusive of Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
Newfoundland's Seal Catch.

The Newfoundland seal fishing sea-
ron which has just ended has been
financially the most successful for
years. The catch numbered $4,000.
and the value is returned at 100000.
In consequence OF the war the number
Of vessels engaged was only twelve.
the smallest number employed for
many years.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
WHY Ocean Freights Are Up.

1t is estimated by "The London
Economist" that up to the end of July,
1915, including new tonnage. the
war had reduced the tonnage of the
worlds merchant ships available for
ordinary commercial traffic by l2,45l,-
900 tons or from s56O''OO0 tons to 49,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-19
New York
Ei.t Rubber Comnany-A me-

Fisk Rubber Company.-A meeting of
stockholders has been called for Octo-
Der 2 to vote on an increase in the
capital stock of s12,50O,000, of which
$500, 900 is to be first preferred con-
vertible stock and 100000 second
preferred.