davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
NOVEL FEATURES OF
NEW FRENCH CREDIT
Smaller Banks and Individual
Investors May Participate

Plans Of the syndicate being organ
ICED by the Bankers Trust Company,
the Guaranty Trust Company and Will
lam P. Bonbright & Co. 20 handle the
new s100,0O0000 credit TO French in
dustrial and mercantile concerns have
several novel features. The credit, like
each OF the three for s15,000,000 pre-
viously negotiated by Bonbright & Co.
with the French banks, will be availed
Of By drafts. These drafts. instead of
being drawn By French banks, as in the
earlier instances, will be drawn By
large French manufacturing and indus
trial concerns.
Another variation from the earlier
credits is that the present loan is for
a period OF eighteen months, accom-
plished through three months drafts,
with renewals every quarter the dis
count and exchange fees being paid to
the banks at the time Of each original
and renewal acceptance.
The security OF the drafts is repre-
sented not only by the financial re-
sponsibility OF the forty or fifty French
industries which will be the drawers Of
the drafts, but also by 20 per cent OF
French government notes 20 the full
amount Of the credit.
Still another interesting feature is
the option 20 take payment Of part or
all Of the credit maturity in francs on
the basis Of $40 per dollar French
exchange is now around 5.s4h, while
the par Of exchange is 5.iss. Any i'm
movement in the exchange rate above
$40 will represent profit 20 the Amer
lean syndicate.
A plan has been proposed by the
managers by which smaller institutions
and individual investors may obtain
from members Of the syndicate undi-
vided participations by which such in
vestors would take over the participat-
ing banks responsibility and also all
earnings, including the possible prontS
on the exchange operation. reserving
20 the bank merely a compensating ac-
ceptance fee for its activities. No at
tempt has been made in any Of the for
mer credits to accomplish a general
distribution among investors or 20 re-
Beve the banks Of the temporary IN
vestnent Of their funds.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

letter box Of every citizen is still
stuffed with deliberately printed
and illustrated circulars, inviting
him or his womankind 70 unpatrl-
otto spending 1t is so much more
easy TO induce people to risk their
lives than to make them under
stand that it is unpatriotic to
spend money uselessly, that our
achievements in finance-the field
in which we rightly believed our
selves strongest-do not compare
well with the splendid expansion
Of our productive power and our
astonishing feat in creating in two
wears an army able TO beat the best
.roops that Germany could send
against il.
People are people everywhere
even in Germany, where it is prov
.rb since the war that farmer vii
1--WE his three sons to the Kaiser anC
,bstinately hold back his pig for
higher price.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
A Prosperous Belligerent

There are moments when Canada
feels almost ashamed to look AZ her
own prosperity. Trade in the sec
end half of the fiscal year, ended
with September, was more than dou-
lie that of the corresponding six
months Of the preceding year. Bank
deposits in the same time increased
one-quarter. These figures move
THE Monetary Times" TO express
its misgivings:
These figures reflect the prosper
ity Of war Business on this side
of the Atlantic has fourished on
the supply Of the belligerents'
needs overseas. Therein two i'm
portant considerations arise. First,
because of our geographical position
we have not suffered the hardships
or made the sacrifices which Great
Britain is doing. Second, the ma
terial improvement in our national
position as a result Of the war may
easily be shattered after the war
unless thrift, foresight and fore
action are practised.
But what is the case? Nobody
will bother about what is to come
after this. The government pro-
poses to hold a national business
conference to discuss ways and
means of meeting the economic sit
uation which will arise with the re-
turn of peace, and business, being
otherwise occupied, does not respond.
The conference has been postponed.
That is not the worst. That Is ma
terial. Consider how lightly people
take their moral responsibilities. 1t
is the business of the finance depart
ment TO tell people how well off the
nation is; that is what a finance de-
partment is for. But Sir Hammar
Greenwood, member of the British
House of Commons, tells the Cana
dian Club some disagreeable facts.
People in Canada are behaving as II
there we're no war at all. There
are more motor cars in Toronto de-
voted to private pleasure than IN
al of Great Britain. The English
have sent their cars to the front.
Jn Great Britain there is tax OF
so per cent on war profits. In Can
ada war profits can be spent. Such
was the truth cast upon the Cana
dian soul by Sir Hammar, but then
that is what Sir Hammar had come
T. do, and he was enthusiastic for
his errand. Lest the Canadian be
quite overcome by remorse we read
TO him from 1.-THE London Econ
omist" about the English at home:
At the root of our financial prob
lem. and Of others, Is the failure
OF the government to compel the
reduction Of extravaganza. which IS
still rife in all classes except those
which have been subjected TO com
nulsion in one form or another.
High prices Of food for the poor,
high rates Of interest for govern
ment loans, high cost OF war-nll
are aggravated by the spending on
unnecessary and often quite frivol-
Gus objects Of money that ought
To be used for buying victory. The
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

The above rates express the cost OF
foreign money in terms OF the Ameri-
can dollar. You buy an English pound
sterling for s4.75%, the intrinsic par
ity is s4.s6ts per pound. Thus you
say either that pounds are at dis
count or that dollars are at a pre-
MUM, which is owing to the fact that
in England the demand FOR dollars
with which 10 settle accounts IN this
country 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, 1916-10-22

AAofC 6AONAA oOAA, oAAN W. "a y ~
day the most tempting prize I'M
der the blue canopy of heaven.
JAMES K. LYNCH. retiring
president of the American Bank
ers' Association.
Our gains in foreign trade dur
ing September reached new rec
ord.
The total value Of goods shipped
was S512,847,957.
The total value of goods received
was s164,12S,6O4.
The difference is S34S,719,343, and
that is one months favorable bal
ance, TO be settled in gold, in val
TABLES or in notes Of promise to pay
later.
Let US throw the trade of twelve
months into the form Of a simple
account, thus:
During twelve months
TO Sept. 80 our sales
of goods TO foreign
countries amounted to. 81 ,945, 1888
In the same time our
purchases Of foreign
goods amounted to. 2,3o7, 76e. SGT
Balance owing 20 US. 2,664, 1885
Receipts OF foreign gold
during these twelve
months were ..... 45s,os2. 344
Remainder TO be settled
for by the world on
account of a years
trade with the United
states ............ S<-<Ub, 1Ao,SlZ
The remainder has been paid
partly by the sale in this country
Of American securities that had been
long owned abroad, which is per-
manent payment, and partly by
means Of short term loans, which is
temporary payment. Gold, securi-
ties and credit-those are the three
things in which Europe has been
raying for the enormous quantities
of goods bought in this country, and
great as her resources have been in
these things, they are not mex
haustible. Europe now is running
into debt with US at the rate of
about s3.OOO,OOO,OOO a year. She
cannot continue to do this for an
indeterminate time. She could not
find enough gold and securities TO
pay US with, and we could not 20 on
selling on credit, because, when we
give credit, we have to have the
means of credit, and these, too, are
exhaustible.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

RATE CASE RE0PENED

Washington, Oct. 2i.-The so-called
.ranscon.inental railroad rate case, in
volving rates on vast traffic IN COM
nodities between the Pacific Coast and
the East. was ordered reopened to-day
by the Interstate Commerce Commis-
SION. The commission assigned hear
ings on proposed rates az Chicago on
November,20, Salt Lake City November
". San Francisco December !, Port
land. Ore, December IL, and Spokane
December II.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
The Planters Dilemma

The effect on the Southern planters
already has been perceptible. Unless
the exodus is checked it is feared the
cotton and tobacco industries must face
tremendous losses, ending only with a
general readjustment Of labor condi-
tons in the South. Already greatly
increased wages are being offered in
some sections, it is reported, while the
scarcity Of labor persists.
The laborers who migrate are unmar-
ried for the most part, reports show,
but those who have families have in al
but a small minority o. cases deserted
them. The result, it is believed, will
be a sharp decline in the rate Of IN
crease among the negro population,
particularly as the death rate among
the transplanted blacks is expected TO
be high on account Of the change Of
climate.
Northern employers say the laborers
under thirty years Of age are generally
unsatisfactory, and thousands have
proved utterly worthless. Leaders
among the Northern negroes are OPP
posed to the movement, fearing an in
classification of racial issues.
The Southern Point of View
"The Manufacturers Record the
leading economic publication Of the
South, offers the following discussion
OF negro migration 20 the North:
1T would seem that the movement Of
negroes from the South to the North
has. TO considerable extent, been
brought about by the Department OF
Labor az Washington. According 20
dispatch from Washington 70 the daily
papers. it is said that the first impor-
tant effort made by the Department OF
Labor to secure men for Northern en-
Movers was to fill an application which
came from the Erie Railroad, and that
this was shortly afterward followed by
a similar application from the Penn
svlvania Railroad. BY the time thou
sand negroes had been moved North
however. the Department Of Labor
,,vol,e 70 a realization OF the fact that
there were comparatively few unem-
ploved negroes in the South. and the
department instructed its agents to
con6ne their activities TO securing en-
nlovment for negroes in their immedi-
ate sections.
Thus the Southern cities, which
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
Other Aspects

There are some other features IN
connection with this negro movement
to the North and West which will also
be OF advantage TO the South. This sec
ton has depended too largely upon
manual labor, and in many respects
upon slipshod farming methods By
negro tenants. There has been dis
position TO buy up large tracts Of land
and farm IL by negro tenants. who had
no interest other than what they could
get out OF one years crop, uncertain
as TO whether they would remain on
the land next year or not. With les
SEEMING Of the supply OF tenants there
will be a tendency toward concentra-
ton Of energy and work upon the cul-
tivation Of q smaller acreage by inten-
sive farming rather than a large acre
age by wasteful farming methods. In
many cases on the farm and in the
factory where manual labor has been
used, because Of the abundance and
low price Of negro labor, IL will now
become necessary 20 substitute me-
chanical equipment, to the advantage
Of every industry in the South.
If the negroes who go North and
West should find that they have not
reached the Garden OF Eden, as they
had expected, and later on return TO
the South, they will have a higher ap-
section than they had before and will
be better and more faithful in their
work "
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

have been vigorously undertaking TO
suppress the agents who were drawing
negroes away from this section under
the impression that they were employed
by Eastern railroads and manufactur-
ing concerns, are Up against the fact
that the Department of Labor admits
that it was the responsible organiza-
ton for undertaking TO supply negro
laborers from the South TO the Erie
and Pennsylvania railroads, thus drain
ing this section OF labor badly needed
at home.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

Under pretext of having 20 defend
the Federal Reserve Bank system
against the mysterious and preda-
tory designs of the Republican party,
the Democratic party takes unto
itself the credit for having created
end launched it and for all the bene-
fits through and by reason Of 1t con-
fcrred upon the borrowers Of money.
This is vanity, wherein it is not
ne+tv politics. There is nothing yet
20 boast Of. The Federal Reserve
Rank system has not been tested.
In 2 time when there was already
toe much credit it has made credit
more abundant and cheaper. In
time when there was already TOO
much money it has added some OF
ite own. In a time when II was al
ready too easy for the producer TO
withhold his produce it has loaned
money at special rates 10 banks that
would lend il to farmers who wished
20 hold their crops for higher prices.
The test of the Federal Reserve
Bank system will come later, when
il shall be necessary 70 make credit
dearer instead Of cheaper, when
il shall be necessary for some one
20 pay instead Of borrowing always;
and then we shall perhaps fail TO
perceive the advantage Of a bank
e.ysfern Centralized by notifies.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

Gold reserve against net deposit and
note liabilities, 7o.4 per cent
Cash reserve against net deposit and
note liabilities, 724 per cent.
Cash reserve against net deposit LA
bilities after setting aside 40 per cent
gold reserve against aggregate net LA
bilities on Federal Reserve notes in
circulation. 73.1 per cent.
In the above statement the principal
items compare with a year ago as fol-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

Below Is given the current exchange
value Of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated By the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
Our Eight Booklets.

On request we viii be glad
to send YOU any one Of these
booklets
No. C-s&---sioo BsndSr
Ho,c yos voy snrest yoar fvsA -
standard sroons producing so~ds ~
small denominations.
No. A-eA--"Cumulssfve fnvsssDsas~
How yos ~op reach the s~aSc<oi ossi
you hate IN -lsnd through eo~sisfs~t
saving AVID isvesft-0 over q 7er<ot 81
years.
No. B-f<-'-The Partial Payment
Plan"
Hotc 100 -sy ,svest rA1ls ycy ss,s.
adjusting purchases o. sec~rsftes 70
your iHcone.
No. D-s4-"Odd lot Investment
Ro,c you nay buy as HtfIs a. ~
share o. stock for cash.
No. E-e4-"Odd Lot Trading"
Hotc you may frods IN Neo Yerk
Stock ErchcrOs Securities IN 0moSsts
o. less than 100 shares.
No. F-s+'Investmeps fc~ Women"
Ho-c amp ,oonds IN receipt Of q reg
EIdrv sdlGrv cGs rss her savings 70
acquire STANDARD securities.
No. G-gs-"Curb stocks'
Hop brsiness Is conducted o. the
character Of DIFFERENT classes Of Curb
shares.
No. K-ss-"Odd Lot Orders
Hoo the odd Lot business - eo~-
daceed 4 handbook for investors oho
buy and sell odd Lots.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
Cost of one dollar.
Week

The market at the end of the week
was quiet, with only nominal changes.
Waek
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
DIyIDZND NOTICES.

&. announcement has been made that
49,. Sfitisn government has agreed %
y-fenase from Australia 100 900 tons Of
- concentrates per annUm for the
,nes 81 The war and for ten years
''Nf ths conclusion Of the wsf.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
Filling a War Vacuum

THE scarcity OF labor in the NUM-
ton factories Of the East has resulted
in these enterprises drawing upon all
available labor at high rates Of wages,
and men have crowded from other in
dustries into the munition plants to
get the exorbitant prices that have
been paid by reason of Europe's de-
mand for war supplies. With a reduced
supply Of labor. drawn from other in
dustries and from railroad work, into
munition factories and the cutting of
Of immigration, some big concerns,
railroad and industrial. in the East and
the West, aided by the national gov
eminent and by individuals. have had
their agents throughout the South Of
fering high pay and easy conditions 20
negro labor The result has been a
very heavy movement Of negroes from
the South TO the East and 70 the West
"rhe scattering Of the negroes into
the North and West will make the
negro question 9 national problem, in
stead Of q sectional one, and the whole
country will then the better under
stand the difficulties under which the
South has lsbored In handling the
negro question. So long as the North
and West know nothing BY practical
experience Of this question, they will
never understand the South's dificul
ties, but Just as soon as negroes are
sufficiently scattered over the North
and West 70 bring the question direct
ly before the people Of these sections,
there will be national study Of the
problem instead Of a sectional study,
as has heretofore been necessary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

The statement was one OF the strong
est in weeks. Actual surplus reserves
ware increased s3O,511,15O, and are
again close 70 ;1oO,OOO.OOo. Not since
the week Of July IS, when an increase
Of Sal. SOC, 900 took place, has there
been such a gain in this item. Loans
we're reduced s41,s66.OOo, apparently
one OF the results of the call Of loans
ty the banks early in the week, when
call money shot up to per cent.
New York Federal Reserve.-The
condition OF the Federal Reserve Bank
of New York at the close OF business
Friday, compared with the previous
week, follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
Trades Union Opposition

Samuel Gompers, president OF the
American Federation OF Labor, believes
that much Of the negro labor move
ment IS aimed az trades unionism. He
has instructed officers Of the fedora
ton throughout the Northern states to
report on the extent Of the movement,
and 70 ascertain the attitude Of the
negroes toward the unions.
Charitable institutions also are con-
cerned over the migration. Their in
vestigations show that many Of the ne
groes are employed on outside work
which will cease in the winter, throw
ing thousands out Of employment. Fur
Their, the Southern negroes are III
equipped 70 withstand the Northern
climate, and are therefore peculiarly
subject to disease, and may become
public charges or objects of private
charity.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

"The Modern Merchant and Gro
Gerry World" is open-eyed with as
Punishment. One would not have
believed that food products could
rise AZ they have without reducing
the demand perforce, thereby i'm
pairing the prosperity Of the vender
clags. "Many staples" II says,
among them -four, are ruling to-
Day higher than they have done
gince the tremendous advances Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

per cent by discounts and 60 per cent
By Treasury notes.
The Federal Reserve Boards state
ment to-day Of combined resources and
liabilities OF the twelve Federal Re-
serve banks Of the United States at the
close Of business October 20 follows;
RESOURCES.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

More Gold from Canada--The arrival
Of $4,000 900 in gold from Canada yes
terday brings the total inflow for the
week up to ;SO.5OO,O 900. Of this, slO,-
600. 900 went 20 Philadelphia. The metal
was all deposited to the account OF j.
P. Morgan & CO., acting for the Brit
ish government
Total gold imports since the first OF
the wear now amount 70 s415,OO0,0 600.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
Finance Economics
GARET GARRETT. Editor

I,
WALL STREET OFFICE; Telephone;
Mills Building, IS Broad St Hanover COLA
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
Saturday, October 81, 1916.

AS a nation, we have grown
rich, and have grown fat, and
have grown soft, and we are to-
day the most tempting prize I'M
der the blue canopy of heaven.
JAMES K. LYNCH. retiring
president of the American Bank
ers Association.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
AN ALARMING
MIGRATION OF
NEGRO LABOR
Half a Million Black
Workers Have Come
North in a Year
WASHINGTON, oct. 81.


Alarming reports have reached the
Department Of Labor OF the extent OF
the northward negro migration during
the last year. The departments OFF,
GERS have been instructed TO discourage
this movement, and they will send no
more negro laborers North without a
thorough investigation Of the oppor-
tunities for employment az their desti-
nation. Most Of the exodus from the
Southern states, however, is encour-
aged by private employment agencies
over which the department has no con-
troll.
Unofficial reports received by officials
indicate that in twelve months about
800, 900 negro laborers have been sent
North. Southern employers have COM
planned LnaL most OF Incsc hAo SH'PA~'
ment in the South, but were enticsd
North by promises Of better wages
The employment agents Of the Depart
ment Of Labor have been instructed not
TO assist labor-rs looking for better
Jobs, but only those who are out Of
work. Some Southern states have laws
forbidding the solicitation Of laborers
for work outside the state unless
license is obtained from the state au-
thorities.
The charge has been made also that
negroes are being shipped North and
colonized FOR political purposes. The
Department Of Justice has investigated
these charges, but thus far has been
unable 20 substantiste them.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

Fed. Res. notes
outstanding. . S7e,692,o15 SII.oO2,3lo
Agt. which is
dep. with Fed.
Res. agent:
Gold and
lawful money 79,692.O15 N,oo2-o1o
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

silver.-Bars in London. 32is pence;
here in New York. 675s cents; Mexican
Gnllars. 52A a55A.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22
Money and Credit

The actual condition of the New York
Clearing House banks on Saturday was
- Fo11ous.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

sub-Treasury.-New York banks lost
q the sub-Treasury 31.O2s,OO0
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

TT liabilities. s2t4.s47 ,333 $500, 1891 ,5s1
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-22

Bank E1changes.-The days clear
ngs az New York and other cities:
The Ocala evening star. [volume] (Ocala, Fla.) 1895-1943, 1916-08-26
A. L. l.. SCHEDULE

Trans of the Atlantic Coast Line
will arrive and depart in Ocala at thu
following times:
No. 81, Jacksonville to st. Peters
,rrg, 2:18-2:25 a. m.
No. 80, st. Petersburg 10 jackson
vile, 2:25 a. n.
No. 10, Leesburg to Jacksonville
$40 a. N.
No. 81, Ocala to Wilcox, Monday
Wednesday and Friday, 6:10 a. m.
No. 35, Ocala to Lakeland (Sunny.
JIM, Tuesday, Thursday and Satur.
day, GAO a. m.
No. 141, Wilcox, Gainesville and
Palatka TO Ocala, 11:15 a. m.
No. 40, st. Petersburg to Jackson
Vile, 12:54-l:14 p. m.
No. 4S, Homosassa to Ocala, Loo
p. m.
No. 40, Ocala to Bomosassa, 2:25
p. m.
No. 80, Jacksonville to st. Peters
turg, 2:36-2:40 p. m.
No. lao, Ocala TO Palatka, Gaines
vile and Wilcox, 4:10 p. m.
No. g., Jacksonville to Leesburg,
9 .05 p. m.
No. $50, Wilcox to Ocala, Monday,
Wednesday and Friday, 5:45 p. m.
No. 80, Lakeland to Ocala Sunny
JIM, luesday, Thursday and Satur
day. 30 ,. m.