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

The notion that the public is al
WAYS wrong in the stock market and
Wall Street always right is romantic
and untrue. 1t is sometimes the
other way around. On the big rise in
1915 many sagacious Wall Street
people who had been loaded up with
stocks for several years proceeded to
sell them in very large amounts, be-
lieving that the war would soon end
and that when it ended they would be
able TO buy their stocks back at much
lower prices. They were wrong. The
war lasted and the rise continued.
In no one group of stocks was this
procedure more conspicuous than in
the copper shares. The case now is
that the public has the stocks, which
have increased in value by their
unusual earnings, and that the "in-
siders," if the term be not misused,
are HolSN ny NNtll pWu IilttiNlOilSs
They do not relish buying stocks
back from the public for more than
they sold them for, and yet some Of
them are said to feel that they will
have TO choose whether 10 do that or
TO abandon them entirely. Thus, Wall
Street may be said in many cases to
be publish" on stocks il has not got.
The public's hold on them is strong.
Never before, perhaps, were margins
on the average so large and so read
lily increased on request, besides
which a large proportion of what
Wall Street sold so impulsively on
the war rise has been bought and
paid for outright. The amount car
ried by brokers on margin has been
tending to decrease. There are in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
Money.

Money on call on the Stock Exchange
opened the week easy. Most of the
loans were made at ? per cent.
Conditions in time money remain
about the same as they were last week
There is no appreciable change IN
rates. though the trend is still down
ward. Local banks were buyers oil
short commercial bills in the London
market yesterday.
The opening of the week saw prac-
tically no change in the commercial
paper situation. Business is inactive
on account Of the scarcity Of offerings
and the small volume moving enjoys
a ready market at 3%@4 per cent Tor
prime six months paper.
Official discount rates in each OF 'ne
twelve Federal Reserve districts are:
Maturity in days
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
THEORY AND PRACTICE.

Take the case of Chicago. It is
the great American city, desperately
preoccupied with the work of adjust
ing means to ends, which is mainly
what people do everywhere, and
what il is the business of the econo-
mist to comprehend. At the Univer-
sity of Chicago are lot of econo-
mists who debate causes and effects
in a rarifed language which nobody
else can understand and which it is
doubtful if they understand them
selves. They refine definitions infin-
itely, invent new meanings for old
words and lose themselves furiously
in controversies which have not the
slightest relation to human affairs.
IN La Sale Street. at the other ex-
IRENE, are a group of men who write
and talk about prices going up and
down and about speculation in wheat
and have only a perfunctory under
standing of causes. The economist
Of the University and the man of La
Sale Street hold each other in
hearty contempt. Neither knows
what the other is saying The econ
omist could be very helpful if he
tried. but he is too scornful of the
journalistic method ever to be able
to write himself down TO the under
standing of those who know only the
practice of existence and have no
terms in which to express its theory.
Unless some way is found to bring
them together, the work of one will
he less imaginative than it ought to
Re and that of the other more futile
than ever. La Sale Street will go
OIL making bankers out of its own
natural material and the University
will 90 on training theorists to
teach the science Of economics to
those who will teach it again to 9TH
crs. until it becomes literature of
dialectics altogether.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
Imports of Grain and
Flour All Come from
This Country.
EXPORTS OF SILK
BREAK RECORDS
S13,2O0,000 Worth Taken by
America-Customs Figures
Given.
BY YVES GUY0T
Es.Mln,tu Of Public works. Editor "lts,nn
Economaue et Flnsnolere.'

BY cable 10 Tie Tnbunel
Paris, Aug. THE Customs sd-
min;stration has just published the
figures of Frances foreign trade
for the. first six months of 1916.
These show the importation Of t.
$4,000 tons Of grains and -four, all
from the United States.
The importation of powder, arms
and munitions from the United
States, which was insignificant
in 1914 and only reached TO-
100000 francs in 1915, totalled
nearly 124,OOO,OOO francs for the
first six months of this year.
The total importations and ex-
portstions of France this year are
only l,6OO,OOO,OOO francs less than
in 1914. This represents a loss in
commerce in the second year OF the
war. but of course it must be re-
membered that sixty per cent of the
total represents imports.
The United States furnished ten
per cent of the sugar imported this
year, which is the same proportion
as in 1915. The proportion Of salt
and frozen meat furnished by the
United States is the same as for
sugar.
From 1910 to 1914. the average
importation of horses into France
was $4,000 head a year. bat in 1913
it was 100000, and this year 49,
600, of which last year the United
States furnished 10000 and this
year 900.
The importation Of cotton has
fallen off greatly, but Of the l-5,-
900 tons imported this year the
United States sent $4,000. The IN
portation Of mineral oil. on the other
hand, increased. and the United
States furnished four-ffths. repre-
sented this year by 100000 tons.
In exports onlysone product shows
an increase this year, which Is SIX.
The figures this year, 100000. OOD
francs. pass anything ever known
before or this amount the United
States took s6,O00,000 francs worta'
compared with 26,000,000 in 1918
The total exports show a falling on
of forty-nire per cent, as compares
with 1914, but II is evident from me
great amount of business done that
the reciprocal needs Of the nations
will make il impossible 10 suppress
commerce by war TO such proper
tons as at present -.-.---
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08

Brokers say that very little buy
ing of international stocks, like
Union Pacific or Steel common, is fol-
lowed by the appearance of crisp,
new certificates, fresh from the
transfer offices. They are supposed
to represent the liquidation of ex-
European holdings through the bank
ing group that is in control of the
transatlantic movement of securi-
ties. Herein is room for some very
interesting conjecture. If it were
desired to conceal such liquidation it
would be perfectly feasible for the
sellers to borrow old stocks for i'm
mediate delivery, and so withhold the
evidence until a great deal of selling
had been accomplished. Any one
would know beforehand that the new
certificate would attract attention
and put buyers upon notice as to the
source from which stocks were being
supplied. Therefore, it is permits
sible to believe that the freedom with
which the new certificates are deliv-
cred is intentional and that the pur-
pose of it is to discourage specula-
ton for the rise. That would be
quite consistent with all that has al
ready taken place. The bankers con-
Quoting the international liquidation
have so far handled it in a very
adroit and large-minded manner, as
free from sordid motives as large
transactions have ever been in Wall
Street. And if now they were look
ing forward to the probability of
having to take further amounts of
dollar securities en- bloc from Lon
don. they would naturally wish to
keep prices from rising, in order to
make the best terms possible, not for
themselves. but for the market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08

The above rates express the cost Of
foreign money IN terms Of the Amer
lean dollar You buy an English pound
sterling for Sab 11-l6: the intrinsic
parity is S4s6% per pound. Thus, YOU
say either that pounds are at a dis.
count or that dollars are az a premium.
which is owing to the fact that in Eng
land the demand for dollars with which
10 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
il. as If you were buying dollars with
pounds, marks or frsncs-its value
yesterday and year ago would be
about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
A Gold Lined III Wind.

ut would be laughable," says Seere-
tary of Commerce Redfeld. in an inter
view on Waste" in THE Nations
Business" IF il were not in its larger
aspects so tragic, 20 recount the ex-
periNnce OF large copper com pany. A
recent court decision compelled the
company 70 install methods for saving
sulphLric acid fumes which were de-
nuding the surrounding country of
vegetation and destroying the lands Of
nearby farmers. As al outcome OF this
litigation, that particular company is
now making large profits by utilizing
the sulphuric seid waste"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
Monday, August 7, 1916.

When that condition is reached I'M
der which it is impossible to increase
the output of goods, for lack of facil-
tiles with which to produce them or
of the labor to man the facilities, and
the demand is still unsatisfed, only
one thing can happen. Prices can
90 on rising. The resulting phe-
nomena are bewildering. That is
now the state of the market for steel
products. Prices are what you will
pay and are governed by the nature
of your necessities. War customers
will pay any price.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
Lumber in the Mines

mines Is greater than many persons
realize, and its use is likely to be
maintained. The use Of treated timber
for gangway sets and other purposes
has been developed 10 limited extent.
The lines along which assistance could
perhaps be given are the further uses
of treated timber and designs and in
formation on the construction of com
pany dwelling houses. II has been esti-
mated that every ton of coal mined in
the United States requires the expendi-
ture of about seven cents for pit lum-
Manufacturers Record.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
Bank Exchanges.-The days clear

ings at New York and other cities:
New York, exchanges s27S'esl'S97'
balances s200O6,O 64; Baltimore, ex-
changes s6,394,76 balances $l.272,ss3;
Boston. exchanges s22,552,752, balances
1882, 5s5; Philadelphia, exchanges
$50 .49O,259 balances s2,lls,246; Chi
cago. exchanges s5s,626,59S, balances
s3.51s.000; st. Louis, exchanges sl9,-
79O.OO6. balance. Stops, 500.
Sub-Treasury. - New York banks
gained from the Sub-TIeasury $4,000.
Silver.-Bars in London. 81 7-lo
hence. Bars in New York, 651s cents.
Mexican dollars. 500. G55 cents.
"As regards the fundamental position
Of the silver market, there is really no
change to report" says "The London
Statist." "As far as one can see at
present the price of silver will be more
or less governed by the course of the
war,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
THE GREAT COUNSELLOR.

Il is necessary for the borrowers
Of capital to come in frequently not
to prove their honesty, for that is
easily watched, but to get advice.
They must bring their problems
The banker is the shrewd counsel
Tor. and one to be trusted, for it is
greatly to his own interest that his
borrowers shall prosper.
81 have been lending money for
forty-seven years to all sorts of peo-
pie" says fine old Western philoso-
rher who runs a great bank, land
each year have had higher opln-
ion of mans integrity and a lower
opinion of his intelligence"
The archaologist could recon-
struct the Ionic columns, the pro-
portioned spaces in which they
stand, the walls, the roof, the whole
edifice complete, perhaps; but ne
could not imagine the metallic pat
ter of several hundred tipping ma
chimes nor the racketty hum of me-
chanical adders. The relics of those
instruments. provided any survived,
(no typewriter or adding machine
teing guaranteed 50 far, would
compicate the mystery. Least of
all could he imagine the stir of
human purpose that fills the place
the swarms of people coming in and
going out, depositing and withdraw
ing, comforting and reporting, max
ing endless note Of everything on
precious slips of paper. One can
almos, hear him ask: What could
il all have been about?"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
DIVIDEND NOTICES.
UNFXCTIIFD MANUFACTURING co.

MOOLWORrH ri Hiding
New YORK. City. August .. 1915.
I'll. Boar! o. Directors o. this Company have
this day declared diudcud ~ 5izeo on the Caqi
tai stock outstanding. payable on september J.
1915. 10 stockholders 20 record August 20. 1916
az O'clock T. NJ TIE Board n Directors have
also Appropriated sum fo- payment o. "a e in
terest on September T. 1916. on the Outstanding
funding certificates o. The Company IN holders Of
record thereo: on August 90 1918
ED. J. BlNGLE Treasurer
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
Fractional Lot Service

We offer special, unexcelled taoili-
he. to investors and traders IN frac,
tonal lots. with same careful personal
attention as our 100 share clients
receive. r
Orders executed in any amount OF
Stocks and Bonds for cash.
We carry 10. 20 and 50 share lots
Of seasoned, safe stocks. dealt IN on
any of the Exchanges. on margin II,
On the Consolidated Exchange all
our orders. reports and quotations
are transmitted by signal. affordlns
instantaneous service.
Correspondence invited.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
The Dollar in Foreign Exchange.

The market was extremely dull. De-
mand sterling eased off bit. Francs
were firm.
The closing quotations were as fol-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
GREAT CAUSES.

Behind what one sees great causes
are playing deeply. That must be
so. Great causes produced all that
now is apparent. Causes do not
cease. But it is surprising how in
tcnsely interested people are in
causes whose effects will appear In
90 days and how little they are in
terested in those whose effects will
govern the conduct of posterity, or
determine the business policy of the
next president of the bank. Poster
ity will take care of itself; so will
the next head of the bank. That is
what he is for.
We are a busy people. Few ever
take time to put down their tools
and review their work from the
peaks of reflection. Besides, it is
discouraging, for the peaks are in
the possession of theorists who are
contemptuous of those below and
hurl down upon them clouds of aw-
full obscurity.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08

stances of large brokerage houses
having reduced their loans one-half
since spring.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
Asrtcul- l-Tr,d- ,eceptsnees-

.Ra,e for commodity par>r maturing uiihin niney
DAYS tRate for commodity paper mrurlns ",m I'M
tbir-v dnys sis per cent. over thirty " slIy dNs
nsY ccst, over si,;y 10 Ninety DAYS. "a per cent
over ninety DAYS per cent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08

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, 1916-08-08
Salaries and Wages.

The salaries and w-ses amounted 20
$685., 2ae 900 in 1914 and TO si,36S,-
$4,000 in 1909, the increase being ST.
DOL ,s36, 900, or 229 per cent.
The number OF salsried employees was
e64,2i7 in 1914. as compared with $780,
267 in 1909. making an increase Of
1880, or 20 per cent.
The average number Of wage earners
was 7,036.337 in 1914 and 6,6l5,o46 in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
DAILY IMPORTS AND EXPORTS.

Daily imports and exports Of general
merchandise at the Port of New York
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08

Chicago, Aug. 4.
II lust as we are we should be all
swallowed up by a cataclysm, what
prodigous work would await the
archaologist of some future time!
Perhaps what would puzzle HIM
most in every city he excavated
would be the ruins of particularly
beautiful, spacious and costly kind
of edifce which the American peo-
rIe had called a bank. He might
notice that the further west of New
York the city was, the more lmpos-
ing that kind Of temple had been, at
least in relation to other things, and
very often by actual comparison.
The banks of the West are won
derful. They are epic. They mem
orialize the commercial genius of this
people. Being a commercial genius,
il is democratic. This is much more
noticeable in the West than in the
East, because in the West banking IS
very intimately related to people.
STARTING A WAR INDUSTRY.
An artisan walks up a long flight
of marble steps, wanders about
among Ionic columns asking for the
president, finds him, sits down at
his desk and says he can get CON
tract to make some war harness II
he can borrow $4,000 capital. The
president asks him a few questions.
Has he ever had a shop Of his own?
Has he ever handled men? He re-
turns answers in the negative to
both questions, but insists that he
can run a shop and can handle men
and especially that he knows how to
make good harness. The president
tells him to come in the next day.
Meantime he is investigated If the
report is satisfactory the president
SAYS to kim: "I'll lend you that
money. You seem to be square,
outstanding person who knows some
thing about harness. Come in from
time to time and tell me how you
ere getting on" That is the found
ing of a harness business. 1t will
grow. Everything does.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
West of ast
Temples That Have Been Reared on the
Commercial Genius Of This People.
By GARET GARRETT.

that they may consume more, and
wasting more in the effort?
A bank is no place in which to
ask questions like that. A bank is
a practical place. 1t takes all the
time there is just to keep up with
business. If you want to know
what effect peace in Europe will
have upon industry in the United
States that is worth talking about.
But if you want to know why people
IN the cities are buying more piano
players and why people in the coun-
Try are buying more pianos, then
you evidently want to start socio-
logical argument, which never leads
to anything.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-08
Finance Economics

GARET GARRETT, Editor.
WALL STREET OFFICE: Telephone:
Broad St Hanover 65l4
The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-04-08
Notice to Road Contractors.

Notice is hereby given that the IN
dersigned road commissioners will re-
ceive bids for the construction of sc
miles of roads in Ward Two, Grant
parish, Louisiana Said roads are to
be let in four divisions as described in
the specifications adopted by the road
commissioners, and advertised. Bids
for said roads will be received by US
at Bentley, Grant parish. La, up to the
hour of IL O'Clock noon, on Saturday,
May Is, 1916; and said bids to be seal
ed. Successful bidders will be required
to give bond for the fulfilment of con-
tract, which will be drawn for the sat-
isfactory construction of the roads in
accordance with the specifications ad-
vertised. The right to reject any and
all bids is reserved.
(Signed) v. p. TULLOS,
J. E. KENT,
O. L. NUGENT,
20 e. f<<.~.v,saus $780,
The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-04-08
The Aches of House Cleaning.

The pain and soreness caused by
bruises, over exertion and straining
during house cleaning time are soothed
awsy by Sloan's Liniment. No need to
suffer this agony. Just apply Sloan s
Liniment to the sore spots, rub only a
little. In short time the pain leaves
you rest comfortably and enjoy re-
freshing sleep. One grateful user
writes: "Sloan's Liniment is worth
its weight in gold" Keep bottle on
hand, use it against all soreness, neu-
ralgia and bruises. Kills pain. Csc at
your druggist. Adv. z.
The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-04-08
Hotu 7iuo Me-, IL q.
Cured LaGripps

Last winter I suffered With : tsrsl
rible cold and case q 4 erippH~
"When getting well Of II grippe sfnl
had . hacking cough and for eeverp1
months could get no relief; Unel1y
I began taking Foley'o Honey and
Tar and soon I was well Of both
cough and cold and It never re-
+. q. Prsvo, Bedford. ina. writes:
After having an attack Of Il GTipp4
/ tried everything. / lost in vsighf
and got 20 thin It looked a. though
I would never get ven. trise
and back TO normal weight"
Foley's Honey and Tar Compound n
. healing family remedy and seldom
fails to relieve coughs. colds, Group
seSs ana .oss ehss
ed tickling throat and bronchial
coughs.
NV. DUNCAN co., Ltd.
The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-04-08

Measles, scarlet fever and whooping
cough are prevalent among school chill
dren in many cities. A common col1
never should be neglected as it weekend
the system so that it is not in condi-
ton to throw off more serious diseases.
Foley's Honey and Tar Is pleasant to
take, acts quickly, and contains no
opiates. ]. w. Duncan Co.-Adv.
The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-04-08
A LIVE STOCK pEALER sAYs
ORDINANCE AND PROCLAMATION
OF ELECTION.

By w. c. Carnahan-
Be it ordained by the mayor and board
of aldermen of the town of Colfax, La,
in special called session convened:
Sec. THAT by virtue of the authori-
ty vested in US under the constitution
of the State of Louisiana, and the laws
of the said State relative to elections,
We do hereby order an election by the
qualified voters of the said town of Col
fax, Louisiana, for the purpose of elect
ing the following municipal officers, to-
wit: One Mayor, five aldermen and
one marshal. And we do order in &C.
cordance with the election laws of the
State of Louisiana that the said election
be held ON
TUESDAY, APRIL Is, 1916,
and that the commissioners and clerk
serving to conduct the State election at
the Colfax precinct, said election to be
held on above date, are hereby appoint
ed to conduct said municipal election,
and that the returns of said election be
made to the mayor and board Of alder
men of said town of Colfax, La, and
that the laws governing State and par
ish elections shall control said munich
pal election insofar as applicable.
Sec. 2-Be it further ordained, ETC.,
That any one desiring to offer as can
didate for any of the said offices herein
named shall file his written notification
of such intention with the mayor Of
the town of Colfax. La, not later than
IL o'clock noon, Monday, March 8, 1916;
and the mayor is authorized and in
structed to have the names of such can
didates placed on the ticket to be voted
at said election.
Sec. 3-Be it further ordained, etc.,
That the candidates receiving the plur-
atty of votes cast in said election shall
be duly elected, according to the gener-
al election laws of the State of Louisi-
ana.
Sec. 4-Be it further ordained, etc.
That this ordinance and proclamation
of election. which this ordinance is de-
clared to be, shall be published in the
Colfax Chronicle, the official journal of
said town, for period of thirty days.
Sec. 5ABe it further ordained, ETC.,
That all ordinances or parts Of ordi-
dances in conflict or contrary to this or
dinance be and the same is hereby re-
pealed-
Adopted Feb. 81, 1916.
4. II. GOODWIN :. e lG nsSc..
Secretary.
The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1916-04-08
Addition to Colfax Cemetery.

The Colfax board of aldermen this
week authorized Mayor Long to close
deal with Mrs. Matte Williamson
for strip of land on the west side of
the Colfax cemetery, to be used for
burial purposes. and the deed has been
passed and recorded. A part of the
town square has already been set aside
for this purpose and the recent pur-
chase from Mrs. Williamson makes an
addition of forty burial lots. In this
connection it behoves persons wanting
lots in the Colfax cemetery to see
Mayor Long at once, because when
these lots are sold new burying place
will have to be found.