davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07

Whenever a country resorts 10 bor-
rowing. il is essential that y the
loans contracted bear reasonable in
terest; 90 they ought to run for
period sufficiently long TO obviate a
renewal at unreasonable times, when
there may be rise of interest; OBJ
they ought to be placed in the hands
of the ultimate investors, the people
who want TO keep them, who do not
wait for a rise and are not frightened
out of their holdings BY a temporary
decline on the Stock Exchange. In that
respect the German loans have been
very well placed. Generally spoken,
all of them pay trife more than
per cent. It has been possible to issue
the later loans at a cheaper rate for
the government than the first loan.
Five per cent at 90 is a higher price
than was customary in time of peace;
the average quotation for 1913 for the
per cent German bonds was 1884.
On that basis a per cent bond ought
to have Melted Germany 1917. The
war loans Melted her only 97l7 TO 90.
Though she had to pay more for them,
she has made relatively far better
bargain than any of the Allies.
The quotation for the French per
cent bonds average 1919 was s7.4S.
The French per cent loan of vic
tory" issued at SO, has given the in
vestor 568 per cent, or considerably
more than the German bonds. In time
of peace per cent bond ought to
have Melted the French government
14515. The peace price of British con-
soils average 1879 was 1851. The
first war loan was issued at 95, at n
rate of 3i7 per cent. The second loan
was issued at par and paid Az per
cent. The rate of interest had to be
increased, as the first loan was not a
success; it was soon dealt in at dis
count. In peace time a Az per cent
loan ought to have brought 1880.
A bond paying s. year interest
would have brought the following
amount of capital:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
NO LOAN TO MEXICO
BY AMERICAN BANKERS
Rumors Of S250,OOO,OOO Credit
Authoritatively Denied.

Rumors that a s25O,OOO,0 900 loan TO
Mexico was being arranged through
Kuhn, Loeb & Co. was authoritatively
denied yesterday. Leading New York
banking interests insist that no finan-
cial aid will be given Carranza by
them without some guarantee by this
government This, they believe, is not
to be expected.
A factor that has made many in
huential bankers more hostile TO the
present Administration is the passage
Of the eight-hour-da law. They are
more determined now than ever TO
withhold their help in carrying out
plans that President Wilson may ad-
voeate.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07

The spectacle of the markets
speculative favorite crossing its
par value for the first time on record
unquestionably had powerful effect
on sentiment and stimulated activity
in other parts of the list. But the
railway issues, for obvious reasons,
failed TO participate in any marked
degree. Industrials and specialties
continued to have the call. The air
will have to be cleared of the un-
certainties of the problem raised by
the labor question before the rails
can come back into favor. In the
meantime there is a superabundance
of news favorable to the industrials.
Take, for instance, last weeks divi-
dend record. No less than sixteen
concerns voted extra dividends. Steel
earnings are enormous. United
States Steel is estimated to have
earned 1913 100000 in August alone.
Steel touched par in the first half
hour. After that it fell back, but
later in the day forged ahead above
101. 1t contributed a sixth of the
days business. The Mercantile Ma
rines furnished nearly as much. Cop
pers and smelters and specialties
made up the bulk of the remainder of
the days turnover. At its top price
Steel showed an advance of more
than two points. A year ago it could
have been had for rs. Two years
ago many holders would have been
glad to take 40. Now for once the
s508, 500 of common stock has an
actual market value of S508,302, 800,
with something to spare, and this
had been expected for so many weeks
that when it happened nobody was
surprised.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
Loss due 10
war ....... s34.17 Sells 1851
All Pay More for Credit.

Owing to the stress of the war all
countries received less for their prom
Use to pay a stipulated sum than they
did before, but the loss is greatest IN
France and smallest in Germany. Up
TO the spring of 1915 the actual terms
secured by England were more protta-
bic than those of Germany. England
paid 4.06 per cent for her first loan
and Az per cent for her second loan.
In the summer of 1915 things changed.
The Anglo-French loan year ago
cost England more than 6 per cent,
and, while the first treasury bills
issued in England cost about 1882
per cent, she had to pay over 8 per
cent for her last issue. (b) In the
first days Of July, this year, German
Treasury bills of less than 30 days
maturity were discounted at per
cent, bills for thirty days and more
at AZ per cent. While the German
funded loans nave been placed at
slightly improved rates, English credit,
even so far as it consists of floating
debt, Is getting more and more expen-
sive. No loan could be floated to-day
on Az per cent basis, and any new
loan issued at higher rate is bound
to depreciate the old issues. (c) This
situation is no doubt due to the
enormous obligations falling on Great
Britain's shoulders. 1t certainly gives
English critics little cause to argue IN
righteous boastfulness about their
wonderful financial achievements. They
either moderated the difficulty OF the
financial task they had in hand or they
overrated their own resources.
A very large part of the loans of
the Allies is composed Of floating
debts or short term loans, such as
treasury bills, advances from the
bank, exchequer bonds, etc. Such
loans are unavoidable in war finance,
but they are merely stop gap finance.
They have TO be converted into perma-
nent loans, for the banks and the
business people, who are willing to
invest their spare cash for few
months, are unable TO continue such
investment. They cannot lock up their
liauid cash in permanent investments.
The Chancellor of the Exchequer, who
has succeeded in placing huge amounts
Of treasury bills, has merely postponed
his task; he has not finished it. The
day will come-and as a rule II comes
very soon-when the short notes have
TO be taken up, and when the renewal
az favorable terms is impossible. After
the money has been spent and after
the short term facilities have been
exhausted permanent loans have to be
placed with the investors. Treasury
bills are provisional arrangements.
They are treated as such in German
war finance. which regularly, at rea-
sonable intervals, has taken recourse
to a funded loan, settling its debts in
a permanent way. Where temporary
loans are relied upon in war finance
to a considerable degree il is either
careless financing or dire necessity,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
The Dollar in Foreign Exchange

Again the feature of the market was
the further decline in exchange on
Berlin. Another new low record was
established early in the day, when
marks dropped below SO cents for four
Later rates hardened and closed above
60. Business in German exchange is
very small. Francs continued to dis
play firmness yesterday. Russian ex-
change was easier again.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07

has an article in "The English Re
view" for August, in which he claims
RussN for Great Britain'S customer
after the war. He tells first what
her custom meant to Germany:
Before the war began Russia was
0.,e of Germany's best customers.
The trade between the two coun-
tries was growing each year. Ger
many could actually send corn
grown in East Prussia and under
sell the Russians, and this very
corn was sown and harvested by
Polish laborers, of whom some
100000 went each spring into Prus-
STA and returned in the winter.
Thus the German got cheap labor
and made the Russian buy German
corn.
Trade with a country that vii
raise its neighbours corn and ther
buy the corn at dear price is likely
to be very profitable. And if it would
do this for a neighbor it never liked
what would it not do for friends!
The writer thinks the Russians
would prefer to trade with England
The Russian likes the English
man. and especially the Scotsman.
whose Paisley dialect can hardly
be distinguished from Russian. He
will do business with an English
man in preference to German.
whose manners he hates. But the
Russian must have long credit. All
nations whose main prosperity de-
pends upon their crops need long
credit. The crops are garnered
once a year. and then, and then
only, can the goods purchased be
paid for. The risk is not great, and
the German took it gladly. We
must do the same if we would
capture the huge Russian trade.
! have been in Russia many times,
and | have no hesitation in say
ing that it is the richest coun-
try in the world in natural re-
sources. These we have totally
neglected, thanks in the main TO
foolish political prejudices, which
are now happily at an end.
But Mr.. Radcliffe in his English
way is almost as naive as he believes
the Russians to be in another way
He sees how friendship may be com
bined with double profits;
We may lose our German trade
when the war ends. We shall not
feel the loss if we replace the Ger
man orders with those which Rus
STA is waiting to give US. Indeed,
we shall double our profits. for the
German is keen buyer and the
Russian somewhat sentimental.
A rich and wasteful buyer is at
tractive enough. When you add SEN
timent, the case is irresistible. The
Russian as a sentimental buyer, with
whom you can trade in way to
double yolr profits, is obviously a
customer to be cultivated. The
American trader does we'll to make
haste. He apparently has discovered
il, too.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07

not compare favorably with the FIVE
million subscribers Of the German
loans. All sorts Of new financial ex-
pedients (war expenditure certificates
and war savings certificates have been
resorted to. Subscriptions as small as
s shillings were accepted, and in that
case the interest was per cent instead
Of Al per cent. 1t is rather sug-
pestive that democratic finance as a
means of placing huge loans on per-
manent basis has been successful IN
Germany only.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
FINANCIAL MEETING :,
CHICAGO. SAINT PAUL NE, NXro 10.
Am OMAHA RAl!N ~

NOTICE OF ANNUAL $50,
The Annual Meeting OF the wlsssi
OF the Chicago. saint Fsu. IN >
and Omaha Railway tompsNi N, =
al the ONCE OF the company, ce,sN
Hudson. Wisconsin. on tslHsy, IN, e.
1915. at nine o'clock \. NJ, t ~. 4
Of directors and the itshsas' hlsfcrt
other business as may So"
meeting .,o..d e
dav. September Is. 1915, AZ - b. ri
b"si,ess On ina, day. and VIII "
ON SATURDAY.. october a. lsl@
Dated. September !. 1915 prss.s
JAMES T. CLAIM,
John n. Caldwell, seo'e
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
DIVIDEND NOTICES.
BETHLEHEM STEEL CORPORAL
Notice Of Dividends on

The third installment q lkgaa
per cent dividend upon the prefsr,. 4
and OF ~ ot the 80 per cent a.
upon the common stock II Bs,hlsAs- !
Corporation. which were declared 0, I
airy 20. 1915. will be payable. on 0e,s.
1915. 10 the stockholders q rcg. {
o'clock z. " on September IS 1915 a..
fourth on January 2. 1917. 70 he .
holders Of record az 3 clock y
December IS. 1916. Checks VII h ne.
Dated September I. 1916
u IL IlA e s.1.s.i,l
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
"Wednesday, Septo,s5er 6, 1916.

The stock market was a huge af-
fair. Business approached the
million-and-a- share mark. The
one big development of the day from
the speculative viewpoint was, of
course, Steel commons rise above
par. What Wall Street has talked Of
for fifteen years became an accom-
plished fact.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07

due to the fact that the mass Of in
vestors will not provide money for
permanent loans. It is very curious
that the guardian of the principles OF
sound finance, England, has INDUCED
more than any other nation in these
unsound methods.
France Could Not Help Herself.
France could not help in doing so,
for from the beginning of the war her
finances have always been bad. Up TO
December, 1915, she had borrowed
1000 OOO.OOO francs; ,30o,000,o0O
francs were borrowed from the bank,
$3.50. 100000 francs were borrowed by
short term treasury bills at home, and
1,165,0O0,OO0 francs by such means
abroad Fifty-seven per cent OF all
Frances borrowings were short term
credits. Things are not better in Eng
land. Three different types of perma-
nent loans brought in s4,6O00OO,O 900;
s1,410,OOO,0O0 has been secured by ex-
cheduer bonds which mature in few
years. Up to June "a, 1916, s3,9OO,OoO'-
600 treasury bills were outstanding. II
war expenditure certificates and war
saving certificates (s72,000,000) we're
added to the permanent debt, 80 per
cent Of all loans were raised by floating
debts and only as per cent are perma-
nently secured. Cd The Chancellor of
the Exchequer, no doubt, has got the
money for the treasury bills issued, but
he has got it only for a short time. He
has to renew the bills when they fall
due or he has to fund" them. When
ne proudly published the figures of
Englands achievements in contracting
floating debts his troubles were only
beginning.
No doubt, there is more variety about
British and French war loan issues
than about the German loans. All sorts
of different investors may be interested
in them. The outstanding fact is that
a large percentage Of the Allied loans
are not placed at all, but are merely
hanging over the market. The bulk Of
the German loans, on the other hand,
has reached what might be called the
ultimate consumer. The German loans
are popular loans. The first three loans
have been subscribed by 100000 sub
scribcrs. The fourth loan was sub
scribed by about 10000 people, about
five times as many as had subscribed to
the first loan; 3,3500OO individual sub
scriptions were below 500 marks (s125);
far more than so per cent Of the hold
ers of the three loans are people who
have invested less than $3.50. A large
share of the subscriptions fully 90 per
cent of the total subscriptions of the
first three loans has come from the
deposits of the savings banks, which
are the banks of the small people. The
average subscription to the great Eng
lish loan was $4,000, the average sub
scription to the French loan was 1865,
the average subscription to the first
German loan was $3.50 and the average
subscription to the last German loan
was $3.50. (e)
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
Current

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling for S4.75i;; the intrinsic par
ity is S4S69s per pound. Thus, you
say either that pounds are at a 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 country is
greater than the demand in this coun-
try for pounds with which 10 settle
accounts in England.
If you calculate the cost Of the dol
lar in terms of foreign money that
is, as if you were buying dollars with
pounds, marks or francs its value
yesterday and year ego would be
about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
INTERBOROTGH CONSOLIDATE
CORPOR ALTON

NOtlCe OF Thy HFHI "I UI'",--
The Board Of Directors 81 ths ~
ough Consolidated Corporation. Sa
ing held to-day. declared rom ~
dividend Of ~ on The preierfse
payable at the Office ~ the Cory,
No. l65 Broadway. New fors
october ?. 1916. % thc s'ocsheeel
record al the close of business on =
Der II. 1916.
r. " FISHER. see''T1
New York. sept. 8. 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
The English Contrast.

The success Of Germany in placing
her loans in the hands of permanent
investors has been ascribed to over
organization and to rigging the market.
As the British Chancellor of the tx
cheouer has been obliged to produce
different sorts of loans at enhanced
rates, the uniform type OF the German
loans which have been placed at I'M
proved rates has been announced rs a
sure proof Of financial dishonesty
There is no need Of quarrelling with
such statements. II English financiers
want to hail as success a policy whlch
offers the investor one new type OF
security after the other. each OF them
paying a higher return, their modesty
is creditable. Their envy Of German
finance. which can do without such
means, is easily accounted for. Organi-
zation undoubtedly exists in Germany
Il is quite natural that it is called over
organization by people who dislike its
results
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
AMERICAN SNUFF CONPAN

Memphis. Tenn. sept .
Dividends OF NE on the 81
stock and 3cc on the common
American SNUFF Company were 20.
clared payable October 2. 1915 ",
holders OF record at the close Of y
September IS. 1915. Checks VIII y =
Transfer books Will remain ofe.
NJ 4 Inch. 1fe1er
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
German War Finance
Review and Discussion of Conditions Without
Precedent in Modern Times.
-Bv PROF NORTH JULIUS BONN
-Bv PROF. NORTH JULIUS BONN

These articles are urttten for The New York Tribune by
Professor oritz Julius Dr. Bonn the president OF the
Cmercial University the City Of Munich Which cds organ
lied by him in 1910 professor political economy at the
Trsrsv Of Munich Since the outbreak OF the European ,odr
he has held the Carl Scuz profsorshp at the University OF
Wisconsin, Madison the Jacob H. Scht ecteshp at ConeH
IIniuersitv. Hhacd.-Ed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
The Russian Temptation.

The Russian opportunity is so al
Turing as 20 present itself in the as
pect Of an economic temptation. The
English trader turns thereto
covctous eye. Raymond Radcliffe
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
AMERICAN CAN COMPANY.

a quarterly dividend Of one All Il
quarters per cent has been declar,i ~
Preferred Stock Of this COMPANY ~,
October LIST. 1916. 20 stockholders q y
al the close Of business september u
transfer Books Will remain opth. 81
mailed.
r. Il. IsMON. se.ro,ary ( rr,a,.y
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
CUBA CANE SUGAR CORPORATE

Preferred STOCK DiFidend
A quarterly dividend ~ SIS psf 'ai, =
day been declared upon ihe Preferred soa !
Corporation. Tor the quarter eniirs "
1916. payable October 2ri. 1915. 70 soci,e ,
record a; the close Of business Sep'eno1 "
Il. 3. KROYER r-S'
Sfpfnrrher 1t 1915
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
u IoRIII,RD COuPANY

New l1TE N1Iffnlrf -
Dividends Of !. per cert On ~ y
Stock aud per cent o1 pc Comn., :.
7. Lorillard Company have been dec.i-, =. :
October 2nd. 1915. % s'0csh''feS ~
the close ~ business september -
Checks will he mAlri - 49,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
croRcF u UEIME CONPN

III flltn Ave- rev PC fns NNt-.-1
Dividends 81 one and Three-Qga-n
Cent on the Preferred stock ana !.
One-half Per Cent on tho Commoa
George ". Helme Company were
declared. payable october ?. 1917, ~
holders Of record az the close OF =
September IS. 1916 checks VII
r.. ID. CHRISTIAN. secy ~
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
rHE AMERICAN TOBACCO conf

New York. y y Sep,enoo, J,
A dividend ~ ~ 0c has been 1870 e,. ~
preferrcd stock of TIE American
payable October .. 1915 Oh sochl. -
al the close q bushes seltea''
Checks will be mailed.
INV HICKS. ~
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
Fractional Lot Service

Orders executed in any amount OF
Stocks and Bonds for cash.
We carry 10, 20 or 50 share lots OF
seasoned. safe stocks, dealt in on any
of the Exchanges. on margin.
On the Consolidated Exchange all
our orders, reports and quotations are
transmitted by signal, afordlng IN
Simultaneous service.
Certified accountants statement OF
audit of our books published quar-
terly.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
p IORIIIARD COMPiNi

New YCfk N7.tfllH -,
Notice Il hereby given tii, ne - ,
81 the Registered Seven Per telt %
Company will ~ closed a. o'elocs
tomber 18Th. 1915. for he poue,'
thereon. due October - 1915. ara Ri
opened at 10 O'Clock 4 70 oc, -, y 80.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
THE AMERICAS TOBA,oo "
I-LlIh AARnuf. |

New York. y. y. Sepseaoa ~, ,
Motto. q hereby given thN ne -. -
ef tho registered Sc, god ho1ds y - Z
Tobacco Company viii close a. thfee = :
September IS. 1915. for ne pas1s.. - !
thereon due October !. 1915 All ""
O'clock A. NJ. October g. 1910 .,.s --.sG>
NJ " HICKS
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
C,,..vo and North western Ks .l',S'

NOTICE or ANNUAL sS,esss,
The Annual Meeting OF thx vs.,srs.
OF the Chicago ana Norm " me -
way company will be hsla ~ ~, pee
the company. :26 West ' ,,,,n",s % "
I'm the tity of Chicago' hsis,sn
day. October -. 1915, a n,rte,S
\. NJ, FOR the election ot bu'S
the transaction ~ such o,,,s
may come before said hlsss5 on ~
Transfer books Wall ., -. 81 ~
September Is, 1915, az w ,.openst
on that day, ana WI" ~
day. October 90. 1915. ,.,. a
dated. September l. iglsS rrsS
RIcHARp II. AlsHIoS..ss
John ID. CALDWELL esss q
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07
LEGAL NOTICE.

STATE or NEW YORK. -OFFlCE or
TyE SECRETARY or STATE. So.
III IA hereby CERTIFIED. That IN.
,,s6e-nark "CEAEEABE.' ~ swan Il
Tinch COMPANY vas this day placed on
NE IN this once. The pfincipal place 81
bisfness II said Company 10 located AZ
20 Igg Broadway. Borough 81 Manhattan.
Cffv. County and state 81 New York
WITsEgs my hand snd the seal ~
once ~ the gecrstary 81 State %
fgeaiI the cry Of Albany. his THIRTEEN
DAY ~ August. one thousand nine
hundred and sixteen.
e W. TAFT.
Bscond Deputy gseretary OF S,Ats
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-07

Below is gwen the current exchange
value of foreign money in dollars and
cents. together with the intrinsic gold
parity as calculated by the United
States Mint: