davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
DOLLAR CAPITAL IN CHINA
Unenvious British Comment, Including
a Tactful Hint.

(From The London Economist
A Reuter- telegram from Shanghai
announced that the international In
vestment Corporation, an American
company. has agreed to provide $1,000
OO0 in gold for the improvement of the
Grand Canal. as veil as money Tor the
construction Of number of short rail
WAYS. and that an Americap firm Of
contractors is 10 undertake the work.
The Grand Canal. $50 miles long, was
constructed az various times from the
sixth century b. C.. to the thirteenth
century of the Christian era; stretch
of some $50 miles, from Iangtse to
Hangchow, appears to be in moderately
good order. and almost always navi-
gable throughout, while dredging and
the reconstruction of entertainments
will restore the rest. IL traverses a
fertile stretch Of country, comprising
the four provinces of Chilli, Shan
tung, Kiang-Su and Che-Kiang, begin
ming at Tientsin and ending at Hang
chow. and lies from 200 10 400 miles
back from the coast. These provinces
number among their more important
products cotton, beans, green tea and
some coal and alum. Taken in con-
junction with a set Of short railway
feeders, the development of the canal
traffic should be considerable.
II is further stated that American
financiers are negotiating per cent
thirty-year reorganization loan of s20.-
10000 gold, with S30,000,000 besides,
ready TO follow. The security is to
be the land tax. the most important
item of Chinese revenue. II was esti-
mated in the budget of 1913 at some
what over $50 100000, of which nearly
SS0.000,000 was ordinary revenue, and
it was nearly one-fourth of the whole
revenue of the republic. The security,
therefore, is ample, and 1t IS stated
that the success of the loan may cause
America 70 reenter the banking group
of the Six Powers, from which Presi-
dent Wilson withdrew her in March,
1913, on the ground that the conditions
exacted by the powers for the reor-
ganization loan then pending infringed
the independence of China.
II is also stated that the financial CO.
operation of Great Britain with the
United States in these enterprises is
sought as soon as 1t may again be pos
sible. We believe that II is sought also
in the development of South America
The New York bankers seem 10 be TAX
ing very kindly to foreign enterprise
and foreign loans, and the European
war. for the time, at any Fate. has full
filled Mr. Knoxs desire that Chinese
finance and development should be
taken out Of politics"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
Money.

The average rate Of discount of the
twelve Federal Reserve banks for so
day paper is 3.54 per cent. A year ago
it was 3.96 per cent.
Call money in New York a year ago
was per cent. Yesterday its range was
from pa to 2iA per cent. The close was
2Ia per cent, at which rate most of the
days transactions took place.
Time money was dull. Loans on in
dustrial collateral were at and Az
per cent. Rates on mixed collateral
were as follows: 3a3h per cent for
sixty days, 81 @31a per cent for ninety
days, 3i2@l per cent for four months
and 3M@4 per cent for five and six
months.
There was a more active market in
commercial paper at 1 per cent. Rates
were quoted at 4 to Az per cent for
the best names.
Interior money rates were I'M
changed.
Domestic Exchange Louis eX-
change on New York, 8 cents per 81 1000
discount bid, par asked; Chicago ex-
change on New York, 10 cents per
81 900 discount.
Clearing House Transactions. - Ex-
change, $279,79l6 COS; balances, sl6,-
669,47S. The Sub-Treasury was cred
itor TO the amount of Sl,350,5i9.
Sub Treasury. - New York banks
gained from the Sub-Treasury $1,032,-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
The High Committee.

If there were as much merit IN
collective cerebration as the faith
deserves, we should have become
long ago the wiseSt nation on earth.
with no practical problems left to
solve. Every human dilemma has
at one time or another been referred
to committee or a commission,
with instructions to report. Nothing
has vet been settled, but enthusiasm
for the method is undiminished.
The Federal Commission on Indus
trial Relations was the last con-
spicuous failure. 1t was to find out
once for all time why many are
poor and few are rich, and give at
the end a formula for human happi-
ness. 1t was made up in the usual
way-that is TO say, it was politi-
cally balanced-at one end a men,
Der whose qualification was that he
could be trusted TO disbelieve in pri-
vate wealth, at the other a conserva-
tive representing the conviction tina.
poverty is personal. The interme-
dates were selected to represent
neutrality, pure theory and human
sympathy open alike to rich and
poor. One might have expected that
such a commission, though it should
agree on the facts, would disagree
in the Interpretation of them and
90 wreck on the question Of what
was truth. II never got so far. 1t
fell into acrimonious division on
the simpler question of what was
fact. The radicals prevailed, and
boosted of submitting none but I'M
disputed facts, which proved that
they haa never taken the pains to
read the'minority's report, for the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
Wall Street, august /, 1916.

The stock market was a dull per-
functory affair. Two years ago the
New York Stock Exchange put up
its shutters, as every other impor-
tant exchange in the world did on
the outbreak Of the war, and when
it reopened in November for bond
trading and in December for stock
trading. it established minimum
prices" That was to limit foreign
liquidation. 1t was a way of saying
to foreign holders of American Sc
curities: eve will buy them back
from you only so cheap and no
cheaper" Europe was bullish on
American securities before Wall
Street was. 1t did not rush to sell
out at the minimum prices be-
cause it foresaw the probability that
industry in this country would profit
enormously by the war. Restrlc-
tons on trading were gradually re-
Taxed until soon there were none, and
to-day Wall Street keeps the only
omen market for securities there is in
the world. Europe has already sold
upon it enormously, not from choice
but from necessity. She has been
obliged to liquidate her investments
and credit the proceeds to the cost
of the war
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01

The above rates express the cost
Of foreign money in terms Of the Amer
lean dollar You buy an English pound
sterling for s4.75 1916; the intrinsic
parity is $4.s6% per pound. Thus, you
say either that pounds are at as
count or that dollars are at pre-
MUM. which is owing to the fact that
in England the demand for dollars with
which to settle accounts in this coun
try is greater than the demand in 'n'S
country for pounds with which TO set
tie accounts in England.
II 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 a year ago would De
about as follows: u
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
SECURITIES VIA
THE SUBMARINE
Berlin Expects to Return
Americans That Way-See
End of Food Crisis.
Wireless ria SayUille to The Trijw
By ERNEST KAHN.

Wireless ria Sayviile to The Tritrw.
By ERNEST KAHN.
Financial Editor, Frankfurter Zs.
tung.
Berlin, July 81. Germany expects
considerable relief in some vsu
through a fleet Of commercial sub.
marines, which is reported to os
rapidly growing. the objective being
the rebuilding OF foreign trade, esp,'
cially with America. The possible
export Of American securities via Ire
submarine route seems imminent
The German people have just passed
through the worst weeks Of the war
the time between two crop seasons
The old one. the smallest since 1913
fell far short. just when the usual
large importations Of food were de-
barred As under such awkward
conditions the attempt 70 starye Ger
many failed, it never will succeed
especially as the new crop proves 70
be at least as good as average ard
perhaps even better. Harvest weather
is ideal It is generally believed that
food conditions are getting raisg
better. This belief is founded noi
only upon the promising crop outlook
but also upon the fact, possibly sur
prising abroad. that really efficient
organization of the distribution Of ne
food supply has succeeded only quite
recently, after a good many bad fall
ures. Just take, for example. the odd
fact that the worst scarcity was .eli
in two products flour and potatoes
both Of which are abundantly produeee
even in peace times, whereas good
bread never fell short, though imported
grain was lacking. This situation was
made possible BY placing bread on the
rations list at an early stage. where"
the consumption of other neccssites
was limited only by the buying power
Of all who wished 20 get them. For
several weeks. however, everybody has
had cards for everything and all GEL
the same quantity. The size OF "a
tions will not be enlarged for me
present, as the government awaits
exact crop figures. and any way me
stock Of cattle. which had been sharply
reduced. must be increased.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
FRENCH REJECT
PROPOSED TAX
Budget Board Retains
Only Increase or
Alcohol.
By YVES GUYOT.
EK.mnlslsr Of Public Works Editor "L'Ao.nos
Economlaue Ct Flnanclere."
lbs Cable to The Trlbune.l

tfonpWiQut q flndhCltFt.
IBy Cable to The Tribunel
Paris, July 31.-Treasury bonds
continue to find a good market. They
are selling every month at the rate
Of $2OO,OOO,OOO more than the re-
quirements for paying off those that
mature.
In regard to the new taxes, the
Minister Of Finance put forward on
May Is a project to increase the
revenue 9OO,OOO,OOO francs a year
during the war and more than
billion in peace times; but of these
plans the Budget Commission has
only consented to retain the increase
Of the alcohol tax, carrying with 1T
the suppression of the right to prj-
vate stills in Normandy. At the
same time they provided that ali
alcohol from cereals, beets and APP
pies must be used only for indus
trial purposes, and this alcohol CON
sequently escapes the new tax.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
TRIUMPH OF THE SOUTH
Her Mills Now Consuming More Than
Half the Cotton.

From The Manuiaciurcrs' Record.
During the eleven months ended June
80 the total consumption Of cotton By
the mills Of this country was 5.9O6,O39
bales, an increase Of sO6.5l3 bales
over the corresponding period Of the
preceding year.
The consumption for this period in
the cotton growing states was $3.50. 755
bales as compared with 2,655.2Sl bales
in all other mills ~ the United States
Southern mills thus consumed during
this eleven month period 595,ill bales
more than all other mills Of the United
States.
For the eleven months ended with
June. 1915. Southern mills consumed
. 1852. 56f bales. and the mills OF other
states 2.337.J52 bales. a difference AZ
thar time i'm favor Of the South OF 42i.-
6f9 balcs. This excess OF the South
over the other mills of the country has
continued 20 largely increase. ana for
the eleven months Of this year amount
10 595i7l bales. or a gain OF l''n3,'
bales over the excess by Southern mus
for the eleven months Of last year.
The total number Of sp.ndles m oper-
alton during June was 32,2593so,.
gain OF little over 100000 spindles
over June of last year. This gain ana
the total number Of spindles IN eacn
section are as follows:
Active SDiniies
June 1915 June. 1918 Increase
Cotton growing states l8 "a. is 6ts 30 is .-e
An other staic. .l90ilZis ls.i-1.5,t a.. COS
These figures show a gain IN South,
crn spindles in June, 1916. as compared
with June. 1915. Of 5000, against
gain in spindles in all other states OF
.s6. 400.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01

/ minority disputed the majority
/ facts.
Yet the faith is undismayed. A
Joint special committee of ten mem
bers of Congress has been charged
to conduct a Sweeping" investiga-
ton of the moral and physical efii-
cheney of American railroads, the
science, theory and practice of regu-
lation. both Federal and state, and
the subject, besides, of government
ownership of all public utilities, in
GLIDING telephone, telegraph and eX-
press and all interstate ca "~iers. Il
is to report in five and one-half
months, Among the members will
be found those who believe in gov
eminent ownership and those who
don't, those who believe railroads
were conceived in original sin and
those who have been suspected of
tenderness for the rights of private
capital. The chairman, in his re-
port favoring the adoption of the
resolution creating the committee,
said: at is understood by experts
who claim to know that it will re-
ouire an expenditure Of from
$5.OOO.00O,O0O to S15,0OO,OO0,000 TO
supply the railroads of the country
with side tracks, warehouses, ter
minal facilities and other equipments
and improvements necessary 20
handle the transportation business
Of the country, present and prospec-
tive. in the near future" 1t is diff
cult to characterize this statement.
1t lets itself off into space at all
points. The phrase, understood by
experts who claim to know" is too
good to spoil.
This committee will "hear all
sides" 1t will hear Clifford Thorne
whether it wants to or not, and it
will hear Samuel Gompers, because
10 job of this sort is complete with
out his further contribution to the
literature Of Investigations. 1t will
collect a great quantity of facts, and
when it is through 1t will print
them, and the price of white paper
will 20 on rising.
Regulation of railroads is not a
question of fact, but one of prin-
ciple.
The nuisance and waste of con-
ficting regulation of the same prop
critics by the Federal and state com
missions are determined beyond ar
gument by a mass of facts ALREADY
in existence and very available. The
question that remains is purely po-
litical: How far will the states sur
render their jurisdiction?
The question of government own
crship is least of all one of fact.
| There are no facts. There has
been no public ownership Of rail
roads in this country. The facts Of
such ownership in other countries
are irrelevant. Some people may
successfully own their own carriers
and others may not. That Is a diff
ference among people.
No harm will be done. Some good
may come of it, though not the kind
of good that is expected.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
AMERICAS-LA FRANCE FIRE EScr-.
COMPANY Hs
Notice Of Redemption 81 General n.
mortgage Bonds. H

Mortgage Bonds. ~"
To the Holders % tho Bonds issued ma.
the General First Mortgage ana D.sS !,
Trust given by the Americana Pr,
Fire Engine Company t0 the Bankers t.
Company. Of New York CITY. 8s Trssts.
dated April I. 1906
Pursuant 20 tho provisions ~ Artlci, p,
Of the aDOyc-narned lnleniuro. yog a.,
hereby notified that this COMPANY by.
called Tor redemption all - the 49,
Issued under the said First NOrtgags 49,
Decd of Trust and no" outstanding a.
that upon the first day of october AZ
there VIII become and be due and psy,s.
upon each ~ such bonds the prlrr.,,
thereof. with premium ~ i've per -,
tum Of such principal and the ACCRUED 4.
trrcst 10 said FIRST day ~ october 1914
You are further notified that on sad .,
day Of October 1916. this Comoanv -
pay an OF said bonds Issued and nov A.,
standing. together with premium o. A..
per centum Of their par value and in'sr..
accrued from the last m1turcd intsresf h,
stailment. ar Bankers Trust cDmyzny NJ
l5 Wall Street. "a the city - Ner ~,
upon the surrender 81 said bonds and :, -
coupons for interest thereon not dss !.
said date u redemption. but in no czs. -
cept upon surrender OF such bonds ara y.
an coupons for interest thereon not -.
due.
From and after said date - rsden,.,.
namely. October T. 1915 no further ~.
est viii accrue upon any % said bonds ~
all coupons for Interest thereon matgr,,
after that date viii be- null and VOID
AMERICAN-LA FRANCE FIRE ENcnv
COMPANY. INC.
AZ Successor 20 AMERIcAN-La FRANCE
FIRE ENGINE COMPANY.
By JAMES Il. CLARKE.
New York City. July :. 1915.
Sackett. Chapman & stevens. Attorr.v, q.
Mortgagor. i5f Nassau S.. CTr,6s..
Building, New York city.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01

But Wall Street easily forgets. It
now makes a mystery Of the fact
that the market is Indifferent TO the
ecstacy of great profits in business.
It especially makes a point Of the
fact that United States Steel COM
mon. earning at the rate Of 40 per
cent a year. does not rise uncontrol-
lahly. Freak profits ought not to be
capitalized in the form of tape quo
tations. nor should extra dividends;
but there are even better reasons
why Steel common and other inter-
national stocks should not rise at
this time. We are swapping goods
for stocks with Europe. Why
should we elevate the value of the
stocks in which Europe pays? That
would be to cheaper our goods. A
big rise in Wall Street prices would
enormously stimulate European sell
ing on the Stock Exchange and
cheaper her buying Of goods. Eng
land is modifying American Sc
curities. She has now a large COM
mand of them. She may either sell
or pawn them. Her selling recently
has been only heavy enough to keep
exchange rates stable. If prices
should rise, then she would undoubt-
eddy choose to sell wholesale in
stead Of pledging dollar securities
as collateral for a loan, in the OK
ample of France.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
A Greater Motor Boom.

Swiss automobile manufacturers closed the
wear 1915 with exports valued at $5.790,OoO
b. weight the exports Of 1915 exceeded those
II the preceding year by over 100 per cent,
and by value even larger gain Is observed.
Proportionally. the Swiss automobile export
industry. it is said. has increased at
greater rate az that Of the United States.
-Commeree Re- 5rts.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01

600. and gained since Friday s2,io7,Ooo.
Bank Clearings. Boston Exchanges
Sl9.G47.70i. balances, $3,iio,42O. chi
cago Exchanges, s5s,6l2,305; balances
si.26b, oO6 Philadelphia Exchanges
500. 15i.25s; balances. s2,si4,6l5.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01

q Broad street. Nc~ York. July p, 1915.
quarterly dividend OF one and ono
half per cent Gi4ccl viii Do paid Septem.
Ter J. 1916. 10 Common stockholders OF
record 10 j.. M. August n. 1916
LANCASTER MORGAN, Treasurer
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
STANDARD MILLING COMPANY.
40 Wall Street
PREFERRED STOCK DIVIDEND No. p

Now York CITY. June %, 1916
A dividend OF ONE Grc) PER CENT.
has this DAY been declared upon the pre-
ik,l,,-,t, ~ faIe -" nrefrTreJ stockbolders
Of record on August d. 1916.
JOS. a. KNOX. Treasurer
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
The Dollar in Foreign Exchange

There was no change in the rates OF
foreign exchange. Closing prices were
as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
MEETINGS.

QUARTERLY MEETING u No Ams1-,s Fri-S,
Thursday. Aug 81. 1915 AZ 80 Wcs ~
$50 2. NJ { b. SCnAFFNER. Ss',
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
STANDARD MILLING COMPANY.

COMMON SIO(h DIVIDEND No. ..
View York city. june 90. 1915
A dividend Of FIVE $50 PER CENT.
O, the Common stock of this Company
has this day been declared. payable August
is. 1910. 90 stockholders of record on
los KNOX. Treasnrcr
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-01
DIVIDEND NOTICES.
FIRST NATIONAL
COPPER COMPANY

A dividend Of twenty-five cents per share
has been declared payable August %. 1916
e. stock OF re-'rd August ., 1916.
New York. July %. 1915.
WA. A. KERR. Treasurer.
The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1916-05-09
Z. NIlIOII ~ \DtlR IL
N CHARGE OF COIONIALS

l.ouduus MhA . 81 Is a M IA
Australian and New Zeaiander troops
who have taken over a portion oi ,.,u
lighting line con The British from, n
Franc are under the command oi
General william Riddcl Birdwoo.'
who waA the leader ~ the %colonials
In the Gailipoll campaign. The last
detachment ot the Australian lief, ~
oxandria on March 81 and were trans.
ported across the Mediterranean -
prepared bases at Marseilles amt
Havre without "a single mishap. Soy
cral times tho transports wer" warned
~ submarines l,Ing IN wait for them.
but they muuaE'd to avoid their un-
dcrs"p "nomics
The New I,ulandcrs followed the
Australians o. France and the colon
mls tool Their ritccs ON IN" lighting
lin" without della The first day thni
they occupied the trenches the Ger
mans huiscd "a manner on which was
written, "Nricou" Australians"
The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1916-05-09

mcnt~ Dclbru,pk. minister of the 'u-
,"riur and vice chancellor N re-
Gently resumed work after thr'r
weeks leave 90 absence ON account
of Illness. has not yet completely -
covered ana has therefore been
obliged To discontinue work for tn
present
All the Berlin papers give a promi-
n"ut place To- long accounts of the dl~-
turhnnCcs over the shortage Of food
especially to riots occurring bciui'
butcher shops where IN. police wcro
frequently forced to interfere to pro-
tcCt the lives uf m. owners
The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1916-05-09
DEVELOP
MACHINE GUN USE
TO 4 HIGH PITCH
Latest Assaults of Germans AT.
ford Opportunity for Demon.
stration of Efficiency of Re.
peating Weapon.

Paris, MAY % CO a. a. ml-Tha
latest assaults oi Germans IN the
dcicnscs at Ncrdun have served to
demonstrate the high pitch OF cin-
cheney To- which tn. French have
brought the use OF the machine gun
The French front lin" troncnes lic
being defended bS mac hinc gums win
comparatively fen men To- serve them.
ana with IN" addition If new auto
matte rincs. I've of winch are cqul,-
nlcnt tu on, machin" gun
The forty oight-hour prcliminnrv
h-"mnUrlm'ut of IN" Germans H. dc-
sorih"d hy eye Witnesses A. NOR" -
Yer. than ANYTHING which hitherto has
been experienced and il Is remarked
that TIA" Germans were justified IN
believing no human being could hdv"
lived ~ IA" zone subjected 10 this
oum~nurdm"nt
Nevertheless the French az. suCn
adopts AZ constructing underground
shelters that when the herman iufIn-
Try stepped from the trenches scot cs
OF we'll placed machine guns opened
concentrated fire. thinning the ranks
of the attackers before the advance
was fairly begun French officers
state that the LOSSES OF IA. G-rmuns
In proportion to the number engaged
were a. great as n other action OF
the war.
II Is stated hat a prussian division
which was engaged ON sunday on Two
haudrcmont wood-Thiaumont FARM
Douaumont fort line lost more than
20 pc. cent OF It's electives
The battle shows every slgn ~ con-
unuiug. Artillery preparation NOW
proceeding t~oroshaduws fresh attacks
on both bands of the Mcusc. The
nghting may even be- extended To- ~
Wocyrc plateau, as the German artil-
lcry was rcdouhiIug IT, firo there laat
night,
II h generally believed her. that the
Germans ave transferred consider
abb" forces to Norduu 10Th from other
sections of ,he western trout aud from
the Russian front II b. noted that
since the present offensive began on
Thursday the Germans have not re-
ucwod attack such a. were made IN
The preceding wcck on other parts 4
the western line, especially those heid
b, he British.
The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1916-05-09

ammunition IN eastern factories. ~
with an investigation Of the nr" tn
plant of the Traus-Coutncntal com
press company. where the cotton wa
stored vas entirely burned. the loss
being $4,000
The TIRE was the fourth Gotten com
press rto 10 Texas iu thr last Our
months The disastrous fir" her,
The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1916-05-09
R CALIFORNIA
CONVICTS AT LARGE


Fuirkt. tnT-, MY |Thf't CoN1
who escaped from u road camp
near here and exchanged shots with
a pursuing posse. sim were NJ large
today IN the wilds of Humboldt
county.
III" ,onyicts obtained IRE arms
clothing and a supply of - q from q
which they looted shortly after
escape