davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18

Railroad issues, in contrast with
industrial and mining shares, were
heavy. That was not because any
bodv thought it likely that . strike
would take place. 1t was rather "a
reflection of discomfort and inditfer-
ence. The railroads, in any out
come. will be gouged, so far rs
Wall Street can see. They will 5e
obliged to yield. Their division with
labor will be perforce increased -
that less of their earning power VIII
no divisibIe with shareholders. They
will not have the recourse of indus
trial companies, Which is to re-
;uburse themselves by advancing
nrices. The way to an advance Of
freight rates is long and tedious.
Why should one buy railroads wneh
tho industrial shares are so attrac-
tive? There is probably one other
consideration affecting the market
rosition of the railroad shares. They
would be more subject to foreign
foundation on a rising market than
the industrials, even more perhaps
than Steel common. of which a very
large amount has been taken off the
hands of foreign holders by direct
negotiation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18

recent sharp rise in rates. has nor
reacted to tho former very low level
but ranges upward from minimum OF
4 pcr cent. Commercial demand lot
money is apparently stronger in New
than elsewhere. and banks are
very well loaned up.-First National
Bank Of Boston.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Personal.

John Grant Dater, for many years
financial editor of 1.-THE Evening Sun.
has severed his connection with that
journal, and will go September ! with
the Stock Exchange firm of A. A.
Housman e. Co. Mr.. Dater is one Of
the best known figures in financial
He departs from it with
the happiest wishes of many friends.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Thursday, August II, 1916.

There are large financial and
economic reasons why the stock mar
ket should not rise ecstatically.
Speculation would use up credit
which, for all that is believed Of
the unlimited potentialities of the
Federal Reserve Bank system, is an
exhaustible quantity and needs to be
conserved to the utmost in view of
our enormous responsibilities toward
the outside world. Speculation also
would increase at our own expense
the value of the medium in which
our principal European customers
are largely paying for goods, name
ly, American stocks and bonds. On
the other hand, there is every ordi-
nary reason why stocks should rise.
The incentives in some directions are
so great as to be almost incredible.
When you hear of a munitions com
pany earning 1 per cent each TWEEN
ty-four hours on its capital stock, or
of $3.50 share being earned on the
stock of steel company which only
three years ago stood at a nominal
price on the Stock Exchange, 1t
seems unreal. These are the eX-
treme instances. The whole indus
trial machine, however, is working
under great pressure to supply "A
demand for which there is no prece-
dent in American experience, At
prices which the seller makes be-
cause he can and the buyer pays
tecause he must. Companies pro-
ducing and fabricating metals are N
the greatest luck of all, and their
shares are naturally the ones %
show exceptional strength on the
Stock Exchange.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18

war. 1t is the only one that is not
taking steps to protect its interests
in the post-bellum trade. Apparent
ly the only weapon of defence We
know how to use is the protective
tariff. Both political parties are
committed to a policy of protection
for American industry after the
war, which means merely to raise a
tariff barrier against the cheap
goods of Europe.
That would answer, perhaps, If we
intended to adopt policy of eco
nomic isolation. We do not. We are
going in the other direction. We
are lending heavily to the world.
Our loans to foreign countries since
the beginning of the war have
reached an aggregate of $l,600,O0O,-
600, and will increase. That is IN
investment in our own future as
world traders. But the terms on
which the world will be divided up
for purposes of trade after the war
are now being arranged without
thought of our interests, even with
out notice or consultation. 1t 's
being done openly. There was the
Economic Conference at Paris, 10y
which the Allies bound themselves in
principle TO trade with each other
preferentially. Propaganda for
British Empire Union has been
launched. 1t echoes even in this
country. A customs union between
Great Britain and her allies is form
ing. Canada, our largest outside
customers, is facing away. Sir
George Foster, Minister of Trade
and Commerce, recently said:
Rebounding from two years and
more of the most destructive and
wasteful war of history, the world
will then plunge into a trade and
economic contest in which forces
will assume totally new align
ments. when competition will be
keener and stronger than ever, and
when science and organization will
play leading part in any success
full role.
Canada is bending her best intel
/ ligence to these problems. Japan il
, doing likewise. That Germany will
have her campaign ready to re
/ launched before the ink is dry on
the treaty of peace will pass for
granted. Every great nation will
have programme but our own. 1t
is humiliating. Never had one coun-
try so much power of an economic
sort. Our goods and credit now are
vital to those who are planning DE-
yond TO share up the worlds trade
without us.
1t is said that nothing can De
done because, firstly, a democratic
government cannot exercise It's
economic power; secondly, that 1t
does not know what it wants, and,
thirdly, that there is not the intel
ligence at Washington TO attack the
problem in large, imaginative way.
But if all this were true, something
could yet be done. The intelligence
and imagination do exist. All that
is necessary is for the government to
recognize the problem at large and
then submit it to those who know its
inner terms. When we have decided
what we wanted, little cooperation
between the country'S political and
financial powers would do the rest.
Wall Street could say to our foreign
borrowers that further loan pro-
posals would be looked at askance
until their plans for division Of
the worlds trade after the war had
teen submitted in detail to the
American government at Washing
ton and reconciled with Americas
own economic programme, awaiting
their curiosity at the State Depart
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18

Steel common advanced again and
touched the highest price of the war
boom period. That price is within
2ss points of the highest quotation
that was ever made for it on the
Stock Exchange in the fifteen years
of its tickle career. The steel in
dustry, as may be discerned IN
every report touching its condition.
is being pushed to new extremes
The placing of large war orders has
had the effect that might have been
expected, namely, that Of bringing
suddenly into the market in compeu-
ton with each other a great many
domestic consumers who had been
holding off, hoping for lull IN the
war business which would make 1t
easier for them to supply their
wants.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Lower Discounts at New Orleans.

Lower Discounts at New Orleans
The Federal Reserve Board has APP
proved a Change in the rate on COM
modify paper at the New Orleans
branch of the Federal Reserve Bank of
Atlanta from 3l2 per cent to 3 per
cent.
Bank Exchanges.-The days clear
ings at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Bank of England Return. The Bank

of England reported yesterday an in
bullion holdings of 1862. 1854. Proper
tiCn of reserve to liabilities is now
2711 per cent, against 27.05 last week,
2G Sc August 4 and 28.O5 July 81. Other
changes reported for the present week
ano as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Wm.A. Read&CO.
New York
Chicago Philadelphia Boston London
laundering Catalogues.

Our Buenos Ayres Office calls the
attention of American manufacturers
TO the bad practice of sending cata-
logues and advertising literature to
Argentine firms by parcel post, for
the reason that stamp charges and
delivery expenses in Argentina cost
the recipient between Sl,27 and Sl.70
for each parcel.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
No Policy.

This is the only important cour-
try in tle world that is not political
ly conscious of the economic prob
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
CANADIAN PACIFIC RAILWAY c0aplA'

MOTH W c"Nn 'i v.etf-g
The Thirty NTH Annual General Mee's
Of the Shareholders OF TINS tompa"-;
~ otec,lon Of Directors 10 take The place.
OF the retiring Directors and for ths usnt,
action OF business generally VIII - ~
on wednesday. the fourth day or Vcto-
next az the principal Office or tns 80
80 =, Montreal AT Twelve o'clock noon,
The Common Stock Transfer BOOKS 49,
he closed in Montreal. New YORK ana - :,
don al 3 D. m on Friday. the hrsi -
Septsmber The Preference stock 80,
viii be closed In London AZ the same ~ W,
An hooks NilI be re-opened on Thursd'N
tho nth day of October.
By order Of the Board, ...,.,~
W r. BAKER. Secretsh'
Montreal. August 9Th. 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Week

Fellow 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, 1916-08-18
UNBALANCED
TRADE WITH
SOUTH AMERICA
Its Increase Is Owing
Very Largely to Our
Own Buying.

II is difficult to decide whether we
have to congratulate ourselves on the
extraordinary increase in our trade
with South America, or whether we
should be sorry for having let the OPP
portunity slip for a real advancement
in trade. The total value OF the I'M
ports for the fiscal ysar ended june
1916. was to the value OF 1891 ,OOo,ooo'
as against the total for 1914 the
last normal year, of s222, Oo0,O The
total OF exports amounted to $780,
OOo.O as against s146,000,OOo. In
other words, while we have had an IN
crease Of s1s9,O0O,O0O in imports, we
have had an advance Of only $4,000
900 in exports.
There is likely to be no difference
Of opinion on the point that this kind
of increase is not healthy. The South
American countries owe very little 70
US; and very little of our money Is
invested there. 1t is the right thing
to have large volume of imports
from a country which is indebted to
us. II is not so, however, when in
crease in imports mean only additional
obligation. For instance, the total
volume of imports from the Argentine
increased from less than 100000 900 to
$4,000, 900 during the past two years,
while the exports have increased from
Sal, 900, 900 to s65, 100000 during the
same period. Recently loan issues for
small amounts have been floated in
this country for Argentina; but the
debt due to us is in no way COM
mensurate with the unfavorable bal
ancc of trade.
One-sided Trade.
II is easy to build up a trade in
which We do all the buying. The real
test to successful trade expansion is
to be had from the increase in the ex-
port trade. Taking last years figures
of the exports we find that we have
not maintained the volume in many
lines of commodities, while additional
quantities of certain kinds of goods
have been purchased here, because
Europe was not in the running for
trade, owing to the war. The increase
in value is largely due to the advance
in prices Of commodities. Some new
trades have been built up as, for in
stance, in automobiles and automobile
parts, the exports of which totaled
100000. 1t is the expectation of
people in this country that we should
take the place of Europe in supplying
South America with machinery and
other articles.
Decreases.
The record during the last year in
some of the most important articles the
trade in which one would expect we
would have improved is as under:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Salisbury Steel & Iron Company

To Holders Of Certlnes,ss Of ee0o'h Cf'dh''
O,her Security Holders.
TIE undersigned Committ'e hereby si'e, -.
tina, Il has approved and sfop'ed pi@h ~, "a.
-, ~ RECOMMENDATION ard has n@l copies o. ~
80 and agre~sne.lt with tho Hudson nus "
n,ny. dsposIiary. 1911 Broadwsy \. y 'iy. -.
Copic, a the plan and agreement nay .
,ainei from tho deppsitao.
THEODORE D. 6aiYsok ohuf"n
EUGENE A. otnostL
HANS p stsots. C'"""
DATED New York. August N. lelS
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Finance Economics

GARET GARRETT Editor.
Telephone
Mills Building, Broad Hanover ool'.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
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, 1916-08-18
Bank Of France Return.-The Bank

Of France in its weekly statement yes
terday reported the following changes
for the week Tin frencs):
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18

Rate for commodity paper maturing within nineiJ
days tRaie for commodity paper maturing within
thirty DAYS ~ per cent thirty 10 sifts days.
per cent over sixty 20 ninety days. "a per cent;
over ninety days. per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Money

Money loaned on call on the Stock
Exchange yests rdsy as low as per
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
DIVIDEND NOTICES.

N.N York Angus IS -,
A regular quarterly dividend Of "a IIios,yrs
On the capital stock of Nersenihs,s' y, -. ~
.toslbold,rs Of record as ,hey appear q w 800
n businsss on sept 5. 1918 The Hss"
WI not d yR sioiSa !, wARBusros. rrs-a'S
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18

Gold Imports. Gold to the amount
of $4,000 has been received by j. p.
Morgan E. Co. from Canada and depos'
tied at the Assay Office. This makes
the total gold received on the present
movement since May IL S224, 200.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18

Sub-Treasury. - New York banks
gained from the ub-Treasury 1891 sos.
Silver. Bars in London, 81 9-l6
pence. Bars in New York, 66A cents.
Mexican dollars, 5l-55 cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
ape as follows:

Gold increased. ............ $780,, 1854
Total reserve increased. .... ,30i, 900
Notes reserved increased All 900
Notes in circulation decreased $4,000
Public deposits decreased -. 400, 900
OtEer deposits increased. .4,872, 900
Government securities. 80. Unchanged
Other securities increased 9. 3, I69 900
The detailed statement compares as
follows with the same week year ago:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Increases.

The following are some of the export
commodities whose value and quantl-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Decreases.

The record during the last year in
some of the most important articles the
trade in which one would expect we
would have improved is as under:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-18
Federal Reserve Discounts. Official
Maturity in ds

discount rates in each of the twelve
Federal Reserve districts are:
Albuquerque morning journal., 1916-07-21

the faithful performance of his con-
/ tract to the amount of SO per cent Of
his bid or bids; and may also be re-
Quiret to give a bond with corporate
surety, for the maintenance or repair
Of such Improvement after the com
pletion thereof, in event Of materials,
methods on plans of construction be-
ing or become defective.
Bidders may bid upon any or all
the kinds of paving specified in Paw
ing Resolution No with concrete or
macadam base as follows: (a) Asphalt
Macadam Using Trinidad Asphalt;
tb( Asphalt Macadam Using Bermuda
Asphalt, Cc) Asphalt Macadam Using
Artificial Asphalt CD Bituithic; (eJ
Tarvia
Specifications embracing all mater
ial and methods of construction for
each of which are now on file in the
office of the City Clerk Of said city.
a copy Of which viii be furnished to
prospective bidders upon application
therefor
All cost and expense of such paving
shall be paid by the owners of prop
erty ahutting thereon, and shall be
paid in ten equal annual nstallments,
each of said instdllments to bear in
terest from thirty days after the com
pletion of the work in front Of the
property of each owner. and its APP
proNal by the city engineer and city
council at not TO exceed per cent
per annum, Provided that the owner
of any property charged with the pay
ment of any portion of said improve
ment shall have the right to pay any
of said installmcntS before maturity
by paying the principal amount of
Albuquerque morning journal., 1916-07-21

Cincinnati, July 2O.-Philadclphia
and Cincinnati broke even in dou-
bIc-hcader here today, the former
taking the FIRST game 6 TO 0 aud the
locals winning the second to g..
Score.
Albuquerque morning journal., 1916-07-21
ATHLETICS LONG
LOSING STREAK IS
BROKEN; WIN ONE
Indians lake the First but
Philadelphia Wins the Sec
ond; Tigers Grab a l3-io-
ming Contest From Red SOx,
Lsr .esnlna lons.l.l afrel.l 900 NInsl

~ NVHHTF' INTFIETFFN 'F'NI"' Y ~ WV
Philadelphia, July Philadelphia
lost the first game with cleveland to-
daH, to 2. and then brok, losing
strcak which hud reached nine
straight by winning the second 10
o. scores
Albuquerque morning journal., 1916-07-21
Detroit 1: BOSTON o.

Boston JulN 20. Detroit gained
Q TO . victory over Boston today, the
game going thttcun innings Score
DETROIT HpsTON
Albuquerque morning journal., 1916-07-21

Chicago a. Washington
Cleveland a. Philadelphia,
50 Louis 20 Now York
Detroit at Boston
Albuquerque morning journal., 1916-07-21

The best and cheapest grain feed
for poNltry is milo maize. S1.3O per
hundred pounds. T.. W. FEE.
Albuquerque morning journal., 1916-07-21

ON, aut Whom Nmuug lun 5ourod.
Kan Glr kou, u tenth
Elko independent. [volume] (Elko, Nev.) 1915-current, 1916-04-01

can state, without being misunder-
stood. that it is my opinion that l have
the honor to possess the good will and
confidence OF practically every one re-
siding within my district. do not be-
lieve l should ignore the general
opinion of the people Of the district
unless felt certain that by becoming
candidate for congress would be
able to render to them a higher de-
gree OF service and usefulness than I
can do upon the bench. l am not GER
tain that if nominated and elected TO
the house of representatives. body
of 435 members. l could, during the
| first term of service, render as effec-
tive and beneficial service as can in
! the judgeship.
In view of all the facts and circum
stances existing, l have reached the
! conclusion not to run, and l hope my
determination In the matter will prove
to be beneficial to all concerned.
"CHAS. LEE HORSEY."
Elko independent. [volume] (Elko, Nev.) 1915-current, 1916-04-01

total wire mileage owned is 1S.500,00O
of which 1O.5OO,C0O is under ground.
There are nearly 100000 miles Of
phantom circuits which carry an over
load from the wire circuits. and $685.
100000 telephone connections Were
made during the year.
The revival OF general business is
reflected by a growth Of 225.300 sub
scribers' stations in the second half
of the year. as against $500 during
the same period in 1914.
The net permanent capital oblisa-
lions OF the whole system outstanding
in the hands of the public is only
S736.156.756, although the telephone
plants stood on the books on Deccm'
Der 31st at $3.50, O6S,52O and their ap,
praised value is over SCI ,O0O,O in ex
cess OF the book value. There was
Elko independent. [volume] (Elko, Nev.) 1915-current, 1916-04-01
STATEMENT
TO THE PRESS

81 have definitely decided not to-
become candidate for the Demo
cratic nomination for congressman.
while have received from numer
Gus persons in many counties Of the
state strong assurances of support for
the nomination, and believe that
should I become a candidate I would
have an excellent chance to be nomi.
mated, still there appears 10 be a very
general opinion entertained by per
sons within this judicial district that
should not resign the judgeship at this
time.
MY work on the bench rs, in many
respects, to my liking, and believe
Elko independent. [volume] (Elko, Nev.) 1915-current, 1916-04-01
FROM ANNUAL REPORT
THE BELL SYSTEM

That the American Telephone and
Telegraph Company and Associated
Companies were never as whole in d
more satisfactory position financially.
physically and particularly in their
mutual relationship with the public is
clearly shown in the annual report of
President Theodore N. Vail, just is
sued.
The Bell System now connects o.
1921 telephones, gain of half a
million stations In the past year. The
Elko independent. [volume] (Elko, Nev.) 1915-current, 1916-04-01

George 4. Marye, who recently re-
signed as ambassador to Russia. has
advised the state department OF his
departure from Petrograd. leaving the
embassy in charge of First Assist"nt
Secretary Fred NJ. Deering.
Elko independent. [volume] (Elko, Nev.) 1915-current, 1916-04-01
TO coLoNIZE NEAR WABUSKA

Former Senator Pat Flanagan was
in Yerington Friday and Saturday.
Pats machine became mired in a mud
hole between here and Wabuska,
which inspired him to speak on the
necessity of waking up the people of
this section to the idea of progress.
sion. Flanagan claims to have pur-
Elko independent. [volume] (Elko, Nev.) 1915-current, 1916-04-01

The Indian, Sammy Jack. who at
tackled Officer Jim Logan at Carson
City Wednesday evening and inflicted
an ugly wound below his left eye, has
been captured and is now safely be-
hind the bars.
Elko independent. [volume] (Elko, Nev.) 1915-current, 1916-04-01

chased $4,000 acres Of land in the VI
cinity of Wabuska, which he intends
to COLOMBO. The property is COM
prised of parts Of a number of differ
ent holdings.-Yerington Times.
Elko independent. [volume] (Elko, Nev.) 1915-current, 1916-04-01
BOWIE RACE MEET
STARTS WITH 600 HORSES
Ry pac. and lntr News Service.

WASHINGTON, D. G., April 1.-The
first race meet of the summer season
started at the Bowie track, midway
between this city and Baltimore, to-
day. with about 600 horses ready to
take part in the thirteen days of the
sport.
Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-02-02

appearance III Iowa with keenest in
terest. Letters have been received
here from washington inquiring as to
how the presidents program has been
received by the rank and file Of the
people. not by the politicians. The
leaders want to know what effect tbs
presidents campaign is having.
So the president Is attacking the ter
ritory which HE is led to feel is against
him and will mot waste much time in
those parts where he believes his fol-
lowing is comparatively secure.
Senator Curhmins however, is re-
garded as stronger in his home state
than he has ever been before. His
coming out for the presidential nomi-
nation and the gratifying success he
has met with jalong this line since his
first announcement has cemented the
republican party in this state, the
leaders say, as no other move ever
has and is also winning support from
former followers of Wilson in this
state. ~ b-E-
Democrats ARE holding conference
here today. The party is still without
an avowed candidate for governor
Some of the leaders are insisting that
Wilbur Marsh accept the nomination
and that he be drafted into the service
If need be-