davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
FEDERAL BANK
OF MEXICO IS
NOW PROBABLE
CarranZa's Latest Decree
May Result in a New
Money System.

Bankers here are watching with deep
interest current developments in Mexi-
can government finance, especially so
since it is known that Mexico is anx-
ious to borrow money in the American
market. At the present moment a new
decree promulgated by the de facto
Carranza government is attracting at
tention. This decree, if carried out,
will probably work important changes
IN Mexico's banking system. 1t would
require the two leading banks in Mex
leo City, the only banking institutions
in the republic with the privilege Of
note issue, to maintain reserves, dol
lar for dollar, for all paper issued by
them.
According to bankers in close touch
with financial affairs in Mexico, this
requirement cannot possibly be met,
as the two banks involved have emitted
so much paper at the request Of
the several revolutionary governments
holding power since the overthrow Of
the Diaz regime that their present re-
serves are entirely inadequate. A rep
resentative Of the Mexican government
in this city said yesterday that the
banks in question were being asked
merely to live up to the terms Of their
charters. In the event that this can
not be done and the legal reserve re-
ouirements are not fulfilled, the banks,
il is expected, will be forced to liqui-
date
In that event a new state bank. which
will probably be called the Bank Of
Mexico, is to be organized under the
auspices Of the Mexican government
This bank would be the only institu-
ton in the republic with the power of
note issue. Plans so far are indefinite
as nothing wall be done until it is
known whether the two existing banks
in Mexico City can meet the terms of
the latest decree.
Monetary conditions in Mexico hre
still in an intensely chaotic state, de-
spite all the efforts of the Carranza
government The country has been
flooded with paper money by the vari-
Gus revolutionary governments, to
which has been added huge collection
Of nondescript counterfeit paper, most
Of which has been repudiated in turn
by each successive government Lately
!. decree has been issued by Carranza
which establishes m arbitrary ratio Of
value as between silver and paper and
between the various issues Of paper.
This II designed TO assist the Mexican
debtor in meeting his debts and AT the
same time give the creditor some
measure Of protection.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
TOOL INDUSTRY HIT
BY BRITISH EMBARGO
American Lathe and Machinery
Makers Feel New Restrictions.

Builders and dealers Of American
machine tools are much concerned
about the restrictions which the Brit
ish government is placing upon ship
mcnts of American machinery 20 Hol-
land and the scandinavian countries
Machinery dealers on the Atlantic
coast have recently done n lucrative
business in lathcs for export. Large
shipments were made 70 Holland. the
tools being consigned to the Neither
lands Oversee Trust. The understand
ing is that the British government is
especially DESTROYS of preventing the
Holland combination from receiving
further shipments from this country.
Heretofore foreign restrictions on cx-
portations from the United States have
not been as severe as appeared upon
the surface. but there seems reason to
believe that the recent order will be
more efectually executed. The ma
chinery trade believes one OF the req
sons why Great Britain is levying new
restrictions is that the detention Of
ships carrying suspected contrhband
goods has proved exceedingly cx-
pcnsivc and therefore shipments are 10
be stopped at the source. Russia ard
France are also buying machine tools
IN this market. The movement 10 these
countries is unrestricted.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
NORTHWESTERN'S
REVENUES JUMP
Management Emphasizes Ad.
yancing Labor Costs.

Gross earnings of the Chicago &
Northwestern Railway Company jumped
from ssO,779,675 in 1915 to s9l,3l3,S65
in the fiscal year ended June 80 last,
according to the annual report issued
Yesterday. Operating income after ex-
penses and taxes was s2i,606,706, an
increase Of s4,722.S02.
The years surplus available for divi-
dends amounted to s17,2s2,5l0, which,
after allowing for the regular diStribu-
ton Of s per cent on the preferred
stock and a minor deduction for sink
ing funds, was equal TO III per cent
on sl3O.l17O29 outstanding common
stock. against IT per cent earned in
1915.
Operating expenses for the year were
S9l.3l3.S65. OF this the report said
s36. 00l ,249, or SSH per cent, was paid
employees for labor, as compared with
s32. 800 ,365, or $40 per cent, in 1918.
The increase Of $1,000, 1874 was account
ed for as follows: Increase account
more time worked, S2,359,595; increase
account higher rates Of compensation,
s72l.289.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
An Unenchanting Shop.

An important work is being per-
formed by the National Foreign
Trade Council. 1t has brought organ
lied intelligence 10 bear upon the
mechanism. the politics and the
finance of international intercourse.
1t calls attention to the need of a
more flexible tariff system, and of
legislation which, while preserving
the principle Of competition in indus
trial production, will enable manu-
facturcrs to cooperate in merchan-
dising their products abroad. 1t en-
courages scientific study beforehand
Of the economic conditions which will
govern trade after the war. All Of
these things are essential. But it
would seem highly desirable at the
same time to add courses of study
in psychology. common politeness and
business ethics.
We do not know how to sell goods
TO other people. We have never had
TO learn. Our foreign trade has
largely arisen not from any necessity
on our part to find an outlet for our
surplus production, but from the de-
sire of the world to supply its wants.
That is to say, Our surplus has not
been sold: it has been bought. Shops
are of two kinds. In one the sales
man waits on the customer; in the
other the customer waits on the
salesman. In one shop the goods are
sold to you; in the other you take or
leave them and it's all the same
Every one knows the kind Of shop we
have kept, and so does the world. If
we were still selling only wheat and
corn it would not matter so much.
Those are staples. They have to
be bought as they grow in this cOun-
try; it is a matter Of price. We
have expected foreign customers to
buy manufactured products in the
same way-if, when and as they are
made, and not as the buyer might
want them. That is only part of the
story. We have habits of trade in
this country which are not always
prescriptions or particular. We
have a certain boisterous, wrangling
way Of doing business among our
selves, and we expect the foreign
customer to DO business with US on
the same terms. He will when he
must; at other times he won't.
The idea Of Selling the trade of
Latin America has produced an enor-
nous quantity of propaganda. There
is already a considerable investment
in it. Fancy, then, that the Mer-
chants Union of Argentina has come
to the point of suing one Of the
largest industrial corporations in
this country for bad faith in the full
filment Of its contracts. One Incl
dent like this is enough to cancel a
year Of "Pan-American embrac-
ings."
It may not have been bad faith,
really. The corporation may have
acted within its legal rights. That
is not the point. The customer
thinks Of it as bad faith and puts
the American down as one who does
not deal in a straightforward man
ner.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
LEGAL NOTICE.

STATE OF NEW YORK OFFICE q
Tr'E SECRETARY or STATE $
IT Is HEREBY CERTIFIED That -
trads mark "GEAREASE u Saai
Finch company. was ms day paesl
flo i'm this ofice Tho principal pa,'
business ~ said Company Is .ocaiei
No i6j Broadway. Borough ~ N4nh.'.a
city. County and state u New fofN
WITNESS my hand and the sea.
Office 81 the Secretary % stat
[Sesll the city o. Albany. this thftta
day Of August. one thousand ~
hundred and sixteen.
G. W TAFT.
Second Deputy Secretary OF sias
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23

1t seems now strange and incred-
ible that at the outbreak of the war
we shut up the New York Stock Ex-
change for fear VIC should have to
buy back our securities from Europe.
and that when we reopcned it timor-
Ousiy five months later we estab-
h.hed minimum prices, which was in
eject 20 say TO Europe: AT these
prices you may sell US our stocks
and bonds, bpt no cheaper" Well,
$50 arc rich enough as it is-too rich,
20 aps-but if we had not been
afraid Of bargains in our own securi-
ties ia the latter half Of 1914 we
should bc now so much richer that
it would seem scandalous.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
DYESTUFFS CENSUS
READY FOR STUDY
DR.. Norton Gathers Facts of In
terest to Domestic Industry.

American manufacturers OF dye
stufFs will have an opportunity on
Monday to examine proofs Of the
dycs.ufs census which has been pre-
pared by Or. Thomas II. Norton for
the United States Bureau Of Foreign
and Domestic Commerce. The re-
port, it is learned. will give in detail
a statistical analysis Of the dyestufs
imported into thi country during the
year preceding the war and contains
information that will serve as basis
for the development of the industry
in this country.
Just what quantities Of each color
have been used in American color
using industries has always been
more or less OF mystery in this
country. German exporters alone
have been familiar with the situa-
ton. Domestic manufacturers have
felt the need of a reliable guide 10
prevent them from producing more
than enough of one color and perhaps
not nearly enough of some other
shade.
Compilation of the census has
shown that an exceedingly vague idea
of the extent to which synthetic dyes
are consumed in the United States
prevailed in commercial manufactur-
ing circles. Those best informed, 1t
is said. have estimated hitherto that
the annual consumption of coal-tar
colors did not exceed 10000 tons,
whereas it is nearly one-half again
that amount, or some $4,000 short
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23

There is an illusion of wealth in
rising Stock Exchange prices. Peo-
PIE easily mistake prices for the
wealth itself and forget that values
are first made and then exploited in
share quotations. 1t is natural that
they should lie exploited. In the
present instance. however. the eco
nomic effect is partly absurd. If you
found a trader bidding up the price
o.. the merchandise in which he re-
ceiveI payment from his customers
you would think ne had lost his wits.
He OUGHT To- be a bear on that
which he receives and a bull on
that which he gives in the process Of
exchange. We are now in the posi-
ton Of bulling both what we sell and
what we receive in payment-both
the goods we sell and the medium in
which the foreign customer pays.
Europe is paying US for goods in
three things, namely, % her own
credit, or promises to pay, (2) gold,
and, 90 our own securities. And
by speculation among ourselves we
are steadily and rapidly advancing
the buying power Of those securities.
That is the same as TO cheaper the
goods you sell. Take Stee! common
for the illustration. Every share Of
that stock in the possession of the
British government would buy So
per cent more wheat, steel, copper,
shells, canned meat or powder than
it would have bought eight weeks
ago, provided those commodities had
not also risen in price. They have,
but not 50 much as some of the
securities with which they can be
bought. It is an endless spiral. We
put up the securities with which Eu-
rope pays, then the prices Of COM
molities. then the prices OF securi-
ties again, and in the meantime do
nestle consumers who have not
the good luck TO be also holders Of
securities are at a painful disadvan-
tacc.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23

Cod .s 70 a discount, nominally
81 this country and actually in Scan
cinaya. where payment will not be
received in gold except at "a discount
50 long as any other kind Of payment
can be enforced. This is an eco
nomic novelty For gold TO be at a
premium, especially in war time, was
"A familiar phenomenon. u was hard
20 imagine the converse. Similarly,
a great many people cannot COM
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
URGES BRITISH BANK
AS TRADE WAR WEAPON
Baron Faringdon Reports on
Needs After War.

London. Sept. % Establishment Of
n British trade bank. with capital Of
S5OOO0,OOO, was recommended to-day
hy a committee, Of which Baron Faring-
don. chairman Of the Great Central
Railway, is the head. The committee
was appointed to consider the best
means Of meeting the needs OF British
firms after the war. with particular
reference TO financing large overseas
contracts.
1t suggests that the proposed bank
could fiji the gap between the home
banks and the colonial and foreign
British institutions, and develop facili-
ties not provided by the present sys-
TEN.
Washington, Sept. 22.-Such bank
as Baron Faringdon's committee pro-
poses is one Of the most important
features of the recently published plan
of the London Chamber Of Commerce
for British trade domination after the
war.
Great significance is attached to the
proposal by officials here, as indicating
the trend Of economists IN England.
who are preparing for after-the-war
trade conditions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
FINANCIAL MEETINGS.
CHICAGO, SAINT PAUL, MINNFAP0ll,
ANn ON AHA KAHN Az IN

NOTICE OF ANNUAL NEETINC
Tho Annual Meeting Of the S,ocsass,,
OF the Chicago. Saint Paul Minnsss |.
and Omaha Railway Company will B. k,s
Al the ONCE OF the company. In the clb I
Hudson. Wisconsin. on Friday. OcioA. a
1915. at nine o'clock 4. NJ. for the eee;,,
OF directors and the transaction Of o.,
other business as may come before "a.
meeting.
transfer books viii be closed on Ne,
day. September IS. 1915. al the close i
business on that day. and will be reopens
on Saturday. October -, 1915
Dated, September !. 1915.
JAMES T. CLARK. President
Holm d CALDWELL Secretsry
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23

The above rates express the COS; OF
foreign money in terms OF the AmerI-
can dollar. You buy an English pound
sterling for $4.75i5; the intrinsic par
ity is s4S69s per pound. Thus, you
sag either that pounds are at dis
count or that dollars arc at premium,
which is owing to the fact that in Eng
land the demand for dollars with
which to settle accounts in this coun-
try is greater than the demand in this
country for pounds with which to
settle accounts IN England
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
Condition of u. S. Treasury.

Washington. Sept. 22.-The condition
Of the United States Treasury at the
close of business to-day was: Net
balance in general fund, sis4,5lo,Ss9;
total ordinary receipts. s2,i97.77o; total
ordinary payments. s.2i9,937.
The dehcit this fiscal year is s+7,-
O76.599. against n deficit OF s32,ll6,47s
last year, exclusive OF Panama Canal
and public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23

i'm c.ght weeks the market value
of the common capital stock Of the
United States Steel Corporation has
increased Sl50.OOO.OOO. The obvious
thought Is that its holders are $780,
100000 richer. Are they really?
Nothing has been added to the sum
of actual wealth. The productive
capacity Of the United States Steel
Corporation has not been increased
all ounce by the rise of $50 share
in the price of its stock. Its earn
ing power is unaffected. The earn
ings for this year or next will not
be a dollar either more or less by
reason Of what has happened on the
Stock Exchange. The credit Of the
business cannot be said TO have been
sentimcntally improved, because 1t
was as high before as credit could
be. The rise in the stock Is purely
an effect and not the cause Of any
thing. If for reasons Of foreign
liquidation or the inaccessibiity of
credit with which to finance specula-
ton for the rise in securities, Steel
common to-day were at So, as in
July. the assets of the United States
Steel Corporation and its earning
power would be nevertheless exactly
the same as they are. All that has
happened is that higher valuation
has been placed upon the evidences
Of share proprietorship in the bust
ness. The individual holder was
richer than he knew in July, and he
is not any richer now, except he
should wish to sell out or borrow on
his stock. lie is then richer only
because Steel common has gone up
more than perhaps anything else in
the same time.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
,bIcaro and North Western Railway c.

NOTICE. OF ANNUAL NttIING
The Annual Meeting Il the S'ockhod-,
or the Chicago and North Western RAJ
,rsy Company will b. held az the ONE I,
,hr company. 20 West Jackson Boulevard
i'm the fIty Of Chicago. Illinois. On Thgr
dsy. October ~. 1915. ~ eleven oe.o.i
A NJ FOR the election & Directors a..
,he transaction II such other business I.
NAV come before said meeting
Transfer books Will be- closed on Norc,f
September IS. 1915. a. TIE close o, busn,s
on that day. and will be rcopened on Fn
day. Octob,r 20. 1916
Dated. September !. 1915.
RICHARD n. ASHTON. Prsslts,t
JOHN u. CALDWELL Scc-stary
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
New York

The Ground Swell in Du .,y:
"Bradstreet's" this week W" ,,cs
~Propslled by extraordinary 's'a .1 ),
in buying power and und''mA' .,,.,.
high prices, trade, in COLLECTIVE .,,it,.
has risen TO very high levels ..yius
b,e ground swell Of new buying a TIRE.
been experienced at learns ,,,l,r,
this week. Jobbers. whole'"'e han
retailers and manufacturers A. '.,,,isr
in the upward movement and MA a.
merchants. even in zones "a' , Ar
wheat and cotton crops are SUI, .,a,s
buying freely, lest there be n y w.
goods to 90 around later on
Weeks Failures. Commerce" a
ures this week in the United ''
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
DIVIDEND NOTICES.
THE NATIONAL PARK BANK of
MN NnKN.

September --nd ~,
THE BOARD OF DIRECTORS HAS iv,
DAY DECLARED a quarterly difieehl
FIVE PER Cent. $50 upon me S~p o..
stock Of this Bank. payable on an' ~.
october End. 1916. 90 stockholders Of -.
al close Of business september --nd; w
MAURICE ~. EVER. CashNH
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
Money andCredit

Money on call at the New York
stock Exchange was unchanged at %.
per cent.
The easier tendency continues in
time money on brokers Stock Exchange
collateral in spite Of broader demand.
While lenders are not pressing funds
on the market, they are inclined to be
more liberal with their offerings. A
fair volume Of business, particularly
in industrial loans, is being done, but
rates arc unchanged.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23

Weeks Money Currents re-
ported movements of currency this
week indicate gain in cash by the
banks Of nearly Si0,O0O,)0O, according
to Dow, Jones & Co. They received
from the interior $9,059,O0O and
shipped to the interior SS,645,00o,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23

Below is given the current exchange
value of foreign money in dollars AMI
cents. together with the intrinsic gold
parity as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23

Government
81, loan Of 1886.
s.. loan Of 1876
g. loan of 1897.
3is-, loan Of 1900
3i.o, loan Of 1901.
81. loan of 1909.
Other securities.
3ig'c loan Of 1906. Banque Hypothecaire.
e. loan Of 1908. Banque Hypothocaire.
- loan Of 1912. Banque Hypothecaire.
SWITZERLAND.
Government
g. ron,e. 1890 dcs Chemins de Fer.
g. rente. 1897. Sere.
3i.', loan lS9e-lo02 des Chemins de Fer.
Series AK.
&, rcnte. 1900.
3 rente. 1908.
3i.", rcnte. des Chemins de Fer Federaux,
! Serie.
80 ronte. Difere Chemins de Fer Federaux.
City OF Berne.
g, loan Of 1895.
D. loan of 1897.
HOLLAND
Government
81 rente. 96-'9S-'99-lS0j.
URUGUAY.
Government.
3isT loan Of 1891.
Sc loan Of 1903.
Sc loan of 1909.
EGYPT.
Government.
r. unified loan.
3i.,a loan ''priviligiee.
BRAZIL.
Government.
b. funding loan of 1898.
SPAIN
Government:
- Exterior Loan.
CANADA.
Province Of Quebec:
50 Loan Of 1891
SUEZ CANAL.
Government:
Actions de Capital.
Actions De Jouissance
Be- Obligations Nouvelles.
O.. Obligations. I Seric.
3 Obligations. . Serie.
&C. Obligations. Scrie.
Parts DE Societc Civilc.
Cin9u.ome Parts DC Societe Civile.
Sc Bons de Coupons Arricres
UNITED STATES CORPORATIONS.
Stocks:
Atehison, Topeka q Santa Fe Railway
Company common.
General Electric Company.
Northern Pacific Railway Company.
Southern Pacific Company.
Canadian Pacific Railway Company.
Great Northern Railway Company pre-
fcrred.
Union Pacific Railroad Company common.
Union Pacific Railroad Company preferred
American Telephone and Telegraph Com
pany.
Utah Copper Company.
United States Steel Corporation preferred.
Bonds
marlborough Rapid Transit Company first
and refunding mortgage gold Sc bonds.
due 1866
J l. Case Threshing Machine Company first
mortgage &C. serial gold bonds.
Southern Railway Company development
and general mortgage 50-yenr gold ~
bonds. due 1856.
United States Steel Corporation 1860 year
sinking fund s.. bonds. due 1868.
New York Central q Hudson River Rail-
road Company first mortgage 3isre gold
bonds. due 1921.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23

prehend gold initiation" They have
been taught to associate imitation
with paper money.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
ANDREW J. MCCORMACK. Aue,lo,,.
REGt LAR AUCTION SALE
STOCKS AND BONDS.
by ADRIAN II. MILLER 4 son
OFFICE. 40 s. WILLIAM ST
WEDNESDAY. SEPT. %. isIA

al u 30 o'clock. a. the
EXCHANGE SALESROON
snE 81 Avn ff fFLf-ry crpr..

at 7 ; : % . w r II lie
EXCHANGE SALESROON
nos IL AND IS NESEY STREET
For Account - Executors
81 .0c0 Riding & Driving Club o.. Broo.,,,
"a Mtg So Income Bond. i,,s
81 200 Riding & Driving club OF Broo.,.
"a Mtg So ENtd. BIDS, 1871
$500 Crescent Athletic club o, Broo.i,,
I'd Htg. Sc BIDS. 1923
% shs Utica Trust s Deposit CO. Utls,
y Y
s. shs Metropolitan Bank
20 shs. Hamilton Trust Co. Brooklyn
For Account Of whom II May Cone.,,
so shs Washington Herald Co
$500 Great Northern Rwy Of Canas, a.
Bond. 1894
$500 Deutscher Yorcin Is, Mtg. Sc b.
1871
$500 Deutscher Nerein - Mtg. lnc,-,
Bond. 1871.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
The Dollar IN Foreign Exchange

Changes in rates were small and bore
little significance. Russian rubles were
easier.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
READING REVENUE
SHOWS BIG GAIN
Operating Company More
than Doubles Its
Net Income.

The l9l5-I6 report Of the holding
concern" called the Reading Com
pany, whose stock is listed on the New
York Stock Exchange. is made public
to-day. Accompanying this statement
are the annual reports of the Phila-
delphia E. Reading Railway Company
and the Philadelphia and Reading Coal
and Iron Company, both of which are
owned by the Reading Company.
The income of the Reading Company
for the fiscal year compares with the
PREVIOUS year as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
A year

Commercial Paper. Trading in com
mcrcal paper is quiet and Withou, any
special feature. There is :air inquiry,
but the supply continues as light rs
over Rates for prime regular dates
are 31z 20 81 per cent m the city.
While IN the country they are 2. TO 4
rcr cent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-23
Net corporate income .,2.sss,asa ss.se7.l5s

In the Reading Company's report is
appended brief statement OF the con-
dition of the Reading Iron Company,
another subsidiary. This shows assets
valued at Sl7,3i3, 462. against current
liabilities NJ only S667 III