davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
DUTCH VIEW OF
OUR SITUATION
British Mistakes That
Tend to Make the u. S.
Independent.
Amsterdam, August II.

Financial circles in neutral countries
are watching with ever increasing IN
terest the changing positions and rela-
tions o. London and New York on the
field of International finance. "De Tel
egraaf," Of this city, printed in a re-
cent issue two-column article on this
theme, and il came to the conclusion
that, to say the least of it, New York
will become more and more Independent
of London.
II the English government had not
brought about condition of things
which enabled it to control the rate Of
exchange, the predOmlnance of New
York would loom even larger than it
does now. The clever financiers of Lon
don are directing not only the move
ments of the sterling rate, but, to
great extent, the buying and transport
ing of merchandise in such a manner
that the future Of English trade is evil
IDENTIFY their first consideration.
However, they are making many mis-
takes which inure to the beneilt OF
America. As, for example, when they
put difficulties in the way of Americans
obtaining rubber, indigo and other
products from English dealers. The
consequence is that America seeks new
sources FOR these supplies or their sub
stitutes. It should be noted, too, that
England suffers in other respects, and
il may be said that every steamer taken
over by the Italians from the Germans
represents a loss to the economic life OF
England.
While before the war the grain trans
port from Canada TO Mediterranean
countries was mostly done in English
boats. there are at present forty steam
ers sailing under the Italian flag to and
from Canada, principally as grain car
riers. The frozen meat trade from
South America TO France and Italy is
also slipping away from the English.
The coming winter will see shipments
from the United States to England ris-
ing in an extraordinary degree, and
the exchange and gold problem will
present even more difficulties than here
tofore. Besides, exchange on European
places is beginning to show an unfsvor-
able tendency for London. Amsterdam
is constantly taking small quantities
of gold from the English capital, and
even Spain has recently received $780,
OO0-think of it, Spain, where in the
memory of the present generation the
gold sovereign brought 40 per cent
premium II is interesting to remark,
too, that Spanish exchange on France
has been in favor Of the former country
for many months, the peseta fetching
% per cent premium in Paris. The
Spanish Bank is now in possession of
, 1,027, 12s.64S pesetas in gold, and be-
sides it has 1852, 937 sos in silver. It's
GOLD stock before the war was not quite
SOC, 1000 900 pesetas.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
Wanting To Be Comfortable.

Everybody is a little bit dazed.
Congress is stalking about in the
ashes Of its panic, upbraiding itself
and wondering what might have
happened in place of what did.
Labor is exulting. The long, lean
man pictured by the Washington
correspondents as an unshaven APP
partition unconscious of everything
save its own greatness, leaning out
Of the Senate gallery like a menace
while Senators voted for the eight
hour law under protest of intimi-
dation-he will take a long sea voy-
age 20 recover from the strain. Mr..
Gompers has disclosed his true the
Dry Of industrial bargaining. In a
Labor Day speech he said: Com
pulsory arbitration, or so-called in
vestiRation, is simply way TO re-
strain free necessary action on the
part Of the wage earners." The
President Of the United States, by
his own testimony, has had one Of
the happiest days Of his life-thc
day on which Congress passed the
eight-hour law. Wall Street has re-
solved 20 be bearish on railroad Sc
curitics until the government takes
them over. Employers say the seeds
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
BRITAIN SENDS
US MORE GOLD
Arrival of S27,OOO,O0O in
Bars Yesterday Largest
on Record.

What bankers said was the largest
single shipment of gold received here
from Canada since the European war
began to send the metal in this direction
arrived at the United States Assay Of
fee yesterday for the account Of J. P.
Morgan & Co., representing the British
government, for whom the shipment was
made. The consignment approximated
a value of s27, 100000 and was in bars.
The metal came from Ottawa, packed in
$40 wooden cases, averaging 100000
each. It so taxed the capacity OF the
big vaults of the Assay Office that part
had to be transferred to the Sub-Treas-
ury building, next door, for safe keep
ing. Shipments since the current move
ment began now exceed s250,O00,0oO.
While the size Of the shipment sur
prised Wall Street a bit, it caused no
more commotion than an arrival of a
million or more. Gold has been coming
in so steadily in recent months that the
novelty has worn off, and new arrivals
have become more or less matter OF
routine. While most of the gold re-
ceived here has arrived in lots of 81
500, 900 to s5,OOO,OOO, there have been
several receipts of British gold APP
proximatng s2O,OOO,OOO each. On one
occasion a shipment of this amount was
sent from London to Halifax, guarded
by British battleships, and transhipped
to New York by rail under heavy guard.
Recent shipments of gold from OF
tawa have been in small amounts, and
bankers intimated yesterday that the
latest consignment had probably been
arranged before the threatened railway
strike was called off.
Brookmire points out that It is again
significant that accompanying the re-
markable gold import movement which
we have had for the last three months
we have had note issues for France and
England amounting to S350,00O,OOO,
while an additional $l00,000,000 Of
commercial credits have been arranged
for France and Russia and a consider
able block of Russis's internal bonds
have been directly marketed in the
United States. "Unless," he says, "the
English and French bankers have
totally altered their method of dealing
with the foreign exchange situation
created by our tremendous balance of
trade we may consider that these inn
ports of gold have had the direct pur-
pose of facilitating the present finan-
cling, and must expect large decrease
in gold imports for the next three or
four months"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
TRADING ON SILVER
IN CHINA'S MARKETS
How Commerce Is Affected by
Fluctuations in White Metal.

The fluctuations in the price of sill
yer have some peculiar and unexpected
effects upon the import and export
trade of China. Contrary to the gem
eral impression, the export trade from
this country dose not necessarily flour
ish when the price of silver is excep-
tionally low. The reason for this stu
alton is that the Chinese exporter and
the foreign importer do not at such
times seem able TO agree upon what is
a fair price for the goods under such
conditions.
1t seems TO the average foreign i'm
porter TO be an excellent opportunity
TO buy at a price in silver which would
be reasonable under ordinary condi-
tions, but which at the low value of
silver corresponds to an unusually
small value in gold. and therefore Of
fers an opportunity for large profits in
reselling on a gold basis to the foreign
consumer.
The Chinese dealers in the interior
who have exports for sale are not
unadvised as to the true situation.
They are kept posted through a system
of guilds which furnish information
not less accurate than reports issued
by commercial organizations in the
United States regarding the real values
Of their goods in the worlds markets,
and accordingly they demand just
about what the foreign importer can
afford to pay and still make a small
profit. The result is that the Chinese
exporter and the foreign importer seem
unable to agree upon a satisfactory
trading basis. This interferes with
their business transactions.
On the other hand, the situation IS
quite the reverse when silver shows a
tendency 10 rise in value. The foreign
buyer is then anxious to supply his
wants in Chinese goods before their
value in gold becomes too high on ac-
count of the rise in the price of sill
yer. The Chinese dealer, too, is anx-
ious to clear his stock before the in
creasing cost of silver results in Civ
ing him a much smaller amount Of sill
yer for his goods than he could when
silver Is lower in value. The two,
therefore. experience little difficulty in
arranging price for the goods salts
factory 10 both. with the result that
exports materially increase during such
periods.
An examination of trade statistics
shows that during periods of compare
tive lower values OF silver the export
trade is heavy. whereas Just the oppo-
site is true when the value of silver
has been high. Perhaps the best re-
turns are recorded when silver main
tains an average value equivalent to
about 60 TO 62l7 cents gold to the tael,
with tendency 20 rise.-Reported by
Consul General Sammons at Shanghai.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06

1t is perhaps necessary that there
should be outlets like international
Mercantile Marine and United States
Steel common for speculative i'm
pulses which have been long re-
strained and baff1ed. For reasons
well known, railroad shares are not
enticing to spectators. They re-
uuire to be treated on their merits
as investments. A "bull campaign"
in the railroad list seems very re-
mote. Any other outcome of the
struggle between the railroads and
the brotherhoods might have made
it possible for extra profits to be
disbursed and for some dividends to
be raised; but with the carriers now
under the necessity Of adopting an
eight-hour wage basis, and perhaps
of extending it beyond the train
service organizations, and then of
proving afterward that they could
not afford it on the present schedule
of rates, it is not likely that they
will increase dividends to share
holders.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
S5O,OOO,0O0 RUSSIAN
LOAN EXPECTED SOON
Transaction Will Be Similar to
Last Operation.

The negotiations for the fotation OF
a new Russian loan in this market
have reached the stage where an an
nouncement may be expected within
week or so. The first discussions IA
vored the offering to American in
vcstors of a direct Russian government
obligation. The amount considered was
500, 900.
In recent conferences, however, the
preponderance of opinion has been for
E. 100000 credit, similar to the last
Russian operation. There is a provision
in that loan agreement that permits
holders of the participation receipts to
share In profits arising from an ad-
vance in the exchange value Of the
ruble above SO 1-3 cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
KNITWAy srFFI-sPRING COMFY
WHY JAPAN BOUGHT
BRITISH WAR Bill
Her Gold in Wall Street VS.
~ p. c.; England Pays

From The Japan Chronicle.
The "Asahi" Of Osaka claims"
obtained confirmation OF the =
that Japan has been taking up d
treasury bills with the object Q, :.
ing her increased gold specie
abroad.
On July II, 1916, Japan's gold >
totalled s293,lls.OOO. Of which ~,
600 was held by the goyernFiise..; d
the remaining Sl9S.A03,0oO By ,n,
of Japan. The government, sns :.
all held abroad Sl9.s5o.OVV 4. d
United States and Sii.So3'vVV -
rope. The government has ~ "A
the specie in Europe IN bf.,t.sIs "A
ury bills and otherwise g'i,'I,. A
as 70 yield an interest Oh
cent. 81
has been deposited Win ~. 4
on current account. These 9H| "a "A
ing more than sufficient iunds ~. y.
do not allow interest OF more "a
per cent per annum on Japan 10
In these circumstances the -, 4
authorities made study OF -
way OF utilizing the specie Sno' -
ing to the Asahi. have been ll~~,r.sfI
nication with the British g0,s
with the result that u has IN a
informally decided that phiI,f
subscribe 70 British treasur, y.
her specie in the United s's s2I. q
The British treasury pn,S,rss1
taken I'd by the japanese ~ s.ss]
under the agreement are ior s,s,1
600. bearing interest at Pr, y,r
annum and redeemable 10 on ~
There are two considerso.S, ~
tages for Japan under inc ~ y yi,l /
ment: First, the specie VII i sl1
terest OF 3 per cent. instead a =;
per cent now allowed on y. ,ss,:s
Az per cent; secondly. any ~. ,r, y
TO the dollar-pound exehahs .r,snt
borne by the British goveiLn"hs ~
The Osaka paper coneluaes I, ~
that the new agreement msss fw
tho best possible measure. an g
utilization of the govsfn
specie abroad. -------..-E
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
COURT MODIFIES
MARINE ORDER
Shareholders May Now
Vote on Matters Relating
to Organization.

Another step preliminary to the
restoration of the International Mer-
camille Marine Company to the stock
holders was taken in New Jersey yes
terday when the receivership order was
modified by Vice Chancellor Howell, in
Newark, upon the application of Frank
S. Katzenbach, jr. This modified order
allows the stockholders to meet and
vote on matters relating TO the read
iustment of the company's affairs.
The original order placing the In
ternational Mercantile Marine in the
hands of a New Jersey receiver re-
strained the stockholders or the officers
from transacting any business. This
is the section of the order which il
recalled by the order made by Vice
Chancellor Howell.
The Marine issues provided the chief
feature of yesterdays trading on the
Stock Exchange. The preferred ad-
vanced to a new high price of 1873, a
gain of 111s points for the day. The
common closed at AIN. up SIS points.
Many rumors were heard as reasons for
these spectacular gains, but none o.
them bore the stamp of officialdom.
Mr. Katzenbach said yesterday that
by reason of the great increase in
freight offered, and the increased rates
charged due to the European war, the
company was now in a position TO ask
for the modification OF the receivership
order. He said the company had now
seventeen millions of dollars in cash
on hand. No objection was made TO
the granting of the order and none is
expected when n similar order is made
in the New York United States District
Court.
II is said that at an informal confer
ences, participated in by the bondhold-
ers and the stockholders, both common
and preferred. the plan for the reorgani-
cation has been worked out in all It's
details, but it cannot be effected until
the restraining orders are vacated.
Whatever is done in the line OF reor-
ganiZation must be approved of later
by the court.
On April 3, 1915. upon application OF
Philip A. S. Franklin, receiver was
appointed by the United States Court
for the New York district (Manhattan).
On August IS, 1915. Chauncey Parker
was named receiver in New Jersey by
the Chanccry Court. At that time 1.
was stated the concern had bonded
debt Of ono hundred million dollars.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06

pie wanted more than everything
else was to be comfortable and pros
porous. Nothing is really settled
that way. The railroads will attack
the constitutionality of the eight
hour law. Suppose the United
States Supreme Court should decide
for them. What would the brother
hoods do? What would the people
do? 1t might be very uncomfort
able.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06

The above rates express the cost Of
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling for s4.75&; the intrinsic par
ity is s4.S6fs per pound. Thus, you
say either that pounds are at a dis
count or that dollars are at a 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 rgo would be
about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
The Dollar in Foreign Exchange

Continued weakness in exchange on
Berlin featured the foreign remittance
market. On light business check marks
dropped to 60 cents for four, compared
with 69I on Saturday. This was
new low record Rubles, which were
strong most of last week, tended to
ease off a small fraction. Sterling
rates were unchanged, despite the rec
ord shipment of s25,OOO,oOO in gold
from Canada.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
Cost Of one dollar.
U. S. Treasury Finances.

Washington Sept 6-The condition Of the United
states Treasury at the close Of business to-day was
a. follows
Net balance IN general nind. $500 os7. ii6: total
ordinary receipts. ti.sse.62e. total ordinary pay
ments. siT5oT2s.
Tho deficit for this fiscal year Is 81 $50 a3s.
against a dencit OF ,2o.5o'.iso last year. .reiusi,.
Of Plnsns Canal and public deb, usnssetiouA
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
Tuesday, September 5, 1916.

Nearly a third of the days Stock
Exchange transactions and more
than that proportion of the stock
markets strength appeared in Inter
national Mercantile Marine certifi-
Gates. If those issues, United States
Steel common and the copper and
smelling shares were eliminated,
there would be left but the record
of a narrow, uneventful and mod
erately strong market.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
Sub Treasury-New York banks los

SUD TedSUry- IUTh JULIE fO'7
to the Sub Treasury 1881 900.
Siver.-Bars in London, 1925 pence.
Bars in New York, IS cents. Mexi-
can dollars, 522s a 553s cents.
Gold Movements. 49, Approximately
s25,OOO,OOO in gold arrived from OF
tawa. There was withdrawn from the
Sub-Treasury 100000 in gold coin for
shipment 10 Spain.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06

Below is given the current exchange
value Of foreign money in dollars and
cents, together with the intrinsic gold
parity as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
DIVIDEND NOTICES.
Colorado Power Company.

OOTVI "~V "
The regular quarterly DIVIDEND
and three-Quart per cont as.
been declared on fhe Preferred II
payable September 18th 10 stockha'a
record August 81. 1910.
IRWIN -. DAY. Secrs'r
William r.. Bonbright & Co, n.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06

ANDREW :. MCCORMACK ABct.e,,
REGULAR AUCTION SALE
STOCKS AND BONDS.
BY ADRIAN n. MILLER q s0N
OFFICE. 40. 5j WILLIAM ST,
WEDNESDAY. SEPT s, 1915
~ 1880 o. clock. az ne
EXCHANGE SALESRO0N
NOS. "a AND Is NESEY STREET
For Acct Of Whom u My Corr.
6 800 900 Rivers & Hsrbors lmyow-1i @
Gold Notes.
$1,000 Danhury & Bethel s. r. II "a.
Mtg. 81 Bond. 1888.
IS shs. Lewis Roller Bearing Co.
Warehouse receipt No. 3ffls c' Co'r-st -
Warehouse. 40 Columbus Ave-. errl
barrels q I case. said .o col;n' G. q
china. and silver
s. 200 Tho Lake Placid CO : NiE 81 BE- I
4 shs. Tie Lake Placid 60 cu PRED
30 shs. Tie NJ & g. Reaiy Co.. u.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
Daily Imports and Exports.

Daily imports and exports Of general
merchandise at the Port Of New York
were:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
AMERIcAN LOCoM0TNE 90.

30 Church s.. NcE YORK. August q. y
A quarterly dividend ~ ono and ihf't'
per cent. l4Tcl upon fhe Preferred ci'.A
OF the American Locomotive tonGa,y ~
declared payable 0u Oc'0ter o. lth
Preferred stockholiers % record a. ~ ?.
business on Scptemher i'. 1910. DiFhf4
will be mailed on October %. 1918
quarterly dividend o, ore 1i ~
per cent GhC) upon Pie Common ciil
Of tho American bDcomaI7e t1mpry %
declared payable on Se.tfr or -. ltlh
Common stockholders % r-ri az ~
business on September IS. 1910. Dinisa
will be mailed on September ~ 1915.
For the purpose Of re annual sm
meeting 20 be held on october y. ltl'. -
fer books o. tho Preferred and C0nrN
stock viii be closed 40 90 p. " 49,
1915. and viii b, re-opeuei e. 10 %
Der ls. 1915
W SPENCER ROBERTSON. s'-'.
RAILWAY STEEL-SPRING COhfr
80 Church St. New YORK, Alg' "a 4
quarterly dividend = on -.
THREE-QUARTERS PER CENT W.
has this day been declared on VI.
ferred Stock OF this company -
September goth. 1916. 90 stoekno,s5'..3,.
record September End. 1918. az
Trust Company IS Wall street N' I
City.
Transfer books Will not he clo:,S =
RAILWAY STEEL-SPRING CoI-sAs.>
T. Mccormick. L.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06

Bank Exchanges.-The days clear
ings at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06
Finance Economics

GARET GARRETT Editor.
WALL STREET OFFICE:
Mills Building, 10 Broad st.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06

Imports. Exports.
Tuesday. Sept. 5. S6,484.416 $18,25t, 1856
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-06

Teleph one:
Hanover COLA.
The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1916-09-27

LONDON. sept Wholesale
fsfar.ons from the Greek army
vr~e reported ~ Athens dispatches
to-day Er'ug Lat a declaration OF
war may fe expected al any time.
Pr4era'I, avery garrison in old
Greece M. ioir-0 the Evolutionary
movement said one Athens dis
patch and tho soldiers are leaving
.,- ~aloniE7 "a large number OF
naval officers have l'tt Piraeus and
tra Gresa cruiser Lonchi. reported
o. b. under ooutrol. OF the revolu-
.9a.-ls -'ppel ont or the harbor
aaaud 20. either Crete or Salonika
An Exchange telegraph dispatch
ruw Athens said the cabine, con
ferrol af lcaE-h on the situation
created by Premier Venizelo's de-
uarture for crete and that rumors
srrsad char tbo cabinet will resign
The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1916-09-27
Son of Martyr Presi-
dent DeplOres Re-
publican Tactics
SOUTH IN SADDLE"
CHARGE DENIED
Attempt To Reopen Old
Sores Is De-
plOred

WILlLAMSTOWN, Mass. sept. 26
-- Special Harry A. Garfield.
president OF Williams college and
son OF Jas A. Garfield. general in
The union army and martyred pres
ident OF the United States, gave OUT
lhe following statement today as his
protest against the Republican at
tempt 10 make secticnalism an Is
sue
Representstive Simon I. Foss, OF
Ohio. ~ reported 70 rave said Had
any one been found 80 bold as 20
have ventured prophecy that the
tlEuc would come when the union sol
dier would sec tho entire government
which he saved under full control ~
the states which attempted 20 des-
s'roy it-he would have been regard
ed rs a candidate Tor IN" asylum
The attempt 90 rekindle old Hres
Of hatred betwetu IN, North and
south Is reprcheusihIe m the extreme
The South today g. not the South of
1851 II does not desire the return
-o-sIaNery nor the dissolution ~ the
union ANY at-r-r--,t-tD- confuse the
old and the now South ts lur % x
norance or 70 deliberate purpose 20
hefDE the minds Uf voters The south
81 seeking 10 develop It's agricultural
and Industrial resources by the same
methods - those employ ed I'm the
North
Insofar as southern representatives
have sought special favors for their
districts. forEetful Of national inter
ests, they are blamewotthv. but the
prevalence ~ local spirit is not new
Il Is also "a Republican failing and
has neen n cardinal vice or tho Oi -
nant party since the frat CouCrsFs.
Il ~ quite as reasonable ~ essert
that the Republicans seek ~ regain
political control IN the interest -
plutocratiC government because the
chairne0 ~ the importance H... 0rtf-
te's ~ congress would thon na.i from
the northeast section ~ tho country.
7s 20 say that TIE Democrats seek -
retain control In tho interest 90 Tho
south of 1851. because the ehairrn IN
~ those committees reside IN south
eru states
The real question before 'hc voter
is whether tho great problems = the
day. international as well as national.
will 10 more wisely and ably handled
by continuing Mr. WNpon and hts
party I'm power or by turning the
government over 20 Nj Hughes and
his supporters The records - The
past eight ycnrs. no. those - so
yeDrs ago are significant