davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
FOREIGN TRADE OF
BRITAIN INCREASES

London, Dec. THE British Board
OF Trade figures for November show
increases in imports Of s17,3Oo,OOO and
increases In exports of ss,s49,OOO over
the import and export figures of oc-
tober.
The principal increases In imports
were: Food, 100000, and raw ma
terial, eli 100000. The raw material
included cotton from America, G6,OOO,-
600, and cotton from Egypt, sl,5OO,ooo.
The principal increase in exports was
in manufactured articles, Of which cot
ton textiles were represented by 49,
500 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
FRENCH ROADS
FACING A DEFICIT
Business Men Look for
Double Increase in
Freight Tariffs
By YVES GUYOT
tBy Cable 20 1hs Tribune

Paris, Dec. THE war has
caused a veritable disorganization in
the business of French railroads,
and all have suffered such heavy
losses that practically not one does
not face a deficit. TO be sure, the
military business has increased i'm
mensely, but that does not make up
for the loss of commercial business.
In these circumstances it is abso-
Iutely essential TO permit the rail-
roads 10 increase their tariffs on
commercial business. This the gov
ernment cannot deny them.
The last revision Of tariffs was IN
1892, when all charges were greatly
reduced, so that before the war rail-
road transportation in France was
cheaper than in either England or
Germany.
Just now tho roads do not want to
make large increases In charges, but
ask only increases averaging Is per
cent. Without doubt these increases
in tariffs will be approved by the
government without too long a de-
lay, but at the same time the gov
eminent requires an increase in pay
to employees, so in the end there will
be a deficit practically the same.
This will mean still another increase
in tariffs later. French mercantile
business thus looks for a double in
crease in expenses, with no govern
ment relief.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
Thursday, December :, 1916

In October last year, the first for
eign war loan was placed in this
country. That was the issue OF
$500. 600, 600 Anglo-French . per
cent notes. They were offered to
the public at 9S. to yield So per cent
This week they have sold in the open
market at 93i4, decline Of 4f4
points from the public offering price
and the yield now is 6i2 per cent
This is not. or should not, be a reilec-
ton upon the credit of the borrowers.
II tho Joint note Of Great Britain
and France for half a billion dollars
is really in discredit. then one may
as well now as at any time abandon
the idea Of solyency IN this war
rackcd world and he rcconclled TO
take the rest as IL happens. lou
simply cannot imagine the makers OF
this note defaulting upon 1t. Never
theless, no one who bought it when
it was first offered can sell 1t with
out a loss. Why has that happened
There are several reasons. One IS
that there are a great many holders
who can afford TO sell. They are
manufacturers Of war munitions who
took the notes in part payment for
goods supplied. The profits OF man.
ufacture were so large that notes
taken at 90 might well be sold at SO.
The decline, therefore, probably rep
resents in some measure desire on
the part Of manufacturers to convert
their profits into money. Another
reason is that the loan was not han
died in the beginning in manner to
make it a popular success. 1t was
placed more with banks and institu-
tons than with individuals. II 1t
had been absorbed by investors In the
first place there would have been
much less selling since. Also, there
is the important fact that since this
loan was placed here the prevailing
rate Of interest in the world has
risen. Great Britain's first war Dor
rowing at home was at 31a per cent.
She is now paying 6 per cent Tor
money on short term securities IN
her own market. 1t will be said, OF
course, that the controversy between
the bankers and the Federal Reserve
Board over the character of further
foreign financing here has created
distrust among investors, and that
NAV be in some degree true, but tho
downward course Of the Anglo
French notes had been clearly deter
mined long before that.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
Solving High Living
Cost for EMPLOYEES

Employees OF the National Surety
Company earning 5000 a month or less
who have been in the service of the
company more than six months are 20
receive All additional 10 per cent in
their salaries 10 cover the increased
cost of living. Those who have been
in the service OF the company less
than six months will receive 10 per
cent additional compensation. Pay
ments arc to be made monthly, IN
addition TO the regular salaries, and
are TO be retroactive TO cover the
months Of October and November.
This additional compensation is
temporary measure. The company has
nearly six hundred salsried employees.
The Liberty National Bank has an
nounced that its employees will receive
an additional liz per cent Of their sal
aries to offset to high cost Of living.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

If the famine Of railroad equip
ment continues long the situation
will begin to be complicated by the
factor of deprecated condition. A
car that can be kept on the track at
all remains in use where under nor
NAL conditions it would 90 TO the
shop for repairs. When the strain
is over railroad equipment generally
may be in pretty bad shape. This is
symptomatic. The whole industrial
machine has suffered tremendously
from wear and tear by being driven
at high speed. Renewals and re-
pairs have had TO be deferred.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
BRITISH NOTES SELL
QUICKLY IN JAPAN
Proceeds Will Be Used to Estab
lish S50,000,000 Credit Here

The syndicate Of japanese banks
which was recently organized to take
100, GOO, 900 yen $4,000 ,0O0) in British
three-year 8 per cent exchequer bonds
il was learned yesterday, is ready 10
place the proceeds of the issue at the
disposal Of the British government.
The bonds were offered TO the japanese
public at par and we're quickly sub
scribed. Great Britain, 1t is expected,
will use the money TO finance war pur-
chases in this country.
II is not definitely known how the
credit will be transferred 10 New York.
but that II will be available within r
short period was stated on good su-
thority yesterday. Japan has a large
credit balance on this side and I'M
doubtedly this will be utilized 10 some
extent in placing the funds at the dis
possl Of Great Britain.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

Commercial Psper.-The upward ten
dency Of this market was checked yes
terday, when the National Bank o.
Commerce, one Of the first institutions
to make use OF the rediscount priv
ilege at the NeY York Federal Reserve
Bank Wednesday, purchased large
amounts of paper from commercial pa
per brokers.
Omcisl rates OF discount at each OF
the twelve Federal districts are as fol-
low:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
Dividends

American Can.-Regusr quarterly diyi-
dend Of ! 3, per cent on the preferred stock,
payable January 10 stock Of record Deem
Der 10.
Ingersoll- Rand.-Regular semi-annual diyt-
dend Of per cent on its preferred stock,
paysble January . 20 stock Of record Deem
Der IL.
Electric Storage Battery.-R Regular quar-
tcrly dividend OF ] per cent on the preferred
stock and per cent OF the common stock,
both payable January / To stock Of record
December ~.
United Paperbosrd.- Regular quarterly
dividend OF ~ per cent on the preferred
stock. payable January IS 70 stock OF record
December 30.
California Petroleum.-RegulAr quarterly
dividend Of 81 share on the preferred stock.
payable January / TO stock OF record Do
cember 20.
IA per cent. payable December 81 70 stock
OF record December l6.
National Caakst>-Rszular quarterly diyt-
dend Of III per cent. payable December ~
TO stock OF record December 20.
Western Eleetric.-Dividend Of III per
cent on the preferred stock. and dividend
Of So on the common, both payable Deem
Der 80 TO stock OF record December %.
Rubber Goods Mfg.-Regular quarterly
dividend of Il. per cent on the preferred
stock. payable December 10 TO stock Of record
December II.
Cluett Peabody.-Regular quarterly dii-
dend of IA. per cent on the preferred stock,
payable January . TO stock Of record Deem
Der %.
Manila Electric Railroad and Lighting
Regular quarterly dividend OF j y per cent,
payable December 80 TO stock Of record De-
cember IS.
General Railway Signal. Regular quarter
ly dividends of z per cent on the common
and preferred stocks, payable January > ID
stock of record December 10.
Union Trust.-Regular quarterly dividend
OF per cent. payable January TO stock
of record December 81
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
Money and Credit

The tone Of the money market yes
terday again reflected improvement IN
the position of the banks. Money on
call at the New York Stock Exchange
opened at per cent, declined to S1A
per cent, and closed at that level. The
ruling rate was A per cent, compared
with per cent the day before.
Time money also displayed an easier
tendency. Industrial collateral loans
were quoted at Al per cent to 5 per
cent for all periods, and mixed loans
at 4 TO AZ per cent Borrowers are
inclined to put of taking on more COM
mitments, anticipating a still greater
relaxation in the situation. Most Of
the borrowing is for the shorter dates.
Ruling rates on money yesterday,
compared with q year ago. were as
follows:
Yesterday. Year ago.
Call money. 41a9o 134oO
,,n,a,, fv,,xaA ~o11otoroA.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
WEALTH MARKETS AND COMMERCE rs
OF directors Of the Federal Dysstun
and Chemical Corporation.
Other Cities

Wants government to provide ready
made farms. Chicago, Dec. FRED
orick c. Howe, Commissioner Of lmmi-
grafton at the Port Of New York, in an
address before the National Conference
on Marketing and Farm Credits said:
IL believe the government could pro.
vide ready-made farms TO people OF
small means. This is the policy Den
mark has adopted and 80 per cent Of
her farmers own their farms. The gov
eminent there supplies all but 10 per
cent of tho capital and this the farm
ers furnish"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

The above rates express the cost o.
foreign money in terms Of the Ameri.
can dollar. You buy an English pound
sterling for s4.751s; the intrinsic par
ity is s4S6s per pound. Thus, you
say either that pounds are at a dis
count or that dollars are at a pr.
MUM, which is owing to the fact thai
in England the demand for dollar,
with which TO settle accounts in th..
country is greater than the demand IT,
this country for pounds with which e
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

Boston Coppcrs. Boston, Dec. L
This was a day Of dizziness and lack
Of strength for copper shares. Changes
in prices were losses in most instances,
with the close unsteady. Copper
Range, I'M; Allouez, 70; Old DomIn-
ion, 70; Osceola, l0l.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

Below is given the current exchange
value of foreign money in dollars and
cents. together with the intrinsic goi6
parity, as calculated by the United
Stateg Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
The Dollar in Foreign Exchange

The foreign exchange market was
quiet yesterday and prices showed
small fluctuations.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
News Digest
Foreign

London Discount Rates Easier
London, Dec. Money was abundant
to-day. Discounts were inclined to be
easy with the decline in rates In New
York. This mornings news had de-
pressing effect In the stock market
Business was further restricted. home
and foreign funds were weaker. Ru-
manian oils and Mexican ralls "e.e
fat. Shipping shares saggen o" Pio"'
taking. Rubbers were good.
Prices Of American shares were inc
brioht feature. Missouri, Kansas q
TeHas and Southern Pacific were mos
prominent in the trading. The mar
ket closed steady. Australian mine nine,
we're better on a rumor that the Com
monwealth government intended to re-
nit a portion Of the profit tax
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
Corporation Returns

,. n. hrcSs
1916.
November sales. Si.330.525 Inc. S75,9oi
Eleven mos sales $780, 97 Inc. 2,294, 5e4
I. ". Woolnort
1916.
November sales. s7,67t.ao4 Inc. 1925. 463
Eleven mos sales 73,449 ,946 Inc. 9,o11,6oo
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

Bank of France.-The Bank Of France
in its weekly statement reports the
following changes for the week;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08
Maturityin DAYS.
'i6-dsy psper.

Gold Eports,-Gold coin TO the value
Of 100000 was withdrawn from the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

Sub-Treasury yesterday for shipment
to Cuba. Also 100000 in gold was
shipped 20 Bucnos Ayres, with an add
tional 100000 TO 90 forward to the
same centre later in the week and ST.
100000 TO be shipped on December 10.
This makes a total Of $4,000 to Ar
centina on the current movement and
about Sl5,OO0,OO0 20 that and other
South American countries in the last
two months.
Bank EIchanges-The days clear
ings at New York and other cities:
Exchanges. Balances.
New York......s717,737,5s2 $41,i2o, 1903
Baltimore ...... 7.521,640 546,832
Boston ........ 35,74S,3t7 5,32o,557
Chicago ....... 8o.e61,272 3,674,263
Philadelphia -. 5o,5t5,S53 s.0eo,8;S
Sub-Treasury.-N York banks
gained from the Sub-Treasury t1770o0.
Sil,cr-Bars in London, 36is pence;
New York, 1853 cents; Mexican dol
lars, 5b@s cents.
Gold from Canada--Additiona gold
TO the amount Of S11,300,o0O was re-
ceived from Canada yesterday and de-
posted at the Assay Office to the sc-
count Of ]. P. Morgan & Co. This
makes the total imported from all
sources since January l s55e,2co,Ooo.
RediseountinE at Philadelphia -
Philadelphia. Dec 7.--As a consequence
of the frmness Of the money market
and the we'll loaned UP condition of the
Philadelphia banks, the Federal Re-
serve Bank Of Philadelphia has done
more rediscounting in the last few days
than ever before.
The Reserve Banks Investment In
commercial paper is close 10 $4,000, 900,
and as most of the paper natures in
less than fifteen days and some in FIVE
days, the total turnover Of rediscount-
ing has probably exceeded 100000
within q short period.
Bank of England.-The Bank OF Eng
lands report compared with week
ago as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

Paris Boursc.-Paris, Dec. Trad
ing was auiet on the Bourse to-day,
Three per cent rentes, 81 francs, 10
centimes for cash. Exchange on Lon
don, p francs 81 "a centimes. rive
nor cent loan, SO francs
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

Reserve Bank Election.-Ihe Federal
paserva Rank of New York announced
Yesterday that the election Of Class
4 director and Glass B director for
Ie17' by Group l. of the banks in this
district, had resulted as follows: Class
A director, William Woodward; Class
r director, Henry r. Towne.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

Call money. 41a9o ts4oo
Time money (mixed collateraD:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

Stuck Exchange Listing. - Bankers
Trust Company certificates Of deposit
TO the amount of s22,467 500, repre-
eontinp 224.675 shares of the Chicago
Rock leland & Pacific Railway, were
admitted TO trading on the exchange
at a special meeting OF the governing
board yesterday.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-08

Federal Dyestuff -Chemlcal.-John W.
Herbert, of the American Snuu Com,
pany, has been elected TO the ooaru
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-12

fore been unable TO compete with the Euro
pean producer; that even after the war the in
evitable decentralization attendant upon trench
life will have reduced productive capacity to
such an extent that the United States will then
have before it its big opportunity to dominate
permanently the trade and commerce OF the
world.
Mr.. Kies is not one OF those who hugs any
such delusive phantom of hope Says he:
I'VE have seen developed in Europe spirit
OF the intensest patriotism and Willingness to
give in the fullest measure for country. The
success OF the tremendous war loans in Ger
many, France and England, oversubscribed
in every instance, is indicative OF the spirit
of the people The women OF these nations
have given TO the world an example OF sub
lime devotion. Who shall say that men and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-12

ing. As a whole the class has justified tho
experiment. for in six months, Mr.. Kies says,
at least fifteen OF the young men may be
counted upon for positions OF trust.
Encouraged by the result OF the trial, the
bank has arranged with universities through
out the country to accept each year tor train
ing in finance one or two of the most capable
students in each. Beginning in the vacation
of their sophomore year, they will be taught
the theory and practice of banking, from the
messenger service up, with especial stress IN
the latter part of the course OF the problems
they will eventually be called on to wrestle
with in foreign fields. A score of universities
in the East and Middle West have agreed
that the bank training course shall be accepted
as part OF the students work toward his de-
gree. He is to spend total OF twelve months
in the employ Of the bank, receiving $50
month for his services
Years ago." said Mr.. Kies. explaining the
value OF the banks plan the English and
Germans recognized that a lasting foreign
trade was as much dependent upon the ex-
portation of their men as OF their commercial
products and capital. The development of
American foreign commerce ard its advance
.nent after the war in the face OF the intense
competition that is sure to come depend upon
the character and training of the men who are
70 carry on the work.
England realized this long ago. and in tho
establishment Of the branch banks that were
a forerunncr Of her commercial advance in
other countries, especially in South America,
she instituted a system of schooling for her
junior clerks and taught them to look forward
70 going into the foreign service. Germany
trains her young len early Tor the CONNER
cial service. An elaborate system OF school
ing, beginning with the lower grades and con-
tinuing through the universities, was worked
out to fit her young men for growing trade.
Wien they are sent to the countries selected
for them they grow up with their customers
and enter into the life of the country.
HOW THE SYSTEM WORKS.
Forty English banks operating In foreign
countries have nearly 500 branches. In South
America alone five German banks have forty
branches and FIVE English banks have seventy
all manned by their countrymen.
Following the successful example of these
banks, the National City Bank, in establishing
its branches in South America, tried to select
only young Americans. Meeting at once with
the difficulty Of finding men properly trained
to fill positions of responsibility abroad, we
came to the conclusion we would have to train
them ourselves"
So far the bank has decided to require of
the student in his first two years of college
work only course in the elements Of account
ing, though it is suggested that the usual uni
versty subjects be made to include history
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-03-12

economics. political science and IAN
guage-Spanish French. Portuguese, herman
or Russian. In the last two years, however
it is urged that emphasis be laid on thoofy oy
recurring of the student theses on SUCH SUD-
iects as the principles OF money and banking
the science of finance, American diplomacy, IN
ternational law, South American trade, general
foreign commerce. the labor problem. trust ana
corporation problems, the social organization
OF business, and so on. Particular attention
is to be paid to familiarity with the economic
history of the United States, its political his
tory since lS4S, the workings of the federal,
state and municipal governments the history
of South America the history OF China ma
tionasm and democracy in Western Europe
since ls4S and proficiency in commercial or
ganization. commercial law and financial sta
tistic5.
In tn. first OF the two summer vacations
the student spends in the bank he will find
both class and departmental work laid out
for him. In the former he will study modern
Languages, elementary banking, arithmetic and
Office practice and in the latter will begin as a
messenger and work up, if he is worth while,
through the check desk and the mail desk
In the second vacation, that OF his junior
year, his class work will include a continuation
of language study, an all-important subject;
practical banking, credits and attendance at
lectures by officers of the bank on the manage
ment Of branch banks, banking ethics and the
like. Finally, when he comes back for his last
six months of training after he is graduated
from his university he will find his class work
augmented by course in foreign exchange
and his departmental work by whrl at the
credit and new business departments, auditing
and practical experience in foreign exchange.
SCHOOL AND BANK COOPERATE.
The banks course Of study is to be under
the supervision Of a university committee
working with an officer or officers OF the bank
The first committee, chosen from seven OF the
leading universities in and near New York
City will see that the young men given
work equivalent in academic value to one Sc
mester in the schools. The students are to be
rotated through the various departments OF
the bank with view Of determining for which
phase OF foreign or domestic work they are
best suited. A careful record is to be kept
of each mans work and close observation
made as to his progress and possible future
value TO the bank. These records and OBJ
servations are to be used in determining the
salary TO be paid the student and the line of
his promotion after he has completed his first
years service in the bank.
Working on the theory that American bank
ing facilities ought to be established in foreign
lands even in advance of American industry
the National City Bank, Mr.. Kies says, is care
fully viewing the lay of the financial land in
many countries. Already, in addition to its