davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-26
Hand Grenade Fighting.

North Of the village of Zatouritzky
we pushed back by counter attack
the enemy, who suffered severely in
the hand grenade fighting.
North of Poustomyty. southeast Of
Sviniusky southwest of Lutsk), the
enemy attacked our lines yesterday
evening, but was received by our con-
centrated fire. and penetrated as far
as our trenches at only few points
where our trenches had been virtually
destroyed by his artillery fe.
"In consequence of heavy losses the
enemy fell back on all this front. We
captured about 500 unwounded prison
ers. of whom half were Germans. We
took fifteen machine guns. The enemy
! trenches were filed with great num-
: bers of dead and wounded from the
North Of Radzivilof, in the region
of Riedkof, we attacked the enemy and
broke through his first line trenches.
In the course of this fighting Colonel
Svietchite was wounded. The enemy
continues 20 offer stubborn resistance
here. keeping up a concentrated artil-
lery fire of large and small cslibres.
"West Of Sniatyn (Czernowitz re-
cion), our troops moving forward occu-
pied after a fight, the villages Of
Wilschoff and Toulounof.
Occupy All of Bukowina.
"On Friday evening, after bitter
fighting, we took Kimpolung in South
ern Bukowina), capturing sixty officers,
two thousand soldiers and seven ma
chine guns. At the station Of Kimpo-
ing we took q quantity of rolling
-ock. The capture of Kimpolung and
huty puts in our possession the whole
of EukOwina.
at was found that the enemy in his
precipitate retreat in the region Of
lzkany, north of South Chava, left in
our hands lightweight empty cars.
seventeen cars loaded with maize, one
loaded with oats, fifty thousand pounds
of anthracite, an enormous quantity of
timber and structural material, great
reserves Of fodder and other important
war material.
Caucasus Front.-We repulsed the
Turks Friday night west of Platena
The same night they disodged US from
convent IN the region of Djivizluk.
but finally by our counter attack they
were driven out. and all subsequent at
tacks by the enemy were repulsed with
heavy losses. We also repulsed oil
Turkish attacks southeast of Dwivit-
zlyk. where we captured a great guam
tity Of erms."
Claims Made by Berlin.
The German official report Of opera
tions ON the Eastern and Balkanfronts
says:
an the northern section Of the front
there has been fighting between re-
connoitring detachments at various
/ points, during which we took prisoners
| and booty.
Army group Of General Won Linsin-
gen; Strong Russian counter attacks
/ against our forward attacks were quite
/ unsuccessful, especially on both sides
Of Zaturze twenty-five miles east Of
/ Nladimir-No lyusH).
South of Plaszowka, In the sector
east Of Beresteshk (about thirty miles
west Of Dubno1 enemy attacks in con-
/ siderable force were repeatedly re-
/ pulsed
"Amy group Of General Count Won
/ Bothmer: There is nothing 10 report.
"Baikan front: The situation is IN
/ changed"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-26
WOMEN ON CAPTURED SHIP
Many Refugees on British Vessel Taken
By Germans.


BY Germans.
Rotterdam, June 26. - The British
steamship Brussels, which recently was
captured by German destroyers ana
taken into Zccbrugge, was commanded
by Captain Charles Fryatt. She carried
an alI.British crew of forty-four. There
was an unusually large number Of Bel
oian women and children refugees
aboard. Included in the cargo were 400
tons of margarine, quantities Of fish,
butter and yeast
Tho Germans are reported to have
TWENTY-FIVE torpedo boats and destroy
ers at Zeebrugge, which Is protected by
mine fields
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-26
Mnst KNOCK Psychology.

There is as yet no abatement OF the
German claim TO an effective superior
ity over all other races. There Is no
weakening Of the desire for ultimate
supremacy among nations. We are
dealing with the psychology Of peo-
pie. Nothing whatever but reverses in
the field vii. knock that psychology out
Of the German people and bring them
10 such q frame Of mind and to such
remuneration Of all doctrines Of racial
asccndency as will make them safe
neighbors.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-06-26
AMERICAN FLYER WOUNDED
Texan Serving In France Hit in Fight
with Germans.

Paris, June 25.- Sergeant Barnsley,
of Texas, a member Of the Franco
American aviation corps, has been
wounded in a fight with German aero
planes near Barbecue, where he was
taken 20 a hospital.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14

land the demand for dollars with
which to settle accounts in thi' coun-
try is greater than the demand IN TINS
country for pounds with which TO
settle accounts in England.
The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar. You buy an English pound
sterling for S475 Ills the intrinsic
rarity is s4.s6ts per pound. Thus. you
say either that pounds are at DIS
count or that dollars are 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.
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 ago would be
about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14

Is the increased business activity IN
Germany not the result of currency IN
Aation and the outcome of an over
issue Of notes? The clearest sign OF
deterioration of the currency is rising
price. That, no doubt. * true 10 a Inn
tied degree. If prices rise it means
that the value of the goods is en-
HANGED. while the value of the money
wanted to buy them is diminished. But
this does not tell US anything OF the
cause OF the change. Prices IN Ger
manv have risen considerably. Prices
for bread. milk, butter and meat have
greatly increased. According to Brit
;sb statistics, there has been rise IN
prices in Berlin of about ZIG per cent
Is this rise due to an overlssue Oh
German banknotes and is this over
issuc due to the distress of the Ger
man government, who have to hnahce
the war by borrowing money from the
hank? The Allies try TO prove thls 10
he the case. In doing so they deprive
themselves of the only argument thaI
is TO their credit so far-the parity
successful blockade. They have, no
doubt, succeeded in making conditions
Of life much harder for the German
consumer They have conferred
great boon on the German pro-
Queer. They have showered upon him
such blessings as enthusiastic pro-
tectionists usually promise their sup
porters. If 100000 tons of food
stufs have to 90 as far as l5,OOO,OOO
tons do in peace time a rise in price Is
unavoidable. 1t is due TO relative
scarcity, and so far the Allies may con
graduate themselves. They went fur
Their. of course, and tried kind OF
economic frightfulness," which they
thought would bring the German peo-
pie 10 terms.
Shortage on the one hand and in
creased demand on the other hand
have brought about big rise in prices
if the rise were due to currency intia-
ton it would be uniform for all com
modities. That is not the case. Wher-
ever supplies arc ample there is but
small rise. The price of German rails
has gone up from about S2S ton
in 1912 to $50, a very small rise indeed
if general war conditions are taken
into account.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14

Excess of exports, or the value Of
goods sold over the value of goods
bought, in the course of information
al trade during July, was S263,000,-
600. That is at the rate of more
than $3,0OO,OO0,OOO a year. II seems
incredible, Never did people pro
duce surplus goods on any such scale
before. The excess Of exports for
seven months to the end of July has
already amounted to nearly 81 800
OO0.O0O One remarkable fact is the
rise in the ratio of manufactured ex-
ports. Normally. more than two
fifths Of our exports consist of crude
foodstuffs and raw materials. This
has fallen to less than one-fifth,
which is to say that where formerly
manufactures represented three
ffths Of our total exports they now
represent four-hfths Of the total.
This is very important. II is much
more desirable 10 export manufact-
ured goods than raw materials.
Manufactures represent raw ma
terial plus skilled labor. Generally
the labor is worth more than the
material 10 which it is applied. The
dearest commodity in the world, the
one people can least afford to buy,
is skilled labor. Therefore, in large
theory, nation ought not TO ex-
port raw materials to which it might
apply skilled labor unless in ex-
change for other raw materials for
purposes Of manufacture. II ought
not 10 export wool and import cloth;
il ought not 10 sell ore and buy steel
il ought not, that is to say, ex-
change unskilled for skilled labor.
The disadvantage Of an agricultural
people in international trade is that
when they exchange raw fOodstufs
for manufactured goods they are
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14
ASSAY OFFICE BORED
WITH HANDLING GOLD
Unable to Find Time at Once to
Count Latest Arrival.

Officials of the United States Assay
Office are literally sick Of the sight Of
gold. The novelty of heavy receipts
has worn off and they are bored with
the monotony Of it all. They have
handled so much of the metal in re-
cent months that they shudder at the
mere mention of it. Tons on tons have
been received in the current influx
and apparently the end is not yet in
sight.
Yesterday saw the arrival Of another
huge consignment, supposed to ap-
proximate value of s1O,0O0,O00. I.
came from Canada for the account OF
J. T. Morgan & Co., and was placed in
the basement Of the government build
ing awaiting count.
An employc was asked later the
exact value of the shipment. Don't
know" was the bored reply. as it
s1O.OOO.0OO or Sl000O0.00O"' he was
asked. "Call it what you like and come
around tomorrow and maybe we can
tell YOU all about it, The fact Of the
matter was that the staff at the ASSAY
Office have been so deluged by the
steady inflow that they were com
PEELED to postpone the count of the
latest arrival. Checking up receipts Of
this kind is no small job, as every ba o..
has TO he weighed. Much Of the gold
is so-called virgin metal, having como
from the mines of British South Al
rlca by way of Canada.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14
ARTICLE ".
Currency Imitation.

impossible, The gold collected had 70
come from the circulation, namely
from the pockets of the public. It's
piece had to be filled by notes. What
might be called the excess issue OF
notes over the peace circulation cash
and notes combined IS probably not
more than 2,5O0,OOO,OOO marks COR 500
to 500 million dollars, II 300 million
marks in gold are accounted for and
$50 million marks for the occupied ter
ritory are deducted. This extra issue
does not constitute imitation. Quite
the contrary, it is barely sufficient for
trade. There is dearth of currency
medium. A great quantity Of new
small currency had to be coined. New
legislation has been resorted to to i'm
prove the methods of postal clearings
and 20 make transfers more easy. A
government eager to unload bank
notes on the public would scarcely de-
prive itself of the chance of doing so
by manufacturing small coins instead
of printing notes.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14
Gold Backing.

English critics delight in pointing
out that the German notes are no
longer convertible in gold, whilst the
English arc. They rarely mention the
fact that the same holds good for the
Bank eff France, though France ought
20 b, able TO got gold from abroad. At
the outbreak Of the war the Imperial
Bank was freed from the obligation Of
redeemins its notes in gold. An influx
of gold 20 Germany from foreign coun-
tries was unlikely. An efiiux Of gold
had to be provided against. The notes
became legally unconvertible. When
ever similar measures had been taken
in the past they led to an over-issue
of notes; they were considered the fore
runner Of bankruptcy; gold was driven
from the circulation. II it was not
exported by spectators it was hidden.
After some time a premium on gold
ments. and the stock of gold was de-
pleted. Nothing of that sort has hap
pened in Germany. There was no doubt
some leakage of gold to foreign coun-
tries stories cropped up repeatedly OF
British agents collecting gold secretly
for export. Broadly spoken, the coun-
try's gold stock has been retained. IL
was merely transferred from the
pockets of the people to the vaults of
the Imperial Bank. which has collected
almost $3.50, 900, 900 in gold since the
beginning Of the war. The German
people offered their gold for bank
notes, not because they were compelled
10 do so, but because they had com
plete trust in the solvency OF their
bank and of their government. Even
to day, when nearly all the gold has
been handed in, small parcels of gold
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14
Prices in Other Countries.

Prices have risen in other countries
as we'll as in Germany. The rise -
London was 81 per cent. II was con-
siderable in the United States. In most
countries there has been great IN
crease in the amount of circulating
medium used. Is the rise due to cur
rency imitation, or is the increase OF
the currency due to the unavoidable
demand in war time for new circu-
lating medium?
The statement Of the Imperial Ger
man Bank shows plainly that the paper
issue of the German Empire has grown
greatly since the beginning of the wat.
The note circulation in time of peace
is about 400 to 600 million dollar.
Since the war began it has occasionally
reached Il, billion dollars. To this
must be added circulation of about
l25 to $50 million dollars currency
notes. "a As a large share of the
notes has been issued against treasury
bills, the cry has been raised imme-
dately that Germany was financing
her war By printing notes. The in
creased circulation was used as proof
Of this assertion. As the bank state
ment combines private bills and treas
ury bills, no absolute figures are avail
able. But as the maximum issue Of
bank notes not covered by gold never
reached the 5 billion marks mark. il Is
safe 10 conclude that the Imperial gov
eminent at no time secured more than
A billion dollars by the issue Of treas
ury bills against notes. The German
government has financed between so
per cent and 90 per cent OF the war
cost, betrayed from loans by long
termed obi legations. They have made
far less use of treasury bills than
France or England. The increased
note circulation was not due to govern
ment exigency 1t is the result of the
war boom in all coLAtries. If thai
were not the case, why did England
issue her own currency notes. In fact,
the increase OF note circulation IS
much greater in England than 1t is in
Germany. The German note circula-
ton. everything included. is about
four times as much as in time of peace,
the British note circulation is about
five times as great. Moreover, the
German note circulation has to serve
a territory greatly increased by the
occupation of Kurland, Poland, Bel
gium, etc. This territory needs about
$50 million dollars German banknotes.
At n moderate estimate, the German
note issue serves about So million peo
pie in time OF war, against 81 million
people in time Of peace. Moreover, in
time Of peace there is a gold circula-
tion varying between $50 and 800
million dollars. This circulation was
withdrawn when the war began. The
gold was handed over to the bank. The
gold reserve of the Imperial Bank rose
from 300 million dollars TO nearly 500
million dollars. As there are no gold
mines in Germany, and as imports arc
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14
Money and Credit

The rate on call money at the Stock
Exchange was unchanged. Most of the
loans were placed at 3 per cent.
Bankers characterize time money as
"disgustingly easy" Time funds on
brokers' Stock Exchange collateral is
in fairly good demand. The demand
centres in industrial loans. for which 4
per cent continues TO be bid for over
the year. Rates for mixed money arc
3G3i4 per cent for sixty days, 3i4fa
3i2 per cent for ninety days, 31ta 3A
per cent for four months, 3% al per
cent for five and six months.
Commercial Paper. Commercial pa
per is quiet and steady. The best SIX
months names are moving at 317 per
cent, with names not so well known
quoted up to per cent. Scarcity OF
offerings is responsible for the failure
of the market to reflect the firmer
conditions in the general money situa-
ton.
Official rates of discount at each OF
the twelve Federal districts are as
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14
Legal NOTICE.

STATE OF NEw YoRK-.-.to,EIIri0sss
iT Is HEREBY CERTIFIED ~ /
trademark "GEAREASE, Oh ,',e,l D
Finch Compary. was this dag oiac, &
nle IN this office. The prlhV 1i,cs,ee .
business ~ said Company : ,.ss.t,l,
10 S''S'' iss Broadway Borough y Ns yd,E
CITY. county ana state Of Ne, E sssl I
WITNESS my hand and me sa.. .
of,ice of the secretary o. ,Is,'gr.i,c
fseall the city % Albany. tnlss.s.a -
DAY % August. one tho1S
hundred and sixteen.
O. W. TAFT, seat.
Second Deputy Secretary OF
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14
FINANCIAL MEETINGS.
CHICAGO, SAINT PAUL, MlN>EiPOls
AND OMAHA RAILWAY 90.

NOTICE or M I Al NtfsLs -. -,
The Aunua. Meeting - the Sochhole,i'
Of the Chicago. Saint Paul Minneapo
and Omaha Railway Company VIII . :"
al the Office OF the company IN me e.H !.
Hudson. Wisconsin. on Friday Oc'oo9d. !.
1915. al nine O'Clock a. NJ, for the es.. IVY,
OF directors and the TRANSACTION OF "
other business as may come OetO''
meeting. W..
transfer books viii he closed on NO
day. September Is. 1916. az the cos
business ON that day. and will be reopsas
on Saturday. October 81. 1916.
Dated. september I. l9l6. .,
JAMES r. CLARK. Pr-sioenN
JOHN u. CALDWELL. Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14
England the Banker.

As to England, she is in much
better situation. She is the banker OF
the Allies, and receives gold from them
for purchases abroad. She owns the
great gold mines Of the world. The
dividends from the Transvaal mines
and from Australia converge in Thread
needle Street. There is thus an enor-
nous influx of gold into England. But
England is unable to keep the gold;
she has to reexport it as payment for
goods bought abroad, as neither her
own exports nor the sale Of her for
eign investments nor her foreign loans
are sufficient to cover the deficit.
The notes of the Bank of England
are we'll secured BY gold. In fact, out
side of a fixed sum of about 100000
900, the bank act insists that all notes
issued must be covered fully by gold.
This being so, the Bank Of England
has never been able to expand her
circulation freely during a crisis. For
at such time gold. against which new
notes could be issued, was not forth
coming. The bank holds at present
$50. 100000 in gold. Its circulation
was merely G35.9OO,OOO Her notes, it
seems, are extremely well secured,
with a margin of at least 100 per cent.
But the notes of the Bank of England
are not the only liability of the bank
against which she must hold gold re-
serve. The deposits for which the
bank has to answer are nearly four
times the amount of the notes issued.
II they are included the proportion OF
liabilities TO reserves is only % per
cent Three years ago it was 1884
per cent. If the notes of the Imperial
Bank of Germany are combined with
its deposits the proportion of its LA
bilties to its reserves is p per cent.
The difference is extremely small, con-
sidering that England has free access
to the worlds gold bearing area. More
over, the currency notes are much
more important part of Englands cir
culation than the bank notes. Cur
rency notes and bank notes combined
total S14S,OOO,OOO sterling.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14

are brought TO the bank and eXcnahgeu
for notes. They are exchanged at par;
there never was any premium on goiu
ard there never was a discount on
banknotcs.
Though the notes are not convert
bic any longer, the enactments ABOUT
the gold reserve have been maintained
A. least one-third Of the notes issued
must be secured By cash reserve
Legally cash reserve includes silver
coins as we'll as the currency notes
ISSUED by the loan banks. As matter
of fact. the notes have always been
secured by gold reserve of more than
SO per cent. Even on June 80, lSlo
(the last of June is always very
heavy payday in German business me-
and the circulation Of notes Is espe-
cially large), this was the case. Inc
gold stock OF the bank was about
25O0. 900 900 marks (s600,OOO,OOO)'
The total note issue was 7,240, 100000
marks about $500, 900, 000); the gold
reserve was 34i7 per cent. A few weeks
later. when. the note circulation was
more normal July %, 1879, the gold
reserve had risen to SO per cent.
There is not much object in compar-
ing the German gold reserves, as
shown in the bank statements. with
those OF Russia. But it is interesting
to compare them with those OF France
a country which has always boarded
gold in great quantities and which can
easily import gold to-day, for II she
cannot pay for it she can borrow. Not
withstanding these advantages, the
gold reserve Of the Bank of France is
only 90 per cent of the notes issued
If the French notes were as well COW
cred By gold as are those of Germany,
the total note issue Of the bank ought
not to be more than 14,4OO,0OO.OOO
francs; instead of that it was 1900
100000 francs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-14
Look Within.

If British critics want to fight infa-
ton they had better remember that
charity begins at home. And if they
find it easier to begin little away
from home, they had better turn to
France. In the last days of June, 1914,
the banknote circulation of the Bank
of France was 6,000,000,000 francs
about S1,154,0 00,000). Two years later
it was 5,SOO,OOO,O0O francs, or $1,000
000. 900. In the last week of June, 1914,
German note circulation was 2,400,O00,-
600 marks, or nearly $500, 100000. In the
last week Of June, 1916, it had risen to
5000 900 marks, of which 1000, OOO,-
900 has to be subtracted for the occupied
territories, reducing the total to S,0O0,-
900, 900 marks, or nearly $4,000 100000.
The circulation per head in France
leaving the occupied districts out of &C
counts over s75; the circulation in
Germany not quite $50. The note issue
in France not covered by gold has risen
from 1855, 100000 $3.50 per head to
SILT 100000 (nearly $53 per head;
the note issue not covered by gold IN
Germany has risen from s270,000,00 to
81, 400 100000, or from 81 to s2l per
head.
The rate Of increase Of the total note
circulation was greatest in England.
Circulation has risen about 3.3 times in
Germany In England the pre-war note
circulation had been G30,000,0O0. II
has risen to GliS,000,000, bank notes
and currency notes combined, or rise
of 40 times. The circulation per head
in Germany has risen from nearly SO
TO $50; in England from little more
than 1915 TO over SIS. II there is
currency imitation, it was never stronger
than in England, for the notes Of the
Bank of England are no longer the
banknotes of England. As the issue
could not easily be expanded, new
fiduciary issue was created at the out
break Of the war. These are the So
called currency notes. They are issued
to banks up to 20 per cent of their total
liabilities. The banks pay interest on
them. They arc small notes and are
accepted as legal tender. They form
to-day the bulk Of England's currency.
Whilst g35, 900, 900 notes Of the Bank of
England were issued, more than three
times that amount, Gll5,000000. cur
rcncy notes are circulating. They are
convertible in gold, but the fund pro
vided for the conversion is not suf-
fcicnt. II is only % per cent.