davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
Self-Destroying Power.

As to what Mr.. Samuel Gompers
softly calls "the Inconvenience a
demonstration would necessarily in
volve"-meaning by "demonstra-
ton" strike of the four train ser
vice brotherhoods with intent to tie
up the country's transportation ma.
chine-the public has already eX-
pressed itself in a very positive
manner. The mere threat has an
tagonized popular feeling deeply.
The brotherhoods have only to read
the papers to be aware Of this fact.
1t is for them a momentous fact.
Sentiment in this country normally
inclines to the side of labor in its
efforts to increase the industrial dj-
vision in its own behalf, even wher
the effort entails much public incor-
venience. Why has it taken the
other side in this contest before
hand? The explanation is fairly
obvious. The brotherhoods have
threatened to use more power thar
is safe for any organization to have
1t is not merely the power to en-
force a demand for higher pay by
going on strike, it is the power Of
let and hindrance over all the means
Of transportation. Of power in that
degree society at large is instinct
lively intolerant.
There is here's a perfect illustra-
ton of the manner in which power,
beyond a certain point, begins to
limit itself. When it becomes abso-
lutte it cannot be exercised at all I'M
less. Samson-like, it is minded to
pull down the pillars Of the tempe
and perish in the ruins. The rail
roads had once gained the power Of
life and death over communities and
industry, and when they had gained
it, of what use was it? Society tool.
it away from them. The railroads
no longer make their rates. The In
terstate Commerce Commission does
that. When the Standard Oil Com
pany had the absolute power TO
make the price of oil it dared not
make it high, for political reasons.
The mere possession of the power
made target of the institution, and
at last it was broken up. The sep
arate units could raise the price OF
oil. They did. Germany, man for
man, was the most powerful nation
in the world, and this was her I'M
doing. The world combined agains.
her.
The train service brotherhoods
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
Money and Credit.

Money on call at the New >orS Stoe"
Exchange ruled yesterday at "a per
cent. which had been inc prevailing
rate during tie preceding week. The
highest was 2ie per cent.
Time money that is to say, loans on
brokers' collateral was inactive ana
dull. owing to the state of speculation
On mixed collateral rates were y. to
5 per cent for sixty days, to 81 per
cent for ninety days and 81 to 3s4 per
cent for longer periods. There was
the usual addition Of = per cent where
the collateral was all industrial.
Commercial Paper. There was
somewhat reduced demand in wall
street for commercial paper The
offerings were not larger than usual.
Rates were 3ia to 3a per cent for
rinety day maturities Of the highest
character.
Official rates Of discount at each OF
the twelve Federal Reserve banks are
as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
War Time Law.

The Supreme Court of Justice at Leip-
sic, the highest C t in Germany. has
rendered an interesting decision in the
force majeure" question. Most of the
contracts for future delivery in Ger
many have contained clause freeing
the seller from his obligation to de-
liver in case "force majeure" inter-
venes. In the case of dealer in anti
mony who refused to fulfil a contract,
although ne had sufficient stocks OF
the metal, the Supreme Court has
found % that war must be classed
under the head Of force majeure" and
~ that in case the contract contains
q clause relieving the seller of making
deliveries in case of "force msjeure"
he is not bound TO fulfil the contract.
even if he has the necessary stocks or
can easily procure them. The judgment
was delivered in the case marked II,
4O-16, April IA, 1916.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
EXPORTS TO RUSSIA
S2,000,000 A DAY
Shipments of Non-War Materials
Larger than Expected.

The compilation of the foreign trade
department Of the National City Bank
on the exports from the Port of Ne"
York for the week ended August 20
laws special emphasis on the shipments
TO Russia. OF the total exports OF
S7S.106,34l Russia took sl2,596,oo9 OF
American goods, this sum being eX-
ceeded only by England, with s172l6,-
612. and France, with S14,643,S96. The
aggregate of the exports TO all coun-
tries for the week just ended com
mares with S37,524,558 for the same
week last year and S1O,2l4,3O2 for the
similar period Of 1914.
Accompanying the statement that an
average of over s2,OO0,00O day OF ex-
ports of manufactures went TO Russia
last week the City Banks foreign trade
expert points out that war munitions
did not form as large share of the
weeks trade as ght be expected. he
: adds:
Harness and saddles, for example,
amount to s56O,000; automobiles and
parts thereof, $4,000; railway track
material. s225,OO railway cars, $780,
900; wira. $500 900; metal working ma
chinery, $12O, 900; mining machinery
500. 900: miscellaneous machinery, $780,
600; miscellaneous iron and steel
manufactures, $4,000; glazed KID
leather, $4,000; manufactures OF
brass, $4,000, and cotton goods, slO,-
600. all of the above being in very
round terms. This, with certain other
articles not enumerated, makes the
total of miscellaneous manufactures
other than war munitions considerably
more than 100000 for the week.
"Of strictly war material the loaded
proiectiles amount to over $6,OO0,0OO;
powder, about Sl.5OO,O0O; fuses, over
S1.OOO,OOO; guncotton. slightly more
than $500. COO cartridges, about $780,
900. and ether explosives, over ST.
100000, making a grand total of Sl4,-
OOO, 900 to Russia, as reported during
the week, or an average of more than
100000 a day"
Another interesting feature Of the
City Banks compilation was the fig
ures showing The increase in our trade
with South American countries. Ex-
ports last week totalled S3,834,730 an
increase OF Sl,657.454, more than 10
per cent over last year, and more than
triple the corresponding week Of 1914
The share of the foreign commerce
Of the United States which passed
through the Port of New York, accord
ing 10 the banks figures, was, in the
fiscal year 1850, 81 per cent; in 1890
40 per cent; in 1900, 48 per cent; IN
1910, AS per cent; in 1914, 40 per cent;
in 1915. 40 per cent, and in 1916, "a
per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29

Formerly German victories caused
prices to fall in all the markets Of
the world. save Germany's, but in
Guiding our own, for the very obvl-
Gus reason that they deferred the
end of the war. Now here is an in
cident which might be construed as
putting weight on the other side
wherefore prices ought to rise. The
fact that they did not do so, either
here or abroad, would suggest that
peace is no longer viewed from one
angle. For instance, in Wall Stree
an unexpected omen of peace would
probably throw the stock market
into a state Of great confusion. 1t
has been so preoccupied with war
profits that the thought of their be-
ing suddenly discontinued would
have many adverse implications.
The situation would be somewhat
analogous to that of a short inter
est. Wall Street normally is bulllsh,
because its prosperity is inseparable
from that of the country at large;
but when it has been for long time
depressed and bearish and is heavily
short of stocks, it treats signs of re
turning prosperity with superficial
emotions of disgust and displeasurc.
Its speculative interests obscure the
view of its own welfare. In a great
many ways it may be said that Wall
Street now is long of war and short
of peace.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
The Dollar in Foreign Exchange

The feature Of the foreign exchange
market was the rise in the value of the
Russian ruble to 31$4 cents, against
3O24 cents n week ago. There has been
developing a large speculative interest
In rubles, which are selling at
greater discount than any other for
egn money. Recently there has been
an active selling campaign in Russian
internal bonds, which have been i'm
ported in considerable quantities. Also,
another Russian loan in this market
is under consideration. Possibly the
news that Rumania had entered the
war as an ally of Russia influenced
some buying of rubles for a rise. Ger
man marks were weak. Closing rates
of exchange in the principal financial
centres of Europe were as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
GROWTH OF JAPAN'S
FOREIGN COMMERCE
Exports for Six Months In
creased SS4,OOO,OOO.

Jspan's foreign trade for the six
months ending June 80, 1916 shows
substantial increases in both imports
and exports,
The exports Of merchandise amount
cd to S234,O7S, 526, an insrease Of 81
063.sSS over the corresponding period
of 1915. The imports Of merchandise
were SIS, 649,9l6, an increase Of $45,-
7ll,6l1 The excess Of exports over
imports was S44,42S,7lO, compared with
about 100000 during the correspond
ing period Of 1915.
Exports of gold and silver coin and
bullion were valued at Sl,786,924, COM
pared wit hS12,869,69O during the cor
responding period of 1915.
Imports Of gold and silver coin and
bullion likewise show a reversal Of
conditions in the two periods. Their
value in 1916 was s14,944,S92; in 1915,
Sl,6S5.O2l.
Exports TO the United States for the
first half Of 1l16 amounted 10 S7l,Ss3,-
$50; for the first half Of 1915, S3l ,O64.-
OO2, an increase Of $32,s19,57S; imports
from the United States for the first
half Of 1916, S45,67O,7l7; for the first
half Of lri5, $27,42S,2sO; increase, $751;
242.437
OF exports which show the greatest
increase. the articles mentioned in or
der Of importance are: Raw silk, cot
ton Undertaking, cotton tissues, cot
ton yarns, copper, silk waste. sulphur.
porcelain, buttons, lumber, coal, toys,
mate s, hats and caps, silk handker-
chiefs camphor, timed ;rabs and ism
glass.
OF imports which show the greatest
increase, the articles mentioned in or
der Of Importance are: Raw cotton,
iron and steel bars, rods and plates.
iron and steel ingots. pig. etc, lead,
nails. rubber, pulp for paper making.
paper. machinery and wool. Notice
able decreases in imports appear un-
der the heads of rice, wheat, beans
and peas, sugar, sulphate Of am
monium, hemp, china grass, phos
phorite. oil cake and kerosene.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29

have. or think they have, the power
to say that the transportation ma
chine. which is essential to all mod
ern existence, shall stop running
unless their wages are raised. 1t g
too much power. 1t cannot be eXer-
ciscd. If they dare to use 1t they
will lose it. 1t is doubtful if they
have it. really. But once they had
demonstrated the possession Of II
society would deprive them OF 1t,
going so far, if necessary, as to put
the railroads in the hands of the
Government. The brotherhoodf'
therefore. have much to lose.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
Vegetables Show Largest
Rise, Due to War
Conditions.
EFFORTS TO STOP
BOARDING FAIL
Secretion of Gold as Great
Now as Before the
Conflict.
By YVES GUYOT.
1..mlnl,,,r Of Public works. Editor "lAssnes
EcenomIaue ct FInsnelere'

e.. Minister Of Public Works. Editor "L'Assnes
EcsnomIaus ct flnanel.re.
fBy Cable 10 The Trbunel
Paris. Aug. 28.-Since the, begin
ming of the war the average increase
in prices has been 81 per cent.
Vegetables have gone up 80 per
cent; meat, Sc; sugar, coffee and tea,
60; minerals, 81; textiles, 81, and
other materials, 81.
The Bureau Veritas publishes sta
tistics showing that the French mer-
chant marine has lost little more
than 10 per cent in tonnage by the
war. This would not be great
amount if France was building new
ships, but she is not.
All attempts to induce a greater
use of the banks and to increase pay
ments by check, instead of with act
ual money, have so far met little sue
cess. and boarding is just as great a5
it was before the war.
The people say they will not take
the chance of new moratorium Tor
a possible gain of Y or even l per
cent.
If one pauses to think, boarding at
the present time is not great calam-
ity. The people keep their gold IN
the stocking, but it must come out
again some day, and then it will be
very useful for the return to nor
NAL state Of affairs.
London exchange has been easier
the last few days, having fallen from
2S.125 to 28.11. Prices have gone up
good deal on the Bourse; in some
cases % to 80 per cent. Spectators
are already capitalizing probable
dividends after the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29

John Fletcher, vice-president Of the
Fort Dearbon National Bank, says:
Numerous cattle loan companies OF
small capital have sprung up in all
parts of the country to lend money TO
the cattle grower at to 10 per cent in
their respective localities and then sell
the notes in New York on 4 per cent
basis. taking the difference of 4 to 8
per cent as their profit. The readiness
with which city banks are buying such
notes has caused deterioration in the
quality Of the loans. The ideal cattle
loan is that secured by cattle that are
soon to move to market, so that the
farmer will promptly realize on his
herd and pay up his loan. Much cattle
paper coming on the market now, how
ever. is based on cows and heifers, and
any great volume Of this class of paper
becomes dangerous because of the fact
that the security behind it is not mar
ketable at the maturity of the loan. In
a time of financial stress such paper
would be likely 10 cause trouble and
bring a reaction of sentiment against
cattle loans as a class, with resulting
damage to the livestock industry"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
WAR ECONOMICS
In DEUTSCHLAND
Government Lays Hands
Upon Hides-Rabbit
Industry Growing.
Berlin. august 4.

There is no doubt that large fortunes
have been made out Of the war, in all
the belIigerent countries as well as by
many neutrals In the former, however
there also have been large losses, espe-
cially when sudden changes of govern
mental policy interfered with the free
play of economic forecast" as German
writer's have called the unfettered de-
velopment in trade and commerce. An
instance of how governmental inter
ference may upset branch OF trade
and cause much distress is now becom-
ing known.
In the last few weeks the German
government ordered the contiscation OF
all the raw hides in Germany, releas-
ing them TO the manufacturers in pro-
portion to their requirements as shown
in normal times. The aim was, OF
course, to protect the small manu-
facturer and at the same time the pub
lie. because maximum prices were pre-
scribed, with the usual stringent pen
atty provisions. Business in these
hides had been booming and dealers
who could resist the tempting prices
had made millions because prices were
higher from day to day. But the order
respecting confscation and maximum
prices upset all the business, because
the new prices were much below those
ruling before the order, in some goods,
like horse hides, not less than 90 per
cent under the old quotations. Natur-
ally the leather market which has been
to some extent under the control Of
the government for some time, showed
much instability, partly for the reason
that no one knows whether and when
new prices will be promulgated.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
FINANCIAL MEETINGS.
yIRGINIA-CAROLINA CHEMICAL r,

ID EACHANGE PLACE
Jers.y City. \. J.. August IL. 1914
Notice Il hereby given that the Aunuh ".
Ing OF Stockholders u The VIRGINIA { ARoII,,
CHEMICAL COMPANY. for ne election q -
rec,ors and for the transaction u such o,hs -.
ness as may lsrfully come before the nsetiss II
GLIDING receiving the Annual Repor, u n. a.
Of Directors and the ratification Of n. al q /.
said Board since Tie last annual meeting q s.s
holders. will be held a. the principal o-s ,
tho Company. - EIchsnr. Place. Isr.y n,
County OF Hudson. New jersey. Al o'-iocE P \
on wednesday tho sth day o. SEPTEMBER lfl
(this being the srs; Wednesday Q, sspt,ns.,i ,
accordance with Article !. Section !. o. u. .,
Laws.
The transfer books Of the COMPANY VII - ,
closed FOR no purposes o. The meeting b.. ~
suant IN the statute ~ The STATE q Nes l,n5
10 share Of stock car be voted on a. sad sl.tr
which shall have ben transferred on th. t,Is
Of the Company after August 18Th 1918
:. d. CRENSHAW. S.c-e.s,-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29

Although from spectators
point of view the stock market has
been extremely perverse in its fail
ure to respond TO the ecstasy of
great earnings, it has been in every
other respect an amazement TO those
whose business it is to merchandise
securities. A broker recently said:
THE market reminds me of a dry
desert. Stocks are poured upon 1t
in enormous quantities. For little
while the sand is wet, and then it
seems as dry as it was before. II
absorbs stocks at an incredible
rate" For instance, it is estimated
that in six months 100000 shares Of
Pennsylvania Railroad have passed
through the market and disappeared,
and all this selling has taken place
within range Of only few points.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29

itv is $780, 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 whieh
TO settle accounts in this country Is
greater than the demand in this coun-
try for mounds with which to settle
accounts in England.
If YOU calculate the cost Of the do
lar in terms Of foreign money tha'
is. AZ if you were buying dollars with
mounds. marks or francs-its value
Yesterday and a year $50 would os
about as follows:
Cast of one dollar
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
Monday, august 9S, 1916.

1t is doubtful whether the stool:
market in its uncertainties was SEN
sibly affected either by the crisis H.
the railroad strike situation at
Washington or the decision of Ru'
mania to participate in the war on
the side of the Allies. 1t is true
that spectators sold stocks for both
reasons. but it is also true that be-
fore the end of the day they were
found buying them back. in spite
of those reasons. The only theatr'-
cal Stock Exchange incident of the
day was a rise in the certificates of
International Mercantile Marine
Company, on very large transac-
tons. and this could have been IN
no way related to either one develop
ment or the other. Unfortunately.
there was an appearance Of artihci-
ality about the trading in Marine
certificates. Whether RumaniaS
choice could be construed favorably
or unfavorably to the general mar
ket. as an incident tending to hasten
the end of the war, it could not count
as an argument in favor of securi-
ties on which abnormal profits are
well known to arise from conditions
which will be altered when peace Is
restored.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
The Deutschland's Cargo.

The manifest of the Deutschland, as
filed at the Baltimore Custom House,
shows that on her return voyage 10
Bremen she carried a cargo made up as
follows: Rubber, 500 ,037 pounds; nickel,
1852, GA pounds, and tin, lSl.049 pounds.
New York dye importers declared
yesterday that the profits originally es-
timated on the cargo OF dyes brought 10
Baltimore will probably not be realized.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
FULL ALLOTMENTS =.
OF BRITISH LOAN
In Few Instances Were They W.
Saw Syndicate Managers.

J. p. Morgan & Co, as manager
the syndicate which underwro"
$3.50 100000 two-year per cent d.
ish collateral loan, sent out 'ne
lotment notices TO the subscribers =
night. The bankers announced
the majority Of the sllotments
for the full subscriptions. Inc ~
was taken mainly BY the banks o. :
country that have large unemp'''
balances.
The transactions in the notes ''''.
senting the obligation. as repor'e'
the curb market yesterday, showed - :,
$4,000 changed hands, from ss' =,
80. The last sale reported ss'''"
was at 99A.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29

Railroad stocks we're no weaker
than others. Throughout the strike
parley they have not declined, and
whereas this was owing for a while
to the inability of Wall Street =
imagine a strike, it has been owing
more recently to the feeling that
perhaps a strike would be the lesser
adversely.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29

Every specialist on the floor of the
Stock Exchange has seen the sam"
thing. Great quantities of invest
ment stocks have gone through
their hands and vanished. This Is
the foreign liquidation. The specu-
lator complains that prices do not
rise. The marvel is that under 81
much selling they have not fallen.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
American Telephone and Telegraph
Company

Convertible Four Per Cent. Gold Bond.
Coupons from these bonds, payab. -
their terms on september J, 1915, At N.
ONCE or agency Of the Company IN Nts
York or in Boston. Will be paid IN Nss
York by the Bankers Trust Company. Il
Wall Street.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
American Telephone and Telegraph
Company

Convertible -Four and One Half Per Cent
Gold Bonds.
Coupons from these bonds payable "
their terms on September I, 1915, At n.
once or agency OF the Company IN Nsv
York or Boston, will be paid in New fo,d
by the Bankers Trust Company, IS Va.
Street.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29

In a Census Bureau report on
financial statistics OF states, It ape =,
that in 1915 the total outlsy' u
permanent improvements agrees.
Se5le2. 100. OF this amount Wv -.
500. or nearly one-third, was spens ~
the construction of new roads anu
permanent Improvement such %
cadamizing or paving of
ones.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
Rabbit Hides.

There are two features on the
leather market which are especially
remarkable. One is the ever increas-
ing number of rabbit skins offered.
Since more than eighteen months Ger
man children have raised rabbits for
their meat and this industry has at
tanned proportions never dreamt of be-
fore the war Other skins and hides
becoming scarcer, the lowly rabbit IS
coming into universal favor, especially
with the government, which endeavors
to stimulate this Infant industry"
The second feature in the leather bust
ness is the increasing exports of fine
leather goods. Where the ultimate
consumer" is nobody seems to know or
to care, but it is fact that neutrals
are buying far more of them than they
cid before the war.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29
DIVIDEND NOTICES.
OFFICE OF READING COMPANY.

philadelphia. August Is. 1911.
The Board Of Directors has declared from \
net earnings a quarterly dividend Of ons per ~
on the Fist Preferred Stock o. the COMPANY 1
be paid on September IL. 1915. 70 stcckho.cs-
Of record a, the close Of business. August >
1916 Checks will be mailed 70 stockholders ~
have hled dividend orders with the Tr,4sur1.
JAY. Y. HARE. Secretary
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-29

The wheat market reflected the
European news in a theatrical man
ner. Prices declined 9 to II cents.
The trading was very wild. There
is a great store of wheat in Russia,
estimated at 3OO,OOO,OOO bushels. l.
this were to find an outlet. the ef
feet upon the worlds price Of wheat
would be irresistible. Fear of
shortage in breadstuffs, which has
been over-stimulated, would be dis
PEELED at once. This was the thought
that broke the wheat market. II is
somewhat premature. All along it
has been said that if Rumania came
into the war on this side and gave
Russia a thoroughfare, the Russians
would sweep across the Balkan pen
insula, take Constantinople and open
the Dardanelles. But it has yet to
be accomplished. 1t is possible that
the decline in wheat, on this pre-
text, was accelerated, so far as
manipulation is possible, in order t.
establish a lower basis on which
foreign governments might buy the
American surplus.