davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
Cost of one dollar.
A wear
Consider the Cow.

In 1907 a Holstein COW, Colanthas
4th Johanna, made a record of 27,432
pounds Of milk in one year. This
record was so much larger than any
previous record that some men were
not afraid to predict that it would
never be surpassed. And it was not
surpassed until 1915, when lilly Al
cartra, another IIolstein, passed the
10000 mark with a record Of 30,452
pounds of milk. This was indeed a
remarkable record. Again there were
men who predicted that this new rec
ord would stand for all time.
Recently the news came from the
State Of Washington that lilly Al
cartra must give up her laurels.
Lutsche Vale Cornucopia, a Holstein
had just completed a years record
with 1929 pounds of milk to her
credit. Since quart Of milk weighs
Els pounds, 1929 pounds of milk
equals I4,529 quarts. At cents per
quart, Lutsche Vale Cornucopia's
milk would have been worth S1,162OO.
Something like 1900 pounds of dry
food material could have been OBJ
tanned from the milk given by Lutsche
Vale Cornucopia in one year.
. The carcass of a 1900 pound steer
contains a little over 500 pounds of
dry matter. In this 500 pounds are in
cluded considerable material, such as
bones, hair, hide, etc, that cannot be
used for human food Two years are
usually required 10 bring a steer to
1000 pounds weight. In one year
Cornucopia produced more than seven
times as much dry food material as
can be obtained form the carcass of g
-year-old steer And practically
all Of the dry food material Of mill
can be used by the human body
while a considerable portion of tn
dry material from the carcass Of
beef animal cannot be so used. Tn
dairy COW is indeed a wonderful
efficient and economical producer o.
human food. NJ. Fuller, Dairy De.
partment, Oklahoma A. and VI. Col
lege. Saltwater.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
Submission.

II was announced this week from
London that the Board of Trade had
suggested" TO British exporters
that they include in their contracts
with foreign buyers of English goods
stipulations or guarantees more
stringent than have been hitherto
required that nothing bought from
Great Britain will find its way into
enemy hands. This action" says
the correspondent of "The Journal
Of Commerce" lis aimed primarily
at American business" OF course.
That is hardly the point. The Brit
ism are free to demand what stipula-
items they please, and their Ameri-
can customers may accept them or
not as they prefer. The extraordi-
nary fact is that the American trad
er in the main submits. He does not
know his own power, or, knowing it,
he does not know how to use it. That
may be said of everything that has
happened in international trade
since the war began.
Great Britain now is bending her
energies heroically to the task of in
creasing her exports. Her trade sol
vency may be said to depend upon it..
Exports to the United States are
much more important to England
than imports from England are TO the
United States. And yet the British
exporter dictates the terms of trade.
He is the one who makes stipula-
tiors. The American buyer, whose
custom is indispensable, is the one
who accepts dictation.
That is only one side of it. Not
only is it extremely important to
Great Britain that she should be able
to sell TO us such goods as she has a
surplus Of, but the importation from
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

this country of the war. munitions
which she cannot produce in suill-
Gent quantities for herself has been
from the beginning vital matter.
II has not been a necessity on our
part TO sell them. IL has been prof
liable. but not essential. On one
hand, it is essential to the solvency
of British trade that we should buy
from her. On the other hand, 1t has
been necessary to her very existence
that she should be able to buy from
US. And yet both in buying and IN
selling she has dictated the terms.
AS a seller who must sell she inn
poses restraints upon the buyer; as
the buyer who has to buy she puts
restraints upon the seller. 1t is very
curious. The position of this coun-
try is one of potential self-sustaln-
ment. This is the only great coun-
try in the world that could leave OIL
trading with other people and not
only exist but flourish. We have
had the goods which others have i'm
peratively required; we have had
the buying power which others have
wished anxiously to utilize. we
have had in our hands all the power
to name the terms of trade, but we
have allowed them to be named not
only for us but for all the other neu-
trails. We have had an economic
power such as no country ever was
able to exercise before, and what
have we done with it? We have
sustained not one neutral trade right
in the world. We might have said
to the belligerents, eve will sell only
on these terms" and the terms specl-
fed might have established once for
all the prerogatives of neutral com
rlerce. Or we might have said, I'VE
will buy from you only on these
terms" naming them again. Europe
would have been obliged TO accept
any terms we had thought proper to
make, because hers was not the lot
of choosing. She had to trade. Our
goods were indispensable.
1t is not a question Of ethics. Nat
urally, the belligerents would seek
to impose their own laws upon trade
We were not obliged to accept them.
The opportunity will end suddenly.
When the war is over it will be too
late. And then. the accumulated
precedents of American submission
will rise up to embarrass US. We
have not gained any respect. We
shall be unable to command consld-
Grafton. We have been interested
chiefly in the profits of trade and not
in its rights.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
DOMINION WILL
FUND WAR DEBT
Canada to Repay Britain
by Issue of Long
Term Bonds.

A transaction Of the greatest lmpor-
lance. says the Ottawa correspon-
6ent of the Financial Chronicle" has
lust been concluded between the Can
adian Minister of Finance and the
british Treasury. In a general way
the transaction involves the paying on
| from time to time by the Canadian
oovernment of its temporary indeot-
edness 70 the British government by
the issue to the Imperial Treasury OF
Dominion government bonds bearing
the same rate of interest and having
| ebe same maturities as the issues OF
The imperial government from the
,roceeds of which the advances have
3een made. 1t is proposed to employ
ne bonds as q basis for British credits
this market.
"For a period after the outbreak OF
he war" says the writer, 1.-THE Cana
dian government borrowed the greater
part of its war expenditure from the
imperial government. Subsequently
by reason of improvement in the rev.
onues of the Dominion and the sue
cessful fotations on this side of the
Atlantic. the Dominion became aole
TO finance its war expenditures IN
Canada and also to assist the British
government in financing its purchases
through the Imperial Munitions Board.
"For over a year now the Dominion
Finance Department has borrowed from
the Imperial Treasury only the amount
represented by our expenditures In
Great Britain and at the front. All
advances so far received from the
british government have been entered
in the books of the Dominion as tenn
porary borrowings"
The new arrangement proposes the
funding Of these obligations into long
term issues of Dominion bonds TO be
turned over to the British government.
These bonds will be payable in dollars.
There is a reason for this and therein
lies the interesting feature of the pro-
jected operation from the viewpoint
cof American bankers. The first trans
action will involve the extinguishins
OF more than S1OO0OO,OOO of tempo
rary indebtedness of the Dominion by
the issue to the British Treasury of 3 y
per cent and Az per cent bonds matur-
ing in 1928 and 1915. These bonds are
not to be sold, but will furnish the
basis Of British government banking
credits in the United States and Can
ada. The arrangement will thus great
~ assist the British government in
its financing of war purchases for
which payment must be made in dol
lars. 1t is probable that the new
Canadian bonds will be used as col
lateral in British loans in the New
York market. The refunding plan is
said to cmbody he proposal made by
the Canadian Minister Of Finance to
Lord Reading and the representatives
of the British Treasury in New York
last year when negotiations for the
$500, 900 Anglo-French loan were
under way.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
Exports from Mexico.

That conditions affecting the export
of goods from Mexico to the United
States were even worse in 1915 than
the previous year is disclosed in annual
reviews received by the Department OF
Commerce from American consular OFF,
GERS. In but a few instances the mate
rails invoiced for shipment to this
country are less in quantity than in
1914. The detail of these facts is shown
in the following table:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

Movement of Specie.--Imports OF
specie at the Port Of New York for the
week ended August IL were: Gold,
$395,lis, and silver, SiO5,S76. making a
total of SsOl,O2i, against a total of
SiOi,i5s for the preceding week and
si77,l93 in the corresponding week of
last year. Since January 1 imports Of
specie amounted to S72, 1875. against
S3i.S39,726 in the corresponding period
q year ago.
Exports Of specie were: Silver,
sl,I25,7s6, and gold. S2.I24,l59, against
a total Of Ssl0,i66 gold and silver last
week and Ssl2,67i in the same week Of
last year. Since January exports OF
gold amounted 70 S66,9ls.695. and
silver, $40. i22,SO2. against S7.6s6,lss
gold and S25,O1s,ll2 silver in 1915.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

The English are great bankers.
If they beat us at it one need not
take it badly, for their experience
has been longer and worldwide. The
British government now is paying s
per cent to its own people for money.
1t is borrowing here for less. 1t is
expected that the new collateral loan
in Wall Street will yield the in
weston only about 51a per cent. An
interesting dilemma is presented. If
it bore a much higher rate of in
terest, it would compete in an un-
desirable way with the Anglo-French
loan, which has been only fairly well
distributed, and also with the last
French loan, which is yet undigest-
ed. Continued war borrowing at
progressively higher rates Of inter-
est affects the price of the older is
sues. If a 6 per cent loan is fol-
lowed by per cent loan 81 equal
merit, the 6 per cent issue declines
until its yield to the buyer (the fixed
rate Of interest plus the discount) is
z per cent. The British government
in the case of its own internal war
loans has provided against loss of
this nature to the first buyers. 1t
has obliged itself to increase the rate
of interest on the old loans as the
rate on new loans rises, so that the
market value Of the old loans will
not fall. There is no such under
taking in respect of its foreign loans.
If ultimately British loans in this
market had to be made on z per
cent basis, the value of the existing
loans might be expected to fall to a
Z per cent basis of yield.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
The War Expenditure.

War expenditure had been heavy. At
special session of Parliament fol-
lowing the outbreak OF the war an act
was passed providing $50,000,0OO for
war purposes. IN 1918 a second act
was passed, appropriating Sl00,0000OO,
and early this year further legislation
provided for an additional sum Of
S250,000,0O As the number Of troops
under arms increased up to the pres
ent total Of more than 100000 men.
Canads's war expenditure reached very
large figures. From the outbreak Of
the war 20 the end of January, 1915,
it amounted 20 Sl5s, 100000. Canada's
present war expenditure in Canada
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

Discussion Of the forthcoming
British loan is more and more def
mite. London says the time is un-
certain, and intimates that with the
international money markets posi-
ton as it is the British government
might bide its time. Here it is be-
lieved, however, that the transaction
is imminent. Nobody would be sur
rrised if it should come to head
next week. The terms have been
stated. 1t will be for $250,000,0O0,
at 5 per cent, TO sell at 80 or SO, and
it will be secured by dollar securi-
ties. By Canadian bonds and by the
bonds of some neutral countries.
Whether it will be a direct offering
by the British government, under
written by a banking group in Wall
Street, or handled as the last French
loan was through a foreign securi-
ties corporation, is for the present
in doubt. If the amount of dollar
securities to be pledged as collateral
is correctly stated at $1O0,0O0,OO0,
certain expectations of Wall Street
may be disappointed. One expecta-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
ENORMOUS Cash
RESOURCES OF
INDUSTRIAL COS.
Eighteen of Them Show
Free Treasury Cash
of $685. 2O,ll1.

Notwithstanding that the gres. n.
dustrial corporations Of the eoun,r7
have drawn from their unprecedsutss
earnings Of the last two years create,
sums for dividends and improvement,
and betterments 10 property, never Be-.
fore have they been 50 strongly IN.
trenched in cash resources.
Perhaps the best criterion Of Il,
present financial standing Of the NOS;
favored industries of the United State,
may be CLEANED from statements show.
ing the cash position OF leading s,eel.
motor and copper producing corpora.
tions. The latest figures. while not al
corresponding in date, nevertheless
give one a fair idea of the exten. !,
which the companies have augmented
their cash holdings.
From the most recent available s:a.
tistics it is seen that four steel con.
panies have on hand cash 70 an amour.
in excess of S1sO,OO0,00O, as compared
with slO4,264,269 at the close Of 1915
The principal copper producers, ia.
GLIDING the American Smelling All
Refining Company, show cash resources
Of more than S76,OO0,0OO, cOntras,s.
with S25,5OO,OOO a year ago. Six motor
companies have on deposit in banks o,
their own treasures nearly ss2,:5l,.
$50. an increase of S39,l63,l0l.
Doubled in Year.
The grand total Of cash held by the
eighteen companies, figures for whiea
were compiled, was s34s,42O,lll, or
nearly double the sum shown BY the
last previous reports Of the companies.
The concerns considered were the
United States Steer Corporation. the
Bethlehem Steel Corporation, Repub.
iic Iron and Steel Company, Lacss.
wanna Steel Company. Anaconda Cop
per Company, American Smelling and
Refining Company, Calumet and Heels
Mining Company, Kennecott Copper
Corporation, Utah copper Company
Nevada Consolidated, Chino Copper
Company and the Ray Consolidated
Copper Company. Among the aatOmo'
bile companies are taken the Ford con-
Germ, General Motors, Chevrolet, ssrts'
baker, Willys-Overland and Maxssl
The following tabulation aims .
give as nearly as possible the presei.
cash positions Of these companies, VIII
comparison with the last previous
figures. Among the copper companies
it will be noted that the porphyrie'
are grouped last.
Steel companies. cash holdings
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

land the demand for dollars with wnlch
10 settle accounts in this country IS
greater than the demand in this coun'
try for pounds with which to settle
accounts in England.
II 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 a year ago would DC
about as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

ton has been that the loan would
remove from the stock market the
weight of dollar securities modified
in Great Britain to be either sold or
pawned. But if only $100,000,C00
worth are so accounted for, the sit
uation will rot be greatly changed,
unless it is definitely understood
that by reason of this transaction
the selling of American securities for
foreign account on the New York
Stock Exchange will cease for
while.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
6 WEALTH MARKETS AND COMMERCE "a

and in Britain, including the mainten
ance of the troops actually at tn
front. is ut the rate Of about $4,000,
600 per month. or 100000 a day
Nv the end of the fiscal year mex
March il will have amounted at leas
70 the aggregate now authorized,
s4oO 900 900. In addition, Canada II
undertaking to pay for all ammunition
used by the Canadian troops on the
firing line. This is being provided by
the imperial authorities, and an ac-
counting will be made at the close OF
the war.
Financing in 1915.
With war expenditure mounting
rapidly, the problem Of the Canadian
Minister of Finance in 1915 was to
raise money to bridge the gap between
revenue and total outlay. Treasury
hills to the amount Of 100000 which
matured in June were retired and the
hank Indebtedness of 100000 was
maid Off. In March, 1915, an onerine
at 1914 in London of f5,OOo,0OO "A per
cent debenture stock maturing l92O-2S
was oversubscribed. In August, IN
order TO provide for capital outlays IN
Canada, an issue was made in Ne"
York Of S25,OOO,OOO of per cent notes
maturing August /, 1916, and s2O,OOO''
900 5 per cent notes maturing August
/ 1914 total issue of s45,OOO,OOO
These notes were convertible into
per cent bonds maturing August l.
1Q25
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

Mr.. Whites main revenue measure
was general horizontal increase in
customs duties -7i2 per cent ad va
loren 90 the general and intermediate
tariffs and per cent ad valorem to
the British preferential tariff. The in
crease applied to articles formerly
duitable or on the free list, with a
small number Of exceptions. This Gus
toms tariff legislation was expected TO
yield from s2O,OO0,O0O to 25,OOOOO0.
The scheme of new general and spe-
cial taxation provided for in the budget
Of February, 1915, was calculated TO
increase the revenues of the Dominion
for the fiscal year to an aggregate Of
$4,000, 900. A year later Mr.. White
reported to the House that the expecta-
tions had been realized in a degree be-
yond his most sanguine hopes, and that
the total revenue for the year would
be Sl70,0O0,OOO In other words, in
stead Of yielding s3OOOO,OOO additional
revenue the new levies brought in $780,
100000.
Following out the policy of proceed
ing only with public works actually
under contract, the government was
able to keep OUTLAWS for purposes other
than those of the war much lower than
the budget estimate. Apart from the
cost Of the war, the financial position
of the Dominion had improved to the
extent of s57 900 900
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
Federal Reserve Banks.

Washington, Aug. 12.-Gains OF ST.
$4,000 in total gold reserves and OF
$1,000, 900 in aggregate cash reserves
are shown in the regular weekly bank
statement of the Federal Reserve
Board. made public to-day. Slight de-
creases are indicated for total earning
assets, government deposits and net
bank deposits.
Boston reports a gain of $500, 900 in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

IFS gold reserve. due in part to liqulda-
tion of discounts and acccptances. in
part also to the collection of amounts
due from other Federal Reserve banks
and an increase in bank deposits
Chicago's decrease in cash reserve
amounting to over s3,OOO,oo0, is accom-
nanied by an increase of about $1,000
OOC in the total due from other Fed
oral Reserve banks and gain OF
81 SOC. 600 in total deposits.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
The Dollar in Foreign Exchange

The market was quiet yesterday and
changes in rates were small. Sterling
held steady.
The closing quotations were as fol-
lows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
Current

The above rates express the cost of
foreign money in terms of the Amer
lean dollar You buy an English pound
sterling for Si75A, the intrinsic
parity is s4s6% per pound. Thus, you
say either that pounds are az dis
count or that dollars are at a premium.
which is owing to the fact that in Eng
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

Fitful strength appeared in the
copper stocks during the short ses-
sion. The buying was referred not
to the extraordinary performances
Of the companies in the last quarter
nor to the fact that the principal
copper producing concerns are so
fortified with cash reserves put
aside from their profits that their
future dividends seem well insured,
but to rumors of a European raid
upon the American output of 1911.
All the belligerents are represented
t. be seeking to make contracts.
Those that can import copper would
take possession Of it, and those that
cannot would store it here. Nobody
was left out. Turkey and Austria
were reported to be inquiring fran
tically for the metal. When, at these
prices, it is necessary TO bull cop
per shares by means Of the tale fan
tastic, one must suppose that the le-
gitimate exploitation Of their posi-
bilities is far advanced.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

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, 1916-08-13
...... .slsO,355,5Ss slOi,26i,.s


treasury on August l was IN excess o.
S25, 1000 900, according 90 a recent state, ,,,
ment 10 stockholders by President W.
c. Durant
Besides Additions 10 Property.
The record cash balance now in the
treasury of the United states Stee'
Corporation has been established IN me
face of heavy expenditures for ne"
construction and repair work. BY ms
end of this year il has been estimais'
that the company will have spent close
to S6O,OOO,OO0 on this account. Io'
Bethlehem Steel Corporation plans "
spend S7O,OOO,OO0 out Of its surplus
earnings during the next three yeaD
for new construction.
The figures giving the cash holdins'
Of the porphyry copper compan.''
show a combined account Of >-i'oV''
600, an increase Of Sll,300OOO sin's
January /, even after paying out d,
dividends in the mean time a to'ai -
sl5,937, 700. What is most extfaoi''
nary in the financial condition OF tns',
companies is that almost 80 per eeh' -
their working capital is in free cash. .
parallel of which probably does %"
exist among any Of the major eopp"
producers
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

Total liabilities ~ ,,''f.
Gold reserve against net deposit and ho,e hsnll5
IS per rent. cash reserve against net delsrlt s,
not. iisbtv 10 per cent: cash reserve asairft net
depos liabilities after settling 20 Ier cent gpl ~
serve against aggregate net liabilities on fciera r.
serNe nntts IN circulailnn ~ pei cent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13

Silver Bars in London. 81 l1-l6
pence. Bars in New York, 66i4 cents.
Mexican dollars, 5l6 So cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-08-13
The Motor COMPANIES.

Among the motor companies OF %
country the Ford concern IS sim w
last word in efficient management lD'
figures showing its phenomenal grow
in assets value are astounding. I''
net asset value of the company ~
cording TO the last report puoii'n'.,.,,
was S7s.s99,225, Of which $685.,
WAS in the form Of quick assets, eqya,
20 more than $1,000 share on ". ~.
stock. The cash item Was large
spite the fact that Sl5,000,00O was p''
in rebates to purchasers Of Ford cars I,
The growth in the cash position .
the company is especially Interest,",
From 1912 70 1913 IL increased -
s6.4O0,lOl TO $l3,225.7ll. or more "a -,
100 per cent; in 1914 cash amountea i,
S27 All. 469, gain OF SLID 0o, -
upward Of 100 per cent over 1918 -.
year there was a gain over 1914 OF 80
346,6s2. or 59.5 per cent. The iners'1 Z,
Of 1915 over 1912 was s37 ,3ss'oov, y, y,
about 600 per cent. Nor do the ss s,,.,
of the Ford company include one a0">'
Of goodwill.