davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
Asiatic Labor Troubles

There are other things troubling the
English labor men besides the future
One of their chief causes of complaint,
as brought before the congress, is the
competition Of Chinese labor. They
view with alarm the increased employ
ment of Chinese and cheap Asiatic
labor on British ships during the prog
ress Of the present war and have pro-
tested to the government against en-
gaging Chinese on British Admiralty
chartered ships. Moreover, they have
requested the government to take steps
for the repatriation of all Chinese who
cannot produce satisfactory evidence
proving their British nationality, and
ask that in the future no Chinese be
signed on British ships east of Suez.
More than $1,000 Chinese are said to be
engaged on British ships sailing from
English ports.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
Cotton Industry in Argentine.

Lack of labor during the picking sea-
son Is the only obstacle to the Arsen-
tine becoming a great cotton-growins
country. Soil and climate OF a large
area are eminently suitable for its
cultivation. and about 5000 acres are
at present planted in the FIBRE a
government experiment station has
been established in the Chaco territory
TO foster this new industry. There is
as vet but one cotton spinning and FIVE
cotton weaving mills in the republic
These operate n total Of 1900 spindles
and 200 looms. The knitting indus
try, however, has been established and
is said to be making more rapid prog
resh
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
Saturday, October IL, 1916.

Germany's U-boat adventure off
Nantucket was the occasion, or per-
haps only the prctcX-, for a NINA
tuTe panic on the Stick Exchange.
We say IN the vernacular of Wall
Street: People who lad been buy
ing stocks on margin for a rise ,ud-
denly sold them for what they would
bring, and prices broke very badly"
We add, somewhat cynically, that if
Il bad not been the inc dent Of the
U-53 it would have been something
else. What do we mean by that?
We mean Ito go on in the vernacu-
lar) that when the public is loaded
up with stocks something always
happens. And why does someth ng
always happen then? At this ques-
ton the vernacular begins to fail.
A Wall Street man does not know
why something always happens
when the public is full of stocks.
He only knows that it does. He is
supersti;ious by calling and he lives
by experience. But are we not
thinking of one thing and talking
of another? Does the Wall Street
man in this case talk of stocks at
all? What is the procedure of buy
ing stocks on margin for rise? Do
people buy stocks really, or 90 they
buy only a position in the stock mar
ket? Let US follow it.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
FRENCH HIT BY
LOANS TO BRAZIL
Securities Once Attractive
Lose Glamour Through
Defaults
Washington, October 10,


The present war has brought attsn-
ton through the misadventures Of
France to the fact that extraordinary
discretion is necessary for commercial
success in countries financially aided
and exploited.
South America! This is the Geld
which every expansionist has urged for
dollar diplomacy" France once
thought the same, but her views now
are Of more sombre hue. The reason
for this is Brazil. France has pros
pered in many of her financial advent
ures in South America, but her expe-
riences in Brazil have taught her the
folly OF investing heavily in q two-crop
country.
The Rothschilds have for many years
been interested in Brazilian securities,
and through their influence Brazil has
been able to float numerous loans In
Paris in the last few years on very
attractive terms. The French capital
was well acquainted with the South
American millionaire, and preferred
him to the American one, in fact The
glamour of investments in that CONT
nent appealed TO the Gallo mind. The
French investor prior TO the war made
South American securities. as a whole
and Brazilian especially his hobby. and
readily absorbed not only the Federal
government bonds of Brazil, but those
of the various Brazilian states a. we'll.
War Causes Many Defaults
Rubber and coffee arc the two prin-
cipal crops Of Brazil. The crash in the
rubber boom, followed by financial cri-
sis due to overexpansion, caused the
affairs of Brazil to fall into a chaotic
state. Then came the outbreak Of the
war, which forced the republic and the
states to default on a great majority
Of outstanding obligations. Most Of
the coupons have been funded, and
France awaits with interest any indi-
cation Of the ability of the states TO
meet future obligations.
For France to loan any considerable
sum 70 Brazil at any early date IL
doubtful, even II she should be left In
a position TO loan money after the
completion of the war. Her expert
ences in Brazil have served as a warn
ing to American investors. They have
shown a desire TO investigate this ter
rtory pretty thoroughly before they
hand over any funds TO that nation.
BreziPs credit has now dropped 10 q
lower level than that of Venezuela or
Colombia, which countries have at
least met their interest requirements
regularly. Brazil now ranks with Ecua-
DOR, Paraguay and Peru, the credit
tsilenders among the South American
republics.
The various securities OF the Bra
lillian government and states largely
held by France have beeni
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

When you buy stock on, say, a
10 per cent margin there is a three
cornered transaction. 1t involves
you, your broker and the. bank. Did
you ever think about the other 90
per cent? Few ever do. To your
10 per cent the broker out of his
capital adds 10 per cent, and then
the stock is taken by him to the bank
and hypothecated for the balance,
which is so per cent. So, to buy
share Of stock quoted at 500 you
put up $40, your broker puts up SO
and the bank puts up $50. You are
the principal" the one for whose
account the stock is bought, and you
assume the risk. The bank is first
protected. 1t holds the stock as col
lateral security for the loan, ard if
anything occurs to make it feel UNI
easy it will call upon the broker TO
pay off the loan. If he doesn'. pay
up it sells the collateral on the New
York Stock Exchange, without ever
having heard of you, the "princi-
pal" The broker is next protected.
You have waived most of your rights
t. him beforehand. You have signed
an agreement giving him power to
do anything that is necessary with
the stock. He may lend it TO a
Spectator who wants to borrow it
for purposes of a short sale, or he
may hypothecate it at the bank on
any terms he may please to make,
without your knowledge or specific
consent. This stock, bought for your
account and risk, you never see.
You never know where it is. The
chances are that you would not know
it if you saw it. Not per cent Of
those who are written down as prin-
cipals in the purchase and sale Of
stock in Wall Street ever see the
engraved certificates. Indeed, in
the customers room of Stock EX-
change house an engraved certificate
of so widely known stock as United
States Steel common might be passed
from hand to hand as a curiosity
among men who had been ostensibl '
buying and selling it for years. Had
they been buying and selling the
actual stock? In theory, yes; IN
fact, no. To buy or to sell it had
been merely to take position on
its fluctuations. If you buy and the
price rises, you sell and make a
profit; if you buy and the price goes
down, you make a loss. You are
not interested in the stock itself; you
do not regard yourself as a share
proprietor in the business Of the
great United States Steel Corpora
ton. You think of yourself as
sreculator. You are probably a gam
bier, dealing excitedly in chances
and hazards you know nothing
about.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

So, when a great many people
have been gambling thus in quota
tons, betting for a rise, it is said
in the vernacular that the public Is
loaded up with stocks. They are
heavily committed TO rise in stocks,
as we see, but to say that they are
loaded up with stocks is to accept
the theoretical definition of the thing
They haven't any stocks and do not
intend 10 have any. They are not
even conscious Of an equity in the
stocks. Speak 70 the average mar
gin Spectator about his equities and
il takes an effort Of mind for nm
~ follow you. The idea is strange
10 him. lie has a position in stocks.
II they 20 up he will win; if they go
down he will lose.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

pretence of demanding an eight-hour
day. They will get as much as be-
fore for a shorter theoretical day and
extra pay for what remains of the
working day in practice. Thus is
society baffled again. 1t was sup
posed to have cast the whole weight
of its moral sanction in favor of an
eight-hour day.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
BIG STEEL PLANT SOLD
TO NEW YORK BANKERS
Hornblower 6 Weeks Buy the
United Steel Company

Canton, Ohio. Oct. 1.-THE United
Steel Company here was sold to Horn
blower & Weeks, New York bankers, to-
day for s16,OOO,OOo. The buyers will
spend 100000 on improvements. The
change. which was approved at a
stockholders' meeting here to-day, will
take effect at once, but there will be
no immediate change in management.
Il ia the first instance of Eastern in
terests buying into the steel industry
In this section.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
Federal Reserve Banks

Washington, Oct. 14.-Aggregate in
creases of over S1S,000,000 in member
bank deposits, Offset in part by ne.
Withdrawals of s9,250,0O0 Of govern
ment deposits, also gains of S7,40o,000
in the combined gold reserves and oil
s4,SOO,OO0 in the total cash reserves OF
the Federal Reserve banks, are indi
Gated by the weekly statement issued
to day by the Federal Reserve Beard.
In the case of Philadelphia a gain
OF S2,zUO,UUO in total reserve is due
ehiedy to the gain In MEMBER bank de-
posts. Chicago and Dallas report IN
creases OF 81 100000 and of s2,4OO,OOO
in their cash reserves, together with
increases in total deposits and reduc-
tlons IN the amounts due from other
Federal Reserve banks. Minneapolis
shows a gain OF sl,oO0,OOO in its cash
reserve, accompanied by reduction OF
sz,IOO,OUO in It's favorable balance IN
account with other FEDERAL Reserve
banks and an increase of over sOOO,OOO
IN earning assets. The San Francisco
bank liquIdated over S3,000,OOO of It's
balances due from other Federal Re-
serve banks, OF which it used about
100000 in increasing its earning
assets and over 100000 to strengthen
its cash reserve.
Large purchases of New York City
notes during the last week are mainly
responsible for the increase Of $780,
600 in the holdings Of municipal war
rants. Total earning assets are given
as s4,lOO,OOO, or over $50 per cent
of the banks paid-in capital, COM
pared with 274 per cent reported
about six months before. Of the total
earning assets AL per cent is repre-
sented by acceptances, 1872 per cent
by United States bonds, III per cent
by warrants, u per cent by discounts
and IS per cent by Treasury notes.
All the banks except New York
snow net WITHDRAWALS VI Bo'cihhcH'
funds, while all the banks except
Cleveland and Minneapolis report sub
stantial increases in member bank de-
posits.
Federal Reserve agents report a
total of 1925, 900 Of reserve notes
issued to the banks, or s5,392,OOO in
excess of the total shown the week
before Against the total issued they
hold s21O,Os8,O 900 of gold and $685.
600 of paper. The banks show total
Of s2O7,l24,OOO of Federal Reserve
notes in actual circulation, while their
aggregate net liabilities on notes is
sued to them by the agents are given
as $l2,3l6,O0O.
The Federal Reserve Boards state
ment of combined resources and liza
bilities of the twelve Federal Reserve
banks at the close of business October
10 follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

Forty per cent Of the outstanding
Brazilian national bonds are held In
France, the balance being distributed
among the investors OF Portugal, Hoi-
land, Great Britain and Belgium.
France also holds about 10 per cent o.
the outstanding external obligations OF
the various Brazilian states. The total
amount OF French money In Brazilian
securities is estimated at about S,i7S,-
100000 francs, or an excess Of $780,
600, 900. No official figures have been
issued for many years, but this esti-
maze IS derived from the work Of inde-
pendent Investigators in a position to
ascertain the facts.
These investments would be claissi-
fed as follows: Government loans,
$500. 100000, state loans, $3.50 000,0 600;
credit companies and mortgage banks.
$40. O0O,O 900; railroad securities, $780,
900 ,OOO port works, public utilities, in
duslrials, etc, Sl00OO0,000. II the Sc
curities of Brazilian enterprises not
traded in on the Bourse and minor
French investments in Brazil were
added TO the above the total would
probably exceed $500, 100000.
Government securities alone have not
been the only form Of investment which
has involved heavy losses for the
French money lender. He also has
dropped large sums in the Brazilian
railroads and industrisls. The disss-
trous Brazil Railway venture meant
large loss to the French investor
probably 10 per cent Of the amount
originally invested. 0ne-third Of the
total Of French investments in Brasil
is a conservative estimate Of the amount
OF their shrinkage in value.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

count or that dollars are at a pre-
MUM, which is owing TO the fact thai
in England the demand for dollar,
with which TO settle accounts in this
country is greater than the demand in
this country for pounds with which to
settle accounts in England.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
U. 5. Treasury Finances

:, "a.h.ngton, Oct. i4-Ths condition Of
- "hl'sd States Treasury al the close
's''ns's to-day was; Net balance
GENERAL f7nd, ,iso,s7s.ss7; total Or.
receipts 'i,sz9,iii, total ordi.
I, e@'hsais' 'z,5a7zsO. The deficit
- D''sl yesr "a ;7o.slsAe5, against
-, a''''' Of I'1sis,J7g last year. ..-
A.. 80 o. Panama Canal and public
W. transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

II is fairly obvious that when a
very large majority OF the stock
markets patrons are in a position
70 win by a rise in quotations, for
that reason alone il is extremely un-
likely that quotations will rise. In
a game Of hazards the majority can
rot win. When, therefore, the pub
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
FINANCIAL MEETINGS.
tHlCiCO. SAINT PAUL. MINNEAPOLIS
Ahn nAIAMA EAII NV En

NOIlfI " ANNUAL MEETING.
-, hntpsi Melting = the srockhoiasrs
y he Chicago. saint Paul Mlur.snoii.
~ Ofnsha RAILWAY Company will be held
its ofce ~ The company. ln the city Of
n.sson. Wisconsin. on Friday. October 20
.is a. nine O'Clock h. b. FOR the election
=. sfsciofs and the transaction q Iuch
easf business a. may come before Ia
A.ifx '~
4. master books will bs closed On Non.
s'pismbsr ~. 1915. a. the clos, Of
Its IN nat day. ara uill be reoDsn.d
-eiefcay October "a. 1913
vsiec tfpffmher Z. 1916
-, JANEB r. CLARK. prs.i0en,
'DhN CALDWELL. Becretary
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

September dividend payments by
forty United States mining companies
making public reports amounted to
SOC. 79e.7i2, as compared with sl0,70S,-
100 In the corresponding month last
year
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

The above rates express the cost OF
foreign money in terms Of the Amer
can dollar. You buy an English pound
sterling for .4.75ss; the intrinsic par
ity is s4.sG9s per pound. Thus. you
say either that pounds are at dis
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
dsissrs ana North w,.t.rn ssnw.v =.

~NO-icE or ANNUAL NETTi%2 ~
q. - Ahrasi Meeting - tn ssoekboia.,,
"a, La.tfHp ano horih Weffern rail-
4, ,tttiaPthy 30 west Jscks,n Bogisvsrd
wv ~ chicago Illinois On Thur,.
az otipbsr IS 1918. a. eleven s.ciosL
q. 70 me election - Directors and
come before rafd meeting
g...%i'f trcIt wlI b. closed On uo,6.v
4, pr is.-ltfg. ~ the oioss - hu,,,s,,
a. C,,e<<l. era Wit 10 ffoDeneG or Vrl.
- y'efDber .. 1915
souHr ""htD - AisuTOs. President
-" y CALDWELL Gfcrsfsry
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
Brass Worker Talks

The mems side of the question was
Interestingly set forth by brass work
err They had surrendered rights and
privileges, he said, and in many cases
they had not yet been treated as they
deserved. There had been converse
tons and conferences. The congress
had always pronounced against com
pulsory arbitration, but they seemed to
have it now with vengeance. They
knew that in the hour of national peril
they should not "down tools" They
knew that their fathers, brothers and
sons wanted all their help and they
were ready TO surrender everything
they could. But there was a suspicion
that they might not be treated after
the war in the same generous spirit in
which organized labor treated the gov.
eminent when appealed TO. The speak
err stated that:
II il was true az the chairman had said,
that millions of men would want employ
ment at the end Of the war. some manu-
facturers and capital generally would
think their turn had come. Labor must
be prepared by extra organization espe-
cially since they had admitted women into
trades which were almost close corpora
tons and had LEI skilled mechanics teach
the seni-skilled 10 become efficient. They
had done all they could, and they expected
the government TO see that they were not
BETRAYED.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

Lumber, woodpulp and their manu-
features make up nearly half the total
exports Of Sweden. The state-owned
forests show a net profit Of approx
mately t3,ooo.ooa
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
Rsmed at the Source

The Monthly Review Of the United
States Bureau of Labor Statistics
is the most carefully edited period
cal in the country. For the proof
turn to page % of the October num-
Der and find the article entitled
Eight Hour Law for Certain Rail-
read Employees" Consider first the
exactness of the title. An editor
more social than statistical minded
might have written it Eight Hour
Day." etc, and he might easily have
forgotten the Importance of putting
in the word Certain to limit the idea
Of the measure of human happiness
obtained. The opening sentence i'm
partially reads: "A statute that has
attracted particular attention, both
on account of its provisions and the
circumstances under which it was
enacted, entitled, An act to establish
an eight hour day for employees Of
carriers engaged in interstate and
foreign commerce, and for other pur-
poses received Presidential ap-
prevail on September 3, 1916" In
the title of the act it is called an
eight hour day, and it Is for en-
ployes of carriers, and not for GER
tain of them. Follows a digest Of
legislation, Federal and state, limit.
ing the hours of the workday. The
first eight hour legislation of Con-
gress was enacted in 1868, relating
10 the employment of labor on pub
lie works, but it was held to be di-
rectory and not mandatory, and so
had very little practical effect. Sub.
sequent legislation established the
principle of a restricted eight hour
day for employees on public works,
overtime forbidden except in cases
Of emergency. Similarly restrictive
and prohibitory was the sixteen-hour
law for employees on railroads, with
nine-hour and thirteen-hour limita-
tons upon the continuous work Of
train dispatchers using the telephone
and telegraph. The eight-hour laws
enacted by various states for dan
gerous occupations have been like
wise restrictive, overtime being for
hidden. The present statute, how
ever, differs from any previous legis-
lation in the important respect,
namely:
That il declares that eight
hours shall, in contracts for labor
and services, be deemed a days
work and the measure or standard
Of days work for the purpose OF
reckoning the compensation" of
certain employees in interstate
commerce. Overtime work is not
forbidden and may extend up TO the
limitations prescribed by the six
teen hour law noted above, but
work in excess of eight hours
must be paid at rate not less
than the pro rata rate for the
standard eiRht-hour workday. A
commission is appointed to observe
the operation of the law, and must
report not sooner than six months
nor later than nine months from
January 1, 1917; and pending the
report Of the commission and for
thirty days thereafter no reduction
may be made in the present stand
dard days wage.
We are indebted to this authority
for so clear and unbiased an an
alysis of the law. Certain employees
Of the railroads have got their wages
raised by an eight-hour law under
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

Below is given the current exchange
value Of foreign money in dollars and
cents, together with the intrinsic COLO
parity, as calculated by the United
States Mint;
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
Cost Of one dollar.

The market at the end OF the week
was dull and changes yesterday wers
unimportant.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
Money andCredit

The actual condition of the New York
Clearing House banks on Saturday was
"a foIIore.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

note liabilities, 71.6 per cent.
Cash reserve against net deposits and
note liabilities, 1916 per cent.
Cash reserve against ret deposit lla-
bilities after setting aside 40 per CEN
cold reserve against aggregate net Va
bilities on Federal Reserve notes ~
circulation, 74.4 per cent.
In the above statement the principal
toms compare with a year ago as fol-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

Sub Treasury. - New York banks
lost to the Sub-Treasury sl,649 600.
Silver.-Bars in London, 32. pence;
here in New York, 6S CENTS; Mexican
dollars, 52A @55i4.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15
Finance Economics

GARET GARRETT. Editor.
WALL STREET OFFICE: Teletbone:
Mills Builiing 10 Broad
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-15

New York Federal Reserve.-The
condition Of the Federal Reserve Bank
CT New York at the close of business
Friday, compared with the previous
week, follows: