davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
Saturday, September 16, 1916.

Speculation on the New York
Stock Exchange last week was so big
and enthusiastic as to fill conserva-
tive commentators with professional
forobodings. They denounced 1t as
reckless. uneconomic and dangerous,
and were at the point Of calling upon
the bankers to stop it. Then on
Saturday the Clearing House banks
reported actually a decrease in loans
and an increase of S20,00O,OOO in
surplus reserve. The aggregate o.
surplus reserve now stands at nearly
S90,O00,000, in the midst Of the crop
moving season, which formerly was
2 season of dear money terrors for
the Stock Exchange spectators OF
Wall Street. The banks are financing
% the harvest, GU business on
new high levels everywhere, (3)
loans of foreign governments and
(4) a forward public speculation IN
Wall Street, all at one time, and
still credit is the cheapest commodity
in the land. There is felt to be no
end Of it.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
CANADIAN LABOR
SHORTAGE SERIOUS
Wars InrOads on the Supply Is
Severely Felt.

Complaints of serious shortage Of
labor are heard in many quarters. 1t
is another case Of supply falling sho Z
of demand The situation acre is bad
enough. yet we may consider ourselves
well Jtf indeed compared with our
neighbor to the north Even in normal
times Canada's population is sparse.
and now the demands of war have made
matters worse. The agricultural dis
tricts are particularly hard hit.
The Ontario Department OF Agricult-
ure in a recent bulletin sheds interest
ing light on the situation in that par
ticuar part of the Dominion, most Of it
coming from primary sources, the farm
err himself.
One man writes from Hilbert. Perth:
MANY have 10 help except little
work by the dag. There is often only
one man on 100 acres. | am alone on
$50 acres, and | have 10 depend on my
neighbors who may be fortunate enough
TO have help 70 assist me to get my
hay and grain hauled in. do my
cutting and stacking alone. work about
sixteen hours 1 day, and there is not
much Of me left except skin and bone"
Another farmer says: The farmer
who could find help and secure it was
to be congratulated. for men were as
scarce as hens teeth. was fortunate
to get one at $3.50, and have given
him the light end so as TO keep him"
Still another farmer called attention
to the fact that "women are very con-
spicuous in the harvest field this year"
An old farmer of about eighty years Of
age told me that his man left him, and
he and his daughter were looking after
the farm. she doing the pitching
In some parts of Ontario the problem
has been partially solved by employ
ment of soldiers home on furlough.
As TO the effects of the involuntary
neglect OF farming lands. due 20 the
labor shortage. one farmer points out
that the farms are only half-manned.
which will show in future years, owing
to so many weeds going TO seed. One
years seeding. seven years wedding"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

Formerly the seasonal financing
of the crops and simultaneous ac-
tivity on the Stock Exchange were
hardly compatible. Spectators
often had to wait while the farmers
were taken care of; their turn was
when the money came back. soil
stained, from the interior. When
the spectators wouldn't wait, or
when they were so deeply involved
that they couldn't, then they woul1
bid very high rates TO keep money
which ought to be moving toward the
West. and the West would demand 1t
all the same, and the resulting phe-
nomena were Scandalous. 1t is q
great comfort to know that such
things need never happen again. 1t
would be a greater comfort still to
believe, with the majority of people,
that the Federal Reserve act made
the banking system of this country
"panic proof" 1t has not done any
thing of the kind, and the belief thac
il has is itself the great liability.
There has been yet no test of the
Federal Reserve system. It's first
effect was suddenly to increase the
lending power of all banks by reduc-
ing the reserve required to be held
against deposits. There was in
stantly possible an expansion of
bank loans, otherwise creation Of
credit. on a scale unparalleled in
American banking experience. Be
hind this increased lending power of
the member banks was the Federal
Reserve bank, with the power again
to multiply the lending power of the
collar by means of rediscounts. The
potential credit power of the Fed
eral Reserve banks has never been
REQUIRED. Before the national banks
had used anywhere near all of the
additional credit which they could
lend against a given quantity OF
gold the deluge of European gold
began. The addition Of foreign gold
to American bank reserves agar
enormously increased their lending
power. The supply of credit has ex
ceeded the demand though the de
mand has been greater than ever be
fore.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

Under the circumstances 1t IS fu-
tile to call upon bankers to stop
speculation or even to discourage It,
They are overstocked with the COM
modify of credit. 1t is their only
merchandise. Their business IS to
sell it, and to sell as much of 1t as
may be sold safely, all things con-
sidered. Speculation is a very fine
customer for credit, needing lot OF
il once it gets started, and willing
always TO pay the price without par
lev. In Wall Street speculation is at
times the principal and most profit
able customer. So it happens that
when people are tempted to speculate
bankers are tempted to let them dc
it. 1t cannot be helped. 1t seems
all human and inevitable, and yet
one could devoutly prefer IT to be
otherwise.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

The above rates express the cost Of
foreign money in terms of the Ameri-
can dollar You buy an Enrlsh pound
sterling for $4.75A; the intrinsic par
ity is S4S62s per pound. Thus, you
say either that pounds are a, dis
count or that dollars are at premium,
which is owing to the fact that m 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
cettle accounts in England
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
PROXY COMMITTEE
FOR ST. LOUIS RVS.
Present Administration of Com
pany's Affairs Denounced.

A proxy committee has been organ
lied for the purpose OF bringing about
an Independent. rcadjustment of the
United Railways Company of s.. Louis
This committee consists OF August
Hcckscher. New York capitalist;
Charles :. Farnum. Of Philadelphia,
and Ephrim Captain, of st. Louis. who
is chairman.
In circular issued by the commit
tee Mr.. Captain denounces the presen,
administration of the company's affairs
and seeks the support of the minority
stockholders in bringing about an in
v.stigation, particularly with respect
to power contracts. He concludes:
Years Of grumbling. talk and prom
Use have brought nothing. 1t is now
time to effectively act. Your approval
of the general idea and support of IN :
movement should follow promptly.
Each stakeholder either is with the
minority by joining them. or against
the minority by not joining with them.
Delay is dangerous. There is reason TO
believe that the stockholders must CO.
operate quickly lnaction. positively,
in effect. means approval of past and
future losses to preferred sharehold-
ers"
The United Railways Company Of ST.
Louis has outstanding s24,913,s 500 com
mon and SIG, 1888 200 preferred stock.
1t controls all the street railway lines
Of St Louis. The North American
Company owns Sls.4OO,OOO Of the com
mon stock.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
bank credit in competition with for
eign borrowers.

When you look at United States
Steel common it makes a difference
whether you stand on your feet or
on your head. If you stand on your
feet it looks high; if you stand On
your head it looks low. Now. The
odd matter is that people in Wall
Street cannot agree as to how you
should stand to look at the stock.
The upside down manner is i3creas-
ingly fashionable. steel common"
says one important Stock Exchange
house, in a carefully prepared let
ter, "is selling virtually at pani'
prices" That looks very startling,
and yet it is arguable. 1t is sus
ceptible, in fact, Of statistical proof.
Hear the reasoning:
United States Steel will in all
probability earn in excess Of 500
per share on its common stock for
l9lG-this prediction being based
on the corporations own statement
of current earnings. Subtract that
amount from the selling price of
the stock-a little above par-and
Steel common is selling virtually
at panic prices.
But why should one prove so lit
tie? 1t can be proved that Stee'
common is selling for less than moth
ing. Next year, on the business now
in hand, there will be earned $75 or
500 a share-some estimates run a :
high as $40 a share-which, added
to this years earnings, will make
anywhere from 1925 to $3.50 earned
on stock selling under $40, to say
rothing of the property it repre-.
sents. Who knows? Steel common
may be selling for S110 a share less
than nothing.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
HOW RUSSIANS
DO BUSHES!
The Structure Is bui
Upon Long Term Com
mercial Credit.

The whole structure Of business p
Russia, especially taa machinery =
machine tool business, ia oui' ~
credit, which has been found De-"
sary owing 20 competition 10 s.7
goods and the need of credit by 9"
crs often remotely situated from Z
chief trade centres an requiring ~
time for turnover OF thlir goods y.
able and enterpris.ng concerns =.
built up a good business by di'''''
ing the products Of manufactures
have no, the capital 90 GO business Z
ccpt on a credit basis. The rep''''--
tive Of one Of the largest indas"-
establishments in the United "a
makes the statement that his W y.
through extending credit 'n kus''
the last twenty years nave oeeD n.
than , per cent. 1t is doubtful "'''
there are many Manufacturers WI. II.
SC small percentage Do 'euf's
costs to cover bad debts. An''.
firms usually require casa ~ M,
documents in New York before - 80
machinery or machine tools 10 ~ III
and have thus let their business r..
into the hands Of German h'"'' =,
ish firms take paymen. FOR ni'''. ~,
and machine tools wi,h terms 0I'.. ~,
Payment with order, cne'inltu ., Z
shipped and onc-third on fs,,,
the goods by purchasers. Oetm '5.,s d
previous TO the war gave 60, 80
such merchandise Of SIX 20 n ,s ~ 81
eighteen months. A great e ,s y, ~
Merchandise is sold % the Nl Lnn, 3.
eorod fair on the basis or paw. r,ss
the next years fair. During 'He 81
cnt war. with credit conditions s.crirs.
NAL. importers are ccnefai,! ,.NsCss
20 pay cash with their order Ifde., pe.rs
mercial Attache Henry D. BAKER
4
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

Speculation in stocks is an eco
nomic distraction. 1t brings money
into existing securities at higher
valuations and leaves less for new
securities at investment values. A
rise Of 20 points in Steel common
increases the value of the common
capital stock of the United States
Steel Corporation 100000, 900. That
is a measure of the rate at which
speculation absorbs credit. True,
relatively a small proportion of the
common capital Of the Steel Cor
poration is in the hands Of people
who borrow on it at the bank. Say
that one-ffth Of it is so held. The
amount that can be borrowed at the
bank on 100000 shares has in
creased s20,O00,000 in four weeks.
The supply Of bank credit is not I'M
limited, popular belief to the con-
trary Notwithstanding. II ought ra-
tionally % be conserved for the pur-
pose Of financing our European war
customer. who can buy here only so
long as we can give them credit.
The stock market now is absorbing
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
Coal Lands Reopened

The Secretary Of the Interior an
nounccs that during the month OF Au-
gust nearly $4,000 acres of land here
toforc included in coal land withdraw
ais in New Mexico, North Dakota, Utah
and Wyoming were classified and re-
stored to entry, the largest acreage in
any one state 90 classified and restored
being $4,000 acres in Wyoming.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
Japan's Rising Cotton llS'',

Japan's exports of cotton o. ,.ss
shown large increase since the h
part of last year. According 20
Japan Chronicles" report OF "s,s.o,s
tions made by the Spnnihs els,,i
ton. exports OF various ee'. ~. VI
during the first half OF o-s r.
amounted in value to S25 .il';o, -, -
figure is unpreccdentedly ar ,',r D
shows an increase OF Sl.l2S,'cl O ~s, y
amount IT, for or the e. preceding SIX *. rs ~
ard Sl0.966.4ss over that o. ~ ~ -
spending period last year. " ne e.
rate Of increase was seen !" sikrt
ports 10 India. followed ol lac
while the exports TO the PhlnPra,s'S
creasd by about one-half, as s'
with the preceding half yesf'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

The Bolivian tin output in 1915 was
the largest on record. amounting to
$4,000 tons, against $4,000 tons IN
1913. and forming 80 per cent Of the
world output. against 81 per cent IN
1913. Bolivian railways are substitut-
ING wood for coal, the shortage oil
ocean transportation from the United
States causing a sharp rise in prices
for coal in that country. Large arrI-
walls of American coal at Buenos Ayres
are reported
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
FINANCIAL MEETINGS.
CHICAGO. SAINT PAUL, MiNNEAPOL
AND OMAHA RAILWAY co.

NOTICE or ANNI Al NttIlNI
The Annual Meeting " The Sockhc %
Of the Chicago. Saint Paul Mnness
and Omaha Railway company will b Be-
81 the Office OF III company. 81 the c;l
Hudson. Wisconsin. on Friday. October .
1915. at nine O'Clock A. ". for the e.el,
OF directors au. tle transaction q o.
other business as may come before u
meeting.
Transfer books viii he closed on NJ
day. Septemher IS 1915, a. the c.cs
business on thar day and viii be rss,,
on Saturday. october g. 1915.
Dated, September =. 1915
JAMES r. CLARK. PRESIDE.
JOHN d. CALDWELL, Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

Events beyond the control of man
appear to fall into kind of rhythm.
Scarcity runs in cycles. There is
scarcity of grain this year, all over
the world. How conditions unfavor-
able to the production of cereals
could affect the supply or catch of
fish one cannot say. Probably they
do not. But, all the same, it is like
wise a poor year for fish. "On the
Atlantic coast" writes the Canadian
Bank of Commerce, "the catch Of
all kinds of fish has not been as large
as expected, and buyers from the
United States and the West Indies
are bidding unusually high prices for
fish cured and packed TO meet their
requirements. 1t seems now to be
almost assured that the salmon pack
in British Columbia will be consid-
erably below normal. On the Fraser
River at the end of August the pack
was estimated at 10000 cases, as
compared with 10000 last year"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

Below IS given the current exchange
value Of foreign money in dollars ami
ccrts. together with the intrinsic gold
parity as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

Great possibilities for trade are of
fered by the Caucasus. The majority
Of the merchants. however, are men OF
small capital.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
Sub-Trcasury. - New York

Sub-Trcasury. - New York banks
gained from the Sub-Treasury $2,l90,-
O0O.
Silver.-Bars in London. 30 y pence;
bars in New York. 6SH cents; Mexican
dollars, 52i4 ~ 55i2 cents.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
Money andCredit

The actual condition of the New
York Clearing House banks on Satur-
day was as follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
The Field
of Latin
America

Nitrate exports from Chile are rap
idly increasing, latest figures for 1910
showing that MONTH. shipments are
about double those of the correspond
ing months of 1915, according to d.
gest of commercial activities in South
America compiled by the foreign
trade department of the National City
Bank Of New York. The Chilean
government has postponed conversion
of its paper currency to gold until
January, 1919. A project for national
;zation of all insurance business in
Chile for the purpose OF preventing
insurance profits leaving that country
has been favorably reported by the
Finance Committee of the Chiieah
Chamber Of Deputies.
Argentina and Brazil are expert
menting in the manufacture OF ayes
from native woods and other sources
with apparently good prospects OF sue
cess. The Argentine government Is
reported to be gradually transferring
70 tho Gaia de Conversion the gold
deposits in its foreign legations. Com
mercial failures in Argentina in the
first half of 1916 show liabilities OF less
than one-half those OF the CORE
srondinq neriod Of 1915 and one-fourth
those Of 1914.
Sonth American countries are ind
ing the United States their best mar
ket for hides. Over two-thirds OF the
hides exported from Argentina IN the
first half Of 1916 were sent to the
United States Exports OF wheat
corn linsced and wool from Argen-
tina in 1916 were about % per cent
below the same months of 1915, but
meat exports were about 80 per cent
larger than in corresponding months
Of last year. The government IS DIS
tributing seed grain to farmers IN GER
tain sections. payment therefor beng
secured ny d Shdl Se "SN'''
and agricultural implements of those
receiving the seed. An Argentine
commission 10 investigate the world
grain markets recommends the ap-
pointment Of a government commits
sion TO accept corn consignments from
farmers and dealers, and advance ap-
proximately 40 cents per bushel there
On. obtaining funds therefor b. loans
from national banks secured on corn
received. The sugar crop for the cur
rent year is reported greatly damaged
bv adverse weather, and exports OF
sugar from the United States TO Ar
gentina arc the largest in the history
of that trade.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
Daily Imports and Exports.

Daily imports and exports of general
merchandise at the Port OF New York
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
The Dollar IN Foreign Exchange

The market was dull, with no
changes Of Importance.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

Gold reserve against net deposit
and note liabilities ........... $500
Cash reserve against net deposit
and note Liabilities. ..........7t.4cc
Cash reserve against net deposit
liabilities after setting aside So
per cert gold reserve against
aggregate net liabilities in Fed.
Res. notes in circulation. ...... 72.2'o
Bank Exchanges.-The days clear
irgs at New York and other cities:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
money 7e773,oo0.o0 1851, 100
Federal Reserve Banks.


WASHINGTON. Sept. Is Increases for
the week Of s6,5OO.OOO in earning assets
and of $500. 900 in the combined gold
reserves. a decrease of Sll 100000 IN
aggregate cash reserves, and net with
drawals of S4.OOO,OOO Of government de-
posits. arc indicated by the regular
weekly bank statement, made public TO-
dav by the Federal Reserve Board
New York reports an increase OF
So. 600, 900 in its gold reserve and de-
crease Of si4.90O,OOO in its total cash
reserve. The reduction in the banks
reserve results from net Withdrawals OF
Government and member bank deposits
a reduction Of the balance due TO other
Federal Reserve banks, additional IN
vestmen.s and transfers of gold to the
AGENT TO reduce the banks liability on
Federal Reserve notes.
A gain of about 100000 IN the
amount Of United States bond holdings
is shown. mainly the result OF consider
able purchases during the week OF : per
cent bonds by the New York and Cleve-
land banks investments on large
scale in New Jersey and New England
CITY bonds account for an increase OF
over 81 100000 in the total Of municipal
warrants held.
The Federal Reserve Boards state
ment Of the combined resources ana
liabilities OF the twelve reserve banks
on September IL follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

Substantial improvement took place
in the local bank situation this week
which brought about an increase Of
Sl9.l46,NS0 in the surplus reserve.
This was due principally TO the in
crease in cash from gold imports. Re-
serve in the banks own vaults
amounted 20 s26,7G8.00O. The net in
crease in cash reserve was 81 1871 600.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17
Finance Economics
GARET GARRETT. Editor

WALL STREET OFFICE: Telephone,
Mills Building, 10 Broad St Hanover o'i'
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-09-17

New York Federal Reserve The
condition OF the Federal Reserve Bank
OF New York at the close of business
Friday. September 10. compared With
the previous week, follows:
The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1916-04-01
} SCHOOL KIDS ExL2r TO. :
) DAY IN WAR ON MApLy :
JERSEY 'sKEDfER. .

= ELIZABETH. VI. April l. !.
. How to Anniytlate a Jersey .
= Mosquito" is nqf but might as :
= well be. the tile Of the course .
= of instructioyin 'skeeter muir .
= der now r&dy for the first .
= classes of Joys and girls at .
= school h9e Monday morning. .
= The Jerry 'skeeter long has .
= been k9bwn for its size and fe- .
= rocity and so pestiferous has .
= his fkeetership become that .
= the 7 Mosquito determination q
= commission, unique organiza- .
= ti3h, has determined that. with Q
= TIE aid of the children. the q
= Enging scourge shall be stamp =
: Jed out =
~>>><>>>>>>~.4~ :
--~--~--~--r-o-~-~-~-----~>
still in its original upho1Nery. and
a fan belonging to th~Duchess de
Berry.
There are six 6airs that be-
longed to MarieAntionette and the
box used to CRY some of her be
longings to hson, table on which
v0l,aire vote (which was presented
to Nine 0umM by the Prince Tai
leyran1 and many paintings, in
cludDg a portrait OF Mime. Jumel
paDted in Rome and a portrait. of
the Duchess de La VALERIE, By
Mignard 81.
The Waxahachie daily light. [volume] (Waxahachie, Tex.) 1894-current, 1916-04-01
SAYS BODY is A IA
POISON FMTORY
Urges Everyone to Drink Glass OF
Hot Water BeforeF
s Breakfast. Is

Just as coal, when it buyhs, leaves
behind certain amount Sof incom-
bustible material in the form OF
ashes, SO the food and drihk taken
day after day leaves in Fhe alimen-
tary canal a certain aTodnt of in
digestible material, VIII cH if not
completely eliminated froh the sys-
\em each day, becomej food for the
millions of bacteria (which infest
the bowels. From TITS liass of left
ovA waste, toxins kndf ptomaine-
like poisens are fol mef and sucked
into Nhe blood.
Men\and wome1 Wild can't get TO
feeling Sright mutt begin to take
inside Aths. Rffore5 eating break
fast eacA mornjfg DRINK glass of
real hot gateH withs a teaspoonful
of limestone pNosphafe in it to wash
out of the nifty left of bowels the
previous da Emulation of poi
ooHo anu IoA$tS dik " hoSP wy 20
tire alimentfrA cafal clean, pure
and fresh. VI
Those who al subject to sick
headache, colds, lbiliousness. consti-
patton, others wake up with
bad tastd fouv b1eath, backache,
rheumatt stiff Jess. pr have sour,
gassy st(mach Filter heals, are urged
to get quarfr pourR of limestone
phosphk te frd b the an store and
begin bractidng internS sanitation.
This Fin COZ very littleA but is suf-
ficieF to n like anyone enthusiastic
on tJe subj Jet.
Rfmem1 kr inside bathingNs more
iml brtant Than outside bathing, be
cajse the skin pores do not absorb
intpuritief into the blood, causing
pfor hed3th, while the bowel pores
do. Jujt as soap and hot water
EeanseS sweetens and freshens the
Skin, So hot water and limestone
phosphate act on the stomach, iiVer'
kidneys and bowels.-(Adv,