davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29
Pre-War Trading
Mostly in London

Most of the great international
commodities that move in what IS
called the raw state-like cotton,
grain. wool, hides and jute-are pro-
duced in great aggregate quantity
by many small, unorganized farmers
and planters. They are dealt in
upon public exchanges where much
speculative trading accompanies the
buying and selling for real deliv-
cries. The real producers have little
to say in the making of prices, but
rich speculative groups often cham
pion them, in effect, and keep the
consuming interests from controlling
the markets.
In the metal markets of the world
the producers are often large corpo-
rations, even groups of companies,
able to exert considerable influence.
And the metals are the basic mate
rial for highly organized and strong
manufacturing industries so intense
" competitive that there has been a
strong inducement for them to seek
to get back of the ordinary market
transactions in systematic control OF
supplies and prices. The metal mar
kets of the world, just before the
war, were dangerously intricate.
People who did not know the real
situation looked at the statistics OF
production of the base metals in diff
ferent countries and spoke of such
and such a nation having a control
ling position in copper, or iron, or
spelter. AS a matter of fact, the
real mastery in the metals was else
where, and, to complicate things still
further, there was fictitious situa-
ton in the commercial markets.
America had an immense produc-
ton out Of the mines here. Great
Britain controlled, as far as loca-
ton was concerned, an immense pro-
duction out of mines in many parts
of the British Empire and had the
added advantage Of possessing, in
London, the primary" markets
where the bulk of the worlds trad
ing was openly done and whose
transactions were supposed to make
the whole worlds prices, and largely
did so. London, and England, had
upon the face Of things a great pow
er which it could WELD in influence
ing the making of prices on our own
metals.
But the war brought TO light the
fact that over production everywhere
and over the primary markets for
the metals in London the centralized
manufacturing industries using
metals, combined with great fnan-
cial power in Germany, had organ
lied a vast system Of control by
which it is now supposed that Ger
man industry obtained the metal
supplies of other nations on very ad-
vantageous terms.
1t had built up this subtle power
over the metal supplies and markets
in several ways. Germany financed
great aggregate of mining enter
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29
Priority Rule for
Government Orders

Toward the latter part Of March
the first effect Of the governments
Intrusion into the steel market be-
come noticeable. The big steel COM
panies, convinced Of the seriousness
Of the situation, showed greater re-
luctance TO take on private obliga-
tons. More companies began TO in
sert into their contracts the stipula-
ton that governmental requirements
which might develop later would
take priority.
Developments Of the past few
weeks have taught producers as well
as consumers what government war
orders will mean. And simulta-
neously the government has been
learning what reliance it can place
on the steel industry. One example
will illustrate both points. A GER
tain large steel company, which is
and has been months behind on de-
liveries, received word a week or so
ago that a Detroit firm had taken a
government contract and the large
steel producer was asked TO supply
the raw material. This information
was received on Friday, the steel
shipped on Saturday, reaching De-
troit on Monday ahead Of the formal
notification from Washington Off
Gals Of the awarding of the contract.
Such delivery was made possible
only by tossing aside rolling mill
schedules and putting the new gov
eminent order ahead Of tho older
private business scheduled for roll
ing at that time. Deliveries of pri-
vste orders were necessarily post
pOned just that much further.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29
Well Organized
Exchange Needed

The question In the minds Of LEAD.
ing metal authorities is this: What
will be the form Of international
commerce in metals after the warl
They know that the organization Of
the markets is all-important as AZ.
fecting national manufacturing 10.
oustries, qualifying the supposed
natural advantages Of having largs
production in the country. Over zen
recent years German manufactures,
got American copper, delivered 10
Germany, cheaper than American
manufacturers. Probably England
got its copper more cheaply than
we, through the advantage of the
London market. The worlds pro.
duction of metals has changed
There are greatly expanded supplies
in new locations. Japan, for in
stance, has become large producer
of copper among the secondary
sources of supply. The change in
production will have influence on H.
ternational marketing, especially II
the metals continue TO be merchsn-
died at private sale instead of has.
ing organized markets on public es.
changes where a large volume q
trading and speculation steadies and
standardizes the values.
Will London's markets be remr-
rected? Or may New York or some
other American city have a great
metals market? East ST. Louis .
now pretty nearly the worlds most
influential market for spelter. Then
would be a great advantage TO
United States manufacturing 10
having a well-organized metals e.
change here with a large volume Of
trading in futures upon it.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29
Hedging Facilities
Are Lacking Here

Such a market would give this
country's interests a stronger voice
in international price-making. IL
would probably work in the interests
of the consuming industries, at least
TO the extent of making them suref
of getting their metals as chssply
as foreign competitors do. II woule
afford insurance facilities making
for lower costs Of producticn
through the operation Of hedging
It would be a means Of interns'
tional arbitrage. 1t would furnish
basis for obtaining large vol
ume of floating mercantile CAPITA
through the steadying and stand
ardization of prices.
There may not be a large skilled
trading element in this country 70
support activity on such a msrsss
but that element is probably strong
err than appears on the surface
The main hindrance 10 the establish
ment of this and other commociH
markets, which are essential to lne
development of higher general Or
ganization of our machinery for IN
ternational commerce. is the per-
sistence Of the primitive pupH
feeling here that only real ouy'
ing and selling is ethical. The %
istence of this public feeling is fen
so strongly that men connees'
with large consuming interests s'
now unwilling to give practical saP
port TO the development Of fIr
market in the form Of active buying
and selling to influence prices AZ
pretending public attack on chslp
Of speculation or market manipas
ton, although, through maintain'ns
the passive position they frequenW
suffer the results Of manipulau0'
that raises their costs Of producfion
and the prices that consumers rno"
pay for their manufactures.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29

prises around the world, either open
" or through masked ownership
accredited elsewhere. German inter
csts controlled by contract the out
put of groups of mines both here
and in the British Empire. And
the German metals combination was
a power right in the London specu-
lative market. Coordinating these
three phases Of influence over the
worlds metals, Germany's unified IN
terests built up a financial-commer-
cial chain of establishments in every
part of the world. 1t turned out
that the strongest metals house In
London. q concern with local tirm
name that is known all over the
world, was the London representa-
tive of the German metals combina-
ton. 1t is said that there was also
strong representation here IN
America. Through this combination
and through other German concerns
that co0perated closely the CONNER
cial activities in metals which had
markets and the merchandising &C
Invites In metals that are bought
and sold privately were thoroughly
organized. II was said in London in
the early months Of the war that the
European collection, conversion and
sale of tungsten was so completely
In the hands Of German houses
everywhere that it took some time
Just TO find out where supplies could
be obtained, even in British territory.
Everybody knows so we'll the power
exercised by middlemen in any line
of marketing that the influence over
the commerce in metals held by these
German interests can be readily I'M
derstood. There can be little doubt
that if the facts were statistically
obtainable it would be found that
German organization in the worlds
/ international commerce in the metals
of big industry meant g. great deal
for Germany's ability to compete in
the worlds markets in the sale Of
everything manufactured out Of
metal. With a combination in Ger
many Of metal merchants, strong
| fnanciers and great corporations US
ing the material, reaching out over
the world through representatives in
, all metal centres, owning mines that
provided stores Of metal for direct
use or for throwing upon a specu-
lative market on occasion, control
ling immense quantities Of output by
contract, in touch with the move
ment of all metals everywhere and
strongly represented in London both
in the merchandising element and on
the speculative market-Germany's
industry was in a strong position.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29
u. S. Production
Above 100000 Tons

Before the war. a production Of
SO,OO0,OOO TO 100000 tons Of steel
ingots and castings satisfied private
and governmental consumption and
left a surplus for export. The rec
ord-holding year before the war was
1913, when 31,30O,oOO tons were pro-
duced. The output sagged to 49,.
100000 tons in 1914, but the first full
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29
Bv R. V. SAwHILL,
,.,ocia,. Editor The Iron Trade Re-
view

view
~AN THE steel trade meet the
war demands Of the United
~ states and the allied gov
o~rcents without starving do
nestle consumers? VIII the almost
certain dislocation Of trade caused
nv the entry Of the Federal author
ties into an already oyerso.d steel
market force many private firms TO
10 without the raw material upon
which their existence depends?
The answer might be found more
readily by a clairvoyant. The e1-
ecntives Of the big steel companies
have learned from their experience
Of the past two years that it IS gen
erallv dangerous or futile to predict
IN recent months these executives
have fallen back 70 the Hindenourg
lire Of safety by carefully avoiding
anv 100 per cent prophecies. Their
-
divinations are qualified with the
rbrase there has never been a mar
tet like this one" The adjective
unprecedented" has become as hack
neved as a pacifst's plea.
Prophets Wrong
on Pig Iron
To illustrate, a few Of the vent
1resone are now intimating-not as
serting-that $50 a ton may be PAID
for pig iron some time soon' Pig
iron is now selling around $40 ton.
Yet a year ago, nearly all OF these
same prophets-all shrewd market
observers-were anxious to NIL up
their books with orders at $50 a ton
A. that time no one had gagged the
full scope Of the advance IN prices
which has been more or less contin-
rous during the past twelve months.
The broader experience cameo
during the past year or more, the
conplete transition from pauper 10
prince, has given steel manu1actur-
ere an Astounding optimism that
+inges their faith in the future. The
entrance Of the United States into
the war, with its natural coroliary
that the large profits arising from
Furope's need must now give way TO
the low prices engendered by Uncle
Sans necessities, has not shaken
their optimism.
This feeling extends not only to
the men owning and operating the
big steel-producing plants, but also
10 the steel-consuming class. During
the past two months, when the prob
ability of war was becoming more
u and more Of a certainty, the rush Of
INQUIRIES from eager buyers never
slackened. Steel producers, able or
willing to assume additional obiga'
tons for delivering their products
at some time in the future, found
themselves circumscribed not by any
scarcity Of buyers, but by the mills
own capacity for meeting the flood
of orders.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29

ties can always be sold; with rea-
sonable margin of safety against a
fall in prices, such loans are surely
liquid. And non-speculstive indus
try leans upon the great commodity
markets and insures itself against
loss through changes in price on I'M
dertakings that take time. A tin
smelter In the Straits Settlements,
for instance, buys ore to keep going
for months. The price Of the tin
might drop while the smelling is
done. The smelter hedges" against
this risk by selling short in the
speculative market as much tin as it
has bought. Whichever way the
price Of tin moves, the loss or gain
is neutralized by the hedge" And
forward contracts for international
delivery of metal, month by month,
are made, settlement to be made on
the basis, when deliveries are made,
of the London market. The buyer
may be New York corporation, the
seller tin smelter represented in
Singapore; the price is made in Lon
don, which even now controls tin.
And both the American buyer and
the Straits Settlements seller are
continually making contracts based
on this arrangement by which ac-
tual tin is kept moving, and "hedg-
ing" against either loss or gain pos
sible through changing prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29

purposes, including guns, shells and
armor plate, will in all likelihood ex-
coed 1000. 900 tons. The steel trade
as a whole does not believe they will
exceed 100000 tons, or between 3
and 4 per cent Of the capacity at
this time.
ANY such tonnage as this will not
seriously disturb the steel trade.
The new capacity scheduled for COM
pletion before the end Of the year
would be adequate alone to supply
this demand. Important as "war
orders" have been in bringing the
steel industry from poverty to pros
pority. the overwhelming share OF
the steel output has been directed
into domestic channels. The Steel
CORPORATION in 1918, for instance, in
creased its output of steel q per
cent. Domestic shipments showed a
gain of SO per cent. Export ship
ments increased only 3 per cent
But an indeterminate share of the
increased domestic trade found its
wav TO the Allies in shipments from
the corporations customers. 1t Is
interesting to recall that the aver
age increase in price received by the
corporation in 1916 over the pre-
vious year for finished steel products
shipped was S13.27 ton, the valua-
ton of domestic shipments going up
S11.45 a ton, while the valuation of
foreign shipments increased S2O'94
a ton.
Trade Adjusted to
Export Demand
About one-fourth, or 100000
tons, of the 41,O00,00O tons of steel
produced in 1916 entered our export
trade in one form or another. Be-
fore the war the United States
rarely exported moro than the
equivalent of 100000 tons Of in
gots. The steel trade is adjusted TO
this export demand and can meet it
as easily now as before.
Private consumers will not, of
course. secure their steel as freely
now as before. Steel promised for
delivery during the first three
months Of 1918 may not arrive till
May or June. Some industries which
are classed as non-essential will find
their steel supplies sharply curtailed.
Other industries which cater TO more
essential but not indispensable
classes Of trade will not secure all
the steel they want. Those indus
tries whose products are vital to ma
tional success, although they may or
may not be directly controlled from
Washington, will get their supplies
in undiminished volume.
The American steel industry is not
only the largest in the world, but it
is directed by the most versatile steel
men in the world. Given a clear un-
Outstanding of what the government
wants and an intelligent system for
properly distributing these orders 50
as to avoid friction and delays, the
steel industry Of the United States
will be found capable of meeting any
emergency.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29

In order TO prevent complete nj -,
nlovment owing TO the stoppsge OF -,
ION exports from America eausef :,
the United States's declaration OF ~
the swedish cotton factories. ~
diminished their output 50 thst
may be continued for the nszs
..on&ke
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29
London a Community
OF Shrewd Traders

A great speculative market is a
powerful factor in determining COM
mercial values and steadying prices.
There is no place in the world where
there is so much experiences in the
judgment of commercial values as
at London. "The City" is COM
munity Of traders, shrewd in one or
more lines Of the commerce in COM
modities, versed in the science Of
balancing off the supplies appearing
in certain parts of the world against
demand appearing in other parts and
ready TO buy or sell whenever cur
rent prices give them an opportunity
for a present or a future profit.
There are others not so shrewd ready
also to trade. There is somebody al
ways ready to buy or to sell in re-
Spouse to a concession in price. The
great service of speculative markets
consists in the fact that there always
is a market. Banks can loan money
against cargpes on the sea moving 70
such markets. because the commodi-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29
Britain Loses Control
OF Raw Materials

An Englishman in the interna-
tional metals market remarked a
few days ago: "The biggest cost OF
the war to England is the loss of her
control of the worlds market in raw
materials" He believes that the
transference Of the power to make
prices for copper from London to
New York is likely to be permanent.
England's government forbade spec
ulative trading in the metals. The
speculative market had been the in:
stitution through which the price Of
copper all over the world was fixed
in London. This market had served
England's metal using industries as
means of curtailing the growing
German control of prices and sup
plies.
The London copper market was
really an international meeting
place, and often, no doubt, American
interests, by the weight of market
activity, moved the London market.
German influence was strong, but
German interests were compelled to
go to London to exert their market
influence. There was a real econom-
ic asset for England in the localiza-
ton of price control in her CONNER
cial capital. And London's commu-
nifty of shrewd speculative traders
were able to offset the German con-
troll of real copper to a large extent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-29
ReAexes of War

Tn. British War ofiee has givsn ~ :,
tiee OF intention TO take possesses. ~
all stocks Of socks suitable for mlI; go
requirements. No person IS pern "a
TO sell, remove, secrete or deal Va 80
stocks hereafter except under
from the Director Of Army Contrae"
The Washington times., 1917-11-27
GAHETY.

Pretty girls, clever comedians. tune.
full music, and a wealth OF costuminF
are the features OF The Spiegel Re
view" the current attraction at the
Gayety. The show Is in two acts and
ten scenes, and is one OF the best OF
the kind seen here this season.
The company Is headed by Mldgie
Miller, a dainty soubrette. whose
nimble feet are in evidence in nearly
a score OF dancing numbers, while
she sings q number OF popular songs
in a manner that makes her q prime
favorite. The funmakersIn-chief are
Harry Sheppell and Johnny walker.
and they manage to extract a lot of
fun out OF their lines provided.
Others in the company include Mae
Clinton, Marie Allen, Emma Cook and
Jim Hall.
The California Trio, billed as the
song birds from the West, scored,
while Mldgie Miller and the two Cal
lahan brothers have a dancing
speciality that is one OF the shows
big hits. The chorus Is a pleasing
aggregation OF girls.
A posing contest, open to washing
ton models, will be held Wednesday
night.
The Washington times., 1917-11-27
4BUTTON-BUTTON1
HAS NOTHING ON"
IAHANA0F RUSSIA

Miss Tatiana Nicolasvna Romanoff.
daughter OF Nieholss ROmanoff. srst-
while Car Of All Russiss. now Of To-
bOlsk. siberia. Is reported today 70 be
in mo- Legs than five different places
and not in Wsshington.
Russian officials with world map
before their eyes, we're at loss today
to place their finger and say:
'Therei II - there that the former
princess Is today"
One source OF information SAYS that
Miss Ronianoff is in mid-acific. Anoth-
er hes her in Seattle. resting sfter
her long voyage. Then from the north
comes -the most reliable Information
obtainabIe.y that Tatlana Is IN Can
ada, the guest Of the governor gen
eral.
This Is ali semi-offIciaI. But one un-
official report has 1t that the coming
OF Tatiana Is all .camouf1age. And
that just now as America Is preparing
to meet the royal young woman, she
perhaps is musing in the prison-paIaeo
conservatory at Tobolsk, with a ST.
berian winter approaching.
Russian Washington doubts the es-
cape OF Miss Romanoff from ToboIsk.
That the second daughter OF the de-
posed Car should be coming to Amer
lea Is not believed today.
The Washington times., 1917-11-27
THANKSGIVING
BIRDS IN PLENTY
AT 4OCAPOUND
Turkey is 40 cents a pound today.

Turkey is 30 cents a pound today.
There is every indication that this
q the price that will generally be
paid for good Thanksgiving birds
this year. that is. IL the turkey is
plump and dressed. all ready to put
IN the baking pan.
Turkeys gobbling are selling for
the average price of 50 cents q pound.
Turkey meat that is not the best Is
selling for from 81 TO 20 cents q
pound ct Center Market today.
Wholesale prices at Center Market
range from 80 to 35 cents q pound
for dressed turkeys and from 81 to
- cents a pound for live birds. Ac-
cording to q ststement from the De-
partment OF Agriculture today. the
average price paid to producers OF
turkeys on November Is OF this year
was 81 cents a pound, as compared
with 1876 cents on November Is one
year ago and 14-6 cents. the average
price for the four years preceding.
It Is said by dealers that the pr,ees.
wholesale and retail on all grades Of
The Washington times., 1917-11-27
STRAND.

The adventures OF young couple
marooned In the north woods through
the machinations Of a group Of club
men who wished TO prove to the
author OF a book called "A Woman's
Way" that he didn't know half as
much as he wrote about women. form
the basis Of stranded in Already, I"
the photoplay In which Mrs. Vernon
Castle Is pictured at Moore's Strand
Theater. the frst three days OF this
week.
The young couple impersonated by
Mrs. Vernon Castle and Elliott Dex-
ter participate In q number or thrill
ing episodes Phillip Bartholomae.
who wrote the scenario, evidently had
closer knowledge OF Mrs. Castles
versatility than those who think OF
her only as q dancer. He gave her
frequent opportunities to prove she
Is a wonderful swimmer, expert
canoist, and crack shot
A thread OF romance eventually be-
comes visible In the fabric OF Mr..
Bartholomae's plot and the silent
drama ends In q lawyers ONCE IN
Quebec, where . large fortune - In
herfted within one minute OF the
time when e. would have reverted 70
another heir.
supplementinE the feature, are the
Hearst -Pathe news pictorial, Ine
Hero's Fall" a comedy. and a MUTT
and JET cartoon. Beginning tomor-
row, and continuing through the re-
mainder Of the week. THE Planter,
pIcturing Tyrone Power, VIII De
shown.