davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-12-17
Foreign Trade Plays
Part in Winning War
National Council TO Hold Con-
vention in February at
Cincinnati

in issuing q call for the fifth Ma
tional Foreign Trade Convention. to be
held in Cincinnati on February : to Q,
inclusive, James A. Farrell, chairman
Of the National Foreign Trade Council,
announces that the theme Of the meet
ing will be "The Part of Foreign Trade
in Winning the War"
american participation in the war
against Germany" says Mr.. Farrell,
"has laid a new obligation upon the
foreign trade enterprise Of the United
States, and at the same time presented
il a new opportunity. To consider that
obligation and that opportunity. 10 dis
cuss what has been done by the differ
ent elements of foreign trade and TO
give serious thought to the demands
and the problems of the future. dele
gates from every part Of the United
States, representing all phases of COM
mercial and ciyic development, will as
semble for the three days sessions at
Cincinnati.
"The war has added importance 10
the maintenance and development Of
foreign trade. 10 has made clear and
paramount the element Of national SER
vice. 1t is our duty. as never before,
10 see 10 IL that the flow of overseas
commerce proceeds with uninterrupt-
ed regularity and i'm the largest pos
sible volume, steadily bringing to US
the products necessary TO the life Of
the enterprise on which we are en-
barked, and steadily carrying to our
allies, and to our neutral sources o.
supply. the materials and manufact-
ures that will enable them to main
tain their efforts in the field or to con
tinue TO produce the food and raw
materials so essential TO our military
success. More than ever the foreign
trade Of the nation serves q vital ma
tional purpose. ir maintaining the gold
reserve and sustaining the huge bulk
of national credit upon which the ne
cessities Of war arc making such enOr-
nous demands"
All Americans engaged in or desirous
of entering overseas commerce, and
especially all chambers Of commerce.
boards Of trade and other commercial
and industrial organizations. as well
as firms and individuals, are invited
to take part in the convention, indi-
vidually or by appointment of dele
gates. The discussion viii be led by
men who are foremost in the foreign
trade experience Of the United States
approximately one-haf Of the time
Of the convention will be given to the
presentation of prepared papers and re-
ports dealing with one or another Of
the numerous phases of the convention
theme. The remainder will be devoted
10 group sessions for the intensive dis
cussion of single problems under the
leadership Of experts.
New-York tribune., 1917-12-17

Bond prices moved into lower
ground last week. in keeping with
the general decline in stock market
values. The Tribune's average of
ten standard investment bonds, in
cluding nine railway issues and one
municipal. went to a new low record
and now stands ut the lowest point
in twenty years Toward the close
Of inc week there was a slightly im-
proved tone i'm the market. but the
inquiry was still extremely light.
During the current week it is eX-
pccted that theEe will be some new
offerings of securities to provide
for maturities about to fall due.
In view of the success of the recent
Offering of $15, 100000 Of Miami
Conseryancy District 512 per cent
bonds investment bankers are con-
fident that new offerings. if put out
on sufficiently attractive basis,
will be well taken. Ii is of course
partly due to the competition Of the
high income yielding new issues
that the outstanding old line invest
ment bonds are selling at their
present levels. The whole invest
ment market has undergone a re
markable change in the last year
and the readjAstment process is
still under way.
New-York tribune., 1917-12-17

must have a fixed capital Of at least To-
600. .00C yen. Most OF the spinning com.
raries Of Japan paid in almost all OF
the fixed capital, and the present ay-
eraCe unpaid fixed capital for a spindle
will be not over 10 yen. Moreover,
H.osc companies have well trained,
skilled laborers, valuable goodwill and
experienced executives. Some com
panies have large undivided profits, and
will pay handsome dividends to stock
holders with interest from their large
undivided funds. These are an example
OF the business conditions Of Japan at
the present time.
"The securities OF Japan. however,
are cheap. and afford a high yield. cay
3 TO 10 per cent. This will show that
the rate Of money is comparatively
higher. Japan offers a great field for
the safe and profitable investment Of
capital in shipping, railway, electric
and gas works, harbor, building, steel
works, financial institutions and many
linc1 of manufactures. not only in
Japan proper, but in Corea. Manchuria.
South Sea Islands and China. which are
closely allied geographically and eco
nomlcally."
New-York tribune., 1917-12-17
The Old Spirit
OF Business

He soon found that would not do
that wou,d not DO at all. So the next
way we got together was 10 sec now
they could beat the public; how they
could, By getting together. get some
thing to the public at higher price
It never occurred to them to get to-
gether and improve their methods 70
nelp the public. The whole thought
was. How are we going TO get together
so az to get something out Of the pub
lie?
Then tie law stepped in. The first
law that stepped in was the common
law. and the common law-which is the
law Of common sense, and the funda-
mental law of every state in the Union,
except Louisiana, believe-stating
that Il il q good thing for men to CO.
operate and combine, but it is not a
good thing if it is against the common
welfare. Therefore the combination IN
restraint Of trade is only unlawful in
case it il unreasonable and unfair, and
il against the public welfare. That
was all. That is the common law.
That was the law of the land before we
passed the Sherman act.
But our business had gone across
the borders of the state, and gone into
interstate commerce, and the Sherman
act said that every contract, every
combination, in restraint OF commerce
among the states, or with foreign ma
tions, was thereby declared to be un-
lawful. Members Of Congress thought
that was merely an enactment Of the
common law. The discussion seemed
to tend that way. Most Of them
seemed to think this was enacting the
common law between the states. The
Supreme Court of the United States
did not think so. In the transMissouri
rate case it said: ave have not any
thing to do with the public welfare.
We have not anything 20 do with the
fact as to whether it is unreasonable
or reasonable-this restraint, II there
is any restraint proven, IL is unlaw-
full"
Right on top Of that we had the
sugar trust case, which said what?
That A and B cannot agree to hold up
u price. and 3 cannot agree 20 cur
tail their products, but A can buy b
on; and effect both. Why? Because
this lsw only contemplates the con-
tract, the very purpose of which is to
restrain. and the contract 20 buy your
neighbor out has for its very purpose
20 buy it and increase your plant. You
cannot consider the indirect effect.
New-York tribune., 1917-12-17
\ Maze Of
Contradiction

Then they got to doing certain
things, establishing interlocking di-
rectorates and things of that kind. The
theory of it was this: There was moth
ing wrong with an interlocking di-
rectorate: there was nothing wrong In
your carrying a pistol in your pocket
per Sc; but why is it wrong? Because
it opens up opportunities TO do wrong;
and therefore il was bad TO have these
interlocking directorates because It
opened up temptation.
That is as far as they got. That is
where the law stands to-day. We have
had numerous cases. and We do not
know where we are, because the lower
courts have not construed the law
with direct application.
In the Harvester case the court said:
at is wrong TO have absorbed TOO much
OF your trade, and while you have not
done anything wrong, you are mo-
nopoly."
Yet in the Keystone Watch case they
said exactly the reverse; and We 90
not know how far that is going.
But at last business men are begin
ming to understand that there is
question Of morality under all OF this,
and they are going 10 work 1t out on
the question Of morality, and the re
cent decision of the Supreme Court OF
the United States shows they want TO
impress that, no matter whether II is
an association, union or fraternity.
the bare fact OF men getting together
cannot be made illegal or legal. 1t is
the purpose for which they are get
ting together.
We believe in cooperation, and we
say that what is not for the common
good is not for the good Of business.
When you form your associations, what
is not for the common good is not good
for those associations. Thus far you
are all right. But it goes further than
that. If you do not keep up with that
principle, the bare fact that you write
AT the head of it is not going TO pro-
tect you. The law is going to settle
this on the question of morality.
Whatever is not for the common good
ought not TO be for the good of the
associations which may form them
selves in any direction among the
people.
New-York tribune., 1917-12-17
Working for
the Common Good

Now, gentlemen, you are going to
get together for what purpose? To
study industry; TO learn it. You are
forming trade associations. Write at
the head of that trade association that
very thing, what is not for the COM
mon good is not for the good of this
industry, and study and work and
think, not how you can beat the other
fellow, but how you can form an in
strumentality that is going 70 be
helpful to you, and not hurt the pub
lie, for possibly you can work out a
plan which is not only going TO be
helpful to you but be helpful to the
public.
SO you can form an association
which is really to the common good.
So direct your thoughts on how you
are going to improve your industry.
not how you are going TO levy on the
public: and / believe that if you can
get together on that basis right now
you will build up a foundation which
is not only going to be helpful during
this war but is going 10 be one on
which you are going to build great
influence after the war is over.
New-York tribune., 1917-12-17
Dutch Steel Enterprise

The pans for a smelling furnace and
n steel and rolling mill at Ymuiden, at
the entrance Of the North Sea Canal,
contemplate the construction Of works
provided with all the latest appliances,
on a waterway nayigable for large
ships, as the ore to be used would be
imported from foreign countries, ae-
cording TO a report from Frank ".
Mahin, American Consul at Amster-
dam. The products of the works are
intended primarily for shipbuilding. In
recent years the Dutch shipyards have
used annually not less than 100000
tons Of manufactured iron. with a con-
stantly growing demand. Large guam
titles also are required in bridge
building, boiler works and various
other industries.
With this plant situated on a ship
waterway. as az Ymuiden. convenient
for both import and export activities,
its products, Mr.. Mahin says, could
also be distributed eh6aply and salts
factorily through the country by
means OF the numerous canals connect
ing with the North Sea Canal.
The preliminary plans do not indi-
New-York tribune., 1917-12-17

TOOK two years to conduct this inves-
tiga,ion. and Just at the close OF Mr..
Taft's administration, just as they
were ready to wind up, that committee
made a report, in which II SAID;
ayes. we admit the law OF the land
is now established. common law and
interstate law, that a combination in
restraint Of trade must be shown TO
be unreasonable or inimical 20 tie
public welfare. But who is 20 say il
is inimical to the public welfare? Is
the court to say it in each case? Then
the court is making the law and not
constituting the law, and this committee
thinks Congress ought to make the
law"
Then you had the Clayton act and
the interstate commerce act, and they
found out it was just as impossible TO
find out what was inimical TO the COM
mon welfare as to prove fraud; and the
lawyers in this audience know how
difficult q matter that Is.
New-York tribune., 1917-12-17
Outside Capital Is
Needed by Farmers
For Coming Season

Farmers in many Western states viii
need outside assistance in financing
their requirements in the coming crop
season, according TO report just com
pieted by the Bureau of Markets Of
the Department Of Agriculture. The
extent 70 which local capital is INSULT
cient 70 meet their borrowing needs
varies somewhat between the various
states in which the Investigation has
been carried on and within each Of
the states. The report states that es-
pecially In Montana and North Dakota
and 70 a less extent in Texas. Okla
homa and Kansas is the insuficiency
OF local capital apparent, while in the
states Of Idaho, So3th Dakota and Ne
brasla there is little need on the whore
for drawing on outside capital 20 meet
the farmers borrowing needs for crop
purposes. In Montana the estimated
percentage of credit needs OF farmers,
which can be supplied from local
sources. is SOC per cent for the fall
spring crOD 1918 In North Dakota
the corresponding percentages are 143
per cent and 7l.7 per cent, respectively.
IN South Dakota and Nebraska, on the
other hand, the percentage of capital
available locally TO meet the borrowing
needs Of farmers ranges above 30 per
cent, the exact percentages for South
Dakota being 92.6 per cent for the
fall crop 1917 and 92.9 per cent for
the spring crop 1918, the corresponding
percentages for Nebraska being 90.6 per
cent and s3 per cent. respectively
"The need for outside capital 20 meet
he borrowing needs OF farmers Is
especially apparent in some Of the dis
tricts within the states Thus. IN Mon
.anG less than oue-hSlf Of the capital
needed in the north central district is
available from local sources. the per
ccntage for the fal: crop OF 1917 being
AL and for the spring crop 1913 being
80. Similarly, only little more than
onc-half Of the necessary capital is
available locally in the northwestern
and west central districts in North
Dakota, the percentage for the fall
crop 1917 In the northwestern district
being 69.9 and for the spring crop
1919 pt'"b ""'-t ""'' 81" 'ii' "'Sb Sel'-
tral district the percentages are So
and -. respectively. Likewise, in the
southwestern district Of Kansas the
capital available locally is 60.7 per cent
for the fall crop 1917 and 45.2 per cent
for the spring crop 1918. In the north
western district Of oklahoma the per-
ecntage OF available local capital for
the fsll crop 1917 is 4g.2 and for the
spring crop 1918 C45. IL will be noted
mat In such states as Montana. North
pskota. South Dakota, Kansas and
Tcxss the districts showing the great
rst lack Of available local capital Tor
crop purposes arc located IN areas nav
ng relatively slight rainfall.'
New-York tribune., 1917-12-17
An Historic Episode
In War Financing
Maurice Leon Tells How
France Got First Loan
in America

How France borrowed her first $l0,-
900. 900 in the American market few
days after the battle of the Marne had
been fought in September, 1914. is told
in the current number Of "The Journal
Of the American Bankers Association
h. Maurice Leon, a member of the
New York Bar. whose initiative was
largely responsible for the success OF
the first French war loans in this coun-
try.
Negotiations for the initial loan Of
S1o,OO0,OOO were begun before it was
knosn with certainty that the German
invading armies had been flung back
before the Msrnc, then the French
capital had been moved from Paris 10
Bordeaux and when the State Depart
ment, then headed b. William J. Bryan,
was opposed to the extension Of credit
by American bankers to any OF the
European belligerents
"It seemed 20 me- says Mr. Leon
in telling the interesting story Of the
"that the opportunity had
arrived for some one to come forward
to help France by opening the market
Of this country to her war bonds. ]
broached the matter to the French AM
bassador, Mr.. Jusserand who was kind
orouph IN say that he welcomed nv
and later saw Frank A. Van
derlip, president Of the National City
Bank, of New York. l began by telling
him that France needed his banks help.
lie replied, in substance: The City OF
New York owes s1OO,OOO,OOO gold in
London. and we don't know how it will
be paid. Mr.. Bryan is of the opinion
that American bankers ought not TO
lend money to any belligerent. What
can be done?'
New-York tribune., 1917-12-17

ITO me this conference may Oe
L fraught with the greatest mo-
ment 70 the industries OF this country.
/. Is fer more important than | think
most OF you dream. That is the way
see il. In order that | may convey
to YOU some Of that vision, that spirit,
with which have been viewing 1t, |
want to take you back to tho Atlantic
City convention.
When our committee on cooperation
with the Council Of National Defence
reported to the executive committee
that they thought the time had come
when business men should be called
,ogether-not merely the business men
belonging TO tho chamber, but IN
broader sense the business men OF the
country-and given an opportunity 10
EXPRESS their sentiments with refer
ence to this war, to say what they felt
about this war. to gather together ana
see whether there was anything more
which they could do toward helping
out in this war, we called this great
Atlantic City convention.
New-York tribune., 1917-12-17
British Trade Growing
Big Increase in Exports and
Imports Shown

LONDON. Dec. 1.-THE Board o.
Trade returns for November show I'D.
ports of s54S.945,l25, an increase %
siO4,271 ,0s5 over the correspordins
month of last year. and experts "
s216.911,6 ,675, an Increase OF s4,4IV's0.
The increases in imports ine'o's
cotton, S25,O74,745, and MANUFACTURES
articles, Sss, s,SOs,716. The decreases "
imports were in food. drink and -. 70
bacco. amounting TO $3j,3lo,0o0 Ise
exports of manufactured cotton wsr
increased by sl7.lsi,s65. In sIm.'
every other case there was deefe1''
New-York tribune., 1917-12-17
LET There Be
A Beginning"

81 replied that France vas lighting
the battle of al free nations; that this
was the time not to forget that but for
France America would not have won her
independence, because the independ-
ence of France Was at stake now; that
at time when the invader was on her
soil any tangible American assistance
was bound to have incalculable effect,
morally and materially, in helping her
to win the war. The service would be
greater. | said, because of the difficulty
in rendering it. The amount OF the is
sue does not matter | told Mr.. Van
dcrlip, but let there be a beginning, at
least
Mr.. Nanderlip thought a few min
utes and then said, What France asks
is impossible-but we are going TO do
it, And he did il. The State Depart
ment was informed of the forthcoming
transaction and reasons we're given
which. from an American standpoint,
were unanswerable, and they were un-
answered. II should be stated in jus
tice to MIR. Bryan that with him second
thought proved sounder than first, al
though it was not until the United
States entered the war on the side Of
France that he understood fully that
which he had misunderstood in 1914.
The first French war bonds issued
in the United States were in denomi-
nations Of $4,000 and $4,000. They
were drawn by me from form cabled
from Paris and were signed in Mr.. Van
deriip's room BY Maurice Heilmann,
commercial attache Of the French En-
bassy, and Stanislas d'Ralewyn, the
French Vice Consul. When this was
done / delivered them, secured con-
Grmation Of the credit and sent it to
the French Ambassador. The manner
Of handling the issue was characteristic
of the spirit in which the transaction
was entered into By the City Bank. An
official Of one of its large customers
told me some months later that his
company had taken some Of the French
treasury bonds of that issue, and that
when they were offered By one of the
banks statesmen he said, in substance,
We think you ought TO have some OF
these bonds. They are absolutely first
class and We will take them off your
hands at any time, at the same price
you pay for them
New-York tribune., 1917-12-17
Wants Civil Service Board
To Pick Primary Officials

In order to prevent a repesiheh :.
the frauds committed in the last ~
mary, the Civil Service Reform ASS"
alton has written to Governor whiin,s
urging that hereafter election oine'''
be selected by the Civil Service. a.
At present, the letter states, mar
no searching investigation into
character OF applicants for these -
tions. Attention is called 70 us
that the Municipal Civil Service ~.
mission has a bureau Of inysssie
which might be . great help IN tee
animation Of candidates for tAsef1
New-York tribune., 1917-12-17

Much Importance is attached by
the banking community TO the an
nouncement from Washington dur
ing the week that S2,000.000 will
be advanced to the Bethlehem Steel
Corporation on munitions contracts
owing to the difficulties encountered
by the company in obtaining the
necessary additional working cap
ital from private sources. This is
likely to be done on an increasing
scale during the remaining period
of the war, and the work of taking
care of the financial needs of such
concerns will probably devolye upon
the newly created war credits
board. Advances Of this character
are extremely helpful in more ways
than one. In the first place the
corporation getting the benefit of
such an advance finds il unneces-
Sary to go into the open market and
compete for new capital at interest
rates which are wellnigh prohibi-
tive At the same time the money
market is thereby relieved of the
pressure of such demands and is
just so much better able to care
for the needs of the government
and ordinary business and com.
mercc. 1t is probable that il the
war continues for any great length
of time a point will be reached
where persons charged with fnanc-
ing large enterprises, both public
and private, will be compelled to
consult first with the Treasury au-
thorities at Washington before
commitments or expendi-
lures which would require borrow
ing Of money. Secretary of the
Treasury McAdoo recently called
attention 10 the need Of some such
supervision, and already corporation
and banking interests are coming
New-York tribune., 1917-12-17

is topsy-turvy, and 10 man knows upon
what foundation it will rest when TINS
war is over IN my judgment it is well
for you 20 lay a foundation now, and
study Jour own industry, and see' in
the time to come, whether studying
your own industry and placing it in the
hands Of a committee We suggest will
not be that foundation upon which we
arc 20 build.
That brings up something about
which wish to say few words 10 you
the Sherman act. Many of you say
to yourselves, Glow is that going to
affect the Sherman law" Gentlemen,
| want you to bear with me until build
you up the foundation on that, because
I think you ought to know this. For
many years ! never understood TINS
whole situation Of business and the
Sherman act until heard Mr.. Morris
deliver his speech here four years ago
from this platform. When the steam
engine and the telegraph and the tele-
phone brought men closer together, anc
they began to realize that in coopera-
ton and combination there was con-
structive power. they began TO think
that competition. after all, was not the
life of trade. They began TO get to-
gether in combination, and I do not
know whether it was your experience
in your communities, but it certainly
was in our community. | remember the
time when we got together with this
thought in mind, sitting around the
table. How can beat my neighbor here
on that contract which is being drawn
That was the first way we got to-
gether. We would get up a contract 70
get all into one combination, but every
man was thinking how he was going to
beat the combination and beat his
ueiphbor.
New-York tribune., 1917-12-17
Japanese Concern to
Build More Steamships

It is reported that the Nippon i0,''
Kaisha authorities contemplate ~
creasing the subscribed capital OF Wv
company from s4,OOO,ooo yen W.
ss4. .OOO) TO 10O,OOO,0O0 yen (@s's's'
OOO), and have already obtained w
governments approval. The reason ~
the increase of capital is said TO be ~
expectation Of worldwide eompe'i'''N
in shipping after the war.
The Nippon Yusen Ksisha' u /" 4"
ported, intends 70 build afty Ye''s'.'
principally freighters, aggres,uuass
about 4O0,00 tons. with a view 1'.s ~
10 extending the existing lines anu '
inaugurating new services.