davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
Saturday, May 10, 1917

Under the scheme of taxation now
being worked out in Congress the
burdens imposed on the individual
and on industry will be heavy, com
pared with what they have been in
the past. Possibly they will be even
heavier than had been expected, be-
cause of the Treasury Departments
last minute discovery-in keeping
with its recent financial record
that several hundred millions more
than the amount originally estimated
will be required. Moreover, the inn
posts admittedly will not be distrib-
uted with perfect equity; that, how
ever, was not TO be expected. No one
has ever succeeded in framing an i'm
partial tax measure, and probably
not one Will ever succeed in doing so.
But with all its faults this much can
be said of the proposed law; Neither
individuals nor business enterprises
will be taxed beyond endurance.
The government is won't TO refrain
from charging all the traffic will
bear" and it must be remembered
that the country, having enjoyed
a long period of unprecedented pros
rerity, undoubtedly is in much better
condition to stand heavy taxation
than any nation ever was in the his
tory of the world. That it is wise
and just to defray large part of
the cost of the war by taxation is
now generally conceded. There are,
in fact, many who believe that, save
for such bond issues as must Of ne
cessity be put out in the beginning,
the whole cost of the war should be
raised by tax levies. That, however,
does not seem to be practical thing
to attempt at this time, nor would
il be altogether fair, though the
wealth of the country is so great
that it might be possible to carry out
such a policy. But there is good
reason for paying as large share
Of the cost out of the proceeds of tax
revenues as can be done without put
ting too great a strain on the indi-
vidual or checking industrial ac-
tivity. War, if efficiently conducted,
calls for as rigid economy on the
part Of the whole people as is con-
sistent with the maintenance Of the
nations activity on a healthy basis.
Taxation makes for economy. To
nav the tax every one must do
without something in order that gov
ernment may have greater resources
at its command both in the form OF
money and supplies. Labor must be
released from the production of UNI
necessary things.
Professor Charles J. Bullock, of
Harvard University, has summar-
lied the three main reasons for tax
ing to provide a part of the wars
cost as clearly as they can be stated.
They are, first, that public credit de-
ponds primarily upon the ability and
willingness Of the government to
support loans by substantial reve-
nues from taxation; when that is
not done an impairment of credit in
evitably results. Second, if taxation
is not increased in time of war, pri-
vate expenditures are not curtailed,
and the government must compete
with its citizens in the purchase OF
supplies. with the result that infia-
ton becomes acute; and, third, be-
cause the security of public loans
varies inversely as their volume, so
that as debts accumulate the govern
ment's obligations at last become
unattractive.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
v. 5. Treasury Finances

'ashington, May 1.-THE condition
: We United States Treasury ct close
4. sy showed; Net balance in general
,ss sieo,2ei,3 1908; total receipts. $780,
yo; total payments. s4.459.47S.
s,na a. ds'ie.t this fiscal year is Sioa,-
against a dcfeit OF S57,46s.763
s,s year' exclusive of Panama Canal
~ public debt transactions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20

issued yesterday. That the change
was not larger in view of the heavy
government operations was due to the
fact that the shifting process in con
nection with such financing has now
become mere matter Of bookkeeping
and is handled in the manner that will
least disturb banking resources. Total
reserves Of the banks actually in
creased s7.257,000. while loans were
s37 $4,000 larger than week ago.
The actual statement was as fol-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
The Third Reason

In the third place, China has a
good deal TO do with the vital ques-
ton of the industrial independence of
Japan. If the war has taught the
world one lesson more emphatically
than another, it is the necessity for
any great state TO achieve measure
Of economic independence. There is
no question that the great states Of
the world will give their best efforts
TO bring about economic indepen-
dence in the days following this war.
One of the most vital after-the-war
measures Of both Japan and China
should be this very thing. Neither
the one nor the other comes within
a measurable distance of achieving
the end by itself. Japan is entirely
dependent upon China for her cotton
and wool, and for her iron in case
the oversee transportations become
either impaired or impossible. II is
almost inconceivable that India
would prohibit the exports of her
cotton or Australia that of her wool.
At the same time nothing could be
better for Japan than TO develop a
base of supply nearer home and
within the sphere of comparative
safety. At present China cannot
cope with India and Australia in
cotton and wool production, but there
is no telling what she can do in the
future. Moreover, in such things as
coal and iron and other metals
Japan is none too fully supplied. To-
day she has a good deal of coal; she
is exporting some of it. But the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20

The above rates express the cost Of
foreign money in terms Of the Ameri-
can dollar. You buy an English pound
sterling at. say, s4.751z. The intrinsic
parity is S4.SG5s per pound. Thus, you
say either that pounds are at dis
count or that dollars are at a pre-
MUM, which is owing to the fact that
In England the demand for dollars
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, 1917-05-20
Cost Of one dollar.

Closing rates yesterday. compared
with a week ago. are given in the table
below. American bankers have sus-
pended all dealings in German and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
Quoted cents to the until

Below is ven the current exchange
value Of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20

Gold Currents.-Gold coin to the
amount of 100000 was withdrawn
from the Sub-Treasury yesterday. in
GLIDING 100000 for export to South
America, 100000 to Cuba and $4,000
70 Mexico.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20

London Money Market.-London May
19.-Money, S1zG4 per cent. Discount
rates-Short bills, 411-16 per cent:
three months bills, 424 per cent. Gold
premiums at Lisbon, IS.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20

Silver.-Bars in London, 377s pence;
New York, 74ss cents; Mexican dollars,
577s cents.
Sub-Treasury. - New York banks
lost to Sub-Treasury s2,142 900.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
HEAD OF OIL PRODUCING
DEPaRIMf

Iarge and long established Oh copors
ton desires a thorouzn.y cofnpr'ent and
experienced head Cor o. producins depart
msnt Larse salary and responsible execii-
tive position % rght parry Wfie ful,y
history and references 20 b. s." =. ..
Boz 81. NeS YORK City.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
Week

Austrian exchange, so that daily quo
tations for either marks or kronen are
no longer available.
Week
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
and cater to them, which is not at all
the case.
Japan's Advantages

Japan, also, has one fundamental
advantage over the Occidental COM
petitor in the command of the Chin
csc market. Japan gets much OF her
raw material from China. To a
large extent the Sino-Japanese trade
is an exchange Of japanese manu-
features for Chinese raw materials.
Cotton yarn and cotton clothes are
among the chief items of japanese
exports to China. Japan takes a
good deal of raw cotton from China.
And it is owing to the japanese de-
mand for raw cotton that the cotton
growing area of China has been
greatly extended.
The second reason is that the war
demands of the active belligerents re-
suited in a great expansion Of pro-
ductive capacity of such industries
as Japan had. The war resurrected
some of the old factories which
Japan thought were dead aud buried.
Not only that, it added a number Of
industries which Japan had never
known before the war. Chemical in
dustries, for example. Japan is to-
day supplying Europe and neutral
markets with chemicals formerly
supplied by Germany. But what
will happen when the war is over,
with Europe keen not only to recover
lost markets, but more eager than
ever to expand these markets? Can
Japan hold what she has gained
through the war period against all
corners? 1t is decidedly doubtful.
And it is essential, from her view
point, that she should at least keep
on producing as much as she is doing
now. She should keep on growing,
in fact.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20

Total liabilities. .S',1oo,o/o,oVo
Gold reserve against net deposit and
note liabilities. CO. per cent.
Cash reserve against net deposit and
note liabilities, 69.5 per cent.
Cash reserve against net deposit liza
bilities. after setting aside 40 per cent
gold reserve against net liabilities on
Federal Reserve notes in circulation,
70.4 per cent.
In the above statement the principal
items compare with one year ago as fol-
lows:
Total gold reserve. -. Inc 1924, $4,000
Bills discounted and accept
ances bought. ... Inc. 73,o28,C0o
Due TO member banks. Inc. 2S5,477,oO0
Net liability for notes. Inc. 16,o30,OOo
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
Sees China as
Arbiter of the
Fate Of Japan
Professor Tsumara Says Two
Countries Are Economi-
cally Interdependent
BY ADACHI KINNOSUKE

I'm THE worldwide readjustment
which will follow the great
war, China will be the arbiter
Of Japan's fate. That, at least, is
the opinion of one Of Japan's fore
most economists, Professor Hide
matsu Tsumara, who is the author
of New Principles of Political Econ
omy," Commercial Policies" and
other noted works on finance and
trade. In an article entitled "The
Future Of Japan Is in China" con-
tributed to a recent number of the
Nippon oyoby Nipponjin," Profess
sor Tsumara presents some inter-
esting arguments in support of his
contention that China and Japan
must be drawn into closer relation
both politically and commercially.
He takes the view that the present
war has enhanced the power of
Japan, especially in the Far East.
No nation in the world will here
after think it wise to carry out an
Oriental policy opposed to the fun
damental interest of Japan or of
ignoring Japan altogether. And
China is coming to see more and
more the folly of entering into nego-
tiations with European powers over
the head of Japan. Japan has had
the opportunity of solidifying her
position since the beginning of the
war, and she will have another OPP
portunity at the peace conference at
the close of the war to look after her
standing. With that point settled
sanely and to her satisfaction, she
will be in a position to act as a great
power. She will be able to handle
herself in the centre Of the political
maelstrom which is bound to be
Staged in the Far East.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
MEETINGS
WESTINGHOUSE

trtIrIr q NhhuIscIurlhs tompany.
jas Br0afSsy. New YORK. y y May rs. 1917.
The stock transfer books viii Tor he purpo-s
Of the annual nesting u stockhoiders 20 10 held
on June ~. 1917 D. closed on May Is. 1917. st
II % O'Clock NJ. and rcopcnsi on June a. lsiT.
al 1000 O'Clock A. NJ
JAlIEs &. BENNETT. Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
Money and Credit
Federal Reserve Banks
Washington, MGy I

ITnShlngt0h, WGJ TT
Resources Of Federal Reserve banks
show a shrinkage Of approximately
$500 900 from their high water mark
Of 81 200, 162, 900 last week. The state
ment Of conditions May IS shows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
Vital Economic Reasons

First, as our industries grow and
become nationalized more and more,
we shall feel the need of the Chinese
market in proportion to our in
creased production. Situated, as we
are. in a corner of the Orient, China
and Japan are bound to specialize in
their productive activities. Such is
the tendency at the present time.
japan is the one industrial nation of
the Far East, while China is the
great agricultural country of Asia.
1t is impossible for Japan with her
limited area to compete with China
as an agricultural country. Indus
trial growth and activity are her
only hope of future prosperity. On
the other hand, China's area is i'm
nnense. her farm labor is both eco
nomical and excellent; her wealth is
in her soil.
Moreover, the conditions Of the
present Chinese market suit the ca
pacity Of industrial Japan Of to-day
to a nicely. If one were to make a
market to order, he could not get
anything that would answer the pur-
pose quite as well as the Chinese
market. The standard of living is
low in China; the purchasing power
Of the people is small. The produc-
tive industries of Japan are still in
their infancy, compared to those Of
Europe and America. Their prod
ucts are low in grade and quality.
But they are cheap. They come
within the reach of Chinese purses,
while those Of Europe and America
do not. in most cases. The cheap
labor in Japan enters into the equa-
ton and the geographical position of
Japan makes for cheaper freight
rates and saving in time. Moreover,
II is much easier for the japanese to
understand the Chinese taste and
fiji the Chinese demand than the
Occidental manufacturers, even if
the European and American manu-
facturers were as willing as those of
Japan to study Chinese requirements
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
Must Seek Understanding

Now, as the result of the world
war, Professor Tsumara says, we
shall see the combination Of smaller
states with greater powers. The
world powers will come into groups
of larger proportions. This tendency
is already above the horizon. The
tremendous progress of the Pan
American movement is a vivid ex-
ample. The British Imperial tariff
alliance is another; so is the French
idea of the union of the dependencies
with the mother country.
All these tendencies in America
and Europe would exert an external
pressure upon the powers in the Far
East. If Japan would seek with all
sincerity to understand China and
China could be induced to recipro-
cate, there is nothing to prevent the
harmony between the two countries.
There is no hope for the Far East
save on this one ground of Sino-
japanese understanding. This is the
political reason why the future of
Japan is wrapped up in its relations
with China.
There are three vital economic rea-
sons for the contention that Japan
will have to look to China for her
future salvation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
Industries Greatly Expanded

Japan should be prepared for the
protective policy in trade which al
most every country is expected to
put in effect in the after-war days.
And that would work against her
activity in the export field. She
should be prepared lest a large pro-
portion of her goods which are vel
coined to-day at so many ports of
the world might receive a cold recep-
ton if received at all. All these
things point to the imperative neces-
sity for Japan to cultivate market
that will absorb the products of her
greatly expanded productive facili-
ties. And to this there is no better
answer than the Chinese markets.
Japanese industries have not only
greatly increased the volume of their
output, but they have also improved
the quality a good deal. This means
that the Japanese manufacturers
are compelled to demand better
price for their goods than heretofore.
If the purchasing power of the Chi
nese should not improve, japanese
goods would soon prove to be beyond
their means. This, in turn, means a
keener competition from the Eu-
ropean exporters against japanese
goods in China. The advantage in
price will largely be lost to the Jap
anese goods as their quality and
price rise. AS the japanese goods
increase in variety, the points of
competition will naturally multiply
also. There is no market that will
test the japanese goods more severe
" than the Chinese ones. From all
this it is not too much to say that
the future of industrial Japan will
be governed by market conditions in
China.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-20
New York Federal Reserve


Ne1o York, Moy 10.
The condition of the Federal Reserve
Rank Of New York at the close of busi-
ness Friday, compared with the previ-
Gus week, follows:
RESOURCES
May May II.
Gold reserve. .s227, 6S5, 473 $3.50, $4,000
Legal tender
money. ..... zV,fSV,ooo a. Ioo,@o7
Total res've. s24s, 1o5, 49,. s27e, 3t4ooe
discounts 30,e69,e15' 3o,77S, $40
Investments ;. 2s, 1926 2s,124eo6
Federal Resve
notes metz. 15,I8l,3lo 14,|sf'ofo
Due from dep.
banks, fiscal
agent acct. S5,Sol,C Oo
All other res'cs 1OO,4lo
Total res'cs .s4o7, 44o.o ee s354.o1443t
LIABILITIES
canital ... si2,oeo25o s12,o74,55o
Member bank
demos. (net). 27o.542,ss6 2s3.13o,see
Govt deposits. 111,495,9s1 1o,Slo'sf|
Due 10 other
+. r. banks
(net) ....... l5,S4S,4of os'I 1--we
All other lab. o,Soo'VSo
Total $40, 44OO8o SSo4.ol4,4Sl
Fed. Res. notes
outstanding. 2o5,229'5oo 2o1'o4o'ooo
Secured as fol-
lows: Colo
dep'ted with
? r. agent. 2o5. 22e. 1865 20. 64o,oe5
Clearing House Statemeut.-A de-
crease of S444,5SO. the smallest change
in weeks, was shown in the surplus
reserves OF the New York Clearing
House banks in the weekly statement
The Green Forest tribune., 1917-08-10

Pete Smith, farmer near Leslie sold a dressed hog to a local market for $43.55 N. w. Redwine recently sold a porker, which netted s6440.
The Green Forest tribune., 1917-08-10
PRODUCE MAN IS
 ENTHUSIASTICNO
GWinn Declares TanIac Saved Him From Complete Ner-
 VouS Breakdown.
GAINED THIRTY POUNDS
TanIac Certainly Strengthened Me Out and ! Believe 1t Will Do the Same for Anyone Who Suf-
 fers Like Did.

T am confident that TanIac saved me from nervous breakdown. said c. B. Gwinn, well-known produce dealer of Amory, Miss, "and I have gained thirty pounds since taking it.
 For long time I had been in general rundown condition" he contin- ued, ,and suffered terribly from rheu- matism. My whole system seemed to be on the decline. l couldn't sleep at night and in the morning l would feel Jagged out like I hadn't been to bed at all. got so 1 couldn't eat anything without having serious trouble, 1 had violent headaches and my nervous sys- tep was all disordered The rheuma- tism WAS so severe that my muscles seemed drawn hp in knots and lost a good deal in weight.
 T was persuaded to try TanIac and 1t has made me eat md sleep better than l have been able 10 iu years. My rheumatism is all gone ana ' feel strong and built up in every way 1 look on myself as a well man today, for Tanlac certainly strengthened me out and 1 believe it will do the same for anyone else who suffers like I did"
 There is a Tanlac Dealer in your town.-Adv.
The Green Forest tribune., 1917-08-10
LIQUOR AMENDMENT
 BLOCKED BY HOUSE
PROHIBITION BILL WILL NOT BELIEVES DELAY FAVORABLE.

Washington. - National prohibition hung up in the House by the prohibit ton leaders themselves.
 The resolution to submit the propos- al to the states, passed by the SenaJe, was put out of the programme for the present session and will not come up until the regular session in Decem- Der.
 Plans to reconvene the Democratic caucus and reverse it's decision to cor sider only war legislation were aban- doned because it was believed delay ing action until next session will help the prohibition cause.
 Representative Randall of Cali fornia, the only prohibition member of Congress, issued a statement de- claring that .tthe friends of national prohibition have been himfammed by the liquor lobby in the constitutional amendment adopted in the Senate. He added that "a great iollitication2 was held by liquor representatives in a Washington hotel and that we'll defined rumor had sprung up that the six-year clause added on Senator Harding's motion was really written by the brewers attorneys.
 "The joker is not in the six-year handicap itself" said Representative Randall. though that is without pre- cedent in history. The Harding clause provides that this article shall be in- operative unless ratified within six years The impression is that the prohibition amendment would not be come part of the constitution unless so ratified after the time limit. but will be imperative. This promises long years of litigation The whole campaign to secure ratification by the states will be clouded by this uncer. tain language.
 "The duty of the House of Repre- sentatives is clear. Throw out the Harding clause entirely"
The Green Forest tribune., 1917-08-10
US. TAXES CONTROL
 Of MERCHANT SHIPS
ALL OVER 2,5oo TONS NOW BEING BUILT ARE REQUiSiTIONED-
 TO RUSH COMPLETION
CONTRACTS FOR 700 SHIPS
Most of Contracts By Foreign Firms Work Will Start on Great Govern ment Fleet as Soon as Present
 Ships Are Completed.

Washington.-The emergency fleet corporation reQuisitioned all merchant vessels of more than 2,500 tons now building in American ship yards. Dou ble and triple labor shifts will Ce put in the yard to speed construction
 There are building in the couutrys < yards about TOO ships, totaling more than 100000 in tonnage, most of 1t contracted for by foreign firms. Amer ican vessels will be retained by the shipping board for operations, while final disposition of the foreign craft will be left to negotiations between the United States and the govern ments concerned
 No announcement was made as to the amount of tonnage taken over, but the shipping boards records show that about 700 vessels of nearly D. 000,000 tons of all classes are build ing.
 As fast as the yards are cleared of their present construction they would be put to work on the great fleet the government will build. The yards were ordered to enter into no more contracts or commitments for private construction and to begin no new work on contracts already nade without first obtaining the permission of the fleet corporation.
 Compensation for the construction seized will be determined later
 Much of the tonnage building is for British and Norwegian accounts It's final disposition will be left to nego- tiation with the governments con. cerned, although the president has power to retain il if the tonnage is needed by the United States The British government, it is understood, is willing to relinquish to this country all of it's tonnage building here. The American ships requisitioned will be kept for operation by the shipping board
 The shipping board and the fleet corporation still have under consider ation the plan of Maj. Gen Goethals, formerly manager of the corporation, for construction of two government owned ship yards Rear Admiral Capps, now manager, it is understood, does not look on the scheme with ia vor and believes the ships can be built in private owned plants
 Plans for requisitioning American tonnage now on the sease have been held up temporarily by the shipping board until legal technicalities are strengthened out.