davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

A NEW order Of things was
"a ushcrcd in with The opening
4 n Of this month. That it will
result in the triumph of democracy
over autocracy is beyond doubt, but
where it will lead TO in the fields Of
finance and industry no one can tell
There arc too many unknown and
indcterminablc factors in the situa-
lion. each with infinite ramifca-
lions. while the statistical indices.
always more or less imperfect, have
lost all or nearly all protective
value. They are so distorted as to
5,wilder rather than enlighten the
psth 10 the future. Yet It may be
interesting to set down a part Of
The record. statistical and otherwise,
of the last thirty-two months, as a
measure Of the material progress
which had been made in this count
try up to the time Of the declaration
Of war with Germany. The record
is SO amazing that one could not i'm
agine like advancement under other
conditions, in half d century.
When the Teutonic alliance uneX-
Ncctedly threw the worlds trade and
financial machinery out Of gear at
he end Of July, 1914, the United
States was already suffering from
severe industrial depression. Mainly
because Of uncertainty regarding
the ultimate effects Of the change in
.arif. which was resulting in an ad-
verse trade balance for the first time
IN wears. business men throughout
the country had become over-cau-
tious and expansion had been
checked. so that the volume Of do
mcstic commerce was at low ebb
and unemployment constituted
widespread and acute problem. But
what had gone before was mild IN
comparison with what followed i'm
me4.a.cly upon the outbreak Of war.
Everything was instantly in a state
If wild disorder, with commodity
prices fuctuating violently, dealings
.~ securities suspended owing to the
wave Of liquidation from Europe,
and the output of copper, steel and
o.hcr raw and manufactured goods
cut IN half or less. Almost over
NIGH. breadlines formed as hun
dreds of thousands we're added TO the
horde of workers already idle. A
sloomier picture than that which
was presented during the first three
months Of the war would be hard to
imagine. nor was the outlook any
less gloomy, as far as could be dis
cerned.
Then, all at once, feeling of OPP
timism sprang up on every side. The
launching of the Federal Reserve
system, late in the fall, gave assur-
ance against financial embarrass-
mcnt and was the prime factor in
he return of confidence. 1t was not
long thereafter, however, before
more definite developments gave i'm
pctus to the revival. First-and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

serve banks. This has been due to a
more widespread appreciation on the
rart of bankers Of that fact that the
acceptance combines in an unusual
degree the most important requisites
of an investment for institutions
safety. liquidity and short maturity.
"The purchaser of bill of this
class gets not only the obligation of
the drawer Of the bill, which is in
most cases a commercial house or
corporation of the highest standing,
but, what is far more important, the
obligation Of some prime bank, prl-
vate banker or banking institution.
Very often bills Of this class bear the
Endorsement Of some third instltu-
ton.
Because of the expectation of a
large amount of government tinanc-
ing bankers everywhere have deemed
: it necessary to keep large portion
of their funds in liquid shape. In
order to do this they have resorted
t. one of three methods. They have
either:
Kept their surplus funds in cash.
which is poor banking if there IS any
other method available which may be
prudently used; or,
Loaned their funds in the call
money market where rates at present
are ruling about pa 10 2i2 per cent.
In lending their funds in this market
against collateral bankers remember
wildly the experience which they had
at the time of the outbreak of the
European war, when their loans could
not be called. and when investments
of this nature were anything but
! liquid; or,
Invested in acceptances. Prime
sixty and ninety day acceptances
eligible for rediscount at Federal Re
serve banks can be bought at any
where from 8 per cent to 34 per
cent discount. Under all normal con
ditions the purchasing institution
feels that K will be able TO redis-
count its holdings Of prime bills in
the open discount market, or even
should open discount market rates
fuctuate violently on account Of any
untoward circumstances there always
remains the availability Of rediscOunt
with the Federal Reserve banks. In
asmuch as paper Of this class can be
used as the basis for the issue of
Federal Reserve notes, it will be
readily seen that this feature OF re-
accountability with the Federal Re-
serve banks is one that will be OF
great value in times Of stress
In this country the trade accept
ance has been making rather slow
progress. In credit circles, however,
there is no question that is being
more seriously debated than this
form of credit instrument and its
substitution for the open book &C
count. Merchants of the United
States carry in the aggregate huge
sums in the so-called accounts re-
ceivable." representing what their
customers owe for current credit eX-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Movement OF
Merchandise Helped

Practicability Of the trade ,or
ance was discussed at length q |
recent convention Of the Mar
Association of Credit Men. Bcs|
Harris, v.ce-president Of tie
tional City Bank, stated tni
trade acceptance, when develofs
it should be, would strenghE
general underlying situation 4 !,
ing credits liquid and ayailass 9
creating a large volume Of SET
dating paper, arising from =
transactions in consumable ns1
disc and available for discoar Z
the Federal Reserve bank l
Harris said:
in the face Of the fact thf
acceptances in the New Yoh ?
ket, the operations Of the ia
Reserve banks, and the bann
money markets Of the courl'
general, have SO far appears
in limited volume, evidence >
ertheless, accommodating thai
movement is now in process s's'|
development. In the cotton
particularly in the last year.
velopment has been rapid, u y
ing cotton going into consan
both in the New England src
ern mills. There is no dou''
trade acceptances and bank
ances will continue TO grow u
and usefulness in connect0'
the financing of the impCF!1
ton industry, to which oom
we'll adapted. In general %
cial lines also ! find a wide =
is now being taken in this no.
Looking at the acceptance y
theoretical viewpoint, 1t ~
said TO exert an imporS'
wholesome influence on
rates and at the same time
keep the movement Of msn
normal, this giving cOmnie'o
financial stability 10 the
The existence of a large W
accepted paper, ready for
and rediscount, in case Oh ..
gency, helps to reduce in'si'
charged by banks. It misn,
therefore, that the genera
the acceptance, in the ia''
operates in a way to reduce =,
capital, and, therefore, ne ~.
commodities. Therein lies ~
est of the ultimate consume
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Limitations Imposed
By Federal Reserve

When a bank accepts a draft or a
bill of exchange for one of its Gus
toners, it merely lends its credit re-
sponsibility in order that he may
procure the funds somewhere else.
The holder of the banks acceptance
has the same legal rights against the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

world of finance. That position will
soon be made even more predoml-
mating through the granting Of
billions in credits to the nations
with which we are making common
cause against Germany.
Briefly, the industrial and fnan-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

shortage of labor are problems in
prosperity. and did not begin to he
felt seriously until the spring of
last year, by which time the whole
country was adjusted to business on
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

c;al economic position Of Il. !
try is the strongest in its In
ard makes it possible to taa
thing which the future may u.
store with a minimum Of diSs-
and a maximum of conidenc, ,
outcome.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Minimizing the Risk on the Maximum Of Credit

tensions from the time Of pgrsl
of the merchandise until payne.
made. These fresh accounts
considered one of the mos, q.
assets a concern can have, s1uy
cash and securities, yet cussr
ruled that they shall not b n
able to the merchant for the u
conduct of his business, except Is
sells or hypothecates then 7
the merchant avoids doing iiss
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

bank as the holder Of a banks
rromissory note or bill payable, but
banks are not authorized to use
their acceptance power for the pur-
pose Of borrowing for their own use.
They are specifically limited by the
terms of the Federal Reserve act to
the acceptance Of drafts or bills of
exchange:
~ Which grow out of transactions
involving the importation or exporta-
tion Of goods
l2D Which grow out Of transactions
involving the domestic shipment of
goods;
80 Which are secured at the time
of acceptance by warehouse receipt
or other document conveying or Sc
curing title covering readily market
able staples
t4 Which are drawn upon Il
by banks or bankers in foreign coun-
tries for the purpose of fur
nshing dollar exchange, as required
for the usages of trade in the re-
spective countries.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Popularity with
Bankers Grows

One Of the chief obstacles encoun-
tered by American manufacturers
who have desired to enter the export
field has been their inability to grant
the same long-term credit as could
be granted by their competitors
abroad. They have been accustomed
to require payment in cash at New
York against the shipping docu-
ments. The acceptance credit has
helped to solve this difficulty in
manner satisfactory to all parties
concerned. The credit which is re-
ouired to enable a foreign importer
to pay for his goods is established
by drawing at sixty or ninety days
sight on New. York accepting bank
or trust company, the acceptance be-
ing discounted by it at an agreed
rate. Such acceptances, based prin-
cipally on the commodities exported
from the country, form a valuable
security. Evidence of this was had
in the case of England at the out
break of the war, when acceptances
to more than s., 5OO,OOO,OOO were in
circulation. The greater part of
these have since been liquidated by
the self-liquidating process; that Is,
by the sale OF the commodity which
formed the basis of the transaction.
An expert employed by one Of the
large private Wall Street banking
firms has this to say of the accept
arce: Although bankers and bank
ing institutions generally have shown
dlsinclination to enter into new
commitments while the international
situation remains in such an acute
condition, they have continued TO be
steady buyers of prime bank and
banking acceptances, particularly
such acceptances as are eligible at
one or the other Of the Federal Re
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Slow to Realize
Coming Of Prosperity


The extent to which Europe would
have to depend upon this market for
supplies of all kinds was scarcely
realized. True, the belligercnts were
engaged in a scramble for American
wheat and other foodstuffS, in which
price considerations were virtually
ignored, and a few contracts for
munitions and other military sup
plies were under negotiation, but
even the keenest observers failed to
sense the extent of the approaching
wave of prosperity. A prediction
that the 1915 trade balance might
reach as much as three-quarters Of
a billion was pronounced absurd. 1t
was absurd, as events proved, but
not on the side Of over-estimation.
Early in 1915, however, it became
patent even to the most pessimlstc
that the farmers were not the only
ones who were to profit hugely by
the war. Certain industries, par
ticularly those engaged in the pro
ducton Of basic materials, were, it
was seen, likely to reap large gains.
The steel trade especially showed
signs of the impending boom. As
compared with the last quarter Of
peace, production and prices still
Jagged somewhat, though with an
improving tendency. But as the sec
ond quarter was entered. it dawned
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

on the trade that orders were run
ming ahead of production. Then fur
mace after furnace was blown in, and
as production gained IN volume a
part oC the surplus of labor was
absorbed. This, gradually. but in
cvitably, reacted favorably on gen
cral business.
Merchants who had long held back
from the markets, or confined their
purchases to bare current needs,
began to buy ahead a little. Public
interest in the stock market was
awakening, and people generally re-
allied that prosperity was at last
at hand. Before the first half of the
wear came to close the improve
mcnt had attained such proportions
that any pcssimism which remained
had been entirely dispelled. Our
foreign trade was increasing by
giant strides, and gold was flowing
inward in steadily increasing
stream as the trade balance piled
heavily up against the Allies.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Constant Growth
in Business Volume

Through the third quarter of the
year business swelled constantly in
volume, and the railroads at last
began to share in the return of good
times. As the last quarter started,
earnings mounted to record figures,
while the volume of freight and pas
senger traffic expanded more rapidly
than the railroads facilities for
handling it. BY that time the steel
trade was working almost at ca
pacity in the effort to meet the press
ing foreign demand as we'll as grow
ing domestic requirements. The ra-
pidity with which the shift from de-
preston to prosperity proceeded IN
the basic industry and the extent Of
the transformation are shown in the
following table and pictured in one
of the accompanying charts.
The figures show the percentage
Of change in each quarter compared
with the last quarter of peace, that
which ended June 80, 1914:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Record Of the Phenomenal Progress in Last
Thirty-two Months Shows That America,
IpdustrialIy and Financially, Has Been
Placed Upon Foundation So Broad and
Solid That the Future May Be Faced
with Confidence

this was the real foundation Of the
rew-found prosperity-came a great
increase in our foreign trade. The
balance Of exports over imports
turned so much in favor Of this
country that the fear Of danger
Gus depletion of our gold stock.
which had been raided by Europe
for months before the war began
and further reduced by large ship
ments TO meet obligations maturing
abroad in September, 1914, passed
away. Instead, the tide Of gold.
which later was 20 attain such pro-
portions as to become threatening.
turned toward America.
Encouraged by the more favor
able aspect. the Stock Exchange re-
opened. though for a time dealings
therein were hedged about with re-
strict;ons which at first seemed
necessary, but in the light Of after
Developments appear rather absurd.
Industrial leaders began to think
that. after all, the depression could
not last forever, and plants eau
tiously resumed operations on an in
creasing scale. Even the Southern
cotton planters, for whose protection
a great gold pool had been formed
but never utilized, became less de-
spairing toward the end Of the year.
On the whole, however, the volume
Of domestic business still remained
small, although the nation was fast
recovering from what President VIII
son had called psychological depres-
SION
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

These figures must be qualified
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Price Of
commodity BesSemer

Ths iuaAtian 81 Qricas And tn
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15

4 NEW order OF things was
"a ushcrcd in with The opening
4 n OF this month. That IT will
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27
SAVED FROM THE DEPTHS"
TOLD BY A FORMER CROOK

One thousand, nine hundred and
forty-six men heard David J. Ranney
at the big mems meeting at Indianap-
oils. Ranney. who quit prison a crook.
was saved by fifty cents and friend.
His life-story. Saved From the
Depths" is one of the most marvellous
things on the American platform. The
Boston Journal says, "A thousand
men. with halting breaths and threats
that burned and eyes at times tear
dimmed. heard the fearfully dramatic
story of n Bowery tough redeemed
Every word and every sentence came
with telling force, like the re-
peated blows of a triphammer till
men, half abashed at their holiness.
shouted, Amen and Praise God for
that"
Mr.. Ranney will be the speaker at
the greater mems meeting. Central Y.
NJ. c. a auditorium, Grace and Sew
enth Streets. Sunday afternoon at
$3.50 o'clock. 1t is freely predicted
that the standing room only" sign
wiN he hung out by the time the
meeting opens. Mrs. G. r. Brengle
will sing. "The Ninety and Nine"
1.-THE First Act
Dave Ranney will speak to the
boys at 2:30 in the big lobby on "The
First Act" No boys under ten adj
mitted. The boy who is not there
by 2:3a viii probably have the oppor-
tunity to sit on the curhstone and hear
the boys sing, provided the weather
Is warm enough to open the windows.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27
GETS SIX MONTHS
FOR CAR-TICKET THEFT

George Franklin. twenty-eight years
old. plead guilty in Police Court yester-
day to stealing several thousand street
car tickets from the Virginia Railway
and Power Company while acting as
assistant cashier in the car terminal
near Byrd Park. and was sentenced to
six months in Jail. He Is said to have
disposed of tickets after they had been
turned in from the street car boxes.
and which are required to be destroyed
after they are checked up.
Davis had been employed by the car
company for about year. and was re-
garded as entirely reliable. He stated.
when coming on the railway force. that
he had been preparing himself for the
ministry, but had decided to enter the
business world instead. He is said 10
have married a girl in Salem a few
months ago, who left him recently 10
return to her parents.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27
MADE
FOR LOCAL SHRlNERS

Charles A. Overton, Eddie Rose and
Eddie Hall, representatives OF Acca
Temple, have Just returned from Min
ueaDolis, where they completed ar
rangements for the handling of the
Richmond Shriners. who will attend the
Imperial Council to be held In that city
the latter part of June. Several hum
bred Shriners from Richmond and other
cities in Virginia will be present at the
annual gathering.
The delegates from this State will be
handled by the Norfolk and Western
Railway Company
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27

St Marks choir will render an elab-
crate musical program ut st Philips
Church (colored) Sunday night at $40
o'clock. for the benefit of the piano
fund and Sunday school OF the church,
Solos, duets. quartettes and Choruses
will he beautifully rendered by this
proficient body OF singers. one Of the
numbers viii be the beautiful compost
ton. THE Lord Brings Back His own"
by Mr., Galbraith. Richmond COM
poser. This number alone will attract
unusual interest Of music lovers 4
silver offering Will be lifted. A large
crowd will hear this excellent choir
sunday night,
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27
ORGANIZING WORK
OF SANATORIUM

DR.. Ennion G. Williams. State health
officer, In company with other members
OF the committee in charge OF the es-
tablishment of the co1ored sanatorium
for the care of negro consumptives.
near Burkeville. will meet there today
for the purpose of deciding on arrange
ments for the reception of patients.
Several changes and additions are
necessary to the buildings. and these
will be considered by the committee.
Other members of that body are DR..
w. F. Drewry, Of Petersburg; DR.. W.
NJ. Smith. president of the State Board
of Health. and Captain w. w. Baker.
member of the House Of Delegates from
Chesterfield County.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27
NEGRO GIRLS QUARTERLY
CONFERENCE MONDAY NIGHT

The National Protective League for
Negro Girls. Inc. will hold its first
quarterly conference at the Ebenezer
Baptist Church Monday afternoon at 3
o'clock.
More than one hundred delegates will
be present. These girls will make re-
ports for their leagues. Mothers are
especially urged to attend this confer
ence. The subject for discussion will
be, How Shall I Tell the story of Life
to My Grip"
These conferences are held in differ
ent parts of the city. and strenuous
EFFORT is made to reach the mothers.
Ora Brown Stokes is national super
intendent, and Lizzie White Pollard,
secretary,
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27
Junior Epworth League Meeting.

The regular quarterly meeting OF
the Junior Epworth League Union
will he held Sunday. January rs, at
s:30 p. NJ. in the Sunday School audi
torium of Denny Street Methodist
Episcopal Church.
The conference Junior superinten-
dent Miss Pearl Price, of Newport
News. will be present. The program
will be furnished by the Denny-Street
Chapter.
All junior superintendent are urged
to be present with as many leaguers
as possible, also any who are inter-
ested in Junior work.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27
WANT ALL FACTS ON
ANNEXATION COSTS

City Auditor Crenshaw has been ask
"a by the Administrative BOARD FOR a
complete statement Of the total
amounts spent by the city in the an
nexation proceedings In addition to
the amounts expended Nj Crenshaw
has been asked to show how much taxes
has been received from the new ter
fffory, the names Of persons and firms
receiNing money under the anncxat on
transactions. and other Information
following the procedure
No time limit was placed by the
board on the statement from the audi
TOR and the latter said yesterday that
~ thought j. Impossible to submit the
desired facts until probably in March.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27

Detective Bertucci left yesterday for
Clifton Forge to arrest Richard Long.
who completes sentence on the con-
Wet road force today, on charge OF
shooting Harrison Minser January "a
with malicious intent Long Is serving
one year for highway robbery. having
been sent up from Norfolk
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27
OFFERS REWARD FOR
MURDERERS' APPREHENSION

Il Governor Stuart yesterday offered ii
Neward OF sioe for the apprehension
md delivery to the sheriff Of DIN
Middle County OF the murderers ot
Nathaniel Davis. who was killed near
6Gersburg on January The reward
40as Offered on the stipulation that
01nwiddie County would give sim =
- reward
s Davis was the Waterman at the
2upOnsto1 BOX and shook C6mpa ~,
when men entered she grounds ~ the
1mp2ny. and ne ordered them out
I8e was attacked. robbed and later
HhOf- H Andrew an engineer III
- employ Of the firm. vas also
sEobbed ard beaten by the intrudsr~
x1Se men responsible for the crime are
1nH TO be negroes.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-27
sEvENTH-DAY ADVENTIST.

All services are conducted in the
Morris Street Chapel between Main
and Floyd sabbath School and SER
mon every Saturday Mt 10 o'clock and
ll:)0 O'Clock Sunday night Evange-
list Serns VII lecture on the Cry For
breao' winch ne was unable to give
the previous Sunday night on account
OF illness