davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-07-22
We Must Learn
+ oreign Markets

We must learn foreign markets, their
methods and peculiarities, and must de-
velop complete selling machinery of our
own, instead of following the absurd prac-
tlce of the past, in which the sale and
reputation of our goods were intrusted to
foreign agents, selected frequently from
among our most active competitors
We must increase our national COM
mercial horizon-must broaden our ma
tional commercial point OF view--must
realize that foreign trade, and particularly
the foreign trade of the future. is suf-
1ciently serious and valuable and difficult
to justify special treatment and to be sup
piled from a production planned with par
ticular reference to the requirements of
foreign trade, and not as at present from
a perhaps accidental supply remaining af-
ter the requirements of domestic trade
have been provided for.
Above all, we must nationalize our trade
our methods, our processes and. to the
ereatest consistent extent, our contact with
both foreign customers and competitors.
While plans of the trade for th.
future must be built upon knowledge
which only the Developments Of the
future can bring. we at least can buile
IN the present so strongly as to pro
vide against whatever dangers ma,
come. In other words, America shoule
extend her preparedness programme r.
the world of trade, the future of which
is 1ull OF immense possibilities.
New-York tribune., 1918-07-22
Building Outlook Better

Signs of returning confidence in the
future of building as an industry were
further indicated last week as the
direct result of the turn in the tide
Of battle, according to "The Dow Ser
vice Daily Building Reports"
One indication causing changed at
tltude of leaders in the industry at the
weekend, was the fact that the Treas
ury Department made the weekly allot-
ment of certificates of indebtedness to
banks only 100000 900 instead of $780,
100000. Still another was the report
that the next Liberty Loan drive would
begin on September 25 and would cover
a period of three weeks instead Of four,
the trade believing that the earlier date
ing market to get into its winter stride
and would leave it free from inter-
rupton.
Still another factor playing favorably
into the building market is the fact that
tax returns are now out of the way and
that crop moving financing has been
handled more expeditiously than usual.
Varying opinion is expressed regarding
the effect the reported plan of the Capt.
tai Issues Committee to assume super
vision of all transactions of 81 900 or
over will have upon necessary a1tera-
tlon and new construction work. This
is practically the way the situation was
viewed by members of the Building Ma
Ierlal Exchange and the Building Trades
Employers Association of New York
IF the Federal control of business
transactions involving $1,000 or more
Will help to win the war, we are for
1T: IT it will help to retard the paving
OF the war bill, however, by making
1t DIFFICULT to transact ordinary bust
ness affairs, we think it would be very
desirable for the Capital Issues Com
mlttee to consider we'll its action. But
word comes to US that it is not the
pollcy of the committee to exercise
this prerogative in any but a supervis-
ionary manner. AS it applies to build
ing construction, it may prove to work
out to the temporary advantage of the
building trade in preventing indiscrim-
mate speculative building in sections
where new construction could not con-
tribute toward the winning of the war.
1t will depend very largely upon the
necessities for financial conservation
during the trying times when the Allied
armies draw closer around Berlin and
selfish building investors try to
stampede the market for the meagre
supplies of materials on hand. The
fact that Senator Calder has been
working in close harmony with the
Treasury Department and with the
Capital Issues Committee in relation to
this, the second largest industry in
the country, leads us to believe there
is little cause for apprehension re-
garding the exercise of repressive
power by this recently organized body
at the present time"
New-York tribune., 1918-07-22
prospect of a large increase in the
Federal taxes.

tirmness continued as the out
standing feature of the money mar
ket at this centre. Banks had to
Unit their offerings of credit ac-
commodation because of the heavy
demands made upon their resources
by the government. Bankers do not
look for any important change in
the money market for some time TO
come, although they consider it not
unlikely that rates may ease off tenn
porarily. There is confidence in the
ability of the banks to meet tha
situation, strengthened by the splen-
did way in which the money market
has been handled through the recent
trying period of Federal tax pay
ments. During the past week the
bankers money committee was
active with offerings, thereby pre-
venting the call money rate from
going above 6 per cent at the Stock
Exchange.
The situation in the market for
fixed date funds remained virtually
unchanged. The government made
some very heavy withdrawals from
its deposit account with the banks
and at the same time new subscrip-
tions were entered to the recent new
issue of certificates of indebt edness,
SO that the combination of circum-
stances resulted in a large shifting
of funds. AS a result the banks
made greater use of the rediscount
privilege with the Federal Reserve
Bank. That the banking institu-
tions in this district are doing their
share in helping the Treasury with
its temporary financing is indicated
in the subscription figures of the
last certificates issue, which show
that the local district banks took
$273,219,000 of the total of $780,
100000, whereas the quota was
1854, 100000.
New-York tribune., 1918-07-22
New Japanese Ship Line

The Nippen Yusen Kaisha, or ia
panese Mail Steamship Company, will
establish service to South America. ac-
cordlng to the latest consular renort
from NO de Janeiro. The Osaka Mer-
cantlle Steamship Company has main
tanned regular line between Japan and
South America since last year. Since
l9l2 the japanese Mail Steamship Com
pany has been sending ships to Brazil
at frequent intervals, but without reg
ular schedule. However, in February
1918, due to the great increase in ia,
panese trade with Brazil, this company
decided TO establish regular steam
snip service. with vessels at intervals
OF two months. These ships will be
routed via South African ports and
Will touch at Rio de Janeiro, Santos
and Buenos Aires.
New-York tribune., 1918-07-22
Future Trade
A World Trade

IL we are to do justice to the oppor
tunlties which the world trade Of the
future holds for us, whatever they NAV
pc, we must provide ourselves. Mr..
O'Reilly believes, with. much more
nearly complete equipment than that
upon which we have depended in the
past-must realize that, whatever our
olsposltlon. American trade of the fut-
ure must be world trade and must
De nullt upon plan which will recog-
nize world needs. We must impart 70
our producing machinery quality Of
versatility which will enable us to
comply with special demands of par
tlcular foreign markets, and at the
same time take full advantage of our
proved genius for production alono
standardized lines. He continues:
we must develop foreign credit eouip-
mcnt, not necessarily along English mr.
French or German lines, but along sound
and flexible lines. SO that in world COM
petltion we may be able to extend to de-
siraoie foreign customers, safely and con-
sis'ently. whatever credit consideration
may be required in securing or holding the
particular trade in which we are inter-
ested
we must possess and control a complete
trading proposition instead of one in which
profitable details are farmed out to Other.
rs was the case before the war. For illus
tration Our foreign trade contracts .hou,d
be domciled at home instead of abroad "a
now, and IN the adjudication of questions
arising in connection with these contract.
American tribunals should be considered
at least as seriously as those of any other
country.
We must develop American exchange and
educate the markets of the world To an
appreciation Of the commercial advantages
which it presents. Dollar exchange looks
New-York tribune., 1918-07-22
Savage Instincts
In High Places

There also must be considered the
wrought destruction of the things which
during the centuries men have created for
the assistance and protection of men. That
this will bear seriously upon trade after
the war is certain. although just how scri-
ously and in what manner are question:,
which can be decided only by the develop
ments of time
During the long period Of peace and
civilized warfare which preceded the pres
ent world tragedy there had been developed
q theory under which individuals and ma
tions and institutions found reasonable Sc
curity in conventions to which civilized ma
tions had subscribed. Laws controlling
fundamentals We're enacted and became of
common acceptance throughout the civil
lied world. Treaties were entered into,
thereby more specifically defining the
mutual rights of nations and more clearly
establishing the world rights which came
to individuals through nationality.
Religious creeds, schools of philosophy,
codes OF ethics, and most generally de-
pended upon of ALL the great mass of un-
written laws observed by men in their
different classes of contact, all operated
upon human relationships, and in such
way as to make men believe that there had
been established in the world of men
general rule of human conduct-proper
recognition of which insured reasonable
safety.
Then came the war, with its unexpected
terrors. throwing civilization backward
thousand years in day and bringing out
conspcuously the unwelcome fact that af-
ter all the world was not safe for men
that savage instincts still lurked in high
places that the work of world civilization
upon which men had prided themselves
must begin over again. and that plans for
the future properly to conserve human
rights must recognize national weaknesses
popularly supposed to have disappeared
with the far-distant savage tribal organ
izations out of which has grown the
civilization of modern times.
New-York tribune., 1918-07-22

Developments in the investment
market are interesting. While there
has been no important increase in
activity in listed bonds or any wide
movement in prices, the demand for
new note issues has continued to ex.
panG in striking fashion. Last week
an issue of $50,0O0,O0O of Beth!e
hem Steel Corporation 7 per cent
serial notes was taken with a rush
and the War Finance Corporation,
which had expected to take $780,
100000, found it's assistance not re-
quired. An issue of $10,0O0,00O 7
per cent notes of the Cudahy Pack
ing Company went equally as we'll,
the bankers making the offering
selling the entire amount within fif-
teen hours. Buying Of these new
note issues is coming from individ
ual investors and institutions, which
look upon the high yield rates as ex-
ceedingly attractive, even in these
times of abnormally high interest
charges. In view of the success of
the financing done last week, it is
probable that further corporate
loans will likely be f1oated between
now and the next Liberty Loan Of
fering.
In the market for listed bonds
the war news Resulted in sharp
rise in foreign government issues,
notably Anglo-French 5s of 1915
and the City of Paris 6s. The
Anglo-French issue advanced to a
new high price for the year, while
the City of Paris notes rose nearly
points in two days, just barely
falling short of 90 On the decline
of last year the Paris issue sold be-
low 80. Domestic municipal bonds
continue in good demand owing to
their tax-exempt feature, which
makes them increasingly popular
with people of means in view of the
New-York tribune., 1918-07-22

Chileans are obtaining such high
prices for wool. frozen meat and meat
products that it is proposed in Chic
to enlarge production by equipping
plants with most modern facilities. IN
the Punta Arenas district. for instance
1t is suggested that American manu-
facturers should send to the consulate
there price lists and catalogues regard
ing canning machinery, refrigeratins
machinery; box, barrel and genera
woodworking machinery; stenciling de-
vices, labels, sheep shearing machinery
electric light plants, sheep dip, appn-
ances and chemicals for wool mons.
cries, antifouling compounds for hnhs
OF vessels. solder, sheep shirts smooth
black and galvanized wire, corrugated
galvanized iron, soap p-manufacturing
machinery. shipyard machinery and sp-
pllances and general machine-shop ma
chinery.
New-York tribune., 1918-07-22
Peering Into the Future Of
International Trade Relations
Efficiency and Coordination of Government Business and
Finance as Necessary as 1t Is to Success
on the Battle Field

ed national rights-broken nationa
promises-re Of national OBJ
legations - disregard of the rules OF
civilized warfare-a reign of inhuman
ity? Can the clock of the world moral
ity be turned back again at will to the
point at which it stood when the Bel
gian frontier was crossed? Will the
spectacle of Christian nation of artis.
tic assumptions ruthlessly destroying
the temples of religion and art easily
be forgotten? Mr.. O'Reilly does not
attempt to answer these questions.
There is nothing in war as such, or in
the fact of men killing other men in the
conflict of war, which need engender ma
tional even individual hatreds. Men
meet-and fght-and win-or lose-and
again take up the peaceful struggles of
life, anxious not to remain apart because
of former differences, but to to-
gether again upon new basis of peace
full relationship, in which each may enjoy
the full measure of benefit to which he Is
entitled.
1t would seem. though. that the present
war has brought with it so much of ter
riblencss not in the least necessary in
war, and has destroyed 30 many of the
traditions and violated so many Of the
principles even of war, that it would be
unsafe in the extreme to build plans
trade or otherwise-upon the assumption
that IN ten years, hundred, or ever,
the warning nations can come together
again in the delightful old-time relation
ships which made the world such won-
derful place in which to live.
This somewhat exhaustive treatment of
difficulties to be encountered in determin-
ing after-t -the-war world trade possibilities
finds its Justification in the fact that if we
are to build safely for the future we must
build broadly and upon foundation which
will include not all, necessarily, but at
least large part of the dangers reason
ably to be anticipated
In the first place, and of course with
proper Difference to patriotic considerations,
we must treat the war as Il business mat
ter-not business in the sense that our
participation in it in any way is based
upon business considerations, or that any
individual should derive business advan-
tages from it, or that any nation should
expect to win from it anything but the
consciousness of having triumphed in a
worthy cause, but business in the sense
that the best interests OF our nation, both
in the war and in the world afterward,
demand from us in both direct and related
war effort the class Of action which recog-
nizes only the highest quality of business
method and procedure.
New-York tribune., 1918-07-22
Business Methods
And War Success

The actions of many highly patriotic
citizens would seem to indicate that they
have an entirely erroneous impression
concerning the relation between business
methods and war success. They seem to
believe that some quality of patriotism
not clearly defined required that when we
entered the war we should abandon the
common sense, the deiberation, the fore
sight even the instincts of self -preser va
ton. which enter into and are indispensa-
BILE to highest success during normal times.
This view not only is wrong. but PERM
cious in the extreme. There is nothing
whatever in either the nature or the mag
nitude Of the demands of war which need
force us to abandon fundamentals unless
1t be in the interest of other fundamentals
larger and more important than they
True, we are not accustomed to as
sociate the idea Of national patriotism with
the deliberate or the careful or the meth
odical, but in times of war the class of
patriotism that does not proceed along
careful, clear-headed. methodical lines is
poorly suited to our purposes or to the
purposes Of any nation in a war like this
There never in the history of our
country time when the national need for
calm judgment, clear thinking and tested
business methods was more urgent than
now.
In an intelligent response to the national
demands of great war there need be
nothing of the hit or miss or random or
topsy-turvy. We all have a correct gen.
eral idea about what an efficient army
should be like-how it should operate; men
highly trained and fully equipped. each
occupying a particular place and. perform
ing particular function; no rush, no
hurry, unless the proper working of the
fighting machine requires these-no con-
fusion or cross purpose action or duplica-
tion of effort unless because something has
gone wrong in the carrying out of plans.
This condition of care and thoroughness
and method and system is not confined to
the immediate fighting front, either, but ex-
tends back through the first and second and
on to the final reserves. Facilities of
armament, ammunition, clothing food,
transportation. information-clear back to
the extreme limit of the war zone-are de-
veloped and co0rdinated with degree of
thoroughness and system which is unknown
in any other situation with which we are
familiar.
This is not because of any fanciful
theory which those responsible for the di
rection of armies may have evolved but be-
cause men have learned that war is the
most terribly serious thing in the world.
and that unless in it there be method and
thoroughness and proper coordination of
effort the price which must be paid is de-
feat and failure and destruction
New-York tribune., 1918-07-22
Canadian Insurance figures

At the beginning of the new july fs-
cal year insurance companies doing
business in Canada, including British
and American corporations, had assets
totalling s596,7SO, ,404. The income OBJ
tanned in 1917 in Canada by insurance
companies operating there amounted to
Sl56,000,000, or $4,000 900 more than
their expenses in the Dominion. Life
insurance companies gained $4,000, 600
in income during the last fiscal year,
compared with the total for the previ-
Gus one. Contracts now in force total
$1,5S5, 100000, an increase of $751;
100000
New-York tribune., 1918-07-22
War Will Influence
uture Trade

The effects of the war will exert
very powerful influence upon the future
of international trade. That in Mr..
O'Reilly's opinion is an absolute GER
tainty. How seriously it will affect the
attitude of men. and for how long,
are questions the answers to which
are not in present time Will the world
forget Belgium-the "scrap of paper"
the Lusitania-Edith Cavell-violat-
New-York tribune., 1918-07-22
THAT American success in this war

THAT American success in this war
and in the world of peaceful
trade which is to follow can be
regarded as reasonably safe only if in
production, in manufacture, In dis
tribution, in finance and in govern
ment there be developed the same
qualities of efficiency and coordination
which we recognize as indispensable to
the success of armies in the field, is
the opinion Of G. A. O'Reilly, foreign
trade representative of the Irving Ma
tional Bank.
The whole subject of trade and the
war and its bearing on the United
States was discussed at length recently
by Mr.. O'Reilly in an address delivered
in Cleveland, Ohio, before the Adver-
tising Club Of that city. He said:
1t would be reckless judgment indeed
which would presume to describe the ef
feet of the present world war upon Ameri-
can trade or upon the trade of any coun-
try The greatest difficulty is not that we
are unable to foretel the disturbances
which the world and world trade will sus-
tain between the present time and the end
of the war, but that are unable to
measuse the probable extent to which
world trade will be affected by war-created
disturbances which already have taken
place.
In our estimate of the future this point
is in danger of being overlooked. Interest
has been so absoNoed in considering direct
activities that but few realize how
radically lateral war activities have
changed the world of trade and commerce.
Even now, before any process of war re-
adjustment has been thought of. the whole
normal oldtime trade currents of the world
have been changed and shifted about in
such a manner as to destroy most of the
formerly reliable and time-honored trade
marks and guide posts upon which the
commercial world has been accustomed to
depend for direction.
This is due in part to the fact that the
abnormal demands of war have forced the
markets of the world almost exclusively to
follow the geography of war, and, in part,
to the new international commercial -ela-
tions which have grown out of political
alliances based upon necessity.
These disturbances and reflections of the
former currents of trade not, however.
the only elements which make difficult the
task of measuring the effect of the war
upon the commerce of the future.
New-York tribune., 1918-07-22

very good just now, during the war when
we occupy a preferred and controlling
commercial position, but it is rash finan-
cier VINO VIII express more than the hope
that 1T will look equally good after the
war. when the commercial machinery of
the nations has been released and FREQ
buying and world competition again be-
come facts
We must develop American merchant
marine which will enable us to put our
goods into the markets of the world with
out reference to the convenience of any
but ourselves, and under conditions which
will give our prices the benefit of any spe
clal advantage which may result from the
use of complete and exclusively American
controlled transportation facilities
New-York tribune., 1918-07-22
New Federal Reserve Banks

The latest state banks to be admit
ted to the Federal Reserve system in
clude the Scandinavian-Am American Bank
of Astoria, Ore, capital 500, 600; Sc
curity State Bank of Portales, New
Mexico. capital *25,0Oo; Deposit Bank
of Winona, Mimi, capital s4o0 900:
Sparta State Bank, Cromwell, Ind. CAP
ital s27 800. and the Peru Trust Com
pany of Peru, Ind, capital 100000.
New-York tribune., 1918-07-22

War news completely dominated
the security markets of the past
week. On Monday the long-awaited
German drive was begun on the
Marine front and to the east of
Rheims. Although the German eff
fort gained only minor successes
and there were evidences that the
drive was not proceeding according
to schedule owing to the stalwart
resistance Of the French and Ameri-
can armies, the markets were kept
under restraint pending the outcome
of the struggle.
But on Thursday the entire COM
plexion of the war news suddenly
changed with the thrilling news
that Franco-American forces had
launched strong counter offensive
on the west flank of the Germans.
The splendid results of this opera
ton, the first of the kind undertaken
by General Foch this year, stimulat-
ed optimism and caused an all
around improvement in marketwise
sentiment 1t has, of course, been
felt all along that the intervention
of strong American fighting force
in France would ultimately turn the
~ 10 Af not 1o
but in the meantime there was nat
urally some apprehension over the
ability of the Allies to withstand the
assaults of an enemy desperately
striving to reach a decision before
the end of the year. While it is
perhaps yet too early to say that
the offensive has passed from the
Germans to the Allies, it cannot be
denied that the position of the AL
lied armies is now more favorable
than it has been for long time.
In the weeks stock market the
volume of activity was not large and
price changes were accomplished
with more or less ease, although
selling was we'll absorbed and there
was further accumulation. Small
investors have been purchasers of
stocks on a moderate scale. Accord
ing to one authority, purchases of
odd lots of stocks during the week
exceeded sales by As per cent.
New-York tribune., 1918-07-22
Curb Market

Note.-The Tribune assumes no response
bility for the accuracy or authenticity of curb
market quotations. Transactions, and prices
for the week ended July 20 were reported as
follows: