davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
CREDIT EXPANSION
IS AT HIGH MARK
Spectators Demand Ac-
commodations Which Banks
Should Not Extend Now.

| (From NJ 7. Evening Post Financial Bureau,
I NEW YORK, November S.-During
the war it was a frequent matter OF
controversy among bankers and econ
omists whether the rate for money
| would be high or low after the wal
was over. There were plausible argu-
ments in support of each supposition
| but neither conclusion was entirely
convincing because each depended or
| the assumption of certain conditions
| in the field of finance, industry OF
! batable.
| In general the argument for easy
money on return of peace was based
on expectation of falling prices for
commodities, reaction in trade and
the beginning of readjustment from
| inflated credit. The prophets of dear
! money grounded their expectations on
belief that prices would not fall. that
trade activity would increase rather
than decrease. and that demands on
! bank credit would be very heavy, at
the moment when the whole world
was discovering how greatly its &C
cumulated capital had been reduced
~ eho wa anu HOW nedFlly IL haQ
gone into debt to pay the cost of war
Now Practical Question.
"A year or two ago all such discus
SONS sounded to most people like a
chapter out of text book of political
economy. The question has now be-
come very practical, however This
week it has affected the action of all
great banking institutions and of
nearly all the markets. 1t is interAst-
ing, therefore. to look back at the
market and to see how completely
the argument for easy money on re-
turn of peace has broken down.
Except for the brief period of COM
mercial hesitation at the beginning Of
1919 prices of commodities have not
declined, but advanced. It is more in
tense than it was at the climax of the
war, the somewhat smaller produc-
ton of material which was necessar
for war munitions having been de-
cidedly counterba1anced by greatly in
creased activity in all other lines of
trade.
Demands on bank credit for indus
trial and commercial purposes are
much greater than they were even
in 1918.
Draw on Resources.
Bank resources everywhere have
been drawn upon far more heavily
than they were even when the gov
ernments were floating their four or
five billion dollar war loans and urg-
ing subscribers to borrow from the
banks in anticipation of future in
come.
If such a situation were to arise in
the case Of an individual, without re-
lation to the larger economic forces
now at work, the most ordinary mo-
tives Of common sense would lead him
to be careful about further borrow
ing-both because of his own position
and because of the position of the
banks. AS everybody knows, no such
prudent policy has been pursued. AT
the moment when the community as a
whole was heavily in debt as a con-
sequence of war finance and when the
high prices and great activity of
trade were placing unexpectedly
large acquisitions on the diminished
bank resources the Spectator entered
practically every market and under
took to appropriate for his own pur-
poses the credit which the banks were
in no position legitimately to extend
to him.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
Fifty Years Without Loss to an Investor
Solving the Wo,,,a,,'s
Investment Problem


There was once day when the woman
had to depend great deal on her intui-
ton in selecting investments, because she
was not in a position to properly investi-
gate every security that appeared attrac-
tive. ,.s. =s n
Today it is different The service we
offer the woman investor comprises the
placing of her money in go first mort
gage notes 1.-THE recognized safest invest
ment), the attention to all details during
the life of the loan, the repayment or re-
investment of the principal and the added
security of house with a record of fifty
years without loss to an investor.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
STOCK MARKET WEAK;
|NDUSTR|ALS IN SLUMP

NEW YORK, November S.-The
break in the industrial shares, which
had seemed to be slackening on yes
terday's market, was resumed with
violence today.
Heavy selling converged on all the
stocks which led in the recent wild
upward movements, and declines in
the two-hour trading ranged from 5
to 10 points.
In several of these miscellaneous
.industrials'' todays low prices were
nearly or quite twenty points below
the quotations of a week or 50 ago.
The days downward movement con-
tinued practically from the start to
finish. 1t affected a wide range of
stocks, the railway shares alone, which
escaping the full force of the reaction.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
Copper Earnings Lower.

In the copper industry the gross earn
ings are less than a year ago because
there has been a decrease in both pro-
duction and price and there has been a
simultaneous decrease in monthly wages
and in dividends. There has recently
been a decrease in the earnings of corn
and live stock growers owing to the drop
in the prices Of corn. hogs and cattle.
Either labor or the growers must ac-
cept a reduced income in these lines
of industry. In the railway industry.
however. the workmen refuse to agree
to fair return to capital. In the steel
industry also the bolshevist organizers
insist that wages shall not be reduced
even though the profits approach the
vanishing point.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
INCOME AND WAGES
BASED ON INDUSTRY
National City Bank of Chi.
caqo Discusses an I'm.
portant Topic.

An essential point in Analysing the
future trend of profits and wages is that
both depend upon the gross sales or
gross earnings in any industry, except
where the government, as in the case
of the railways. stands ready to pay
larger dividends and wages than are
actually earned. This policy. of course.
cannot be tolerated in manufacturing en-
terprises Wages and profits must de-
pend upon the trend of commodity
prices. If prices are to decline then
the gross earnings in an industry will
decline and there must be a reduction
in both wages and profits fairly dis
tributed.
The incomes of the American people
as a whole were estimated at 35,000-
900, 900 before the war (nearly $340
per capita), but owing to the fact that
prices have increased fully 100 per cent,
the national income during the past
year has been about $70.000.000.000
(about $3.50 per capita). If prices on
the average decline 20 per cent. this
will involve a decrease of about $14.
000. 100000 in the national income and
a general decrease of 20 per cent in
annual wages (not rate per hour). I'M
less employers are willing to continue
having present wages and do entirely
without profits. This is a matter of
simple arithmetic.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
WHAT IS NEEDED TO
WIN CH|NA'S TRADE
Must Be Willing to Go There,
Stay There and Adopt
Methods.

Before the United States can hope
to secure and maintain any degree OF
permanent success in trading with
China, American business interests
must answer-and answer yes as the
British did long ago-to these three
major questions:
I'D Are we willing to go into China
to stay-to live with the Chinese. to
adapt ourselves to their customs, their
language. their trade requirements. their
viewpoint
'(2) Do we possess. or are We able
to command. financial resources that
will enable us to meet the credit needs
Of our Chinese customers-resources
SUFFICIENT to take care of not only long
term credits, but = IN some cases,
of some rather Gu go. .---.-.l~ al arrange
ments?
"(3) Are we prepared to build up our
own organizations-slowly, but surely,
with the right kind of American tim
Der?
when we can say yes to those
three questions, and go ahead and live
up to that decision. then we may con-
slider that we have started on journey
that will lead US somewhere"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
Stock Exchange Seat at $4,000.

NEW YORK. November 8.-A new
record price for a seat on the stock
exchange was made yesterday. when a
place sold for $4,000. This Is $4,000
above the previous record price, paid
less than a week ago.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
FINANCIAL.
First Trust Notes for Sale

Secured on improved D. c. real estate. Com
bine good interest with best possible secuity.
Notes in denomination Of FROM $3.50 to S. 900.
Transactions closed promptly. We collect In
terest and attend to every detail carefully.
No charge to investors. Certificates Of title
and insurance policy furnished.
SHANNON e. LUcHS,
Inves:ment Dept.
III 18th st. NV. Main 234A
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
Texas New Stock Firm.

Texas Company new stock sold at
IS to S5k and the rights were traded in
at 1914 to n. Texas and Pacific Coal
and Oil when issued sold at $50. Motor
stocks were also actively traded in. Cen
eral Motors, new stock ranging from
40M to 411a and Stearns Motor rose
from 50 to the new high record Of SO.
There was heavy trading again in
United States Steamship, which, after
declining to 81. advanced to rs. Todd
Ship Building moved up to the new
high record Of 179. U. S. S. High Speed
Tool was actively traded in at % to e..
Mining stocks were fairly active. with
Tonopah and Cobalt issues in better
demand. Some of the low priced is
sues were traded in on a large scale
without special change in prices.
General Asphalt was weak. breaking
from 1853 to. 146. Allied Packers was also
weak. especially in the last two days,
falling from S. to SAY.
American Tobacco securities after SELL
ing at 751z rose to TN and then re-
acted to rs. Submarine Boat was trad
ed in at 10 to 17A.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
Money to Loan

Prevailing interest and commiasioa.
Joseph I. Weller 20 R'.I Wash s.s l.! L. T,..,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
CURB STOCKS FIRM;
SOME WEAK SPOTS
Oil Shares Featured the
Weeks Trading-GeneraI
Asphalt a WeakIing.

(From N. Y. Evening Post Financial Bureau)
NEW YORK, November 8.-There
was pronounced broadening tendency
again shown in the outside market
during the past week, but while new
stocks came into prominence and
were active and strong. with several
others advancing to new high records.
there were other issues which were
under pressure and in some cases de-
Fclined with a good deal of violence.
The petroleum stocks moved in a
manner close to the Standard Oil is
sues, many Of them rejecting &C
emulation because of knowledge OF
production developments. Producers
and Refners was one of the strong
features. moving up from to 10as
in connection with reports about ad-
ditional production and extension
into the Homer field.
Simms Petroleum was another
strong feature. moving up from 40 to
A.. and there was persistent buying
of White Oil, which, after selling at
37L, rallied to 80. Mexican. Panuco
also attracted attention because of
statements that negotiations for the
control of the company, which were
started several weeks ago with west
ern oil interests. are still pending.
The company is drilling a deep sand
well within a few hundred feet of the
Standard Oil gusher in the Panuco
field. and because of expected favorable
results the important holders of the
company are understood to hesitate
about transferring their interests.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08

Great Britain In China Is living proof
that their long-public policy is the
only course that will work out success
fully in China.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
TES|NCREASED
BY RESERVE BANKS
Federal Board Follows Pre-.
cedent Set by New York
Regional Institution.
BY I. A. FLEMING.

Following the advance in the dis
count rates of the Federal Reserve
Bank Of the city of New York. the
second district. the federal reserve
board has increased rates all over
the country, as evidenced by notice
from the Richmond regional institu-
ton this morning of new and higher
rates becoming effective Monday
The new schedule of rates follows:
Member banks collateral notes and
customers notes secured solely by
United States Treasury certificates
fifteen to ninety days, Az per cent,
except when the certificates bear but
AZ per cent interest. when the rates OF
discount will be "A per cent.
Member banks collateral notes and
customers notes secured by liberty
bonds or victory notes fifteen to
ninety days, Az per cent.
Member banks and customers
notes secured by war finance corpo-
ration bonds. upon which revenue
stamps are required, 5a4 per cent.
Few Differentials.
Members banks collateral notes Sc
cured by eligible paper. fifteen days
and less maturity. Az per cent; reve-
nue. stamps required. Trade accept
ances and commercial paper carry
IA per cent rate, also live stock or
agricultural paper. save when ninety
one days to six months paper is Of
fered.
The rates on fifteen to ninety days
paper do not differentiate, save on the
notes mentioned.
The hardening of federal reserve
rates has been expected for some
time past, the reserve board having
gone on record as believing it neces-
sary to mark them up as curb to the
speculative fever. now more or less
rampant all over the country.
Announcement of the advance in the
New York banks rate was made last
Monday afternoon SO that the gen.
eral increase has been delayed only
week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
Ralph Dawson's Views.

The foregoing statements are part
of an interview given out yesterday by
Ralph Dawson. vice president of the
Asia Banking Corporation. who has
trip through China. Mr.. Dawson left
New York for the far east in Septem-
her, 1918. for the purpose OF establish
ing branches of the corporation in
China and also for making a study of
economic. industrial and financial con-
ditions in the far east in 50 far as they
affected American trading relations.
He selected the locations for and super
vised the opening of branches Of the
Asia Banking Corporation-which was
Company Of New York and a group of
leading financial institutions throughout
the countfy-in Shanghai. Hankow
Picking. Tientsin. Hongkong. Canton and
Manila. Another branch will be opened
shortly in China az Changshs
Mr. Dawson went on:
The trouble with the large majority
Of American traders who have entered
the Chinese market is that they have
not regarded the proposition as per-
rnanent and lasting one. susceptible of
rich rewards What we Americans
should do Is to lay out set policy for
ourselves. and then go into the field in
China with a determination to stay there
fer good and to make friends of the
Chinese merchants and manufa cturers
~ is fact that. Of all the foreigners
who re doing business in China. Amer
leans are best liked by the natives:
they not only have the good will of
the Chinese. but there exists an I'M
mistakabie bond of real friendship and
affection on the part of the Chinese
business men. With this initial advan-
tage. it is curious that Americans have not
made more of their opportunities across
the Pacific: but one of the main draw
backs. as ] said, is the failure of Ameri-
'.an traders to regard China's business
as one that constitutes a life work.
Must Go to Stay.
We must go over prepared to stay; to
associate with the Chinese and to get
an insight into their character; to ad-
just ourselves to the customs-both
business and social-of the orient to
learn thor0uchIN the frada ranuirarnant..
Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-08
Must Go to Stay.

We must go over prepared to stay to
associate with the Chinese and to get
an insight into their character: to ad-
Just ourselves to the customs-both
business and social-of the orient; to
learn thoroughly the trade requirements
of the Chinese merchant-and to full
fill them. as other nations have done.
The Chinese viewpoint. we must re-
member, is in many ways the opposite
Of our own. but the sooner we learn to
eubmerge our own ideas. where neces-
sary. and mold our minds to the mental
workings OF the Chinese merchant, the
sooner shall we catch up with the re-
wards that are waiting for U.S.
We should rid ourselves as quickly
as possible of the notion that success
in the Chinese market can be attained
by merely touching it. Swimming the
profits, and then leaving the field till
other good opportunities arise. The
British have shown to us that this
SAINT be done-and the success of
El Nuevo mexicano., 1919-12-04
Villas VENDETTA
RUTHLESS TO KILL
ALL CARRANC|STA
OFFICERS TAKEN
Major Castro, Another
Federal Commander,
Latest Victim
NEW CAMPAIGN IN
(. CHIHUAHUA NEXT

(By Leased Wire to New Mexican)
El Paso, Texas, Dec. 3,-OrdeaH have
been issued by Francisco villa for the
execution OF all Carranza officers and
men that ara captured by his fNrees,
according to edvices received here to-
day. This action has been taken as a
reprisal for the recent execution OF
Villas chief ally, General Felipe An.
geles, it is said.
The first important federal officer
TO suffer this fate was Major Leon
Castro, who was operating in the state
OF Durango under orders Of General
Gabriel Gavira, formerly commander
at Juarez. The villa officer imme,
diately responsible for the execution
OF Castro was Salvador Queyedo.
Villa Is planning a new campaign IN
Chihuahua and Durango shortly, and
accordingly the federal garrisons IA
these two states have been reinforced,
according to reports here.
El Nuevo mexicano., 1919-12-04
WILL PROBE
CHARGES AGAINST
SENATOR NEWBERRY

Washington, Dec. 3.-InvestigatiQn
Of the Ford-Newberry senatorial cleo
ton contest from Michigan, was au-
thorized today by the senate, which
adopted a resolution by Senator Pom
creme, democrat of Ohio. providing for
the inquiry.
No roll was necessary and there
was less than a minute discussion to
bring out that the measure previously
had been approved by the privileges
and elections committee which will
conduct the inquiry.
Hearings under the resolution arc
not expected to start until after the
holidays and they may be confined
to the election since the alleged frauds
during the primaries now are being
dealt with by the courts.
The Pomerene resolution was fav-
orably reported by the senate expen-
diture committee and unanimous con-
sen was given for its immediate con-
sideration. The resolution gives the
privileges and election committee
broad powers to take evidence and to
preserve ballots and other documents.
1t specifically directs investigation OF
charges and counter charges of ex-
cessiye and illegal expenditures OF
money and unlawful practices in con.
nection with the said election of a
senator from the state Of Michigan"
Senator Dillingham;, republican Of
Vermont, as chairman of the priv
ileges and election committee, will
have charge OF the investigation. He
is expected to arrive in Washington
Saturday and the. committee viii meet
next week to make the investigation.
He is expected to arrive IN Washing
ton Saturday and the committee will
meet next week to make the inquiry.
Senator Newberry was not in the
senate when the Pomerene resolution
was adopted.
El Nuevo mexicano., 1919-12-04
WAKE UP! HOTEL
DRIVE SLUMP|NG,
TOTAL Sl1O00O;
$4,000 NEEDED
IN NEXT WEEK

The hotel drive slumped Tues
day. Only one of the committees
in the field reported any pledges
collected. The others informed
headquarters that they had no re-
ports to make.
The single committee that re-
ported again was that headed by
Martin Cardesky in the Fourth
ward. TWO thousand dollars was
the committees total for the day
a good showing for the committee.
The slump means that the drive
will have to be accelerated to be
finished inside the time limit Of
December 10. The daily objective
was set at $4,000, but has not
been reached since the beginning
Of the drive on Monday, although
the collections for the first day.
were but little short OF the goal.
The exact total subscribed since
the Business Mems Cooperative
associations dinner, at which near
iy 100000 was subscribed, was
not ohtalnabie at headquarters,
but It was believed that Il did not
exceed $4,000, If It reached that
figure. 50 more than $4,000 a day
will have to be collected In the re-
maining seven days if the drive
is pushed under the wire by De-
cember 10.
Better results were expected for
today as headquarters had the as
that all committees would
do their level best to get on their
schedule.
El Nuevo mexicano., 1919-12-04
WON'T SIGN PROTOCOL
GERMANY ISSUES
ULT|MATUM TO THE
SUPREME COUNCIL
Flow Provision
Must Be Eliminated
Along With Others
WON'T STAND FOR
INVASION PERIL

ICY Lea sed Wire to New Mexlcan.l
Paris, Dec. 3.-Germany is willing
to sign the protocol putting the peace
treaty into effect the moment certain
clauses objectionable to her in the
protocol are eliminated, Baron Kurt
Q Lersner. head OF the German dele
cation here, told the Associated Press
this afternoon.
Il have full power he said. Ito
sign the protocol and am ready to
Sign it at any moment when the ques-
ton Of Scapa Flow is eliminated and
referred to The Hague, and when there
also are eliminated the paragraph re-
lating to the evacuation OF Lithuania,
which we consider already settled and
final, and the paragraph which would
permit the invasion Of our country by
armed force in time or peace on any
trival pretext.v
El Nuevo mexicano., 1919-12-04

WASHINGTON, DW. ga resolution requesting President Wilson to
sever Diplomatic relations with Mexico vas introduced today by Senator
FaL republican, New Mexico, chairman of the senate committee charged
with an Investigation Of the Mexican situation
The secretary Of Mar would be authorized under a resolution intro
duced today by Senator Ashurst, democrat, Arizona, to use the nations mill
tav forces to project americans on the American side Of the border who
threatened by hi activities of Mexican outlaws or other beii1erent
factions In the southern republic.
Explaining his resolution, which also asked that he president with.
draw recognition Of Carranza, Senator Fall declared II val based OF evidence
which would "astound the woHdv when produced. The resolution las q.
ferred to the foreign relations committee.
a. charueg said Senator Fall, that the Mexican embassy the cor.
suIate general in New York and the consulate general In san francisco
hav been actively engaged In the distribution Of bcishevfkj pfopa0anda
and that this has been done with the knowledge and consent of Vendsuana
carranza"
Senator Falls resolution follows:
the action taken BY the department Of state In reference to- the pending
he approved; and further that the president Of the United States be- and
he Is hereby requested to withdraw from Venustiano carranza, the recoe-
milton heretofore accorded him BY the unttedI States At the president Of the
republic or Mexico and to sever all diplomatic relations now existing be-
tween this government and the pretended government Of cTranza'