davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-09-10
Late, But Good, Season
Seen for Dress Trade
Uncertainty Due TO Strikes Ia
Passing, Declares Director
of Association

A late but good season FOR dress
manufacturers was predicted yester-
aay BY David N. Mossssohn, executive
director Of the Associated Dress IN
dustries of America. The manufac-
turars, he added, ara new sending their
men on the road TO visit buyers who
will not be ahle to make additional
trips to the market The frst orders
8placad by retailers who visited the
markets we're light, and Tor this rsascn
rasher heavy fili-in orders srs az.
'pecsed to be booked by the road saiss-
men.
Much Of ths uncertainty due 10 the
coal and rail strikes" he said, sgraau-
ally IL passing away. Some of the
steel sniila whsch were sersea to bank
their furnaces on acssags OF esa1 aasgs.
New-York tribune., 1922-09-10
A Correction


S. P. Clark, extension agronomist of
the University of Arizona, was quoted
IN an article on cotton growing in The
Tribune of Sunday, August 13, to the
effect that $S0.b7 was the cost per acre
Of producing Pima cotton at the Salt
River experiment farm in 1920. Mr..
Clark objects that this figure repre-
sented only small portion of the cost
of production, as it did not include
rent of land. irrigating water, picking,
hauling, ginning. implement deprecia-
thn,s repairs and management, etc.
William Whittam, writer Of the article,
answers that the figure given was at
the beginning of Mr.. Clarh's communi-
cation, and that the other items were
in mass of subsequent details and
therefore escaped his attention. The
Tribune is glad to make this correc-
ton.
New-York tribune., 1922-09-10
Influx OF Foreigners

At present 40 per cent of the popu-
laton live directly on the products OF
the soil, and though during and since
the war there has been need of im-
portation, this was caused by the ener-
nous mobilization and the mortality on
the battleaaids, which is now being COM
pensated by the influx of foreigners
from countries like Switzerland, Italy
and Spain. During the war there were
more than million Spanisrds alone
in France, AND if most Of these had not
been sent away like the Swiss hotel
employees to provide room for dis
charged soldiers who wanted their old
positions again, the working country
population would have been greater
than in 1914.
Last year the exceptional grain crop
was just sufficient for the national
needs as we'll as those Of the million
or so of tourists, but this season the
only average results obtained will
make necessary the purchase of mill
lion and q half tons Of wheat despite
the helated measure TO blaeken the
bread on September i, which will show
Its full beneets only in 1928. The
French often eat more than pound
and half OF hread q day and it is
diffIcult'te reduce them TO the 300-grasn
New-York tribune., 1922-09-10
Along the Highways >of Finance

IN BUSINESS, making good impress
sion on man in power constitutes O
realizable asset.
Knowing this, an insurance solicitor
last Christmas sent a box containing
1000 cigars to the president of one of
the large New York banks. The fnan-
cier was at first doubtful ss to the
propriety of accepting the gratuity,
but finally decided to keep the cigars.
A few months later the vender of in
surance against the hazards that bank
faces called upon the president for a
renewal Of large policy. Without the
slightest embarrassment the banker
remarked that the policy had been re-
newed through another agent.
The insurance man was stunned.
After few seconds the head of the
money reservoir explained: Last
Christmas you were thoughtful enough
to send me lovely box of cigars.
That placed us on basis Of friend
ship. We no longer, of course. can
have business relations"
Tough on the insurance man, who at
best is one who serves an unapnreci-
ative public. And yet the bankers way
was an effective manner of checking
attentions which originate from pol
iuted motives. The proper way to win
the gratitude and loyalty of customer
as to render excellent service. The
offering OF gifts seems tantamount to
an admission that the goods and
services sold are not sufficiently de-
sirable to retain the loyalty and
patronage Of the buyer.
New-York tribune., 1922-09-10

limit Of the war even though she k.r.
amount OF nutriment could be obtasnsS
by greater use Of large qusntitlss y :
potatoes end corn, which are avaiIssls
NJ. Cheron, Minister Of Aericuifnrx
plans TO increase premiums tA aoriT.,f'
eure and 70 make eArtain that tbs ,sssa 1ss,,
optimism Of lsst year shall NOT y.s,.s
50 that in the future the fsyessS,a
trade balance mighs not be endsnesrss
by the chance Of sn unfavoyahIe s,..s
Nine million three hundred thsys..s
tons Of wheat are needed annually y
which 100000 is for seeding - ~ y
ply the needs Of population Of sem. ss
forty million, including Alssea.Tss'' ''
raine, which total has been oriv si,sss
iy increased since 1870, II We sas, sss...
the deduction of 1900, 900 killed - ~
war. The report of the last twais, ~ is,
months shows net increase Of r.a tsrss'
per Thousand, compared 70 about sis,,.s
per thousand in Germany. or III s5vys4 roa
compared to $4,000. ''sus
New-York tribune., 1922-09-10
Insurance a Science

But, speaking of insurance, the time
IS last coming when a reluctant world
VIII learn that an individual can be a
life insurance agent and a gentleman
at the same time. Insurance, in the
modern sense, is q new invention, and
IN It's early stages voluntary associa-
mons and other agencies in many in.
stances betrayed the faith of pol;cv-
holders. Selling insurance became 4
retreat OF last resort fer insists in
other lines Of endeayor. To-day. how
New-York tribune., 1922-09-10
The Influence OF Trade

More fundamental than any of these
considerations, however, is the inau-
ence of widely distributed trade.
England's free trade policy may not be
IN. accordance with the views enter
tanned by the majority of business men
Eron your side ,.of. the. water, but it has
professionally had the result of onen-
ing. her markets to the whole world
and consequently opening the markets
OF the whole world to her. This I yen-
ture to suggest is the most real and
essential reason for the popularity Of
the sterling bill all over the world. All
the other things which have caused it
are details which New York can supply
II she chooses. to take the trouble to
do so, but as long as America prefers
the policy of high tariffs, New York
Will have serious. obstacle to sur
mount in competing with London for
the financing of international trade.
New-York tribune., 1922-09-10

Frances internal and internatioasI
situation would thus seem 70 mako 9
larger population as home unnecessary
unless for the purpose of eosoaHing
North Africa, and this would b. an
likely as long as the fear OF German
invasion exists, for the government
must always keep her interests az horre
to present The strongest front pcssiels
against foreign aggression. Moreover
her policy is TO leave her coionisls she
maximum independence, so that their
social life may continue unhsmpsred ~
the customs Of the Occideat, which ays
made for different climatic ecnditioHss
and shas they may develop their own
civilization, and with the added wealth
obtsinahle through the sdoptian os
modern inventions TO the advantage oi
both countries. AS military reasons are
hardly sufficient justification in our
era for large birth rate, they are Ger,
tainly negative argument unoef
actual circumstances. Statistics sass
issued. show that there is slight IN.
crease in progress, which would be sats
isfaetory if IL were not compared %
that evidenced in Germany.
AS long as Europe remeirs eiyioea
into separate nstionalistic eeonomis
units there will always be evsrpepu.
lated sections which will, by the Law
of selfspresasvstinn, .attemps to cvert'
run the more favored rAgicns and be
the inevitable cause Of future waFss
Free trsde and league Of Continental
nations weuld, perhaps. be the best
solution. and this latter will always ee
opposed by Great Britain, who wsule
consider the balance ef power threat
ented and her strategic position on sAs
Continent, held FOR SO many centuries
impaired. A world organization wAte;
out the agricultural states Of Nerth
and South America would be eonsst.
cred unfair TO France, as IL mi&Af
cause them 70 be always cutvosed sy
New-York tribune., 1922-09-10
after the Yacation

a September aport that is popular in
the financial district is the sttcnpt.
after a vacation, to readjust ones SELF
tc the notion that after all there is
work to be done in the world.
September also breaks the summer
breathing spell between each YEARS
food Of businessSsnen's conventions.
New-York tribune., 1922-09-10
Favorable Turn i'm Trade
Briglltens Japan's Outlook
slieht Excess of Exports In July Seen
as a Pivot Point i'm For
eign Commerce

AssevseaA Correspondent Of the Toxic "Ju2
Aps the July
November 1921 thing happened
- epnsreial Aad fnancal putting
the mon sssnt wort Of fesa
raagn Of hefaorahe bianee ade July
exported valued at o and her
value 600 n TIE sae therefore Of
100000 which in the fose BUSINESS Of
nothing.
New-York tribune., 1922-09-10
Sees Food Resources as 4If
Europe's Chief Problem
Writer Urges Abolition of Trade Bar.
riers and Greater Production
I'm Eastern Sections
BY Arthur Rutsen suckley

REALIZATION has been gradually dawnns public
~ that while interior budgetary problems will right themselves
~ time automatically If sound old fashioned principles
hs economic NAV ia
scbed ovepopuaon Of of the nations Of Europe sa
This caused undoubtedly by their reliance
for which they paid bysuppleentng back
development through the sale Of machinery kinds
New-York tribune., 1922-09-10

indulge in prophecy, and
foretold that the war which was
then beginning would leave the
United States on top of the world
financially and Russia politically.
The first half Of the prophecy has
come true, the second one not yet,
though it may do so in time, at least
so far as the Eastern Hemisphere is
concerned, if the European powers
continue to behave with the extraor-
dinary childishness that has marked
their mutual relations since the war
ended.
On the financial side of the matter
there can be no question that the
United States is the country which is
at present supreme. The war enabled
her to pay off the whole of the vast
sums which she had borrowed from the
Old World during the years of her do.
velopment and spent upon her equip
ment and further to supply the war
ring powers with goods and services
which were valued at such enormous
sums that the human imagination is
puzzled and bewildered when it even
attempts to consider the problem of
their being paid America is now the
worlds creditor, and any people that is
in the position of world creditor can,
If 1T chooses. make it's country the
financial center of the world.
ln the Broader Sense
In one sense, of course, the people
which is the worlds creditor and is
at the same time continuing the process
by which it became the worlds cred
itor-that is to say, selling more goods
and services than it buys from other
countries and lending the buyers the
money to pay for them with--must be
also the financial center of the world.
Because such atcountry has the power
by calling on others to pay debts due
to it, of making it practically impos-
sible for other centers to continue to
do business except with its permission.
This was shown at the beginning of the
war, when London called in credits all
over the world and turned the ex-
changes in its own favor with such a
rush that the whole machinery of COM
merce broke down.
| Ultimately the country which is the
chief lender in the investment market
and the short loan market is, in the
most important sense of the phrase, the
| financial center of the world. 1t is
there that those who want to initiate
and expand enterprises in backward or
! impoverished countries must ultimately
go for the necessary credits. There
can be no doubt that at the present
moment America is in position to ex-
ercise this sovereignty if she chooses
to do so.
| Having got rid Of all her debts and
acquired q large mass of foreign
| promises to pay, she can, if she
chooses to develop along these lines,
be a great money lender abroad by in
vesting her surplus of production in
| foreign countries and reinvesting the
| interest which she receives from them.
| If she chooses to cultivate this policy
New-York tribune., 1922-09-10
Cor, Overcon,e Handicap

1t is, however, quite possible to ex-
| aggerate this difference. America has
in the past done plenty of foreign
financing ard | am often amused by
the efforts of Americans who come to
this side of the water to pose as inno-
cent ingenues who have never seen a
financial card and want to hear all
| about the rules of the game from
the seasored poker players on this
side. In any case, even If London
does possess a great advantage in ex-
perience and knowledge, this is mat
ter which time and training can over
come if New York chooses to take the
necessary trouble, and the same may
be said concerning the technical de-
tails of the machinery of discount
which have not yet been as completelv
worked out in New York as in Lon
don.
One is told, again, that there As no
equivalent in America Of the great
English accepting houses, that though
there are enormously powerful finan-
clal firms in New York the names Of
most OF them have been so prominently
| associated with stock market OPERA
tlons on great scale that bills ac-
cepted by them would not be regarded
IN foreign centres with the same con-
fldence and respect that are given to
those drawn on London acceptors who
nave cultivated the art of aloofness
with more success. There is probable
some truth in this, but here again
IL Is matter which time can remedy.
and America can surely train or ac-
quire the right kind Of acceutino
mouse II she wants to do SO
New-York tribune., 1922-09-10

London is clearly New York's debtor,
nevertheless the expectation that the
bill of exchange drawn on New York
would drive the sterling bill out of the
worlds markets as a means of inter-
national payment, which many people
prophesied as an inevitable result of
the war, has not yet been fulfilled. In
fact, bills still come forward to be dis
counted in Lombard Street which have
actually been drawn against shipments
of goods from some foreign country to
America. This, in spite of the fact
that New York is now a free market
for gold, whereas a bill on London only
entities the holder to demand payment
in notes which are still in the eye, of
the law convertible into gold, but even
if he gets the gold he would not be
able to export it from England except
undar license
New-York tribune., 1922-09-10
Stationary Population

France has aften been pointed svF
as degenerate in that her pouulatier -
nearly stationary, while that Of bsr
great ielghbor has passed from ssata
OF equality fifty years ago 10 ths
present ratio of five to three. hut yss
riust remember that this is the result
of definite social and governmentsI
policy, backed by the democratic ser.
tlments OF vast majority, who after
centuries of profitless and costly
struggles with their northern invaders
have finally established their intsrugI
and external equilibrium on the basts
OF social stability and neutrality 10
the outside world. France is smaller
than. Texas, with nearly ten times the
number Of Inhabitants, and il ia her
avowed intention not TO ageravats tkis
situation or to eompiicate her proh.
lens with those of enforced ernivrz.
tion and uncertain markets for hsr
subsistence. Her vast colonies ofYer a
sufficient field for her surplus energy
and ambition, with sheir 10000, ,900 of
natives, and IL is hoped that within a
short time they will form an economic
block more cohesive than that OF tho
English possessions, not only because
Of their geographical position in every
climate, but because of their friendly
relations TO the mother country.
Algeria is integrally part of Pranee
politically and Is classified as depart
naent. It's trade in cattle and fruit
Is continuously more essential 20
France, while railroads are opening 10
q territory as suitable Es the Riviera
for livestock and southern products
generally. Algeria now has more than
million head Of cattle, compared with
100000 in France. West Africa
is SECOND. buying $4,000 900 francs.
OF merchandise in 1908, compared with
55,000,oo0 in 1920, and 1000, ,oo0,0G1
in prospect for next year.
Although France, with her small ncp-
ulation, will always be obliged 70 make
self-defense her main object, her yrss-
tige on the Continent and close al
lance with the Little Entente hava.
made her ideals supreme as azainss
these of the industrial nations, such al
Italy and Germany, and for the nexs
few years we msy expect this favorable
balance of power to be greatly iu-
creased as the countries OF Esstsysi
Europe have unlimited space for sddi-
tional population. Being very rroliflc.
there is every probability of the devsI-I
opment Of their great surplus res
sources of agriculture and minerals
without need Of foreign labor.
New-York tribune., 1922-09-10
Londor's ADVANTAGES

1t is thus evident that the stress
which used to be laid on London's free
market in gold as a cause of the popu-
larity of the sterling bill may have
been exaggerated, and we have to look
for other causes for London's SUI
premacy as financial center if we are
to consider whether, and how soon, New
York is to oust her from that suprem-
acy The first and most obvious ad-
vantage, of course, is the fact already
alluded to above of the enormous
weight of custom and convention. Lon
don has so long been the center, and in
all the markets of the world the ster-
ling bill is so well known, that it is
quite possible that mere use and won't
have so far maintained London's posi-
tion in spite of the influences which
were expected to transfer her sceptre
New-York tribune., 1922-09-10
Could Be SeIf.SuGcient

Europe could be self-Sufieient even
excluding Russia if she gradually ac-
customed herself to producing the
maximum quantity of foodstuffs in
eastern Europe, and, what would be
the natural corollary, make easy in-
terchanges of goods possible between
the countries which now protect them
selves behind high tariff walls whila
producing only a little more than their
own internal needs. This part of the
world is now in state of uncertainty
and transition economically and politi-
cally where the old ties of solidarity
have been. broken and new ones have
not as yet been forged. In practice the
Balkanized zone has been temporarily
more than doubled In area by the war,
and includes most of the provinces of
the Dual Monarchy. Formerly Vienna
was the capital of an empire self-suf-
ficient for necessaries, while now 1t IS
the capital of third-class industrial
state separated from her former Gus
toners and food supplies by high tariff
walls and new-found alien ideals.
Bohemian grain fields are now re-
served for the needs of the Czeche-
Slovaks, while Rumania, with. an enor-
nous exportable surplus of three mil
lion tons of wheat, is unwilling to ex-
change 1t Ior GoooS Whtch uHoer PRES
ent conditions she is not only able but
anxious TO produce herself. In other
words, a temporarily self-centered
group of victorious agricultural ma
tions are, through no fault Of their
own, largely responsible for state Of
economic disequilibrim which at best
would be complicated by the elinnina-
tion of the grain resources Of the
Ukraine.
France is the only country which has
largely avoided these difficulties owing
to the fact that size worked out more
than hundred yeavs ago the problem
of self sufficiency by establishing her
existence on an agricultural basis by
the division of lands into small hold
ings. 1t is even true that this tendency
has been carried on TO such an extent
that the individual parcels are in some
departments subdivided through in
heritance into strips so small that they
cannot be worked effectively with mod
ern farming machinery. II is recon-
mended that this be corrected by MAX
ing regulations providing that nothing
less than two acres can be split up and
that the property be sold as unit
when the tract is too small to be profit
oA1n
New-York tribune., 1922-09-10
London Still Supreme, How
ever, i'm the Technical
Operations Connects d
With international Trade
But u. s. Can Cain Place
Our High Tariff Policy
a Serious Obstacle,
British Writer Asserts

to New York. II this is SO it is a ques-
tion Of time and the amount Of trouble
which New York is prepared to take In
order to secure the supremacy for her
self. 1t Is also true that London, hav-
ing SO long been engaged in this busl-
ness of financing international trade
by acceptance and discount, has at her
disposal great mass of tradition and
experience and a knowledge Of dealing
with foreign customers on the lines re-
quired by this particular business,
which is probably good deal greater
| than is to be found in New York
New-York tribune., 1922-09-10

The result was an abandonment OF
agricultural sels-suficiency in favor
of industrialization and consequent de-
pendence ON the development of ex~
terror markets for the necessariss of
life. Germany was the most notable
example, with d surplus Eopulation OF
more than 20,000,00u, more than she
could supply from her own resources,
despite the continuous pursuit OF IN
agrarian policy. Every enort had been
made during the last fifty years to
increase production, including favor
able tariffs to the agrarian interests
and the draining Of the marshes Of
Westphalia, but the continuously in
creased population joined to the natural
aridity Of the soil left only the re-
sources of emigration and annexation
Of alien territories as means of even
tual solution
England for more than a hundred
years has given up the hope of inde-
pendence economically, relying on the
close relations always maintained with
her colonies, while the control Of the
seas insures her satisfying three-quar-
tiers Of her needs from the outside
world Switzerland is in the most diff
fcult situation, as she must secure the
largest portion of her food-stuffs from
the outside, and, lacking great invest
ments in other countries, she can only
give in payment the Injuries such as
watches and mechanical instruments
which in times of difficulty ncighhoring
countries will be the first to deprive
themselves of. 1t will be remembered
that during the war conditions reached
such critical stage, owing to the tenn
porary cutting off Of supplies via Cetke
and Geneva, that the Swiss threatened
TO use force rather than starve within
THAR bnvJarc
New-York tribune., 1922-09-10
America Ii Already i'm
a. Position to Exercise
Sovereignty in Supplying
Funds, Witliers Declares
Only Big Creditor Nation
Power of Calling Debts
Makes Business of Other
Nations Dependent ON Us
By Hartley Wishcr,

AAO4N9o1N.
wv THEN the war broke out in
" 1914 / was rash enough to
indulge in prophecy. and