davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-05-07
Argentine Beef Trade ParaIyzed
Many Schemes Put Forward for Increasing Exports
but None Give Methods for Restoring
Foreign Demand

Gnanciers realize the stability Of this
country, or whether it be the belief
that substantial change for tho bet
ter vii! follow the result Of the cleo
tlons. tho fact remains that locally
strong demand has sct IN for Argentine
government stock For the past two
weeks the market has been sngularlv
spirited one might say excited and
prices advanced all round for "cedulas,
which arc the equivalent Of Treasury
bills. new issue is expected within
couple OF weeks, but despite this
and the fact that the National Bank
has unloadcd heavy lot Of its hold
ngs the market ia firm and "ccdulas"
closed for the week ended April 8, at
half point better than in the pre-
vious week.
Quite an active interest is being
shown in the exploitation Of oil lands
and the promotion of new railroads.
Several new lines arc projected by tho
national railways administration aud
foreign capital is promised for con
structng and operating concessions
that were not worked while war con
ditions prevailed Railway mon are
watching with keen interest the devel-
opment Of tho great Southern terri
tories, in which the most attractive
petroleum areas arc
Tractor Line
Tho Great Southern Railway Com
pany has opened IN q large tract Of
rich country with Dccauville lines. on
which small tractora are employed for
hauling loads IN 10 fiftv tons. aNd work
is now proceeding for tho construc-
tion Of tho first part Of an extensive
system under state operation to link
up all the important ccntors in Pata-
gonia.
Bids were opened last week for loco
motives for the government line be
twccn san Antonio and Nahucl Huspi.
Offers were received from two Amcr-
can, two British. two French two Bel
gian and nine German firms, tho low
e7t being from the Baldwin Locomotive
Works
4 firm tone prevails in tho export
trade in cereals, wool and hides. but
conditions in tho packing industry arc
still terribly deprpsSed
New-York tribune., 1922-05-07

out against the mixed background.
Lately there has come = growing be
lief that foreign trade VIII not solve
all our economic problems, despite The
blaring of many trumpets to that ef-
feet. The idca is gaining force that We
may have prosperity mere without n
large foreign trade. 10 loss an author
ity on commercial matters than irving
Bush has often repeated that 30 can
not hope % build up a large foreign
trade N manufactured products in com
petition with the cheap labor Of for
eign nations. except in those articles
which arc produced largely by mactin-
cry or in which Yankee ingenuity out
rivals the world.
This idea is not neccs sarily discour-
aging to those who would enter foreign
trace or who already are in it. But it
docs give the prospective forci gn trader
something to think about.
New-York tribune., 1922-05-07
Increment OF Bonds

However little attention is paid to
the direction of bond prices In per
iods when business is flourishng and
prodgous speculation in stocks is
being built up around actual and pros
pective industrial profits, no one who
aims to have his took market prog
noications taken seriously ignores the
action of the bond market during that
phase Of the business cycle when doubt
as to the future of business Us almost
universal. TO do so would be as short
sighted rs attempting to chart the
oceon tides without taking into con-
sidsration the phases of the moon.
The course Of bond prices has real
and important bearing on the move
ment in stocks. The market for the
latter functions properly when it fore
casts conditions. but it is no less the
function Of the bond market TO indi-
cate the attitude Of tho public towa rd
speculation. This is especially true AT
that point in the business cycle where
business is neither booming nor in the
lowest through Of depression. 1t is
not in tho nature Of things for maj or
movements in tho two markets to be
entirely coincident. While stocks were
soaring in 1919 on the strength Of
enormous profits and seemingly de-
mand for goods. bonds were declining
because the very initiation which made
for big dividends served to lower the
purchasing power Of the bond coupon
dollar.
But before the first stage Of the
stock market Acknowledgements in No
vemher, l9l9-was completed bonds
started the recovery which is still
under way. Bouds turned upward first
because the end Of imitation in com
modify prices had come. Tho major
part Of the decline in stock prices was
subsequent to the turning point in
New-York tribune., 1922-05-07
10 Months to Recorer

1, was nineteen months after the
tide of liquidation IN the stock market
MAS stemmed before prices regained
the level OF February, 1907.
In the present instance 5@ per cent
- the ground lost IN the period No
vembcr. l9l9-August, 1871. has been re
covered m eight months In similar
pel1od following completion OF the
hquidation N 1907 stocks had recov-
cred practically - per cent Of their
previous losses.
Al these facts and hgures are un-
New-York tribune., 1922-05-07
In State of Fins

There is little doubt but that our
export trade is IN state or fux it j.
changing. not only in the character Of
goods VIC export, the kinds OF firms
that arc engaging in it. but in the per-
sonnel OF those who are in charge Of
export departments.
There il moro selling direct to the
foreign customer by American manu-
facturers. This process is gradually
sweeping aside the commission NOR
chants who handled the bulk Of our
foreign commerce two or three decades
ago. The export personnel of this
country in tho opinion Of some export
managers. is gradually becoming Amer
icanized. il receiving an infusion of
new young blood. which gives great
encouragement for the future OF the
business.
This change IN personnel is strongly
maraed in export managers clubs and
associations. The secretary of one
such body recently remarked that the
character OF the entire rgan,z8tlon
had changed greatly within the last
two or three wears. that moro distinctly
American faces are seen at the meet
ings, and that the talks and Discus
sions carry less OF a foreign accent
and foreign flavor than they did
formerly.
Not only arc the Indications point
ing 20 the handling of our fore gn
trade by native Americans. but also by
young Americans. The Export Man
ayers Club of Now York. for instance.
at tho meetings of the American Manu-
facturcrs Export Association young
faces prniominatc. Most of those
vounpe-or-s hevo hcon in the business
New-York tribune., 1922-05-07
adequate CAPITAL

ne aoequacY Of existing capital once
business has returned to normal fnr-
hIshes subject for much mental specu-
!atlon. Bat that is a question for the
iuture ana IS aside from the discussion
III mana AT the moment there is 4
cop'ous supply of cheap money, and the
owners OF 1t. or those who are IN n
position to borrow il, have greater
courage to divert money into The kind
OF securities that We're considered az
haVlng too great An element of risk
only feW months ago. The order of
preference for the different classes Of
securities IN the present instance is the
same AS IT was in 1908. 1904. 1894 or an
the year following any Of the other
notable periods of depression frst
n'gh grade bonds rejecting the eau
llous attitude of the public, and then
hieh grade stock. second grade bonds
Speculatlve bonds and speculative
stocks GlIt-edged bonds and frst-class
preferred stocks have scarcely moved
Tor several weeks. 1t may be conceded
that preferred stocks of inferior type
contain prospects of further apprecia
non, and the same may be said of com
mon stocks with variable dividend
rates. Speculation in the bond market
has spread to classes Of issues from
which only short step leads to specu-
lation in the more risky stocks.
The public has been coming into the
stock market in eyer-increa nun.
bers, but buying has been confined 10
that element which believes that this
market movement is a major effort.
Another element has adopted the slo-
gan wait and see They have not
yet been convinced that this is not a
false start They have their doubts
about the stability Of prices for com
modities and other goods and are
New-York tribune., 1922-05-07

cay movement a minor effort They
overlook or ignore the fact that in
the present instance the prices Of com
m odlties and staples have turned in a
m ost emphatic manner Cotton, grain
steel, copper sugar, OIL textile. and
other good. prices have shown a de-
clded tendency to recover in recent
months.
However. time alone will determine
whether the country is going through
period Of secondary initiation to be
followed in the natural course OF
events, by a period Of secondary liou-
dation and setback to the forward
movement in stock prices.
All these arc primary conside rations
in determining the future course OF
bonds as we'll as stocks.
New-York tribune., 1922-05-07
Similar to 1908

/: is worth noting that with stocks a
lit,ie over 90 per cent above the e1-
trens ON level of last August bus.
r.ss IS pow fully as far advanced IS il
was m the middle Of the year 1908. or
clgAl months after the panicky selling
ai securities ceased. There was big
Increase in Tho Steel Corporations
bookings, just as there has been in tho
rrescnt situation. Marked improvement
IN railroad gross earnings and in the
number Of idle cars, dlIninutlon o.
dividend omissions and important re-
ceiversnips, rise in wheat and cotton
and greater abundance Of money
available for corporate fnancins ana
call loans were as noticeable IN the
summer o. 1905 as they arc now.
Except FOR the more rapid pace Of
the recovery in stocks after the 1907
panic. the analogy has been reasonably
close up to the present time. In carry
Ing the comparison further in an at
New-York tribune., 1922-05-07
Italian Bank Note
Emission Reduced
? Billions in 1922 !
Outstanding Treasury Bills
We're Doubled. However.
Chairman of National
Bank Tells shareholders

Special Foreign Financial Correspondence
ROME, April 17.-Chairman Bopado
Stringhe~ recently read to tho share
holders Of tho Bank of Italy MS an
nual report, rcplctc with intcre st ing
data on tho economic and financial
conditions in 1921. Among other
things, Signor Stringhor said that last
year the quantity of paper notes issued
by the banks FOR government account
decreased to $500 900 900 lire. against
lO.5oo, 100000 in 1920, but tho total
outstanding Treasury bills advanced
from II 900 .o0O 900 to 20. 600 ,O0o. 900
lire.
These were chiefly onc-ycar bills. SO
much in demand because they were the
only securities exempted from tho
then impending law requiring the
registration Of all securities payable
to bearer. for income tax purposes
Since. however, the emission of new
treasury bills has been suspended. ard
thus treasury competition with private
investment has hecn reduced
The eXigency of the credit situation
IN 1921 resulted in a large amount Of
discount and advance opcratjonS The
Bank of Italy had monthly average
of 100000 900 lire of advances on Sc
curity. This was raised to 5000 900 900
lire in December on the occa sion of the
crisis in the affairs of the Ranco di
Sconto
In this situation the Bank of Italy
did not find it advisable 70 reduces tho
ri ,,l1
the examples of the Banks Of England
France ard Switzerland. which haNc
greater resources. The rate now stands
at pnr cent
IN regard to the foreign exchange
situation Signor Strngher remarked
that the atmosphere was clearing He
also pointed out that the excess of
imports over exports, which stood at
lo.5o0 900 600 lire in 1879 and 5000
coo lire in 1920, had decreased to G.
00,o0000o lire in 1921. which WAS
partly covered by money sent home by
Italian emigrants and by money spent
by foreign Travellers Signor Stringher
also said that he had little faith in the
Genoa proposals to return to gold
parity.
The Italian government has been
called upon to aid the Ansaldo cor
polation in its difficulties. The firm
points out that it purchased 10000 tons
of worked steel at cost OF 200, 100000
Ire from the United States on govern
ment ship contracts and that the
government suddenly suspended the
orders The Ansaldo firm, which was
the chief munitions concern in Italy
during the war, is said to be in serious
d fficulty because it has been unable to
adapt itself to peace conditions.
New-York tribune., 1922-05-07

The most expensive itcm in business
is poor bookkeeping. If you are iust
starting in business and feel that you
cannot afford bookkeeper, and If You
understand the proper keeping OF
books and know how to balance ac-
counts each month. we'll and good, so
long as YOU do IT correctly and to the
penny. If not, the most profitable
thing you can do ia either to get n
capable, mcthodi and neal book
keeper part time If you must econo-
mize in that direction) or else have n
first class accountant arrange n good
system for you and follow it consci-
cntiously and on time. The same rule
place for everything and every
thing in its place, ss quoted for the
sales department ls especially appli-
cable to the Office. II You cannot tell
TO the penny how much it costs to run
YOUR business, both in expense account
and for merchandise, you can never
know how much real profits you arc
making or how much loss YOU arc sus-
tanning.
New-York tribune., 1922-05-07

tempt 10 foresee what the stock mar
ket OF the future has in store it is es
sential that the prognosticator give due
Importance to tho fact that the peak
from which stocks started their decline
in the early days Of 1907 was much
nearer normal than that of November,
1919. Other things being equal, it can
not be expected that stocks will regain
the level of the latter date until bust
ness has assumed the proportions of a
record breaking boom, 1t is generally
conceded that normal business condi-
tions-if there is such thing as nor
malcy in business at all--would be no
justification for security prices which
reflected the artificial prosperity of the
year following cessation Of hostilities
New-York tribune., 1922-05-07

All stock market diagnosticians agree
on one point. They believe that some
where there is the right index to future
market actions. They admit that If
any man can select and consolidate the
right chapters in American financial
history he can, by applying his re
furnished lamp of experience to the
present situation. lay world of profits
at mis- feet-grsnting that he has the
required initial capital. After this
~ arket movement is completed any one
who can boast Of having bought at the
very bottom last August and sold at
the very top of the rise can lay claim
% having read history Alright. But
some are taking profits and others
are making a more or less belated
entry into the field Of speculation be
cause Of difference Of opinion. Thus
We have market for stocks.
1t "a not the purpose of this article
TO mold an opinion and set it down for
the guidance of spectators. That is
hardly satisfactory role for any one
10 assume. These chapters will go no
further than to suggest a trend Of
IN ought for any who want to make
study of the subject, and draw there
from their own conclusions. When this
market movement shall have been COM
picted it Will be described as having
rad the main characteristics of some
market in the remote or nearby past
and as containing incidental features
Of still other markets. The two efforts
which seem most worthy of study are
the recovery following the panic of
1907 and the more protracted recovery
after the Civil War
Although the declines in stock mar
ket prices during the 1907 panic ap-
proximated those Of the period No
vember, 1919August, 1927, more close
ly than any other period of strain. the
main factors contributing to the situ-
alton fifteen years ago were essentially
different
New-York tribune., 1922-05-07
Predicting Prices Based
On Stock Market Cycles
A Study of Similarities and Differences
in Present Recovery and Those
of the Past
BY Harold r. Buncc

Al half different Wall
Street has harbored the feeling the market could
further without substantial
essonal market observer the
ths feeling But back amply
Tor
vcons and therefore there
recovered half their
cerne the end sight The trouble dou bulls"
chosen their history
New-York tribune., 1922-05-07
S,citched to Bonds

Numbered among those who have
purchased bonds during the last Two
wears are MANY persons whose custon,.
airy field is tho stock markct u,;+b ~,
chances for quick and substantial an
probation OF principal. No small nor
centagc Of this group has been taneht
a stern lesson in the past. and vii
elect to remain creditors Of rather
than partners in business enterprises.
But An even more substantial percent
age has as its final aim switch from
bonds 10 stocks as soon os thnro 'o.n ro
more definite sions that OH viii ha ~,
with business. This clomcnt 10 uotol
ing and waiting There is cenoral ;n
terest in the ouestiop uboro 49,. 81.
New-York tribune., 1922-05-07

skeptical about the pcrmanency of thi,
BUSINESS revival Whether this market
follows that Of 1905 or goes back to the
period after the Civil War for prece-
dent is the point on which opinion diff
fcrs. After all, it is an honest dfer
ence Of opinion that makes trading in
securities possible.
New-York tribune., 1922-05-07
" hoIesalp Field

This applies TO certain class Of
retail shops, but 1t is as essential In
every kind Of retail business, from the
smallest stand selling vegetables to the
highest grade shops dispensing the
greatest Injuries. To he paid for your
merchandise or talents when due ia
Just rs important rs ii Is for you to
pay your bills promptly. In the whole
sala field (the one | understand best)
the extension Of credit is really an
easier matter The trade has it's credit
association. or Rradstreet's and Dams
ratings and credit systems, and the
heads Of every business must be their
own watch dogs with the book
keepers AS assistants.
The card system is very good one
to keep tally, but a very simple and
easy method is to have list Of the
customers names and amounts due
made each month. as the statements
arc sent out. When each account is
paid simply mark it Off. so that when
such a list ls kept in your private desk
and studied daily il ia easy 10 keep
in touch with your accounts and takes
but short time, rs the record is so
New-York tribune., 1922-05-07
Problems of the Woman in Business

condensed. A politely worded re
minder to the honest merchant that
his account is overdue should give no
offensc. and If it ofIends the dishonest
one you need not worry about 1t. BE
humane not overgrssping but busi-
ncsslike You are not banker; he
gets interest when his money is out;
you cannot you only lose your inter
New-York tribune., 1922-05-07
More Native Americans
Now in the Export Field
I e G @u:..ez A:~~-.
Process of Selling Direct Is Swcen;n.
Aside Many Commission Firms Of
Foreign Management

XPORT trade. What chmera these are ro,
age business SO much has been written stT r
foreign possibilities. necessity for i st
domestic prosperity and It's difficulties that ca - @
only hodge podge pertinent f f
New-York tribune., 1922-05-07

sonable rate 10 others to insure in
crease in trade. and then II. among
every ten customers, six pay and four
do not, weed out those who do not pay
and if you are suffic iently sclf-respect-
ing and your wares are desirable no
doubt YOU will get others to take th"r
places or go into other fields for trade.
New-York tribune., 1922-05-07
Japan Importing L.. S. Hats

The production of soft hats in Japan
is not keeping pace with increasing de-
mand; 1900 dozen were imported in
1920 and 5000 dozen in 1921 lmporta-
tions came chiefly from the United
States and from Italy.
New-York tribune., 1922-02-09

SAN FRANCISCO, San Diego, Los An
Fe'es Harbor Wilmington. Port
land, Seattle
FROM REV YORK
rsh. is--SrEET RANGER CD rsth4r1ian
Mar. S~CHARLTON HALL. tT) rsthmian
Mar. f6--S7EEL SEAFARTR (lr) Isthnian
Mar. 30~-Si AEL. WORKER (F) Tnthnian
SAN PEDRO, San francisco, Van
couvcr, B. &.
FROM NEW YORK
Feb tc-9TANLEY DOLLAR tI) Dollar
9EATTLE-Seo Los Angeles. San Fran
cisco
TACOMA--Seo Los Angeles
VANCOUVER, u. C.--Seo Los ANGLE
Harbor
WILMlNCTON-Sco San Francisco
New-York tribune., 1922-02-09
CoastWIsc

CoastWisc
BALTIMORE 7aun usw xc.x
l7eD. l1--7lli1.ADzlLp.ll ~ C;jco ms
CKARLESTON-s:ee Jacksonville
HGALYESTON FnoA uEv yosX
aougissn pacii.o C..
GALVESTON, Key West
FROM NEW yorR
20. ii-~alsAMo ~ z.a@ory LIE
Fcn. Io--COMAL <Pt3 Mallory
JACKSONVILLE, Charleston
Teb. MOHAWK lP.y Ciyas Inc
Fao. 1l--AN4sPAEoE teq) Clydo Line
KEY WLST-See Galveston
LOS ANGELES HARBOR. San Ecz.-
cisco, Portla,d, Ssattle; Tacoma
rsb ,axv,4,t2.ra fn2. af" T., '9ak 3ni!i.s,..
LOs ANGELES HAEBOR, San vran-
cisco, Seattle, Portland, Vancouver,
rnoa NEW yonk
rsS 1s-la-TH AIExANpEE ~ 7E1 trr2Nswsco
nas. sss IN i5-%iPoNssT SS1SAa "a = 2.S:ss T..'''
,Ia. - T.. cArA4AGE ,A,s ~ (as; }F} Navscs
LOS ANGELES. San Francisco, Port
idl-U, 'cCtLIlH, dCO--i-.---A-SO SSC ~ 3X
York, san Frauci5co
FROM voRH
veb. o--IOWAN ~
J,l.t>d American L.ues, Inc.
Teb. 1s--NEDR-.sI<A-7 tF')
United Arer,c%.l L.nss, T1a
yo5. e3-Tl.EAN 10
Cn,tea American Laos Iea
NEW ORLEANS From NEW vo.x
Fao. 11-COMCS (PTl Southern Pacific
NEW \UkN FROM sA-I.moaE
FEB. NEE (t't Clyde .-..le
PORTLAND-Sec Los Angeles, San
Francisco
SAN DlEGO-see New York, San Fran
cisco. Mobile. New Orleans
SAN FRANCIsCO--A!so see Los An
ga.es, San Diego
FROM NEW YORK
trsb. l0--WILLSOLO (I) Williams s. s. Ca,
SAN FRANCISCO, Los Angeles
FROM NEW WORK
Vsb. a6--sAa;A x Ana QavM)
Pacssio Hail Htoamphfp c..
New-York tribune., 1922-02-09

For additional
Shipping OF Travel Information Can
Shipping and Travel Department
beekman 3C00-Extension 40
New-York tribune., 1922-02-09
lsthmian Steamship L;pes
kIeDre Lines

SOGmolned Service of the Mort
ana South Line. Inc, and Klepp
blAes' lnc.), l1-l9 Moore St, N. !
boN.lAg Green 6l2O.A
New-York tribune., 1922-02-09
MAILS FOR Sourn svn cEnrpAl AMERICA
WEST INDIES. &C.

Ylcs.an ami Canlreohe (esha and othe- r.Y-s O.
a NeEieo nns' - sIsfai.y addressed f. despatch
'i's = s.. "a Havana. P7oGreso. Nsra A.
ia'!hSo; also Iarcel -po-s I4a.is for tue Mexee-
s,aies q CsIaDsche. Ch.apsa. C;leTero Hilal,e
4caico Ncreios. ostaci. PIehs Tlsxra'a Ve4.
t-I7 aIc EGr4t3- s. Esreru.za s11 , =.