davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-06-25
British Fear Berlin Competition
Cermanys Deprecated Currency Places. Se'r'
Handicap OH English and American Export
ers in Italy, Is View

in the most absolute manneF'
fresh expenses will be inesrss ~
out having frs; obtained Pafliin'i-'
authorization 50 % do. ~
The state budget shows ce =
about five milliard lire and ne
and commercial men have 'n
movemen, directed 20 illuminir
lie opinion on the necessity o. y"
ing the deficit. not BY inereaiI
existing taxes which IN sons
should instead be redueet-oHH !.
ducinc expenses and by reo'ss@' -
public services or more eeonenh "
ciples. ...x..~
Excessive taxes develop . is'a,
70 evade the payment OF TIE sn
20 defraud the states. Furthernen.. J. :,
increases the dimeulty IN COW
and only just lately severs' ,. ~ Z.
lectors haze been arrested ~ hn. ~
cased OF having employed tAr''.
violence in order 20 compel
either 10 tell the truth or pay
For example. our luxury in -
a. ~ per cent and is appliee v !.
articles which are not exssui -
sidercd luxeries. II this w V
limited NJ 6 per cent. vefy -.
the public would pay it VITA I
amount Of good will and no "a 4
would be more proriaoe
treasury.
New-York tribune., 1922-06-25

The growth is apparently natural.
The principle OF gravitation. b. which
larger bodies attract smaller, appears
90 suffice in bringing 10 the city a
larger and larger number Of industrial
plants and workers. New York carries
on 10 regular propaganda or factory
grabbing campaigns 10 has agencies,
to be sure. which interest themselves
In the sound economic development
of the city, but their activities are d.
rccted more % the correct location OF
factories coming 10 the city or the re-
location Of those already situated here
than 20 efforts 20 attract particular
manufacturer 20 this community.
There are fundamental factors, OF
course. beyond the mere element Of
size which account for the city's vast
and growing industrial operations.
Without tsbulating these, there should
be mentioned the city's unusual advan.
tares for export. It's excellent land and
water transportation facilities, It's va
ried and inexhaustible labor supply and
is unparalleled market-the popula-
fion of the district within a radius Of
ffty miles Of Battery Park exceeds the
'otal population Of the eight largest
cities in the country, excepting New
York.
New-York tribune., 1922-06-25
Increased Sales
Of Nitrate Help
Recovery of Peso
Reduction of Price by Chill
can Producers Results i'm
Better Outlook and Specu-
lative Buying of Currency

Special Forc,gn Financial Correspondsnes
SANTIAGO, Chile, May 30.-The two
outstanding features Of the last few
weeks in Chile. viewed from an eco
nomic standpoint, are the improvement
IN exchange and the increased sales
Of nitrate. In commenting on them it
is necessary 10 consider them jointly,
since the former is so intimately de-
pendent upon the course taken BY the
latter.
The first indications Of the stronger
tone acquired by the exchange market
were seen Immediately after the an
nouncement was made on May II that
p new scale OF lower prices for nitrate
would be put into effect By theAssoci-
alton Of Chilean Producers. who had
during the last season been adhering
10 an agreement made with the "pool'
Of Europe TO maintain high prices.
The peso had. previous 10 the an
nouncement Of May IL, been fuctuat-
ing between nine and ten 20 the
dollar, but in the week ended May 20
II had jumped TO eight pesos 20 the
dollar From this point, however. il
has slowly declined. as other factors
somewhat disturbing. such rs that Of
the probability of the government be-
ing forced 70 float a new loan OF lO0.-
100000 pesos 20 cover the deficit in its
budget for 1922, entered into consid-
GRAFTON, until at the present writing il
stands az little over eight and a half.
Much Of the sudden rise in the peso.
while undoubtedly warranted in some
part BY the new sales in nitrate, was
considered by many 20 be due 70 spec
Llstion and somewhat premature. vet
i: is generally agreed that with the
gradual opening up Of the nitrate trade
attendant upon the policy adopted Of
low prices the independence Of the
Chilean nitrate producers from the
pool Of Europe and the resumption
Of more stable conditions abroad
the tendency WILL be toward n
general improvement both in the
business Of the country at large and
IN the value OF the currency, and
that another such slump in exchange
IS that experienced last year. when
the peso fell TO il.40 70 the dollar and
10 10 the pound sterling, will not be
witnessed again.
In spite Of the optimism prevailing,
it would be very dificult to make any
very definite prophecies regarding the
immediate future Of conditions in
Chile. for. although something over
five million Spanish quintals Of iOi
pounds Of nitrate were shipped during
the first part Of the year and some
hundred and fifty thousand tons are
already booked for shipment after July
!. the fact remains that the public
finances are far from being settled
and in order TO meet the Increasing
service OF its foreign debts and balance
its budget the government will, in ali
probability, be obliged to have re.
course 70 the fotation OF new loans.
Although many projects have been in
troduced into the national legislature
for the raising Of funds for the needs
OF the government through new and
increased taxation nothing in this re.
speet has as yet been accomplished.
New-York tribune., 1922-06-25
Banks Buy Eagerly

The principal buyers Of Liber.a A
present a.e the banks, other inftu,
tions and corporations. The frs,
have a plethora of funds on hsnAov
that they have. IN The main, el.srs ',
their position at the Reserve bsnnsna
Liberty bonds provide employmsn fsr
any temporary surplus Of cash hrtiy
less liquid than call loans de.ngasr.
nal times Industrial compsri, are
also seeking investments o. Ike chrr.
ter and Liberties have q special stist.
tion for them because OF theiI "A a..
emp,ion features.
Bankers and dealers. gra,iksd a NJ
return % par or better Of Liberty c<t
quotations, see no reason 20 bfrs
that the advance will hal. there ~
premiums that may ultimately h g.
,ained are. o. course, limited hy ~
interest rate and o'her pnyilsgt u
taching % particular issues, out soss,
as the trend Of money rates contisu
downward appreciation Of LllerY
bonds Is anticipated. II bgsine. sts
ity expands in the autumn, as for,sss
now. commercial requirement. n
money may cause hardening o. m
and this eyen;uslity will have 10
upon the market. The ou,s,andiat sf'
Of the situation is that there IS deer
unanimous expectation tha. ubts
bonds will not again 80 ner. ihs'
few cents per 500 belov tAs rt
which the American public in ihs IN
instance paid FOR them.
New-York tribune., 1922-06-25
Adrance in Bonds

About q year ago. hoss,., IA
bonds began 70 respond . 49,.
fucnces. and b. autumn IA 49,. 80
substantially from their $50 -'..
quotations. Thsirris. va, ,s,,....,
speculative operation. bs. .,'v s,.,v
their Upward moyemsn, bse...
ated With more fsr1am,rt,l ~. -"
and their subsequent sp1r,eI,,,s.', !,
beer founded almost entlr,l, 80.
Development Of money sa4 sr,I, !,
ditions Congrcss, BY ia ,s,iss I.
crsssIng tho tax exsnpti,- ,-v'i,,
of the various issues, gsg. ls,..,.
the advance, b., this vas ,sly nd
tai. ''
Over recent months, ard n,,.
cially since 'he beginning q ,sl, :,
the rise in Liberty bond, "a, s,,,'.,
upon the easement In the -sn,y l..
and has been IN direct preps-i.. N
As the government, has earri,S Al.
refuGding program. involving n. r,..
ment of tho entire issue of yle,s,sy
per cent note. ard ,hs eorv,ris,,
retirement of a Arg, part Of th,,
tory AS. a. various 'lhkirg ,srdn.
plicable % retirement Of var :.
have operated ard a. the so,tlny !
has been reduced. there has k..n,
stantial reduction In the y,lum 4
government securities o1.s.ar.isT :,
process Of firm placement o. oqt..S.
ing bonds has gone steadily or "a
currently dealers report that ~
blocks of any issue of Libsr,iss s,,t.
tremely hard % obtain.
New-York tribune., 1922-06-25
On Business Basis

A necessary step by the government
at this time. eoincident % the with
drawal OF Federal Reserve support Of
Liberty bonds through rediscounts az
an artficially low figure, was the
placement Of government financing up
on business basis. Termination Of
the implied restriction OF open market
trading in Treasury certificates and
the paymen, OF the going rate, as mea-
sured by the credit Of the United
States, on new issues OF certificates
served 20 further the downward sweep
Of Liberty prices, which we're break
ing badly as distressed holdings
poured upon the market
For most issues the low quotations
were reached in May. 1920. but for
several months afterward there was
no substantial betterment in their po-
sition. Trade and industry was slack,
unemployment was on the increase.
wages were lowered and general
state Of depression mad succeeded the
after-war prosperity. Normally, this
condition might have been expected 20
induce eheapness Of money but the
demand for funds was great 90 clear
New-York tribune., 1922-06-25

cast and west 10 the rivers. Above, II
Is somewhat narrower. Beyond Fifty
ninth street hundreds Of plants arc
located cast of PARK Avenue. They
also follow the Harlem River 10 Spuy-
ten Duyvil.
An elaborate map which Is on Gle at
the Industrial Bureau Of the Mer-
chants Association shows that the
center OF the mems ard women's cloth
ing industry on Manhattan is eoneen-
trated in n strip OF territory running
south from Bryan, Park, Another I'M
por,an, group Is situated east and vest
OF Fifth Avenue between Forty-sceond
and Fifty-seven.h streets. The print
ing industry congregates around the
Pennsylvania Hotel and Park Row.
Pianos arc manufactured in large quan-
titles in the West Forties and Fiftics.
Sor,e metals and foods arc manu'ae-
tured on the lower West Side. The up
per Enst Side j. the center for tobacco.
Iewelry il made both in the Maiden
Lane district and in the Forties'
leather novelties. millinery. lace
goods. furs. notions and novelties and
many other products arc scattered mere
and there over large part OF the 81
New-York tribune., 1922-06-25
Recovery mLiberty Bonds to
Par Too Late for Many Holder
Little Satisfaction for Those Original Buyers Who ",
Forced to Sell Securities at % Cents ON the
Dollar; Factors in Movement

up the great accumulate, =,
amassed while initiation wa, ~
progress and frozen By n. 49, WI
decline In prices. '''i.r:
Gradually, however, IA. Ma,
economic forces came ln,s @ W. ~;
Immediate prospects glyinv n'n,s
Of confidence IN corporatlon ,,. ~ NJ
the importance ~ the ,l.r,.Su "
curity and credit s'snline =
pressed upon tho publ, sn.F =,
money a. VAS available b.v,, ~
into investment s.cun,i,, ~
bonds appealed bsesgs. N ,s.h ~
rating but tho number q, ..a.a I y
had bought Liberties AZ $3.50
losses thereby vas ~ zrs,, ... rs
porarily their appreciation w.,
In proportion % tnat sro.,,..w
other bonds. Moreover, n. S..sH S..,H
bond prices as interest ,s,.. -
had opened the way for ra,' s so's
tive investments In other ,k,' III ~
mcnt sccurifls4. s,'fn
New-York tribune., 1922-06-25
BoU WeerH Appears

Then the boil weevl appeared. The
seriousness Of this threat to thu sbil-
ity OF America 20 continue as the
worlds main source Of raw cotton sup.
ply has long been recognized, no less
than has the stubborn fact that its
progress has resisted every effort 10
bring 1t 70 a standstill II now covers
well over 90 per cent Of the American
cotton belt. and the weather OF last
winter is said 20 have been 50 favor
able for the hibernated remnants that
the survival Of an unprecedented num-
Der is reported from many sections. II
were useless 20 thrash old straw by
recounting the ravagcs and progress
OF the weeyil. Poison properly ap-
piled may reduce the amount Of dam
age the insect can do. and a liberal
application Of fertilizers will also aid.
But the impoverished planter has
neither the cash nor credit 10 obtain
these IN the necessary quantities.
New-York tribune., 1922-06-25
BrookIyn's Actirity

This map shows that Brooklyn Is an
important center for food msnufaetur-
ing and for the metal industry. The
Bushwick section and East New YORK
both are conspicuous as clothing CEN
ters. Furniture and booths and shoes
are likewise made in large quantitie.
in this borough. From Bush Terminal
TO Greenpoint the water front is, lined
with large and thriving industries. The
Brooklyn end Of Manhattan and Brook
lyn bridges is the home Of many indus
tries.
Queensboro is conspicuous in the
manufacture Of metal products. wood,
paints. varnishes, chemicals. drugs and
confectionery. The Bronx manufac-
lures food products. mems and women. {.
clothing. various metal products and
many pianos.
Richmond Borough is conspicuous
for it's shipbuilding industry.
This sketch Of New York's industrial
geography gives only n suggestion OF
the extensive areas devoted 20 manu-
featuring and the creative and produc-
tive processes which establish New
York as the country's leader in pro-
duction as well as in business admin
istration and finance.
New-York tribune., 1922-06-25

Unfortunately, the ordinary opening
and cleansing machinery Of the spin
ming mill cannot adequately remove
these impurities without injury TO the
staple. Hence II has been suggested
that specially designed machinery, oou.
pied with an arrangement which will
drive a eorsiderabI percentage OF the
natural moisture twater OF hydrntion
from To- cotton before submitting II
10 the comparatively harsh action OF
the cleansing mechanism and after
ward By suitable means reintrodueing
the normal amount Of natural moisture,
will so completely remove the excess
foreign matter as 20 raise the classi-
fcation by from three to five grades,
which would. IL is agreed, bring the
greater part OF the present and future
stock. OF untenderable and almost un-
salabe cottop within the range OF
market operations as we'll as making
the stock attractive to the spinner.
Such process hns been developed in
a more or less laboratory fashion and
quite number Of bales treated and
spun into yarns in n standard mill.
Results as reported by the mill man
agement confirm the value Of the proc
ess whichc will handle three bales a
unit hour
The United States government has
tested the process on a number OF
bales. and / am informed that these
eleven bales showed an improvement
Of slightly more than three and one
half grades Tested by others. several
lots were raised from "low middling"
10 strict middling.'
These facts are brought out because
OF the immense value that will accrue
to the trade should the time ever ar
rive when there is actually less cot
ton available, than the mills require
70 keep them IN full operation, and u
turns out 10 be practical and profitable
regularly 10 <urn all this hitherto un-
spinnable cotton into servieeable form
as and when produced season after sea
son. The accumulated stock so treated
and turned no famine market would
have an important effect on values.
The time has arrived when the
American cotton crop will be handled
more sensibly. Under the urge OF
shortage the barbarous saw gin must
inevitably see the prediction of the
late Edward Atkinson fulfilled. and be
invented out Of existence" This con-
trivance has cost thecotton industry
billions Of dollars in damaged fiber
since Gil Whitney invented H. Surely
the boasted inventive genius % Amer
lea W. wine out this mechanical mon
strosity before long.
New-York tribune., 1922-06-25
Explanation OF Situation

The fundamental explanation OF the
situation is derived from the fact that
the government needed far more
money 70 prosecute the war than there
was TO be had in the country. II took
not merely all that il could Of current
and past savings, but also by its can't
paign Of "Give until IL hurts mort
gagged the savings Of trc future. The
Liberty loans were subscribed 10 the
full extent OF the nations ability in
cash and the rest Of the subscription
was paid in credit. drawn from the
reservoir Of the Federal Reserve sys-
tenn
The policies adopted by the Wilson
Administration in financing the war
have been subjected 10 much criticism.
and perhaps the choice as between the
alternatives presented. Of artifcially
fostering cheap borrowing or OF OBJ
tanning the needed money strictly on a
competitive basis. was not the wisest
that could have been made Perhaps.
also. the methods OF campaigning were
unfair In their overcapitalization Of
the governments credit standing and
subscription on credit were pushed a
little too far. At least the general
financing program was not calculated
20 prove advantageous 20 the holders
in supporting the price Of bonds .,
or close 60 par.
There is little gain now In raising
the question Of what might have been
done During the post-armistiee ne
riod there was enormous spending. ire
mendous industrial md trade activity
and consequent extraordinary de-
mand for money and credit. People
sold Liberty bonds to enable indul-
gence in extravagant pleasures. cor
porations borrowed on Liberty bonds
20 finance plant expansion and 20 tn
crease working capital. and the banks.
New-York tribune., 1922-06-25
InGniiOnary Tendencies

Tho missionary tendencies which
had the country in their grip had 20 be
halted somewhere. Prices reached .
point where certain classes % workers,
uprising the great mass Of tho pop.
ulation between the capitalists and the
manual laborers. were hard pushed 70
maintain their standard Of living on
ministered. The war rad been paid for
in credit. and IL was necessary 20 the
fullest extent possible this should be
settled in cash.
The rcadjustment initiated late in
1919 temporarily hurt rather tran
helped the position Of the Liberty bond
holders. Security prices were the FIRST
20 crumble. but in the spring Of 1920
the first real pressure began 10 be felt
as worldwide liquidation of commodity
prices SET in. The public refused %
buy. a, II sensed lover prices ahead
and individuals end corporations alike
found their resources tied up in assets
whose values were sharply deprecint-
ing and for which a market could not
readily be found. These conditions re-
auired the conversion into cash Of suen
resources as could be realized upon.
and, % all these, Liberty bonds were
the most LIQUID Moreover. the credit
Of the United States was 20 high that.
Notwithstanding the low interest rates
borne by the various issues. they ex-
pcrienccd a minimum proPortlonate de-
cline.
anything like the normal basis. Rates
at the Federal Reserve banks were nd
vanced 70 eliminate the opportunities
for profit in using their facilities %
finance the orgy OF extravagance. IN
the process OF this adjustment the diff
ferentials established during the war
70 enable the banks 70 carry Liberty
bonds were gradually eliminated. So
long as government securities were in
the hands Of the reserve system rather
than in the hands o. the investors. no
adenuatc check 10 inhatLon could be ad /.
New-York tribune., 1922-06-25
This Seasons Prospects

In this look into the probable future
conditions u - not necessary 20 pro-
duce exact figures covering the past.
These are readily accessible 20 the
curious and are or ought 10 be known
to those directly interested. II Is
enough 20 say that the most optimistic
have not estimated the acreage
planted this season AT more than 10
per cent above that of the last season.
And unless the business men and
farmers OF the entire cotton belt are
in an organized conspiracy Of misrep-
resentation the current season finds
the boil weevil with a better start
over greater area than ever before.
Also, the significant fact remains that
the yield per acre has decreased from
year 20 year with alarming rapidly.
II the statements coming from the
South are az all within reason, 10
the effect that instead OF the usual
average survival Of so per cent OF
weevils at the end Of the winter this
spring found sixty Of the pests have
weathered the winter for every one
dead, then the prospects are indeed
appalling.
An actually that cannot but have
an important bearing upon the ques-
tion at issue is the undoubtedly steady
increase in the purchasing power OF
the people OF nearly all countries
This. by the common law Of the in
cvitable, means that the steadily in
oreasing use Of raw cotton which has
been recorded over a considerable pc
riod is likely to continue. Taking all
the circumstances into consideration, il
is reasonable 10 expect that the pre-
war rate Of cotton consumption will
he reached sooner or later Indeed.
the statistics show that that point is
being speedily arrived at. During the
three seasons l9ii-'i4 approximately
I450O 900 bales Of American cotton
were produced each year In the seven
years following the average has been
but ll.750.000 bales yearly. the last
seasons crop being some 4.260,000
bales below the average Of the preeed-
ing six years. The supply on hand in
the United States in public storage
and at congresses on May 81 last was
2,567.007 bales. against 3.2l4.3s6 on
April 30 last and 4,73s,2e7 bales on
Nav 81. 1921
New-York tribune., 1922-06-25
Economy Of Operation

The growth Of American industry In
established oerters or is movement
from place % place is unhampered by
tariF walls or other artificial barriers.
The extraordinary concentration Of
manufacturing IN New York City IS,
therefore. In itself ample evidence Of
the profit and economies Of operation
here.
Aside from, the question Of undeslr-
able congestion and the disagreeable
features which characterize many in
dusfrial communities. II rs apparent
that. propaganda or not, New York has
become the greatest manufacturing
center IN the United States. and prom
isos 20 maintain. II not increase, It's
superiority - compared with other i'm
porfant cenicTs in the country.
10 is an important service. therefore,
70 direct the growth OF industry IN this
community IN such q wav that - can
be operated most sdvantageously; that
New-York tribune., 1922-06-25
French Company Organized
To Make Paper From Grass

The French paper industry is grad
ually emerging from the crisis caused
b. the difficulty in obtaining raw ma
terial from abroad. Every effort is
being made 70 discover new material
with which to manufacture paper pulp.
A new company has just been or
ganized under the name Of "L'Alfa."
with n capital Of 100000 francs, ae-
cording to a report TO the Department
Of Commerce from Commercial Attaehe
Huntington. for the purpose Of pro-
dueing paper pulp from plants, and
especially from esparto or alta grass,
which is found in great quantities in
Algeria and Tunis. The main Office Is
situated at l24 Rue de la Boetie, Paris.