davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-08-09

Mountain or seashore7
Hunting clothes or white
hannels?
Hiking shoes or bathing
suit?
Everything man or boy
wears on a vacation any.
where.
Sporting goods, too
everything for tennis, golf
and camping.
Bags. Suitcases. Trunks.
The kind you're proud to
travel with.
ROGERS PEEr COMPANY
Broadway Herald So.
st.I3th st. -Four at 3Sth st.
Convenient
Broadway Corners" Fifth Ave.
at Warren at 4rst 6ts
The New York herald., 1922-08-09

Pos. CAMP VAIL.
1--Capt. w. II. Resor.
2-Capt. X. b. Lawton.
3--Capt. ]. +. Morford.
4-Capt. Don Scott
Score by chukkers-
Camp Dix ........I 242 8 PA
Camp Vail ........ o 0 0 o l. 2-S-10
Goals-MaJor Turnbuli, g.; Lieut.-Coi.
Palmer. 4: Capt. d. ]. Bratton, 2: Capt.
Neu. 2: Capt. Morford. 1: Capt. Lawton. I.
Referee-Capt. b. IT. Cafe. Governors
Island.
The New York herald., 1922-08-09

CAMP DIX.
The New York herald., 1922-08-09
Many Chances for bowman.

Herbert Bowman had every chance to
win his opening set against Phil Necr,
breaking through no less than four
times after the games had gone TO
deuce. He seemed content, however, to
keep the westerner on the run and neg
iected the forcing shots which might
have brought him through on his own
service
Neer finally won the set at i2--lv'
New-York tribune., 1922-01-08
Fiune Recovering

The state of Fiume. now world know,
through the poet D'Annunzio's sctia'.
and whose political settlement has pse
occupied all statesmen, IS gradually r.
gaining its economic forces. Publs
services and railway and MARTINI
transports work quite regularly, and 1.
is hoped that during the current yssF
the commercial figures viii return to
pre-war ones. which, in 1913. totslsd
2.230,000 tons of imported goods ssd
100000 tons exports.
Meanwhile the Bank OF Italy. authsr-,
lied by special law, has lately opese'1
an agency in Fiume. and, furthermore,
the Italian government has TOW granted
loan of 250.000,O0 lire at per cent
redeemable in fifty years, to be used u
financing public work in the immediss
interest Of the city. such as the hycT
electric plant, and in amplifying Tie
port.
In his last budget speech the Mini
ter Of Finance pointed out that ltaHs
foreign debt, which on June 80, lsls,
amounted to 1872 milliards Of lire, sa'
on October 81, 1920. TO .0.6 miliisics,'
on October 81. 1921. totaled q MI.
lizards. This increase is due - sa
unpaid interest. covered by the lsss
of special treasury bonds. The hos'
debt on October 81. 1921. amounted v
S9.2 milliard lire. but should the l0.. %.
eign debts be paid at the present nS
of exchange. instead Of p millia'ss
they would total about co. "a.
Of these p milliards OF foreign os.. ss.
about 8 miliiards represent the cfeon'
opened by the United States goveia.
ment during the war period. and TIE
remaining amount is composed oy sr,
cial treasury bonds placed in Eng'D'
and the United States.
New-York tribune., 1922-01-08
Ban on Soviet
Trade in Italv
Now Explained
Action Taken in Deferenc.
to Russian Aristocra,.
Who Have Opened Re-,
taurants in Rome ReJ;.t
Fiume Trade Recoverin,
Financial Conditions Suk
ject Of Official Discussio,
With Outlook Uncerta;,

speciol Forcf0n Financial corrrsposs-,..
ROME. December
TNHE general census Of the It,1
ian population was taken n.
cember /. This is the sir.,
since the constitution Of the Xiv.
dom Of Italy, and should be taks.
every ten years. France, Great Rrs
ain and Czecho- Slovakia have .s
taken their census this year. ara
these simultaneous inquiries will /.
a great help in drawing up statist;,
The census was particularly n.e.
sary to ascertain the number Of -,
casualties (roughly estimated at sa
o00), and also the population Of n.
redeemed lands now joined to T.I,
The result Of this census will, th.,.
fore, be quite different from al NJ,
vious ones. Experts forecast tba. n.
present census viii show an ;ner.''.
If about four millions, a. conuars =.
that Of ten years ago. making tsuI
Of $500, 900 habitants.
Against ] 1929 900 lire in 1911. u.
cost this year is estimated at 75eahaa
lire. This increase ia due to the h,.
cost Of paper and 20 the fact that K.
census vas largely carried out BIZ ma.
ch;nery. In fact, 100000 lire will i.
spent in hiring and purchasing. in ia.
United States, the nece ssary CLASSIFY.
ire and addinr mach ~
New-York tribune., 1922-01-08

the interest Of all classes of business
lNcn- financial. manufacturing. com
mercial and agricultural. Even the in
'ercSt OF laborers as potential invcs
tors WAS besought.
Almost another year has elapsed and
TINS corporation has been unable 10
secure the necessary capital. owing to
4 continuation of factors. including the
business depression and the OUTRIGHT
opposition on the part of MANY LEADING
linanclers. The chief objection to thc
piaN IS that the organization of a cor
poraNon OF such tremendous size is un
necessary and even dangerous when it
IS by 40 means certain that there is
amy great volume OF foreign security
business IN sight 1t is feared. more
over, that it will be impossible to So
cure the personnel with which to ad-
MINISTER SO large and so difficult an
undertaking.
one OF the greatest difficulties on
the administrative side is that Of max
ing certain that the securities offered
are safe. Lack Of definite knowledre
OF the standing OF Individual Europcan
borrowers is one handicap. But much
more important is the general insecur-
lty OF conditions in Europe. The in
olN'0ual borrower may appear to be
sound enough, both financially and
morally. But the instability Of the
exchanges. the disruption of TRANSPORT
tation. the Reorganization of CONNER
c'al relationships. social unrest and
political instability combine to multi
ply the risks which the lender must as
sumo. Improved organization of the
credit machinery of Europe is now
univcrSally conceded to be necessary
If American credits are to be greatly
eNtended
New-York tribune., 1922-01-08
England as Creditor

England, TO take the best example
OF a "legtimate" lender of foreign
capital, began to emerge as creditor
nation when the volume of her annual
savings exceeded the requirements of
her domestic industries. These excess
savings then naturally sought overseas
employment; indeed, they were forced
to seek foreign outlet.
The machinery for making such in
vestments, moreover, gradually devcl-
oped TO meet the needs Of the grad
ually changing industrial and financial
status Of the nation. In word, Eng
land arrived at her creditor position
as result of many generations of
gradual development; in consequence
her economic organization was never
thrown out of adjustment as a result
of the process.
The present financial position Of the
United States is. however. fundamen-
i tally different. We have become almost
overnight huge creditor nation. AS
| a result OF temporary war demands we
forced the development of our manufac
turing capacity much in excess of
ordinary domestic requirements, and
thereby we were enabled to repur-
chase European holdings Of American
securities and to extend the vast loans
which converted US from a great debtor
to great creditor nation. We are
now seeking to accomplish the impos-
slble--to make permanent the foreign
markets which the temporary exigencies
of the war provided.
Moreover, as a creditor nation Eng
land had an unfavorable balance of
trade, receiving the interest on her
foreign investments in the form of an
excess Of imports over exports. The
United States, on the other hand. ia in
the anomalous position Of hoping to
maintain permanent large excess Of
exports over imports at the same time
that 1T receives interest on the huge
foreign investments that grew out Of
the exigencies of war financing.
We might as we'll attempt to make
water run uphill. In view Of our ex-
cess manufacturing capacity and the
interest paid in goods with economic
New-York tribune., 1922-01-08

solution of the European problem.
The war caused an enormous dislo-
cation of international trade and dis
turbancc Of financial operations. Ii
may be recalled that the great in
crease in exports rrom the United
States, as we'll as from neutral coun-
tries, resulted. F'irst-In shifting dis
proportlonate quantity of the geld sup
ply of the world to the United States.
Sccond-In the resale of the United
States of European investments in
American securitic. and third-in the
creation of huge foreign debts 10 the
United States.
In four swift years the United State :
was converted from the greatest debtor
to the greatest creditor nation in the
world. The outatanding effect OF this
shit IN American trade and financial
position has been to deprcciate Eu-
ropean currencies as compared with
the American dollar. The outflow of
gold contributed to the abandonment
of the gold standard in Europe, while
the disruption and maladiustmen, of
international trade and the redistri
button of international securities added
to the depressing effects upon the
European EXCHANGE
New-York tribune., 1922-01-08
Rio Crande Southern Creditors
Form Protective Committee

A committee consisting of Arti ur
Eoppell, chairman. OF Maitland, Coppel
d Co.; Theodore G. Smith. vice -presi-
dent of the Central Union Trust Com
pany, and F. J. Lisman. of F. J. Lisman
& Co., has been formed to protect the
interests of holders OF the first mort
gage gold bonds OF the Rio Grande
Southern Railroad Company, default
haveing been made in the payment of
the interest on these bonds due Janu-
AIRY l, 1922. Bondholders are requested
TO deposit their bonds with the com
mittee; in New York with the Central
Union Trust Company. of New York,
and in Denver, Colorado with the In
ternational Trust Company, on and
after January 16, 1922, at which time
copies of the deposit agreement may
be obtained from the depositares and
from the secretary of the committee
c. z. Sigler, so Broadway. The COM
mittee is represented by the law firm
u Lsrkin, Rathbone & Berry as coun-
42hn
New-York tribune., 1922-01-08

Can the United States finance addi-
tional overseas credits? 1t remains to
be noted that there is little chance that
British and American investors, par
ticularly the latter, will be either will
ing or able to absorb any considerable
volume Of Ter Mculcn bonds. SO far
as England is concerned. her invest
mcnt capacity has been enormously re-
duced in consequence of the staggering
burden Of postwar taxation. AS re-
CARDS the investing capacity of the
United States. it will be recalled that
the credits extended to Europe during
1919 20 were largely banking credits,
the funds coming from bank loan OK
pansion rather than from investment
savings. Indeed. except during the war
period when, under the spur Of large
monetary profits and wages and under
we patriotical1y bought Liberty bonds
and thus enabled the government to
make loans abroad. the United States
has shown little capacity to furnish
foreign capital. 1t must be recalled.
moreover, that Of the ten billions Of
funds loaned by the United States gov
ernment abroad a very considerable
percentage does not represent real saw
lngs, but only bank credit expansion.
"AoIeoVer curing the PERIOD OF the
war our investments in railroad, pub
lie utility and housing enterprises we're
summarily curtailed. Looking ahead,
there is little possibility of our financ-
ing overseas Investments in addition
to domestic requirements so long as
business depression continues. And in
case we have a business revival, the
volume of domestic loans to be floated
VIII severely tax our entire investment
capacity.
1t will assist to an understanding of
the future Of American foreign cred
ltors If it is clearly appreciated that it
IS an anomaly for a nation such as
the United States to be in the position
OF creditor to the rest of the world.
NO nation ever before became a great
creditor when its own internal indus
tflai resources were so partly devel-
oped as is the case with the United
States.
New-York tribune., 1922-01-08
Organize 10 Combat Fur Ihelb

Formation of the Furriers' Protec.r'
Alliance of the United States to egr ssr
bat the growing burglsrles OF ~
establishments has been undersaxeh -. !.
d committee of seven authorized BY ~ ~
board of trade of the fur lndusE 81.
The committee consists OF ); II; ss
stein. president of the Fur Msrenssst c'a dvst
Association; B. J. Goodman iar nj
and dresser: F. A. Reilly, repre,sj.s peass
ing fur manufacturers; 5. n: osMs MANI.
president OF the Associated Fur Msss .ss..
facturers; II. L. Simmons, manu- ~
turers; S. J. Steiner. Representing. IN -
fur dealers. and d. c. Mills secI
of the Associated Fur Manufact!ui,sss.. ss..i
1t is planned to raise an initial 1 iae s,;'
of s25,ooO by subscriptions q o.s ~ :
ap!x-e among 100 fur men, this fuhs IS
be repaid when the organization y =
on a working basis. A system p y.
troi protection and insnruSce tAe
derstod to be among the plans ~
new bodv.
New-York tribune., 1922-01-08
IS american Industry Completes With Whole World borrower
ter Of Funds From Na0s Who Haze Money Lend
Foreign Investors and
The Genoa Conference

International will artcuate during the first
weeks March at Italy The meeting the thrashing out
of riddles which been called by the Allied Supreme
Council its gathering we'll mark turning point in
erthewnr reconstruction.
Politicians have at length recognized the inevabetha
problems be ignored discussions world
In the two articles herewith practical
Of international the viewpoint the
foremost creditor nation to-day, anayzd Of the
with the broad foreign
of security i'll different alien securities
New-York tribune., 1922-01-08
Maladjus,me1,i Increased

The three years that have elapsed
since the conclusion of the war have
only served to increase this malad-
iustment between the Old World and
the New. European domestic curren-
cies. speaking generaIiy, have still fur
ther deprecated; ecI trade exports
have until the last year been even
larger than during the war period;
european loans from the United States
have been increased by several bill
lions of dollars, and huge additional
quantities Of gold have flowed from the
depicted Golfers of Europe to the hank
ing institutions Of the United States.
In consequence the exchange situation
is now as distressing problem as
ever, and international financial reor-
ganization in general is quite as far
from accomplishment as at the time
OF the arnistice.
Even before governmental control of
the exchanges WAS abandoned in the
spring OF 1919. numerous students of
international finance had pointed out
that the United States must increase
ITS investments of foreign securities if
depreciation of the exchanges was to
be prevented. Depreciation Of the ox-
changes. it may be recalled. is in part
caused by an excessive supply Of bills
of exchange. Now. whenever any one
IN the United States invests in for
eien securities he demands bills %
exchange with which to pay for the
securities purchased.
Accordingly. if Americans win buy
foreign securities in amounts equal to
the excess Of the supply of bills Of OK
change over the ordinary demand there
fer, the tota. demand and supply will
be equalizcd and exchanges will risc
toward par. One must say toward par
rather than to par, for the reason that
actual parity cannot be attained until
European nations are once more or the
gold standard. Foreign investments
re therefore looked to as means of
lessening the depreciation IF the Eu-
rOpean clrrcncN
New-York tribune., 1922-01-08

make possible an early restoration Of
European trade and industry? My
conclusion is that the Ter Meulen plan
will not prove of great Importance. 1t
is worth trying out if only for the
lesson to be learned from such IA trial.
And here and there no doubt some
credit will be extended through the aid
of Ter Meulen bonds. hut the plan
will fail Of accomplishing large results
for the reason that it does not reach to
the heart Of the European question.
SO long as the budgets Of European
countries remain unbalanced, and so
long as imports remain greatly in cx-
cess of exports, Europe will not be able
to pay interest on Ter Mculcn bonds
The revenues which are to be set aside
for the purpose in hand are vitality
necessary for ordinary fiscal require
mcnts When a nations revenues are,
for example, but half the ordinary OK
penses it may conceivably prove posi-
bic for an international commission to
appropriate what revenue there is for
the payment Of interest on Ter Meulen
bonds. But this would not prevent a
continuously unbalanced internal bud
get in the country in question and thus
progressive deterioration Of the in
ternal economic organization. On the
contrary. it would intensity the burgct-
airy difficulties. Now IL budgets are not
balanced, it. will prove Impossible to
prevent Ter Mculen bonds from depre-
ciatng in value. thereby reducing their
markctablity in the investment mar
kets. TO present the question, "What
would have been the fate of German or
Polish Ter Mculen bonds in the light
of the recent fall Of Polish and Ger
man marks? 2" is to answer it.
In consequence of consideration such
as these. it is not at all certain that
American and British exporters will be
quick to try out the plan. While sup
porting the scheme as one that con-
tains some possibility, A. J. Jobson,
chairman of the British delegation at
the June meeting of the International
| Chamber Of Commerce in London,
warned British exporters against too
free a use of the plan. He pointed
out that not even stock exchange
speculator would be willing to buy the
securities of corporations which pos
sessed power Of increasing without
limit their outstanding obligations. SO
long as European governments have
the power Of unlimited issue Of paper
currency, the wise business man will
proceed with caution in accepting Ter
Meulen bonds.
New-York tribune., 1922-01-08
additional Credits

Huge additional credits are not the
principal remedy When all is said
and done the way out for Europe and
the world does not mainly lie in huge
additional credit extensions by tho
Omitted States to Europe. No one can
have an appreciation of the sources
Of disturbance in international ecu
nomic relations until he clearly un-
dcrstnnds that the cause of the in
tornational maladjustme including
the deprecated exchanges. has been
too much buying from the United
States
European holdings o. American &C.
curities have been traded for Ameri-
can goods; European gold has flooded
the United States in exchange for
American goods; and other Billions
Of our goods have been shipped abroad
on credit. The result has been an un-
balancing Of the economic and financial
equilibrium Of the world on a scale
that no one before the war would have
conceived possible.
The remedy for this malady is not
more OF the same medicine. Additional
foreign investment by the United
States will not bring the exchanges
back to par: on the contrary, it will
deprcciate them still more. Tempo
rarily, while the exchange, with which
to make investments is being pur-
chased. exchange quotations may rise;
but shortly-when interest becomes
due there will be tendency toward
still further depreciation. This might
be theoretically offset by new foreign
ments- in excess Of the interest charges
on the old, and so on indefinitely. 1t
must be recognized, however, that
time must shortly come when our new
investments would be less in volume
than the interest on the old invest
mcnts. When this becomes true the
net effect on exchange rates will be
one of depression.
SO much for theoretical possibilities
The practical situation is that we have
already reached a point where new in
vestments are not equal in volume to
the interest on existing foreign debts.
The only reason why the depressing ef-
fects upon the exchanges is not more
fully manifest is that thus far we have
not been asking foreign debtors to pay
us interest. If we should insist upon
the payment Of interest on the foreign
debt European exchanges would imme-
diately suffer heavy deprcciation In
the words of George E. Roberts before
the international Chamber of Com
merce in London:
IF In the present state of trade the
United States should ask for the pay
ment of accrued interest upon these
loans and the debtor governments
should go into the market and attempt
to gather up exchange W make the
payments, the effect would be to raise
exchange rates on New York still high
er and bring our foreign trade to a
standstill. In short, the United States
cannot afford to accept payment of
either interest or principal from the
debtor government at this time,
New-York tribune., 1922-01-08
panderIip Proposal

Mr.. Vanderlip's proposal fell upon
deaf ears, partly because it called for
a mobilization Of worlds financial re-
sources on q scale too stupendous for
the average man to grasp, but mainly
because Mr.. Nanderlip's views as to the
gravity of The European situation were
shar,cd by few American business men.
In the spring of 1919 the Overwhelming
majority Of Americans believed that
vociferously expressed optimism was
about all that was required to restore
the losses Of the war. Did not the
great need of the world for increased
production provide the basis for long
period Of intense business activity and
prosperity for every one? A pessimist
even an intellectual one-was re-
garded as a national menace.
A capital of s1O00oo.oo0 IVES de-
termined upon, which would make pos
sble the purchase and sale Of securi-
ties to the amount of S1,000,000, 900. A
campaign of education was
with a view to enlisting
New-York tribune., 1922-01-08

The Bankers Trust Company, 4. II.
Rollins Sons and Stacy & Braun are
offering new issue of 81 900 900 State
OF Louisiana ) per cent gold bonds.
due serially 1923 to 1862, inclusive.
The bonds are legal investment for
banks and trust funds in New York,
Massachusetts, Connecticut and other
states. They are being offered at
prices to yield 4S0 to $50 uer cent.
New-York tribune., 1922-01-08
Sid TO Foreign Y'radc

American foreign trade would be ia
cllitated by this appreciation Of tne
European exchanges: for tho Gisad-
vantage of buying in American mar
kets would be lesscncd to the extent
that the depreciation Of the European
exchanges as compared with the dollar
was lessencd. 1t should be understood
at the same time, that these invest
ments in foreign securities give to for
elgners increased purchasing power and
this enables them to increase to THAI
extent their purchase Of goods in TIE
United States.
Indeed, the making Of foreign invest
ments really means shipping goods
abroad on credit. One should recall I'm
this connection that the present hurn
fc-'eign debts to the United State
were largely created By the shipment
Of war materials to the Allied nations
Such IS the argument for an extern
SION of American credits abroad. Most
European countries still apparently
need American credits. And America
would like to etxend the credits. ii
possible, in order to stimulate our ey-
ports and thus revive industrial pros
perity here. Foreign credits therefor G
appear to constitute central feature
IN a'v program of international con-
structon.
Our foreign-credit experiencc-Be-
lore undertaking to discuss the main
issue, namely, how far foreign credits
will how suffice to restore world mos
perity, it will be helpful to survey
briefly the history of American foreign
Investments since the war The need
of extending financial assistance to Eu-
rore was first strikinglv presented in
the United States by M. Vanderbilt
then president Of the National Civ
Bank OF New York. In Mr. Vanderbilt
view. if Europe We're to recover from
the enormous loss OF the war and es-
cape political and social ttsintegratioD
II was imperative that the wheels OF
industry be started by means Of vast
loan from the United States.
Since the security Of individual Eu-
ropean enterprises could not find q
ready market with American investors
and since every portion of Europe must
be given assistance if the spectcr of
BolskeviSni We're to be effectively laid
Mr.. Nanderlip urged that there must
be pooling of all European resources
whereby. one gigantic loan might be
extended to Europe as q whole. secured
by joint guaranty Of the several
European governments. with liens upon
customs revenues as securitv