New-York tribune. [volume] (New York [N.Y.]) 1866-1924, January 04, 1916, Image 15

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New-York tribune. [volume], January 04, 1916, Page 15, Image 15
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New-York tribune. [volume] (New York [N.Y.]), 04 Jan. 1916. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83030214/1916-01-04/ed-1/seq-15/>

Newspaper Page Text

:'AR DRAFTS
lAPT?RE CHILI
?, Behalf ol
??ericas Exchange Hss
Fine Result.
,M\ YORK BANKERS
\H) IN Mllr WORK
Hl ouill W?rkci treated
Drafts
? New "t ork.
i ?oi n ' m her?? i*
i a ??ci.i.
lea Coe
,??,.,?
?
ver)
with
? any and
mber
?
New
. hillan
paper 11
1
?
?
had
; he Chilian
? ?- help us
? nptly effect
which would
ptt cur
pence per
?Chilian ex?
about l"
wing ?
that we c
' ; kini
?
enough
- .,,, .
?
?
lerable
er be
? ?
? rling
: practica*
was that
? \ :..:?
? ;iani:e
? iwn in
(juoted.
?
preju
. reme
?.ion of
? ?
? ? BUl
for dol
Shortly
.'talar
? Val]
with Chilien
'hem
? they are dia
of which
? i ?
"
? -antile
Be
,i the
tutiona
'
ted ac
ren meal Help?
?
aft a
South
? r a plan to the
it the
nfen e
% the pay
? ipments
I
? with
drawn in
The i i
? .- a de?
cporl dui .???
wi ...i London
?? ? ,t an aid to
? -
with dollar
? ptember, 1915,
nitral da to
?
< 00 in our currency.
? ?
of the I hilian
th?
r,^n aid ?. , r...wt co,]Ui;i,n,,
ictuaU] br?'ii financed wHh|
? da* Lili?- mi \'.-u York, :m"1
thei li.i ? bee* .1 ..'ii iderabla em !
ploytne I dotlai exrhange b)
other ccsmpanies. There would heve
.? -?1 ill Inri;?'!" buain?**ea don? In
dollar drafts on Nen York bul foi
ti i fa? * i ' it .i number of outa! and
litf . i?ntt-i. t . ailed foi payment in
gold or m billa on Lonolon,
We have rcceivtBd ?ubetantial aid
m the ran*-?' s?f promoting dollar ex
change b> the loe dtsconnl ratea i"
ilii- city, primo bank aeceptances be
Ing quoted here at timei si Ion i
per oani and noyer rising much a-bove
that ligure. Our hankers, too, have
'. In the work 1 y itn-ir will
ingnesa t<< make quota! i on "bills
- " It ii pos ?ble, beca iseol
for a Valparaiso l anker who
i I '? day bill drawn '
in dollars ?*ii New York to learn bj
at exactly what rate In* bill
will be discounted <?n its arrival In
\c\V j
11'sri Greet Pategit-ee.
l: numerou? instances bankets
nrv quoting foreign exchange rat*?** |
? i Ittances from
11 is make? it possible for a
Valpai .- ker, for instance, to ;
elj what amount of
.-?? ho can buy with
?Us when they shall have
reached New York. Thank.*- to !
develo] the discount market
m New % l i*y and the spi -it of
ration fhown by our bankers.
? one year a*- mi. h
i i inl reducing the ilulinr
bill in South America as Germany
trade In ten or fifteen years ft' at?
tempts ti? In1 rodnee mark exchange
there.
NEW CHANCES IN
FOREIGN TRADE
South America. China and
Russia Need Capital in
\ orm of Goods.
Bj GBOBGE K. ROBERTS.
1 ?-?I'irr-.fiir of ?lie Mint, A*-si->t;int t?t
the Preeideal Ol the National ?"it*.
Hank
The year 1915 has witnessed a re
ible revulsion of financial and
' rial conditions In this country.
with industry depressed,
errterpri.-c paralyzed, doubt and
ii pervading the atmosphere. It
-vith confidence restored and
ganised and under full
??ay.
'hen the pur?
en countries in our
ed such volume as to'
finite assurance that -?old
come this waj instead of
g us. Thi-- caused the money
BX and provided an
assurance of credit upon which ?mr
i - an a Ith security.
Wh< : thi Stock Exchange re
I and it developed
oreitm holders were reluctant
* with our securities, the way
to a recovery of value?,
? r y have now reached a level
capital can be obtained upon
fair terms for long-time financing.
Thi- r- hopeful L'r the railway com?
panier. which are needing money for
the development of their properties.
this in turn mear.-- ?steady <lo
mestic business for the steel ami
other industries to take the place of
the war business.
1" will he conceded that war busi?
too largo ft factor in the pr?s
?nt ii.dustrial activity for complete
satisfaction with present eondl ?
but the volume of other business
r rW waiting for a chance to gl in i
very lar^e. The country needs to do
a great amount of constructive work,
ill do it if confident** is com
pletely restored.
Poasibllitte? in Lat?a <t?aerka.
-\nother hopeful feature of the
situati-.n ; the Interest developing
ir the opportunities for investment
in foreign countries, particularly
the count of Latin America.
They have a wealth of resource-,
and our own it duatrial progress re?
ps, . of raw materials
which they hold. These countries
not rt uire capita] in the form of
money. Investmei I in them will
,, money from this country.
apital will f-o out in the form
machinery, tools, equipment,
building material ami supplies, the
making of which will afford work
fur our indlist
There can be no question that a
? -ally unlimited amount of
of this character is to be
hi il. not alone in South America.
i: . .. and China, ami in the
n habilitation of Europe. The only
?on about it ia whether our peo
i .', ? . i ..p. rate as in
ou'-iiic undertakings, a
? || ..f Great Britain ha e
been doing very profitably for many
Mid a the people ?if (,ei-many
doing with equal ucee- -?
Thi mov? rment ca iot dsirvelop
without ' i*i""i and organization.
?| ! , individual investor cannot go
abroad to look up opportunities, nor
?t be prudent for him to par
?, unless ainpl?' guanntec
forded a to the ?oundi ?
? offered. A n p ?
I sible orgai izstion, headed by men of
, i,- rience in the ?? .terprise .
which an- undertaken, must investi
gate the opportunities, or-rani-v the
iji . | ,r them into tu? ci fu
orerat-ion tuid manage them
U. S. FOREIGN LOANS IN 1915.
i I ROPIVN I <>\\^
'" ?.?nernmenla lloacrlpllon.
\n?li.-Kr-nrn . .-,i, |?/a></?_? ?NStea
1 r?"<e .:,?, ,?,),.? i paid i
. ."?', notes, aae * ear
. Hani, rredlt, one * rar
l.erm.in* .,', ,,,,,,. month?? mite?
Qtttet .Real rreiM.
"alv .i,<i oiir-ynir mite?. .
N,,r>* H> .?*', I .a n ami Ihrer \ ?-ar mite*
? ?'. ????* ri? * nir mate?
Sweden . ?', two-yeai noie?.
Bwitsefknd .V, on?', three and h>e vcar mil?
Reasla . .. itauia acfssaHncss <p.i!?ii
Baal iriit.ta
ratal
1 o Hunk?. nn?1 Baakere:
RHllah |l ', s?x month? loan
I'rem h .Kolli? hihl froup.
< iimmcri ial rrwiit.
Smit-reil Hank < rrdita < rat ima?e?l i
Total .... .
1'iital la I'urope
CANADIAN low.
iKimininn (.nwmmrnt .
I'roalnrlal nml M nun ip?.l
Total In North \in?h,a
1 MIN \MKHH AN LOANS,
?rgeatiaa . ... ??', asps, two ami three year noie?
.>.',', ti?,'-*?'ar Treaanry l-.n.:
.b' t all month? Bastas
Bolivia. Baak loan .
< Mil . . . ItHPla lo;in.
Paaaaaa v, thlrtv?year baeale.
f?tal l?i I ii* in- \meri
i.raml total ..I foreicn lo.in? . IIJtS.Nf.Cet
Federal Reserve Banks
Have Helped Country
New System lias Yet to Take Up All Its Powers- -I i.it
Improved Lending Conditions and Made
Money Rates More St.ihle
Ha HENRI PARKER WILLI
BCl retar* of th?> I rile ral Resetl e ?
While then- I tally
aboat i vnr of eap? ri? n? i ** it
federal Reserve system, tin re i ?r
considerably les? thaa ? ><nr of i
operation of the bapks. Some
? Dl SSI i'ired to them by lsw hav
?' been undertaken at all. Tie
??ver. haf been ??uflicicnt to
thing I Mat may b? ran
Of the new system, to show when
tain of 'f- principal problems **il
ai.il to .-. ? ,: r- nature ..' |
dei elopment in sundry direct
In law and in business pra> ?
Predictions made by opp?
ral Reserva systen ?.a:,) :? si
to the probable character ol the
.....
been v. itbont faundat ?' '
Reserve Board itself has
governed by pai I
f era]
of th? eral banks
lertiot. lay within the
board, haa also be?
merit-. In th? '
of the v '?. ; ?? ? ? no op
'unit*, for th? ???* ? ? . nar'\ [
. and, 10 f;?i aa ea
no ?suvli opportui ty kely to
?:'rnri>H.
? ?. ha " rei alted in rhe ch
th? sevi ral ; ank ol
tail ? r'-e of Inter!
the parr u" the Federal Reserv? Bo
s board haa, ;ii th?' cas
reely givi
? ? . . ?? The boat.1
already noted,
tan ?rithoul .? ? ?
d< rntioii-, bat ba mad? the i h
? i ?i system ?
and careful i that <
. '
Standardizing 1'aper.
? ?
aspect?, however, will l" onl]
ncerned s il h I hi pra i ...
reaei ? t,-m. T
will naturally &:-k what ha* been d
by the Federal Reserv? Board tow
. ? ??? lardl ??'ion of commi
and the ii provamenl of lendii g coi
tions in th? Unit?
one of th? lirai problem? to he
?
ai Reserve art pp
. p! ,| i ,. of 1
anks and
bi I ?>; I i deral R?
intradut Ing a pra
had b? ?-i' inpo i ibla aad? i -
g . teas. The exam]
m ti ? Fed? ral Reserve a< I ..? b?
? ii by many state . and to
nf rhtiii have already introduc
sr pr< ' their laws, l
lars 11 and 18. i
? ? board ha?, practi?
. ?? nr< eptance bj ?':r>* ??' ng th?
? ? c aaraeter of ecui ity
? ? . raual be ar,-,u ,.. . ,
i and number <>f tn?' indon
men:- req ?red i connection v.i
them.
? ? rcula.re ha? been ?
sttem]
? typ? ercia] papi
v. ?th a view tu en.
dacti? ? I
mpi ovemenl ol old oi In ?
? elati ng * ? i ? ade :.eptai ei
< ireular 16, .-? ri? the boat
pointed a wa; to I irtber ?1? velo
? of 'he kind or' two-nami pap?
? i ?? i (... |y us? '1 in
and avoied 'o ?
, . ol such doable same <!r.:f? bj ai?
ni he ?stabl ??hi t ol peciall
? ,,a orablc rates for tl sderal R?
bank?.
Under the praviaions of ?he Feden
Ri erv? a? ? '.' : - reta red th at loan
be made upon paper ?n-otoeted bj war?
house receipt-, ami such provision
. raaa? bj I ba i"'m>l m th
ein ilar relating to i on n oditj pape
? ireular ?7, Ser?es of 1918 . ?There
ighl to ?:.. ? ? ? ' i tirai
of the a? erred to B
<a ay of rendtrini ilar and th
pi n\ ?aions ?in a inch i1 is baaed ? ? ?
? fTi etivi t ha been ec? ?ary to do .
:?-iable amo in! oi accomi
...,1R designed t i promote I ? ad? ,'?? ioi
of an i form wan ?> station, aa?
the issue of warehouse receipts S|
-ti.pl.- products In satlsfaetorj form.
Kfffit on Kales.
Perbap no on? th? Ke>:
eral Reserve ad had received so mud
attention prior to th? oi gi
tie new banks as ti pra o -enaid
?I g th? rate of ?Jl-eui.: I I 'i r g IM
ti o? foi th? Aldvich, o?
eommiasioo, b il a uch >?v said of the
ippoaed n? ce ity of H ? ? eloping ? uni?
form rat.- of discount, applicable to tie
? country Th? federal Reserve
? , tram? I on th? theory that
mtforn rate af discount was
tbei practical i or ?!? ? ebl? fur a
country passessed ol a great ? si
t of 1 rritory a? th united States
and containing "'?hin itself so ma
dust rial eonditiei ? ar-d auch
i widely vai
..' . HJ"'a'.
j I he orgs' il of I I ederel Re
I ?erve ?_?tem h*? rhangnt th? ?Itriatlon
in two van
of the r.niiitry tho opportun i
of obtaining redi i ?u it bj ?<*t ua
fir?-* ??: ' .- . ? itrrri? of i
?f i"..
btalning i
sad ?i'??:? <?;. 'i ? - ore, it h.-?? i
t.hblishp.l throughout each Federal R
lerv? district a d?finit
ol red i ?count, puti eu <
available t.. all i
actI? the aamc coi d I ??
1 i.. pfTect ?.f tl.
Important, 11 11 ?? rd
about the ttanda
nty banka on ? lev?! tub tantia
to that fixed b; the l I
? ?
..,.'.
rowing bai - ..
in the i
? - i.l. 1 hey no? bat
to tl,.. 1 ?deral Rr ?en e hanl
? '
: hi y can ??? iccoi
M,. t present
? . . .
requirement
ar? hi.le tu dei i
pa| ??! ? ?
in*? rouglily to the I ?'
1 ederal Reien e L.r k, pi it
rom in it ion
able ?' t their I
Reaer
I'ar.V - |* 1
Here fA^. r to get 1
verr ??rr;iif:-'nr-.
wonld have lioi'? able to dei
raodstion *'?
rr.i' rnt?* charged by ?'?? Federal R
aerve bank of I ? -? Phe effect
of tlic Fedei *>upoi
large bnainea man, ?.r ? ?
man trr^ peel
hnw ami is able 1 . ? .;u*r c<
Incide wltl
Federal Re
perceptible ?nd impoi
< iirnn?? Ponction,
?i i?nc? tho far ha - un?
i . ? i,n* ' b< cun. ?
el ?.:.. i ederal Rescrsr? Bai
unimportant. It Ii true rhur I
r.c*-fr\r' bankl has/? obtain' .
placel in ? of the pubh. m i
nearly 1200,000,000 of tl Ir ? n aetea
but the bula of thi? njrn ba 1
r . gold and lawful
with Federa
Re err? ?gent* dollar foi .lolUr. Ii
all, the actual liabilil a 1
Reserve banki for outstanding
by commercial rae?-* ?
$20,00 ' ??? oi I? --. i
ju.-' giv?l as well a*. ?II
dene? obtainable ?boa
? ? .
ei b is ta be pereeived in the 1
Reserve net p to dat ?
inn tl . that the Peden Resei
set i on tail i pi .
knoivi. ?-, moneta
i m* note? Lu. k to th? i en .
l i.;- ?tat? of aiTi. ? ?
Pederal Rea? rv? not? pai tl*
the fm : tbati durii |
i . be circulation wa? clo
Aldrich-Vreelaad note-, i h
. o pli ? ? ? ad last
phi? . to 'b? fact that thi ?? l
era] R? ?rv? ba il
undei
? than apon th? ? ? n
.-. ini ? try perl
i bei : ? ? ? tl i v in
g thi
thei?? i -, the i: I thai
in?- circulai ? the United
. . i
. from
abioad
In th? domai
? herefon. a i
? ?.. . -I *h:it thi Fi
Reserve ersten h? n..!.'.-.- i ...if a be?
ginning in th?? cultivation ?t tin
opened to it. It h?? developed the ma
i.. the las
ihown tl..tt such maehinerv
..?..i i. !?pt>-'i '.. th? pun
?Sarataga af Bsaks.
? ?i . .i props i
Bsked t
mental ent? rpi
uri' is: Ha ' ? itnderta
With most gov?
is no- i .
w hether :? rr' ? n aen ?
ederal Rese
tea* la anleite In that It ?aay b? * ?
jected t? eithei I ? .-?
test applied to *~c d en?
tera ri sea.
The ?-orlrr^l Reaerve H....... hat pub
r^b.!..'
shoa me detailed
?? . ? .. for th?
organ! of 1
? 1914, up to ar I
hi-r :ti. r.'i."'. These ?tal I ? a i
general that the gi
lystem had beei ?I $1
while .
tern had been <<v ou
?.urre'." ? K\??
proaln it? II 118
1 i ? lead
Bg
-,-,.- ? up ?? I the
i iten hat eoi i red ?
..'..
?> its ora
? ?',. ? '1 t.. le
Beat? restri ttoi ihould m ade ?atoe
? " a hegl
' >.I
of bi -h
three oi th? ? ?'?? lerve I i eh h?
1 HI'?
? ? ' .I. ma ml I fund i i "t on
i ? .i ? ? ' n,n c
? ? nu i
i
ROSS |M ?if In:.,I?
l,i 1 ,. ,.:,.,.
1 ?? ' It trade in t|
leral Reservi ?. ? .-idei I ?*? ?
menl of ih? aea baaka r
rl '..: ge fui da, a h I? h eoald '
i"aiu ? thi ** ill of their holdei
?added ,f> this aw? the groat lacraaaa
Mwei i '? duead bj the ai H-??'
i.t mi ol th? I dei ?*! Reserve lyata
it?"l!. the combined banking raseur*
? s riiitii.n ii i Kii?T n irreat nu?Tega
? l mean?, whien placed the sou
in a In It? . pa itioi in in -oniin
i ?????. ' than perhaps aver b
' ??
.in t emerging from the distara?
conditions which, resulted from tl
g ' ? ? ? i. ? ? . aation el?/l
?'? .'L.'" "'I'd boatneel m BUtl
depreaeed an?l lacking I
Initiativ? I' " an the pur- of -.ai-ido
: for F?deral Reeerve bank- not la ?
I iimr' ta force ? i.?? ir greal volease i
arces Into n <??. ai ! thereby to a?i
It? the latrpnie ease of money whi?
?? rj Ihroughonl the Hatted Btet?
I ml' member banks, hon
they miphr be handle
! b? prona to follow this poin
:. d |( was. therefore, M?
h< er plan tl il th? tteaen
shntihi eona? rv? the
.? . -'a time when B chaa|
srould come upon thru
?i..av rapidly ninkli
'
Banking I riidernhip.
The natioi I... ?nt< red upon ;. i ?
uancial i Ituation whlc
. ri < and a? '
. iderahip \\ th? b ginning af I i
? ? ?. , tool ?.. good an
? ... u bj canoelling our Roating ii
.... , . ...-.'nu"*. later o?
? n and weri p?
h.- t ihlpmenl of Amaricaa seeui
ties, rl ieh were eaavarted Into mean
.? r-ient through sale:a in the I
\' |? nc'h ??here hm sut in a per1?*
j in wl I? b Run pa till desires to abtai
lour good . bai 'vould do so upon
hiipi? of rredit accounts with th
ad States. The situation ia on
? that pre?entH unusual and perplexln
aroblesaa af policy, and suggests ?III
I acuities in eemmeree, tm<l?' and ind.r
that muy eause hr.idship if no
eoaragaoaal] .nl skilfvlly d?'nlt witl
......
?.. ?... of the nat
the 1 ? 1 th";
. .
? ? | t ?
of
? o
OS? I' g
.
: ,-? n odatioi
point ? e poaaibl? frtctioi
r, and to tl
dy with mem
?anb fi; paper o
r
?
publie demand. It muH, likew-,e, en
. mber bank
in the policy of ative develop
ent and of caul n pool b
. en out
? ? . ? to aafeguan
liar ca?
prod- . of the Unit?
Tl s frc
!
'
- .
Iiank
'
r own
bai
?
STEEL TRADE'S
GREAT RECOVERY
An Artificial Barrier to
Foreign Competition
Was Established.
By JOHN V. TOPPING.
.rmaa, Rcpablic Iron and >ir?-l Co,
rh<
? ..? i
too well known to require ?
end un emphasi i ii nee?
reminder of the ?eei ? of th*- de<
' d prior to and
intime ? lowing the war. The
: i ion need
. -d. bul I think
tariff law
troubles bj opening to un
fail ? ompel I log, a hile, on the other
? itablished
f.i\nr .-i prohib?! tarif] ?ui
the withdrawal from thin mai ? I (
the !.? - mpetitton ever expert
I steel ]
'l he war al o brought to u
manda from abroad for iron end
i .-1 of .-?i i pi " redented charact? r,
? our h?rne mai kei
quickly Ii '?
in fact, broke all previou
.
lie a'
:.-. bul 1 t -a(Y- I i
i that the fullowmsr. figures
for ih?- calendar year 1916 *'iil i?e
?J pig iron, 80,000,000
-. total steel ?n?/?it?i, 31.
i.,0 . tona While the pro
? ?? ? ? .i!f nt' the prei
? ol much in
pacity, the
. ?' rear's production has brok
... a;| pi,. mu. ,r-'- t pro?
duction being estimated at the ?rate
,. ? , 38,000,000 gr<
6,000,.?jroai tons of
. ? .
< i.ii-irintitin Ne,(i? Mibnormal.
p ? . :
i g when it is taken Into
,i ?i ictive dei
? normal, being <
; tha' the i ai hope, atfrU'ult
implement, equipment i'om
?.I build ? ? have i
pe? ? ?50 per i.
... ii. ..... oth?
. ? ?glue of eu ? ? ipe I
?.. f and other pur
- al
?i ? ?pei eei I of em
? uve rapacity. I
LAWRENCE | EI.I.IMAN W ALBERT PEASE. Jr. O DE LANCEY COSTER
ROBERT A C.RANNISS. Jr HERBERT A WILDMAN FRANCIS S BANCROFT,
EDWARI" K VAN WINKLE WALTER H WILLIAMS JOHN P MEAGHER
LANSING P. WOOD JAY A LEE
Pease & Elliman
340 MADISON AVE.
Near 43d SI. Tel. 6200 Murray Hill
165 West 72nd St. 55 Liberty St.
Real Estate & Insurance
_ '
Money to Loan on Mortgage
Appraisals and Management of Property Our Specialty.
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demand for copper shares,
in all probability, will be
followed b) umtlar de?
mand for shares of the
companies operating mines
producing go! d
lead. 7ir;c, and other
metals.
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C. V. Koontz & Co.
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25 Broad Str* et
feiephories 1 ^ Broad
January List of
High Grade
Municipal Bonds
Of Attractive Yields
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115 Broadway, New York
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New-York tribune. [volume], January 04, 1916, Page 15, Image 15
About New-York tribune. [volume] (New York [N.Y.]) 1866-1924