davidaulloa/AmericanStories huggingface dataset:
Los Angeles herald., 1907-11-29
THE SHIFTING STREET

T ESLID M. SHAW, former sedre-
/ tary of the treasury, tells the east
- ern flnanciers that the west has
lost confidence in them because, when
the pinch came, the fasteners sought
TO. protect themselves only, leaving the
rest of the country to shift for itself.
Nobody will question the accuracy of
Mr.. Shaw's statement. The west knows
to man why and how it has been
squeezed, and all SO unnecessarily. The
wildcatters who are made the subject
of this keen Iowan's denunciation need
waste no time in explanations, nor in
apologies. The jig is up.
Once upon a time Lombard street,
London, England, controlled the
finances of the world. Little by little,
as the American nation prospered ant,
amassed it's now stupendous surplus of
wealth, locality designated as Wall
street, New York, U. S. A. arrogated
unto itself special privileges in this
direction. It's power has grown until
today Lombard street has been shorn
of it's autocratic power, dividing it's
control and responsibility with Wall
street. -.
In the meantime new streets are be-
ing laid out in the empire of finance
as far westward from Wall street as
Wall is from Lombard. 1t looks like
a dim, vaguely outlined vision, and it
is, but-the star of finance may journey
still farther west: some far western
street" may compel Wall street to
permit division of controlling power
even as Wall street has compelled
Lombard street to part with measure
of it's responsibilities.
Los Angeles herald., 1907-11-29
DOWN TO BEDROCK

N1 HE New York Journal of Commerce
is one of the most able as we'll as
Il conservative financial authorities
in America. It's editorial columns have
been singularly free from bias, notwith-
standing the tremendous pressure that
has been and doubtless still is brought
to bear upon that paper to play poll
tics" in it's discussion of financial and
commercial problems. Consequently
the press of America has learned to
give to it's opinions the consideration
due fair-minded, judicious expressions
of a profound and impartial student.
In discussing the recent decision of
the big iron masters of America that
"as prices had not been advanced dur
Ing times of great prosperity they
should not now be reduced" this pro-
nunciamento applying particularly to
the iron and steel industry, the Jour-
nal of Commerce says;
''Is the iron and steel industry an
exception on account of some combina-
ton of interests that controls it,
whether that is effected by contract or
agreement, or by an understanding
reached at a dinner party and the CO.
op aration' of those in charge of the
great concerns engaged in it? 1t is said
that prices were not advanced in this
industry during times of great pros
perity,' but they were lifted to high
level when that period began and they
have been maintained substantially on
that level until now. Can they be kept
upon it in the face of reaction in
business? They were raised virtually
by combination of interests and re-
suited in great profits on account of
tariff protection against foreign COM
petition. That protection is relied upon
now to enable this combination to hold
prices from going down and to. regain
the exorbitant profits as soon as re-
newed activity comes. In the mean
time we may be sure that export prices
for iron and steel products will not be
kept up. Surplus products will be sold
for what they will bring with some
little profit in foreign markets, while
domestic markets wait for relief. This
process Of waiting will be made longer
and more severe In it's consequences by
the combination to maintain prices. and
IL the same policy could be pursued in
all leading industries the depression
would be greatly aggravated and pro-
tracted. What will be needed to ease
it up and promote recovery is not only
the sweeping liquidation of burdensome
obligations that is going on, but a
lowering of the cost Of production, Of
doing business and of living, and in
effecting this the iron and steel indus
try should do its part, and may in time
be forced to do its part. If not by irre-
sistible economic tendencies within the
Los Angeles herald., 1907-11-29
FREE ART

NHE American Free Art league
suggests that when President
u Roosevelt recommends to con-
gress the abolition of the tariff on
printing paper and the raw materials
from which it is made it would be an
opportune time for him to take up the
question of free art. 1t is argued that
both are essential to the proper educa-
tional development of the country
Both of these duties are taxes on edu-
cation and operate to suppress the
distribution of ideas and the diffusion
of knowledge Both are survivals of
an era when the spread of intelligence
was considered menace to the state.
And what may be said of education
and of art may likewise be said of
many things concrete. Neither educa-
tion nor art is to be classified as
Infant dustries''-neither is the art
of the shoemaker or the manufacturer
of steel rails.
Los Angeles herald., 1907-11-29
CLEAR, CRISP AND CLEAN
BEE STATES PAGE FOR ALL THE NEWS
FROM YOUR OIL HOME.
TO OUR SUBSCRIBERS

AWING to the rapid increase
~ in The Herald circulation
our carriers are overburdened
and there are instances when this
branch of the service is swamped.
We are making every effort to
keep the delivery department
abreast with the influx of sub
scriptions.
Subscribers who fail to receive
their papers are requested to
make complaint. by telephone or
otherwise before 9:30 a. m. We
will promptly fill in all misses"
reported but will not make allow
ance in cases where complaints
are not made promptly.
We ask our patrons to be pa
tient until we are able to handle
the vastly increased volume of
business. You can aid us by
promptly reporting misses. Tele-
phones: Home, "Herald"; Sum
set, Press II.
Los Angeles herald., 1907-11-29
SKIES ARE
HOLlE2L Y FRIGHTENING

the slightest note of disbelief in the
ability of the government to maintain
its own credit under this measure OF
finance has been expressed. The treas
ury is perfectly sound and the whole
country knows the fact. Fortunately
whatever loss of confidence has oc-
CURED has not touched the belief of the
people in the permanent stability of
tn public strong box.
It is a matter of indifference whether
the stock market responds bullishly to
these measures of relief. The thing to
be done Is to safeguard the banks
from the possibility of collapse under
the strain of heavy demands for cur :
rency. Once the banks are guaranteed
against failure the industries OF the
country will be assured of reliable
basis for their transactions. This in
turn will re-establish confidence on the
part of investors. Tho stock market
itself, no better in such q situation
than an index of conditions and not an
object of solicitude. will eventually
reflect the betterment of conditions
Washington Star
Los Angeles herald., 1907-11-29

country. then by removing the barrier
against foreign competition, which
alone gives the combination its power
All roads lead to tariff reform in
these days. You may analyze and syn
thetically reconstruct it; you may re-
volve it in every direction; you may
illuminate it by any light. available,
but the problem which confronts the
nation today finally admits of but one
solution. The cornerstone and the key
stone of our chief economic troubles arc
the protective tariff. There is no brand
of logic that permits of any other con-
clusion.
We go from the gamble to the great
bunches of quickly gained wealth that
made it possible; from the wealth to
the industries that produced 1t; from
the industries to the trusts of which
they are units; from the trusts to the
tariff that created and fosters them
No matter which way one tries to
figure it out, he finally gets down to
the bedrock of the tariff.
Los Angeles herald., 1907-11-29
THE FIRST AIR BRAKE TRIAL

The air brake was ushered into ac-
tuaI use in most dramatic fashion. The
trial trip occurred in April, 1869. The
train selected was the steubenville ac-
commodation running between Pitts
burg and Steubenville, Ohio. When the
train was going at full speed, suddenly,
as he came around sharp curve, the
engineer saw stalled wagon in tho
middle Of the track dead ahead. with
hand brakes only, nothing could have
prevented a terrible smashup. The
formal time or the tri. of the air
brake had not come, but the brake was
there, and in desperation, not believing
for n moment that the thing could pos
sibly avail, the engineer threw on the
air. But 1t did avail. The observers
in the rear were almost catapulted out
of their. seats by the shock of the sud
den stop. But when they saw the en-
CINE fairly polSing it's nose into the
wagon bed, so narrow had been the
margin between safety and disaster,
they forgot all about their shock, ana
stood in awed silence. The air brake
had come into it's own.-Everybody's'
Los Angeles herald., 1907-11-29

r PIERPoNT MoRGAN'S visit to
Washington may be interpreted
y svariously, according as the OBJ
server is optimistic or otherwise con-
cerning the present financial situation.
But IL Mr. Morgan's words are accepted
at their face value the skies are bright
ening and the pinch in the money mar
ket is easing off. The extraordinary
measures adopted by the government
to cause an increased flow of currency
appears to have been well received in
the main by the larger interests and
the outcome Is believed to be certainly
helpful to the commercial centers. The
immediate effect will be to enable the
banks securing the new securities to
increase their circulation of notes, and
at the same time the action OF the gov
ernment in permitting the funds re-
ceived from the sale of these securi-
ties to remain on deposit with the pur-
chasing banks will not withdraw ex-
listing currency from circulation. Thus
to an extent of practically the full
amount of the issue the volume Of cur
rency will be swelled. Thus far not
Los Angeles herald., 1907-11-29
STRONG APPEAL MADE
FOR EARL Y SHOPPING

to millions of customers that they can
benefit themselves and every one con
cerned If they will do their Christmas
shopping early in the season and carly
IN the day This will lengthen the
Christmas shopping period and reduce
the disadvantages which, in other sea
cons. have attenoed the Christmas
crowds"
In Mr.. Devine's letter Mrs. Florence
merchants the idea can be brought home
Kelley, secretary of the National Con-
sumers' league, which has a member
ship of women in every city III the
country pledged to work for the safe
guarding of women and children in
industry, is quoted as follows:
Never before in any month of No
vember have SO many merchants noti-
fed their Gus toners that the Christmas
goods are at hand ready for inspec-
tion and purchase. Never have so
many consumers leagues mailed to
their members appeals to shop early
in the season, early in the week and
early in the day. In some cities postal
cards carry a printed personal appeal
In others cards in the street cars and
store windows bear the legend. Every
where, however, the most effective
pressure upon the thoughtless public
comes from the merchants and the
press JHTOuBH udlly duNeTliSiHS anu
friendly editorials.
"It is an astonishing number of peo-
pie who profit by this vast concerted
effort to abolish the Christmas cruel
ties. The shoppers themselves find
now in the stores good air and good
will awaiting them, which (sinister
thought) will grow less every day as
Christmas approaches. The clerks are
still unwearied by the jostling crowds,
and can extend courtesy which will
grow day by day more difficult If not
more scant. These, however, are mere
ly the visible part OF the army of
workers concerned. Unseen and alasl
aforementioned are the shipping and
packing and wrapping forces. the de-
livery men and boys and. remotest of
all from the gay holiday throngs of
mid-December are the candy makers.
toy makers. box makers. the innumer-
able workshop and factory employees
whose overtime work follows the be-
lated orders and careless delays Of the
shopping multitude"
Los Angeles herald., 1907-11-29

Whatever the economists may say on
the subject, experience demonstrates
that the effect of protective tariffs is
to make peoples break away from
habits of dependence and to compel
exertion which has for it's outcome
diversified industry and prosperity"
says the San Francisco Chronicle
This is partly true and partly untrue
Experience on the part of the people of
the United States demonstrates beyond
question of doubt that the protective
tariff has compelled exertion" not SO
much toward the diversification Of
industry as toward the end that the
benefciaries of the so-called protective
tariff may not, in the end, own the
earth.
Los Angeles herald., 1907-11-29
HOLIDAY SHOPPING

H4ERE are left but twenty-five
days. including today. in which
holiday remembrances may be
purchased. The wise buyer will be he
who begins at once to make his selec-
tions from the splendid stocks on ex-
hibition in the various stores in Los
Angeles. The great advantages in this
to the prospective giver are that he
not only will obtain better service but
that he will have much better assort-
ment from which to choose, provided
he begins his campaign at once.
There is another consideration in
volved-an ethical one. That spirit of
humanity which should predominate
as an actuating influence during the
Christmas season, of all times in the
year, should prompt us to think of
the clerks who are to minister to our
demands. If we are able to imagine
ourselves in their places should we not
endeavor to make their labors as light
as possible by helping to distribute
them evenly over q period of three
weeks or so instead of following the
usual Ou0lOiAl VI illdllNlllO hlH5
in the stores at the eleventh hour?
No one who has passed through the
whirlwind experiences of the last week
of Christmas shopping in large city
needs to be told of the trials with
which selesmen are afflicted. The
strain, both physical and mental. is
severe. Many a clerk has broken down
under the attack made upon him or hel
during these days.
Here are few rules for shoppers
formulated by New York woman
who has witnessed the evils resulting
from delayed shopping. 1t is too late
to apply the first rule but the other
six are as appropriate for Los Angeles
as for New York:
First-Do as much as possible
of your shopping before Decem-
ber /.
Second-Have it all done one
week before Christmas.
Third-Shop early in the day.
Fourth--Carry home as many
parcels as possible.
Fifth-Do not ask to have par
GELS delivered on the day of pur-
chase.
Sixth-Do not ask to have
articles s ut home on approval.
Seventh-Do not shop during
lunch hours, thus shortening the
hour for the clerks.
If these rules are observed as strictly
as possible holiday shopping will be-
come pleasure to the purchaser and
delight to the usually overworked
clerks They are based on the Golden
Rule.
Los Angeles herald., 1907-11-29
O. ouEEM oE EcYPTI

(oueea Thiy; found in Tbebss. Feb. T. isof)
Long ere we found you. seeress OF tne past
ny which your son bore disbelievtng fame
Had been erased by priests restored 70 caste,
With penetrative rage. So now your race
AS we unwound you from your wealth OF Old
Car olian lapis iazuli and gold,
Went stricken fIom our presence into space
And empty of its countenance, the crown
of me Egvptian realm remains, the wings
And beak and talcns. and with signet rings,
Presenting STILL though turn by turn went
down
Its lords with ali their learning and their lust
A nocking diadeni Of mighty dust.
--Witter Bynnci. ia the Metropolitan Magazine
Los Angeles herald., 1907-11-29

When Emperor William left Windsor
castle he ordered $4,000 to be distrib-
uted as tips among the servants.
American guests of Williams uncle win
please hsar the precedent in mind upon
their next visit.
Los Angeles herald., 1907-11-29

The Yale school of forestry has re-
ceived from the National Lumber
Manufacturers association a $4,000 en-
dowment to support a chair of applied
forestry and practical numbering. 1t is
pretty late in the day, but such steps
as this viii help to save what is left
of the forests.
Los Angeles herald., 1907-11-29

Tesla says he is nearly ready to send
messages to Mars. Now If somebody
will find some way to receive the an
swer science will have pegged along
another step.
Los Angeles herald., 1907-11-29

The Black Hand in Chicago is to
face a new foe-the recently organized
White Hand. III the mixup let the
Blacks and whiteo beware Of the Reds.
Los Angeles herald., 1907-11-29

Weston prescribes a daily walk to
and from work as the best formula for
health 1t is plainly to be
seen that the great pedestrian tourist
owns no street railway stock.
Los Angeles herald., 1907-11-29

Thomas Wentworth Higginson is the
author Of the epigram that courage,
confidence and not too big wad in the
pocket are the best restorauves.
Los Angeles herald., 1907-11-29

DR.. Wiley continues to receive daily
reminders that he can't continue to
sdoot at random the way he does with
out hitting somebody
Los Angeles herald., 1907-11-29

If these rules are observed as strictly
as possible holiday shopping will be-
come pleasure to the purchaser and
a delight to the usually overworked
clerks They are based on the Golden
Rule.
New-York tribune., 1907-08-30

STOCK MARKET OPERATIONS.

The influence Of the approaching triple holi-
day in evidence in yesterdays trading on
the Stock Exchange. where dulness prevailed
End prices moved within narrow range, the
market closing irregular, at small net changes
There was some appearance of activity and ad-
at the outset, but this soon subsided, and
thereafter during the session the business con-
sisted chiefly in the evenng-up of contracts by
traders in preparation for the holiday period
There almost complete absence of news
which would have any bearing upon stocks. The
Bank of England maintained its minimum dis
count rate at AZ per cent, but that action had
been generally expected. On the New York
Metal Exchange quotations for copper were
marked down again. but the price changes OF
that exchange do not signify much TO the stock
market. The call money rate at this centre mar
dened a trife but that taken as merely a
reflection of the preparations for the DIVIDEND
and interest disbursements to be made al the be-
ginning of the next MONTH and gave no encour-
agement TO the bears for putting out fresh short
lines: while time money rates continued to tend
toward comparative ease, loans on more IA
yora b1e terms being made for sixty day money.
The foreign exchange market ruled steady, with
rates unchanged from Wednesday, The active
buyfng demand in stocks for foreign account,
which had been a factor of Importance in the
earlier days of the week, nearly disappeared yes
terdav the total transactions not exceeding five
thousand shares with purchases slightly larger
in amount than sales Investment buying con-
tinued, but q small scale. many of the bar
cession after the steady advance which had been
in progress since the beginning of the week
According to the known movements of money
during the week. the banks have suffered a net
loss in cash of nearly $4,000. 600; but to-mor
rows bank statement may show that this loss
has been to a large extent balanced by the de-
post with government depositary institutions in
this city of Treasury moneys, as the amount of
these funds which being deposited from day
TO day has not been disclosed. The statement
should show great change in the loan item,
Judging from the course of the stock market, and
therefore should show a considerable reduction
in surplus reserve from the substantial sum
corded last Saturday; but forecasts OF the bank
statement are at best only guesses.
AS was natural. the Erie preferred issues were
strong yesterday, the second preferred making
net gain of 42s points on sales of 400 shares
The common advanced fractionally, although
the declaration of scrip dividends on the pre-
ferred classes. instead OF the passing Of the dv
dends the course favored by conservative opn
ion in Wall street will work to the disadvan-
tage of that issue. On the curb there were sales
Of 200 dividend warrants on the first preferred
stock at 55, which is equivalent to s1l0 for the
dividend Of 5000 each 100 shares.
New-York tribune., 1907-08-30
TOPICS OF THE STREET.

v,oprrcN TPADISG-TotaI transactions for
foreign account were under 5.GtO shares Hn-' ~,
representing purchases Of Union and southern E La
cfe. ard Reading In London stocks were slrohe
In the early trading, but closed at moderate s,
sions on profit taking Money was IN p-7"'A'-
supply -,
SECURITIES IIsTED-Tha following securities
have been added to the Stock Exchange Est' 81
hundred and fOrty-three thousand duIldls w. w.
Of additional River s Gulf DIVISION nTs' % ~ TIfs
per cent thrty-year gold bonds or tie % rs
Iron Mountain & Southern Railway CoInpdns,~ - a.,
$50 90 ten-year per cent conveEuoe eoost 81
bonds Of the AtchiSon, Topeka santa re -, -,
- S,or,nanv The latter bonds are the totai
amount of the new issue OF S26.056oo0 which hss 49,
been paid for in full. and are now oulst1idIs, as
remaining S5 SS4 600 being reserved AGAINST ~. N
rants upon which the first instalment 81 Per 00''
has been paid -
DTyuDENDS DECIARED-The directors or tn1
Associated Merchants Company have declatoG 49, ar
regular quarterly dividend on the common s,uS s;aI
the rate of per cent yearly. and an acuIt 1rSs
quarterly dividend at the rate OF : per cent e,S -
regular dividend Of Il. per cent has been Gee.r -.
on the preferred stock OF the American O@l N
pany, PAYABLE on october l. IA
PIG IRON CERTIFICATES--Pis iron es = w.
Gates the Produce Exchange opened duil @ a t,n5-
changed There were no sales Prices ror ~ So.
ard foundry follow: September. Octooel' W.
Der and December. 81 80 asked
ELECTED To STOCK ENCHANGE.-Lo.s. -
F. Anderson has been elected member OF 20
Nv yor,x stock Exchange. Mr. Anderson WHO
president of the Mercantile Trust CO'ip ipsber
ST. Louis will retire from that ofhce on SCI ser - s.
l, enter the stock broKerasT puS'''-'
Louis x-.v
MORE GOLD FOR MONTREAL--The ssv -
York agency of the Bank OF Montreal He'..s 4
shipped $4,000 in gold coin 10 MontFeal' las
total of 81 0100 600 sent in the last lew uSSS-
BALTIMORE & OHIO'S FRElGttI IN no
MENT-As an Indication that there mas ~ by
falling off in the volume of business NsS-res
the railroads throughout the country the 20 the
lust AT hand OF the freight car movehei' sov
RaItimore a. Ohio Railroad during June 81, s an
total car mileage for the month OF oooo' more
increase over the month last ysai :, s03
than 8 500 900 and average a car uA' ,ade q
miles The Baltimore & Ohio. however, -'sn,ent
notable record in May with an average sssrs Of
n car n day of 31.7 miles In a total car ~ daily
20 eel IFS This business was done WIN esrry.
average of little more than $4,000 treis"
ing cars the road
New-York tribune., 1907-08-30
FOREIGN BANK RETURNS.

London, Aug zs.-T'he weekly return OF the Bank
OF England shows the following changes: Total
serve increased E27 go; ejaculation decreased
E060o bullion increased Ee31 900; other securities
decreased go: other deposits increased 64s3 0po
public deposits increased $4,000: government Sc
curities were unchanged. The proportion OF the
banks TO liabilities is $40 per cent
against Sc DO per cent last week Tho rate OF dis
count is unchanged at III per cent.
Paris. Aug. 2e.-The weekly return Of the Bank
Of France shows the following changes: Notes in
circulation increased eo0o0o francs: treasury de-
poeits increased 100000 francs; general deposits
increased ls 600 francs; gold hand decreased
AB6D00o francs: silver hand decreased 4z6, 900
fance: bills discounted increased los $4,000 francs;
advances decreased GSzs.coo franoA