davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-11

with profit both TO the individual investor and TO
the country as Vhole Wall Streets most press
ing problem to-day, therefore, is how to reach
the small investor and how 20 guide him indi-
yidually to safe investment in these great bar
gains in stocks and bonds or later to be
o!Fered TO in such quantity. Once he has been
found and shown the way his patriotism, coupled
with his desire TO increase mis- income without
risking hi; capital, should do the rest
It will be argued of course, that the savings
bank should continue to be the main depository
Of small savings and that it should relieve the
small farmer and the clerk and the petty trades
man from the necessity of having to invest di-
rcctly in these securities by doing itself with
his money But in the first place, large per-
centage Of these European holdings are not legal
ly available for savings bank investment, though
safe and profitable and in the second place, It
would mean the neglect of a splendid opportunity
TO strengthen Uncle Sam financially and INDUS
trially by making him nation of small investors
Ike the French, each one of them with DEFINITE
interest in the courtry's prosperity and very
real desire 20 see its affairs managed conserva-
lively and honestly. The backbone Of the nation
such people have been called since the invention
Of political oratory Surely no nation, and par
tcularly no democratic nation, can have too much
UaChboUe.
Wall Street is working on the problem. On the
whole problem. One can understand that with
extensive suites Of Offices to maintain, with heavy
salary lists to meet weekly Though these lists
have suffered drastic reductions of late) and
with a practical cessation Of business, the eager
ness Of bankers and brokers to find solution IS
almost pathetic. They come down each morning.
these former kings of the commercial world, to
be Knocked by their great Offices, whose size and
expensive appointments, intended to impress Gus
toners, now serve simply TO remind their pro-
prietors of the daily deficit.
Draped about, trying in vain to look busy, are
those Of their subordnates salesmen clerks, ste
nographers and messengers who have not already
beer discharged. each one representing to his en-
ployer SO much Improbable outgo. The day
wears on. little business having It's inception
before the war is attended to. Nsa = the same
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-11

countrys big enterprises over the entire nation,
giving the very humblest stake in the nations
pros perty and in .he homes. management Of cor
porate foperty. lncdentall', he and hi col
leagues 1--we, wAer. hey can put their nandj on
it, the net resources of the nation
With such a system of banking and investment:
VIC here in the United States would find prob
len much simpler when the time comes to absorb
these European holdings of American securities
which are 20 be showered upon Us in greater o.
less volume the moment the Stock Exchange
opens The big bankers could then turn 20 their
hooks and point out to each depositor in the land
Just what his snare of this wholesale nationa!
investment in "Americans" should be, and with
very fair prospect that his suggestion in each
instance would be acted upon Then with the
minimum Of loss in values and Of disturbance to
industry the children of Uncle Sam would be
Gene the possessors at bargain rates of a great
additional hunk Of the capital which produces
their prosperity.
But unfortunately, for the present situation at
least, the American system of banking and in
vcstment differs very radically from the French.
Instead Of few great central banks with branches
We have d vast number of small independent banks
and for the most part with very clearly defined
functions For example. a commercial bank is
investment for private individuals though it may
be and sometimes is all three. The commercial
bank discounts commercial paper and receives
deposits; the savings bank receives deposits to
invest in a class .: securities carefully prescribed
by law: the investment bank or bond house un-
derwrtes rev issues Of securities which it ped
dies out 20 savings ban6s and other institutions
O. The sort and to pirate investors. Not only is
the competition for capital keen among these
different sorts Of banks, hut also among all the
banks Of the same sort, resulting in great scat
tering OF savings.
And yet though we cannot claim the high aver
age of thrift which distinguishes the French as
a nation. we have somewhere, divided among all
those rival Independent; Institutions a tremen-
dous total of small savings which under expert
guidance could be devoted to the absorption Of
these American securities now held abroad. and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-11

or later We shall he the creditors once more, once
we have succeeded IN liquidating our maturing
obligations, and when that time comes the Stock
Exchange must open to permit the purchase OF
American securities held abroad or we shall ma
it very difficult to collect payment for our exports
and our foreign commerce will suffer, TO say notn-
ing of the whole industrial fabric with which II
is Intimately involved.
There is another and more imperative reason
why presently we should resume our trading IN
securities. The banks of the country hold billions
Of these stocks and bonds which, under the CIR
cumstances, are practically non-negotiable. No
one knows how much their value may have been
affected by the happenings since early in August
and while this uncertainty lasts bankers Will con
tinue to hoard their reserves against the day OF
reckoning Such condition naturally STILES
industry, which now, more than ever, needs cX-
banding credits and confidence TO give IT the
proper innetus toward prosperity.
Then there is al the new financing to be done,
the new securities to Aoat, if would keen
abreast of our economic opportunities. The rail
roads Of the country alone find it necessary TO
issue from three TO five millions in bonds
and notes every year to keep up with their needs.
How are all these securities to find purchasers
if the market is closed? Under modern conditions
car economic life stagn; tes if it does not rapidly
ebb without a securities market.
There arc great many other, no doubt, but
these may be considered the main reasons why
euccessful resumption Of STOCK Exchange activity
would greatly stimulate cur economic life Blu
FIRST Of all, every means must be made ayailabl-
TO temper the initial shock. 1t has been estimated
that Europe holds S6,OOO,OOO,O0O of American
curities, ard that she has it in mind to make Us
take bach a fifth Of these or from billion TO
billion and n quarter. Optimists exist, of course
who dor, believe shall be called upon to
absorb any such quantity OF securities. They
point to The sales being made more less
privately in London in which "Americans" have
shown a tendency to appreciate in value. On the
other hand, private sales in New York have midi
Gated tho reverse tendency. Wall Street must
prerare itself for the worst, and the country al
large, every thrifty soul from day laborer to
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-11
REPUTABLE STOCK HOUSES THAT SPECIAL
IZE IN ODD LOTS.

Luckily there are number of reputable stock
houses now specializing in odd lots, in the sale,
that is, Of stock in any quantity from single
shares up. And the best bond houses. members
Of the Investment Bankers Association, which 10
cludes almost all the firms and banks in the coun-
try that sell securities selling over the coun-
ter good bonds in denominations of 500. Many
oil them will also buy odd lots OF stock for their
customers In fact, they are very anxious TO per-
form any service which will attract into the
market when it opens the woman with
feW hundred dollars saved up who would ike
his or her capital to higher interest than
it can in the savings bank. They will be ready
with sound and honest advice, especially for the
humbes' OF applicants.
The point is to bring these potential investors
into touch with the truly reliable and public
spirited houses which stand ready to them,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-11

w TALL STREET has been holding its breath
IA now tor more than TWO months. Or
w rather, having taken long breath at
the beginning Of its plunge into the
apitslistc estaclysm precipitated by the war, IT
las been letting It out since bit by bit. Not all
II IS out ye. by long shot, but there are
enough discharged clerks and stenographers and
Messengers, not to mention crippled salaries, in
endsnce TO demonstrate that the financial lungs
must soon have drag at the upper air or become
dangerously Debated
The great trouble lies, Of course, in the prob
soA'y that as soon as this strong swimmer pokes
nS head above the deuge several drowning col
Sgaes vii. seek to grab him round the neck.
England and Germany and Holland and France
are simply aching to have the New York Stock
I1ehange open, that they may realize on their
nO'olngs Of American securities. One would sup
PO'e that in the face of this widespread calamity
~ey would instead, cling to their shares of the
"oH's nom American peace; but though Ameri-
''h securities lust now the best in the world
'"Fse eountres, especially the ones at war, need
a'n' lhey need II TO pay for the enormous waste
VI war, for all he mountains Of supplies, the
wy shoes, blankets, clothing, imported to great
N'eht from this country, which they must pour
INTO the zone Of conflict while the lasts
TWO MONTHS OF FIGHTING MEANS Thirty
SIN MILLION SHOES WORN OUT.
Already for nearly two months nine million
ren have been sighting on the Continent Of
.-'Vpe Ia The matter of shoes alone this means
~ consumption Of almost double that number
Pai's' SINCE the life Of a pair of shoes during
'','e campaigning is reckoucd at one month.
le condition OF prisoners and wounded
'-2hl lack Iom the front is any criterion, this
''" OF ncn sorely needs by this time complete
ou'hls Of uniforms and blankets as well. All
''c laiags must be bought over here in ever
',Vesmg quantities, as the outputs of tho Grip
European factories continue to dwindle, ard
'@y 'oi them The warning nations, since their
'PV''s TO as have perforce become negligible,
-' sacrifice their American securities unless
Ivy would drain themselves of their diminishing
soid reserves
M, "'ahateiy for them the Stock Exchange re-
NED open long enough at the beginning Of the
49, permit them TO anticipate to some extent
needs IN THIS direction. They dumped our
hr., ''e' on us IN an avalanche, valued in the
FRO millions. which more than offset our
peSh balances. We began paying them IN
mo-, until a The risk Of capture stopped gold ship
Ssi, men we closed up shop and sat down to
an Tor Letter days.
ana -" meantime however, our grain shipments
hail., ''s nave been gradually reducing the big
10 Ia, against az. Foreign exchange rates arc
' '0hSes as abnormal as six weeks ago. Sooner
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-10-11

fix drop in TO discuss the war news, the financial
situation, the obstacles TO be overcome before
the reopening of the Stock Exchange can be
thought Of Gradually, from partner to Office boy.
they drift homeward to spend unquiet even
ing as inexpensvely as possible against pack
ground of anxiety.
Yes, Wall Street is indeed working on the prob
lem, and already arrangements being consid-
cred for the formation of powerful syndcates to
finance the purchase of these foreign held securi-
ties in the first instance, once the time seems
ripe for the reopening of the Stock Exchange.
But these syndicates, like all other underwriters,
must eventually pass on their holdings to the
public in general Furthermore, they know that
the magnitude of their operations makes it nee
essary that not only the big investors and IKE
spectators answer their invitation TO buy, but
also the great body of small savers, each with
hundred or more dollars to invest.
Now nobody wants these latter to come wan
dering into Wall Street unchaperoned, like lambs
to the slaughter, least of all the chastened Wall
Street of to-day. The last thing Wall Stree:
wishes to see is the advent of ignorant investors
careessly wasting their money, inviting further
financial irritation in the country at large and
public discomfort with Wall Street Therefore,
the who dominate the district to-day, the
members of the we'll established, conservative
houses, who always weather sereney the worst
storms, while their less scrupuous competitors
are foundering hopelessly on the edge of bank
ruptcy-these are casting about in their
minds for the best means of protecting and guii-
ing the odd lots" man once he is invited into the
Street to pick up bargains for permcnent invest
ment.
The Washington herald., 1914-10-25
President Wilson Stronger Than His Party.

If it were not for President Wilson's personality
the Republicans would have foundation for
confidence 1t is fact that the President is stronger
than his party 1t is for this reason that Senators
and Representatives besegng him for letters OF
Endorsement 1t is for this reason that Secretary
Wilson, in Missouri; Secretary Bryan, in Colorado
and Wyoming Secretary Lane, in Nevada and the
Far West Secretary Houston and Secretary Daniels,
in the Middle West, and Postmaster General Burle-
son, in Illinois, making the President the text of
their speeches and urging the people to sustain him
by electing Democratic Congress. 1t is also in
teresting fact that less than 100000 copies of
President Wilson's letter to Chairman Underwood
commencing Congress have been printed and circu-
lated, and that the letter will be the widely cir
culated document issued during the campaign
Ignoring the tax bad business conditions, de-
creased revenues, extraordinary appropriations and
other unpleasant TOPICS the Democratic orators are
commencing President Wilson because the United
States is involved in the European struggle Most
people accept this commendation. even though it
would seem to be more difficult to drag the United
States into war than keep of it, and the fact
that we are at peace is helping the administration
wonderfully. Italy and Spain and Brazil and Ar
gentina also peace with other nations. that
the United States does not occupy an absolutely
unique position. The President is also given credit
for advocating idealistc policies which ought to be
helpful to the people, and there is confidence that he
is trying do right The extent to which his per-
sonality seems to appeal TO the people irnbues the
Democratic leaders with hope of victory
The Washington herald., 1914-10-25
Interesting Conditions in Ysriou, States.

The conditions everywhere prevailing in
teresting that each State ought to have chapter by
itself. Take New York, for instance, where Roose-
welt has declared in a speech. in to a remark
by Andrew D. White that he will return to the
Republican party: and where John A. Hennessey. de-
feated Democratic candidate for the governorship,
has written letter supporting Republican nominees
for State Offices because he wants to overthrow the
Murphy machine. In Ohio Representative Willis Re-
publican candidate for governor. is denouncing his
Democratic opponent Gov. Cox, for maintaining IAN
unholy alliance" with the saloon interests while ex-
Comptroller Prendergast of New York who nomi-
mated Roosevelt at Chicago in 1912 is appealing to
former Republicans to to their old allegiance
Meanwhile, the distlling and brewing interests of
Cincinnati are emphasizing the fact that they pay
100000 in local and SI2oooooo in Federal taxes
each year These interests it is needless TO say
fighting the proposed prohibition amendment and are
vainly protesting against the new Democratic war
tax.
In North Dakota the campaign has become so Bit
ter that Senator Gronna has sued his Democratic
opponent Sever Serumgard for $4,000 for alleged
SANDER In Connecticut the factory employees who
were for Roosevelt two years ago organizing Re-
publican cubs-a fact which naturally encourages
the Republican leaders. In Rhode Island Repre-
sentative OShaughnessy is telling the people that it
will do no good to elect Republican House because
President Wilson would not approve Republican laws
and nothing would be done for two years-an argu-
ment by the way which will lead many to hope that
this condition of affairs will arise In Minnesota,
where there is large rural population, Representa-
tive Hammond, Democratic candidate for governor
is seeking votes by declaring that he is believer in
temperance principles and practices what he breaches
In Illinois, where there is hot three-cornered fight
the air is filled with elimination and recrmination.
This to the voters, who go to the meet
ngs and laugh and applaud, but apparently give no
indication to how they going to vote.
Most of the campaigning has been necessarily done
at long range, but now the time has come when the
work must be done among the people 1t is a settled
fact that very large number of Representatives,
when they return to Washington, will come to say
good-by.
The Washington herald., 1914-10-25
Th. Outlook a, to the House.

Curiosity as to the outcome of the elections for
members of Congress is universal 1t is a curiosity
which is not likely TO be satisfied until the ballots
all counted. In most campaigns it is possible to
anticipate with some degree of certainty what the
result will be- but this year the leaders of all parties
acknowledge frankly that they are up in the air
Confident claims publicly made by partisans, but
under the surface all is anxiety and doubt The
trouble is that the great mass of the voters are not
proclaiming their views from the house-tops Meet
ings are almoet everywhere we'll attended but they
are indications of the character of the bal
lots that will be All the leaders agree that this
year the element of uncertainty is larger than ever
before 1t looks as if the people had made up their
minds to the course they going to pursue, but
what this action is to be nobody seems to know The
Republicans that the verdict is already made
up against the party in power while the Democrats
claim that the situation forecasts opposition to
change As matter of fact, neither side actually
knows anything definite.
There are seven States, for instance, which may
be put in the undeterminable column. These are
Massachusetts,, New York, Ohio Indiana Illinois,
Kansas, and Montana In Massachusetts the trouble
some factors the Progressive the religious ques-
ton, and the labor vote In New York the campaign
for governor is taking precedence because it is
important to the average New York politician to
have his party in control at Albany than is elect
Congressman and Senator. In Ohio the liquor ques-
ton has disrupted the parties and in Illinois the sit
uation is so mixed that it is toss of a coin as to
which party will be victorious. In Kansas the un-
certainty the Republican side is due the posi-
bty that the rank and file of Senator Brstows fol-
lowers, that he has been defeated for renomi-
nation may not vote for ex-senator Curtis the
cessful nominee. Indiana is in a turmoil, stimulated
in large measure by Roosevelts visit to the State
while in Montana the attitude of the wool growers
not yet determined. makes the situation very nebu-
lous What is true of these States is also true
although perhaps in lesser degree of almost every
State in the Union
The Washington herald., 1914-10-25
Danger in Burning Leaves.

The season of burning leaves and
child fatality therefrom is on us II is
as natural for a child TO wish to play
with fire as it is dangerous for il 10 do
so. \ season never goes by that Indian
apoliS and practically every town Of any
size in the State is not reminded OF the
danger by reading Of the death or Sc
rious injury from this cause. The child
finds matches that should have heen
placed out Of his reach. The pile Of leaves
is the next step. then comes the FIRE
and often the fatal consequence. The
practice of older people burning leaves
in the streets or alleys Is psrniciOus and
should be stopped. The child is quick
to learn and does not realize that II
may not be so careful as its elders
There is really little excuse for the prao-
tice' Of burning leaves. They should oe'
gathered and placed where the wagons
will take them away. Those left IN the
paved streets will be swept up by the
street commissioners men. The teachers
In the schools Of the city could not
more profitably employ five minutes than
by explaining to the pupils the dangers
that lurk in these street oonnres. \
word now may be the means OF causing
some older pupil to watch the young
sters in his neighborhOod- The BOY
Scouts who have so often SHOWN ther
civic value. could not add better max
i'm to their ''One good deed a day slo-
gan than of Watch for the little chil-'
drsn playing with fire e-'-lndianapolis
News
The Washington herald., 1914-10-25
PrO6tabI. Use Of th. P.p.m, Canal,

The resumption of traffic in the Panama Canal
with ten ships to go through after the brief delay
due to landslide in the Cuebra cut emphasizes the
fact that in spite of the the profitable use of the
waterway in official language has exceeded antici-
pations."
From August IS to, October about 100 ships
passed through the canal To October I, the tolls
and potage at the terminals collected from eighty
one vessels amounted to S36s7o6 on a total of 2o7-
655 tons. In September the marine shortcut was
used by twentyseven British twenty-five American
and FIVE other vessels. On September 28 a feet OF
four Norwegian whaling ships sailed from Colon
dalena Bay, Mexico, where in eight months they had
obtained 10000 barrels of oil worth 100000 After
paying S4oI2 in tolls it is estimated they saved al
least $4,000 over the voyage round the Horn which
would have heightened by four months the time OF
the entire Journey to Norway.
If in the present conditions the canal shows a
gross return of nearly 100000 in less than seven
weeks of operation. it may be presumed that when
the is over the United States will find it an
enormously lucrative investment-Public Ledger.
The Washington herald., 1914-10-25
Brave Old Admiral Hawke.

The British cruiser Hawke, blown up
in the North Sea by a German submarine,
was named after one of England's most
daring admirals, Baron Edward Hawke.
Not only was he a sturdy fighter, but
without a superior as a seaman. His
great achievement was the destruction of
the French fleet of De Constans, near
Quiberon. on November q, 1759. Hawke
sighted the enemy of the Morbihan. De
Constans, after clearing the decks for
action. decided to fight another day and
to run for the Quiberon anchorage. As
a storm was rising and the coast one of
the most dangerous in the world, he ass
slmed that the English admiral would
not follow him. but Hawke pressed on
sail and opened fire as darkness was
falling. He had twenty-one ships to the
enemy's twenty. The engagement was
won after dark. Hawke losing only two
ships. The old admiral would turn tr
his grave If he knew that a vessel named
after him was sunk on blockade, for it
was a kind of duty in which he had no
peer in his time, keeping the sea in win
ter gales and never losing a ship.-New
York Sun. ....
The Washington herald., 1914-10-25

Fire Marshal Nicholson is quite right in saying
that it would be a good thing to have "fre preven-
ton day" in Washington. OF course every day ought
to be fire prevention day for that matter but if the
people can be induced once every year to devote a
little time putting their furnaces and chimneys in
condition disposing of rubbish heaps examining the
electric wiring, etc, good would be sure to re-
suit If only one serious fire should be averted it
would be worth the effort The campaign should also
include warnings against the careless tossing away of
lighted cigars and cigarettes If the possible benefits
were properly presented to the District Commissioners
probably they would issue the necessary proclamation
It once.