davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1914-08-01
THE MAN WHO
Is ALWAYS A BEAR

Copyright. 1914. BY c. NJ Kess. New York;
OF all phrases popularity credited to the
late Mr.. Morgan, the one that is most
often heard In Wall Street, and also
probably the one that will live the long
est, is his curt reply to a friend who
asked him whether he did not think II
was a good time to sell a large amount of
stock short and play for q general decline
In the affairs OF the country.
mo-" Mr.. Morgan is reported to have
replied, "for the man who Is a bear on
the United States cannot help but lose
money"
In a dozen great instances since then
this saying has appeared to be disproved;
but the fact Is that almost every excep-
ton to II, II carefully analyZed. tends to
make II stronger and more definite for
the men who have made great fortunes
on the bear side Of the market-that is,
by selling securities which they did not
own. in the hope of buying them back
later at a profit-have not been consistent
bears, but simply have been oppoEtunists
picking out with nice judgment the
The Washington herald., 1914-08-01

proper time for a quick and sweeping
campaign on that side OF the market, and
then as swiftly readtusting themselves
before the Inevitable recovery took place
Mr.. Morgan's point has grown stronger
as age has followed age. Let US put It
into little less technical form to Illus
trate, so that he men in the Street may
understand more fully what he meant.
He meant that In a decaying country
such as. for instance, France in the years
before the ReyolutionNor such as Spain
might have been considered nifty years
Lgo, IL would be perfectly safe to base
ones business operations on the theory
that things were going TO go TO pieces
and stay in ruins for years. for genera
tons and perhaps forever. Similarly, II
one finds q little country that has been
fully developed and exploited, and that
has reached quite obviously the maximum
Of production OF wealth. It would be safe
for any business man TO carry on business
in that country on the theory that things
could get no better and must certainly
IN the long run. get worse
On the other hand, II was Mr.. Nor
gan's idea-an idea approved by all
economists both ancient and modern
that IN a country where the natural re-
sources are not, by any means, over de-
veloped, and where the annual production
VI "cdAAh AEOLu lnG 6gl4s luc AOEESLSs
mines and the new industries mubt con-
stantly increase, the only safe way to do
business IL TO figure on an expanding
trade. on great wealth and on larger
measures Of prosperity as year follows
year. That Is a sound principle. and the
practices that are based upon II, IL car
ried out with good Judgment. are the
practices that make men rich and make
country prosperous.
Il may seem untimely TO dwell upon
this fundamental principle Of American
commerce and finance. Yet II requires
no great courage to go on record to this
effect. that out OF all the apparent dis
aster and manifest ruin Of the day, there
will be built new institutions, new cor
poradons, new properties, and new
sources OF wealth, Just as big and just
as solid as ever in the past. In fact,
for time at least. finance will undoubt-
edly be cleaner, business more business
like, and exploitation more honest than
they have been for many years in this
country. for the disasters Of the preselt
day are a warning written in characters
so large that they are not likely 10 be
blotted out from the memory Of man in
a short time, no matter how rampant
and careless the growth OF tomorrow
may be.
Ihls aruCle uOes not pretend 10 say
that the period OF collapse is over. or
that prosperity will begin again imme-
diately. What It does intend to do is 10
harden a little bit, II It NAV, many who
seem 10 have lost heart and faith in the
business institutions and in the resources
of the country, and TO encourage those
who hold safe and sound investments in
the belief that after the storm is over,
they will find themselves in as good a
position as ever. It is also frankly in
tended to encourage any one who. having
The Washington herald., 1914-08-01
REAL ESTATE TRANSFERS.

So Ss1 Iss . to . Blk Is csntrs EsEtasssu
BLAKE. HEzy & uT Emily " % EtsA
Rutty 80
9Th st. BET T 4 v ss nsl
So aG It's q 4 hh Moth od n
GRCYER. Jacob e III Annis 3 70 Chas
Walker so night of SJ 4 trust H.So 4
roh bet Randolph & shspberd Ets nv,
So lo2s Il s-HOovER, jas @ % BlGnehs O.
s1 Hoover 80 right q way
Oh It ne bet I5th 4 Isth Is mel
So ~ 1t z blk West Bckinktoo-HUGHEd
ME7rst L 70 EhA " Rutty 30 eDFsnAnl
Quincy bet Cap st Eodnron p ~,
Sc ~ Il 70 blk 70 Pet~orSh Add.n-Am.LAd
Alex st ux EleEnor to DanI rEyior Enzabsa
JOINT tenantS so r x3OO
Randolph bet 9Th & 5th stS nw1
So 30 Il y blk Is Centre EeknEtou part Mstrol
oils Viey-NOEBS. Jos e W Marian o Z
Frank Nassl SO covenants
18th st bet & sta mel 4
& SHANNON Inc to ChAs o Geduldix q q
Katie " SO covenants
shepherd Sc bet 5th 4 Tth Fs nw1 4
So - lis % TO . Blk IS Cents- EekinEsaol
hCTTf. Ethel II sole est to JA1o6 Grurl
SO II N.1o
An 5; bet & sts nsl
So MI It z biz Moore q BazDour', Ad6.,
RAGsDALE. wm n ss W Corinns T % NJ
T shockIey so
So q 1t IE7-scHNIDr. Christine s.ps-... q. \
Emily Il Schmidt so
CIS WaIlach pl nEl 4
So = L BS-SCHAIIDT, Emily b nsuarzh, - :
Christine Schmidt 80
CS5 Wsllach pI nTl 4
50 - Its . & % RGndls HiEhlAndsLTHD o
REALTY co to W " Cenns- hst-s q .
covenants
On Of 81. z Of 9th st se, 4
So 2s.s Its 70. B Is. q L 2 BIZ q 81 IL n
D 10 blk Is - 3s2 Its Is. % 70 y q 5 =
- 81 Its 8 n - 70 - :
Center EckingtoD-WARREN, BATES = IN banS
ruTtcy Jno H Nolan 20 Harry Blake 30
9th 81 5th st bet 4 sts ne. I,h st ~ I
' SIS Ne. ID st eth q BET 4 " "a n
fth 4 5th SIS ne bet &w
So l05 Il 5s-THEELoCK. CGrris N t.uuasstns
called Caroline wheeIockl sole est to Oxd.n
Davis st VI Helen Pearf !oint t.nAnts "a /
EO0
Q25 = mel 4
The Washington herald., 1914-08-01
WEEKLY REVIEW OF TRADE
European War Crisis Besides Demoralzing the Secur-
ity, Grain, Cotton and Coffee Markets, Affected 8
Larger Financial Matters Causing
Exchanges to Close.

\ New York, July al-Dun's Review VIII
say tomorrow:
"A notable demonstration Of the
fundamental soundness OF American
finance was furnished this week when
foreign conditions were extraordinarily
critical.
Early Investment buying and vigor-
Gus banking support testified to conf
denee in the situation here, and Il was
encouraging that money remained on a
fairly stable basis. Quotations, OF course,
were advanced. and all OF the important
Institutions on the other side found II
expedient to raise their oficial discount
charges.
New York is again being called upon
for large amounts OF gold, and condi-
tions In sterling exchange have been
without parallel. rates moving upward
In a sensational manner. Developments
In commercial and Industrial channels
have been overshadowed by other con-
siderations, yet It IL apparent that the
trend Of affairs Is stiH forward.
The quietness customary at this Pc
Rod Of the year is manifest in many
lines. but changes are mainly In the d.
rection OF improvement and general
strengthening of confidence Is noticeable.
Actual progress. however, Is stin
slow, and in iron and steel. which Is
usually regarded as a barometer Of busl-
ness conditions. Improvement Is not
wholly uniform. Miscellaneous buying on
the part OF the transporting companies
Is rather better. and the demand in sew
eraI other departments has also broad
ened, but as a whole the volume Of busi-
ness is not up to normal
Conservatism Is the choice Of the
characteristic of the dry goods market
Cotton was lower. but Of the 81 COM
modify quotations compiled by Dun's
Review twenty-nine showed an upward
trend, as against twenty-four declines"
The Washington herald., 1914-08-01
ECOMMERCE AND FINANCE

II win behoove the American manufac-
Iturer and exporter to look elsewhere for
q sale OF his surplus wares. It Is thus
readily seen that, although the United
States stands In no danger Of q serious
reduction In its material prosperity, 1t is
by no means unsusceptible to the effects
Of a widespread European war. That the
crisis be safely passed and permanent
peace restored Is the hope OF every far
seeing business man"
Secretary McAdoo said: I'VE are keep
Ing In close touch with the situation.
The Treasury Department will help as
far as It legitimately can In New York
or In any other part Of the country where
1t becomes apparent that assistance is
needed.
''Ths Aldrich-vreeland act, as amend
ed by Federal reserve act, is still In force
and terms upon which currency may be
issued under that act are now so favor
able that resort may be made quickly
and effectively to It TO meet any emer-
gency.
In the Treasury printed and ready for
issue $5Oo0ooo 900 of currency which the
banks can get upon application under
that law. This Is In addition to resources
Of the Treasury"
Randolph to w. b. HfobS & Co--''The
governors OF the stock exchange have
averted q most disastrous panic and also
protected the public as IL the duty and
purpose for which stock exchanges are
organized. II the exchange had been
opened prices would undoubtedly have
had enormous declines. the public would
have been sacrificed for lack OF financial
facilities and stocks would have been alb
sorbed by the few interests who control
large amounts OF money at their own
prices"
It Is estimated that the Illinois Central
win show q substantial increase In gross
earnings when compared with the previ-
Gus year. The gains in freight trafiic
have been large and the net OF the COM
pany is-expected to show an Increase over
the preceding year although operating
expenses and maintenance charges have
been heavy.
THE Illinois Central operates In q ter
ritory that has been exceptionally IA
vored'' said c. H. Markham, president
OF the company. "An crops have been
good in the South and Southwest, and the
business generally in that territory has
increased rapidly"
Mr.. Markham predicts good year for
1915 throughoutsthe country served by his
company. The company's statement OF
earnings for the fiscal year ended June 30
will be ready for publication next week,
and work will be started upon the annual
report about that time and will be issued
In September.
The Washington herald., 1914-08-01
SECURITIES now
HAVE mo- MARKET
New York Closes, Fearful
that Panic Would Ensue
Under Conditions.
CAPITAL FOLLOWS SUIT
Low Prices of Thursday Believed to
Have Caused Enormous Outright
Purchases at Low Prices.
CAPITAL FOLLOWS SUIT
By w. sTEALEY.

The New York Stock Exchange yes
terday closed. leaving not a market In
the world open for the sale Of securities.
War conditions abroad were regarded
as SO serious that the stock exchange
managers were satisfied that buyers
would make the prices, and declines
would cause a panic The fear that
banks would call for their loans TO the
ruination Of brokers and their customers
brought about a condition which had to
be met by closing the exchange. Banks
cannot call now because the broker re-
plies that he has no market in which
to sell his S "ri'iss. It evidently was
the opinion exchange governors
that only ~ -5owners of stock and
the stro marginal accounts could
stand the threatened flood Of sellers.
Every stock exchange was closed. Pres
ident Woodruff. of the local market, even
regarded II as desirable to close the
Washington exchange. Similar action
was taken by other cities, including Bal
timore.
Rich Hold Securities.
who has been buying the stocks7'
was a question frequently heard in
brokerage establishments yesterday in
the crowds which had gathered to watch
the opening previous to the calling OF Of
the session.
The Washington herald., 1914-08-01
CHICAGO GRAIN MARKET.
OUTSIDE SECURITY NOTES.

New York, July a.-The curb market did not open
for business today.
The following resolution was adopted hg the Curb
Market Association:
ANY dealings in any security listed or quoted on
the New York curb market, either directly or indi
rectly, are forbidden Any violation Of this rule
shall be deemed an act detrimental TO the interest
and welfare Of the New York Curb Market AssoeiA-
to1."
The Washington herald., 1914-08-01

money to invest, is afraid to back IN
resources OF his country when these ra
sources are expressed In the form q
sound bonds, stocks, and mortgages, an
so perhaps encourage a few men TO bi
come partners in the solid business CT u
country.
The Washington herald., 1914-08-01
NEW YORK PRODUCE.

New YORK. July I.-NHLLFEED-Stung: offer
inEs light: trade inactive. Spring bran. in ioolb
sacks 2,-5; in transit and TO arrive. Augus-NoTem
Der. 4.sSSLT5: standard middlinES. 10 arrive soon
2. :. and September shipment, rs: Western red
dog. &.5O winter wheat, in l0olb. sacks 70 arrive
August Ms city ban, in bulk. $50
RYE FLOUR-Pactically trading. Good q
choice. IN sacks, 35sLW.
CORNAEAL-StrOng; business almost suspended.
Kiln-dried. for export, in SACKS, SO; coarss meal.
IN bags, L5SlL55.
HAY-Receipts, 81 tons; strong; choice Elhble.
Prime timothy, In; No / timothy, lTli; No. 2.
LIoal. III; No. ). l0ollO6.
sTRAw-Receipts. % tons; steady; trade dow.
Long rye. 75Gso
P0RK-STouE; supply meagre- Mes. amaa.oi
family 5oaS 50: clear, co5a20
BEEF-Ffun: dealings IfelesA Packet, Ey5oaB.ooi
family Ro0als.A
LARD-Weaker; demand inactive. Prime West
en- 1850; refined Continent lo.s5; South American,
Il 4o rehped Brazilian in kegs. l24o beef Ttearns.
n lard Stearine, slow. New York. III.
The Washington herald., 1914-08-01
CHICAGO PRODUCTS.
NEW YORK MONEY.

New York. July 5.-CSn money ruled between I
and ! pr osnt today. The per cent rate was thu
highest Snce the orening Of the year. Tine MONEY
without movement today on quotation q rateS-
Mercantile paper was unsaIAble ~ the moment
Il not pressed upon the market
ForsiEn discount rates unquoted
The Washington herald., 1914-08-01
WEEKLY BANK CLEARINGS.

New York July H.-BGnk eleEringS in the United
States for the week ended July %, as reported 70
BradStreet's Journal. New York. aggregate S,ss.-
so OOo against S50os TO4 900 last week and 2.Ti.-
0I5 900 In this week last year. Following are the
returns for this week. with percentages Of changes
from this week last year:
The Washington herald., 1914-08-01

OF the total tonnage OF vessels enter
ing Vancouver during 1919, amounting tc
5,S27, ,OlO for 1857 ships. the American
shipping contributed a tonnage Of 4SS, Tst
and 1.el vessels. OF these 50 were fish
ing vessels, with a tonnage Of $50
The Washington herald., 1914-08-01

Twenty miles Of roadway around Chi
cago is soon to be conereted at a cost of
q . Oon q yoTla
The Washington herald., 1914-08-01

According to the Russian press, the
ministry OF ways OF communication has
announced that the mileage Of Russian
railroads is 43,7Ss. Of which 1854 miles
belong to government railroads, says
consular report. In addition, the rail-
roads in Finland cover 24oO miles ana
the Eastern Chinese Railroad lob miles.
There are also temporary lines covering
2Osl miles OF lines under construction
there are 5.O57 miles. and Of lines for the
construction of which permission has
been granted. 3,s99 miles.
The gross receipts OF all the railroads
In the first eleven months Of 1913 amount
ed to $545, ,90o. co., exceeding the receipts OF
the corresponding period OF 1912 by Si0.-
ss5 600. The gross receipts OF the govern
ment railroads were S364, 900. The num-
Der of passengers was 24S,OoO,OoO, and the
freight carried amounted TO 262oo0,O0O
short tons.
The Washington herald., 1914-08-01

This the story that folks as folks telling
each other.
"TUBOLAX is especially beneficial desirable for the gen.
tier Their delicate such that caharics and strong
purgatves irritation bearing down palms, and general debility
TUBOAX nvgorate all the vital organs
lower bowel thoroughly and pleasantly invite all the
undgeSted food the stomach down through the nn without
any discomfort By its beneficial ee-te liver is awakened
activity, bousnes aunders, and salow compilations
no longer terra Ito women who use TU-BOLAX.
Probably 1000 homes Philadelphia today have dis
carded pugaves of all and depend TBOLAX They
have discovered that taking medicine the to pass down
through the stomach and nenes little
the lower bowel is aniquated the "Talow Dip"
TUBOLAX laxative ointment that Immediately dissolves
the hardened substances MINUTES gives thorough
alton of the lower bowel By removing the refuse and poison
the system the blood becomes enrichdgeston stimulated the
liver made actveand the whole body becomessonger
Remember, you carry TU-BOLAX around your pocket
and get the relief desired at any time.
Your druggist furnish you with TU-BOLAX will send
you upon receipt of 25 cents-a package by mail
TU-BO COMPANY
18th and Market Streets, Philadelphia Pa
The Washington herald., 1914-08-01
New York Futures.
Furnished By n. L. Osrpentsr q %
New Orleans Futures.
Statistics.

Statistics.
Furnished b. MI. CarpSntG O.
New York. July u.
ReceIptA MiddhnEA
The Washington herald., 1914-08-01

There are 1850 bank employees s
Paris. France.
The Washington herald., 1914-08-01
WALL STREET GOSSIP.

Not in many years has the Bank OF
England made such a radically bad ex-
hibit at this time OF year in its weekly
return Its proportion OF reserve to la
bilities at Io03 per cent is abnormally
low for midsummer. and is nearly ten
points below the average Of 4s.E per cent
for the corresponding week in the past
ten years. Scrutiny OF the individual
items makes II entirely plain why the
bank advanced its rate per cent, and
further advance is entirely on the cards
In advancing its discount rate to 4l-2
per cent. the Bank OF France raised the
price Of accommodation to a level which
has not prevailed since 1900, at which
time the rate was also 41-2 per cent
Since then the rate has touched 4 per
cent in the panic OF 1907, and also in
1872, at the time OF the Moroccan crisis.
From November OF 1872, per cent was
maintained until January q Of this year,
when it was reduced to 31-2 per cent,
the ratio Just superseded.
Vice President Van Vechten, OF the
Continental and Commercial National
Bank OF Chicago, says railroads within
few weeks will have all the trafnc they
can handle All their cars will be needed
for the large grain movement and other
traffic. On the general situation, he said:
i never saw Ine DdkOLds MOnIAIld
look so well agriculturally. Two things
the farmers west OF Missouri fear arc
dry weather and hot wind. This year
there has been ample moisture in these
States and no damage from winds. Talk
OF damage TO wheat by rust has been
much exaggerated"
The New York Clearing House made
this statement: Chairman OF COMMITTEES
on clearing house announces that all
checks for differences due the clearing
house have been certified and members
have been notifd to call for drafts at
the usual hour"
Following statement was issued: There
was a meeting OF the clearinghouse COM
mittee this morning in view OF the clos
ing of the New York Stock Exchange and
its bearing upon the general situation.
1T was the opinion OF the committee
that the business and financial condition
Of New York and the entire country was
sound, but that the situation in Europe
justified extreme prudence and self-con-
troll on the part OF the United States
That the closing OF the exchange was
wise precaution by reason OF the dispo-
sition of all OF Europe to make II a
market for whatever II wished TO sell.
That in this country there was no oc-
casion for any serious interruption Of the
regular course Of business, financial or
mercantile
Omaha daily bee., 1914-06-07
Mothers Tell of
Mothers Friend

Experience Is or should be our best
teacher. Women who have obeyed the
highest and noblost Of all sacrifices. tho
struggle for the life OF others, should
have a better idea OF helpful influence
than those who theoriEe from observation.
At any ratio when n prospective grand
mother urges her daughter 20 do as she
did-to use Mothers Friend" there is
reason 10 believe II the right advice.
Mothers Friend" Is an external APP
plication for expectant mothers. It's pur-
pose is to furnish pliancy to the muscles,
to take away the strain on the cords and
liEnments, to relieve the tension OF nerves
and tendons so apt TO provoke or Ag
gravatc nausea, morning sickness, twitch-
ings OF the limbs and so on.
Although, in the nature OF things, a
woman would use Mothers Friend" but
but rarely, yet so effective has It been
found that this splendid remedy is on sale
in most drug stores throughout the
United States. 1t has been prepared by
Bradneld Regulator Co., 400 Lamar Bldg,
Atlanta, Ga, and advertised by us for
over forty years. This is flne record
for such a special remedy and the grnte-
full letters received to-day are just aa
appreciative as were those OF years ago
Notwithstanding that methods are sup
posed to have greatly advanced. Ask al
the drug store for bottle OF f.Mother'I
Friend" IT is worth while.
Omaha daily bee., 1914-06-07
SUFFERED AGONIES
WITH ERUPTION
Sore on Face for Three Years.
Nothing Would Heal. Red, Angry
and lnAamed. Frightfu Disfg-
urement. Cuticura Soap and 0int-
ment Cured. Left Not Scar.

ZIG Green ST., Boone. Iowa. went TO
sec my brother last summer and was hor-
rihed to find raw sore on his face the size
Of a quarter Of dollar. He said It had been
there three years and nothing would heal
IL. His pillow was stained with blood each
morning. He had suffered agonies with
pain. The sore was red. angry. inhamed
and bleeding at the edges Of the sore. 1t
was frightful Disagreement TO his face.
He had used homemade salves and
lotions Of many kinds but nothing kept IL
healed. IL would break out again after we
thought II was healed. Then washed IL
three times day with Cuticura Soap and
spread on the Cuticura Ointment. It
gradually healed around the edges and In
three months IL healed all over leaving not
. scar TO mar bis cheek. He was cured"
(signed) Mrs. Emma Phelan. June 2, 1913.
II you wish a skin clear OF pimples, black
heads and other annoying eruptlons, hands
soft and white, hair live and glossy. and
scalp free from dandruh and itching, begin
to-day the regular use Of Cutlcura Soap for
the toilet. bath and shampoo. assisted by
an occasional light application Of Cuticura
Ointment. No other method Is so agreeable,
90 economical, and 80 often effective Cuu-
cura Soap t25c) and Cuticura Ointment
(5Oc.) are sold everywhere. single set Is
often sufficient Liberal sample OF each
mailed free with 32-p. Skin Book. Address
postcard "Cuticura. Dept. T. Boston"
TB-Men who shave and shampoo with Gu
ucura Soap will ind II best for skin and scalp.
Omaha daily bee., 1914-06-07

vault under the residence and give him
some instruments for sold melting he
could find enough gold TO pay off his
debts. He also made his master prom
ise not to say where the gold came from.
suarez agreed to this, and Catuna sup
piled 30 much treasure that he became a
rich man, He gave a great deal 70 the
church. and when he died IN 1850 he made
Cstuna his heir.
Heir Gives to Church.
After that Catuna gave very literally
TO the church and he was known 10 have
so much money that he was questioned
as 70 the source whence he derived his
great wealth. He answered that he had
made compact with the evil one. 10
whom he had sold his soul for this gold
This statement was credited. and the
more easily because at that time the In
dams were believed to have regular in
tercourse with the devil
After Catunas death his premises wero
searched and the vault was discovered.
II contained q great quantity Of gold in
ingots and bars. and also in vessels OF
gold that evidently came from the Incas
The people, however. persisted in believ-
ing that the story OF the pact with the
devil was true. and" says Father
Nelasco, from whose letters this story
comes, the truth would have never been
discovered II 1t had not been that Cat
una's contcssor Franciscan monk. had
left written account OF the burial OF
Atahualpa's treasure and his use OF II.
which had been confded TO him"
FRANK @. CARPENTER.