davidaulloa/AmericanStories huggingface dataset:
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
THE WAY OF
THE STOCKHOLDER
Ccopyrisht. 1914. b. c. N. Ke,s. New YortJ

tCopyrisht. 1915 b. C. n Keys. New YORK;
Some months ago two men were play
ing golf on a course near New York. and
in the friendly talk that accompanied tke
game. the matter Of stock and stock
prices became the topic. The younger
of the two conf,ded that he had Just re-
Gently made the purchase Of 100 shares
Of a stock which was enjoying a boom ut
the time. He asked his companion his
opinion Of the purchase.
why" said the other. L just sold 100
shares Of it yesterday. but 1 think that
it is good stock Of IT'S kind and 1t prob
ably won't hurt you much
Then why in the world did you SELF"
asked the other.
oh" was the answer, IT always sell
when the selling u good
That led to a general conversation In
the course of II, 1t developed that the
older man was q retired broker. living on
the income from his Investments From
habit as much as from anything else, he
changed his securities a good deal, kept
track Of the markets, and handled his
funds In almost a professional way. he
excused himself for this habit on the
ground that it was the only work he had
to do. He expressed the Official opinion
pocciDiy pIOhtcu OF Der
cent year on an average, but that he
doubted that II would be profitable to
that extent to the average stakeholder
On the habits Of stockholders in general.
his comments were Illuminating to he
younger man.
When I was a stock broker" he said,
Il learned that the stock-holding public
never gets the high prices for stocks. In
well distributed stock the AVERAGE hold
ing is probably less than 100 shares. II is
my experience that the man who holds
100 shares or less of any stock will hold
1t without interruption. hesitation or
doubt SO long as the stock stays high;
but when big break comes, and things
look bad. and dividends are temporarily
In doubt, he is the stakeholder that comes
In focks to the market place and throws
overheard perfectly good securities He
does not sell on Judgment. although he
thinks he does, but sells on fear There
Is an old saying that II takes lot of
moral courage to take q profit by selling
out at high prices, but that losses come
through cowardice. which il a natural
human attribute
There is lot Of homely but unpleas-
ant truth in that comment. II becomes
vivid and painful when some stock that
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
Swartzel, Rheem {
Hensey Co.,
727 Fftee.A Street sorthwest

has for years been q favorite with the in
vestment public and that has become dis
trfouted In small lots among thousands
OF people, to whom II has paid dividends
steadily. falls into disrepute, lowers its
dividend rate and generally goes to
pieces At such a time there il a ter
rife flood Of selling orders coming from
people who paid high prices for their
stocks. and who are taking big losses,
because they are afraid. It Is not always
bad judgment to take such a loss, but
that fact does not make it any the less
distressing. both to the man who has the
loss and TO the weliintentioned people
who know about it
The fundamental principle Of holding
stock in corporations is lost sight of to a
very large extent. In the public attitude
about stocks. That principle Is as old
as the hills It is that the stockholders.
no matter whether he owns the stock
Of the greatest railroad in the country,
the strongest bank. the greatest insur-
ance concern, or Of some small local
industrial company. struggling along and
barely making a living. il a partner In
that concern whatever II may be. He Is
not creditor of the corporation In any
sense. He has not lien upon its phys
ical property. or a pledge Of any % It's
assets to secure him. On the contrary.
through this partnership he secures only
a share in the profits when there are
profits to divide and q share In such
assets as may be left over after bond
holders are satisfied il the company gets
into trouble and has to be liquidated.
That is the foundation stone of the whole
stock business
1t Is buried so deeply in traditions.
habits. and investment theories, that men
forget II altogether when they come to
putting money away The writer knows
Of trust fund established. years ago
for the benefit of two dependent women,
every dollar of which went into railroad
stocks. They were good when the fund
was invested. but only one of them pays
dividends today. and the dividend Is very
small at that, as compared with what IL
was when the stock was bought. The
actual money value of the stocks has
dwindled to scarcely over q quarter Of
what 1t was when the fund was estab-
lished- Thousands Of such cases occur
from time to time In every case. where
II turns out badly. 1t excites much pity
for those dependent upon 1t. and fire.
quently also it heaps up q heritage of
abuse upon the person responsible for it.
eood will when he Ia alive and Inherit
years after his death miserable heritage
of abuse and disrespect
Yet after all. the error In 80 common
and widespread and so human, when all
Is said and done. that 1t Is almost ex-
cusabie- II is the way of the stock
holder all over the world to forget that
he who Is a partner must share not only
In the good fortune and splendor of sue
cess. but also in the poverty and mis-
fortune of failure
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
CHICAGO GRAIN MARKET.
BALTIMORE WHOLESALE MARKET

Baltimore. May 2.-HAY-No. ! timothy. hsna
s.so; Standard timothy. poosis.O; No 2, ronalf.D
No. :, n.5oaI6m; light clover mixed. r.a; No !.
6s0f70o; No. q l5.ooal6.oo; heavy, E.0oal6oo; No.
clover MIXED. H 1al7.oo; No. 2 M5osi5.oe; noestab
hshed Grade loooalieo: sample hay. - to hind.
quality. and condition. sooslom
sTRAw-No l straight rye. new. B.soals.oo; MOL
straisht re straw new N1slsoo: No tangled re
straw. u5nal2oo; No. l wheat strsw. 800: what
straw, No. Z ssossoo; No. oatf straw. u-1al1D;
No oats straw. lo.0sll0
LIVE POULrRY-Chickens. old hens. heavy, H.
n; do, small to medium. h.. n; do. Old
.oosters. II loail do. young. large. h.. nan;
Co., rough and strasgly. i,ai6; do. spring. av9ss-
ing I to ~ lbs 3sa3s: do. smaller. sprinssrs n
shB; duchs. H.. iaap; do. museo,y; b.. Ian;
srrins ducks. lbs and ove. lad ID. piseonA
young plk, q; do, old pair. -; guinea fowl. -
KGGs-Nayand. rennglvsni.. and nearby anes.
per 30. -; western nrsts. -: Wet vhsinis dryta
y: toztbns 6rsts. u
BpIIER-creamery. fancy. pr D.. sood. pr Ii.
Hezk. 90. pints. SAL; d.. shotee. -0a1: do.
MaEylsnd nd Pennsylvania rolls. rals; Ohio and
rmnsy7sania dairy prints. llais: seors-nseksd. IA
y; 1Gnyhsd. Virginia psooss 1919. ma
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
WEEKLY REVIEW OF TRADE
Practically All Commercial Lines Shop a Benefit.
cial Effect from a Period of Warm Weather.
Cotton Crop Uncertain, if Not Doubtful

New York. May 9.-Dun's review will
say tomorrow:
"A period of continuous warm weather
has had q beneficial effect upon practi-
cally all commercial lines and Is tending
to offset the earlier handicap of a back
ward spring. The movement of season
able goods. both at wholesale and retail.
shows an encouraging Increase and most
reports indicate that confidence is stead
lily gaining strength. As yet. the usual
statistical comparisons do not reflect the
current business Improvement. gross
earnings Of railroads making returns for
three weeklA Of May being IA per cent
less than Ian year, while bank clearings
this week were SIS per cent smaller than
In lsl3. q
Moderate but steady Improvement Is
noted in the dry goods markets. and
prices have recovered from previous low
levels.s Purchases for printing, convert
ing~an jobbing are more numerous as
buyers are filing deferred needs. Ad-
vance fall orders for clothing are not up
to expectations. but gratifying betterment
10 manifest in cotton goods and the mills
are well sold for the next Six or eight
weeks on staples. Advices from New
England Indicate that firmness In wool
II maintained.
There il renewed interest In pig iron
in the Pittsburgh district with Inquiries
coming out more freely. Some activity
II noted in basic but forward business
develops slowly. although II 10 the I'M
preston that prices have touched bot
tom. Oniy-slisht betferment appears In
f1nished lines and shading 10 reported IN
steel pipe. plates and bars and wire
products. plain wire being In Ndemand.
There Is no marked actiytay in my direc-
ton but wholesalers m thu larger cities
report that trade OF hate has been better
than for long time past Both iebbers
and retailers. however, are still reluc-
tant to contract ahsAA = sAy extent"
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
COTTON MARKETS.

The MARKET was martei yesterday with continued
heavy realizing and short selling. There vas con
siderable buying. however On Turners report sbov-
ing coalition Of S5s - some conservative oper-
atom believe ae viii b nearer the government ~
port than any one Jet out His reports IN the past
have been reU conservative and near the epy-
eminent fsufes Should the eoseruDent couom
his report II viii be taken a. bullish. gsst
many opefators who are Identified with The hn1l
side have hquidated their holdings and az volt
ing for . nsaction TO get back into the maFlnk
Weather conditions In the West are stiI afisO
and there ID permanent relief In s.sht. We
may. however. expect . very cratic market pend
ing the government figures. which win be issued
at noon Monday but We are Favorable 10 purchases
on any sethsck Of consequence until weather con-
ditions change. The market cjosed 10 10 n po;nts
under presious cose. having Liverpool due to come
to potnfs down on the months and un-
changed to higher On the late. Tbe New Yosk
msrket will be closed today and Liverpool win b
closed through Monday. New Orleans Win b the
only markst open today.-Herbert II. Bruuu. man
sser for n. L. CARPENTER Go.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30

New York, May 2a-Bradstreet's will
say tomorrow:
Good weather, except in parts Of the
south and Southwest; continued active
retail demand for spring and summer
wearing apparel: Improved demand from
jobbers and WHOLESALERS for cotton and
other dress fabrics. further sales of
basic pig iron; good reports on leading
crops. excepting cotton. and the heaviest
exports Of wheat since January Is. con-
stitute the distinctively favorable fea-
lures Of the weeks trade report
Improved demand for labor to harvest
the expected large crop of wheat. and
predictions that the railroads will have
the largest business in their history next
fall. are other stimulating elements.
The reverse side of the picture Is that
while cereal crops continue to make good
progress; cotton seems to have had .
poor or late start. and excessive rains,
or the exact reverse of this. abnormally
dry weather. render clear view Of pros
poets Of this crop uncertain. IL not doubt
full
The building trade shows little Hfe;
the demand for finished steel products
Is not equal to capacity; the railroads
are only buying to cover immediate re-
quirements. and the coal trade Is dull
Railroad operations are of good volume
''Good-sized takings on old orders and
fair volume Of new business give better
tone to hemlock leather at Boston Deal
ers In patent calfskins are behind on or
ders. Recent hot weather has improved
retail trade and Jobbing lines. Manu-
facturers report new business light. but
many factories are buster than they have
been for some time.
Business failures for the week ended
May q were 80. which compares with
- last week: rs In the ike week Of
is1s; - In lsl.: iB IN lsl1. and - In lslo. !"
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
BANK REPORT ORDER DELAYED

Comptroller Of the CURRENCY John
SHELTON Williams never has made pub
lie his order to the national banks for
daily reports In the month Of June. II
was stated last night that the order was
issued to secure Information for the use
Of the Federal Reserve Board. tThe or
der called for information with regard
to the amounts Of business done In bills
Of exchange, checks. and In various
other phases of the banking business.
oficials admit thateit 10 an extraordi-
nary order and may entail difficulties
for some banks. but 1t In pointed out
that this may not be the only extraor-
dinav step which will have to be taken
during the installation Of the new bank.
ing system.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
new YORK MONEY.

Nov Xsrk. Nay a.-Can mouey opened ; ~
cant: htgh. pa cent: lon. II pr cent: Hnsvsla
~ pa cent; dossd. IL per esnt; ruling nte, u
There h no matsrial change IN tine moosy 60
di<ioue Ne bneer dates exhihit . triAe stroueF
tnus. but nto tArcushout ths list show no altsrs-
tn hya IL psvow day. Owing 10 the CO.
neninal ssp1ltieuE e
kst8 ~ ~ ~ cent for dxty days ard ninegy
dsp. ~ ~ CIT fR -four nsafhA par csut fos
~ npga1A - pr cut for six nonths and ~
~ 81 IT. epsf fhs yssr
~ - ftuh aese1uuuk b rupcrt i -
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
WEEKLY BANK cLEARMas.

New York. Nay ol-Bank cieshnp IN the United
States 5or The ~sek ended NAY . ssrss.te a.1.-
4A.so,. as.inst S.n7. s1tno Let week. and C.U.-
Ilsouo In this week last year Follouing ssS liz
returns for this week. with percentages q chsnss
from this week last year:
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30

Are tboss that d not auctnts duhe a.
turbed cuudifinns Il tie n0g q sbA nas.
ksta Flint desd Il trnse neto taDs nFt
easol. ven secured O real estate IN ths d.
trief d Coh@hia. eonsttfuts '-ditedD" -
pestmensA Thsy DO not depen6 upsa ~
financial responsibility II iDd1yidnab q 60
porations Tor Their Stability. nd NJ 00pe
IRON taxstioa % pespoal popesfy. We enc
supply such ipyestnenb IN snoustS fsun -
upssrd- Send fox book,f. ''csnesrztns LssD
and Inve1rDanfAs
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30

Total sales. lls.1s shares asai,st rDso yesterday
0.eB . week aso. and holiday . year asp. From
Jsnuary to date. A,se,E. a0inst a.zes6 I
y.f AGO
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
New York Futures.
- ~ a ~


Furnished b. n. L. csrp<nter 4 Co
New Yort May u
ReceiptA Middhngx
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
BOSTON cOPPERS.

Funished by ". B. Hibbs L Co.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
NEW YORK CURB MARKET.

Furnisbea By W. B. Hisb. Z Co.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30

At the annual meeting Of the stock
holders Of the Standard Oil Company u
New York yesterday Howard E. Cole,
Of Japan, was elected director to sue
coed James Donald. deceased. Mr.. Cole
10 the company's manager for all Japan
and, resides at Yokohama. The retiring
directors were reelected.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30
WASHINGTON STOCK EXCHANGE

saies-Regulsr can. u o'einek noon,
Mergrnthaler, q At zlek
After Call:
Mergenthaler. 4 1t. IN.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30

Seaboard Air Line Railway has pur-
chased 5000 tons Of ninety-pound rail and
l1voo tons Of eishty-nve-pound rail for its
years requirements. The company is
also asking bids on ten mountain type
passenger locomotives. fifteen mikado
freisht locomotives, forty-nve passenger
cars. and rs box cars.
The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1914-05-30

New York State has paid s1.7a.s5o to
New York Central In settlement Of dam
acse from construction Of barge canal.
Precedent may result In increasing cost
Of canal S1ooooooo. as many similar
claims are pending.
The Nevada County picayune., 1914-08-14
CUT-OVER LANDS
 TO BE COLON|zED
HOT SPRINGS PROMOTER INTER. ESTS LARGE LAND
 COMPANIES.
TO OPEN UP 100000 ACRES
Wonderful Opportunity for Wholesale Development of Southwest Ar
 kansas by Home eSeekers.

Western Newspaper t'uiou News Service.
 Tulsa, Okla.-Acquisition of 50,000 acres of southwest Arkansas lands along the line of the Memphis, Dallas and Gulf railroad and immediate pre- paration for colonization and settle ment Of these lands by live Oklahoma, Kansas. Missouri and Iowa farmers presents itself as near future possi- bility by reason of tentative passing Of options on these lands here Saturday to Tulsa and Kansas City land and colonization operators.
 Graham Burnham, engineer and de- velopment factor of Hot Springs, Ark., who has been handling the negotia- tions between the lumber company and the colony interests, in statement here before leaving for Kansas City for conference with other interests there said that the deal just tentative ly closed is but the first step in a movement on the part of five of the biggest land companies in the United States opening up some 100000 acres of rich cut-over lands to settlement in southwest Arkansas.
 Arkansas is on the eve of the great est and swiftest development, not only in 1t own history" asserts Mr Burn, ham, Out a movement second only to that of Oklahoma. Rich in minerals and lands and all that goes to make life pleasant and profitable, new rail roads opening up vast sections are at tracting big land operators to the op- portunities of whole sale land develop ment operations in southwest Arkan- Sas"
The Nevada County picayune., 1914-08-14
DEE TIMER IS AGAIN
 CONVICTED OF MURDER
SECOND SENTENCE, HOWEVER, IS FIVE YEARS LESS
 THAN FIRST.

Weston Nov spar"r Iutou News Service
 Pocahontas.- Tie jury in the case of Dee Timer charged with murder in the second degree, returned verdict of guilty and assessed his punishment at three years in the penitentiary.
 This is the second time Timer has been tried He was found guilty a year ago and given a sentence of eight years in the state penitentiary. His case was appealed and reversed anf sent back for a new trial
 This case in connection with th' former case against Tom liner fathe! Of Dee Timer, who now is serving 2 sentence of 12 years in the state penitentiary for the killing o' JOhr R. Davis more than two years ago $ one of the hardest fought eases in the criminal history of Randolph
 ouuty. The son, Dee liner is 0o cdsed of being implicated in inc Kill. ing.
The Nevada County picayune., 1914-08-14
GATTINGER--H --HALTOM

D. J. Gattinger and Miss Sue Haltom weresquietly married to- day at the home of the brides parents, MT. and.Mrs. Jnc. Hal m.by Rev. B. A. Few. The ceremony was said at D. m. and therel were { only relatives present.
 Miss Haltom is one of Pres cott's most charming and ac- complished young ladies and Mr. Gattinger has. been connected with his parents in thesmanaRe- ment of the ParktHotel. Both of .the young people are very popular in our city and have many friends who extend best wishes to them.
 MT. and Mrs. Gattinger left at 2::20 for Arkdelphia, their per nanent home. Mir. ,GattinFer having leased the new Caddo Hotel there. stWe join their many friends in wishingSthem a long, happy and prosperous life.
The Nevada County picayune., 1914-08-14
STRIKES NOT ENCOURAGED
Operator May Close all His Mines
 When One Is on Strike.

Western Newspaper UnIon News service
 Fort Smith.-An entirely new pro vision has been included in the inter state contract between the United Mine Workers of America, including Arkansas, Oklahoma, Texas and Kan sas. and the Southwestern Interstate Coal Mine Operators Association. rms provision permits an operator to close all his mines in the event Of a strike at any one Of his mines. Another new provision provides that in case ot a strike no settlement can be effected until after the men return to work These provisions. it is said. will tend toward an early return of the men.
 The contract also provides for new method of arbitration. This time dis putes are left to a board of eight, four miners and four operators. Formerly one man arbitrated the differences. All disputes and grievances must be taken up within 20 days under the new agreement and not until that time may either side claim penalties for a shutdown.
The Nevada County picayune., 1914-08-14
BOOK PARTY

Miss Mamie Ward entertained on last Monday evening with a rock party. The guests arriving, tallies were passed and rock was the feature of the evening. Af- ter several delightful games, the guests were served a delicious plate of cream and cake.
 The hour being early the par ty had as a pleasant ending mu- sic by Misses Alvearne- and Cleo Gee. Each departed with re- grets for the swiftness of time.
The Nevada County picayune., 1914-08-14

Joe Boswell, of the firm of Boswell & Hiqgason, left last Tuesday for Chicago and other Eastern Marketsiwhere he will buy goods for that popular store. Mir. Boswell is one of the closest buyers of Gents Furnishings that this part of thescountry has. and he alway sss.eives his customers the benefit of his shrewd buying.
The Nevada County picayune., 1914-08-14
COTTON GRvWGRS
 MAKE AN APPEAL
PRESIDENT MORLEY INSTRUCTED TO REPRESENT FARMERS
 IN WASHINGTON.
TO ASK FOR CERTIFICATES
Annual Convention Farmers Union Favors the Bond Amendment and
 the Bank Guaranty Bill.

western New Spaper Union News Service
 littIe Rock.-The Arkansas Farm CTS Union in annual session decided 10 ask Congress to create a Bureau of Markets to handle the cotton crop of the south so that the growers may dis pose of the product with profit
 This action was taken in the form ol instructions to President H. s. Mob ley, who was selected to represent the union at Washington, D. C.. and fol lowed an interchange of telegrams with members of the Arkansas dele gation in Congress.
 President Moblev was directed to urge the creation by Congress of a Bu- reau of Markets to be maintained dur the present situation, when foreign markets are cut off from the cotton growers His instructions also directed that Congress be asked to fix fair valuation on the cotton crop and to advance to the growers part of that valuation in exchange for the owners compress or warehouse receipt. Con gross will be asked also to issue to the owner a certificate calling for the diff ference between the sum advanced and the valuation fixed by Congress on the product
 These certificates are to he trans ferable, so that they may be used in trading. The Bureau of Markets is to sell the cotton crop.
 III 1f {,.fs unanimously reelected state president and Dr. N. F. Dickinson of Little Roel, vice president I. H. Fry of Atkins was elected secretary and treasurer to succeed J. B. Paine of Von Buren, who was not a candidate for re-elec- ton.
 The new Executive Board consists of w. L. Walker of Dewitt, J. D. Ellis of Harlow, J. l.. Phillips of Con way, ]. B. Paine of Van Buren and F. w. BroadnaX of Camden.
 !. T. Gibson of Greenwood was elect ed conductor, and I. A. Byrd chaplain. W. T. Ham will represent the Arkan- sas union at the national conN ention at Fort Worth in Steptember
 The convention adopted resolution directing the new Legislative Commit tee. which will he at work during the 1915 General Assembly to seek to cor rect existing evils in the difference in prices obtained for cotton seed and for cottonseed products.
 The Leeislative Committee is com posed of four members representine the four agricultural school districts of the state and a firth member select ed al large pr. NJ. F. Dickinson of Little Rock was elected member at large The other committee members are as follows: W. F. Tate of Cam den: |. A. Blackford of Jonesboro. br. George l.. Sands of Charleston and L. NJ. Buree of Jacksonville, former member of the State Tax Com mission.
 Another resolution calls upon the Department of Agriculture at Wash ingten to make effective and practical the Division of Markets recently es- tahlished al the urgent demand of the Farmers Union.
 The convention went on record in support of the proposed municipal bond amendment for cities and towns and also for the proposed bank guaranty act