davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1914-09-13

however the total of securities of large corpora
tons and governments which play consider
able part in the American money market. The
outstanding municipal bonds OF cities OF over
10000 inhabitants, according to the latest re-
port of the Census Bureau, represent 81 5O7 OOO,-
900 of which only small portion is listed on the
New York Stock Exchange. OF the share cap
ital and bonded Indebtedness of the railways,
the stock exchange listings fail to cover about
S., 500, 100000 and of traction and electric COM
panies, about $3OOO,OOOOOO. These additions to
the New York lstings bring up the total of Sc
curities of some degree Of importance and ac-
tvity very nearly to $4O,OO0,OOO,OOO for the
United States alone, without including securi-
ties of some importance which are listed on
American stock exchanges outside of New York
Of these active securities careful calculation
by French authorities put the amount held in
France at about $22, 600, 100000, of which about
SIS, 900 900 900 are securities of French govern
ments and corporations, and the remainder rep
resent French holdings of foreign securities. In
Great Britain, it is estimated that British in
vestments abroad are equal to nearly $5O,OOO,-
100000. In the field of joint stock company or
ganizations alone in the United Kingdom, the
official estimate of active going companies IN
April 1912 put the number of such companies
at 56,352, and their paid up capital at 1885,
100000, or nearly $11,5OO,OOOOOO. The capital
for these enterprises, being raised in England,
would not, OF course, affect the international
market as if the capital had been sought abroad,
but demands for new capital for such purposes
in Great Britain naturally react upon her abil-
ity to absorb and carry foreign securities.
One of the best indications of the rapid in
crease in the amount of capital saved and con-
verted into the form OF negotiable securities is
afforded by the statistics published by the Bel
gian financial periodical, lie Moniteur des In
The Washington herald., 1914-09-13

terets Materiels, on the annual issues through
out the world. These figures, which lack some
what in completeness for the United States and
other countries remote from Europe, never
theless show new securities issued in recent
years at the rate of more than $4,000
100000 per year. The amount for 1913 was
81, ,043, ,s00,OO0 which was reduced by some
small refunding operations to net calls for new
capital to the amount of 1892, 900. The
increase in the amount of saving available in re-
cent years for investment in securities is indi-
Gated by the fact that annual new issues are now
about twice as large in amount as eighteen
years ago. The figures prior to 1896 rarely
reached $2,OOO,OOO,OOO per annum, declining
considerably between 1873 and 1894, as COM
pared with the period of expansion which end
ed with the crash of 1873. The annual average
for the ten years ending with 1898 was about
81 ,250, 100000, and for the ten years ending
with 1903, about double this amount, or 1885,
100000. The average for the eight years end
ing with 1911 was S4,076,000O00 and this ratio
was reduced very slightly for 1912 and 1913.
This great mass of securities represents the
savings VI SdPlldl HIduC uulLiS lLlC past gen
Grafton, from year to year, and put into the form
of railways electric plants, docks, factories, and
other forms of industrial equipment. The
wealth expressed in this form is greatly in ex-
cess of annual production. The total wealth of
the United States is now probably about $780,
O0OOO0,O0O. The amount represented by cor
porate bonds and shares, according to the COM
missioner of Internal Revenue, is about $96 0OO,-
100000; but this includes large Implications, rep
resenting cases where one corporation holds the
securities of another either for control or mere
eliminated, the net amount OF property in the
United States represented by securities would
probably be about $75,OOOOOO,OOO II the an
nual earnings of the people are 6 per cent, on
the total wealth OF 100000 100000, they would
be nearly $8,OOO,OOO,OOO Even if this amount
were doubled, it is obvious that the earning OF
the country is only a small proportion of the
capital accumulated in the form of industrial
equipment over long series of years. 1t isl
also evident that while, mathematicaly, annual
earnings would be little more than suffcienH
curities held abroad, it would not be possible, !
in fact to apply so large proportion of annual
earnings to this object. In other words, it would
be financially impossible for the United States
in one year to pay off its entire Indebtedness
abroad expressed in the form of securities.
The Washington herald., 1914-09-13

as he held out his hand to me and said:
Venerable pilgrim and guileless trsv-
eler thy comm has lifted a burden
from my heart. Wilt promise me some
thin before my depsrture7'
Truly I will"
II want thy promise to be kind to the
poor. Out Of my bounty make them as
happy a. possible. II thou canst horn
swoEEIe the public. let no quslm OF con-
science stop thee. but when thou meet
est a poor man divide with him and
bring peace and comfort to his house
hold. Let me shake thy hand in fare
we'll"
His smile was bland and his humility
beautiful as he pointed to the clouds
sallin' o'er our heads and said:
II am called hence. cannot tarry."
But who's callin' you?"
He pointed TO the men who had jour
neyed along with me. They had a rope
all ready and was patiently wsitin' fur
him to say his say.
Yes. he is called away" said the lead
er Of the band as he fingered the rope
with luvin' hands. TT won't be long be-
fore he will be beyond the troubles Of
this world, and the flies Of next summer
will be naught to him
Then they took the man away towards
a grove Of cottonwoods. and I remained
where was to recover my own and to
commune with myself began to re-
feet that
Man cometh up like a flower and is
hung by the neck"
And also:
Craft and deceit are roller skates to
help a man on his way, but sooner or
later he strikes the icy spot of integrity
and Is Topped"
And likewise:
BE not graspin' after thy naybur's
pelf. What is thine own may comfort
thee; what is taken without leave may
stick in thy throat"
After about an hour they returned.
They had left the rope and the man OF
guile behind. AS they mounted their
critters to ride homeward the leader
gave me his hand and gently said:
pilgrim. go thy way and fear not.
Justice sometimes drags along like mo-
lasses in January. but she moves and
moves. and In the end the wicked are
overcome and the innocent are fed on
quail and toast" NJ QUAD.
The Washington herald., 1914-09-13

I left the hamlet OF Jacksonville be-
hind me and was headed fu: the enter
prism town OF High Hopes. when I
comes across a feller who was Lac'n'
on the lard and drivin' stlkes- halted
my outfit and give him good-day and
said:
He that buiIdeth up a hearthstone in
the wilde, ness helpeth to build up
nation
That's k'rect" he says as he leaps on
a wheel Of my tintype wagon "an6 he
that maketh the land to flourish is great
er than a warrior in battle"
Then l see that he was a foxy-looking
critter with self-conndence in his eyes,
end I began to doubt If he was measur-
in fur rearthstone. He puts on a Iook
Of humility after awhile and says:
The poor we rev always with us.
Dcst not thy hear: ever 60 out fur the
lowly and the unfortunate?'
1T DOTH" says l. Even now I am
i3urneyin' about II their benefit. I take
tintypes at 10 cents a take. and speak
words Of comfort and consolashun with
out cost"
81 am glad that We hey met" he says
as he offers me his hand, and a beamin'
smile spreads over his face. Il had set
out alone to lift up the downtrodden, but
l am willin' to make a partnership job
out Of it. Come on with me, and we
will gladden. many hearts and reap the
reward Of virtue
What's the programmy?"
Here's about 500 acres Of land. We
will found the town of Glad Cheer. In
the town shall be 1900 town lots. and Of
that number we will donate 500 to the
poor. Then the poor will lift up their
hands and call down blessings on our
heads, and the world at large will write
our names on plates of brass. sVener-
able wayfarer, Providence seems to hev
directed your footsteps in this direction
that We might counsel together"
But does the land belong to you?" 1
asked, after remarkin' that a rabbit
couldn't help but leave tracks in the
snow, and, though they might lead to a
holIer log, you couldn't always fnd him
at home
Not q bit Of it," he replies.
Then what are you goin' to do?''
"Gobble it up. lay out town, and
donate 500 lots to the poor. The poor
first-me and you next. We orter make
a thousand dollars apiece before We hev
The Washington herald., 1914-09-13

reached my solar pIexus while ! was
reachin fur his jaw. and 1t had come TO
pass that was a licked man. As con-
sciousness returned to me and l opened
my eyes l felt 10 reflect that:
He that is without guilt hath much to
rejoice over. even II he does git wal
loped now and then"
Also:
1T is better that one sparrow should
fall to the ground than that so poor
folks should suffer"
And arain:
He who is conquered i'm battlin' fur
the right need not be cast down over the
defeat"
With that. rose up to find that durin'
my unconscIousness the crafty sinner had
driven away with my outfit and was now
only a speck down the dusty road. With
the hoss and wagon had gone my tin
type outfit. my grasshopper in bottle,
my family almanacs, and other relics,
and / was left forlorn. He who hath in
tegrity hath capital. but It isn't the sort
Of currency you kin live on in Oklahoma
had risen to foller on when several
men rode up on hosses. and one Of 'em
demanded Of me:
Pilgrim. hath seen a red-headed, foxy
lookin' man travelling this way?"
"of a surety I hath" replied. He it
is who hath robbed me Of my all. What
hath he further done?'
Broke jail, robbed a house, and divers
other things. Climb up behind me and
the saddle, and he shall be overtaken.'
And as we galloped forward in pursuit
1 said to myself that out of despair is
born hope, and out Of hope you gin
orally git at least half your money back
il you hang to the track long enough. 1
also reflected that life is full Of changes
and that the wise man is one who is pre-
pared fur a fiip-fiop at a moments notice.
At the end Of two hours we overlook the
foxy man. He had reached the town OF
High Hopes and begun bizness. He had
traded my tintype outfit fur a hghtin'
dog and had swapped my ole boss fur a
haItin' mewl, and he was Jest offsrin' my
dedicated grasshopper in exchange fur a
rat in a trap when vengeance descended
upon him. He was q man Of sand as well
as craft. He made no kick that jestice
had overtaken him. His attitude was
calm. and his smile fingered like 9 morn
in frost on the north side Of the barn
The Washington herald., 1914-09-13
BY CHARLES A. CONAMT
Copyright, 1914

to securities about one-seventh. In 1912, the
the amount of securities outstanding on interna-
tonal markets was estimated at $155,00000O,-
900, while the amount of legal tender money
had risen only to about s. ,500,000O00, or
ratio of money to securities of about one to
eighteen. These figures are probably below the
actual issues of bonds and shares outstanding,
because they do not include the shares of small
companies owned largely in the same families,
and which are not listed on the stock exchange.
For many purposes, however, the estimate of
$155OOO,OOO,OO0 is better guide than higher
figure, because it deals with those types of Sc
curities which are transferred more or less fire.
quently in the market. If the figures of all
classes of corporations considered, the
United States alone, according to the report OF
the Commissioner OF Internal Revenue on the
collection of corporation taxes for the calendar
year, 1912, showed capital stock to the amount
of SOL ,73S, ,227, ,73O, and bonded and other in
debtedness of $34 749, sic 1853, making total of
stocks and bonds, with perhaps some deduction
for floating debts, of more than $4,000, 100000.
The Washington herald., 1914-09-13

meant to gobble the land on a forged
deed and perpetrate a grand swindle on
hundreds Of feIler bein's. FASTENED to
let him know that he made a mistake in
me. Then he fell into indignation and
spoke Of my ancestors in terms Of re-
proach and dared me to descend from
the wagon and be pulverized. He looked
like q man who could hold his own in a
rough and tumble, but, trustin' in that
innercence OF soul and integrity of mus
Gle which hev won me, many victories
over the cohorts of wickedness, 1 &C
cepted the def. We come together like
two fallin' trees, and as the air was
darkened with hyin' dust and sand my
heart rejoiced. believed I could wal
lup that limb Of wickedness in about
three minutes. but of a sudden a DARK
ness fell upon the land. and I knew no
more fur an hour. The man Of sin had
The Washington herald., 1914-09-13
SECURITIES USUALLY A SAFETY VALVE.

Under normal conditions, those securities
which are quoted at once in several different
dealt in.
1t was this condition which confronted the
New York Stock Exchange on the sudden ap-
pearance of the war cloud in Europe. A large
part of the $4,000, 100000, which is the estimate
made by Sir George Paish of the amount of
foreign capital invested in the United States,
markets are an equalizing and tranquilizing fac
tor, which tends to maintain uniformity of rates
for money and in the distribution of capital in
the principal money markets of the world. If
the rates for money tend to rise in one market,
there is a disposition to transfer international
securities to market where money is more
plentiful, draw in capital from abroad in pay
ment for them, and thereby to maintain the tend
ency toward uniform level in the supply of
capital when it moves in an unfettered market.
Ordinarily, such transfers of capital in the form
of securities from one market to another are not
sufficient in volume to cause serious disturb
snces. Inevitably, however, when political or
financial decentralization is disclosed in given
market, there is a tendency for the securities
quoted on that market to decline in price Such
a decline, if it goes far enough to arouse dis
trust, is likely to cause large selling orders in
all the markets where these securities are
was thrown upon the New York market by or
ders by cable to New York bankers to sell for
eign holdings in their custody or by orders to
New York brokers to sell securities held in Ed
rope for delivery on arrival. The effect of this
great sPasm of selling was to create supply on
the New York market much beyond effective
demand. Sellers found that there were almost
no buyers, and buyers promptly lowered their
bid prices to panic rates. In the case of such
an important stock as Reading, for instance.
which had sold only few weeks before at 16O.
and fell on July 80 to 40, it was reported that
the only bids awaiting the opening of the market
the next day were at 100 or less This SPELLED
disaster not merely to individual holders. but to
the banks which had loaned money I'D to 20 or
so per cent of the old valuations of securities
and even TO savings banks and other fduciarv
institutions which were carrying high-cIass
bonds on their books at normal prices. To close
The Washington herald., 1914-09-13
HOW CAN THE AMERICAN MARKET BE PRO.
TECTED?

What measure of protection can the Ameri-
can market take against such conditions? Will
it be able to say to the European money markets
as whole that it refuses to treat as a call loan
on the United States the great mass of loans for.
fixed terms made to this country by European
bankers and investors by the purchase OF our
securities?
The answer to this question is extremely
difficult and is one which is causing much hard
thinking among New York bankers and the
managers of the New York Stock Exchange.
The usual remedy for an excessive offer OF Sc
curties under the pressure of panic is the forna-
ton of bankers pools to take them over tenl-
porarily at low prices, until the storm has passed
and they can be sold back gradually to the pub
lie. In previous panics, however, help could
usually be looked for in other markets. Paris.
could appeal for aid to London; Vienna could
seek support in Berlin; France was willing in
1907 to discount English short-dated bills in or
der that London might be free to help New.
York. In the present situation Of almost uni
versal European war, however, there is not 4.
strong market outside of New York which is.
not struggling with the difficulties of finding
funds for great war disbursements. Hence, if
banking pools are formed they must be formed
almost exclusively of New York bankers. New
York must be prepared to carry the whole bur
den unloaded simultaneously by London, Paris,
Berlin, Vienna, and Petrograd. 1t would be I'M
possible as already pointed out, to take back
within short time the entire mass of American
securities held in Europe. To take back one
tenth of the amount, say $500,O00OOO, might be
possible, if the operation were spread over
considerable time and were sEillfulIy handled
This is the problem which confronts the man.
ayers of American stock exchanges when they
consider the question of reopening the exchanges
for business Can they frame rules which will
at least delay and diffuse the unloading OF
American securities owned abroad, and so dis
tribute this foreign selling as to prevent ap-
palling panic, by the shrinkage in the value IF
bank assets and savings bank funds, as well as
those of private investors when the value Of |
their security holdings is compared with the
quotations on the stock exchanged
The Washington herald., 1914-09-13
MAGNITUDE OF INTERNATIONAL SECURITY
ISSUES.

The real measure of the menace to stock ex-
the record of securities actually listed on the
stock exchanges and this is substantially all that
is covered by the estimate of 1856, 900 900
in securities which play part on national and
international markets. On the New York Stock
Exchange, the total par value of the securities
listed in February, 1914, was $25, ,975 100000.
This amount does not represent by any means,
The Washington herald., 1914-09-13

the exchange meant that no more securities
could be sold at sacrifice prices, which might
carry quotations far below any that had been
made on July 30, and below any price at which
banks and fduciary institutions could afford to
count them as assets.
The Washington herald., 1914-09-13

to fly. Venerable faker and one-horse
philosopher. a fortune awaits thee. Git
thee down from thy vehicle and let us
begin business"
In my innercence of the badness of the
world, it took me sOme time to under
stand what the old sinner was driving
at When 1 had It from his lips that he
The Washington herald., 1914-09-13

Why was the impact of the European war
felt so sharply upon the New York Stock Ex-
change? Why was it necessary to close the ,
Exchange on the morning of July 81?
The answer to these questions is found in
the tremendous expansion in the distribution of
negotiable securities-bonds and shares of stock
companies during the past generation The
amount of such securities listed on the world
exchanges has come to represent so large pro-
portion of national wealth and so large ratio
to annual current production of wealth that
violent and unusual movement in the market for
securities may conceivably upset the markets
for money and for shortterm credit, even in the
strongest countries. This was what threatened
to occur on the New York market during those
exciting days when European bankers who held
American securities were seeking to convert
them, as rapidly as possible, into cash, by
cabling orders to sell them on the New York
Stock Exchange.
The value of securities, like that of wheat
or steel, is governed by the law or demand and
supply A large demand and small supply cause
high prices; small demand and large supply
cause low prices. In a sense however, the men-
ace to the price of securities in case of an un-
usual supply is much greater than the menace
of an unusual supply of wheat or steel, because
the supply of wheat or steel is usually only :he
result of slight changes in the annual produc-
ton or at most small accumlations for the pre-
vious year, while securities represent the accu-
mulated savings of several decades. Thus, the
amount of securities on the market has now
come to bear very high ratio to annual produc-
ton and accumulated wealth. Certain classes OF
securities, moreover, have an international mar
ket-they are quoted and sold in London, Paris,
Berlin, and Vienna, as we'll as in New York.
The system of representing big enterprises
by stocks and bonds has been of great conven-
fence and advantage to the modern financial and
industrial world. 1t permits the assembling OF
small savings of hundreds of millions of dollars
for projects for which no single private fortune
could suffice The form of the limited liability
company, which is now divided into shares, linn
its the risk of the individual to the amount OF
his investment, or sometimes to fixed percent
age in excess Without this limitation of liza
bilitv it would have been almost impossible for
the fabric of modern industry and tranSporta-
ton to have been created The system not only
makes it safe for the man of small savings to
participate in large enterprises without excessive
risk but it permits him to limit his participation
to such amounts as he thinks proper to hazard
in a single enterprise, and to distribute such
hazards among a variety of enterprises.
The Lynden tribune. [volume] (Lynden, Wash.) 1908-current, 1914-03-19

Married women and girls living at
home, competing with workers whe
must depend entirely upon their ewn
earnings for their support, are given
in the report of the Washington In
dustrial Welfare Commission, now be-
ing prepared for this states first min.
imum wage conference. as major rea-
sons for the low level of wages fer
female employees.
Members of the Order of the Snake,
the play organization of the spanish
American War Veterans, will oaxry in
a parade to be held at Aberdeen in
June a snake 100 feet long The Or.
der Of the Snake is planning a big
time when the organization is assem-
bled for its annual gathering in cen
junction with the state convention Of
the Spanish-American War Veterans.
The Lynden tribune. [volume] (Lynden, Wash.) 1908-current, 1914-03-19

forester's attitude toward the ac'
QUESTION of certain lands by the
Santa Fe and Northern Pacific rail-
roads. 1t reads in part:
Mr.. Humphrey challenges me
to say that | ever protested against
the Santa Fe railroad exchange. He
might almost equally well challenge
me 10 say that l protested against
Eve taking the apple in the garden
of Eden.
This exchange was managed en-
tirely by the department of the in
terror. l was il the department of
agriculture / had no responsible
ity of any kind III connection with
it. The government, because of bad
laws and faulty administration, had
got into a difficult position and
WAS obliged TO take the least of two
evils
Il was given charge of the ma
tional forests in 1905. The Santa
Fe exchange was several years be-
fore that time.
4 am not able TO identity the
second case mentioned by Mr.. Hum
phrey-the exchange with the North
ern Pacific railroad-but / presume
there is as little BIZ sis for il as the
first. Ii WAS the infamous lieu land
law passed by congress and which
| had as much asany other man 10
do With getting repealed, because
was responsible for that exchange.
The Lynden tribune. [volume] (Lynden, Wash.) 1908-current, 1914-03-19

Of the Superior Court. They are
TO report for duty on April 6; F. ].
McCollHm, Goshen: Thnmas STAN
bsugh. Sumas: Mrs. Harriet F. Bish-
op, Goshen: J o. Gulbranson. Cos
hen; Ms Mary Fry. Daming; 5. H.
Duerr, Goshen Thonss Anderson,
Sumas: Mrs. Christine Myers. SUI
mas; NJ A Hamilton, Goshen; T.
G. Martin, Everson; Mrs Alice +.
ellis. Sumas; A. r. Palmer, Su-
mas; Andrew A. Ain. Eserson; Mrs
Minnie Hellyer, Acme; P. NJ. Flan-
agan, Bellingham; No. /; F. E.
Bateman, Goshen No. ]; Mrs. NJ.
{. Wampler. Everson No. 3; Mrs.
A gnes Mitchell. Bellingham No. >,
Fred Better, Ferndale No. 8: Mrs.
D. r. Boyd. Ferndale: Herman
Crate, Bellingham No. >; F. W.
Corslay. Blaine; Peter Staglund,
Ferndale; Mrs b. II. Crabtree,
Ferndale No. !; Mrs. /. Andrews,
Blaine: Mrs O. l. TAYLOR. Blaine:
!. W. Rogers, Blaine No >; d. H.
Cloush. Ferndale No .; w. H.
Cherry, Ferndale.