St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1915-04-21
PRESS COMMENT
Farmers May Learn Lesson

| OuL III Tic COuIS0 OIL the us
cussion at the Windham County Agri
cultural Associations meeting yes
, terday was that relative to the con
. dition of dairy interests of this sec
, ton. Rightfully one of the mos
. profitable of the farmers pursuits
this branch of local agriculture is il
the doldrums by reason of the con
troll which the city milk dealers ex
ercise over the market. Not only de
these dealers contract for milk al
their own terms, but they not infre
quently fail to pay even the stingy
prices which they have made, as
many farmers in this locality know
to their sorrow. While the folly OF
selling milk to irresponsible city
dealers is now apparent to most OF
the dairymen hereabouts the bitter
experience through which they have
Tcome into possession of this knoWl-
edge may prove an eventual benefit
lit wasn't so very many years ago
that the local creamery was obliged
Ito go out of business through lack
of PATRONAGE Reformer
What War Costs in Dollars and Cents
1t is easy enough to talk glibly
about war and to carry a chip on
the shoulder and affect a cocky man
what might have been done with the
money that virtually has gone up in
! smoke in Europe.
Since the European war began for
eign nations have issued bonds ag-
gregating $6,724,0OO,00O. Elimi-
mating Implications and taking no &C
count of loans for non-War purposes,
the total war loans to date foot up
$5,97S,O 100000. A newspaper ed
itor with a ready pencil has been do
ing a little figuring on the basis of
100000, 1000. Then he proceeds
to show what could have been done
with the amount of money.
! Assuming that the half-billion
common stock of the Steel Corpora
ton represents good will, organiza-
ton, etc., and that the total of ST.
= 100000 preferred stock and
bonds of all kinds on all the subsi-
diary and parent companies repre-
sent total replacement cost of all the
actual property of the great corpo-
ration, then one would be warranted
I in saying that with 6,00O,0OO,OO
there could be organized six United
States Steel corporations.
The productive capacity of the
Steel corporation is about one-half
| that of steel production in the United
States, so that the steel industry of
I the United States represents a cap
italized value of about $4,000, O00,-
1000. The steel industry of the Uni
ted States stands first in the world.
In fact, in 1913, we produced 3D.
900, 900 tons of pig iron, against 49,
100000 tons by Germany and TO-
481, 900 tons by Great Britain. In
that year we produced more iron
than Germany and Great Britain
combined. So that it would not be
stretching the possibilities to say
that with the 6,OOO,0OO,OOO that the
nations have devoted to war the steel
producing capacity of the world
might have been duplicated.
Take anothtr illustration: Divi-
dends paid by 386 railroad compa-
MES representing 97% per cent of
the railway traffic of the United
States in 1912 (the latest year for
which complete returns are at hand)
paid total dividends of $246, 621,701
on a trifie more than 81, 100000, 900
capital stock outstanding. The an
nuaI cost of the $4,000, 1000 war
loans is approximately $27O, 100000,
or more than sufficient to meet an
nual dividend requirements on vir-
tuaIly the total of American railway
stocks. The annual fixed charge on
the war loan, however, is in the ma
ture of paying for dead horse
it is a charge on capital that has been
worse than wasted.
Only one little phase of the war
cost and loss is referred to. Moth
ing has been said of the commerce
that has been irreparably lost, nor
of human energy lost or impaired be-
yond recovery. 1t will be a wonder
# the end of the war does not result
in some national bankruptcies
land News.
A Newspaper Mans Difficulties.
Editing a newspaper is a nice
thing If we publish jokes people
say we are rattle-brained. If we
don't we are fossils. If we publish
original matter they say we don't
give them enough selections. If we
give them selections they say that
we are too lazy to write. If we don't
go to church we are he9thens. If we
do 60 we are hypocrites. If we re-
main at the Office we ought to be |
out looking for news items. If we
go out then we are not attending to |
business. If we wear old clothes |
they laugh at US. If we wear new |
clothes they say we have pull. Now, |
what are we to do? Just as likely |
as not some one will say that we
stole this from an exchange. So we |
Gazette.
Newspapers Don't Knock.
If a newspaper were as sensitive to |
criticism as some of its readers are |
co words written without the slight
est intention of giving offense or |
touching exposed nerves, it would be /
obliged to retire from business and |
go of by itself to suIk. 1t is the in
tention and practice Of every self
respecting newspaper to print news
kindness. Many persons who are