davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19
Price Fixing
AS the Steel
Buyer Sees 1t
Consumers Views on Effects Of
Cut Averaging $47.24
a Ton

When the government announced
its intention last summer of fixing
arbitrary prices for iron and steel, the
average price Of eight leading steel
products, including rails, ship plates,
steel beams, steel bars, billets, ETC.,
stood at s119.69 per gross ton, the
high water mark Of the extraordinary
rise in steel prices for the war period.
This compared with an average price
for the same products of s3O.97 in
1914 before the war broke out.
Last week the average price Of these
same products, worked out on the basis
Of the governments price programme,
announced in September, was s72.45.
Under the new prices, ship plates were
s72.s0, compared with s201 ton be-
fore the price fixing announcement;
steel beams, $500, against 500; steel
bars, s64.96, against 500, and billets
s47.50, against 500 a ton.
Average Prices Compared
A comparison Of the present average
price with the averages at the middle
Of each month since January, 1915,
follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19

banks, Twenty-Five of which were re-
stored to solvency. Only thirty-six
of the entire 500 were reopened.
The honor roll of the twenty-four
reserve cities in which there have been
no national bank failures since 1881
was given by the Controller as fol-
lows: Albany, Washington, Richmond,
Charleston, Atlanta, Savannah, BIZ
mingham, Galveston, Houston, Waco,
Chattanooga, Cleveland, Milwaukee. st.
Paul, Cedar Rapids, Des Moines, St.
Joseph, Omaha, Muskogee, Oklahoma
City, Tulsa, Los Angeles, Salt Lake
City and Ogden.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19

In London surprise is expressed
ever the triumphant success of the
second Liberty Loan in view of the
fact that it was achieved in spite of
the absence of any restrictions on
Stock Exchange dealings. "Some
PEOPLE are inclined to argue" says
"The Times" Of London, chat the
success of the Liberty Loan shows
that freedom of Stock Exchange
dealing is not inconsistent with the
requirements of war finance, and
that our temporary regulations
which forbid speculative dealings on
the Stock Exchange here are, there
fore, unnecessary. 1t is often ar
gued that since the purchase of a
security merely transfers funds from
enc person who is a seller to an
ether who is a buyer there can be
no diminution in the funds avail
able for investment in war loans.
But this argument overlooks the fact
that a larger volume Of business
which would result from unrestricted
dealings would involve a correspond
ing increase in the amount of money
which would be permanently re-
quired to finance the turnover and
TO that extent immobilize funds that
otherwise would be available for war
loans. The recent course of Stock
Exchange values in Wall Street
early shows that an unrestricted
market there has not been an I'M
mixed blessing by any means. To
some extent the decline in prices
vas inevitable" The London stock
market since the resumption of deal
ings has been hedged about with
artificial restrictions to curb specu-
lative operations. The regulations
in force there provide that all bar
rains must be for cash; neither open
bidding for nor Offering Of stock
IS allowed. Despite these restric-
tons, London has lately witnessed a
speculative boom in certain securi-
tics which has aroused considerable
criticism in many quarters.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19
Important Wage Decisions

Another important decision by this
highest court was that sustaining the
Oregon ten-hour day for factory en-
ployes without regard to sex or age-a
marked reversal of position from the
action of the same court in 1905 in
holding the ten-hour law Of New York
applicable to bakeries unconstitution-
al; the power of the state TO enact
laws limiting the hours Of service of
adult males in private employment, as
well as the hours of females and of
children, is now recognized. The fixing
of wages for women and minors under
eighteen is also valid exercise Of
the police power, according to another
decision Of this court, the Oregon mini
mum wage law being left undisturbed
in its position of constitutionality as
determined by the Supreme Court OF
that state; on this point the Federal
Supreme bench WAS equally divided,
one justice not voting.
The court Of last resort Of the State
Of Massachusetts declared unconstitu-
tional an act of that state which
undertook TO limit the issue of injunc-
tion~ - labor disputes. declaring that
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19
The Only Solution?
financial Editor, The Tribune.

Financial Editor, The Tribune.
Sir: notice in to-day's Tribune the
remarks Of S. Davies Warheld in regard
TO possibility Of Federalized rail.
road system in this country. II seem.
20 me that The views expressed by Mr..
WGrfeld are hardly worthy Of q man
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19

The weeks payment on account Of
the Liberty Loan subscription was
made with a minimum of disturb
ance in the money market. Finan-
cling the operation provided a strik-
ing test of the resources Of the Fed
eral Reserve banking system, which
gave an exceedingly good account of
itself. That the money market took
care of the heavy credit transfers on
the loan without serious effect on
money rates indicated that the ma
chinery of the Reserve Bank institu-
tons is we'll adjusted to meet the
abnormal needs of the times. Bank
crs expressed the opinion last week
that without the new banking sys-
tenn the problem of arranging for
the payments of upward of $780,
100000 in this market in the course
Of a single day might have gravely
cramped the whole credit situation.
AS it was, the money market was ex-
tremely quiet throughout the period,
with call loans at the Stock Ex-
change never once getting above 4
rer cent. Loans for fixed periods
also held steady at 5 to 5% per cent,
and commercial paper rates were
unchanged at 81 to So per cent.
AS a matter of precaution the So
called money pool put out on call
about S35,000,000 during the week,
but it is probable that the market
would have weathered the strain
without this assistance. Bills dis
counted and bought by the Federal
Reserve Bank last week showed
considerable falling off, dropping
from the 23,481, 900 reported in
the week ended November 8 to 1884,
516,575. The Clearing House banks
reported an increase of S222,000,000
in loans and discounts as a result of
the Liberty Loan operation.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19
Courts Decide
Many Questions
Affecting Labor
Constitutionality of Wage and
Compensation Laws
Upheld

An unusual array of important de-
cisions is presented by the Bureau Of
Labor Statistics of the United States
Department Of Labor in its annual COM
pilation of court decisions on labor
questions. Most notable among the Su-
preme Court decisions, on account Of
the circumstances attending the enact
ment of the law construed by 1t, is the
decision sustaining the constitutional
ity of the Adamson eight-hour law for
trainmen in interstate commerce, and
declaring at the same time the right
of Congress compulsorily to arbitrate
disputes between the railroads and
their employees for the benefit Of the
public.
The first broad decisions ultimately
deciding the constitutionality of work
mems CONDENSATION laws are also noted.
Although n number of state courts of
last resort had passed upon laws of
this type, it was not until the Supreme
Court of the United States had given
the seal of it's approval that the mat
ter could be considered as finally set
tied. In upholding the compulsory
compensation law OF New York and of
Washington, the latter also providing
for a compulsory state insurance fund,
the farthest reach of compensation leg
islation has received judicial approval.
The elective law of Iowa was likewise
sustained.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19

28I3 Issued by the New York Produce
ExchanRe, March 3, 1892. TO stephen c.
Hunter. having been lost or mislaid, appltca-
tlon has been made 20 the Board Of Mana
gers for A new certificate. AL persons in
terested are hereby notified TO show cause
certldcAte should not be issued.
l. Il. HOWE. Secretary
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19
DIVIDEND NOTICES
SOUTHERN PACIFIC COMPANY
nIVInENn NO AZ

A QUARTERLY DIVIDEND Of one dollar and
asiy cents iSl.50l per share % the Capital stOch
e. this Company has teen declared payable a. he
Tfezsure-,s Once 10. les Broadway. New York.
r. l.. On January 2 1918 70 stockholders q
record A. O'Clock p NJ. on Friday. November 30.
1911 Tie stock trlnsfx books viii not be Goeed
f0r TIE payment q this dividend Cheques viii
Dc mailed only 70 stockhOders Sho have fled per
rlanout dividend ordeu
A K VAN DEvENTER. Treasurer.
November 8 1911
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19
THE CREDIT BASIS OF
COMMERCIAL PAPER
Development Practice That Will Produce
Sound Types Essential to Attainment
of Real Elasticity and Mobility
of Bank Credit

character. His ability TO pay involves
both personal and impersonal elements.
The personal element centres IN MS
capacity as a producer or business man:
The impersonal elements grow out OF
all that may be involved in the market
ability of his product. He may be I'M
peccably honest and paragon or dlil-
gence, but if his market fail him ne
cannot pay. Hence it is that govern
ments facing no market risks and en-
Toying broad powers of taxation nor
mally enjoy the best credit, while an
individual operating in uncertain mar
kets is a poor credit risk.
The Open Account
Credit may be embodied or clothed in
some form or il may be unembodied and
intangible. In the interest of legal
defniteness and to facilitate the trans
fer of credit from the creditor" to
possible third party, credit instruments
were developed. An open account rep,
resents unembodied credit, for beyond
the order, invoice, shipping receipts,
ETC., which are required to substantlate
the legal basis of the credit, the entry
in the creditors books supplies the only
Tangible representation VI thipONiiAiNhN
of the credit. A credit instrument, If
sound, represents credit definitely en-
bodied, and makes il possible 70 handle
credit as tangible entity, rather than
as a mere intangible contractual rela-
ton. Whether d credit instrument is
negotiable or not is legal question OF
form, etc, and does not affect the eco
nomic question of the nature Of the
underlying credit.
Waving here the discussion of nego-
liability, the fact of fundamental i'm
portance is that a credit instrument
can never be better than the credit
which it embodies. The safety and Sc
curity so essential TO the banker, and
the real value in a credit instrument
for further transfer or exchange pur-
poses, are 10 be sought, not in its form,
but in the underlying conditions of its
creation. If | close an open book &C
count against me by giving my promis-
sorry note, the real credit involved is
still my purely personal credit. Inc
giving of the note constitutes simply g
method of embodying that credit. It's
essential nature is not changed. II IL
neither weaker nor stronger than it
was before. Presumably, however. the
convenience of the creditor is served
because the note supplies him with n
more or less effective method of trans
ferring TO another the debt that | owe
to him. provided that the new pur-
chaser can be given satisfactory assur-
ance or guarantees of the essential
soundness Of the paper. The note prop
erly drawn is, in legal sense, "nego-
TABLE" while the inchoate book account
is. in the same sense, not negotiable.
But it must be repeated that the note
which embodes the bank account is Of
no greater credit value than the book
account itself.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19
Average Prices Compared

Consumers of iron and steel have not
yet had sufficient experience with the
working of the fxed-price policy of the
government to give an idea of what is
actually taking place in the trade. A
canvass of views of consumers made
by "The Iron Age" however, presents
some interesting sidelights on the sit
ua+ion
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19

MAHOSINO INVESTMENT co.
A dividend OF Three Dollars per share
has been declared on the stock Of this
company, payable December l, 1917. to
stockholders OF record November Path.
LEWIS ISELIN. Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-19
What Is Credit!

What, after all, is credit? 1t is legal
ly defined as "the ability TO borrow
money or obtain goods by virtue of the
opinion conceived by the lender or
sender that the party will repay" AS
a simple medium of exchange, it Is a
promise to pay money at some future
time. 1t is promise that is ordinarily
given in exchange for valuable eco
nomic goods or services. II is, there
fore, often spoken of as a medium Of
exchange which supplements or acts as
a substitute for money. To-day, how
ever, its role is tremendous. Few ex-
changes involve actual money itself.
In most of them credit is some form or
other is relied upon. But the credit is
expressed in terms Of money, and it is
in terms Of money that the ultimate
value OF the credit is measured.
The basis of credit is confidence in
the debtors Willingness and ability to
pay. But both willingness and ability
are complex. They involve personal
and impersonal elements. A mans
Willingness to pay is mainly personal
and depends upon his integrity and
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25

AND STYLE SHOW

The Best Furniture company VIII
conduct a big furniture demonstration
and stv1e show beginning { omorrow
and ending SATURDAY,. November 9. The
store IS raplete with the newest de-
signs of handsome furniture and spe-
cial inducements are offered to all pur-
chasers during the show. Everybody
is invited Is call and inspect their
beautiful display 1t is not necessary
that YOU should purchase at this time
N order TO end a cordial welcome at
this popular store Their advertise
ment appears on Page OF this issue
Of the Lake County Times.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
COMMITTEE DOES
SOME HUSTLING

Particularly fine work was done
yesterday in the Liberty Loan drive by
the business mems committee headed
by w. T. Crawford Of THE Northern
indians Gas and Electric company, DR.
b. r. Sharrer and H. NJ Johnson. This
committee turned In over $50 600 70
Chairman Belman last night. $4,000
was subscribed among the employees Of
the Northern Indiana Gas and Electric
company alone Graver Tank Works
employees. solicited by the committee.
bought nearly $4,000 worth These
amounts were in addition to the
$4,000 subscribed by the Northern
Indiana Gas and Electric company it
self
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
MANY WOMEN
ATTEND MEETING

MANY women voters attended a
meeting at the home Of Mrs. Anna
Grir1berg. rs Gostlin street. yesterday
afternoon.
Mrs John p. smallsy, wife Of Mayor
John p. smalley. Democratic nominee.
presided Addresses we're made by
Judge Fred Barnett and Mrs. Fred
Jarvis.
The ladies will attend Monday
nights mass meeting at Deluxe
theater in a body
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
J. P. WHITE RESIGNS.


INDIANAPOLIS. Oct 25.-John P.
White today resigned as president Of
The United Mine Workers Of America.
His resignation was presented 81 a
meeting OF the board Of directors.
Frank !. Hayes of What Cheer. Ie.,
vice president under White. was elected
presient. John l.. Lewis of Sprin gfleld,
I'LL, former general organizer was elect
ed wee president.
White states he offered his resisna-
tion because his work as advisor to the
federal fuel administration would re-
quirc most Of his time.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
" German Socialists
Convicted at Sioux Falls

SIOUX FALLS. IA. Oct. 25.-Twenty-
seven German socialists Of Hutchinson
county. South Dakota. were found guilty.
on three counts Of an indictment chare-
ing violation Of the espionage act in fed
eral court here last night.
The jury returned the verdict aftsr
more than three hours elaboration
sentence VIII be passed By Judge You
mans tomorrow morning
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
.ORRINE SAVED
HIM FROM DRINK

That Orrine really does bring quick
relief to those being tortured by the
liquor habit. is the testimony of many
mothers. wives and dauR hteUs
This scientific preparation promptly
kills all desire for whiskey, beer and
other lntoXicants. Il can be given in
the home secretly without loss of time
from work. No sanitarium expense.
We are 50 sure that Orrine viii bene-
fl that we say 20 you IT, after a trial
you fail 10 get any benefit from its use.
$500 a box Ask US for free booklet
telling all about Orrine. Lion Store Phar-
macy kaufman & VOID $50 Mohman
St-Adv.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
Excellent Christmas Gift.

Liberty bonds are the best Christ
mas present YOU can buy for mother,
for father. for daughter. for son or
FOR baby You not only present them
something tansible-just like 50 much
money. only better-but you help pro
tect them al the same time by assist
ing in beating our enemy.
Make this years Christmas presents
Liberty Bonds.
BUY them now.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
CLEAN BILL AT
ORPHEUM THEATER

The five acts Of vaudeville playing at
the New Orpheum theatre today and to-
morrow are am ciean-cut bits Of pleas
ant time An acr0batic troupe Is eNcep-
uonally good. "a wire novelty, pair Of
comedians, q song artist and a musical
act complete the bill.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
cK1cAeo LTvE srocK.

HOGS-R Receipts. 1900; market. best
20@16.75. rough. S14600ff65; light,
s1425a1645; pigs $16.259 1915. heavy
1910.
Receipts. 5000; market,
steady: beeves. $6.850I70o cows-heif-
cts. S4S5 012.oo. stoclzers-feeders SIS Il
00011.50; calves, $500 9 1900; western
steers, S6.1O115.75.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
RED CROSS
MEETS TONIGHT

The annual meeting Of the Ham
mond RED Cross chapter is to be held
this evening at the Chamber of Com
merce. No collections or pledges will
be taken. but election Of directors and
officers VIII be heidi
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
LABOR MEN DID NOT
ENDORSE HODGES

= denial that the Cooperative
Labor body Of Gary had endorsed
Hodges at their meeting AT SEQ Broad
wny Inst Sunday, according 20 a Gary
Tribune story, was issued by Vice
President Fred Dietrich Of that body
this morning.
1--WE wish to correct this error said
Mr.. Dietrich TO the Gary Evening
Times. "NVe did not endorse any one
of the four candidates for mayor. All
were present at our meeting though,
and each gave n short address.v
The impression gained from the
Gary Tribune, the Wall Strteet organ
supporting Mr.. Hodges, and the news
paper that fought for Open-shOp con-
ditionE in Gary when the Tribune, the
Gary Commercial club leaders md steel
officials were helping TO break mp or
ganized labor I'm the building trades
of Gary, was that the union men had
endorsed Hodges. Vice President Diet
rick's statement shows different.
The Red Cross symbol of a
cause wide a; the world and high
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25

ers essential TO war industries will be
placed In deferred classes for the next
draft To which one in tho i've classes
In tho new system these skilled work
ers viii be assigned and the attitude
toward the increasing cIamor OF farm
ers for exemption are problems being
worked out today
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
AT DELUXE THEATER

Theda Bara plays at Deluxe theatre
in Heart and Soul tomorrow. THE
Devil Dodger" Saturday with Roy Stew
art ana Bonds Of Fear" with Belle Ben
nett sunday
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
G. & O. EMPLOYEES
ARE BUYING BONDS

Employees Of the c. s 0. railroad in
Hammond have invested S2.40o in
Liberty Bonds. many Of them paying
cash Others are buying from the
company on time.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
BLACK OAK

Halloween party and box social
Black Oak school. Saturday evening.
Oct q. 1917. Come, come! Teachers.
LULA SMITH.
BLANCHE RTGGLE.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
CARD OF THANKS
caRn or rrrANKs.

We wish q thank Gun reIatiEes and
friends for their kind help during the
sickness and death of our brother.
Joseph Walatka, especially Father
Berg. The agent and boys al the
Indian. Harley Davidson and tx
celsior Motorcycle companies. also FOR
the beautiful floral offerings 10-e5-1
MR. AND MRS. EDW. SMITH SISTER
Ann RRDTTIER
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
10000 Testimonials from
Mothers

OF children who have successfully used
Mother Grey's Sweet Powders for Chill
els relieve F'everishness, Teething dis
orders. constipation. headaches destroy
worms and frequently break up colds.
Children like them. For 30 years Mother
Gray's Sweet Powder for Children have
been the safe and reliable remedy in
time of need. Mothers should never be
without a box in the house for irdraedi-
ate use. At druggists everywhere, 2sS,
ADV.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
CHICAGO GRAyN FUTURES

CORN-A1ay, $1.137s Jan, SllCSt;
Dec 1920
OATs-May. 6OS4c, oct. 6O1sc; Dec
$3.50.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
RED cRoSs

The women who are working for the
Red Cross are doing we'll but they need
more help. I0-25-I
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1917-10-25
COMING EVENTS.

The Alpha Phi Club viii be entertain
ed by Mrs. 5. a. Bell of South Holman
street Friday afternoon.
Mrs Charles Tweedale of Calumet
avenue Viii entertain Betheny circle Of
the Christian church at Halloween
party Friday evening
Tbs North Side Loyal Temperance
Legion viii meet at four o'clock Friday
afternoon at the home or Katherine
Mathews in 150th street.
The regular monthly meeting of the
Womens Loyal Olivet Circle Of the
Christian church viii be held Friday
afternoon at the home Of Mrs. Charles
Primmer. AS Indiana avenue. a feature
of the meeting viii be the annual cleo
ton Of Officers.
The members Of Hammond Chapter
No. 40 Women Of Mooseheart Legion
viii meet at the Moose Hall for their
regular Friday afternoon card party.
On Friday afternoon Mrs. Wade Petit
Of s16 Howard avenue will be hostess
10 the Kings Daughters.
IN celebration Of his seventeenth
birthday anniversary Virgil Reiter was
delightfully."- surprised last evening At
the home of his parents. Mr.. and Mrs.
Virgil S. Reiter in South Holman street
The guests were entertained AT dnuvr
The table was attractive with Hal
lowe'en decorations and there were COW
ers for Lyman Betz. Bartine Lund. Don
aid wilcox, Rudolph Monberg. Albert
Jacoby Crelg hton Belman. Jim Brunot.
Alfred Wilcox. Ted Newman. William
Pierce and Louise Hess.
The home Of arr. ana crrs Daniel
Jones at 500 Indiana avenue was the
scene Of a delightful party last evening
given in honor Of their son. Private
Clarence Jones. who Is home on a FUR
Tough. The guests visited the witch
and received their fortunes and during
the evening enjoyed q number OF games
after which they Were served with re-
freshments a large cake with his
name and u s. a written in red. white
and blue. a gift to Mr.. Jones. decorated
the table There were covers for the