davidaulloa/AmericanStories huggingface dataset:
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-02-18

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Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-02-18

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Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-02-18

40 Chlck ,.sha the eood roads fcvcr
hps takcu such serious hold ON tho
people that they have closed their
places of business for two DAYS and
gono out upon the highway ANA bult
Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-02-18
LOGAN OIL & GAS COMPANY

AT Terminal Bldg, Oklahoma City.
b. B. Logan, Pros.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

Equipment has been improved, pro
duction is larger, management more
effective and science applied to bust
ness 70 an extent hitherto unknown.
The industrial efficiency OF Russia
has been more than doubled during
the war, and It is probably true also
that the industrial efficiency Of ia
pan as well as that Of Italy has dou-
bled since the war began.
Given a large increase in the
worlds capacity for producing
goods, what would you think might
happen 70 prices when for the inn
perative and price-reckless demand
Of war there is suddenly substituted
the demands Of peaceful trade and
bargaining is restored on earth?
They will have 10 fall. But mark
you why. Prices will fall because
there will be more goods. Surely, if
there are more goods the world will
be better off. Is it possible that the
world will be richer though prices
fall? 1t is. And that is what now
seems certain to happen.
A fall In prices almost invariably
IS spoken Of with an ominous infec-
ton. The phenomenon is well
known of the past. It's associations
are bad. Falling prices, depression,
hard times, over production - all
these seem 10 go inseparably to-
gether. Nevertheless, there is no
wealth in prices. Wealth is in goods.
And if the world shall be able after
the war 70 increase its production
Of goods it will be potentially richer,
no matter what happens TO prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

borrowed capital and imported labor
and had made wasteful use Of both.
We do not know how much more
we can do out Of our own resources.
The efficiency Of labor can be in
creased; the waste of unemployment
can be abolished entirely. Beyond
that. a new doctrine has appeared.
Capital also is indicted for its in
efficiency. There is waste not only
in the unemployment Of labor, but
in the idleness Of plant. II 1t is the
primary business Of modern people
TO increase the production of goods,
then freight car still or an engine
at rest is an instance Of social de-
linquency. These thoughts will be
developed by necessity. Everywhere
is waste, when one begins 70 look.
In the consumption of food there is
waste. In the distribution Of it
there Is such waste that to eliminate
it might halve the cost Of sustenance
in cities. In competition, in the un-
necessary duplication Of facilities, In
the seasonal variations of activity, In
the extravagant use Of transporta-
ton, in perpetuation Of industries In
obsolete places, in nearly all OF our
manufacturing processes there is
waste such as only the richest people
in the world could have survived. A
people in Europe as wasteful as we
are would economically perish in one
generation. The war cut US off from
German dyes and other valuable
coal tar products. Then we began
to turn into gold the gasse: from
our own coke ovens. Necessity 10
the mortal enemy Of waste.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01
National Saving,
Personal Extravaganza

The conglomerate result was what
you would suppose. 1t was war
prosperity. As a nation we saved
upward Of 100000, 900 during the
year, in the sense that we produced
and delivered TO foreign customers
merchandise TO that value, in ex-
change for gold, securities and prom
issory notes, which give US a com
mand over their future production
Of goods in the same amount; but
individually we became very eXtrava-
CANT. It is a paradox. BY reason
Of the full employment Of labor, and
then on account OF the rise in wages,
the buying power Of the people at
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01
MondGY, January I, 1917

We are thought to be an emotional
and volatile people, vet we take our
miracles calmly. The one that hap
pened to us last year was dismissed
with sentence in the annual re-
port Of the Secretary Of the Treas
ury. 1t was this;
We hare been trans foT7nsd from
a debtor into creditor nation.
That is not the opening Of a new
chapter in the economic history Of
the American people, It is the be-
ginning of Book ii.
A creditor nation is one that has
capital to lend. When the war be-
gan there we're five Of THESE, namely,
Great Britain, France, Germany,
Holland and Belgium. All the
others were borrowers, including the
United States. We had borrowed in
Europe moro than any other people
and sent each year great quantities
Of goods and gold to pay the in
terest on the debt
Now American capital IL being
loaned on all five continents. The
United States dollar is q more I'M
portant unit In international ex-
change than the English pound ster-
ling. Toward the end Of the year
Reginald McKenna, formerly Chan
cellor Of the British Excbequer, said
the buying power of Great Britain
and her allies was limited by the
rate at which wealth in pounds ster-
ling could be converted into dollar
exchange. Partly TO expedite that
process the Bank Of England, hith-
erto the most aloof of all financial
institutions, entered into financial
relations with the New York Fed
eral Reserve Bank. The money cen
tire Of the world, though it be 90
only for the duration Of the war,
has shifted to New York.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01
S Record
Of Prosperity
Chionno. Deocnber. 81.


An insr~sss OF more than four billion
Iollsrs in the bank olearinRs Of 1915
,yer those Of the preceding year is the
,rineipal indication OF the unusual
,rosperity enjoyed by Chicago during
HI. year just ending. according 20 the
.nuuAl business statements Published
o-dsy.
Bank clearing were i.s4S1s5,
compared with t16.1eS.sS5,174 for 1915,
an inersass Of f4,S42.s5S,0g1.
Grain inspected during 1915 SLED
fos, 1871 carr. an Increase Of 1914 cars.
flour and grain received totalled 49,
$4,000 bushels, an increase Of 49,
10000. Flour and grain shipped sggre-
rated sst.1sooOo bushels, decrease OF
Ltoe. POO bGshelA
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01
The World
viii Be Richer

We have said that after the war
prices will fall all over the world.
Opinion Is not unanimous on this
point, but that great majority of
people in finance and business do
expect scaling down Of prices was
Enthusiastically demonstrated by the
effect Of the December peace scare,
not only upon Stock Exchange prices
but upon the psychology Of both
buyers and sellers in the steel, cop
per and other basic material mar
kets. Indeed, it seems inevitable
that prices will fall for the one rea-
son that as the productive power Of
this country has increased during
the war. so also has that Of the
belligerent countries increased, only
much faster. There is no doubt OF
this. Except It were 80, neither side
could have carried the war 10 its
present state. The requirements Of
war are enormously greater than
anybody could have imagined in the
beginning. In this country the in
centiye has been gain. In the bel
ligerent countries necessity has OPP
Grated. Mr.. Redfield, the Secretary
Of Commerce, says:
In Great Britain there has been a
true industrial revolution covering
almost syerY phase Of industry.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

should have had no new totals in
domestic trade. Nevertheless, pop
ular spending last year reached
heights on which it could not be
maintained if the war trade were
suddenly to stop and peace trade
failed Immediately to fill the place
of that demand. After wo have
been very prosperous and very ex-
travagans it Is hard to do without
things, or to save, and going back
to the scale Of expenditure TO which
we were accustomed before is a
hardship. People will not do 1t
without a great deal Of clamor and
blind protest. That is why extrava-
gance is in a sense liability. 1t Is
part Of the price we pay for pros
perity.
The other elements are all related.
They are high prices, high costs and
the liability OF readJustments. When
the war ends, commodity prices will
fall all over the world. Costs will
fall, too, but they will fall more
slowly than prices, which may fall
very fast. When prices fall faster
than costs Of production the margin
Of profit shrinks. The producer Is
then upon the thorn Of necessity.
There are certain elements of cost
which are hard to reduce at all. One
is the cost Of investment. The other
is the labor cost. Wages never can
be "liquidated." When they are
raised they stay up. There will be
some special exceptions to this rule,
owing 10 the rate at which they
have gone up in the last year and
owing also TO the temporary char
acter Of some Of the war employ
ment, but on the whole we may as
sumo that the wage scale never will
20 back TO where it was before the
war. The producer must look in
other directions for relief. He will
find the answer in his dust bins, his
Stag heaps and his smokestacks. He
will see that he can recover his own
profit by saving the waste. But that
will take time, hence the liability Of
readjustments.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

same time, it deprived Europe Of the
power TO supply goods to her own
customers, so they also came TO US.
Under normal conditions, with no In
centive other than the desire TO be
out of debt, we might have produced
the goods in the quantities necessary
to fulfil our purpose, but we should
have been unable to sell them. Our
creditors would not have bought
them.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01
The Timely
Peace Panic

Facing this liability squarely for
the first time produced peace panic
on the Stock Exchange in Decem-
Der. We had been made believe that
war profits were likely to continue
on a rising scale for an indetermi-
nate time. Finance had said at first
that the war could not last above six
months. Going longer than that it
would bankrupt the world. After it
had turned into the third year
finance began TO say there was no
end in sight. Then the German En-
peror Unexpectedly proposed peace
parley. Suddenly people were re-
minded that war inevitably termi'
mates in peace, and that during war
peace is always imminent. The stock
market, which for several months
had been in the hands Of rich and
reckless public, using war profits to
buy war stocks, fell headlong. 1t
was a panic without any Of the Gus
tomary consequences. There was no
financial trouble; not single broker
failed, though the decline was very
violent. The people were well able
to take their losses. In three weeks
the gains Of year were practically
cancelled, so at the end Of the year
the stock market was in the average
very little higher than at the end
of 1915. That is in every way a
thing 10 be grateful for. The stock
market has been somewhat pre-
pared for peace. Gambling in war
profits cannot be resumed on the
former terms, because the thought
OF peace is now q controlling factor
in all commercial and financial
transactions. First il upset the in
verted pyramid Of Stock Exchange
speculation. Then it spread through
the commodities markets and damp
ened the clamor for goods at very
high prices for long periods ahead.
1t substituted an idea Of the posi-
bility Of lower prices for the OBJ
sessing belief among buyers that
prices would go on rising infinitely.
This was a very good thing TO hap
nen.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01
An Account
In Merchandise
Let US consider by what means
these ends have come to pass.

Let US consider by what means
these ends have come to pass.
During 1915 we produced
for export and sold n
foreign trade merchan-
disc to the value Of. 80. $500, 0OO, 700
We bought from the world
in the same time mer-
chRndise 10 the value OF 2,A00,oo0!S0e
Leaving a balance in our
favor OF. ...-......... -, iOV,oVV,VVV
In this calculation the imports
and exports for the month Of De
cember ere estimated. However, tia
figures are roughly correct. The
enormous balance Of $3,100,000,000
in our favor, called the excess of
exports, or the favorable balance Of
trade, was paid for in the following
manner:
By gold met Imports 900. $4,000, 900
By the interest bearing !
O u notes Of foreign
governments .......... 100000, 900
By the return Of American
securities held abroad. $50, 900, 900
Total .................sS, 100, OO0, zoe
The gold is definite. The amount
Of interest-besring ! 0 u paper is
approximate. In addition to the
foreign loans publicly offered and
made record Of, there were a great
many private banking arrangements
whereby credit was placed at the
disposal Of foreign buyers. This
middle item, therefore, might be
s100,000,000 more or less than the
figure at which 1t is put in The
amount Of American securities re-
turned from abroad must be sup
posed to make up the balance, and
we have treated it accordingly. Our
foreign customers have had only
three things with which TO pay the
adverse balance running against
them in trade, namely, gold. their
II 0 U paper and American securi-
ties.
So there is the showing of what
We sold abroad during the year and
what we got for It, You will search
the annals Of economies In vain for
anything to match it. This achieve
ment in 1916 was superimposed upon
what seemed already q magical per
Torrance in 1915, when the excess
OF exports, similarly paid for,
amounted to 81, 75O,OO0,0OO. That is
to say, during two years we have
sold 70 the world $4,850, 100000 more
merchandise than we have bought
from the world By merit Of this
performance. we are out Of debt. We
owe the world nothing. It IS prob
ably true, as Mr.. McAdoo says, that
the world actually now is In debt to
as, which is q condition Of affairs We
could not have imagined two and q
half years ago. IF any one had
proposed in 1914 that we should IN
dertake 10 pay off our foreign cred
TORS by the end Of 1916, and had
insisted that we could DO it by work
ing harder, he would have been sent
to be psycho-analyzed and then
locked up as a specimen OF optimism
strange even in this country. It
would have been, indeed. a fantasti,
suggestion. The thing never could
have been done in a voluntary man
nor. It required the combination Of
power and opportunity. The war
created In Europe an enormous ne
cessity for merchandise which we
alone we're able 10 supply. At the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

large was enormously increased.
Partly owing TO this, partly to the
competition OF foreign with domestic
buyers, partly to the partial failure
of the crops, and very largely to the
sudden increase in tho amount OF
money with which 10 buy goods,
prices advanced in a very remark
able manner. The price OF steel
products more than doubled. Tween
ty-fve indicative articles of food con-
sumption advanced one-third in the
composite statistical price. Toward
the end Of the year buyers began to
lose their heads. The idea prevailed
that there would not be enough goods
10 20 around. The fear of scarcity
rather than any evidence Of it caused
prices TO go higher still. Cotton sold
at the highest price since the Civil
War. In November wool buyers at
Boston were contracting at dollar
a pound for the clip of the following
June-that is, paying a dollar a
pound for wool yet TO be grown on
the back of the sheep. The railroads
ran out Of cars and we're obliged to
declare embargoes against freight.
During the year Gums Index Num-
ber," showing the average price of n
number of staple commodities, whole
sale. rose from s133 TO sl6S. mot
In modern times" says "Dun's Re-
view" have the present figures been
equalled, and in comparison with
August /, l914-the date Of the
outbreak Of the war-there appears
an extreme rise Of nearly 40 per
cent" Especially was the rise IN
foodstuffs complained Of, and toward
the end OF the year the discomfort
and dissatisfaction on this account
became so great that Federal and
state authorities undertook again 10
investigate the middleman. Nothing
ever comes of that. All the inhu-
ences operating to advance the price
Of other commodities operated also
TO advance the price Of food, plus
one more-namely, the shortage in
agricultural production throughout
the world. The wheat crop of al
nations declined about % per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

National Starch Company
New Orleans & Northeastern R. R. Co.
New Castle & Sheusnso Valley R. R. Co.
N.vYork & Cuba Mail S,,.nn,hip Co. l,i SCI
0l.sn, Chy Of
Orsng. County Lighting Company
Pennsylvsnis & Maryland Street RsavlyCS.
Pon.n,outh & Suffolk Water Company
Peoples Water Company, OssslooIs, 5 =
Piedmont q Northern Railway Go. CIO,.s)
Popular Science Publishing Company
Richmond Beach & Railway Co.
81. Louis & Cairo Railroad Company
South Yubs Water Co. Con,Ol. Modpgs
Santa Lpcis Company
Southern Public Utilities Company
Third Avenue Railroad COMPANY Sc.
Uniar Utilities Company
Union Dspo, Company, Columbus, Oh.
ysnderbwgh County. Indiana
Watkins, Jsbe1 B.
Warren Water Company 1sTus o. 1897
Warren Water Company 1ssus Of July 1909
Wayne Cotton Mills
Warrington Water Power COMPANY
Woodward h=n Company
JANUARY IND. ioiT
County Of YsnderbwSh, Indians
East 81. LOuis & Granite City WsIsr C.
JANUARY 1871. 1917.
Louisisna Wster Company
Minneapolis, Lyndsls & Minnetonki Ry. C.
and Minneapolis Street Railway Go.
St. Paul City Railway Company
JANUARY 2OTH. 1917.
pekin Water Works Conpsny
JANUARY 3isT. 1917.
parsOns Water Supply & Pove1 Company
lends
Wsyman-Bruton Company. Common
Duluth-SuperiOr Traction Co, Preferred
JANUARY 9Th, 1917.
Detroit, Hillsdals & SeuhSsS,ern Railroad
Company
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01
The Farmers Loan and Trust
Company
Is. IS, 20 and D WILLIAM STREET
New York City

Coupons and Dividends due In January payable at this
Office on and after January lst 1917, follows:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

Hs~ YUT1. ysnuAs Ia 1871.
W WILLIAM n hIxWEiT has hsen Guhor-
I'd - arn foe 10 Nss Tgrk. PhlsdGphis
id Bassnn
VI AKcHIBAIlD Oracle oGDEN has been
80 oar hrattsd PovH q AraSrnsy 70 siru drafs
hsqba and eQb o. euehAnra
kssGyA J. WRIGHT BBoWS and EEYBOID
'sE0T hSre rUiIDsd hon oar slAf "A q this
ala
RnOWr BROTH KRIS = COMPANY.
January 1Ht. 1917.
We ksg 80 announces the rstlrsmsnt Of
e. Harry O. TOBEY from our Ann as
Z thhs data
ToBEY = XIX.
We v1GA 70 G1aounss that Mr. y 3 sEKIEY
rd NJ. JEROME A HUGHES hars thh dky been
dmiasd " paznsShfp r. our cun
HENRY EUCR HRMAS co,
Ksr>bers Nero York gtook BsoAonoS
JGhutr, 3. 1917
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

And it will be actually richer, pro.
vided it produces the goods instead
Of trying to maintain prices. there
is no such thing as over-producton'
People cannot produce more tnah
they would like 10 consume.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

Army & Navy Club Of MsnIh
American Water Supply Co Of Ksnkskes
Athens Railway & Electric Company
Alabama Great Southern Railroad Company
Bismarck Water Supply Company
Butler Water Company
ChattsDooga City Water Company
Central Brewing Company
Caro- Water Works Company
Consolidated Street Railway Co. (Memphis)
Commercial Cable Company
Consumers Park Brewing Company
Constitution Publishing Company
CowIil1 Lumber Company
Chicago 4 Northwestern Railway Company
Equipment, Trust Cts, Sen., a.
Chicago & Northwestern Railway Company
Equipment Trus, Cts, Series e
Chicago & Eastern Illinois Railroad Series
"a" Receivers Certificate,
DAYTON Union Railway Company
Drect-Line Telephone Company
East Greenwich Water Supply CO. lst Mtge
East Greenwich Water Supply Co., I'd Mtge.
East s.. Lou, City Water Company
Ell Psso & Southwestern Railroad Company
Ellsworth Galleries Company (eend')
Hampshire Southern Railroad Company
Herl,imer, Mohawk. lion & FrankfO'i
Electric Railway Co.
HosgsOn Brothers
Ithaca Street Railway Company
Iowa City Water Company
indianapolis & Southeastern Traction Co.
Indianapolis Union Railway Company
Kokomo Water Works Company
lawrence Park Realty Company
Mobile & Ohio Railroad Company EEten-
sion lst Mortgage
Mobile Light & Railroad Company
Mosler Safe Company y
Divide
JANUARY end, 1917. 4
W. Woolwosth Co., Preferred
Twin City Rapid Transit Co, Preferred
Twin City Rapid Transit Co.. Common
Weyman-Bru,oo Company, Preferred !
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01

they would like TO consume.
America
First
In the last year this country IN
creased its production Of goods ny
10 per cent. What is the worst thai
could happen? The foreign demand
for our surplus merchandise might
collapse with the end Of the war. In
that case we should have a surplus
beyond our own immediate needs
And you are supposed 10 think that
a calamity! We talk Of oyer-produc
ton and unemployment in country
where the chronic problem is no"
to find capital and labor sufficient 70
perform the work that waits TO ps
done. That is merely unintelligen'
There can be over-production only
Of certain things at certain price,
That is bad management. Imagine
expending upon this country .e
richest in the world, ,0OO,OOOpVV
Of surplus energy per year TOT
decade after the end Of the war.
The machine could be kept going a
full speed. We should become rich
beyond anything we have yet
dreamed of. 1t is perfectly feasible
Still. there are secret misgivings
Is it not possible 10 become 700 TIC"
GAREr GARRETT
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01
VIM. A. Read & Co.

VIM. A. Read & Co.
SAssau = Cedar Streets.
New Nsr6. December 50, laie
ne intsrsst OF me ESrA1'H or
WILLIAM A. READ In this nrm ceases
80 thA cate.
The business OF the nTm yin Ss con
tAnus6 BY tbs remaining partners under
sss came firm nAnA
wN A MEAD 4 co
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01
CO.PARTNERsHP NOTICE
INV rDHK AND rHuADEIPHIA.

NKW YSDHK AND PHTIAD ElPHlA
December 3lSt. 1915.
Nj. THOMAS COCHRAN. heretofore
rr.ndsnt OF tb. Liberty National
FsnL Of Kew York. 10 this day sd-
-nitt.d "a partner 80 our firms In
>.w York and PhilsdelphIA
y. P. MORGAN a co.
New York.
DHEXEL \ CO..
PhitsdelphiA-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-01
manner

By gold met Imports. s
By the interest bearing J
O u notes Of foreign
governments .......... /,
By the return OF American
securities held abroad. /.
The Redwood gazette., 1917-04-11

19. If you should die your
heirs, must assume the obliga-
tiol in sixty days or the mort
gage will be foreclosed.
20. In case of default in pay
ment the mortgage will be fore
closed in thirty days.
21. And you say you want the
loan in order to buy feed for
your stock? Well, there is moth
ing doing. The money cannot
be used for that purpose, no
matter how good the security
you offer may be.
These are a few of the main
conditions of the law.
And what's your guess? How
many farmers of this county are
going to avail themselves of it's
wonderful provisions ?-Kansas
State Bankers Association.