davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15
Current Comment
Not Enough Copper, and Why

The same imitation that affects price
also affects costs and in doing so
wdens the spread among the costs OF
the several producers. Thus, if before
the war one producer had a cost of Toe
and another cost Of 15c.. their pres
ent costs might be 16 and 24c respec-
lively. The high-cost producer would
be losing money at 23lAc., just as for
merly he lost money at 14l2c.. but the
low-cost producer would be making &C.
per pound profit against Arc. formerly
This illustrates how such companies as
Anaconda and Utah. and the other
porphyries can properly regard % &c.
as reasonable, even generous, price,
and how they may continue to show
earnings not very much short Of their
stupendous returns IN 1916, when they
got 25c. for their copper, while a small
producer who got 21.2c. IN 1916 and
made o moderate profit may lose money
at % &c. and even may be compelled
10 suspend production.
u there were free market for cop
per and If production had begun 20
exceed demand, with the result that
prices were declining, small producers
would begin TO be eXtingushcd and
production trimmed down TO Mt the
demand at figures that would still leave
very fine margins for the big pro-
ducers. We mean, OF course. margins
expressed in dollars and distributed
as such in dividends, not losing sight
Of the fact that the stockholders re-
ceiving those dividends would not be
able 10 buy with them any more than
with the smaller dividends of yore
1t may be suggested that the big
producers, who find % pc satisfac-
tory price, will produce all the copper
that is needed, increasing their output
if necessary. II is doubtful If they
can. Early in this year t began TO
look as if they had reached the limit
of their capacity Their plants and
personnels had both been strained 10
the utmost, and their ability was show
ing signs of deterioration. Nine
months ago it was forecast accur-
ately that consumers had overbought,
but the other forecast Of a further in
crease in production was early known
TO be wrong Whatever be the con-
tributory causes. ana they are most
complex. the plain fact remains that
al the present time we do not pos
sess enough copper, and domestic con-
Sumers have been officially told that
during the next three months az least
they must get along with curtailed
supply EHQiHccriiQ CHd .NWiHQ
journal.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15
Unequal Distribution
Makes Taxes Burdensome

SO far az their relation to govern
ment needs at the present time IS
concerned. it ought to be obvious that
whatever money the government
takes in the way of taxes will very
promptly come back into circulation
again through government dlsburse-
ments-that is, all save that which
ooes abroad for expenses on the
other side. The real burden Of gov
eminent taxes is not so much their
size and amount as their unequal dis
,ribution. both in collecting and
spending. and the extent to which
they are returned to the people OF
their own country. This fact re-
solves the Whole problem into its
simple elements. The essential mat
ter is that there be enough money in
circulation. with resultant credit, to
finance new enterprises, since it in
evitably finds its way to the banks
for their uses.
1t seems to be forgotten that the
greater portion of the capital Of a
manufacturing concern, for instance,
is represented in buildings, land and
machinery and that the money, or
liquid capital, which made possible
this equipment went into circulation
again, and has done the same thing
for other organizations. 1t also
seems to be overlooked that the
money constantly in circulation fur
nishes a very large amount of the
capital actually in use. A concern
which collects promptly and pays
promptly. and thus turns its stock
of merchandise over often, needs but
a comparatively small idle capital.
The withdrawal of any considerable
amount of this money from circula-
ton by sudden savings or drastic
economy would clog the wheels of
commerce and halt development and
new enterprise. A panic such as
was experienced in 1907 is the saving
habit gone mad because Of loss Of
confidence in the future, and economy
carried to the limit, with deposits
piled up until banks had 30 per cent
and more of reserves, with currency
at a premium and all business and
new enterprises down in the Valley
Of the Shadow of Death.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15

stupid as TO believe they can ignore
the mandates Of the United states
government? II o. absolutely impera-
tive that every miller IN the country
large or small. for his own interests as
well az for those Of the nation, should
sign the agreement. furnish the re
CURED information. and comply in
every respect with the food admins
tration's requirements. Regarding
acquisitions for wheat, mills must fol
low the instructions laid down and
use the prescribed forms. otherwise
they cannot expect TO receive their al
lotments.
II is amusing to learn that. in some
instances, disgruntled millers, who are
whining because they do not think
they are being treated fairly. have in
timatcd that. unless their demands are
Immediately granted. they will cancel
their agreements with the Food Ad-
ministrator. If this threat was not
exaspcratinc. IL would BE- lud'c,ous.
Having cancelled their agreements,
what then? The only alternative of
cooperation is coercion, and the United
States government will rot hesitate to
exercise it. if necessary.
Although it is branch Of the gov,
eminent service, and as such has abso-
lutte power 20 force compliance with
its regulations. the food administra-
ton. through the chairman of its mill
ing division. does not propose TO deal
sumwarily with the recalcitrant and
the neglcctful. Instead, it makes Il
further appeal to the patriotism Of
those who are roaring and protesting,
asking them to be- ratient for only
two weeks longer, by which time there
should be ample wheat supplies. and
promising that when the movement
occurs il will not be unmindful Of the
sacrihccs made. and viii see that those
who have made them have added facil-
tiles TO make up for the inconven-
fences they have suffered. North
qresfcrn Miller.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15
Causes of Liquidation

The fundamental causes OF the re-
cent heavy liquidation Of stocks are
not altogether certain. There is much
Of mystery about it. More than three
years ago there was several weeks of
mysterious selling, just before the
great war began. The present selling
may have something TO do with the
prospective ending of this same war.
Our guess as to the causes of the
present great wave of liquidation is as
follows:
dear capital high money rates
resulting from wars great destruc-
tion and demands.
Decreased earnings present or
prospective. Present as TO most gas,
street railway and interurban electric
companies. and prospective as to most
railroad and industrial corporations.
Net earnings are decreasing because
Of rapidly rising operating costs-for
labor. coal, etc. and the inability to
raise rates and selling prices.
3.-Selling because of prospective
peace The heavy declines of the last
few days in such stocks as those Of
Midvale Steel, Bethlehem Steel, Cen
trail Leather and Savage Arms, as well
as in most copper and metal stocks
suggest the end Of the war Also, the
sharp declines in the prices OF grain,
meats and provisions are hardly ac-
counted for by the last crop report,
which showed "A yield of only 20 per
cent above the ten-ye9c average Tor
all crops The course of events on the
battle fronts and in Germany ana
Austria-Hungar indicates that the
Central Powers face disaster and that
"a breakup is probably near.
Readjustment because Of the war
revenue bill. Some corporations VIII,
IN order 10 have the cash in hand with
which to pay their excess profits and
other taxes. have to reduce dividends.
individuals will have 10 save and pre-
mare TO NEE. their income and other
taxes
5-Selling to buy war bonds. lnsti-
tutions and individuals cannot buy
billions of new war bonds without sell
ing some Of their present holdings Of
securities.
6.-lndustral and political uncer-
taintv because the government IS fixing
prices. placing embargoes, requisitlon-
ing ships and generally taking over or
controlling industry. Admitting that a
bureaucratic and socialistlc government
NAV be necessary in war time. 1t car
not but be disturbing to those who
own capital.
7.-Uneasiness over the wage and
labor situation. With an almost un-
precedented number of strikes for
higher wages and shorter hours. with
the big corporations making almost
monthly advances Of 10 per cent IN
wages paid. with wage earners gener-
ally getting from 81 to SO day. with
labor becoming less and less efficient,
more self-assertive. industrially and po-
liticallv. the holders o. stocks are nat
urally becoming anxious about the fu-
ture.
S.-Forced selling because Of margin
calls, etc.
short selling. mostly by those
who foresee coming events GoOdbodB
&. Ia
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15
FINANCIAL MEETINGS
THE NEW YORK. NEW HAVEN AND
HARTFORD RAILROAD COMPANY.

To the stockholders Of The New York New
Haven and Hartford Railroad Company
Notice Is hereby given that ne Annual
Meeting Of the stockho.ders Of The New
York. New Haven and Hartford Railroad
Company will be held in Harmonic Hall
No 9 Elm Street, In The CRY OK New
Haven. Connecticut. on Wedn .fay the
efth day Of October. 1917, A. 400 o clock
noon. for the following purposes.
l. To consider and take Sppropria,e
action upon the Stsfemenr OF tne afairs
OF The New York. New Haven and Hart
ford Railroad Company for the year endins
December 81. 1915. and al acts described
therein or reported al said meeting
D. To elect a Board Of Directors % ssrv.
until the next annual meeting and ntil
their successors shall have been elected
and qualified.
9 TO act upon proposed amendments -
the Stockholders bylaws as follow,
Amend Article III by changing The ta,s
FOR the Annual Meeting OF the mold
ers from the fourth wednesday OF october
In each year 20 the third Wednesday Of
April IN each year. and ~ strikins 90,
inserting in lieu thereof tho WORD res
dent so that said article az amended
shall read az follows.
iii The annual meeting of this cor
poration az which directors shAh Dc
chosen. shall be held ia the City ~ New
Haven. Connecticut. on the third Nsdnss
day OF April in esch year az II c!osk
NJ. al such place a. shall be liked ~ the
president or b4EtfA0Ees
Amend Articles ". VII, and TX ey
striking out the words Chairman Of
the Board" whenever they occur ani In
sorting in lieu thereof the VOID Pres
dent go that said articles az AMENDED
shall read as follows:
Nv. A special meeting OF this corpora
ton may be- called AZ any time by order
Of the Board Il Directors and 81 al be
held ia the city 0f New Haven ~ such
hour and place as shall b. nNed by the
President or Directors
VII FOR each annual and special neat
ing Of the Stockholders the Board 4 d.
rectors shall appoint two tellers t0 recevs
and count the votes cast therest In cns
Of the failure Of the Board 0t Directys
20 make such appointment, or IN case 81
the failure or inability Of either 90 both
of the tel.ers 20 serve az such nesting.
the President shall appoint another teler
or tellers in his or their, places.
IN All the meetings OF this Corpora-
ton shall be presided over BY the Presi-
dent when Ire shall b. present
=. To transact any other bushes, vhich
NAV properly come before sStd meeting.
For the purpose Of this meeting he
transfer books 81 the Company VII %
closed from October 10th 20 October atth,
1917. both days inclusive.
Dated at New Haven. Connecticut, this
first day Of October. 1917.
BY order Of the Board ~ Directors,
ARTHUR r. CLARK. Secretary.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15
Bank of Brazil Note Issue

A project has been drawn up Tor re-
storing to the Bank of Brazil the prlvi-
lege Of issuing notes, which has been
in allegiance for many years. The OBJ
ject of the scheme is to enable the bank
to grant loans on favorable terms,
against security. for the purpose Of en-
couraging the development Of com
merce and industry. Il is understood
that out Of the issue of inconvertible
currency which the Brazilian Congress
is expected 10 sanction portion OF Il
viii be lent TO the bank without inter
est. The loans made by the bank will
be in the form Of notes. and the bank.
of course. will be under the necessity
Of arranging for their redemption.
The project has been well received in
business circles N Brazil.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15
OF SPECIAL MEETING OF
STOCKHOLDERS.

Notice u.s. hereby given that special
Meeting q the Stockholders Of The New
York. New Haven and Hartford Rsilro.d
Company will bee held Boo Harmon Hal
40. Elm street. in the city Of New Hayen
Connecticut - three o'clock 90 tn. after
noon Of the tNenty- fourth day ~ october
1917. II the Annual Meeting shall have az
jOurued a. that hour, II not, then nms'
diately upon the adjournment ~ said M
uual Needing. r0r the following p1rp0 IS
T. To act upon the accspfance ~ me
amendment % the charter ~ this 'orpo .
ration contained IN an Act N mo '-nerA
Assembly Of the state Of C0nrect'u t, sp
proved May 18th. 1917. entitled. ~ Act
Amending the Charter ~ The NeN forA
New Haven and Hartford Railroad t0m
pauy.' lu reference TO the issue - mares
OF preferred stock.
% 10 act upon the acceptance ~ me
amendment to The charter - this 4rpo-
radon contained in an Acc passed ply ~
Commonwealth Of Massschusef'F tp
proved May 25th. 1917 entitled 'Ar ~
Relative 90 the Issue Of Preferred sock
by The New York. New Haven sni isfi-
ford Railroad Company
o. To act upon a proposition fo snIn lflbs
the issue " nof exceeding -FOUR hnf n1.
and nfty thousand (f50. GOOD sr.rfs or
cumulative preferred stock NJ me psf
value Of one hundred dollars isilN. '-ch'
the holders of which shall b. f7ffr0 =,
receive our Of tl- annual nef in' 81
the Company. dividends - not "'' aht
seven per csntum per annum. -
For rho purpose OF this meefns ~
transfer books of The Company NI -
closed from october 10th COB october .Nh'
1917. both days inclusive
dated Al Sew Haven. Connecticut ~
FIRST dsr 81 october. 1917
By order OF fna B0ard ~ Director.
ARrHtR r. CLARK. Secr''a y
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15
Monday, October 10, 1917

Security market values continued
their downward trend last week with
scarcely an interruption. Stocks
broke sharply at times as fresh hqul-
dation made its appearance. Many
old line railway shares, established
dividend payers. sold at the lowest
levels for many years. Industrial
issues were greatly unsettled and
heavy net losses were taken in most
cases. United States Steel common
was forced down to within point or
par. The movement in the bond
market was more orderly, owing to
the lighter offerings. but the ten
cency here was nevertheless toward
substantially lower quotations. EX-
for the persistent weak
ness Of all securities are profuse and
all of them have their origin in the
war and its effects. Derangement OF
the money market continues as the
most conspicuous influence. This re-
solves itself into the argument re-
peated over and over again since the
United States entered the war that
billions of dollars of money cannot
be diverted from the ordinary chan
nels of commerce and industry with
out serious disturbance and extern
sive readjustment. The process is
apparently now taking place at a
rapid pace, and We are finding one
reflex of it in the action of the Sc
curity markets.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15
A way is open, today
and at the moment you
read these lines, for
every man and woman
in this land to show pa
triotism and loyalty.

Not as Nathan Hale did by going
brayely to execution.
Not as a million of your fellow
countrymen are doing, as they leave
homes and families TO take their
places with the others who are bat
Ting for human liberty ON the shell
raked wastes of France and Flanders.
You, indeed are not called upon
now to GIVE anything.
Only to put the fighting power OF
YOUR dollars back OF the guns and
the men that Uncle Sam is sending
across the ocean
INVESTMENT is all that is asked
Of you-inyeStment in the safest
security your money could buy, in
time of war or pe4ce-a United States
Bond
The second Liberty Loan issue, %.
S5,OO0.OOO.OOo, is open to subScrip-
ton. The United States is in this war
10 win ii. II has the men, and the
money.
Some of that money is yours. The
promptnesS OF your response TO your
country'S call is the measure OF your
loyalty.
United States Government Bonds OF
the Second Liberty Loan are issued in
denominations OF $50 and multipleS
oi that sum.
They bear interest at 4cc-payable
>emi-annually.
You can buy Liberty Bonds at any
bank and on the partial payment plan
il YOU wiSh-Buy all YOU can.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15

1t was pointed out during the last
week that the principal ailment of
the security market has been an
oversupply of securities. Flotation
Of new issues has reached huge pro
portions since the beginning of the
European war. Billions of dollars
of new capital has gone into new
shipping concerns, new OIL COM
panies. mining enterprises and the
ike. most of them organized to take
advantage of the great industrial
boom that developed early in 1915.
The public absorbed the great por-
ton of these securities in the bull
markets of 1915 and 1916. Now APP
parently the public has been forced
to unload a portion of It's holdings
owing to the governments urgent
need of funds and the heavy taxa
ton programme adopted by Con-
eress. On top of this all investments
of long years standing have been
liouidated owing TO the more attrac-
tive Yields afforded by new issues.
The whole result has been to produce
a situation where every one has
seemingly desired to sell. Few will
DENY the fact that many securities
are selling below their intrinsic val
ues, but this usually happens when
Liquidation is forced.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15

MY only regret IS that ! have but
one life 70 give for my country"
What have YOU given for your
country
What are you willing to give:
These are the questions that every
American must ask himself today.
There can he no lodging, no eva
sion.
You must answer
Before you answer, ask yourself
What is it worth to me, to live in a
tree country'
What is it worth to me. to know
that my loved ones have the prOtec-
ton Of flag and a government that
stand for humanity Justice and
democracy:
What will it he worth 10 me, when
right has triumphed, and civilization
has been saved from destruction, TO
know that had my part in the battle;
What will il he worth to me TO
think that !, in the hour when every
man was tested. did not shrink back
from the thing that was mine to dor
Then answer.
Can there he any possible reply
save that you stand ready to serve IN
whatever way you can:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15
ReAexes Of War

In excess of II per cent of the pur-
chases of the japanese imperial rail
ways in 1857 were made in foreign
countries, according to a compilation
Just made in Toxic. Purchases made
at home during the year aggregated
SIS, 955, 65S, compared with S2.595,214
made abroad. In l915-16 So per cent
of the railway purchases were made in
foreign countries. II Is Of interest
that the expansion in foreign pur-
chaSes occurred despite the statement
put out by the imperial government
railways Of Japan IN 19l4-'l5. which
said:
THE attention Of the authorities had
long been directed to the Importance
of supersedine imports by home prod
ucts. Apart from the growth of domes-
tic industry, which has gradually come to
meet the multifarious requirements Of
the railways, the policy of self-suihciency
had recently begun TO recommend it.
self with greater urgency than ever, in
view of the conditions surrounding
japanese finance and economy IN gen
eral The best endeavOIs have, there
fore, been used in this particular di-
rection. with the result that the amount
of foreign purchases has shown q
marked decrease"
Fiduciary circulation in France is
practically Of one kind the note Of the
Bank Of France Banknotes circulate
everywhere. from the lOOO-franc note
20 the 5-franc coupure or fractional
note This paper money is the uni
versa form of legal tender. The check
system of money transfer is mainly
confined 20 trade and capitalists hav-
ing deposits or current accounts in the
banks. The issue Of paper money Is
always considerable. but is especially
so now after three years of war There
are about $4,000. 100000 worth Of bank
notes in circulation or boarded in pri-
vate hands. but q decree lately empow-
cred the Bank of France 70 enlarge the
issue 20 the equivalent of $4,000 .000.-
goo. The result OF this considerable
and intense circulation OF fdUciary
money IS that the small banknotes Of
20 francs. 10 francs, and especially ;
francs. deteriorate in quality by con-
slant use. This applies still more to
small l-franc notes. used in some de-
partments. Certain public administra-
tions have authorized their officials 70
exchange new banknotes for those
rendered soiled.
The Japan Times" publishes re-
port from the Department Of Agrlcult-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15

Any man who takes bearish posi-
ton upon the future of the United
States will be blown up through the
explosion of his own ignorance, says
William A. Law. president of the
First National Bank Of Philadelphia.
Then he adds:
"A three billion dollar loan looks
big. but this is a big country, with
terrific contract on its hands which
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15
Liberty Loan
Committee
Second Federal Reserve District
12O Broadway, New York

HIS SPACE CONTRIBUTED b
THE NATIONAL CITY co.
RUOADI.S n 60.
ELECTRIC BOND n SHARE 60.
JOHN MUIR 4 GO.
JOSEPH & WIENER
HARRIS. FORBES a 60.
kNAUTH. MACLEOD 4 kIH>E
q. ". WAGNER & co.
FREDERIC N. HATCH & co.
H. G. MEGARGEL & co.
{. G. bTRT co.
CARf u. PFoRZHEIdER q co.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-15

Liquidation in the stock market
last week resulted in a substantial
contraction in brokers loans. This
probably was the principal reason
whv the call rate at the Stock Elk
change declined to the lowest in
nearly a month, at pa per cent. Only
recently the rate was very firm at 9
per cent. and the banks had their
hands full in keeping it from going
higher. Time money rates did not
show any great change, presumably
because of the unwillingness of the
banks to increase their commitments
over the end of the year, for the fut-
IRE is still full of uncertainties that
make it imperative for the conserva-
tive banker to keep his funds as
LIQUID as possible. Commercial paper
was discounted somewhat more free
" during the week at 514 to 5$4 per
cent. The banks are seeing to IT that
an adequate supply of funds is kept
available for commercial and indus
trial purposes. In fact, the demand
from this quarter is very properly
given precedence over the demand of
the stock market. The New York
banks improved their position last
week. according to the Clearing
House statement. which disclosed an
Increase of S18,493. 740 in the excess
Of reserves over legal requirements,
which now stands at SlO2 .4o3, $50,
the highest figure in more than
month. Loans and discounts in
creased S95, 43S.OOO. That the banks
are continuing TO make use of the re-
discount privilege afforded under the
Federal Reserve system was shown
in the latest statement of the Fed
eral Reserve Bank of New York,
which disclosed bills discounted and
bought from member banks aggre-
eating 1922, 004,9l9. This compared
with $185, 100000 a week ago. Com
mercial paper discounted aggregated
SAP, 494,353, an increase of about
in the week. The in
crease is explained by the fact that
member banks in this district redis-
counted paper at the Reserve bank
arising out Of loans made to indi-
viduals in connection with the Lib
erty Loan issue.