davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12
Current Comment
In the Wyoming Valley

There was a partial let-up in bust
ness activity during July throughout
the Wyoming Valley, but the Interrupt
ton was not very important. One rea-
son for this has been the unusual re-
suit shown in the anthracite industry,
where production has been quite re-
markable when it is remembered that
the labor supply is fully 10 per cent
below normal. The indications are
that the July output will break all rec
crds for that month and exceed per-
haps the high record total established
for any month since last June, when
shipments reached 100000 tons. The
whole country is still! asking for an
thracite coat and, through the splendid
work Of the Railway War Board in ex-
pediting shipments Of necessary
freight, the distribution Of fuel has
been greatly improved. Some large
producers are still suffering, however
from interruptions caused by "Outton
strikes" and the other difficulties
which are often effective in reducing
the output OF coal. The rank and file
of miners have rendered admirable SER
vice, as the production records show.
The public IS gradually recovering
from the hysteria of the economy CAM
paign which a few weeks ago threat
ened TO upset general trade in seri-
Gus way. The war has made everybody
cautious, however, and the ratio of eX-
penditure Tor Injuries is probably con-
siderably less than il was at this time
last year. But the volume of business
for the country as a whole is reflected
in the extraordinary showing Of bank
Hearings, which offer impressive cvi-
denco VI tbs real strength Of underly-
ing conditions. 1t is significant also
that the cost of foodstutfs is gradually
being reduced as the products of two
or three million new truck gardens
that were started last spring are COM
ing 70 market. The full effects Of this
movement have not been felt yet, but
they are certain TO have an important
influence in reducing food costs every
where before the season is over. The
sharp reduction in the price Of pota-
toes, which advanced TO such an I'M
precedented level last year, shows how
far-reachinC the readjustment is likely
to be in other lines. Miners Bank Of
Wilkes-BnrTe
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12

unnecessary burdens. State and
municipal authorities throughout the
country have accordingly been urged
to cooperate to the fullest extent
possible with the railroad manage
ments. No one will deny that the
prevailing high interest rate on
money, the difficulty Of raising
money in competition with tax free
issues of the government, the excess
cost of supply and labor, the delay
in obtaining material, the possible
blockade Of traffic and the diversion
of labor, all contribute to make non
essential construction undesirable
during the war. The erection Of
new stations and elimination Of
grade crossings are among the i'm
provements that the War Board be-
lieves are non-essential and can be
deferred at this time.
The railroad war board has a
really remarkable record for the
short time in which it has been in
existence, and yet what has been
done so far is only beginning, for
performances of individual railroads
show that much greater efficiency
can be attained under pressure of
necessity. AS illustrating the posi-
bilities, the recent record Of the
Southern Pacific system-which, in
cidentally, is said to be unprece-
denied in the history Of American
railroading-is interesting at this
time.
It has long been the policy of the
Southern Pacific company to pay
special attention to methods for in
creasing the amount of freight car
ried in cars and trains. Cars Of the
largest carrying capacity have been
built to replace those Of smaller ca
pacity, withdrawn from service, so
that the average capacity Of the
Southern Pacific freight car is now
about forty-fve tons. Locomotives
of the most powerful class have
been built to replace smaller ones.
The work of the personnel in load
ing and operating equipment is
closely watched, and is recorded
weekly and monthly.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12
About Prosperity

am convinced that this country is
entering a period Of great prosperity,
probably one of the greatest ever eX-
perienced. | base this idea on develop
ments taking place in the Western
business community We are expert
encing a strong demand for money, not
only for crop purposes and for govern
ment financing, but for industrial pur-
noses. Industrial concerns which
have taken government contracts and
are expanding their plant capacities in
order 20 fulfil these contracts are
looking 70 banks TO finance them. Nat
urally, here in the West. when the
proceeds Of the Liberty Loan were be-
ing disbursed in the East, we felt the
drain; and as our Western concerns
we're not getting their share Of the gov
ernment's business, the business effect
was depressing. The government evil
IDENTIFY is realizing the wisdom Of dis
tributing these contracts widely,
and the question Of delivery is
another factor entering into that
arthur RgWoldS, rice president Con.
tinental and Commercial National
Bank Of CHICAGO.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12

there was an increase Of &c tons, or
10 per cent, in the train load, and
"a tons, or 10 per cent, in the car
load; this increased carloading being
equivalent to adding 10000 cars to
the equipment of the reporting
roads, which, as stated, were only
half the road mileage Of the whole
country. If all roads were included
the figures would be materially en-
larged.
The railroads Of the country re-
port that already they have elm
mated, as a part Of their programme
to increase freight transportation
facilities, passenger trains aggre-
eating 1G,267,O28 miles Of trains ser
vice a year. This has been done to
save man-power, fuel and motive
power, to be applied to the trans
portation Of necessities. 1t is esti-
mated that the elimination of unnec-
essary passenger service is making
available for other purposes over
100000 tons of coal. This is real
saving.
With the railroads fully occupied
in doing their part toward winning
the war, it is imperative that they
be unhampered in their efficiency
programme through the addition Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12
Cooperation Of Other
Banks Required

THE amounts required will be so
large that they can only be obtained
by deposits and not by borrowing on
the part Of the Charleston banks, and
when cotton reaches a level of %
cents and upward, it not only takes a
great deal Of money to finance it,
but the price is less stable at this
level than at a lower level, so that
the net amount received by the farm
er will be influenced a great deal by
the extent to which the banks of the
interior comply with this request"
Cotton is the Southern money"
crop. Cotton is a cash transaction in
the first step of its financing. The
large exporters of cotton, and those
who also buy for domestic sale.
finance their operations by means Of
drafts with compress or warehouse
receipts attached. Ordinarily, when
a buyer purchases a quantity of cot.
ton at one Of the centres of produc-
ton in the South, in order TO protect
himself against price fuctuation, he
sells what are called "hedges"
against it for future delivery.
Cotton to-day can be hedged in
only three markets: New Orleans,
New York and Liverpool. A man
who buys a thousand bales Of cotton
at some place in the South-usually
OF some point in the interior-in
order to secure himself against the
market fluctuations that may occur
before it will be delivered and paid
for, will sell futures" or hedges"
against it in one of these three cities.
Owing to delays in transportation,
however, he may find himself unable
to deliver cotton promptly on these
hedges because he cannot get it
transported from the interior Of
Texas, or wherever he bought it and
where it actually is, to New Orleans,
New York or Liverpool. Therefore,
the question for the banks this fall,
in making loans on cotton which is
stored at interior points, is a very
delicate one. 1t is one fraught with
a great deal of danger because of
the lack of liquidity of the commodity
under such circumstances.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12
ReRexes Of War

1t is to Idaho, Utah and N'"1
that the United States must iooi %
the greater portion Of the ineT''" 2
lead production during the rena'i~
Of the war, according TO c. Z. seq.
thai, of the Geological Surrey =
points out that Idaho has average =
600 tons more CT refined lead ysi'
during the war than for the four !s'
preceding it. Utah has averaged "s
10000 tons more and Missouri 81"
tons more. Under the stimulus q y
unprecedented high prices Of !'a', :
the lead producing states shou' y.
gains. Oklahoma should make p.
larger gain in 1917 than in 1915 W
internal conditions In Mexico i''-
ing a state which will permit OF '-'
ing operations, increased Imports
lead are expected from the sou
republic. Before the war the ol'Ss -. :.
bullion exported from the Un!tee - !,
was that refined from the Mexieaa.
which had the benefit Of the 60 s.,
drawback. From January 70 Hs .i ~
1917 1870 tons Of dones'ic '
exported.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12
Complicated
Cotton Situation

The cotton situation will be COM
plicated greatly by the inability of
shippers to get cotton to the mar
kets. Southern bankers will have to
bear the burden of financing.
In commenting upon the new con-
ditions and the new methods that are
demanded to meet the unique situa-
ton, the Bank of Charleston, S. c.,
recently issued the following state
ment:
THE average value of our cotton
crop, lint and seed is 100000, 900, and
the average debt against the crop
before it is gathered is S75,OOO,OOO,
leaving an average surplus Of S15,-
100000. This year the crop is in
fair condition; prices are so much
higher than usual for both cotton
and seed that unless some disaster
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12

occurs we may expect from our cot
ton crop S165,O0O,OOO; and from
what | can learn the debt this year
is no larger than the average, S75,-
100000, which would leave a surplus
Of S90,000,000. This will give all OF
cur people more money at one time
than we have ever seen before, and
we ought to be thinking and making
plans as to what we are going to do.
| earnestly recommend that for our
customers the best investment they
can make is to purchase their own
obligations-that is, pay their debts.
"If this comes to pass all of the
banks in our state will have more
money than they can profitably use
at home, and it will be necessary to
find outlets for it. Cotton being so
much higher, the load of carrying it
at the ports, where the larger part
OF the load is, in spite of assistance
Of the interior concentration points,
will be very great, and it is urged
that the banks in the state ought TO
try and keep some money in the
banks in Charleston during the
months of October, November, De-
cember and January, at least, in
order to facilitate carrying cotton
for the exporters by the Charleston
banks. If the banks throughout the
state will do this it will be of the
greatest assistance in maintaining
prices for cotton, because it will help
in keeping all of the exporters con-
stantly in the market fos the pur-
chase Of cotton and it will not be
necessary for one or more Of them to
drop out Of the market by reason Of
having used up all of the money that
their banks can spare them.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12

equivalent of adding 1890 to the
locomotive equipment.
From statistics lately collected the
average time consumed by shipper
and consignee average little under
two days each-a total Of about four
days per trip of a freight car for
both loading and unloading. This
was under the old demurrage rules,
and those now in effect are expected
TO reduce this time to about three
and a half days. There are 2,35O,OOO
railroad owned freight cars IN the
United States and about 225,OO prl-
vately owned freight cars; total OF
2,575,OOO, Of which about 60 per
cent, or 10000, are normally under
repair; close watching and prompt
repair work can reduce this percent
age to per cent, thereby releasing
$4,000 cars for active service.
Effectiveness OF
Embargoes
The War Board points out that
one of the greatest opportunities to
increase car efficiency lies in better
control of an unusual traffic move
ment through placing embargoes
promptly so as to avoid congestion
and delay. The importance of keep
ing yards and terminals, especially
IN large cities and at seaports, clear
of accumulations which cannot be
handled expeditiously cannot be
overestimated. The experience of the
last year has shown that the number
of cars held in such accommodations,
together with those unduly detained
by shippers, have been the chief
causes of car shortage. The impor-
lance of this question demands the
closest possible attention on the part
of transportation officers, so that
freight which cannot be moved will
not be loaded in cars, which are
thereby taken out of service as eff
fectually as if they were not in ex-
istence."
One of the most satisfying things
about efficiency, whether in railroad
ing or any other field of activity, is
that it is enduring. Progress once
made is always retained. Having
been encouraged by the savings eff
fected under pressure of war, it is
likely that railroad arrangements
will continue to strive for better
things when that pressure no longer
exists. They will think less Of high
er rates and more Of lowering costs.
As an officer of the Southern Pa
cifc said: eve have gone far in the
last two years, but we shall 90 much
further, because absolute satisfac-
ton lies only in the achievement Of a
record Of 100 per cent in efficiency"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12
Moves More Freight
With Fewer Cars

Renewed efforts have of late been
made to secure greater efficiency in
all directions to meet the demand
for more transportation, brought
about by war conditions, which must
necessarily be taken care of, for the
most part, by existing rolling stock.
As a result Of the most recent cam
paign the Southern Pacific stimu-
lated efficiency TO such an extent
that two freight cars were made to
do the same work in carrying ton
mileage as three cars did in 1915.
The records so far this year show a
large gain over last years per
Torrance. This is well illustrated
by the accompanying statement Civ
ing the performance Of the Southern
Pacific for the first half Of the cal
endar year 1917, compared with the
corresponding periods Of 1916 and
1915. This indicates that the num-
Der Of freight cars on the line
which were available 10 move the
business was actually So per cent
less in 1917 than in 1915, a consid-
cradle addition Of new cars having
been Offset by a greater excess Of
Southern Pacific cars upon the rails
Of other carriers. Yet with the re-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12
Close Money
Market in + all

A close if not a tight money mar
ket this fall is looked for. Interest
rates are bound to be well main
tanned. There will be some measure
of relief by the proper functioning
of the Federal Reserve system, yet
the great demands for money are
certain to put it at a premium.
Prices are higher than ever before,
The total production Of the food
crops promises a new record, and the
cotton crop is likely to be as large or
larger than it was two years ago.
Wheat has more than doubled in
price, corn has nearly treblcd and
cotton is almost twice as high as at
this time last year. The difference
the increase in value-represents
billions of dollars.
Although high prices are p great
factor, the difficulties of transporta-
ton are no less important. They
play an unprecedented part in the
actual financing Of this years har'
vest. on account of the great conges-
ton in traffic, the car shortage, and
the lack Of terminal and elevator
facilities, all Of which involve delay
and expense. AS time is the very
essence Of the contract in banking,
any unusual delay in transportation
creates new financial problems.
Many Of the railroads have dis
continued a number of their pas
senger trains in order to increase
their facilities for the movement Of
troops and for the transportation Of
supplies and munitions of war to the
places where they are needed, or
where they will be embarked for
transportation overseas. Man, thou
sands of men will be moved to the
Southern camps this fall. 1t will re-
quire great many locomotives and
cars to take them there and bring
them back. This extraordinary
movement of traffic is likely to disor-
ganize or at least seriously to inter
fere with the transportation service
of the railroad systems directly con-
cerned, and will also have a similar
influence upon their connecting lines
II will retard and make still more
difficult the movement of merchan-
disc and of the great commodities
that have to be financed from the
time they leave the place of produc-
ton until they reach their destina-
tons here or abroad. Men, their
food, munitions, raw materials for
the military workshops and ship.
yards, as we'll as the finished prod
ucts, constitute the classes of freight
that must be moved before anything
else. The delay that will occur in
the transportation of other mer.
chandise and commodities is obvious.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12


The interesting point about the
Southern Pacifc's extraordinary
performance is the methods by which
it has been accomplished. In the
first place, the company has in
creased the average carload hauled
on its lines by four tons, or approx
mateIy 20 per cent. The cooperation
Of agents Of the company and its
shippers is helping greatly. Inter
est Of the agents has been aroused
through competitive prizes offered by
the company for the best work done
in a given period. In the case of
some commodities the minimum load
allowed by the Interstate Commerce
Commission has been increased
through new rulings obtained from
the commission. Every refrigerator
car coming east over the Southern
Pacific lines now carries a ton more
freight than it did two years ago.
The cars are better packed.
Another saving in cars has been
brought about by decreasing the
empty haul by per cent. Luck en-
tiers largely into this, because it is
often matter of chance that cars
running east can be emptied and re-
loaded for full haul westward. In
this connection it is worth noting
that the trend of freight has been
reversed in the last few years. Five
or six years ago the Southern Pa
cific's heaviest traffic was westbound.
That is to say, the bulk of the traffic
was in that direction. Now the
movement is largely eastbound. This
is important, for it indicates the
rapid development of the West as
producing country. California used
to raise 100000 bushels Of wheat
year. This was largely exported
TO Europe via Cape Horn. Now
California raises only about 10000
600 bushels of wheat. The remain
ing 30,0O0,0OO bushels has been re-
placed by new crops, such as citrus
fruits and the like. This produces
railroad freight that has to come
East to find market.
The Southern Pacific in its eff
cheney programme has increased the
miles run by a freight car in a day
by 10 per cent. At the present time its
cars average 1928 miles day. The
average run per freight car for all
the roads of the country is % miles.
The Southern Pacific has also saved
cars by decreasing the time of delay
in the repair shops by Sc per cent.
This costs money, for it means that
the shops are run overtime, but that
is disregarded in the effort to fur
rish greater transportation facili.
ties.
The average person who is not
conversant with the intricacies Of
railroading has little knowledge Of
the enormous scope of the transpor-
tation industry. 1t is not generally
known that about Is per cent Of To-
c2motives are ordinarily under re-
pair; that if this percentage was re-
duced to 10, it would mean an add
ton of 1926 locomotives to the num-
Der in service in the United States.
Some roads have actually accom-
plished this. The average miles
run per day by a locomotive is Is.
On some roads it is 80 miles. If all
the roads increased the locomotive
mileage to 90 miles II would be the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12
BY MAX MAY,
yice.President Guaranty Trust Oom'
many of New York

wv nth crop values increasea
w billions of dollars over
W those of any previous year.
which must be financed by this coun-
try, the United States faces the prob
lem of quickly expanding its fnan-
cial and commercial facilities in an
unprecedented manner. Bankers
throughout the country are awaken
ing to the realization that they must
suddenly readjust their vision as well
as operations to a scale which can
successfully cope with a situation
unique in their experiences and IN
the history Of America.
The result of these unanticipated
conditions is bound to be epochal
The crop situation is one Of the many
evidences of colossal expansion In all
directions which is swiftly but surely
leading the United States toward the
worlds domination. 1t is impossible
to forecast the volume of money that
will be needed to move the harvests.
The figures Of normal times offer no
criterion for the present because
they bear no relation to the condi-
tions prevailing to-day and, there
fore. cannot be used as basis OF
computation. Everything is so much
higher in price that the amount Of
money required for the crop move
ments is simply tremendous.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12

THE economic waste Of war is
staggering, not so much be-
cause Of the money spent
ard the materials destroyed as be-
cause Of the lives lost. Man
power means production. Produc-
ton creates new wealth. Reduce the
man power and production falls of.
The worlds man power has been re-
duced by several millions Of men
killed and permanently disabled on
the battlefelds since 1914.
There is another side Of the
picture, however. Overlooking, if
possible, the CHASTITY side of this
whole war business, one finds the
old order of things changing in
many respects. Customs of long
years standing are disregarded.
New methods of production are in
troduced. Economy is taught. Saw
ing is taught. Efficiency is intro
duced on a worldwide scale. 1t is
realized that the war will be won
by military and industrial efficiency.
England's whole social and indus
trial structure is undergoing a re-
markable evolution as a result Of
the war. Other nations are feeling
the same thing. We in the United
States have not been in the war
long. Yet already the need of the
spirit of national cooperation be-
tween government and industry, the
need of efficiency to obtain the most
possible out of the country's indus
tries, is widely recognized.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-08-12
The Controlling Factor

The prices for commodities are go
ing to be governed by the law Of sup
ply and demand, simply for the reason
that nothin. else will work. The gov
eminent will probably so organize H.
self that II will be able 20 buy intelli
gently and without disturbance of tho
markets. This last thing IS really N,
goal toward which IL IS laborlng, al
though It has so fer failed 70 apprcci.
ATE it.--Eucineerir9 and Mining
Journal