davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-07-01
Agriculture Worlds
Most Important Business

What is true of commercial life
is true of agriculture. 1t required a
worldwide apprehension of short
age in food to bring to the many the
realization that agriculture is essen
TALLY the most important and funda-
mental business in the world. SO its
progress is made easier by this
awakening Of public interest. Its
possibilities are only in their incep-
ton, and the future will bring to US
the story of new and changed farm
life. Most of all will it reveal TO
the many not only the material i'm
portance of a calling which is the
foundation of all national welfare,
but point the way to possible solu-
ton Of the problem of all civiliza-
ton, that of the great congested
centre. For whatever may be our
portion in the future, one thing
seems very sure, that We shall avoid
the decay and degeneracy of the
civilizations of the past only by pre-
serving unSpotted from the world
those elemental pioneer traits which
made this nation great, and still
keep il so. 1t requires the courage
end conscience which the possession
of these traits implies to set aside
utterly the traditional view of the
ways and customs which the past has
bequeathed us and to realize that
the destructive social habits of in
diligence III every form are likewise
serious economic evils.
All forecasts of the future neces-
sarily have an optimistic tinge,
largely because they must neces-
sariIy deal in principles rather than
in details, and the application OF
New-York tribune., 1917-07-01
War Teaches Broad Lesson in Unselfishness

great principles is usually marred
by many failures in execution. But
such laws do not weaken the likeli.
hood Of the prophecy which holds
that as the great problems Of the
near future will be largely economic
they promise to be solved in a far
different spirit from that which pre-
vailed some years ago. So whatever
be our difficulties and our failings-.
and neither will be wantIng-ths
spirit of the future in the business
world seems one which will seek eff.
cheney by education and enlighten.
ment, by cooperation and greater re-
gard for public welfare, and by
closer human relations between those
who direct and those who labor.
New-York tribune., 1917-07-01

iridescent dream that we are ap.
preaching a period when political
preferment shall be a decreasing
factor in government affairs, yet the
trend of events for many months,
eliminating in the widespread and
growing realization that the coun-
try's business is every mans busi-
ness, points to that as one of the
great developments in the future.
For as we have accepted so generally
the idea that the country has right
10 call upon every man, not only IN
an emergency but at all times, for
any service in his power, then 1t
must follow that every man has a
right to expect in return equal full
measure of service from his nation
so far as she can render it. What
we are fast leading up to is mutu-
ality of loyalty and service, which
can come only when the influence
which orders governmental ways
arises from an enlightened public
opinion, rather than from class in
terest and political preferment. Such
q state of affairs is possible only be-
cause Of a deep-seated and wide
spread national feeling which over
rides sectional feeling, and this
promises to be the most enduring
and vital product Of the war.
1t is already evident that the con-
duct Of business in the future will
be more and more matter of sclen-
tifc and intelligent study than of
happy chance or unusual personal
ability. Paradoxically. yet naturally
enough, the dominant factor in such
ways must inevitably be not so much
methods and system as the educa-
tion and intelligent cooperation Of
the workers themselves. Increasing
the productivity and efficiency of the
human unit is, after all, the main
purpose Of every scientific system.
New-York tribune., 1917-07-01

The foregoing figures are i'm
Lortant. but they cover a period
which has passed into history, and
what now interests the average per
son has 10 do with the future. Is the
prosperity of the last six months TO
forge further ahead, or will the
process Of mobilization Of Americas
men and resources for the war cause
o reaction? What effect will the
billions Of dollars in expenditures by
the Allies and by the United States
in this market have on business gen
orally? Will a policy Of economy on
the part Of individuals react on in
Gustry in general?
The Tribune recently asked a
number Of bankers and business
men these questions. The replies re-
ccived reflect intelligent opinion
throughout the country.
William McMartin, chairman Of
the board and reserve agent of the
Federal Reserve Bank Of ST. Louis,
rays that the expenditure Of large
sums Of money for ~sr purposes VIII
unaues'. onably stimulate business
New-York tribune., 1917-07-01

as is being preached in some quar-
ters-that no one should be allowed
to make more money during a war
than his bare living expenses. If
we cannot accumulate savings we
shall very soon be at the end of our
tether.
But it is entirely right to preach
that no one should benefit financial
lv from the dreadful calamity Of
war, that no one should be per-
mitted to use the urgent necessities
caused by war TO exact extortionate
prices.
"Of course. also, we should all
economic during war, but the rule
of reason holds good even in respect
cf things that it is well and praise
worthy to do.
"As the war proceeds, and espe-
Cially if it last long time, it will
tecome increasingly necessary to
turn the productive activities of the
nation from things that can be dis
pensed with TO things that are nee
essary for the conduct of war ami
otherwise. But if, owing to the needs
of the war, certain lines of business
may, and probably will. have to be
extinguished for the time being and
the activities Of those who have
handled them heretofore utilized in
other directions, let the evolution
come gradually and not with a sud
den jerk which would give needless
lar to the delicate machinery of
business. In whatever respects and
for as long as we can maintain the
normal course of trade without det-
riment to our supreme task, the sue
cessful ending of the war, we should,
believe, do so. But we can and
unquestionably should proceed to
take such steps, each one of us, as
New-York tribune., 1917-07-01

circulation of money. because taxes
are spent with a slow turnover
There is a general impression that
governments spend money with but
one-quarter the speed of the average
of the citizens. In sense, tax pro
ceeds are temporarily boarded by the
government. Slow pay forces high
profits.
"War bonds have a more obscure
effect, though not less certain
Through the hope Of safety of re-
turns they commander money from
It's ordinary uses, and thereby di-
vert labor and material also from
ordinary uses. Inevitably they raise
prices all along the level and thereby
stimulate business.
"On the other hand, the money put
into bonds circulates in that stage
generally more slowly than other
wise, but not more slowly than II
left literally boarded or as a re-
serve in savings banks.
zone item more; it is seriously to
be doubted whether the present high
yriccs are due in the main to the
war or in the main to the immense
gold output of the world plus the
easy elasticity Of the Federal Re
serve system. Both are contributing
causes that confuse the war
economic situation.
"In a sense, bonds are so much
more money, though not fully to be
taken as money. Taxes dehate,
while bonds, gold and banknotes in
fate, prices
Otto II. Kahn, Of the information
al banking house Of Kuhn, Loeb &
Co.. thinks the business mems slogan
during the war should be mo
panicky saving and no excessive
profits" In a recent address he de-
clared that, from the psychological
New-York tribune., 1917-07-01

as we'll as from the economic point
of view. it is of the greatest I'M
portance that there be no grave
business setback while the war lasts.
He went on:
Business should be kept active,
employment should be abundant
wages should be high.
Eve are in this war to a success
full finish, however long that may
take. A serious decline in business
would make us less able to provide
the sums necessary to be raised by
taxation and borrowing to conduct
the war, and would, moreover, have
tendency, through its various and
widespread effects, to produce that
insidious disease, perilous and
paralyzing to the nations war ef-
forts, 'war-weariness.'
"Of course. there must be some
dislocation of business. That can
not be avoided.
Manufacturers making certain
kinds Of articles, merchants dealing
in certain kinds OF goods, will have
to adjust themselves, to an extent,
TO making some different articles re-
quired by the needs of the occasion
and to dealing in different goods.
"But business should and can re-
main excellent and-again for psy-
Geological and economic reasons
there should be a good, indeed more
than normal margin Of profit, be-
cause of the greater risks involved
in doing business during war time
(and because of other considerations
which would require a somewhat
lengthy explanatory, but a large
slice of that profit once realized
should be taken by the government
in the shape of excess profit and IN
come taxation.
at is, Of course, absurd to preach
New-York tribune., 1917-07-01
T1F DsCOVFRY OF A NEW WORLD IN ECONOMIC EFFORT

will produce. if | may use the term.
primary savings.
Il will only quote one homely in.
stance to illustrate my meaning: II
we-every one of us in our indi.
vidual households-pay careful at.
tention to the avoidance of that
waste of food and material for which
America is proverbial, if we deny
ourselves few indulgences in the
way of eating and drinking and late
entertaining, if we do those and
few similar simple things, the re.
sulting national saving in the aggre-
gate will be enormous, the stock Of
national assets will be increased and
no one will be damaged by the
process in his own business.
This is a crude and obvious ex.
ample, but l think the same test can
be applied TO other methods Of
economizing-at least in the early
stages of the war.
at is likewise obvious that We
should ut once start upon reducing
cur individual use Of such materials
and articles for which n special de-
mand is created by government re-
Guirements. and that by doing so We
are not causing any detrimcnt to in.
Gustry.
"At the same time we must real.
ize that if the conflict continues for
a long time it will doubtless become
necessary to resort to more drastic
and deep-cutting measures Of saving
MAY | add that the worst and
least permissible way of saving dur.
ing war is to cut down on ones
charitable and altruistic contribu-
tions along his habitual channels.
War charities should not be sup
ported at the expense Of e's accus-
toned charities, but in addition
thereto
New-York tribune., 1917-07-01

This is an eXtravagant age-nothlng
has ever been seen like it before
and economizing will only be prac-
tised by those who have no money to
spend-and they are very few-for
every one, boys, girls and old men,
can now get employment without
any trouble, and good pay, too. Only
hard times, like we had in the COS,
will ever have the effect Of bringing
enforced economy TO the general
public.
while the Federal Reserve banks
will, when called upon, take care of
the currency needs Of the country
in times Of stress, the public will
wake up again and find that history
repeats itself, and the situation will
either be overproduction or under
consumption. Whichever cause pre-
walls, we will have dull business and
a depression in all lines, and then
economy will again be the fashion
and extravaganza by the great ma
jority Of the people relcgatcd TO the
rear"
Edward w. Decker, president Of
New-York tribune., 1917-07-01
Huge Expenditures
Mean Great Activity

Tremendous activities in nearly all
lines of business ought to follow the
vast expenditures that are now being
made, and that will continue to be
made during the period of the war
with Germany, according to NJ. B.
Welborn, chairman Of the Federal
Reserve Bank of Atlanta. He con-
tinues:
while there has been much said
about economizing, ! hardly think
such advice will be seriously taken.
New-York tribune., 1917-07-01
By ARCHER WALL DOUGLAS

VERY great war has pro-
II foundly altered the social,
~ political and economic life
and conditions of the countries which
it affected. What the coming days
will be in their leading characters
tics must in the main be largely a
matter of interesting speculation,
though we have gotten far enough
along 10 indicate at least some prin-
ciples as probably guiding the new
economic world. Most likely of all
is the leading part which the United
States will play upon the worlds
economic stage. The Spanish War
was the cause of our first appear
ance in this role because of our en-
trance then into world politics. Now
we shall go much further, for, hav-
ing put our hand to the plough.
there is no turning back.
What will be the nature of the
competition which we shall encoun-
ter in our effort to still further en-
tend and increase our foreign trade
is something we cannot possibly dl-
vine until the end comes. But OF
this we may he sure-our foreign
economic relations will be notable IN
our commercial history, not so much
for their success or failure in them
selves as for our domestic reactions
to their constantly growing infiu-
encc. We shall 60 far aheld in
search for export business, and
gradually the results of such en-
dcavor will color our entire domestic
commercial life. We can no more
escape our destiny in this regard
than did every great nation in his
tory.
New-York tribune., 1917-07-01
War Purchases
Take Up Slack

William +. Chancellor, of the de-
partment Of economies, politics and
sociology Of the College Of Wooster,
says:
"The tides Of business are fairly
well calculated in the terms of a
simple economic formula to the effect
that the rapidity Of the turnover
measures the extent Of the pros
peritv. The difficulties lie in certain
limitations and in all the appllca-
tions of this formula. The turnover
should he at a profit sufficient to IN
duce continued business in the same
line. The business should be Of Il
character calculated to make both
for private and for public welfare,
rot too narrowly construed. Mere
happiness is an economic asset.
Business as usual has a cheerful
tone.
war purchases at first affect
prosperity exactly as would the dis
covery Of new world Of economic
effort. They call for men and money
ir new lines. They take up the slack
in the demand both for labor and for
capital. Unfortunately, most war
goods are for quick consumption !;
they are not generally capital goods
that add to national or world wealth,
and lead to the production of yet
more wealth. Alsv, unfortunately,
governments have the habit of pay
ing tardily for their goods; this
delays the average Of the national
turnover for given periods. On the
other hand, and, fortunately, wars
often lIberate ideas and produce
final happiness.
War taxes obviously delay the
New-York tribune., 1917-07-01
Six Months OF
Great Prosperity

Although there has been some evi-
Gence Of slowing down in many lines
Of endeavor, owing to the uncertainty
caused by the mobilization Of nation
al resources for the war, 1t probably
can safely be said that the SIX
months Just ended were the most
prosperous half-year that the United
States has ever enjoyed. In the lat
ter half Of the period following the
declaration Of war, when investment
and other markets entered upon
psriod Of hesitation, the tension OF
activity slackened somewhat, yet
taking the period as a whole, ousi-
ness in industrial. commercial ana
financial fields moved forward N
striking manner.
The tendency Of commodity prices
has been upward. with scarcely
break. since the first Of The year In
the iron and steel market we have
IN. spectacle Of steel products
ceiling above 800 ton and pig IRON
above $50 ton. In the grair mar
kets prices scared 20 almost uFneard-
Of levels, finally necessita'mig gov
ernment interference and TIE curb
ing of speculation. The steady climb
in prices generally naturally affected
the value Of the business. turnover
20 that bank clearings, for example
underwent further expansion during
the six months period. Food prices
advanced about 35 PEI cent between
January and June 30, compared
with an increase Of p per cent m
the corresponding period Of last
year.
Higher prices for commodities also
figured in an important way IN roll
ing up the total Of our foreign trade
which has been running far ahead
of the 1916 total in the last half
year. Estimating the June figures
IL appears that exports Of merchan-
die aggregated a value Of S3,2lO'-
coo 900. against s2,l8O,00O,00O in
the corresponding period Of 1916;
imports, 81, ,525, ,OOO. 900, against ST.
2S5 900 900. The trade balance m
fayor of the United States-that ~,
the excess II exports over imports
,noputed 10 Sl,CSj,O00,00o, com
r.y,d With si.i96 100000 year
sss. In the meantime gold bas been
steadily flowing int the country
New-York tribune., 1917-07-01

activity in all lines that furnish war
supplies. Right at present there is
a tendency to economize," he says
"and / have heard it stated that one
large department store in this dis
trict has had its business fall off ap-
proximately ) per cent, due in large
measure to the fact that there is not
as much entertaining being done as
formerly.
However, the expenditure for
war purposes, it would seem, will
put into the hands of many people
more money than they have ever
feen accustomed to. The tendency
will be for each of these receiving
increased income 20 spend large
portion of it, at least until the new
ness of the larger income wears off.
Granting that the tendency to
economic becomes much more
marked than it is now, the fact that
many people will have more money
than heretofore, if experience is to
be followed, means that good part
Of the money will be kept in circula-
tion.
Judging from the conditions as
they exist to-day, in my opinion
business on the whole will continue
active, at least for the next year
w. f. Ramsey, chairman of the
board of the Federal Reserve Bank
of Dallas, believes that the eXpendl-
ture of the large sums of money
made necessary by the entrance of
this country into the war will have
farreaching effect in that section
of the United States. at will IN
sure" he says, "very high prices for
all the agricultural and livestock
products raised in Texas and the
Southwest. The effect of this on gen.
eral business will be to produce a
very broad measure Of activity IN
most lines.
II think it is certain that the high
prices of food products will have the
effect to lead our people to adopt
measures of economy. which they
have not heretofore practiSed. There
is a general feeling that, while the
! financial outlook is in no sense
alarming, still every consideration
of self-interest, as well as every
consideration of self-preservation,
should lead us to fair measure OF
economy, without, however, unduly
restricting the ordinary courses and
activities Of trade and commerce.
"Conditions in this section are in
trinsically sound. The grain crop Is
heavier than we have known for
many years, and with present prices
will insure generous return to the
husbandman. Livestock are doing
extremely well, not only in the range
sections. but generally over this belt
The outlook for cotton is fair, with
some slight increase Of acreage, and
with prices promised should insure a
very heavy return to the producer.
New-York tribune., 1917-07-01
No Room for Selhshness
In Public Service

In Public Service
Whether we will or no, we shall
find ourselves our brothers keep
er in a more worldwide sense than
we dreamed possible or likely dec
ade ago. This crucial fact promises
to be the keynote Of much Of our
coming commercial life when the
war ends. and it will be largely a
case o. putting new wine in old bot
ties. IT, for instance, it will be per-
mitted, as now seems likely, to COM
mcrcial organizations in the same
business to cooperate in export trade,
what then becomes of that labored
argument that 10 do likewise in do
mestic business is against public
veal? viii it not be easy to demon
strate that the reverse is true and
that such cooperation is necessary
for the public welfare because of
changed economic conditions, and
that such coordination of hitherto
fiercely competing interests may be
entirely possible and even beneficial
under proper regulation?
The sequence Of such thought is
that every commercial organization
Of widely extended interests can sue
ceed only by realizing that its first
duty is to serve the public, and only
in that way in these days can it
hope likewise to serve its stockhold-
ers. We are beginning to grasp the
force and truth of that proposition
now under the stress of wars neces-
sity. and before long shall have to
squarely face the situation that such
service to the public shall not be in
terfered with by any selfish or un-
reasonable action on the part OF
either employers or employees. War
will do much TO teach us what real
cooperation between employer and
omploye should mean and must mean
end how the public can no longer
New-York tribune., 1917-07-01

I>HE six months period ended
yesterday contained, so far
az the United States was
c.ncerucd, three months of peace
and three months Of war. IN eX-
lbit, therefore, OF The progress dur
ing the half-year Of the varied COM
mercial and industrial activities o.
the country affords an Interesting
and significant reflection Of the first
cHects Of our entrance into the war.
While three months IS, of course,
l.- too shor. a space Of time IN
which TO measure IN full the prob
able effects Of the world struggle on
the country as an active participant,
enough has already taken place to
indicate tho rapidity with which the
transition from a peace TO q way
basis is proceeding. The United
States had been living next door to
the most terrific conflict the world
Has ever seen for two and half
wears. AS neutral it had expe-
rienced first Generalization and un-
settlement as Europe kindled the fire
Of confiagration; then recovery and
prosperity. Suddenly, but not with
out warning, the country was drawn
into the struggle. Immediately there
regsn an adjustment of business and
industry TO the new order Of things
The process is still under way. Many
months will pass before 1t can be
completed, if it ever is as long as
the war lasts. The slogan Of "busi-
ness as usual" has been discarded
There can be no business as usual
while the war something that
England found out in the early stage
CT the struggle.
Looking back over the statistics
hat tell the story Of the country S
great prosperity, it can probably be
said without fear Of contradiction
that no nation in history ever en-
tered n war so we'll prepared IN a
financial way. The United States IN
two wears time had become the
worlds principal storckceper. as well
rs chief banker. and The profits ac-
cruing from that dominating posi-
tion provided the country with a
shock absorbcr that greatly sottened
the lar Of its entrance into the war
There was no panic, no undue un'
settlement Of business, when the IN
evitable occurred.
The enormous scale on which We
are entering actively into the
struggle is beginning now TO strike
home. Probably the most important
thing 10 impress this on the minds OF
the people has been the stupendous
character OF the financial pro
gramme undertaken by the United
States government. The hotation oil
a 2.OOO.OO0.OO war loan has just
been completed. This is a part OF .
credit of $5,OOO.OOO, 900 to be raised
We have agreed TO lend our allies
$4,000. 100000 as a starter, and have
in fact. already advanced about hall
that sum.