davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-11-12
a Puzzle
Explained

a Puzzle
Explained
The principle of short selling IS
simple enough, yet it is puzzling to
most people. The process is some
thing like this: A customer. y, d.
rects Broker A to sell short lOO
shares of Union Pacific at par.
Broker B buys it. A, not having the
stock, goes to Broker c and borrows
from him 100 shares Of Union Pa
cific giving as security $4,000 cash.
The stock is then delivered by A 10
B. who pays A $4,000 therefor.
Matters then rest until Union "a
cific advances or declines enough 10
make X wish to close out his ac-
count. He then directs A TO puy
Union Pacific, say at 80, and A gets
the stock from Broker D. The STOCK
thus obtained is delivered to {, VINO
thereupon returns the money which
he has as security, and $1,000 Of the
amount goes TO D, leaving $500, less
expense. as the profit Of X on the
transaction.
The Hughes Commission report
issued in 1909, following an investl-
cation Of Stock Exchange practices
took the position that it would be a
lad thing to stop short selling OF
securities. eve have been strongly
urged TO advise the prohibition or
limitation of short sales it said,
mot only on the theory that 1t is
wrong TO agree to sell what one does
not possess, but that such sales reduce
the market price Of the securities IN
volved. We do not think it is wrong
TO agree to sell something that one
does not now possess but expects TO
obtain later. Contracts and agree
ments to sell and deliver in the tut
ure property which one does not pos
sess at the time Of the contract are
common in all kinds Of business. The
man who has sold short must some
day buy in order to return the stock
which he has borrowed to make the
short sale. Short sellers endeavor
10 select times when prices seem
high in order TO sell, and times when
prices seem low in order TO buy,
their action in both cases serving to
lessen advances and diminish de-
clines in price. In other words
short selling tends to produce steadi-
ness in prices, which is an advantage
tc the community. No other means
Of restraining unwarranted marking
up and down of prices has been sug-
gested to us.
New-York tribune., 1917-11-12
FIDELITY TRUST COMPANY
Chambers ST. & West Broadway
New York City
To Our Customers, Stockholders and Friends:

To Our Customers, Stockholders and Friends:
We are gratied to announce that the Fidelity Trust
for the prescribed stock interest allowed IN the FED
ERAL RESERVE BANK OF NEW YORK, and that this
application has been duly approved by the Federal Re-
serve Board in Washington so that our Company Is now
a member of the Federal Reserve System
Under existing war conditions of the opinion
tba Il s orr duty to surround our institution with every
possible safeguard and furnish the largest measure Of
service to our customers These provisions find their
best fulflment in the FEDERAL RESERVE SYSTEM
and we are glad join hands with our Government for
NATIONAL FINANCE DEFENSE.
SAMUEL S. CONOVER,
Nov - 1917 President
New-York tribune., 1917-11-12

Under the new act authorizing the
japanese government to issue special
Exchequer bonds with view of giving
financial assistance to the Allies, 1O0,-
900 coo ven $3.50, 900 .OOO) of these bonds
were issued in August giving the hold
crs of the Russian Treasury bills ma
turing on September % preferential
right Of paying in with these bills. The
result was that the holders OF 49,
100000 yen of the bills took advantage
of this right, the balance Of over 56,-
000,000,00C yen being subscribed in
cash. The proceeds were lent by the
japanese government 10 the Russian
government, the latter handing over its
Treasury bills, amounting to l05,000,0 900
ven, at a discount Of per cent. The
Japanese government issued a second
Series of special Exchequer bonds to
the amount Of 100000 yen on Octo-
Der | and lent the Russian government
80 .000, 900 yen on :he Russian Treasury
bills newly issued TO the same amount
on October 8. At the same time the
Russian government was assisted by
the Japanese government 10 renew
it's Treasury bills maturing on Oc-
tober II to the amount of 100000
ven by allowing me Government Saw
ings Bank TO take the new Russian
Treasury bills 10 that amount. Thus
G6,O00,Q00 of the Russian Treasury bills
were taken over by the japanese gov
ernment in addition to the los, 900, 900
ven already mentioned.
New-York tribune., 1917-11-12
ReAexes of War

In the three months ended with Sep
tember 337 English corporations earned
profits Of SIS, S,26O,5OO, an increase Of
Az per cent over the corresponding
period Of 1916. Brewery and rubber
companies did exceptionally well, but
gas, telegraph and waterworks con-
Germs showed quite heavy declines.
Hotels and restaurant companies re-
ported substantial increases in profits
as a rule. The iron. coal and steel
group showed a slight decline in profits
compared with the preceding three
months period owing to heavy pay
ments en- account Of British war taxes.
Common stockholders of the various
English concerns received a larger pro-
portion Of profits during the Septem-
Der quarter. The ratio Of profits to
capital for the first nine months of
1917 cf the 337 corporations was 13.1
per cent, exactly the same as year
ago.
New-York tribune., 1917-11-12
SHORT SELLINC-lS Ii
REALLY WORTH WHILE?
Opinions of Leading Authorities on Question
Revived by the Action of the Stock Tx
change to Curb Bear Raiding

problem is one of regulating short
selling in such a manner that the
market structure will be protected,
while property values cannot be un-
duly depressed.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04
Who VIII Be Hero OF Worlds
Champion Baseball Series?
Outstanding Feature OF Great Contest Has Always Been the
Development of Some Stellar PIayer-Some New Figure
VIII Probably Arise in Sports History in Coming Games

the American. League pennant winners
Tor the worlds championship:
Among Younger Men
There is also much promising ma.
teriaI among the Younger member, OF
the teams and il is not all unlikely
that one or more of these players. un.
tried in the premier diamond conflict,
may prove the deciding factor in eth
er a game Of the series as a whole.
Certainly some OF them have excel
lent records TO support the supposi.
ton. Benny Kautf. the star batter OF
tile defunct Federal League; Jim
Thorpe, the famous Indian athlete,
football player and former member
of several major and minor league
clubs; pitcher Fred Anderson; Walter
HOlke and others of the younger
Giants all appear as possessing pos
sibilities in this direction.
The White Sox roster Includes the
names OF several players who have
sprung into baseball prominence with
in the past season or two and II may
be from this list there will appear one
who by a spectacular fielding feat,
long hit or brilliant piece Of base run
ming will gain place in the world Sc
rtes hall Of fame at bound. Inf older
Charley Risberg and outfielder Oscar
Felsch have played remarkable base
bali this season and should maintain.
the pace during the coming series. In
the White Sox have many
players of far greater big league ex-
perience, who have never had a
chance to figure in the most import.
ant OF all diamond clashes and 1t
would not be surprising il one or
more of these men Ieaped to the fore
in the race for world series fame.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04

placed under closer supervision;
theft and injury to property pre-
vented so far as possible, and the bad
influence of older boys who secretly
fleece the youngsters in games should
be stopped.
For the ladies' he said. lockers
ard improved facilities should be fur.
nished without delay"
Many Meals Served
Reports of the house committee
showed that 1888 breakfasts. lunch.
cons. special luncheons, dinners and
afternoon teas had been served at the
club curing the year. The net profit
for the house business for the year
was $9S9.91.
The recommendations concerning
the raise in membership fees was
adopted as published previously in the
Star-Bulletin, as follows:
''The entrance fee will be raised
from $50 to 500, the dues from S7.o'
liz % a quarter: dues of nonresident
members from So to S. quarter;
entrance fee for women from $40 to
SIS; women's dues from $50 to So
quarter, and dues for junior mem
bers from $3.50 to So a quarter
Temporary membership fees were
raised from $40 for the first two
months and S. month thereafter to
$50 for the first month and $40 a
month thereafter for the five months
after which the person must become
permanent member.
Dues for men in the army and navy
were raised from $3.50 to SO a quar-.
ter
Visiting ca is will be issued for
10 days instead of two weeks as pre-
yiously.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04

The organization of a town team
consisting Of the cream of former
football players of the islands fell
into the hands of Bill Inman. and fol-
lowing a general survey Of the situa.
ton he picked a group of men which
will be almost unequaled in the num-
Der who are really former stars. They
will begin practising as soon as con-
ditions allow and will pick games
with other local teams and soldier
teams, probably in a big series to take
place following the interscholastic
series or to be run at the same time
so that it will not interfere with it.
Tnman has played a prominent part
in all branches Of local athletics for
a long time and promises to continue
to do SO. He was once captain of
the Punahou academy football, held
island records for the shot put, and
made tours with the leading bali
teams of the territory. His athletic
ability extends to practically every
branch Of sport except golf and polo.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04
PUNAHOU TEAM
IS SUFFERING
REvERSES NOW
Strong InterschoIaStiC Bunch
Declines: Pratt Injured
in SCrimmage

Punahou is approaching the coming
game with the College Of Hawaii with
more apprehension than has been
voiced heretofore.
In the first place the college is
said to have one OF the best, If not
the best team it has ever had. II
the line is even, d medium line, Brasil
and Bromley are apt to DE very dan
gerous men with the bali.
And in the Punahou camp there is
a fear that is born OF the assurance
with which the old men began prac-
tise. With seven 20" men in the
game, it seemed as if practise were
not necessary, or at least that it were
a mere form. The team has not had
its customary stock of Punahou pep
and fight as yet. 1t may be necessary
for the college to take fall out of
these lads in order to wake them up.
Capt. bud" Pratt suffered an injury
last night in scrimmage, when he
broke open a still unhealed wound
which he had received from an OPP
GRAFTON during the summer This
gives him a very lame hand and it
is doubtful as to whether he will be
able to pass Saturday.
Owing to the very hot weather of
late, the team has become somewhat
stale and subject to injuries. In the
scrimmages of the past two days
bruised shoulders, Charley horses"
and strained joints have developed
enormously. But, all in all, the team
should put up a good frst-of-the-sea-
son scrap Saturday.
Punahous lineup will probably be
as follows: Johnny Fassoth, lie;
Sleepy" Baldwin, 1t; Mortimer Lyg-
date, lg; Dudley Pratt, C; Nelson Rob-
inson, re-; Herman Alexander, It; Will
Akana, re; Bob Mahikoa, OBJ; Noble
Kauhane, III; Fred Peterson, fb;
Henry Pogne, rh.
Others who are likely 10 get in the
game are Kee Fook Zane, Charlie
Hughes and Donald Hampton, as line.
rsen: Everett Holmes, Newton PecG
enc Curtis Turner, as ends, Kenny
Decker and Ernest Gray, as backs
The practise game which was sched-
uled with the "Townies" for last night
was not played because the 1 own
les" for no stated reason, failed to
Keep their promise tn play. The
'Townie" manager, Harry Mehm, is
yet to be hearc from CT the sub
jet.
Punahcu't: Ere averages ao..ut l;G
ponds this year. The nacks average
about IA. T2;.alS Most # TIC 1.cl
nave hal 1T last 1ne s9)-nns ex-
perience N tle t":si;y. with a 5crar.
ry and :lelNy - {, a gnun .xr,Ing
backfield, good punter and passer in
Fred Peterson, and a coming general
in Bob Mahikoa, Punahou should ex.
hlbit some good football this season.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04

Among the men playing with Puma
hou this year Sleepy Baldwin is
rated with those who will figure prom
inently in bringing home the inter
cholastic football championship to
that school. He will play at one tack
lie in the game with the College o.
Hawaii On Saturday while Herman
Alexander will play at the other
tackle.
Sleepy Baldwin has the distinction
of being the fourth brother of his
family to bear the unusual nickname
by which he is known. Two of his
older brothers were once prominent
athletes at Punahou academy, and es-
pecially the second, Harry, who was
considered an unusually fast half
back. I.- ...-....
There has been some talk of putting
Baldwin on the back field this year,
but unless an emergency arises he
will probably be used at tackle where
he serves the team valuably.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04

The year book containing reports.
bylaws, rules and list OF members
was authorized and will be published
in the near future under the direc-
ton OF the secretary, Guy H. But.
tolph.
President Reports
President E. !. Spaiding presented
his report in which he reviewed
fthe year and made several recon-.
nendations He said in part:
1.-THE Country Club has fa5ored I'M
der certain disadvantages during the
past year: continued rainy weather
rendered the upper holes OF the eoIf
course unplayable and cast camper
upon social entertainments 3n1 the
attendance at the CS1D house during
the early months of the period, also,
tho entrance OF the United States
into the, war caused sudden exodus
OF visitors and cessation of travel
rs well as the loss of many OF cur
talAed army members, VINO we're or.
dered away TO other duty; notwith-
standing, the past year has been
marked by accomplishment ia pro-
yiding for the comfort and conven-
fence of our members and guests, and
in still further enhancing the value
OF the club as a public asset.
Dining Room Enlarged ..@
Tine dining room has been mater.
tally enlarged, providing additional
space for dances; the kitchen, pantry
and bar accommodation have Been
greatly improved; a new range OF
double the capacity of the old has
been installed; new locker room has
been built with compact system of
horizontal lockers capable of taking
care of any probable tourist require
ment in this particular.
The golf course has been material
~ improved during the year by
bunkers. drainage, rest houses, tree
planting and additional length. The
new driveway from Nuuanu has been
completed and is decided improve
nient: action is being taken to curve
the maiki side of the entrance to cor
respond with the mauka side. The
eirive TO the club mouse has been
widened and rebuilt on an easier
grade so that travel may now keep
70 fhe right. -.-. III
Recommendations were made for
. more convenient and sanitary cad
die house, and the boys should be
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04
FRITscHI ELECTED CAPTAIN

Alex F-ritschi was elected captain
Of the All-Interm ediate basketball
team of the senior league of the Y.
M C. A. last night. Weheslau and
Scott were elected to take care of the
equipment.
Members of the team have been
practising regularly for the coming
series and prospects for success ap-
pear bright Candidates for the team
are Keppler, Clinton, Fritschi, Scott,
Weheslau, Borthwick, McCloskey,
Bush and McCalliester.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04
IAag6u|!!E:!!iin!!;S' 5. P !'!!!!|!g g&Sport
Country Club Raises Dues
And Entrance Fee At Meeting
MenberS Gather in Annual Event Last Night at Club House in
MuuanI-Adop Patriotic Bylaw Making Provision tor Men
Entering Army

All the
lees recommendations o.
board
house in Huuanu bylaws effect November
make his
application conditions would $50 instead
900 for his
spadng j. D. McTnerny reelected to the
dates he Tie ion cbpmitee
RENTED
territory passed.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04
AMERICAN LEAGUE.
., gERDAY's SCORES

NatlonaI ague
At Philadelphia-New York IL, Phil
adelphia 1, New York 6, Philadelphia
o. ~. .....
At Brooklyn-Boston 9, Brooklyn 8;
Brooklyn 8, Boston /.
American League T..
At New York-Philadelphia 3. New
York L: New York 8, Philadelphia. 2.
At Observation-Disclosures s, Bos.
ton 0. %-:..
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04
= <%~E%f\ = = =
SWAT THE MOSQUITO.

\ Any citizen having knowledge (
= of mosquito breeding pools or 1
= empty cans in quantity will do (
y the health officers a favor by 1
\ ringing telephone 1896 and mott 4
= flying the officer in charge. 4
= <$%+<<<<<<<$%%N 4
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04
SAWED ooF;FH.
SHORT q So

| uS last EdluS III IHc NdIIOLdI dul
American baseball leagues are played
today. In the former league Boston
meets Brooklyn at Boston and New
York meets Philadelphia at PhiladeI
phia. In the later league, Washington
meets Boston at Washington and Phil
| adelphia meets New York at PhiladeI
! phia.
1t will cost you nothing to hear the
results of the worlds series in detail
in front of the office of the Star-Bul
letin beginning with the first game
Saturday, but it will cost you this to
see the games in New York and Chi.
cago:
At Observation-Disclosures box seats,
IS; grandstand, reserved, $3.50; pa
Yilion, 81; bleachers, so cents.
At New York-Boxes flour seats
to the box), SIS; upper grandstand,
So; lower grandstand (open), 81; pa
vilion, 81.
President Wilson has been invited
to attend the big games in New York
and Chicago.
The Hawaiis, leaders in the Pacific
league, will meet the Asahis in the
first game at Moiliili park on Sat
urday, at 1870 o'clock. The Chinese
will meet the Braves in the second
game. The Braves will play the Nc
Kinley squad on Sunday. Unless the
Braves win all of their remaining
games, or the Hawaiis suffer unex-
pected defeat, the latter will prob
ably remain at the head of the teams
after the games of the weekend.
In a game for the benefit of. the
Red Cross played at Mooheau park
in Hilo on last Saturday, the Y. NJ. l.
team CT that city defeated a soldier
team by the score of 80. 1t was re-
ported that an unusual number of
spectators witnessed the game.
Eddie Cicotte of Chicago is leading
the pitchers of the American league
Rated according 10 earned runs per
game, the leading pitchers of the
league are as follows:
Leading pitchers participating in 80
or more games, rated according to
earned runs per game:
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04

Ty Cobb continues to lead the Amer
lean league in batting, according to
the latest figures released by the
American league. They show that
Cobb is hitting .373; Speaker, Cleve-
land. .359; Sisler. ST. Louis, .347;
Felsch, Chicago. $40; Veach, Detroit,
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04
COAST LEAGUE

Yesterdays SPORES
At Portlapd-Portland 5, Salt Lake
Q. -: .e...-...-..
s At Los Angeles-Los Angeles 4,
Oakland 0.
At San Francisco-yernon II, San
Francisco 10.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04

The eagles go to sleep just about
the time their neighbors in the owl
cage are waking up, while the bears
during the winter months apparently
sleep all day and night, too.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04

Summary-Two base hits, Bun Hee,
Rodrigues, Pryor; sacrifice hits, Sasa-
XII; double plays, You Bun to Sasaki
to Markham; Davis to Johnson to
Bratcher; bases on balls, off Flowers /,
off Silva 2; struck out. by Flowers
lilly I, by Silva Z; time of game,
hour Is minutes.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04

.3o6; Rice, Washington, .306; Harris,
Cleveland, .304; Meyers. Philadel-
phia, .301; Jackson, Chicago, .209;
Chapman, Cleveland, .29S.
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04

Rousch of Cincinnati is leading the
batters of the National league. Ghey
are: Rousch, Cincinnati. .342. Horns
by, st. Louis, 1924; Kauff, New York.
.30S; Groh, Cincinnati, .3O5; Burns,
New York, 1902; Carey, Pittsburg,
297; Cruise, st. Louis. .296; Without,
New York, 1886; Jack Smith, st. Louis,
.295; Wheat, Brooklyn, .295.
And the leading pitchers of the Ma
tional league, who have not partici-
pated in 81 games, are as follows:
n r -
Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1917-10-04
RUGER is VICTORIOUS
IN BATTLE. WITH SAINTS

BY the close score of to l, Fort
Ruger team won from the st. Louis
team of the Pacific league in a game
played at Athletic park on Tuesday
afternoon. The winners started Off
with a run in the first inning, made
another in the fourth and the loosers
finally scored one run in the sixth.
Only one error was made in the
game and this by Silva, who pitched
until relieved by Rodrigues.
The summary of the game follows:
The lineups we're:
st. Louis-Sasaki, 2b; Fun Luke. If,
Bun Hee, SIS; Kurisaki, c; Markham,
Id; Kekipi, CT; King Tan, 3b; Silva,
p; Rodrigues, IF, p; Pung, RI; Cockett,
IF.
Fort Ruger-Pryor, c; StillweH, SIS;
Johnson, 2b; Davis, 3b; Doane, CT;
Holmes, IF, If; lilly, If, p; Bratcher,
Id; Miller, RI; Flowers, p.