davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
Price Control Enforceable

The question has arisen whether the
agreements made between the govern
ment and various groups of producers,
on the zone price for ALL basis. will
be kept by all producers. The natural
assumption is that when an agreement
is entered into in good faith it will be
kept. In the case of the agreement on
steel prices it is generally inferred
that while minority, which is rela-
lively small, was not directly repre-
scented az the Washington conferences,
those constituting such minority will
also feel duty bound to act accordingly.
Assumption or inference, however. is
not sufficient in matter of such i'm
portancc. Every one wants 10 know
positively whether the agreement IS
going to be the rule throughout the
trade with respect 10 all the producers
and with respect 20 all the sales they
may make. While doubt seems TO have
arisen in the minds of some buyers, II
would appear that such doubt does not
rest upon evidence that would really
bear upon the general question, wheth-
er or not the agreement Will be kept in
its entirety There have been. for in
stance, numerous refusals Of producers
TO sell IL the set prices. Il must not
be understood. however that the agree
ment was that the producers would
sell. The spirit Of the agreement was
that sales when made would not be at
above the set prices, and furthermore
that producers would strive to main
tain output.
The great majority Of buyers have
shown disposition to accept the
agreement on its face and 10 feel that
the question of price has been elimi-
mated, while there necessarily remains
the equally important question OF de-
liveries. There is no occasion for the
mills to sell or the buyers TO buy ma
terial that cannot be delivered, but Il
would be much more satisfactory Il
both producers and buyers 10 kno"
that the government has means that II
can bring into play to compel adher-
ence to the agreement. Producers
would not feel comfortable at the pros
pect that non-adherents would be re-
warded for failing to support a gov
eminent measure. If 80 per cent OF
| the producers adhered to the agree
ment. and the remaining 10 per cent
| sold to the highest bidder. the premium
/ bid would be much greater than If al.
I producers sought to sell at a premium
/ Nor would consumers feel comfortable
/ if the measure Of their success ir
staying in business by securing de-
| liveries Of steel were their willingness
to tempt producers 10 violate the
agreement-IrOn Age.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
Business Adrift in
Uncharted Waters

Many of our leading fnanciers.
economists and business men admit
that the theories to which they have
pinned their faith in the past seem
no longer to hold good. They realize
that all ties with the past have been
severed and that they are now adrift
on uncharted waters. In other words,
our whole business system is weak
ening and is being held together by
emergency patches. Strenuous days
and troubled waters are ahead of US.
Can we navigate safely in a craft
which shows so many signs of leak
ing as soon as we cast off? We GER
tainly cannot develop any very high
degree of fighting power if we are
forced to devote any large proportion
of our energy to keeping our ship
afloat. The attempt to solve this
problem by increasing wages and
prices is about as effective as trying
to raise ones self by his bootstraps.
Most people realize this, and in
their despair reluctantly turn to the
Federal government, which is an ad-
mission, whether we realize it or not,
that in failing to perform a func-
ton which it has jealousy regarded
as its own the business system has
shown fatal weakness. How else
can we explain the surrender Of q
prerogative which is as essential to
its life, as now lived, as are the iron
ores of Lorraine to the economic life
of Germany? | protest that this is
not a problem for the Federal gov
eminent, but for business, and the
fact that the Federal government
has been obliged reluctantly to take
over work that belongs to the bust
ness system is a most serious ar
raignment Of that system.
By to-day's paper we note that the
Controller Of the Currency has come
to the rescue of the banks and d.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
which should not be undertaken by

which should not BE undertaken by
the government at al.
The only reason why it is beng
thrown upon the government is that
there is no other organization which
is devoted solely to the public SER
vice. All business associations are
organized primarily for profit, and
only secondarily for production or
public service. Inasmuch as the real
need to-day is for goods, not profits
the business organizations cannot
solve our problems until they have a
change of heart. Until that change
comes government control or owner
ship seems the only measure that
offers any hope in the present
emergency. Nobody, however, VINO
thinks on the subject really believes
in it as a permanent solution.
The only solution is through asso-
Citations of business men who make
public service their prime motive and
are willing to dedicate their services
to the community in the same man
uer in which the soldiers who are
going to Europe have dedicated their
lives.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
recognition
Juggling With Surplus
Goods Profitable

As long as there was d surplus OF
goods and the trader was allowed to
iuggle with them for his own profit
production was pract.c ally ignored,
for there was much more profit in
Juggling than in working; but when
the demand for goods so enormously
outruns the supply and the opera
tions Of the trade are restricted pro-
ductive capacity commands pre-
MUM such as has never before been
known. 1t thus becomes unmlstak-
able that the most important men IN
the community to-day are not the
financiers, nor the lawyers, nor even
the lawmakers, but the men that can
produce the much needed goods. No
matter how unprepared we were,
from military standpoint, and how
slow we may be in making such
preparations, everything will have to
wait on our industries, where compe-
tition of the keenest sort is now at
tracing men of greatest ability.
Having produced the goods-for |
anticipate that the tremendous in
crease in our productive capacity
now being prepared will produce the
eoods-the question Immediately
arises as to how they shall be dis
tributed. Are we to have competi-
ton for them among individuals and
between individuals and the Federal
government, or are the products of
our industrialism to be distributed IN
such d manner as will produce the
greatest benefit to the whole commu-
nifty: 1t is unthinkabe that in time
of war the former method is to be
followed. The price and priority fix
ing which has already been done is
an effort to prevent just that thing.
As has been said before, however, to
attempt to fix the prices of all the
commodities is a job too big for the
Federal government, even if it had
nothing else on its hands and had a
fit mechanism. 1t is business prop
osition, and must be handled by bust
ness men.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22

method can be used in its proper
place. If the selling and distributing
of a product are done for the benefit
of the whole community our present
methods of production will be entire
ly satisfactory.
For instance, if the whole product
of an industry is handled by one sell
ing and distributing association for
the benefit of the whole community
surplus and shortage can be equally
guarded against, and the producers
large and small, can be assured
fair price for their product.
Under such conditions producers
will prosper according TO thelf
ability, and the great organizers ana
executives will find a field for Their
ability in organizing and operating
the great distributing associations.
Under such leadership the pro-
ductive capacity Of the country
would go forward by leaps and
bounds, and we should become nO'
only the greatest producing nation u
the world but, because military
power depends upon tool power we
should soon be recognized as the
most powerful nation in the world.
When some great nation has thus
shown the way through It's indus
trial leaders to unbeatable too'
power, and not until then, is uniyer
sal peace possible. The opportunity
lies with the United States, and
depends upon our industrial leaders
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22

wheat supply. it is apparent that the
mills of the district have less than
enough available wheat 10 run half
time through the crop year This
means that with anything resembling
normal activity in the period TO Jam
unry there will not be nough grain
rmaining to operate all the mills at
better than two or three days week.
Such rate of operation would, OF
course, create an overhead which would
absorb all possible profits, and, in many
instances, turn the period into one OF
outright losses. This, at least, is the
way many millers regard the situation.
In such circumstances, they have
argued that they must create strong
profit reserve at the moment, in prepa-
ration for the expected period of loss.
Assumably, the consumer Nould, By
this system Of figuring. get the total
-four production of the milling dis
trict at an average profit to the miller
of not TO exceed the permitted 20 cents
a barrel.
This was, 10 must be said, an homes.
view of a great number of millers in
this field in q careful reading Of the
phrasinC Of the food administration
regulations. More recent instruction
from that quarter indicates, however,
that some of the departures from the
profit limitation which millers have
permitted themselves to make are not
within the spirit Of the law. The course
which many of them have already
taken and others will promptly take IS,
of course, plain: they are making sub
stantia reductions in their asking
prices, and promptly undertaking to
bring their operations within the de-
fined limits. To do this some are com
PEELED 10 make rather sharp reductions
in their selling prices Northeastern
MIL.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
Brazil Faces Famine
In Iron and Steel Goods

Interviews with several iron and
steel importers Of Rio de Janeiro dis
close a general belief on the part Of
the best informed among them that
within four or five months there will
be complete famine of structural
iron and steel and Of iron and steel
goods generally there, says the Ameri-
can Consul at Rio. Several of the more
careful of these importers are quietly
buying up all the cd iron and steel
they can find, with a view TO facing
this expected situation.
1t is stated that there is a notice
able revival of interest in certain
projects which have been for a long
time under consideration here TO estab-
lish a domestic steel industry.
A few days ago the representative
of an American company arrived here,
bringing with him machinery that had
been ordered by the Government-owned
Central Railroad of Brazil for large
steel plant TO be erected at some point
on the lines OF the railroad.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
Orange Growers
Keep Supply Uniform
ness men.

The California Fruit Growers
Association has shown us at least a
partial solution of this problem. The
supply and price of oranges are both,
perhaps, more uniform than in the
case of any other fruit. Is it not pos
sble for business leaders in other in
dustries besides the fruit growing in
dustries to form associations for the
distribution of their commodities?
Such associations might supply the
markets uniformly with products at
prices which would be approximately
constant, eliminating speculation by
charging for their services a fair
CONDENSATION which would be COM
mensurate with the service rendered.
This is roughly the scheme Of the
German cartel system, which has
done so much to advance the cause
of German industry, although it has
only scratched the surface. The prob
lem before such an association or
series of associations is so vast that
it almost staggers the imagination.
When we realize, however, that the
attempt to accomplish substantially
this result is now being made by the
Federal government, with its limited
resources and experience, by means
of price and priority fixing, it be-
comes clear that it is a problem
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22

STATE OF NEW YORK. INSt RANCE DEPART.
ment. Albany. August IS. l9lf-Whereas Nor'a
American Accident Insurance Company located Il
Chicago in The state o. Illinois. hA nled ln IN
once sworn statement By the proper 0fcers tlersd
showing o.. condition and business and has Con.
piled ia al respects with the laws " tbs sias
relating 10 Accident Issuance Companies lloo,.
pOra,ed by other states Of the United States Nos.
therefore. IN pursuance OF law. l. Jesse ; Phillip
Superintendent o. Insurance ~ the state y Nss
York, DO hereby certify that said Company Is hsreoj
authorized 70 transact the business o, Accident II.
surznce In this State in accordance with law 4I.
inz the current year. Tie condition and business
said Company az the date OF such statement De.
oember 81, 1870 "a shown follows;
Aggregate amount VI admitted Assets. So s-Ts.
Aggregate amount OF Liabilities leNcep,
Capital and Surp.usl, Including re-
Insurance NEUTRALITY-SUSPICIOUS.. HH1s5 q
Amount u actual paid-up Capital 5000. 200 900 %
Surplus over all Liabilities ............ 2a3,eN y
Amount n Income for the year ....... L6it. ttiN
Amount q Disbursements Tor the year. l.3,2 ar
Ia Witness Whereof. have heregrt0 subscribe
nay and caused the seal % my -
lselll to be arIed the day ard year above "riasA
JESSE 5. PHILLIPS.
Superintendent q Insurance.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
Bonds for Investment
Harris, Forbes & Co.
Fine street. Corner William
NEW YORK
French Renew $10,00O,000
Treasury Issue in London

The French government has arranged
for the renewal for one year of SlO,-
600, 900 Of its treasury bills which re
Gently came due in London. They are
being renewed at 3. per cent discount.
These bills, which were originally
sold in October. 1914, by the Messrs.
Rotschild, were the first treasury
bills 10 be placed in the London market.
Last year, when they fell due for the
second time, they were renewed on the
basis OF Il per cent discount, the rea-
son for the high rate being that al that
time the Bank Of England rate was
per cent, or per cen; higher than 1t is
noA
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
y o II IL y !.
MORTGAGE BONDS OF NORTHERN
CAMBRIA STREET RAILWAY con.
BANA

You are hereby notified that Columbia
Trust Company. formerly known as the
Knickrrbocker Trust Company. has re-
signed as Trustee Of the 'rus, estate
created by mortgage - Northern cambria
street Railway Company. dated May l.,
1905, and recorded IN Cambria County,
PENNSYLVANIA, IN Mortgage Book Vol II
az page 1913, and az supplemented by SUP.
p!emental mortgage dated April 2. l,i:,
and recorded in Cambria County. Pennsy...
vania, In Mortgage Book Vol. IS a. page
s33 and that Cambria Title. SAVINGS a
Trust Company Of Ebensburg, Pennsyl.
yania. has been appointed A. iis successcr
In the trust. That there are outstanding
1895. 900 90 par value % bonds secured By
said mortgage and that bondho ters rep
resenting 1891. 10000 par value o., SAID
bonds have Joined IN said appointment.
That said appointment shall b erectivs
January 10. 1915. b. the terms % the sooys
mentioned mortgages.
NORTHERN CAMBRIA STREET RAIL
WAY COMPANY.
Per ". II. DENLINGER,
President
Attest: JAMES II. AIRPORT.
Secretary
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
Current Comment
The Question Of Profits

IL is becoming more and more ap-
parent that a considerable number o.
m.llers in the Southwest have not had
quite clearly in their minds the pre-
else Interpretation of the profits limi-
tation regulation OF the food admin
istration. The confusion in their minds
has arisen out Of the combination Of
the clause in the regulation which per
mits a reasonable variation from the
permitted profit 20 make up for sea
sons Of no profit and the very short,
wheat supply Of this territory.
Taking the best available figures on
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
Emergency Patches HID
Business System Together
The Federal Government Engineering Expert Says, Is Re-
luctanty Forced to Take Over Work to rerfom
Which 1t Lacks Fit Mechanism

rected his inspectors to exercise an
Intelligent and conservative discre-
ton" as to TIE prices at which banks
NAV continue to carry securities of
unouestioned value. The business
system thus again turns to the Fed
eral government for help at the point
where it was supposed to be strong
est.
/ submit, as a general proposition
that any system that cannot solve It's
own problems, but has to put them
on to others, is fundamentally weak
and needs rectifcation, not patches.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22

Member banks in this district
made less liberal use last week Of
the rediscount privilege. Doubtless
this was due to the easier money
situation. The weekly statement of
the Federal Reserve Bank of New
York disclosed a total of 5000, GA
154 of bills discounted and bought by
that institution, compared with
S222,994,920 the week before. OF
this total, $127,647136 consisted of
commercial paper and S81,977,Ol8
acceptances. The local reserve insti-
tuition now has S304, 957, 125 of notes
outstanding, an increase Of about
100000 compared with a week
ago. Against these notes is deposited
S206,957,125. of gold and lawful
money and S107,193,S15 of CONNER
cial paper. The total gold reserves
Of the local Federal Reserve insti-
tuition jumped approximately $685.
600, 900 last week, and now stands at
S575.93S,907 The weekly statement
Of the Clearing House banks, issued
on Saturday, showed an expansion
Of S14,171.OOO in loans and dis
counts, while the excess Of cash over
legal reserve requirements decreased
$25,9S3, 900 to S76.499,97O. United
States government deposits with
Clearing House banks at this centre
aggregate S227442,000.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
By II. l.. CAN'T
From an address before the Southern
Commercial Congress.)

From an address before the Southern
Commercial Congress.)
w HEN the great European
w war broke out, in the sum-
W mer of 1914, the industrial
conditions of the whole world were
Jared on their foundations, and for
a while the machinery practically
stopped. In this country the law OF
supply and demand failed to act, be-
cause there was no demand. Plants
we're shut down, people thrown out
of employment, and for months we
had a very serious stagnation q
business.
To-day again our cherished law of
supply and demand has gone to
pieces, the conditions now being re-
versed, for tre demand far outruns
the supply and prices for material
and labor are soaring to unheard-of
heights. Wage increases, followed by
increase in selling price and in
freight rates, seem to have become a
habit, yet every one who thinks on
the subject realizes that they do not
solve our problem, but only increase
the complications of the situation.
Because Of the fact that we have
been so prosperous in the past, and
that these lapses in our business sys-
tenn have not caused any very great
distress to those who direct that sys-
fem. the seriousness of the now
demonstrated fact that, as at present
constituted, the business system will
not stand the strain of such times as
these has not been fully appreciated.
The periodic "panics" have always
been taken as normal to any business
system. but the shock of 1914 and the
present condition seem to indicate
that they were only symptoms OF
what would happen if we should have
such an industrial crisis as the one
toward which we are apparently
heading.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
DIVIDEND NOTICES
Union BAG & PAPER CORPORATE,

UNION BAG & PAPER CORPORATI0N.
An extra dividend 0f two per cent tZSi
upon the stock Of this Corporation has
been declared. payable in Second Liberty
Loan 50 Bonds on November D.. 1917. "
holders u record Of the stock OF this Cor
porati0n az the close Of business on Noyem-
Der D. 1917.
II bonds are not available for delivery on
November 18th, temporary certificates VIII
be issued IN their place.
Amounts less than Fifty dollars Vsol
will be paid IN cash.
c. b. SANDERS. Secretary
October 10 1917
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22

can't shoot money at Germans Ell
fectively, but we must transform II
into food, clothing, munitions, trans
portation facilities, etc. Under the
present conditions the great need is
for transportation facilities. Russia
is powerless for lack of them. We
seem to be able to raise all the money
we need, but we shall have to trans
form that money into fighting power
as quickly as possible. This transfer
nation must take place, not through
the efforts primarily Of fnanclers,
but through the effort of industrial
ists-men who can use tools, who can
produce food. clothing, weapons, etc.
In other words, a mans ability to
produce is rapidly becoming The
measure Of his value to the COM
munity and The events which are
now so rapidly taking place VIII
surely bring him q corresponding
recognition.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-22
ATLANTIC MUTUALINsURASCEC Co
Atlantic building,
Nos. ~ and 81 Wall Street,
New York. October II. 1917.
Special Notice to Holders Of
r.tIHratss af prodfs

Certificates Of Profits.
The outstanding certificates OF profits Il
the issues Of 1912, 1918 and 1914 will be ~
deemed and paid TO the holders thereof or 70
their legal representa- tives on and altar
Thursday. November !, 1917, from which
date all interest thereon will cease she csr.
tihcasss to be produced at the tins OF psy.
msnt and Cancelled.
dividend OF interest OF FIVE per cent,
lbeing at the rate Of six per cent. per az
NUM-, on the certificates Of profits OF Vie
years 1919. 1918 and 1914 will Be paid TO Vie
holders thereof, or 70 their legal rspresenA-
tives, on and after Thursday, November 1.
1917 Checks for the dividend OF inferred
will BE- mailed In accordance with mailing
orders 20 those who have fled such orders
With the Company.
The transfer books will be clos>d from
October II, 1917. 70 November e, 1871, both
inclusive.
b. order Of the Board Of Trustees.
G. STANTON FLOYD-JONEo secrsts7.