davidaulloa/AmericanStories huggingface dataset:
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05

The Des Moines Commercial
Club has launched a movement
looking to the establishment of
a ship yard at that point.
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05

That the men of Washington
are thoroughly interested in
cooking is indicated by the ex-
perience of Miss Mary r.
Rauscb, who has been giving lee
lures on food preparation in var
ious parts of the state. In some
places her audiences included
nearly as many men as women.
In recent tour, the total mum
Der Of men who attended her
demonstrations and lectures was
several hundred. u. of w News.
1.-THE union of hearts, the union
of hands,
And the flag of our Union for
ever.
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05

Some ono should inform Senator
Williams that John Barleyeorn has
been kicked out Of this commonwealth,
bag and baggage.
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05

Support the home cannery and II
will support you.
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05

While ali recognize the fact that
the present fair grounds and build
ing are not ideal, yet they serve the
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05

The "wet'' element In Tacoma will
find the road to booze" stations de-
cidedly rough as long ms Commissioner
of Public Safety Petit holds Office He
promptly checked violaiors Of the bone
dry law by stationing police at all the
local drug stores. The writer knew
Mr.. Petit intimately as a neighbor
Tor number Of years, and we know he
Is every inch n man, with clean re-
cord, honest, believing in law enforce
meat, and terror to evildocrs. The
location of the army rnst near Tacoma
means additional work for the head Of
the police department in compelling
the undesirablos, who haunt these
camps and adjacent cities, to move
on"
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05

Wonder If ferry touching at the
South End and at the North End Of the
Island would afford relief In the way Of
improved mail service between Island
pointsY
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05

According to dispatches from Petro-
grad the Russian bear has suddenly
awakened and put the Prusssan forcei
to confusion.
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05

Island people, apparently, enjoyed a
safe and sane Fourth. There were pic
mics too numerous TO mention on the
beaches and in the groves, and num-
Der motored to points Of interest on
the mainland or visited the attractions
IN Seattle and Tacoma. While the
weather looked threatening in the
carly morning, tie day proved ideal
for an outing.
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05
Sometimes a mans past turns abou
and cuts off his future.

and cuts off his future.
Mr.. r. f. Robinson has succeeded
Mr.. Collins as general manager for the
Islands of the Vashon Light * Power
Company and the Coast Utilities Com
pany Mr. Robinson is an experien need
and capable business man, one whom
it is a pleasure to meet, and the above
mentioned companies are to be con-
graduated on securing his services.
The Record bespeaks for him she 10y
al cooperation Of vashon- Maury peo-
pie and hearty welcome for him and
his family.
Patronize your home merchant buy
in the home town,
Colonel Roosevelt is quoted as being
guilty Of making sizzling speech on
the Fourth before an audience of his
townspeople. Among other things he
pleaded for zone flag and one Ian
guage,7 and he paid his respects to
pro-Germans and pacifists. He also
recommended that Germannewspapcrs
be compelled to publish in English
every word they publish in German.
And she Colonel is right sometimes,
The Vashon Island record. [volume] (Vashon, Wash.) 1916-1919, 1917-07-05

Patronize your home merchant buy
in the home town.
New-York tribune., 1917-11-12
Teleph one:
Hanover e6l4

occasions, and never went above 4
per cent. 1t was quite apparent that
the money situation was not respon-
sible for the conditions existent IN
the securities market. While the
lanks continued TO restrict their Of
ferings of time funds owing TO the
uncertainties of the situation, sub
stantial amount of money was loaned
for over the year against Stock Ex-
change collateral at 51s to 5% per
cent. In the commercial paper mar
ket rates for the best discounts were
514 to 51a per cent, with moderate
amount of business being done. Eff
fects of the liquidation in securities
last week were reflected in the bank
statement, which disclosed decrease
Of $4,000, 900 in loans. The surplus
reserves decreased S1,300,170, and
now stand at S1O9,630,44O. United
States government deposits at this
centre aggregate approximately
S575, 100000 at the present time.
This total is likely to be increased
as the payments are made on the
subscriptions TO the last Liberty
Loan. Efforts of the banking COM
munity are now directed toward
meeting the payment due this COM
ing week with the least possible dis
turbance to the general money mar
ket. The instalment calls for IS per
cent of the subscriptions but the
amount paid in will be much larger
than that, owing to the fact that
many subscribers will elect to pay
for their bonds in full. This will
impose a severe strain on banking
resources, but confidence is expressed
in The ability of the money market to
take care of the added burden with
cut undue unsettlement.
New-York tribune., 1917-11-12
Cost Of Feeding
Japanese Soldiers

10 costs 45 sen (sbout % cents) a day
20 feed a private In Japan's I'd Imperial
Bodyguard Regiment, according to az
oHeer quoted In "Yomiuri." OF this 10
sen goes for quart Of rice and barley
80 per cent barley and Is sen for
rest and vegetables. The sum is not
as small a. II seems, IS everything is
one-third under market price when
bought for the army. For breakfast. in
addition 20 the cereal. bean soup 10
served. and for lunch and supper the
menu includes vegetables and fish or
meat. Cooking and distribution are
carefully done By a staff Of twenty men,
including three lieutenants, three SER
geants and fourteen privates-or one
cook for every ninety men in a regi-
msnt Of 1900. Unused food IL sold 20
cheap eating houses, the money thus
gained being spent for extra dishes on
fsstivs oeessions~-Builstin Of tho Ja-
pan 6oots.y.
New-York tribune., 1917-11-12

were not the effect, the plan contem-
plates a restriction upon short sales
which, for the reasons set forth
above seems to us undesirable. 1t Is
true that this Identification plan ex-
lists in England as to sales of bank
shares; But it has proved a dead
letter. It has also been used IN
times of apprehended panic upon the
French Bourse, but opinions in re-
gard TO its effect there are conflict
ing. while some contend that it has
been useful simply for the purpose
of protecting bankers who were load
ed down with certain securities
which they we're trying to distribute,
and who, through political influence,
procured the adoption of the rule for
their special benefit"
New-York tribune., 1917-11-12
Living Standard
Among Filipinos
Is Rising Rapidly
Modern Machinery Needed to
Develop Resources OF
the Islands

From . report Of J. F. Boomer. American Com
mercid Agent)
The standard of living in the Philip
pine Islands, although still very simple
and primitive among the great mass Of
the people, is rapidly rising. The pub
lie school is spreading knowledge Of
the various arts of civilization in the
most remote corners of the archipelago.
With this new knowledge come new
wants. The habits of the individual
are becoming more complex; his home
life is becoming less simple; the things
he feels the need of are multiplying.
His knowledge gained in the schools is
an exotic thing, but with its acquire
ment he gains also, consciously or un-
consciously, desire for all the things
Of the outside world.
To satisfy these desires he is null
tiplying his activities. He is working
more constantly and getting away for
ever from the simple life of his fathers.
A new consuming class is being rapidly
created by the new social order in the
islands. Great numbers of Filipinos,
coming into the government service, are
finding their earning capacity increased
manyfold; and others are undergoing
the same transformation on taking po-
sitions in commercial life. The phc-
nomenal expansion OF the export trade
of the country in the last decade has
increased the buying power of large
numbers of people. Wages for all kinds
of service are increasing. The next
decade should see the Philippines inn
porting many times more goods from
the temperate zone than are brought
in to-day. Present indications are that
the people will demand them, and that
the expanding industries of the country
will make possible the purchase Of
them.
Rice Leading Crop
Rice is the most important product
OF the islands from the standpoints OF
value OF the raw product. acreage
grown and the needs Of the people.
Since IL is the chief food OF the mass
of the population. IL has a special inn
portance apart from its value in the
worlds market. Nearly 100000 acres
are annually planted TO this cereal.
The annual yield. In favorable sea-
son, Is in tho neighborhood Of $4,000
600 bushels. This product Is all con-
New-York tribune., 1917-11-12
Finance Economics
WALL STREET oFF1CE:
Mills Building. 10 Broad s.

Liquidation of a most drastic char
acter, causing widespread demoral-
, ization at times, swept the securl-
ties markets in a series Of selling
waves last week, forcing prices, al
ready at abnormal levels, to the low
est range in years. Bonds as well
as stocks shared in the violent re-
treat of prices. At the close-there
were substantial rallies on Friday
and Saturday-leading stocks showed
losses of 2 to Is points. United
States Steel common, about which
the storm of selling seemed to centre,
had transactions of 100000 shares,
with range of a high of 957s and
low of 8S%, and a net loss of 35s
points. Other issues were proportion
ately active and weak and when stocks
were at the bottom the losses from
the high point Of the year were from
80 to rs points in most cases. The
market had to contend with a great
deal of bad news, of which the revo-
luton in Russia and the overthrow
Ct the Kerensky regime, with the in
timation that peace will be sought
by the Bolsheviki, now in control Of
the government, was the principal
adverse development. On top of this
was the further severe reverse suf-
fered by the retreating Italian forces,
which have been compelled to fall
black from the Tagliamento River
and seek new line of defence nearer
Venice. In the Russian and Italian
developments Wall Street professed
I to see a lengthening Of the war for
two or three years, and perhaps
more. This caused liquidation of In
vestment holdings to break out
afresh, as we'll as forced selling Of
weakly margined accounts. With
prices of standard industrial and rail-
way securities in many instances at
the lowest levels since the panic of
1907 brokers reported a substantial
inquiry from small investors and
large which developed toward the
latter part of the week into buying
rover of considerable force. The
whole market left off with a much
better feeling, although no one can
say with certainty whether the bulk
Of the liquidation is over.
New-York tribune., 1917-11-12

Developments in the bond market
last week were almost as spectacular
as what transpired in the stock mar
ket. Though naturally the fiuctua-
tions were not so erratic, the steady
pressure Of investment liquidation
forced the prices of standard bonds
10 the lowest level in many years.
Declines of 2 and points were COM
mon as a result Of the weeks trans
actions. Municipal issues followed
the trend Of the railway bonds, while
the foreign government securities
displayed pronounced weakness. The
French cities bonds declined 4 points
in the average; the Anglo-French 5s,
joint obligation Of Great Britain and
France, broke under 90 for the first
time, selling at. the new low record
Of 891a. The same influences which
affected stock prices were at work in
the bond market. No new financing
Of an important character was an
nounced during the week aside from
the S25,000,000 issue Of ninety-day
per cent notes of the American
Tobacco Company which was taken
by a syndicate of bankers. Bankers
express the belief that the amount
of new financing by corporations will
not be so heavy as some have pre-
dicted, inasmuch as the government
is understood to have arranged pay
ments to industrial corporations en-
gagged in government contracts in
such a manner as to make unneces-
sary borrowing of fresh working
capital in the open market at the
abnormally high rates now obtain
ing.
New-York tribune., 1917-11-12
Check Administered
to Bear Raiding

The Stock Exchange authorities,
after due consideration, decided to
check this sort of short selling by
compelling all Stock Exchange
houses to make known each day the
identity Of all borrowers and lenders
of stocks, believing that in this way
it would be possible to single out any
trader whose operations were of a
questionable character. The regula-
tions have been in force somewhat
more than week now. So far, moth
ing has been developed to indicate
enemy influences at work to under
mine values, but there has been
evolved a great deal Of discussion
about the whole question of short
selling.
The Stock Exchange, always a
stanch supporter of short selling,
has stood its ground, maintaining
that the arguments are all on the
side of short selling as a necessary
market practice. 1t has many au-
thorities to back it up in its stand.
What on it's face may look like the
depreciation of other persons prop
erty may, and often is, an act of
the highest conservatism. 1t is said
in Wall Street that if there had been
no shorts to cover in the panic Of
1907 the Whole market would have
completely collapsed and the entire
business Of the country would have
suffered irreparable injury. On the
other hand, it may be said that short
selling of a malicious character, such
as the exchange is now trying to
check, may prove extremely de-
structive to property values--in fact,
/ it has on various occasions. So the
New-York tribune., 1917-11-12
Selling short is selling some

Selling short is selling some
thing which you do not otcn 'oitR
the expectation that the market
price of the same 1CiU decline so
that the security or commodity
can be bought at a less price in
season to fill the order; those in
possession of advonce Information
regarding stock, or 1chO think
they are, go short" of that stock
sell for future deiiuerU-to
profit by the anticipated drop in
price Montgomery Rollins, an
Money and Investments.
New-York tribune., 1917-11-12

All through the period Of declining
prices in the last week money has
been in liberal supply. Banking in
stitutions offered funds freely in the
call loan market, where the rate fell
as low as 31a per cent on several
New-York tribune., 1917-11-12
Tide Water Oil Earnings

Net earnings of the Tide Water Oil
Company and subsidiaries for the nine
months ended September 80 totalled
s7,416,518, according TO the report just
issued. The volume of business done
amounted TO S2l,0ll,672.
New-York tribune., 1917-11-12
Short Selling
Everywhere

The minute we look at it from
that standpoint it becomes evident
that we are dealing with something
that is not confined to the stock
market; that is, it is an operation
which takes place in many branches
OF business. A building contractor,
agreeing to put up building, makes
contract in which he binds himself
to deliver the building materials and
the labor and all the details that 90
to make up that building, and. hav-
ing done so, he goes out into the
open market and procures these
things at prices that enable him to
make a profit on the transaction.
This is also quite conspicuous in the
manufacturing work. Take, for in
stance, the industry of automobile
building. If you go to an automo-
bile maker to buy car he signs a
contract to deliver you that car in
the course of a few months. and
after he has done so he assemblies
the parts and builds the car, which
he delivers to you later on. We all
know that the same thing is true in
the agricultural world. Certain
crops are sold before they are raised.
The operation of selling a secur-
ity first and buying it afterward is
practically in all its details the same
thing. The short seller is simply a
dealer in securities who, becom ng
convinced that the property in ques-
tion is selling at price that is not
likely to be maintained, makes a con-
tract to deliver that property, with
the expectation Of obtaining it later
on at difference in the price which
will constitute a profit to himself.
"If there is anything wrong about
that operation of selling something
for the purpose of buying it in
cheaper, it would seem logically that
there must be something correspond
ingly wrong about buying a piece Of
property for the purpose of selling
it out at higher figure, because in
both cases there is merely a pur-
chase and a sale and a difference in
price, and il can hardly be that the
, difference in sequence Of time be-
tween the purchase and the sale in
PRODUCES any very serious moral ele-
ment. As long as we have negotia-
BILE securities that are constantly
huctuating ir- value, there Is going
New-York tribune., 1917-11-12

to be speculation. AS long as there
is sneculation it would be very un-
wise to have that speculation one
sided or to have the balance OF
forces which conduct it in any way
destroyed"
New-York tribune., 1917-11-12
Restrictions
Produce Panics

The experience OF the "oriu aC
large has been that the stopping Oh
short selling invariably destroys the
market it was meant to regulate.
This happened in the case OF the
Berlin Boerse, where short selling
was once prohibited, with the result
Of creating panics, which threatened
TO drive business to other centres.
II is said that the securities business
Of such centres as Frankfort and
Hamburg was built up on legisla-
tion for the Berlin Boerse, which
was repealed when its folly was re-
allied. Japan stopped short selling
and soon had a topheavy bull specu-
lation that finally collapsed OF Its
own weight.
But it is not a matter of stopping
short sales of securities that is IN
teresting the New York Stock Ex-
change authorities in the present
market turmoil. What they are try
ing to do is to check short selling
that is done with a deliberate and
malicious intent to undermine values
and thus to destroy the credit Of the
country at large. 1t is believed that
this can be accomplished by the
trading rules now in force.
New-York tribune., 1917-11-12
Early State
Legislation

"The legislation of the State OF
New York on the subject Of short
selling is significant. In 1872 the
Legislature passed law declaring
all contracts for the sale Of stocks
and bonds void unless the seller at
the time was the actual owner or as
signee thereof or authorized by such
owner or assignee to sell the same.
In 1853 this act was repealed by the
statute now in force"
On the matter of putting restric-
tions on short selling the Hughes
Commission said:
at has been suggested to us that
there should he requirement, either
by law or by rule of the Stock Ex-
change, that no one should sell any
security without identifying it by
number or otherwise. Such a rule
would cause great practical diff
culties in the case Of securities not
present in New York at the time
when the owner desires to sell them,
and would increase the labor and cost
of doing business. But even if this
New-York tribune., 1917-11-12
Court Holds 1t
Is Not Gambling

A Judge in the Circuit Court of
the District of Columbia, in render
ing judgment in a Stock Exchange
case some years ago, said: "A short
sale is not a gambling operation.
The law defines a gambling operation
to be one where the parties make a
contract of purchase and sale with
out intent on the part of either to,
deliver or receive the article which
is the subject of the contract. Moth
ing passes between the parties be-
yond the money from loser to winner,
and nothing else was intended TO
pass. This is mere beta gamble.
But where actual delivery is made
of the goods contracted to be sold
and received the transaction becomes
a commercial one. The testimony
shows that in a short sale delivery
of the stocks sold is made and the
purchase price paid. That fact es-
tablishes it as a commercial transac-
ton. 1t may be speculative; it is
speculative; but commercial trans
actions generally are more or less
speculative, the speculative element
in them varying mainly in degree"
II. e.. S. Noble, the present presi-
dent of the New York Stock Ex-
change, at the hearing held in Wash
ington early in 1914, before the SEN
ate committee on banking and cur
rency on the matter of Stock Ex-
change regulation, had much that
was interesting to say about the
question Of short selling. He went
into it in detail. at frequently hap
pens," said Mr.. Noble at that time,
that word will get SO tangled up
with associations as to somewhat de-
stroy its full meaning. That, think,
is conspicuously the case with re-
gard TO term short sale Short
selling is a technical term used
only in speculative markets, and as
the speculative markets are asso-
ciated with Wall Street, and Wall
Street is always more or less under
suspicion, the average citizen is apt
to feel, when he sees that term
Judging it by its parentage), that it
is probably some nefarious arrange
ment by which the unwary are to be
undone. In order to avoid the i'm
plications of this term for a moment
let US substitute descriptive phrase
which conveys the same idea. Let
US speak of this operation as max
ing a contract to deliver something
which one expects to be able to OBJ
tain
New-York tribune., 1917-11-12

NELLING stocks 10 profit from
the anticipated fall in values
~ is as old as the securities mar
ket itself. II has always been an i'm
portant factor in the economics of
the market place. On innumerable
occasions the ethics of short selling
have been brought before the public,
but the practice has never been in
terfered with for long; leading
economic authorities have always in
sisted that short selling was neces-
sary to maintain equilibrium in the
security markets. Without it there
would be a top-heavy speculation
for the advance which in the end
might prove disastrous.
The whole matter of short selling,
from the standpoint of ethics and
economics and patriotism, has been
brought up for discussion again late
ly in the recent action of the New
York Stock Exchange authorities in
their efforts TO stop bear raiding.
After long period of stock market
liquidation, apparently part of the
country's economic readjustment to
the changed conditions brought
about by our entrance into the war,
decentralization swept the Wall
Street market on several occasions.
Close observers of market conditions
attributed the acute unsettlement
partly to the operations Of traders,
enemy or otherwise, who by a series
of attacks on leading stocks through
the medium of short selling attempt
ed to break the whole market.