davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-12-10
UNITED DYEwooD CORPORATION

Sew YORK, December 4 1917.
Preferred Capital StO'k Dividend No. b.
Common Capital Stock Dividend 10. 5.
The following dividends on the stocks -
this Corporation have been declared
A dividend ~ Si.75 per share 0rom "a sum
set aside for the payment 0f 81 90 per share
FOR the year 1910 on the Preferred stock.
payable January 2. 1915; o. dividend of 'l6n
per share on the Common stock. payable De
cember 81. 1917: payable 20 stockholders ~
record OF preferred and common stocks ~
the closo ot business Friday, December r..
1917.
The Transfer books VIII not be closed.
Checks Will be mailed by The NeW iofk
Trust Company ~ New Nora.
DE WITT CLINTON JONES. Treasurer.
New-York tribune., 1917-12-10
Idle Machinery Expensive

The expense of maintaining the
machine in illeness during the time
II was not operated cannot legit.-
mately be charged to the woSk done
while it was operated, and should
be put into another account.
We thus see that every plant has
two kinds Of burden: (a) That
which produces goods and which can
legitimately be charged to the cost
Of those goods, and (b) That which
produces nothing, and must be put
into some other account.
In the past it has been' too much
the fashion to put these two kinds
into one account and make the
product bear both. This has led to
so much confusion and is so eV-
IDENTIFY wrong that it is not worth
discussion.
On the other hand, careful con
sideration of the expense incurred
while the plant is idle leads to very
fruitful results: First, through an
New-York tribune., 1917-12-10
Rice Crop of Japan

The severe typhoon which recently
rayaged part OF Japan did not affect
the rice crop as severely as was urst
thought. According to the report OF
the Department Of Agriculture and
Commerce made on September 30 last,
the estimate for the rice crop for the
year will be some 100000 kol,u
greater than the average yield. The
following table shows the yield for the
last five years:
New-York tribune., 1917-12-10
The Overhead Burden

There is no great difficulty about
getting the expense for material!
and the expense for labor, and most
concerns get these elements quite
accurately, but there is a great va
riety of opinion as to what the
burden" charge on any particular
work should be. This overhead, or
burden" may bo divided into two
parts: (Q) That which is incurred
through simple ownership or rental
Of the plant and keeping it ready
for operation; (b) That which is in
CURED by operating the plant, eX-
elusive Of direct labor and material.
Analyzing further the meaning
OF the term burden" we see that
the first part is made up of owner
ship or rental Of a number of ma
chimes or work benches, properly
housed. The second part consists
of the expense Of operating the
various machines, which consists Of
power. oil, waste, repairs, etc.
Inasmuch as the rental which we
should pay for the plant is made up
OF the rental Of the individual ma
chimes and work spaces, we must
be able to determine the proper
rental for each Of these in order 20
form an intelligent idea of the
proper rental for the whole plant.
In the same way we can determine
the amount of supervision, power,
oil and waste needed to run these
machines individually.
Working along these lines, we are
able to determine for each machine
in the factory both an idle and an
operating expense rate.
Any article manufactured on u
machine should undoubtedly bear
the operating expense rate for the
time during which the machine was
operated on it.
New-York tribune., 1917-12-10

Il IS lust about a year ago that
the stock market reached the high
peak produced by the ecstacy Of
speculatior based on war profits.
The turning point came when the
German government gave out its
so.cal,ed peace proposal. " and
thereby brought about miniature
panic in Wall Street But in any
event ne turning point would have
been reached shortly thereafter.
That Is cvider, when it is recalled
that almost as soon as the market
had cu.eted down from the peace
scare, security prices began TO
undergo g process Of readJustmeut
TO q war basis, or rather to a basis
Of American participation IN the
way. phis movement was a drift
ing one up to the time of Germany's
proclamation Of unrestricted SUB
marine warfare, on February /, but
it was accelerated thereafter as
people began to calculate seriously
the financial effects Of our entrance
into the struggle II was realized
from the beginning that many
changes of grave import to security
holders were inevitable. First
there was the certainty of heavy
taxation, and that the investment
markets would be devoted almost
wholly to the task Of financing gov
ernment needs. Beyond that
loomed the curtailment of con-
sumption and output of those things
not essential to the conduct of the
war, in order that there might be
sufficient labor for the production
of war goods and also to enforce
thrift so that successful fotatlon
Of war loans might be assured. It
was thought for q time that these
and other factors in the drastic
readiustment would be Offset, as lar
as the effects upon stock values
we're concerned, by the huge in
fation which seemed to be in pros
pect. 1t did not take long, how
ever. to see that the effects Of the
initiation on security values was to
be offset or indefinitely deferred
by other developments, notably by
price fixing, and the fact that taX-
alton was much heavier than any
one had expected. But meanwhile
these things and many oth1rs have
been finding expression in stock
and bond prices, and the question
arises as to whether or not they
have been thoroughly discounted by
the great decline in prices. 1t IS
naturally impossible to answer that
question with certainty, but the ac-
ton Of the market of late strongly
suggests that only unforeseen and
very unfavorable developments
could bring q repetition Of the
crisis witnessed u few weeks ago.
New-York tribune., 1917-12-10

The stock market last week was
quite as interesting for what didn't
happen as for what did. What
happened. briefly, was this: a burst
Of selling induced by that section
Of the Presidents message to Con-
gress relating to further price fix
ing caused = sharp, though not eX-
tensiyc, recession in prices; there
followed an even sharper movement
in the other direction, based partly
upon the statement of the Secrc-
tary Of the Treasury that additional
taxation would be avoided if pos
siblc, but chiefly upon the favorable
Interpretation given at first by
Wall Street 20 the recommends
tions Of the Interstate Commerce
Commission for unifcation Of the
railroads or as an alternative for
government operation. The stlmu-
lus impaired by these important
developments was, however, of
short duration, and through the bal
ance of the week the market
showed an easing tendency What
did not happen was the develop
ment Of the public interest in the
market. Operations were confined
almost wholly to the exchange Of
counters between professional
spectators, for the public showed
no inclination to buy when prices
were rising, and it was just as
apathetic when prices were going
down. Moreover, failing TO secure
following on either side Of :he
market, professional traders were
themselves at q loss as TO whae
course to follow, and the market nj
most dried up. Transactions were
on a decreasing scale throughout
the latter part of the week. On
Saturday the turnover was the
smallest in any short session for q
long time, aggregating slightly less
than 100000 shares.
The fact that public interest in
the market was not aroused by the
most important news in several
weeks is an indication, in the
opinion Of many observers, that a
period of dulncss IS IN prospect.
while il is argued that the absence
Of liquidation under trying circum-
stances tends 20 show that the mar
ket has thoroughly discounted the
readjustmen, 20 war conditions, as
far ss ;he process can bc forescen
from Information now available.
New-York tribune., 1917-12-10

An investment house has com
piled an interesting table showing
the attractiveness Of tax exempt
municipal bonds as compared with
taxable issues. II is presented be-
low:
New-York tribune., 1917-12-10

attempt to find out why the plant
is idle. and then through an attempt
70 eliminate the causes of idleness'
which are lack of work, lack Of help
lack of material, repairs, etc.
Without going into the details OF
those subjects, it may be readily ap-
,reciatei what advantages Will be
derived from a careful study oI
oacb of these causes. This general
view Of the cost question leads to
q further simplifcation Of the pro-
blem which is worthy of careful CON
sideration. First. the expense o.
owning and maintaining certain
machine in idleness properly
equipped for efficient operation
should be substantially the same IN
any part of the country where the
machine could be bought at sub
stantially the same price. Second,
the amount Of power, oil, waste and
repairs, and even supervision, of a
certain machine should be substan-
tally the same in any part Of the
country, if it were engaged upon
substantially the same kind Of work.
Standardizing Cost Methods
Following these lines of thought,
we readily see that a standardiza-
ton of cost methods and Of costs IS
possible, which was unsupported .
few years ago. The Federal gov
ernmcnt has placed so many con-
tracts on "cost plus basis.
Much Of the confusion on the
subject of costs in the past has
been due to a misconception. The
intimate relation between produc-
tion and costs has not been sut-
ficiently recognized, and the ac-
countant has looked upon costs as
bookkeeping proposition, whereas IN
truth costs are much more closely
connected with engineering and
production than with bookkeeping
and accounting. If the engineer
will recognize this fact and insist
that money spent without any cor
responding production must be kept
separate from that which was pro
ductive, either directly or Indirect
lv. many Of the apparent contradic-
tions with which we are so frequent
" faced will be eliminated.
As soon as we establish thrse
methods. the following question Is
Immediately put to us by the nc
countant and financier, What are
we going to DO with this expense Of
idleness?" they having never be-
fore realized that it cost something
to be idle. Ny answer to that IS
that / do not know. Moreover, /
don't care, provided they do not
charge it to me in the products
which / buy from them. My recon-
mendation. however, would be that
they see how they can eliminate
such expense by proper managerial
methods. | am perfectly aware
that it is extremely difficult to eliml-
nate all of such expense, but | am
also aware Of the fact that it is eX-
tremely easy to eliminate a large
proportion Of it. The solution o.
this problem is one Of the economic
questions which the war will short
" force to our attention, and it Is
primarily a question to be solved
by engineers rather than by tinan-
ciers
New-York tribune., 1917-12-10

Money rates held comparatively
easy last week, although the banks
lost nearly one-third Of their sur
plus reserves as result of the
shifting Of funds during the period.
The ease is more the result of lack
The theocrat. [volume] (Zion City [i.e. Zion], Ill.) 1914-1949, 1917-02-03
ANTI-CIGARETTE BILL INTRODUCED
IN WEST VIRGINIA LEGISLATURE

A bill was introduced in the West Virginia
legislature, on January Is, which, if it be-
comes law, will render cigarette smoking in
that state a criminal offense and possession of
cigarettes a misdemeanor, both violations
punishable by fine of SIS. The bill pro-
hibits any person or firm either to sell or give
away cigarettes, cigarette paper, or tobacco
used in the making of cigarettes. The bill
also prohibits any person having cigarettes
in his possession.
On January 26, Representative Hulse in
formed the House leaders of the Michigan
legislature that he would introduce an anti
cigarette bill in the near future Hulse in
troduced similar bill two years ago, which
passed the House by good margin. 1t was
pigeonholed, however, in the Senate, because
the upper House had already passed the Nor
ford bill, which is the present law, and which
excludes the use by, or sale-to minors.
Statistics issued from Washington on Jan
uary 25 stated that consumption of cigarettes
in 1916 reached the highest mark ever re-
corded. The tremendous increase, more than
40 per cent over 1915, is attributed to two
main causes - increased prosperity of the
country and growth of the cigarette habit
among women
The theocrat. [volume] (Zion City [i.e. Zion], Ill.) 1914-1949, 1917-02-03
WILBUR GLENN VOLIVA,
General Overseer of the Chris
tan Catholic Apostolic Church
in Zion, will deliver the ADJ
DRESS at 2:3O P. NJ, in
SHILOH T TABERNACLE,
LORDS DAY, FEB. 4th.
Let there be a full attendance
of all Officers, Members, and
Friends!
DARKENING SHADOW OF MONEY
FAMINE IN EVERY LAND

Francis w. Hirst, editor of the London
Economist, in an article says, that he pro-
poses to call private and public attention to
the giant form of financial famine whose
darkening shadow is plainly observable by
bankers in every land.''
After giving figures, showing the enormous
daily expenditure of the war by all powers
concerned he says that it is possible and in
some cases certain that the debts contracted
will not be paid. He also points out that
for many years to come the belligerent states
will have to pay an enormous annual sum of
war pensions to disabled men, widows and
orphans. AS the war continues, the claims
for such pensions will multiply, while the
means of paying them will dwindle. He says
'There is now real danger that some Of
the belligerent governments, seeing bank
ruptcy to be unavoidable, will prefer to con-
tinue the war, playing on, like Juvenals gam
bier, on the desperate chance that some turn
Of fortune may redeem fraction of their
losses"
In September 1914, shortly after the out
break of the war, Mr.. Hirst estimated that
the total cost of the first year of the war to
all powers concerned would be about $18, $780,
100000. According to calculations made on
March 1, 1916, the actual total was about
$18, 75O, 100000, proving that his guess for
the first year was remarkably accurate AL
though an official estimate of the second
nounced, he says that if it is put at $35, 000,-
100000 this figure will probably not be far
wrong.
The theocrat. [volume] (Zion City [i.e. Zion], Ill.) 1914-1949, 1917-02-03
GREAT BRITAIN TO GIVE HER COLON
les VOICE IN NATIONS WAR
COUNCILS

Concerning the part British colonies are
to play in the coming war council in London,
and in the affairs of the Empire during and
after the war, Premier Lloyd George granted
an interview to the London correspondent of
the Australian Unit Cable service on Jan
uary 26, which applies equally to all the Brit
ish colonies. He said that he had taken the
step of urgently inviting the dominion's pre-
miers to lead in the war council, despite the
fact that it might cause much inconvenience
locally, because he desired their advice and as
sistance regarding the conduct of the war and
the negotiations of peace.
He declared that the war had taught many
lessons and had opened new age.
He said the prime ministers, or their re-
representatives., will be temporary members of
the war cabinet, and he proposes that all mat
tiers of first-rate Importance should be con-
sidered at a series of special meetings, from
which nothing affecting the dominion's con-
duct of the war or negotiations for peace
would be excluded from consideration. The
only questions, upon which their advice would
not be sought, would be those of domestic
nature affecting the United Kingdom.
Premier Lloyd George said that in taking
this step Great Britain had departed from
precedent, but, in these days, she could not
hesitate for that reason.
The theocrat. [volume] (Zion City [i.e. Zion], Ill.) 1914-1949, 1917-02-03
GREAT BRITAIN CONFRONTED WITH
SERIOUS MENACE

The London Daily News, of January "a,
gave prominence to an article by it's naval
correspondent, which called attention to the
gravity of German submarine activity The
writer declared that the real seriousness of
the situation was not realized by the mass of
the British people, for the reason that the
accounts of ships sunk to the bottom had be-
come SO regular feature of the newspapers
that no particular notice was taken of the
matter, unless some unusual atrocity attend
ed the incident.
He called attention to the fact that at the
beginning of the German submarine blockade,
the British Admiralty issued weekly state
ments of losses, but this custom had been
discontinued, During that PERIOD the week.
ly average loss was five vessels, but he de-
clared that this rate had now nearly trebled
The writer gave statistics, showing that dur
ing ninety days, 470 ships had been sunk.
He also dwelt on the rapid multiplication of
U-boats, their striking development in power,
and their cruising radius, which he says has
completely changed the problem since they
began operations. He concluded by saying,
that Great Britain is confronted with the
most serious menace which ever threatened
the nation, and contended that it is impera-
tive for the people to cut down their consump-
ton Of tobacco and other imported luxuries,
in order to free tonnage for essentials.
The theocrat. [volume] (Zion City [i.e. Zion], Ill.) 1914-1949, 1917-02-03
AUXILIARY CRUISER, LAURENTIC,
SUNK OFF IRISH COAST

The British Admiralty announced, on jan
uary 20, that the auxiliary cruiser, Lauren
tic, of 1882 tons, had been sunk off the Irish
Coast, on January rs. The liner-cruiser is
believed to have been the victim of mine.
A large hole was blown in the side of the YES
sci which sank in about ten minutes. About
26O of the crew were lost. The Commander,
Captain Reginald Norton, was among the sur
vivors.
Before taken over by the British Admiralty
for auxiliary cruiser duty, the Laurentic was
in the Canadian service of the White Star
Dominion Line. She was the largest vessel
in the Canadian trade and had acconmOda-
lions for 1920 passengers.
During the first two years of the war, the
Laurentc was engaged in patrol duty in the
European waters.
While in the Pacific, the auxiliary cruiser
held up and boarded the American steamship,
China, in February 1916, while that liner was
on voyage from Shanghai to San Francisco,
and seized 38 German subjects. The seizure
was the subject of protest by the United
States government After lengthy negotia-
t tions, the British foreign office announced it's
decision to release the Teutons.
Zion people were especially interested in
this incident, as Mr.. Bach and son, Hans, who
recently arrived from Shanghai, China, were
among the German subjects removed from the
China, having been on their way to Zion City
at that time. After many months detention
in Australia, as previously related in THE
THEoCRAT, they were released.
The theocrat. [volume] (Zion City [i.e. Zion], Ill.) 1914-1949, 1917-02-03

PRESIDENT VETOES IMMIGRATION
BILL, BECAUSE OF LITERACY TEST
PROVISION
President Wilson, on January 20, vetoed the
immigration bill passed recently by Con-
gress, because of it's literacy test provision.
This is the second time the President has
vetoed an immigration bill, because of the
literacy test. For the same reason, similar
measures were vetoed by Presidents Taft
and Cleveland. In his veto message to the
House, in which the bill originated, President
Wilson said
II very much regret to return this bill
without my signature
"In most of the provisions of the bill
should be very glad to concur, but I cannot
rid myself of the conviction that the literacy
test constitutes radical change in the policy
of the nation which is not justified in prin-
ciple.
"It is not test Of character, of quality, or
of personal fitness, but would operate in most
cases merely as a penalty for lack of oppor-
tunity in the country from which the alien
seeking admission came.
"The opportunity to gain an education is
in many cases one of the chief opportunities
sought by the immigrant in coming to the
United States, and our experience in the past
has not been that the illiterate immigrant is,
as such, an undesirable immigrant. Tests of
quality and of purpose cannot be objected to
on principle, but tests of opportunity surely
may be"
The theocrat. [volume] (Zion City [i.e. Zion], Ill.) 1914-1949, 1917-02-03

willing to go into conference and discuss
all questions as between equals. That was
their Offer It was spurned by the enemy.
president Wilson sent a note to the belli-
gerents, in reply to which the entente out
lined their objects, which include the crush
ing of the central powers, the partition OF
Turkey, Austria and Bulgaria, and separation
of German provinces east and west.
"From the moment that reply was pub
lished to the world the central powers knew
that the movement for peace was ended. The
terms were impossible, so regarded not only
by the central powers, which the entente pro-
pose to carve up, but by all Europe. No self
respecting nation could consider such terms
for moment.
The theocrat. [volume] (Zion City [i.e. Zion], Ill.) 1914-1949, 1917-02-03
SUBMARINES AVAILABLE FOR BLOCKADE

"In view of this situation, the central
powers determined to make full use of it's
most effective naval weapon, the submarine,
by establishing an effective blockade Of all
enemy ports From 300 to 500 modern sub
marines are available for this work The
purpose is not to permit single cargo OF food
stuffs, or other supplies to reach Great Brl-
tain, France or Italy.
''This step was made necessary by the star
walton blockade established by Great Britain
two years ago. For two years Great Britain
and France have tried to starve the women
and children of the central powers, as well as
their armies. They have not succeeded.
'Their blockade has had the deliberate eff
feet of interfering with and virtually stopping
legitimate trade between neutral nations.
The United States two years ago char
acterized this blockade as illegal, indefensible
and ineffective. Other neutrals adversely af-
fected have done likewise. For two years
neutrals have permitted this illegal blockade
to continue.
"Now Germany proposes to establish an
actual blockade of all enemy ports 1t may
be an open question as to whether the block
ade is legal. This is due to the fact that a
novel weapon is used to enforce it. Great
Britain's blockade of Germany is illegal. No
such blockade was ever attempted before.
WAR REDUCED TO STARVATION BLOCKADE
"The entente powers have proclaimed to
the world their intention to crush and dis
member the central powers-all of them. We
do not propose to sit calmly by until they
do it.
''The war appears to have simmered down
to starvation campaign. We do not pro-
pose to be starved. After two years Of Great
Britains blockade Germany is not starved
AIM TO FORCE EARLY PEACE
eve firmly believe that an effective block
ade of allied ports will force peace negotia-
lions, perhaps within thirty days, and Ger
tainly within sixty or ninety days. Our
blockade therefore, is primarily a move to
force peace, first, in the interest of the cen
trail powers, and, second, in the interest of the
neutral world"