davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-10-14
FINANCIAL MEETINGS
NOTICE TO STOCKHOLDERS
To the StOc Ockhoiders of

Hc -sidSuTt TaIIs ROWer tOmDany,
Notice IS hereby given that SPECIAL
MEETING Of the STOCKHOLDERS Q?
THE NIAGARA FALLS POWER con
pANY has been duly called and will !.
held az the Office OF the Company Ia ID
Power House No. 2. Buffalo Avenue n
the the City Of Niagara Fails. New York, G.
Tuesday. the 18th day OF October, 1918, a
u o'clock noon, for the purpose Of sub
mitting TO said stockholders for their con
sderation and action upon the approval
thereof, N agreement for consolidation /
Cliff Electrical Distributing Company, II.
Niagara Falls Power Company az.
Hydraulic Power Company Of Nlagas,
Falls. pursuant TO the laws Of New Yrs
including the provisions of Chapter s.s
Of the Laws OF the State OF New york Z.
the year 1918, and for the transactiG q,
any other business that may come 5e.m,
such NEE ting. The said agreement bead
date September 20. 1918. and has bss'
made and entered into by the said corpora
tlons under their respective corporate sad
and has been signed by a ajoritv Of VI
respective Boards of Directors Of the ga.
corporations.
BY order OF the Board OF Directors.
FREDERICK /. LoNELACF, ssecretarg
Dated. Niagara Falls. New York Se2I
tember "a. 1918.
New-York tribune., 1918-10-14
Market Baroneters

Stock Exchange Transactions
Stocks
Rail Other All
stocks. stocks. stocks.
Last w'k.. .276,3oo 2,75eso0 3,03S. 100
Week bef .209,7O0 3,1o6, 900 3,47e.. 600
Year ago. .394,60O 2,7679o0 1852. 500
January to date:
1918. 13,4o3, 300 16,2se, 100 1850
1877. 90,7s2, Geo 13o,533,5oo 121,e15, 600
1915. 1o4, ,158,soo 14s,792, 900 147, ,4a4, 100
Bonds
Week Year
Last week. before. before.
U.S.g. $34.s6e, COO $32, ,2e4. 900 S11, $40 ,ooc
Rrrs. 3,50a,0O0 3,479,ooo 2,174,ooo
O'h's. 15,436.O0O 12,232, 600 4,345.ooo
AK. $780,, COO 48,oo5. 900 19,439,oo
January ! to date:
1918. 1917.
U. 8. gov. ... $3.50, ,3A7, 900 $127. .+90, GOO
Railroads -. 102,780.O00 163, ,sO2. 900
Others ...... 439, 9,147 600 417,216,ooo
All bonds 1895, ,774,00o 7oasoa COO
New-York tribune., 1918-10-14
By Fl. ]. Davenport
Professor Of Economics In Cornell
University

Professor Of Economics In Cornell
University
u M r. HOOVER, rs an engineer we'll
W. trained in the laboratory sci
ences and with slow experience
progressing toward some familiarity
culture, and thus toward better
understanding of the fundamentals Of
his task, never quite intended to as
sert, we may be sure, that the law OF
or repealed d-that, for example, prices
can be made to go down by virtue Of an
increased demand or up by virtue of an
increased supply. 1t was just man
ner of speaking
Civil laws occasionally get repealed
Mr.. Hoover has not rarely repealed
some Of his own ordinances. But &
scientific law is rot a directive or CO.
ercive CT penal thing, as all
men Of science are thoroughly we'll
aware. Nor are scientific laws, forces
or energies. They are merely human
concentrations formulating the uni
the facts infer them, tested and mod
iied with cnlarging experience, and not
seldom abandoned with a widening ac-
quaintance of the factual data. Neither
the apples that fall to the ground nor
the planets that swing in their orbits
are swayed or pulled or constrained by
ally law. They obey not y;or rebel. Sci
entfc laws carry with them 10
suggestion Of command OF of any ordi-
nances, human or divine; they are
merely mental formations, intellectual
constructs. The realm of law as con-
noting more than the observed regular
tiles Of things is nonsense, or theology,
or poetry masauerading as science. or
some other sort Of moonshine--luracy.
New-York tribune., 1918-10-14
Speculation and Price fixing
An Editorial
By H. j. Davenport
Professor of Economics IN Cornell University

addition to the volume Of present de-
mand-his warehousing so far a pres
ent reduction in the value Of offered
eggs. His summer buying and winter
selling n Ike prices higher now and
lower 'len. He affects prices clearly
enough at either time, but always
through the demand and supply process
and consistently with it---never by re-
peal of 1T or by processes exterior to
it. He is a hoarder; nay more, he is a
protiteer--as it is the business of men
in business to be. Wicked of them as
it doubtless is, it is for profits that they
go in; not getting them, they either
have to go out or be closed out.
1t must be admitted that the specu-
lators are not philanthropic in point of
the motives tl.at actuatc them. But
they may still be benefcent in point
OF their results. It is as easy as it is
common to denouncc them; they Ger
tainly do make summer eggs less of
bargain to summer cOnsumers-a bad
business from the summer point OF
view. But they husband the eggs for
winter consumption, supply a larger
number Of winter consumers, make
winter eggs cheaper, permit many of
us to have eggs in tho winter-com-
tresh-who, in default of the specula-
tive operators, would have to get along
with less or none. What we get, at
any rate, we get at prices attracting us
to buy them. The spectators are not
keenly active to the end of making
their winter prices low, but they are
very keen to get all their eggs sold.
We have the winter eggs.
Tho truth is that competitive So
ciety could hardly get on without spec
uiators-certain classes of them. WoI
are as keen for the commodities that
they preserve for US as they are for
the profits that they get from us. They
redistribute the goods in point of time
to the great increase of the total SER
viceability Of the goods. They trans
late foreseen dearth into present re-
striction, or a foreseen plenty into a !
removal Of present restrictions-retard
or accelerate present consumption to
n corresponding modification Of future
consumption--an automatic method Of
imposing at each moment a survey OF
the entire consumption period, in & /
comprehending Difference to the total
need-with never a trace or taint of
pious purpose anywhere in the process. i,
The service performed is we'll illus
tratcd in the classic example of a ship
master who, rinding when out in mid !
sea that he has only half the normal
supply Of food, reduces his crew forth !
with to half rations, as the sole method
by which they may not shortly starve.
New-York tribune., 1918-10-14

Entering the last week of the Lib
erty Loan campaign the country
faces record of subscriptions that
is far under the figures set. With
the exception Of one or two dis
tricts, notably the St. Louis Federal
Reserve district, the loan appears
to be going slowly. Subscriptions
have neither been as numerous or as
large as was to be expected. Appar-
entity the people feel that the outlook
for an early peace has taken the re-
sponsibility of helping to finance the
war off of their shoulders. Pre-
cisely the opposite is the case. The
New-York tribune., 1918-10-14
Finance Economics
telephone
Hanover 65f4

present is time when the extreme
military effort Of the Allied armies is
being put forth in France. Here at
home the extreme financial effort
must be made. 1t is imperative that
the public take the bonds. The
banks must not be forced to tie up
their liquid resources in the bonds.
The banks must be in strong shape
to take care Of the future financial
needs Of the government. The sue
cess of the loan rests entirely with
the people, and if the banks have to
take the bonds the loan will morally
be counted as failure. 1t is there
fore up to every one to buy literally.
Despite the fact that practically
all Of the machinery Of the invest
ment market has been given over to
selling the fourth Liberty Loan, ac-
tjvity broadened in the general in
vestment market and toward the end
Of the week railway bonds rose
sharply on heavy trading. A num-
Der of prime issues rose / to 3 points
in Fridays market. Foreign gov
ernment bonds continued to display
a firm tone. The movement in these
issues as we'll as in the rails was
associated with the vastly improved
war outlook. Municipal bonds were
quiet during the week. The
Tribune's average Of bond prices
showed an advance Of approximate
ly 2 4 points in the price Of ten rep
resentative railroad bonds.
The money situation was un-
changed last week. Offerings of
both call and time money were light
owing to the governmental demands
upon the banks. Rates were firm
around 6 to 61a per cent. The ex-
tent to which the banks Of this dis
trict have responded to the
Treasury's call for funds is indi-
Gated in the subscription statistics
of the recent series Of certificates Of
indebtedness issued in anticipation
of the present Liberty Loan. The
banks in the New York district took
altogether $1,6So,9S9,oo0 of the
seven issues Of certificates since July
/, whereas their quota was $780,
100000, the over-subscription being
1924 $4,000.
New-York tribune., 1918-10-14
HARTMAN NATIONAL BANK
fifth Avenue g. Forty fourth St.
New York
RkhSIkG HOURS FROM 8 a. NJ. TO 81. NJ.
safe DEPOSIT VAULTS 8 A. M. 10 MIDNIGHT
DIVIDEND NOTICES
VIRGINIA RAILWAY AND powv,

VIRGINIA RAILWAY AND POWER co.
1f9 Broadway, New York, Sept. 20, 1918
The Board OF Directors OF Virginia Rail-
way and Power Company have this day
On the COMMON STOCK Of said company
payable only and solely by delivery OF one
share Of the Capital Stock of the Old
par value OF SO. for each share OF the
Common Capital Stock of this Company
On October 20. 1918, TO holders OF he Com
mon Stock OF record September so, 1913.
The transfer books will not be closed
Stock certificates in payment of the diyi-
oend Will be mailed.
G. b. WILLIAMS Treasurer
New-York tribune., 1918-10-14
WALL STREET OFFICE:
Mills Building, IS Broad St.

Confusion Of sentiment was plain
ly reflected last week in the course
taken by prices on the Stock Ex-
change. Again an effort was made
in speculative quarters to ditferen-
tiate between the so-called war
stocks and those issues which are
classed as peace shares. This I'M
parted an exceedingly irregular ap-
pearance to the general trading list
at times, although at the close of the
week the whole market moved for
ward, chiefly as the result of the
covering Of short commitments.
Speculative interest converged
largely upon group Of industrial
specialties, notably oil and shipping
shares and in number of instances
striking advances were recorded.
But in other parts Of the list the
pressure of selling from quarters
WHC1 . AZ 10 GSAicFCQ tll1C pSICt Will
bring about a drastic revision in
values caused weakness. For q time
the steel stocks were subjected to
selling but the group hardened sub
sequently on reassuring statement
made by Judge Gary, who asserted
that there will be plenty Of business
for the steel companies after the
war. Railway shares, after compara-
tive quiet in Che forepart of the
week, developed pronounced strength
and activity on Friday, many impor-
tant investment rails reaching the
highest prices touched this year.
Taking the market as q whole, how
ever, conservatism continued the
predominant note with the trading
element and there was q general dis
position to await further develop
ments in the war. Large scale oper-
ations are discouraged and checked
by the ban on banking credit for
speculative purposes. This, at times,
gives the market an artificial ap-
pearance.
New-York tribune., 1918-10-14
Curb Market

Note.--Ihe Tribune assumes no responai-
oility for the accuracy or authenticity of curb
market quotations. Transactions and prices
for the week ended October - were re-
ported follows
New-York tribune., 1918-10-14

Mexico thus stands easily third as q
producer, but with Russian and other
supplies cut off and with a depletion
of United States stocks amounting to
$4,000 barrels daily our interest in the
Mexican output is obvious.
New-York tribune., 1918-10-14

It is probably safe to say that the
majority opinion in the financial dis
trict at the present time is that the
end Of the war is now in sight. It
may be several months or perhaps
year, but the feeling is that the Ger
man request for an armistice pre-
sented to President Wilson last week
Indicated recognition in Berlil that
the game is about finished. Under
the circumstances it is not sur
prising that an effort should be made
in the stock market to discount the
expected event. Market observ-
ers have insisted that security prices
should follow precedent by dis
counting peace by several months.
How financial Germany and Austria
are beginning to react to the hand
writing on the wall is very clearly
seen in the collapse in security
prices on the boerses of Berlin and
Vienna. Neutral countries are also
feeling the effects of the sudden
turn in the fortunes of war. Scan
dinavian shipping shares have suf-
fered a great fall. And there, as in
other neutral countries, the exchange
value of the dollar, the pound and
the franc, has risen sharply. 1t is
perhaps in the exchange markets
that the discounting process is pro-
ceeding most rapidly.
New-York tribune., 1918-10-14
ELECTRIC BOND AND sHARE d

PEtFLNKED STOCK DlNlDEND No. s.
New York. October q 1918.
Tho regular quarterly dividend of cl'
ard one-half q 4 % per cent or tho Pc
ferrel Stock of ELECTRIC BOND AND
SHARE COMPANY has been declared
payable November /. 1915. 10 s,ockholosr
of record at the close Of business Octobs'
Is. 1913. II. NJ. FRANCIS. Secretary.
New-York tribune., 1918-10-14
DIVIDEND NOTICES
CROCKER-WHEELER CO
.Amperc, New Jersey.

NJ meeting on October 1fth. 1918. I'D
Directors declared the regular ouartert
dividends of l q. CO on the Preferred and
20 on the Common Stock for the quartet
ending September 80. 1918. payable Octoesj
Is, 1918. Books closed October 5th
Z. LANG Secretary
New-York tribune., 1918-10-14
An Economists
Nightmare

Precisely what we economists will
set about doing if once the law of sup
ply and demand fails us-if, that is to
say, We come to find our fundamental
generalization a defective report of the
objective facts--is i'll to think of. But
we take comfort in the certainty that
neither any person nor any thing, nor
wars nor principalities nor powers can
repeal it or tamper with it-~or with
time or space or the multiplication
table.
And still it is clear that, almost as IL
by magic, three feet may turn into
inches-just as, in terms of dimnlah hing
purchasing power, q dollar may turn
into so or rs cents, or IS marks or
franks be translated into another sys-
tenn of standards.
Or, again, legislatures or administra-
tors or wars may introduce new and
disturbing influences into q situation
and so modify the setting within which
the adjustments "e supply with de-
mand must take pace. 1t is not i'm
possible that laws or ordinances may
fix the terms of price at which bidders
must buy, if they buy at all, or sellers
sell, if they sell at all CT producers
bring forward new supplies, If any new
supplies are to be forthcoming. Many
conditions, favorable or adversc-say,
a fuel CIR food ministration-may
profoundly affect conditions either Of
supply or demand without in any wise
affecting the large and general truth
of which the law Of supply and demand
is, one still believes, the adequate
formulation. But it must still be un-
true, one thinks, that the consumption
of wheat can be diminished by hoidinr
Il
tol of it stimulated.
How Speculation
Affects Prices
Nor is it nearer true that if the
supply Of dollars with which to buy
things is made greater, whether bv
moro geld or more reserve bank notes
or more deposit credits created bv
more liberal bank lending, the number
of pounds of wheat that dollar will
buy can be expected to increase. The
economists find, indeed, in the recent
trend Of prices striking confirma-
tlon of their doctrine that if the supply
Of any commodty-e. g., wheat or coal
or beef or cotton--is becoming rela-
lively restricted it's price will manifest
q relative rise, and that if the supply
OF exchange media is being expanded
relatively to products in general the
purchasing power of the money unit
VIII sutfer-prices in general will rise
The Facts tnat TO. Nceva i
credit the law of supply and demand
are for the economists ILLUSTRATORS
and combinations OF it. But in either
view 1t is as incpt to talk OF repeal az
1t would be to talk of enactment.
Nor are the suspected tola that wa
call spectators any whit the more ef-
ficient in the direction of interference
or OF repeal. They affect prices, to be
sure, but this solely by reason of the
fact that they are able to affect the
relations between supply and demand.
Ihey modify the volume of buying or
OF selling. The cold storage man fore
seeing later shortage OF eggs, decides
to buy now. His decision means an in
crease in the present demand so far as
affecting price. By his warehousing he
restricts also the present shortage Of
eggs through the supply aspect Of the
price procsss-his bidding so far an
New-York tribune., 1918-10-14
Bonds


unlisted. fsell cent? pr shas&
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
TIME FOR CUTTING ALFALFA
When Field Is About One-Tenth In
Bloom Is Considered Right for Hay
for Cattle.

It is commonly believed That the
proper time to begin cutting alfalfa
hay is when the field is about one
tenth in bloom. Cutting at such a
time makes very good hay for cattle,
but such hay is too "washy" for
horses at hard work. To make hay
suitable for horses at hard work, al
faIfa must be allowed to become rather
mature before cutting, in fact, the
field should be in full bloom before
the mower is started. The hay should
be thoroughly cured and stacked. Spe'
cial care must be taken to prevent
spelling or molding, as moldy, musty
or dusty hay of any kind Is injurious
to horses.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
NOT QUITE WHAT THEY MEANT
Frenchman and German Alike Too Lit
eral in Their Use of an Un-
familiar Language.

The lateral translation Of words and
grammatical construction Of sentences
in the different languages Is produc-
tive Of some very amusing situations.
A gentleman whose wife was noted
for her domesticity was seated next to
q Frenchman at q dinner party. De-
string to compliment his neighbor and
enter into conversation, he remarked !:
"Your wife, she is very homely."
But it remained for a German no.
telkeeper to cap the climax. Having
taken a trip on train he was much
impressed by the brakeman calling
"Next station -. Don't forget your
packages" Desiring to save himself
the annoyance of forwarding articles
left by departing guests, but mixing
his English words with his German
grammar, he put up a sign where IL
could not be missed by them:
"Wait! Look! Have you anything
left r.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01

soda may be profitably made In the
fall, especially if the seeding be I'M
duly delayed. Under usual conditions
60 to 100 pounds of nitrate may be ap'
piled in the spring, as soon as early
growth starts, but the margin of profit
is not great. Cottonseed meal. dried
blood, nitrate of soda, and other active
forms of heterogeneous fertilizer are
detrimental to the termination OF SEED
with which they come into direct con-
tact, and the later and more unfavor
able the season the more pronounced
is this effect. If any one of these ma
terials be used, therefore, it should be
drilled in separately from the Seed
Acid phosphate. however, does not in
jure the termination, SO that when
used alone no precaution is necessary
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
soILING is GOOD PRACTICE
Kinds of Crops to Be Grown and Man.
ner of Cutting and Feeding De-
pend on Conditions.

Soiling is the practice of growing va
rious forage crops to be cut green and
fed to live stock in that condition. Any
crop. such as corn, rye, sorghum, oats,
cowpeas and clover (Which can be cut
green and fed to live stock and eaten
by them), may be used as a soiling
crop. Corn, sorghum, rye and oats
are probably best for this purpose In
most sections, yet in some places other
crops may be grown and the manner OF
cutting and feeding them will depend
upon local crop conditions and the
kinds of animals to be fed.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
VALUE OF NITRATE OF SODA
Under Ordinary Conditions 60 to 100
Pounds Per Acre May Be APP
piled In the Spring.
cBy CHARLES 4. MooERs, Tennessee

(By CHARLES A. MOOERS, Tennessee
Agricultural Experiment Stationo
If the wheat be preceded by cow
peas. soy beans, or one of the clovers
or If dressing or farmyard manure
be made, then only acid phosphate at
the rate of, say, 200 pounds per acre
is advised as affertilizer. Otherwise
complete fertilizer, such as recon-
mended for corn, may be used. Under
some circumstances light dressing OF,
say, 40 pounds, per acre of nitrate OF
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
SPREAD MANURE OVER FIELDS
When This Method Is Not Practicable
il Should Be Piled Under Shell
ter of Some Kind.

The best way to handle manure Is
70 spread it over the fields as promptly
MS possible. The fresh manure is far
better on the land it is to enrich than
put in piles in the barn. When 1t is
not practical to spread the manure as
fast as it accumulates In the barn 1t
may be piled under shelter till such
a time as it may be spread. 1t Is
hest to have firm surface to pile
1t on.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
REPLACE ALL BROKEN GLASS
plants in Hotbed or coId-Frame Are
often Injured by Freezing
Rodents Excluded.

Plants are sometimes frozen or in
iured in the hotbed or cold-frame be-
cause of broken glass. New panes
should be placed in the sash wherever
there are holes. This may also avoid
a heavy loss by preventing the en-
trance of mice and rats.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
ASPARAGUS BED READY EARLY
Pecuniary Advantages to Be Reaped
Sufficient to Satisfy Most Anbi-
tious Gardener.

An asparagus bed is ready for use in
very early spring, when everyone
Graves fresh vegetables. 1t is easy to
grow after once started, and yet an
asparagus bed is rarely found on
farm, though the pecuniary advan
tages to be reaped from it are suffi-
cient to satisfy the most ambitious
gardener.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
lnIurea Good HatchIna EaQs.

If the hens have plenty of room
to range out in the adjacent lots and
fields. and a number are led by a
single cock, it is seldom there are poor
Matching eggs.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
Easy.

Brown (who is engaging a parlor
maid during his wife's absence)-And
why did you leave your last place?
Comely Applicant-Well, tt-it-Was
for letting master kiss me, sir.
Brown-Ahem! You-h'm - may
consider yourself engaged.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
MANURE APPLIED IN WINTER
Materially Adds to Supply of Organic
Matter in SoiI-Loss From
Leaching Prevented.

Stable manure applied during the
winter on land sown with rye which
Is 70 be plowed down next spring, will
materially add to the supply of or
ganlc matter in the soil. The rye win
nrevent any loss from teaching.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
Found an OYSTER,

Bill-Did you go to the oyster sup
per ut the church?
Jill-Sure | did.
"Were there many there"
II found one"
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
ARE IMPLEMENTS IN REPAIR7
All Broken Parts Should Be Replaced
During Slack Season lin Winter
to Save Time.

Are the tools in good order? Do any
broken parts need to be repaired or
replaced with new pieces? Attending
IN these matters now may save much
fine next summer when we can't af-
ford to lose q minute.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
care RequIred for lambs.

. Some care is required TO raise lambs.
Especially is good care needed when
fbe lambs are young and weak.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
Floating Muskrat Trap.

which is in most cases advisable, is
discussed In q recent farmers bulletin,
No. 1863, of the United States depart
ment of agriculture.
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
Reds and Rocks.

The Rhode Island Reds and Barred
Rocks are characterized for their dis
apctiye color Of plumage-
The Morgan County press. (Wartburg, Tenn.) 1916-1926, 1918-03-01
sheen Are ProHtabI..

The sheep finds profit-making
nlace on the small farm az readily a
any other animal