davidaulloa/AmericanStories huggingface dataset:
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-07-23

Tho men nr tho FIRST l'r"ShF' "r'An
churcl: Kill give a lawn f"i" IN ~" lawn
surrounding thr tilrn"%!" SO! WORKS
office Thursday ertnin5- Inc PFo|'"a
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-07-23
Examine New RegiStrants.

will be rlaccd In q fund for the benefit
OF the proposed new church.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-07-23
Indicted into Service.

seventy mon w"r" Iu-;lct"d into mil!-
,.-v ea-yl,.r Yesterday afternoon ny III"
I.uairc d-at: board WHEN th.'Y 7'r"r;"'!
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-07-23

League for the week will be as follows:
Tonight. lnvincibics VS. EarluGEers. ana
Thursday night. City Railways vs.. hu9-
bard Athletic club.
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-07-23

down tn" river last w""k However
IN" pool il, slowly Milling nr ana pool
Stage will b. registered III Il few days
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-07-23

at the city building In response 20 or
doris sent out several days ago. The
men reported At ; o'clock for roll call
and Inspection. Later they w.r" ~
CuSod unt!l this morning ~ Y o'clock.
when they will report again. prepared l."
IN train. =
TIL, draft".< will march 10 lii" place
III entertainment. escorted 10y the i""t'
draft board. city officials. and q. y. L..
about = o'clock The train will lcav"
Thir;y-Second and Ilanilt"n streets
promptly at ":l5. Tn" contingent l";tv-
ing today will contaIr-."2 miners. and
tn" PuItn.y and Bakcw"ll mines Will
furnish bands llnu"ring the boys Wh"
h:tv,. hr..n called tn III" colUrs. TIL" list
The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1918-07-23

Moundsviile Briefs.
Ntss Mary Scott and MISS Etn"'
New-York tribune., 1918-04-21
The Superstition of
Gold"
Financial Editor of The Tribune.

Financial Editor of The Tribune.
Sir: In The Tribune Of to-day there
are two articles, each pointing out the
same economic fact in a different way
The one speaks of the gold surplus
here; the other of the paper money in
Germany
The result in each case is similar
an imitation Of prices. OF course, there
is this difference: Our gold surplus
gives US credit with the other nation $
markets-where the German paper is
all but valueless. But this does not
change the main fact-that money in
any shape or form, when sanctioned by
a government, is always good for it's
face value within the realms of that
government. This "face value" how
ever. is not it's exchange, or rather it's
purchasing value, exactly.
Permit mo to offer word on this
matter OF imitation, or "money cheaper
lng"7~a word that is very important in
these days Of extending government
control. government can only issue
currency (of any kind) honestly when
1T Is called for by bank credits result
ing from actual industrial production.
OF which gold Is but one part.
wage carncrs and currency must in
crease proportionately or trouble will
ensue, in short. If, however, produc-
tion is not proportionate (of ordinary
commodities as we'll as currency, prices
must necessarily become abnormal and
AuMGi,tu.ntlng. Mit ALFRED WALKER.
Wh'te Plains, N. T., April 12, 1913.
New-York tribune., 1918-04-21
Market for Third
Loan Bonds Will
Be More Stable
Several Factors Make fo,
Strength in Issue After Drive
Is Over. Expert Says
By Ray Vance

Director, Brookmirc Economic Ser
vicc
WILL the withdrawal Of the con-
wv vcrtiblc feature from the Sec
ond and third Liberty Loans
subject them to severe market deprc-
citation if the war goes on and large ad-
ditional loans are issued? A very large
percentage Of our Liberty bonds arc
purchased fSom motives in which pa
triotism plays such q predominant part
that this question is not important, but
in 10th the first and second loans there
was great deal of buying as a cold
bloodcd business proposition, and pos
siblc subscribers Of that type are hing
Ing their attitude toward the third loan
very much on this question Of non
ccnvcrtibility and market price.
1t would be foolish to say that anv
man can give an absolute answcr to the
question at the present time. but there
arc some facts that nre worth the at
tcntion Of the investor who is hesitat-
ing about this particular point. The
first and most obvious consideration is
tho fiat declaration Of Secretary Nc
Adoo that he believea the Federal gov
ernment Can go on indefinitely issuing
bonds at 4A per cent without accent
ing much below par as an issue price.
II this Is true tho market position of
9Hs already outstanding cannot be-
come very bad. Naturally, the opinions
OF the Secretary Of the Treasury along
this line arc subject to somc discount
because OF his official position, but
since he couples this statement with
the suggestion that before he will pay
M per .ccpt for money he will advocate
New-York tribune., 1918-04-21
When American
Banking Was a
"Wildcat'' Game
History of Gold Coinage in This
Country Full of Odd Vicis-
situdes
<From Tho Journal Of the American Rnn1.,..
ASsociotiOn)

<From Tho Journal Of the American Banhcr,
Associatiom)
Inc history of money in America !.
1ull of the strangest vicissitudes II
commenced in the reign of Ferdinand
and Isabella, when all the gold obtained
from the natives of South America
whether by barter, plunder or tribute.
was obliged to be sent to Spain for
coinage. From these remittances tho
crown first deducted it's royal share of
onc-half, lowered to one-fifth (the
qulnto), afterward to one-tenth. then
came frcightage and the insurance. or
charge for convoy (haberia), and final
~ certain mint charges (covos), which
were so onerous that the adventurer
was fortunate if he eventually received
from third to half of the gold no
had delivered up to the officials.
This source of richie. to tho cro~,n
became so prolific that as early as 1885
1T remodelled the old native mint Of
Mexico (for, contrary to common be.
lief, the Aztecs had employed both gold
bangs and copper money!, and began to
issue Spanish silver coins. Casts Of
these coins, obtained through courtesy
OF the American Numismatic Society Of
New York, which possesses the origi-
nails, are. now in the coin cabinet Of
the Del Mar Foundation Library. Thew
are of about the size and weight of our
bO-cent piece and exhibit the arms of
CASTLE and Leon and the Two Pillars
of Hercules Gibraltar and Ceuta). with
the initials of Queen Juana and her son
Charles, who at that period was asso-
ciated with her as joint sovereign Of
Spain and its possessions in America.
These coins are of especial interest in
revealing the little known fact that the
first sole sovereign If America was n
woman, and (when she voluntarily re-
signed the crown to her sony that the
first male sovereign Of America was
that son-Carlos of Spain, or Charles
Of the empire.
The coinage Of metal in America was
so costly to the owners of bullion that
New-York tribune., 1918-04-21
New German Enterprise

"The Magdcbuggische zeitung" states
that plans are ripcning in Hamburg
for the establishment in the nea,
future of company for international
enterprise, which will closely resem-
BILE the American international Cor.
poration and the British Trade Cor.
poration in form and in purpose. The
stock capital of this organization will
4e 20,O00,000 marks ($4,f6O. 900 at nor
NAL exchange) to commence with. The
undertaking has the active support
says the "Hcitung," of some of Ger
many's most important powers of the
financial, shipping and industrial
world.
New-York tribune., 1918-04-21

II oil of these theoretical features
40 not satisfy the doubtful investor he
can take the actual experience of Great
britain, where the operation of a. sink
ing fund similar to the one proposed
IN TINS country has stabilized the fuc-
tuation OF war bonds within a narrow
range after period in which thew had
been subject to some rather severe de-
preclatlon, and when all of these fac
TORS arc taken together they do not
leavc much room for the man who is
frightened about what may happen to
the third Liberty Loan in the market
after the subscription drive is over.
New-York tribune., 1918-04-21
Coal and Labor-And the War
An Editorial
BY H. j. Davenport


waste coal only when it is plenty.
No food or coal administration
holding war finance to be funda-
mentally other than industrial
economy, or failing to recognize
the ultimate facts and relations in
volved and imposed in an industrial
war economy, can make anything
other or better than muddle out
OF the regulation that it under
takes. No nation that accepts in
Hatlon, or any sort of currency or
banking hocus-pocus, as solution
IT its fiscal problems, or as a SUBJ
6tltute for rigorous industrial
policy both of production and of
consumption, can escape the ma
tlonal penalty that waits upon the
neglect of fundamental things. No
policy of war finance that obscures
fundamental relations-hiding them
IN a maze Of bank finance or at
tempting the production of dollars
in place of things, or as effective
for the national provision of things.
will long endure the pitiless tests
that war imposes and enforces.
Success cannot in the long run
attend any pussy-foot policy that
declines to disturb anything OF, any,
body, imposes sacrifices nowhere.
relies for wheat on exhortation in
stead of on labor, and for ships on
initiation instead of on lumber: Or
when other prices are inflated
trusts enthusiasm to limit the con-
sumption Of the wheat artifcially
held low in price; or that supposes
that labor will submit to a re-
strlcted standard of living at the
same time that profits unexampled
and uninterrupted are piling up be-
fore its eyes and derivative
luxury and waste Haunting itself
stupidity and shamelessly.
Why-so far as the laborer
could possibly understand - should
ne have no part in it all?
And still it must be true that
wages in terms of the actual prod
ucts consumed must be inexorablv
restrlcted-as must all other in
comes be cut to the quick-if the
industrial requirements of the war
are to be met. The processes of
war finance must be such as to
make it possible to understand them
to realize the ultimate facts and
10 concur in the necessities that
they impose. Camouhage finance
is worlds away from expedient
1lnance even were it essentially
righteous finance. Four hundred
thousand incomes at three thousand
dollars each, even if taxed at 100
per cent, would yield only a billion
and a quarter of revenues. The
income tax returns of previous
years have shown a smaller num-
Der. Say there are twice as manv
two billion and half. Suppose
they average twice as much-fiye
billions. Half the families in
America have less than $1,4oo a
year.
Ihe masses must help or the war
1a'!s' Gratuitous unintelligibility
or gratuitous unfairness in the dis
trloutlon of incomes or of burdens
must be fatal in our great emer-
gency.
New-York tribune., 1918-04-21
French Place Ban
On Capital Exports

A recent ministerial decree proh'oHs
the expectation from France OF csp''a'
funds or securities. The following ca
ceptions are made: Cd Capital fuho'
or securities which individuals OK COZ
poratfons residing or doing business
outside of France may have in France,
(2) capital sent to French colonies an'
protectorates for development OF as.,.
culture, commerce or industry; t''
capital as payment in French COLONIES
and protectorates for merchanoise !"
be imported to France.
New-York tribune., 1918-04-21
India's New Wheat Crop

The first official forecast OF the s's-
sown to wheat for the l9l7-'lS sess'1'
based on reports received from P
inces and native states comprising
per cent of the total wheat acreass
India, places the area under th's s'" s.a
at 33,912,0 900 acres, as against Si.00s, !.
acres in the first forecast OF lsio-a1 SIS
an increase of s per cent.
New-York tribune., 1918-04-21
Investors
In the Dark

The principle is entirely unjust be-
cause the ordinary purchaser Of securi-
ties upon making an investment in the
stock of foreign corporation is not
in a position to ascertain whether the
corporation holds any real property in
the State of New York, thereby sub
jecting his security to the payment of
n tax. No corresponding benefit will
result to the State of New York, be-
cause numerous large corporations
have small parcels of real estate in
New-York tribune., 1918-04-21
Wheat the Backbone
OF Our Trade Balance

OF all the crops which America
grows, the export influence of the crop
OF wheat has been the greatest. To
be sure, our corn crop ordinarily ex-
ceeds our wheat crop by fvefold. To
De sure, our oats crop doubles in
bushels the yield of.wheat. But the
great crops Of corn and oats are con-
numed largely at home. and their in
huence on the export trade is in the
form OF meat products rather than the
grain itself. Yet there is no question
that in the years before the war. when
cur foreign trade had not yet reached
us coveted goal of $1,000, 900 900, the
trade balance secured by wheat and by
corn ard by oats and by the meat
ana dairy products, which also left
the farm, was the backbone Of our
commercial exchange abroad. Our ex-
ports OF wheat this year, for instance.
which, with the self-denial Of the Amer
ian people, may reach the equivalent
OF 15e,ooo,0o0 bushels, and with q
value Of sSoo,00o,ooo, would now be
snch smali per cent Of the enormous
foreign trade that it would be appar-
entity lost in the calculation.
1t IN none the Jess true, however, that
u ~ the influence OF that wheat sur
plus and the corn surplus and the
oats surplus, with the prices realized
BY our home producers In foreign mar
.keta, that makes the basis for the vast
consuming trade at home.
y is, therefore, Of peculiar interest
New-York tribune., 1918-04-21
New Inheritance Tax Act
A Menace, Banker Assert.
Impost on Security Holdings of Non-Residents Uneco
and Will Drive Business From the State
Without Increasing Revenues

New York, the value Of wh;,,
estate is inconsiderable wha. 'sat
pared with the total assets of III. s..a' WI
poration, yet nevertheless it won,s W.T. .
necessary to determine this fr...: '.
value in every instance. The m..s a,
of determining that value ia M 'a
forth in the law, and it is suh,,;.. s's
that the resultant burden NM,
cedents' estates will be so great ~ Se
investors would take pains to see !. :.
that their securities never came w;,h; y :
the jurisdiction of the stat. ~
prudent investor would sub;ac, -. Nv
estate to the tedious, cumbersom. .ns
expensive procedure involved in a..
proposed law. By thus forcing NJ.
residents to remeve their secur;t;.. M
from New York the state will, ..:s
nothing, and the safe deposit co,.
panies, banking institutions and firm.
will be deprived of a vast and pros.
able business, and the resultino d.,.
age will be equal to if not pras,..
thin the injuries done to the stata =
.stitutions at the time of the so.c.,,.s
Hughes inheritance tax law. whom
several hundred million dollars, r...,
OF securities were withdrawn from !,
stitutions of this state.
New-York tribune., 1918-04-21
Farmers Must Rely on
Home Markets After War
Agricultural Authority Says Countries Supplied With
American Grain in Past Will Either Be Self Sustaining
or Buy Elsewhere in the Future

to US to see what the outlook is for
the maintenance of an export trade in
the surpluses of our grain crops, small
though they may be.
When one studies in detail the for
eign markets which are open to us for
these surpluses, and tho conditions un-
der which we may have to meet COM
petition in those markets after the
close of the war, we are puzzled to
estimate the new factors which war
has introduced
In broad way, we may assume at
once that the markets for our surplus
grain will be, after the war as now, in
Great Britain, and France, and Bel
gium, and Holland, and Italy, and pos
sibly in Germany; but we may be we'll
satisfied that, in those markets, we
shall meet the keen competition of an
impoverished Russia, of an India whose
agricultural activity will have been
stimulated by war prices, Of prosper
Gus Argentine; and also the competi-
tion of the British possessions of Cam
ada and Australia. And in those Euro
pean markets we shall meet changed
conditions.
New-York tribune., 1918-04-21
France May
Stop Importing

In France this year the area of arabic
land, excluding that in tho occupied
portions, has not been sown to an ex-
tent exceeding rs per cent Of what
in the same territory was seeded to
crops before the war. This is the re-
suit of the depletion of labor for farm
purposes in France; but we are teach
ing France to repair that, and thereby
we are building for ourselves the COM
petition which will help to destroy the
machinery advantage we have always
held. We are shipping France farm trac-
tors by the hundred, and we are teach
ing her to sow spring wheat in Feb
ruary. 1t may we'll be that after the
war the thrifty agricultural popula-
tion of France will have learned to
use enough of American machinery to
make that country once more inde-
pendent of importation of wheat, as it
has customarily been before the war.
Italy can almost raise enough of
food grains for her own requirements,
sand may easily do it under the stimu-
lus of economic need at home.
In Great Britain, the steady market
for wheat, which has hitherto absorbed
200,000,000 bushels of wheat per year,
the food needs may be readily sup
piled by normal crops in Canada and
Australia, and the normal shipping
conditions which enable her to trans
port this wheat from her own colonies.
Germany, formerly a large user of
foreign grain, has been self-support-
ing now for three years, and may have
acquired the habit, which only the
temptation Of plenteous supply and
low prices would displace. Z
Remember, that for these restricted
consuming markets Canada, Australia,
India, Russia, Argentina and our own
surplus will compete as never before,
and with the restoration of the ship
ping feet Of the world, that can face
the longer voyage without menace to
the national need, the trade advantage
Of our shorter ocean voyage will be
lost.
I am forced to the conclusion that
within a certain space of time, after
the close of this war, American acri-
culture must face the probability that
its home markets must support its
home production. do not think that
this would be an evil, and it is quite
probable that our foreign trade bal
ances have so developed themselves
along other lines that the old sustain
ing influence of the trade balances for
grain crops may not be missed, or can
be safely replaced.
New-York tribune., 1918-04-21

some very serious tax increases, and
since Chairman Kitchin of the Ways
and Means Committee says fatty that
if money cannot be raised for AZ it
will be raised by taxes, this feature
alone is worthy Of some consideration.
1t is true that the cautious investor
who seeks safety of principal before all
other considerations is the best of all
customers for government bonds. This
type of customer has no fears whatever
regarding the ultimate security of any
boud backed by the United States gov
ernment, but he does like to see some
thing more tangible than any mans
opinion regarding the possibility of
withdrawing his money without serious
loss at any time during the life Of the
bond. Such a buyer should be inter-
ested in an appraisal of the three di-
rect provisions working toward the
market support of the present issue
and of any bonds of previous issues
which are converted into it. These are:
l. Exemption from inheritance taxes
2. A per cent annual sinking fund.
3. The new bonds run only ten years,
so that any depreciation would increase
the yield very rapidly.
The demand for bonds which the in
heritance tax exemption feature will
provide can be measured by the fact
that every estate in the United States
amounting to $4,000, or over is SUBJ
ject to m Inheritance tax, irrespective
of the relationship of the beneficiary to
the dccedent, and such taxes range \as
high as 25 per cent of the total. 1t is
also true that the great percentage of
the very large fortunes in the United
States arc in the hands of relatively old
possessors. The exemption privilege of
these bonds provides that the bonds
must be in the hands Of the testator at
least six months before his death, so
that every large estate in the hands Of
an elderly owner provides an indefinite
but potentially large demand for these
new AZ per cent bonds even while the
original owner of the estate is still liv-
ing.
New-York tribune., 1918-04-21
A Stabilizing
Factor


The per cent sinking fund provision
forms more definite and measurable
demano. If we should consider this one
feature alone without any reference to
the other two, we would find that the
total dealings in the first two loans on
the Stock Exchange have been at the
rate of trif1e less than Is per cent
per annum and that the worst depres-
sion that has occurred in the price of
any issue has been 94.70 for the second
As, on February ia time when
nlnety-day loans made at the time of
subscription were expiring and heavv
liquidation was forced into the market
for a few days. In other words. we
nave condition in which the bonds
already outstanding were sold to weld
about ABS per cent in market where
both the purchasing and selling had
TO arise from private sources. Into such
a market 1T is proposed to bring an
artificial demand which will purchase
and cancel little more than IS per
cent of the total offerings which have
come on the exchange. It is commonly
accepted in trade that a 10 per cent
change in either the demand or supplv
for any given commodity will make
oo per cent change in the urgency of
either buyers or sellers, as the case
may be. In, this case we have a nro-
posal to make an increase of at least
50 per cent in demand at any price up
to par.
The fact that these bonds have onlv
ten years to run does not mean much tn
many of their purchasers, but the expe-
renced buyer of bonds will note verv
quickly the feature that any deprecia-
tlon below par will increase the weld
rapidly through the fact that ultimate
redemption is not far away. For cx-
ample, if the new ANS, even during the
flrst year, should fall to 95, they would
then yield 400 per cent-a Weld which.
1T is safe to say, would bring some
heavy outside investment buying.
Slight Decline
Brings Large Yield
The following table shows approxi-
mately how the yield would increase
with each point market depreciation
New-York tribune., 1918-04-21
+ eatures of
The Act

The principal new features of the
bill affecting the taxation of transfers
of property of nonresident decedents
by will, interstate law or gift in con-
temptation of death are as follows:
l. To make taxable the stocks, bonds.
notes and otherS evidences of interest
OF any domestic corporation or foreign
corporation in so far as said securities
represent real estate in New York. The
manner of making an apportionment to
determine how much real estate is rep
resented by each security is not set
forth In the law. But there can be no
doubt that the tax will prove in great
measure uncollectible because non
residents will Immediately remove such
securities from\the jurisdiction of the
state, thereby depriving safe deposit
companies, banking institutions and
firms of business without any corre-
spending benefit to the revenues of
the state. Further, as to domestic COR
porations, their borrowing capacity
VIII be seriously affected, as investors
Will hesitate to purchase a security
which, If found in the jurisdiction of
the State of New York, or which, if it
Is required to present to some agency
IN the State of New York to effect
transfer, will become subject to this
inheritance tax. This argument ap-
plies more forcibly to bonds than to
stock, because in stock the incentive
OF large dividends might induce an in
vestor to ignore the unfair attitude
OF the state in imposing transfer tax
IN addition to the tax which the non
resident investors estate must pay at
his home.
New-York tribune., 1918-04-21
Slight Decline
Brings Large Yield

The following table shows approxi-
mately how the yield would increase
with each point market depreciation
down to 95: