davidaulloa/AmericanStories huggingface dataset:
The weekly times-record. (Valley City, N.D.) 1912-1922, 1918-04-04
NOME

Tribune.-Mr. and Mrs. c. E. Bat
chellor of Fingal, were visitors in
town Tuesday afternoon.
Miss Ingeborg C. johnson left for
Fargo Wednesday, returning Thurs
day.
C. T. Dokken and L. E. Green pur-
chased Dodge car of Olaf Ruud the
first of the week.
Mr.. and Mrs. c. K. Myhre autoed
to Fargo Wednesday and will remain
there the rest of this week. ..
Harry Pherigo and DR.. Mikkelson
autoed to Mapleton and Fargo Friday,
returning home Saturday.
Misses Tena Brown arrived from
Fargo Thursday where she has been
for some time undergoing medical
treatment.
The Misses Helga Gjesvold and Ella
Berland went to Fargo yesterday aft
ernoon and expect to remain until
Saturday.
Mr.. and Mrs. L. B. Hogstad were
Fargo visitors the first of the week,
going down Saturday afternoon and
returning on the noon train on Tues
day.
Miss Alpha Gjesvold returned from
Fargo Thursday noon where she has
been attending school and will spend
Easter vacation at the home of her
parents, Mr.. and Mrs. Martin Gjes-
void.
The Misses Nellie and Hazel Han
son entertained at their home Sunday
evening at their home Sunday evening
for the boys who have entered mill
tary service. There were about 80
guests present and a most enjoyable
evening is reported.
The Ladies of the Red Cross gave
each of the boys who left for Camp
Dodge sweater and pillow.
Mesdames M. T. Rye and P. M. Han.
son went to Kathryn Monday where
they attended the Red Cross rally.
Mr.. and Mrs. L. C. Miller received
a card from Major Frank Henry anc
he asked to be remembered to all his
Nome friends.
Mr.. and Mrs. Knute Lillethun spent
last Sunday at Kathryn visiting the
latter's sister, Mrs. Amsrud.
Miss Helga Bjorgen, of Rothsay
Mimi, returned Tuesday with hel
brother, Magnus, and is the guest o.
Miss Lenora Suby this week.
Miss Norma Gjovig arrived yester
day from Fergus Falls, Mimi, wher'
she has been attending school ant
will spend Easter at the home of hel
parents, Mr.. and Mrs. Nils Gjovig.
The Fingal High school played Val
ley Farm to large crowd last Satur
day evening. The plot of the pla.
was very good and each individual
part was well acted showing mucl
work on their part. ......
Lloyd Peterson, Gunnar Larson
Peder Lee, Peter Westerlund, Arthur
Hagen and Magnus Bjorgen left TO-
Valley City yesterday and expects t,
leave today for Camp Dodge. We un
derstand that Magnus Bjorgen, VIII
was called as an alternate goes will
the boys to- camp. Hans Hovelan,
leaves from Lisbon today.
Tuesday evening a large numbe
gathered at the school house to bi,
the boys farewell who are leaving to
. day for Camp Dodge. A short pro
gram was given by the band and
number of selections were given b,
the male chorus. Rev. Berg delivere,
few timely and appropriate remarks
) Mayor Hanson sold at auction !:
mouse trap, it brought $50 and thi
amount was divided among the boys.
Mrs: Skaare and children left las
!. Saturday for Rutland WHARF they will
i. make their future home, Mr.. Skaar
!. taking them down in the car and ex
poets to follow tomorrow. Mr.. an
The weekly times-record. (Valley City, N.D.) 1912-1922, 1918-04-04

Statements of Ownership, Manage
ment, Circulation, etc., Required by
the Act Of Congress of August a..
1912,
of the Times Record, published weekly
at Valley City, North Dakota, for
April, 1913.
State of North Dakota, County of
BarneS-Ss. e.
Before me, a notary public in and
for the state and county aforesaid,
personally appeared C. E. Greenwood,
who, having been duly sworn accord
ing to law, deposes and says that he is
the editor of the Times Record and
that the following is, to the best of his
knowledge and belief, a true state
ment Of the ownership, management
land If a daily paper, the circulation,
etc, of the aforesaid publication for
the date shown in the above caption,
required by the Act of August "a.
1912, embodied in section 443, Postal
Laws and Regulations, printed on the
reverse of this form, to-wit:
That the names and addresses of
the publisher, editor, managing editor
and business managers are:
Publisher, P. R. Trubshaw, Valley
City, NJ D.
! Editor, p. R. Trubshaw, Valley
City, N. D. -
Managing Editor, P. R. Trubshaw,
Valley City, N. D.
Business Manager, P. R. Trubshaw.
Valley City, N. D.
That the owners are: (Give names
and addresses of Individual owners. or
if corporation, give it's name and the
names and addresses of stockholders
owning or holding per cent or more
of the total amount of stock.)
2. r. Trubshaw, Valley City, N. D.
That the known bondholders, mort
gagees, and other security holders
owning or holding 1 per cent or more
of total amount of bonds, mortgages,
or other securities are: Of there are
none, so state.)
Middlewest Trust Co., Valley City,
N. D.
That the average number of copies
of each issue of this publication sold
or distributed, through the mails or
otherwise, to paid subscribers during
the six months preceding the date
shown above is ....... This informa-
ton is required from daily publica-
tons only.)
PR. TRUBSHAW, Editor.
Sworn to and subscribed before me
this LIST day of April, 1918.
MINER ]. BOYD,
Notary Public, Barnes County, N. d.
My Commission expires Jan. %, 1920.
The weekly times-record. (Valley City, N.D.) 1912-1922, 1918-04-04

unable to be present, but good talk
er in the person of Robert Barton ap-
peared in his stead and made good
speech from Nonpartisan viewpoint.
Yves Gray Of Valley City, former
Sanborn boy, shipped car of fine
horses from Cooperstown through
Sanborn Tuesday.
Miss Kate Diemert Of the local tele-
phone exchange has been transferred
temporarily to Buffalo, but expects to
return to Sanborn soon.
Mrs. ]. F. Jaberg, Clifford Jaberg,
wife and baby, were arrivals from
Fargo on No. yesterday morning,
returning from winter sojourn with
relatives in the middle west.
Mrs. Fred Carr of Valley City, drove
her auto up from Valley City Tuesday,
accompanied by Mrs. John Woodcock,
Mrs. Mcdonald and Mrs. Luessen, all
of whom attended the funeral of Mr..
Chas. Potter. Returning she was ac-
companied by Mrs. BENZ. Smith, Mrs.
Will Smith, Mrs. Mcdonald, and AIDE
line Lang.
j. F. Jaberg returned Monday from
a winter spent in Indiana, Ohio, and
. Minnesota.
Mr.. and Mrs. Paul Kruger from Val
ley City neighborhood were Sanborn
,, visitors Saturday.
Mrs. F. P. Cures mother Mrs. R. D.
Mcleod, of Eagle River, Wis, arrived
last Saturday for visit. ~
| Mic Hobart went to Jamestown
last Saturday to visit with his wife,
who is i'll in Trinity hospital.
/ John Week and family are now
domiciled in the Chapman house re-
Gently vacated by the F. P. Clure fam
lily.
! John Keiser left for the country
last Monday to work for Henry Deere,
but will be back in time to plant his
war garden.
Mrs. Fred Smith, of Jamestown,
formerly of Clark City neighborhood,
is the guest of her girlhood friend,
Mrs. C. o. LANCER, here this week.
Thos. Davis, ST., old timer of West
spects to the Enterprise, but lacked
ern Barnes, dropped in to pay his re-
the leisure for an old time chat.
I Mrs. Elsie Zachow arrived in San
born Friday for visit with Sanborn
relatives and friends. She was ac-
companied by Miss Clara Stephan
. who has been her guest for some time
past.
Mrs. Whsle left last Monday for her
former home in Minnesota. Mr.. Will
sic, who has been mail clerk on the
branch for the past two years, is pre-
pairing to follow soon, as he has re-
signed his position of clerk, having
other business in view.
The weekly times-record. (Valley City, N.D.) 1912-1922, 1918-04-04

at the Gust Bjerke home. Albert
went to Fargo the same day, where
they will join him on Friday and 20 70
jamestown, having sold their restau-
rant business in Litchville.
At the directors meeting Of the
Hastings Cooperative Store Co., last
Monday Mr.. P. F. Sorenson of Sabin,
MIMI, was appointed manager of the
store and will fill the position i'm
mediately. He has been employed for
several years as manager for a store
at Woolverton, Mimi, and comes
highly recommended. e
The weekly times-record. (Valley City, N.D.) 1912-1922, 1918-04-04
HASTINGS

. . . =
Times.-Henry Kulsrud has rented
the Stark farm north of town, which
he will work this season.
The Nonpartisan legislative candi-
dates for Ransom county are: Sena-
tor Peter Berg, Nome; representative,
Hartin Larson, Nome, and Fren Minis,
Of Lisbon.
j.. II. Sease, Of McClusky, this state
New-York tribune., 1918-01-13
Patriotism and Press Agents

From the amount of non -usable IN
formation received by every newspaper
in The United States since the declara
ton OF war was made, it il, evident that
there is q waste OF energy. Enough IS
received each week by The Derrick
and doubtless by other newspapers, 10
I'll every column several times over.
Here and there through the mass are
items that can be utilized, but the mos
OF it goes into the waste basket. This
is mistake on the part of the depart
ments responsible for sending out the
copy. Some could and would be used
by certain newspapers. and some of II
by others, but it would save lsrge
amount OF white paper, mail SPACE and
typewriting ii a pruning systcm were
inauguratcd.
II is also claimed that o. .ao last col
ored posters 10 advertise the second
Liberty Loan less than onc-nalf were
actually used. The remairdcr was a
dead loss, and white paper with col
ored inks on il is costly. i this re
port is true, it indicates that the num-
her required for each town and city
was greatly ovcrcstma or else the
number was guessed at. Il is row pro-
posed 20 advertise lhc third loan in the
same way. and the Derrick" would
suggest there IS chance For saving
enough TO buy several bonds by care
full canvass of the number of posters re-
ouired to coTer the United states in Il
systematic manner. oil LuY Derrick
New-York tribune., 1918-01-13
$15,000,000 Issue
Of Westinghouse
Notes Approved
Company Needs Large
Working Capital and Must
Meet Maturities

The Westinghouse Electric and Man
ufacturing Company announced yester-
day the sale of s15,o00,O00 one-year
per cent notes to Kuhn, Loeb &: Co.
and the Chase Securities Corporation
The bankers, who are handling the
financing, stated that the company ad-
vised the Federal Reserve Board Of its
intention to issue the notes and no OBJ
lection was made to the transaction.
Through the sale of the notes the
company will obtain a supply Of fresh
working capital needed to carry the
large Inventories which are essential
under present conditions. The issue, it
is stated, will not increase the current
liabilities of the company, as the pro-
ceeds will be applied to the payment Of
outstanding notes.
The notes will be offered at 80 early
next week. In letter to the bankers.
Guy E. Tripp, chairman Of the Westlng-
house board, says that on the first OF
New-York tribune., 1918-01-13

income taxation, that usually bear rates
Of interest from por cent and above,
and therefore compete directly with
government bonds. Accordingly, il such
securities should continue to be issued
In considerable amounts they might
we'll interfere seriously with the mar
kct for government loans.
Prompt Cooperation Urgently Needed
because Of this situation this COM
mttce recommends that immediate
steps be taken to secure prompt CO.
operation OF the states and munich
palitics in curtailing their ordinary re-
qu'rcments, in temporarily suspending
expenditures for roads, general inn
provements, public and school build
ings, etc.
"On this point this committee has
conferred with Assistant Secretary
Crosby and hereby renews the recon-
mendation, made orally to him, that,
with the second Liberty Loan campaign
out Of the way, the Secretary of the
Treasury call n conference of gov
ernors, or communicate with them in
some other appropriate manner, and
acquaint them with the seriousness Of
the situation, inviting their active and
immediate cooperation in meeting it..
amy permanent body which might
be hereafter appointed to deal with
this whole question of new capital is
sues could appropriately undertake, as
an initial measure, cooperation with the
Secretary of tho Treasury in detailed
conference with the state authorities
and in starting a campaign of educa- :
ton in order to enlighten all minor
state officials as to the necessity Of cur
taiiment in all public improvements,
thus securing their active assistance to
the same general end.
1T is obviously impossible to suspend
all public improvements. Such public
financing as may be required for sani-
tary development and improvement
dock improvements Gin many cases sub
serving the governments interests)
temporary financing in anticipation OF
taxes and certain refunding operations
must continue. But the general scope
Of them should be made to conform
to the necessities of the general situa
tion and in point of time any bono
issues by local governmental bodio:
should be guided so as to avoid conflic
with Federal bord issues"
The results accomplished under tI,s
British plan OF security supervision
the committee points out. are somcwha
startling, rs Indicated by the follow
ing tabulation of new capital issues O.
the London market during the last fou
sand One-half wears Figures in pounds
New-York tribune., 1918-01-13

and municipalities, issues OF which are
placed locally to a large extent. 1t
is plain thaf local committees can eX
crt their influence on the officials Of
municipalities and companies in their
districts, TO the end chat capital eN
penditures may be restricted to work
Of urgent public necessity.
"Upon the board OF supervision Will
naturally fall great amount OF cdu
cational work, in the furtherance of
which assistance can be enlisted from
organizations such as the National
Municipal League. the League Of
American Municipalities, the National
Electric Light Association, the Ameri-
can Electric Railway Association, etc.
The publications of these associations
and the technical journals covering the
various fields Of activity. should be
fully utilized IN any educational cam
palgn."
Members Of the committee of bank
ers do not feel that it will be neces
sary to enact legislation to restrict
security issues. The same results,
through moral suasion instead Of
through the medium Of the law. An
effective supervision Of security issues
wisely administered ought in the opin-
ion Of the committee, to nave the fol-
lowing results:
Ito eliminate much competition
in the demand for money which the
government is likely to meet.
2-To reduce automatically the
amount Of materials which arc now
being consumed in the operations Of
public improvements and OF indus
tries not necessary to the conduct
of the war.
3-To release for the use Of the
government substantial number OF
! laborers, both skilled and unskilled,
who are employed IN unnecessary
operations.
ito emphasize and accentuate
the campaign for economy through
out our national life, which is just
being got under way.
Comparative Statistics
Statistics compiled by the commit
tee showing the total par value OF
financial issues, exclusive of foreign
loans, for the four years prior tt
Americas entry into thc war. and fol
! the first nine months Of 1917. arc aS
l1owS.
New-York tribune., 1918-01-13

of the board that the burden and re-
sponsibility will fall primarily and that
the successful working of the plan will
depend. 1t seems to us that all appli-
cations for security issues should be
submitted in the first instance to the
board, which would then refer each
individual case to an appropriate ad-
visory committee for investigation and
recommendation.
Upon this board of supervision
should be placed responsibility for the
appointment Of competent advisory
Committees throughout the country.
These advisory committees should be
made up SO as to enable the board of
lntelligently the questions put up to il
under the four general categories into
"nlch capital issues fall, namely:
~. State and municipal securities.
-. Public utility securities.
.. Railroad and other trnnsporta,
tion securities.
ID: Industrial securities.
The reasons for the assistance OF
such advisory committees are obvious
In the first place, the work will be sc
extensive that the board of super
vision could not possibly, by itself
thoroughly investigate every appica
tlon tor capital. and must therefo fore
call in the aid of ub-committees
These should, 30 far as possible, be
composed of experts capable of han
ding the important work involved.
Educational Work Necessary
"Another reason for organizing II
the manner suggested is in part politi
cal. About one-half of the country
financing is applied to public utilities
New-York tribune., 1918-01-13

Commenting on the above figures the
Lamont committee says: There are
now practically no rev issues except
government loans. The question, there
fore, at once arises as to how British
industry has been able to meet the Re
quirements OF wHf conditions without
additional capital. Mn. Blackett has
answered that by stating to US that the
government has made important ad
Germs working on munitions or on war
contracts, and that the other industrial
concerns not so engaged and not so
financed have simply had to curtail
their businesses: that they have been
able to borrow from the banks perhaps
q little more literally than in normal
times, but beyond that point have been
obliged to keep down their business to
the limits Of their capital
"It is at once apparent to this com
mttee that the whole problem in this
country is much more difficult than It
was in Great Britain, for the reason
that the government there is concen-
trated practically under one roof,
whereas here we have forty-elght diff
ferent state governments and widely
diverse conditions to deal with. tur-
ther. in the case for instance. Of the
railroads in England the situation is
quite different from us, for there
the government has, in effect, taken
over the operation OF the railroads on
the basis Of g. guaranteed return to
vockholdcrs, and is advancing funds
for proper extensions, improvements
maintenance, etc.
America Open to Foreign Borrowers
eve must furthermore remember
that for almost all of the first three
wears Of the war England and France
were able to close their own markets
almost completely to new capital ls-
sues and yet to secure large funds from
the United States for the requirements
Of both municipalities and private cor
porations. American enterprise, how
ever, has no such resource to draw
upon. Moreover, in England it was
rassible for security holders of do
nestle corporations to obtain new
funds through the sale of American
securities, and without any public issue
to apply such funds to the continued
assistance Of their domestic enter
prises
"These statements are made not for
New-York tribune., 1918-01-13

the year the company had on hand ua-
filled orders amounting to more than
S13O, ,000, 900, exclusive Of contracts tor
rifles. The letter continues:
As of December I, 1917, the COM
rany's Current assets as they Will he
defined in the lndenturc amounted TO
more than S71 000,0 600, while lis cur
rent liabilities as so defined amounted
to less than 100000, which the
present issue of notes will not increase.
as the proceeds thereof will be ap-
piled to the payment of outstanding
notes. The funded debt of the COM
pany, consisting almost entirely OF
The Westinghouse Machine Company
first and refunding mortgage bonds,
due 1910, amounts 20 about 5000, 600
and in capital stock now paying Z per
cent dividends per aNnum, amounts to
STl,S12,G50 and has present market
value Of over S60,G00,000
"Thc earnings Of the company for
the eight months ended November 30,
1917, after deducting Of all interest
charges and after setting aside maxi
mum reserve for all income and excess
profits taxes, amounted TO 5000 1923,
which is only $3.50, ,1O1 less than for the
same period of the previous fiscal
.cay, when there we~e 20 war income
or excess profits tax deductable."
The indenture under which the rose.;
are tc be issued will provide that the
company shall at ali times, while the
notes are outstanding, have on hand
current assets equal to at least twice
the amount Of the current obligations
and that it will not hereafter, as SC
long as any of the notes are outstand-
ing. make or permit to be made any
mortgage on any Of it's properties ol
TIE properties of any Of its proprietary
companies.
This is the second short term fnanc
ing operation arranged in this marke
last week, the American Can Compan,
having borrowed $4,000, ,00O from loca
ho rk0rS
New-York tribune., 1918-01-13

the accumulation of stocks that are not
needed either for the winning of the
war or for meeting the present eco
romic stress Of the country.
'In Germany the Reichsbank has
oversight over all new stock fotations;
all new financing is curtailed particu-
larly with a view Of diyerting all in
vestments toward the war loans of the
imperial government Even floating of
securities by municipalities is dis
couraged, and last August the Reichs-
bank sharply rebuked certain local
banks which we're helping to float some
war loan was being contemplated"
New-York tribune., 1918-01-13
Dollar in Foreign Exchange

In the foreign exchange market dur
ing the past week fluctuations in rates
were narrow in the main, and the gen
eral movement was sluggish. Out
wardly the market made pra :tically no
response to President Wilson's state
ment Of our peace aims. Exchange on
the leading Allied countries remained
steady as rule. Franc bills on Paris
were slightly higher, while sterling
rates held at the peg levels.
Russian rubles, despite a sensational
fall in tho price Of the Russian gov
ernment bonds here, on the circum-
stantial reports that the Bolshcviki in
tend to repudiate all of Russia's war
debts, were unchanged during the week
at 1874 cents. The present condition
in Russia has tended TO restrict deal
ings in ruble exchange here to mini
mum, and the market has all but
dried up.
Steps being taken in Washington TO
improve the position Of the dollar in
tho neutral markets are working out
TO the satisfaction Of the financial au-
thorities, it is asserted, although the
effects have yet to be reflected in rates.
If YOU calculate the cost Of the dollar
in terms of foreign money at par value
that is, as if you were buying dollars
with pounds, marks or francs - its
value at the close Of last week, as COM
pared with year ago, would be about
as follows:
New-York tribune., 1918-01-13
Relevant Comment

"Sell the Notes." Said Mr.. Baker
A misunderstanding as to whether
the s12,O00,oo0 serial per cent notes
Of tho American Can Company, sold
by the First National Bank last week,
were rediscoun.ablc at the Federal
Reserve Bank, it was learned yester
day, arose the same day the notes were
offered. 1t was stated by an official Of
The bank on the day preceding the
offering that there WAS no question
but that they possessed the rcdiscount
privilege. A later ruling Of the Fed
eral Reserve Bank. however, based
upon an examination of the company's
contract with the First National, stated
that the notes could not be redis-
counted This made no difference with
the banks llans. George f. Baker,
with characteristic quickness in de-
Gliding matters of finance, gave the or
der to go ahead with the sale Of the
notes, and they were sold within half
an hour of tho time of offering them.
Not First Misunderstanding
The experience Of the First National
Bank recalled the difficulties Of the
American Tobacco Company in float
ing an issue OF $50 100000 notes sew
eral weeks ago. Tho Guaranty Trust
Company, as the bankers in charge of
the financing, reached sn agreement
with local Reserve Bank officials that
these notes possessed all the features
necessary to carry the rcdiscount priv
ilege. The Federal Reserve Board at
Washington reversed the decision Of
the local Reserve Bank. Thereupon
tho banking syndicate revised its
agreement with the company TO con-
form with the requirements OF the
Kcse,,-n Board
New-York tribune., 1918-01-13
Dividends Declared

Borden's Condensed Milk Company.-Regu-
the common stock. payable February Is TO
stock of record February L; also the regular
quarterly dividend of ! u per cent on the
preferred stock. payable March IL 10 stock OF
record March i.
Dominion Steel Corporation. - Regular
ounrterly dividend of l.. per cent the
preferred stock. payable February to stock
Of record January 10.
Public Service Investment Company.
Regular quarterly dividend of Sl.5o share
on the preferred stock payable February /
to stock Of record January II.