davidaulloa/AmericanStories huggingface dataset:
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-04-09
Safety First
PART y
by Woods Hutchinson, VI. d.

The process of pasteurization.
most extensively used on milk and
cream, was not invented by H. Pas
teur himself, bu, 1t is named after
MIN because It Is based on the dis
coveries which he made.
The reason that caused him 10
make this discovery is a surprising
example of the way in which a most
prosaic scientific Investigation may
end up by the experimental making
one OF the smost important discov-
cries Of his day and generation.
NJ. Pasteur had started an invest
isation of a very disastrous blight
which was devastating the grape
vines in some parts Of France. and
this. in turn, brought him up
against the origin of life, that is.
whether or not microscopic organ-
isms would form ION their own
hook In order 10 test this out. he
placed germs on small pieces of
both animal and vegetable matter
and then put them in glass tubes.
stopping up the openings with very
| fine cotton wool,
liz AAN&N1N AAtot lhbtS 10 SuCn a
point that all the microbes in them
were killed. and then put them
aside and watched them. All the
air which could get into the tubes
had been filtered until il was free
from germs, 50 if any germs were
! discovered inside the tubes. il was
because they had formed spontan-
eOusly, and not because they had
come in with the air The matter in
/ the tubes remained absolutely free
| from any organisms for several
weeks. and this was the foundation
/ Of the germ theory" on which the
| greater part of modern preventive
/ medicine is based and by which
such remarkable results have beer
| obtained Up to that time. it had
been supposed that these Organisms
could form themselves In any ami
NAL or vegetable matter.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-04-09

Only Assooisted Morning Northern Indiana
nd Only Paper Emp'o the international News Service ID
bouth bend--Tvso Leased Wires and Night
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-04-09
WILSON'S "ANTI-GERMANISM" AS 1T
Is CONDEMNED FROM BERLIN.

"Germanys lost her last chance 10 keep
the United States out when she failed to
prevent PRIEST wilson's rejection because
of his anti Herman leanings"
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-04-09

Hem. Pboa. 1Is1 1iO '" ''i'Ai Az Beu Paops
South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-04-09

. SUMMERS President J. NJ STEPHENSON. Manager.
JOHN HENRY ZUvER Editor.
New-York tribune., 1918-11-17
to Raise
Express Rates

~, WASHINGTON, Nov. 1s-presidont
wilson to-day issued proc1ansa.: loen'
taxing over the consolidated owaS
business now carried on by the Amor
'can Railway Express Companv md
assigning the operation to D;recta~
General McAdoo. 'o'
MS action serves to CLARITY tho
express situation, which heretofoyo tns Lne
Pee peen based on the understanding that bat
.he express combination operatad ne;
va1ely as the agent Of the d;rectnr r.i
general ~ uilector
NO radical change will be mada i,
Tn" methods of operation or ~ +ha 80
employees of the express comnamv ''e !.
was said at the railroad adn,;r;ss ;s. stxl ~
tion. "0 Aumlhistra-
The director general is exnso+os
snortiy TO initiate higher express rates
IN accordance with the plan reccntIv
submitted to the Interstate Commoross
Comm ission, and partially approved ~,
sna1 oody. The Presidents action in
p,ac'ng the express business specific.
ally In the hands of the railroad ad
min3stration will remove doubt 40 ~
the powers of the director general ~
lnltlate rates for the express comnopw
AS soon as the new rates go into
effect the wages of express emn,ouoo
probably will be raised, making agra.
sa'c advances Of about s12,000.O0O.
New-York tribune., 1918-11-17
Gloomy on Coal Outlook

The Black Diamond" an organ of
the coal trade, persists in taking a pes
simistic view of the trade outlook. The
latest issue says: Evidently there
must be some readjustment of the pro-
duction programme or else there will
be a complete collapse in prices. In
response to the law of supply and de-
mand, and facing the new facts of the
national coal situation, the coal men
have been trying to readjust them
selves to an unknown future. The ten
dency at the moment is to discount a
pessimistic future; it is to assume that
normal industry will demand coal which
was called for by war activities. For
the moment it is enough to say that
production, both potentially and actu-
ally, in every district is ahead of the
demand in every market, and the coal
situation is just as easy as two weeks
ago it was tight. Indeed, the market is
so easy that curtailment of output, due
to the celebration of peace and to the
last effects of the influenza epidemic,
has not been great enough to reduce
the supply or even to equal the de-
mand, to say nothing of falling be-
low it."
New-York tribune., 1918-11-17
Commodities
In d u strial
Cotton

The extraordinary excitement and
sensational price movements of the
earlier week were followed by nervous
and irregular fluctuations in the cotton
market yesterday. Advances appeared
to meet increased Southern hedge SELL
ing, but there was further trade buying
on the decline. Business otherwise ap-
peared to be chiefly in the way of even
end. After the advance Of X cents q
day and of 25 points from the price
prevailing just before the signing Of
the armistice, this naturally took the
shape of realizing which gave the mar
ket rather reactionary appearance.
January sold at 1900 early, broke to
27.95, rallied to 2875 and closed at
$500, with the general list closing
steady at a net decline of 5 to 55
points.
Many overnight buying orders ap-
peared at the ring at the start, and
first prices were firm at an advance of
8 to 80 points. But the expected Liv-
erpool buying did not materialize,
possibly because of the continued con-
gestion of the cables, and there was
heavy realizing by buyers of yester-
day. The tendency to take profits on
long cotton was increased by the ap-
pcarance of Southern selling orders
around the initial figures, and there
was also some nervousness over un-
settled conditions in the goods trade.
A sharp break of about rs to 1870
points was checked by trade buying,
New-York tribune., 1918-11-17
Money Restrictions
Will Continue.
Brokers Are Told
Stock Exchange Partners
Announce Inequities Will
Be Removed

The present restrictions on the vol
ume Of loans for Stock Exchange pur-
poses are to remain. In line with the
statements Of bankers as
sociated with the money committee, the
specia! committee on money appointed
by the Association of Partners of
Stock Exchange Firms yesterday an
nounced: "We desire to take this op-
portunity to state that the present re-
strictions will remain"
In statement issued the commit
tee said: "The committee has had a
conference with the Stock Exchange
committee Con money!, and we are
more than pleased to announce that
this delicate question has been handled
by the Stock Exchange committee in
most satisfactory manner.
"A number of the firms have made
inquiries Of us as to whether there is
any possible chance of removal of the
restrictions placed on loans. We de-
sire to take this opportunity to state
main. IT, however, any firm thinks
that any injustice has been done it, due
to any special cause in the allotment
of it's loan, the committee of the Stock
Exchange will be glad to have that
firm appear before it and explain the
facts, and if the facts justify modi-
lication it will be granted"
The following are members of the
Stock Exchange Partners Association
committee: Albert McClave, of Nc
Clavc & Co.. the president Of the as
sociation; Sol Wexler, Of J. S. Bache
e. Co.. James l.. Laidlaw, of Laidlaw g.
Co., and John H. Holden, of Babcock,
Rushton & Co.
Bankers who discussed the situation
take the view that the government
credit needs will be so large during
dangerous to lift the conservation
measures at this time. However, they
seem to agree that the limitations will
become no tighter, but that any changes
that do come will tend to relax the
situation.
The fact that the Stock Exchange
Partners committee, the last formed Of
the three money committees, was the
first to announce officially that the
signing Of the armistice with Germany
would not cause the lifting of the
money restrictions at the present time
caused some speculation in the Street.
One view was that the statement clear
ly indicated that no friction existed
any longer between the Stock Exchange
committee Of five and the, partners
committee, if there ever had been any,
as reported
New-York tribune., 1918-11-17
Third Avenue Co.
Deficit Declining

The annual report of the Third
Avenue Railway Company, issued yes
terday, showed deficit of $456, 6,5O3 for
the fiscal year ended June 80. con-
trasted with the preceding years de-
ticit of $1,622,326. Operating income,
OF $10,234,988, compared with $S,972, $40
for 1917: Operating expenses, amount
ing to S2,063,971, increased $1,173,613.
S. w. Huff, president of the road,
said in the report that subway and
elevated competition and other causes
have so reduced operating revenues as
to put them practically on par with
TIE year 1913. He stated that increased
cost of labor and materials had in
creased operating expenses for the last
fiscal year by approximately 81 900 900
over 1918, and added: "This in spite
Of every economy that it has been pos
eible to effect during the year 1918,
end i. is a clear illustration of the in
creased cost of street railway opera
ton under the present abnormal con-
ditions"
For the first six months of the 1918
fiscal period the company earned S494,-
5S6 above operating expenses, taxes
ard interest on underlying bonds.
which was set aside for maintenance
and equipment requirements. In the
last half of the year the surplus after
taxes and interest on underlying bonds
was $176,910.
New-York tribune., 1918-11-17

however, and there were good rallies
during the middle of the morning tol.
lowed by irregularity, with prices nal.
ing new lows for the day on st
months just before the close.
1t is reported that the War Seru
Committee has notified the cotton goods
trade that in all probability there will
be little, if any, more buying Of co..
ton goods for army purposes. This
statement attracted a good deal Of A.
tention, as indicating q steady in
crease in mill facilities available im
the manufacture of civilian goods. o.
the other hand, it was reported as
the War Industries Board will CO..
tlnue all fixed prices now in force unit
the first of January, which means thl
manufacturers are free to sell good
if demand is Forthcoming at pric.
based on 80 cents for raw mstenL
Notwithstanding the appearance Of
Southern selling here on bulges, privst.
advices reported firmness in the South
with little or no cotton available be-
low the 30-cent level
The local market for spot cotton Vi.
steady and Is points lower at 2aa
for middling upland, compared viii
30.05c the day before and 2s.s0c tb
year before. There were no sales d
spot.
The range Of prices follows:
New-York tribune., 1918-11-17
y Financing Export Copper

With the definite assurance of the
War Industries Board that Europe will
require huge amounts of copper for re-
construction purposes, the important
producers are wondering what plan will
be arranged for payment of future
shipments: In some quarters the opin-
ION is held that system of credits will
have to be arranged with bankers in
this country before any orders for ex-
port delivery can be accepted. Should
the government, however, decide to
continue its policy of financing foreign
purchases here, any immediate diff
Guilty in this direction will be elimi-
mated. At any rate, the big producers
have enough business on their books
now to carry them up to the close of
the year at the fixed price of 26 cents
pound.
New-York tribune., 1918-11-17
The Dollar in Foreign Exchange

he movement of rates on foreipn
countries in the local exchange mar
ket during the last week was condi-
toned by the fact that the cable SER
vice was badly clogged up because
of the large amount of government
messages transmitted to Europe. As
result, quotations were made here
independently of market conditions in
London, which normally is still closely
followed by New York exchange bank
ers. Fred /. Kent, director of the
foreign exchange division of the Fed
eral Reserve Bank, issued warning a
week ago that the cable service would
be disrupted temporarily, and asked
exchange dealers to cooperate by abb
staining from sending duplicate cables
The general tendency of the market
during the week was steady The
rapid movement of the Allied and
neutral exchanges to the normal parity
reached temporary halt. and the mar
ket responded more to technical factors
than to the general news, which had
been discounted In the previous weeks.
Bankers persist in the belief that the
premium of neutral exchanges in this
market, which has already been greatly
cut down, will soon be entirely elimi
mated, and that in many cases the
dollar will be at premium instead of
At discount, as 1t was for more than
two years.
~ you calculate she cost Of the dol
New-York tribune., 1918-11-17
Fairbanks Stock Offering

Directors Of the Fairbanks Company,
according to advices from Boston, have
voted to offer to common stock holders
the right 20 subscribe to per cent
second preferred stock at $100 a share,
and to the common stock at par $25,
to the extent of 10 per cent Of their
holdings. The board has also voted a
per cent stock dividend on the COM
mon, or one share for every 25 now
held. The dividend and the right to
subscribe 20 the new stock attaches to
holders of record on November rs.
New-York tribune., 1918-11-17

reached this week a peak for the
year. Public utility bonds were not
so strong. But it is obvious that
with the lifting of the wars needs
for capital, these securities should
fare much better in the near future.
Unless an unprecedented wave Of
speculation should ensue, public util-
ltIes should in general be in a better
position than at any time for two
years or more.
New-York tribune., 1918-11-17
Relevant Comment
That Marine Episode

The International Mercantile Marine
episode of last week stirred genuine
dissatisfaction in many observers of
the Marine deal negotiations. AL
though President Franklin said after
the meeting of directors on Friday
that there were no "new developments"
to report, the stock market showed a
decline of nearly ten points in two
days. If hitch has really taken place
in the negotiations for the sale Of the
British ships. as has been suggested
by some who have no access to the
actual facts, Wall Street feels that it
should know it.
New-York tribune., 1918-11-17

The surplus that we normally sell
abroad has been very different, esti-
mated by different writer's. One dis
tinguished economist has held that
our exports really amount to only
small per cent of our total produc-
ton. Another estimates the average
as high as one-sixth of our total
output. The chances are that the
truth lies in between, the average
swinging, with the wide variations
that occur, between six and twelve
per cent. If the average were no
more than eight or ten per cent, or
even less, the influence of these ex-
ports as kind of balance wheel
IN the nations business, would still
be very great. At the present time,
when our exports are obviously run
ming at the highest point in recent
history, this influence is proportion
ately greater. One of the very vital
things at the present time is the
maintenance of our exports. That
is possible only through tremendous
credits abroad.
New-York tribune., 1918-11-17
Money and Credit

The statement issued by the Clearing
House Association yesterday showed
an increase in loans and discounts of
s4S,728,o00 during the last week, max
ing total of s4,7S9,s2S, 900. Net de-
posits increased s7,917,0o0. Excess
reserves decreased $2S,S12,7S0. United
States government deposits totalled
$SSS,724,ooo, compared with s35e,233,-
600 week ago.
The Federal Reserve Bank of New
York in its statement for the week end
ing November 16 showed total of bills
discounted and bought of $841,929, ,40S,
compared with sS12,37S,S54 a week ago.
Bank Acceptances.-The bank accept
ance market yesterday was without
feature, with rates unchanged.
Thirty Sixty Ninety
spot de- days. days. days.
livery: Per cent.Per cent. Per cent.
Eligible
m m Der
:. banks; ;. .4M@41s 43s@44 4as@4n
Eligible
non-mem-
Ineligible
bank bills.5M@s 51a@s 5h@5
For delivery within thirty days:
Per cent.
Eligible member banks. ........ 4H
Eligible non-member banks. ... 45a
Ineligible bank bills. s
New-York tribune., 1918-11-17

The above rates express the cost of
foreign money in terms of the Amer
lean dollar. You buy an English pound
sterling, say. at $4.7595. The intrinsic
parity is $4.86M per pouno. Thus you
say either that pounds are at a dis
count or that dollars are az premium,
land the demand for dollars with which
to settle accounts in this country is
greater than the demand in this coun-
try for pounds with which to settle ac-
counts in England.
New-York tribune., 1918-11-17

high freight rates naturally put
a tax upon industry and the free
exchange Of commodities. But with
out them, the maintenance Of the,
present scale of wages would be
almost Impossible. The government
would scarcely elect to run the rail
ways at a loss, and make good a
large deficit to the bloated share
holders. The difficulties of deiation
are many.
New-York tribune., 1918-11-17

The action of the authorities at
Washington in continuing present
prices, and wages, for copper is
highly significant of the policy that
will very probably be consistently
followed. Europe has great needs
for copper. Yet if the matter were
left to private interests alone, this
great demand could not quickly be
put into effect to maintain the neces-
sary high level Of production.
New-York tribune., 1918-11-17

Southern spot markets follow: Oas
weston steady, 20 points higher y !.
so.25c; sales, 450 bales. New orlssa s..
steady, 81 points higher, at 10" 4
sales, 919 bales. Mobile stesey. =. =
points higher, at Csc; sales, 10 a Oss' ~.
Savannah nominal, unchanged 81 ZssM
sales nil. Wilmington STEADY W
changed at 28c, sales nil. Ausul,s
steady, IL points lower, at 2S.0Sc,, ss.si
$40 bales. Memphis steady, unenaas. ~.
at 3o.5Oc; sales, 100 bales. 81 l'sI 4
steady, unchanged at 3Oc; ss'es -
New-York tribune., 1918-11-17
Dividends
Extras

American Colonial Bank of Porto
Rico An extra dividend of s per cent
has been declared in addition to the
regular scmi-annual dividend of 8 per
cent, both payable December to stock.
holders Of record November 90.
National Transit Company-Ext
dividend of so cents share in uddi-
tion to the regular sem-annual divi-
dend OF so cents share, both PAYABLE
December l6 to stockholders of record
November 80.
New-York tribune., 1918-11-17
Wealth

lar in terms of foreign money at par
value-that is, ii you were buying dol
lars with pounds, marks or francs-its
value at the close of last week, as COM
pared with a year ago, would be about
as follows:
New-York tribune., 1918-11-17

A highly competent observer, just
returned from close contact with
Continental and German affairs, ex-
presses the belief that the danger of
Bolshevik regime in Germany is
very great. There was something
sinister in the fashion in which the
reins of government were handed
over by the Kaiser to the Socialists,
instead of to the Reichstag. 1t was
not democracy; it was, and still re-
mains, autocracy. Was it done with
the hope that Fed Terror would
ensue, after which Imperialism
might come back into power? AS
after the French Revolution?s Per-
haps. But there may be great
restraining fear,-the fear that the
Allies will not supply food, or ex-
tend any kind Of aid.
New-York tribune., 1918-11-17
Finance Economics
WALL STREET OFFICE: Telephone
Building, Broad St 6S14

Fear is often a powerful determi-
nant of human actions. For the next
year or more, fear may be the chief
factor of the worlds policies.
New-York tribune., 1918-11-17

Sub-Treasury.-The banks lost sS7,-
oco to the Sub-Treasury yesterday.
Silver.-London, 49hd, unchanged;
New York, 1o1 sc, unchanged; Mexican
dollars, 77Ac, unchanged.
LONDON, Nov. 16.-Money was firm
at 3h per cent. Discount rates were:
Short and three months bills, 8 1882
per cent Gold premium at Lisbon was
at 100
New-York tribune., 1918-11-17

The governments of England,
France and Italy may have as great
a fear of Bolshevism in Germany
as the conservative forces in Ger
many itself. For one thing, a
wrecked and PROSTATE Germany
could not pay any huge indemni-
ties or make reparations, nor even
offer solid guarantees Of peace.
Despite popular impression, billions
Of property cannot easily be moved
about. The only kind Of an indem-
nifty worth while is an indemnity
paid in goods. We do not want their
worthless paper money. Nor their
bonds. And their whole gold stock
would be a bagatelle. So fear. may
dictate the terms of peace.
New-York tribune., 1918-11-17

The average of ten railway bonds.
and likewise ten industrial bonds
New-York tribune., 1918-11-17

The two great articles of COM
merce of which Germany stands
most deeply in need, are copper and
cotton. An administration friendly
to the cotton interests, Wall Street
thinks, may consider this fact.
New-York tribune., 1918-11-17

The coming of peace opens up
large possibilities of speculation in
the exchange markets. The return
OF a stable government in Russia
and the extension Of large credits
to it from this country would have
a marked effect upon the exchange
value of twenty to thirty billions of
paper rubles.
Merely to pay the interest on ex-
listing loans, the worlds taxes will
be at least eight billions greater
than in 1914. In most of the war
ring countries this will mean
doubling or more Of taxes, in some
tripling.
New-York tribune., 1918-11-17

The Federal Reserve Bank of New
York has put in force the following
schedule of redlscount rates which an.
ply to bankers acceptances: Maturities
up to Is days, 4 per cent; 16 to so
days, inclusive, Az per cent; 81 to 90
days, inclusive, Az per cent.
New-York tribune., 1918-11-17
FINANCIAL
PENN
MUTUAL,
LITE

81, 900 prxx
IOi.oh age 40 MUTUAL
%o''"o LITE
ASSETS 1873 MILLIONS
Send date OF birth for specimen poB,,
Depan Agency. 81 Court Street, Brooklu
N. Y. Phone 4446 Main.
New-York tribune., 1918-11-17

Discount Rates.-The following table
gives the current rates Of the twelve
Federal Reserve banks on commercial
paper for all periods up to ninety days:
New-York tribune., 1918-11-17

Unless Germany can get quick
supply of raw materials for her in
dustries and her factories, chaos
there would be almost certain. 1t is
not an agricultural nation. Food
alone would not suffice to insure a
stable government in Germany. So
fear may dictate the economic pol
icy of the Allies towards Germany
as we'll.
Likewise the governments Of the
Allies, and the United States as
we'll have a deep interest in pre-
serving a high degree of industrial
activity in their own countries. A
severe fall in wages, or in the price
of great basic commodities like steel,
copper, coal and the rest would,
with the practical certainty Of high
food prices and a continued high
cost of living, mean endless trouble.
Fear, or if you prefer, good policy,
will therefore probably dictate to the
allied governments large purchases
for governmental account and re-
sale, and free exchange Of credits
between countries. Active buying on
behalf of the governments would go
far toward relieving any uncertainty
as to the immediate course Of bust
ness.
New-York tribune., 1918-11-17
Federal Reserve Banks

WASHINGTON toward increase in dsounte
n secured obligations of other
from the weekly financial
The condition of he twelve the close of business last night wa
as
New-York tribune., 1918-11-17

*Nominal.
Below is given the current exchange
value of foreign money in dollars and
cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1918-11-17

Continued on nsxt page
New-York tribune., 1918-11-17

Closing rates yesterday, compared
will. a week ago, follow:
(Quoted dollars to the poundO