davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03
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general revival of confidence stock
and bond prices underwent marked
Improvement. We were blessed with
abundant crops; money was plentiful
and therefore cheap; industry was
prosperous; in fact, the whole coun-
try seemed to have completely shaken
off the depressing after effects Of the
1907 episode. But in the closing
months of 1912 capital grew timid
again, stock and bond prices turned
downward, this condition continuing
throughout 1913. Early in 1914 there
was some improvement, but the war
quickly swept it all away 1t was in
thc latter part of 1918 and the early
months of 1914 that the great state
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

after reaching peak in 1912, the
average price of twenty railroad
stocks and thirty industrials gradu-
ally worked lower, with only moder-
ate recoveries, until a few months
before the war had begun. Perhaps
investors the world over instinctively
felt the danger Of a world war. 1t
will be recalled that after the panic
Of 1907 two years elapsed before
business and industry got back into
its stride. Beginning in 1909 bust
ness began to improve, and with the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03
Economics Upside Down

Engineering and Mining Journal
Ten months ago we preached "ln-
crease production and diminish con-
sumption"
Washington dispatches Tuesday
afternoon told of the alarm that is
Icing felt in Administration quarters
respecting the startling decrease in
steel production.
1t was limited that non-essential con-
sumption would have to be curtailed
further by arbitrary prescription.
Thus we see ourselves standing on
the quagmire of diminishing produc-
ton. instead of on the safe ground OF
Increasing production.
This situation is presented under the
headlines Of Serious Decline in Steel
Production-Delays to Progress of the
War Threatened-Non-Es Essentials in the
Way--Need Of Prompt Remedial Meas
ures-What Recent Official Figures
This is being blamed upon the coal
shortage, the railway congestion.
But the statistics for 1917. which
We're available within ten days after
tho end of the year. showed that the
production of iron had decreased as
compared with 1916. The production
OF copper had decreased. Among the
great price-fixed commodities only coal
had increased, but although the tons
OF coal were more, there was great
doubt whether the total of heat units
in it were more.
The same dispatches brought tbs
news that the Senate's Agricultural
Committee had reported favorably on
bill to raise the price for the 1918
crop of wheat to $3.50 per bushel.
Senator introduced resolution to
make it $2.75. These motions follow
statements that the farmers are re.
luctant to plant under the present -
guarantee.
Price-tixing by Congressional lcgis'
lation was bound to come. The prins
ciples OF sound economies having been
repudiated, we are approaching ~
rsdwctio cd absxsdNaah -
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

to the great war contracts placed
at fancy prices with American in
dustrial concerns by the Allied gov
ernments. Moreover, the railroad
stocks did not respond so buoyantly
owing to the steady trickle of
liquidation from abroad.
The peak of the price swing in
stocks for the whole war period was
reached toward the close of 1876.
The average of the thirty indus
trials then touched 104.13 and the
average of the twenty rails $3.50.
The combined average stood at
99.S4, against 5S.04 in the war
panic Of 1914. What happened in
1917 preceding our entrance into
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

between January 1 and May 1,
1915. Then the rails dipped to
7735 and before they had made
much recovery the industrial aver
age crossed them. In October of
1915 the industrial average stood
at $500, the rail average at 1926.
The year closed with the rail aver
age at $500 and the industrial aver
age at 9O.6O. The rapid rise in the
industrial shares in this period was
explained by the fact that specu-
lation centred in these issues owing
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

in the history of international
finance. Immediately on the out
break of hostilities the Whole world
began to sell us back our own
securities. The New York market
became literally the financial dump
ing ground of the world, until the
danger of the situation was recog-
nized and the Stock Exchange closed
its doors for the protection of Ameri-
can security holders.
Before the New York Stock Ex-
change closed in 1914 the average
price of the twenty railroads used in
the new averages Of The Tribune
had fallen from S4.6O to 74.O9; the
average price of the thirty indus
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

trials from 53.87 to 47.40; the aver
age price Of the ten railroad bonds
from $3.50 to 9O1O, and the average
Of the ten industrial bonds from
$500 to 91.40. The average price of
the five public utility bonds showed
little change owing to the limited
market in this class of securities.
When trading was officially re-
sumed early in December Of 1914,
under certain restrictions, the New
York Stock Exchange was the only
exchange of Importance in the world
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

Bond prices never move as VIC
lently as stock prices. This is be-
cause investment securities do not
feel the effects Of important news de-
velopments as quickly as more spec
ulative issues. In the record of the
bond market since 1912, as shown
in The Tribune's new average and
charts, we find a gradual decline in
bond market values from early in
1912 until early in 1914. In tho
fore part of 1914 utility, railroad
and industrial bonds developed CON-
siderable strength and just proceed
ing the beginning of the war the
average price of ten railroad bonds
stood at 50. the average price Of
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

open for business. Sales for foreign
account continued to press con the
American market, but after an
initial slump prices of both stocks
and bonds began a gradual recovery
which with some Interruptions went
on until the price peak was reached
toward the end of 1916 and the
beginning of 1917. Starting at
1888 in 1915, the average price of
the thirty industrial stocks rose to
$3.50 by May 1. Then came a slight
setback, followed by a fresh rise
which took the average to 91.67
just before the close of the year.
The average of twenty railroad
shares went from 1856 to 82.35
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

hanks of Europe began to pile up
their gold reserves; no one knew
why then, although later the reason
became plain enough.
World Pours Stocks
Into This Market
The record Of our security mar
kcts, since the beginning Of the war
in 1914, through the period of our
neutrality and then through our
first year of war, constitutes one
of the most interesting chapters
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03
Market Has Been
Thoroughly Liquidated

1t is true that stocks and bonds
are still far under the high prices
of 1917 and the high-water market
OF the war period, nevertheless the
important thing is that the turn has
come. The advance since the first
Of the year has been the greatest re-
corded since the peace panic" of De-
cember, 1916. 1t is not impossible
that, should the war continue for two
or three years more, we might see
return of the low prices of last De-
cember. The best opinion is, how
ever, that the markets have been
thoroughly liquidated, and are. there
sore, in an unusually strong position.
american industry has surrnounted
many of the difficulties Of transi
tion from peace to war basis.
Earnings are running large, despite
unprecedented taxes and increasing
costs of operation. Labor troubles
are many, but not impossible of soIu
ton. At Washington a new spirit
OF cooperation with big business is
developing. The railroads have been
taken over by the government with
generous guarantees as To earnings,
suits pending against some Of our
largest corporations for violation of
the antiquated Sherman antitrust
law have been postponed until after
the war. Ways and means for pro-
viding for the capital needs Of our
industries are being arranged at
Washington. The methods proposed
are open TO criticism, yet it is re-
assuring that the great basic indus
tries viii not be starved for want Of
working capital. This il the bright
side Of the picture.
There are, Of course, great cle-
ments Of uncertainty in the situa-
ton. Whether those uncertainties
will outweigh the constructive inGu-
ences on sccurity priccs remains 10
be seen.
IT 10 Of interest that the recovery
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

the war was a precipitate, almost
perpendicular, fall in stock prices,
the industrials which had gone up
the most rapidly in 1916, declining
most severely. The average of the
industrials which had closed in 1916
we'll above 100, dropped to 84.45
when Germany announced her
policy of ruthless submarine war
fare on merchant vessels. That was
in February Railroad stocks at the
same time went in the average to
$3.50. From these low levels SUBJ
stantial recovery occurred in April
after the formal declaration Of hos
tilities, after which the decline be-
gan which continued with slight in
terruptions up to last December.
At the bottom of the 1917 decline
the industrial stock average touched
1920, and the railroad average
65.4O. These compared with high
average prices for the war period
of 1O4.13 and $3.50 respectively.
On the recovery that has since
occurred the industrial average has
risen to almost 80 and the rails
to 70.
Price Movements
Since 1912
In the following tables the aver
age price for twenty railroad stocks
and thirty industrial issues and the
combined average for the fifty
stocks on the first of each month
are given for the six years beginning
1912, and also for the two months
of 1918. No average is given for
the three months of September,
October and November, 1914, be-
cause the exchange was closed.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

in stock and bond prices now under
way is to all intents and purposes
the first of important proportions
since the great rise in the closing
month of 1916.
A New Series Of
Market Averages
The Tribune presents to-day for
the first time a new series of bond
and stock averages, and graphs COM
piled and charted from a selected
list of representative securities.
The stocks used in compiling the
averages are as follows:
Twenty Railroad Stocks
Atchison, Topeka &lIehgh Valley
Santa Fe louisville e. Nashville
baltimore G. Ohio missouri Pacific
Chesapeake & Ohio New York Central
Chicago. Milwaukee G. Norfolk e. Western
st. Paul Northern Pacific
Chicago Rock Island Pennsylvania
x Pacltlc Heading
Delaware & Hudson Southern Pacific
Erie Southern Railway
G: eat Northern pf Union Pacific
Illinois Central
Thirty Industrial and Miscellane-
Gus Stocks
American Can General Electric
American Beet Sugar Inspiration Copper
American Ca &iInternational Har-
Foundry yester
American Locomotive lI.acEawanna Steel
American Steel Foun- Mexican Petroleum
dries Nrtional Lead
American Smelling &lEew York Air Brake
Refining Pittsburgh Coal
American Sugar Re-Iepublc Iron & Steel
inning lStudebaker
American Tel. & Tel. Texas Co.
american Wooden Co. u. $. Industrial Alco-
Anaconda Copper ho
baldwin Locomotive u S. Rubber
Central Leather u. S. Steel
Corn Products Rein Utah Copper
ing Westinghouse Elect. &
Consolidated Gas Manufacturing Co
The bonds used in compiling the
averages are as follows
Ten Railroad Bonds
Atchison. Topeka & Santa Fe Is 1895
Baltimore & Ohio As 1913.
Chicago. Burlington & Quincy general As
1858
Chicago, Rock Island e. Pacific general 4s
1898
Erie prior lien Is 1895.
Illinois Central refunding As. 1868.
Louisville & Nashville unified Is 1910.
Reading general 4s 1897.
Southern Pacific refunding As 1855
Union Pacific first is 1917.
Five Public Utility Bonds
Manhattan Railway consolidated Is 1890.
Peoples Gas G. Electric general and re-
funding IS 1912.
Kings County Electric Light & Power IS
1881
Third Avenue Railroad first IS 1887.
New York Telephone FIRST and general As
1899.
Ten Industrial and Miscellaneous
Bonds
U. S. Steel Corporation sinking fund IS
1863
Republic Iron G Steel sinking fund s. 1910.
Lggett e. Myers Tobacco IS 1851
Armour & Co. refunding and real estate
412s 1889.
Baldwin Locomotive first IS 1870
Colorado Fuel e. Iron general IS 1913.
Distillers' Securities 5s 1927
American Cotton Oil IS 1881.
Corn Products first IS 1884
New York City As. May. 1857.
The tables Of averages, together
with the graphs, give in striking
manner an idea of the course taken
by the securities market as a whole
since 1912.
a study of the graphs shows that,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03
Present Position the Security Markets. Trend of Stock and Bond Prices
Equation

TOW much further will the
current recovery in stock
and bond prices carry?
Are we to witness during the re-
naming period of the war repeti-
ton of the wildly speculative stock
markets of 1915 and 1916, when the
prospects Of greatly augmented
profits from war contracts furnished
the handspring for fantastic rises in
stock prices? Are bond prices to go
higher in the face Of further huge
United States government war loan
operations?
These are few of the questions
being pressed for answer in the in
vestment and speculative markets at
the present time. The prescience
necessary to answer them is lacking,
for one reason because no one pre-
tends to say when the war will end.
Banking opinion, always conscrva-
tive, is unusually so just now. Nari-
Gus views are held by financial men
of prominence as TO the future
course of security prices, and it is,
perhaps, significant that the major
ity apparently believe that there can
be no return of the great war mar
.kets of 1915 and 1916, owing to de-
velopments that have occurred since
the United States entered the war.
The equation has been completely
altered. New influences must be
reckoned with that did not exist be-
fore we began to furnish men and
money for the Allied cause. Tighter
money conditions have, for one
thing, taken effect on markets.
Then, again, increasingly burden
some taxes are felt, and many other
new factors injected into the situa-
ton.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03

Imitation has, of course, been an
important factor in the slump of
bond prices. AS the cost of living
mounted and the purchasing power
OF money decreased bond prices were
readjusted to a higher income basis.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-03-03
Initiation May
Cause Upturn

Initiation, it is believed, may con-
ceivably bring about a great rise in
security prices, but there is the pos
sibility that the market effects of in.
fation will be indefinitely deferred,
perhaps until after the war is over.
No one disputes the fact that sat
lsfactory peace would be the most
constructive influence on security
prices that can be imagined. The
periodical spurts in market prices
that occur on fresh peace reports
point in this direction.
Leaving aside the question of
whether peace is near or whether
the war will be prolonged indefi-
nitely, to be finished only when
sheer exhaustion shall have forced
the enemy to stop fighting, there is
no doubt that American holders of
securities have to large degree re-
covered from the apprehension that
took possession Of the market for all
classes of stocks and bonds in 1917,
when our principal industries were
getting adjusted to a war basis and
the government had begun to make
its demands for money felt in the
capital markets. Since December of
1917, when the storm Of domestic
selling reached a climax and prices
of practically all but industrial
stocks touched the lowest levels in
years, not excepting the prices of the
war panic period of 1914, there has
been a gradual though none the less
convincing revival of confidence that
has made itself felt in creeping
forward of prices.
The Sentinel=record., 1918-12-15
OFFICERS ELECTED Q.

At the regular meetmj- of Silver Leaf Camp Nc s, w. o w., held last evening the following officers were elected to serve the ensuing year
 Past Consul Commander-J. p Jamison.
 Consul Commander--II A. Wheat ley.
 Bankor-L., l.. Hays,
 Clerk-John r. Jones
 Adviser Iieptenaat--R Ellis.
 Escort III. R Jonas
 Watchman-D J. Foley
 Sanuy-T. ] Wtherspoor.
 Physician Dr. J. P, Randolph
 Physician-Dr J F Merritt
 Physician-D:. E. R. Browning.
 Manager F. A. Nicilels
 lManaQcr--W H. Watson.
 ManaEcr-S. AL Geurin
 The meeting was well attended. The camp voted to purchase a aoN al Auditoriul theatre for benefit s' en Av the Others Club. The seats were donated back to the club h order that they may derive moro benefits for he cause in which the show is hcing Siv- en.
 The camp owns one $l0o Liberty bond and is ready to purchase an- other as soon as same dre iioated.
The Sentinel=record., 1918-12-15
COUNTY AGRICULTURAL
 AGENTS PROGRESSIVE
ESiDENT FUTRELL AND RAY GILL ARE PRtNC tpAL SPEAK
 FRS BEFORE TIE BODY.

Pros dent J q. FuIrcI of tuc | ai- versity Of Arkansas. aud Alr Fay nilL seorctare of the Fort Smith Chamber Of Commerce.. were the
 principal speakers duri1- the third day oi tho business meeting of the county aaricultural and home demon stration agents HOW being held at Hot Smines
 In sneakins of tac necessity of co. operation between the business organ izations and agricultural interests Of the atato, Mr. Gill sad: "The coW- r. agents and specialists of the oXtcn- sion division of inc University of Ar kansas make u1 the largest and mcs. efficient o.sani1ation for better farm ing in the state. tll civic and com mcrcial bodies must cooperate with these forces in all matters touching farm production end marl,cting This cooperation on the pant Of the busi- ness organizations must mean that they will do only those things which win help t.e coanty 1gCpt9 carry o't their plans. Farther l would nct ac- cCpt any aeuculWral project that did not hay, the c. K. of the university extension forces In making Arkan- sas great state there is enough oreGit for all Every individual and every organization must pull tc- sethcr.
 1t is also necessary for tHc county and home demonstration agents 10 keep in touch with the com. morciaI oreanizations and let them know what their plans are. otherwise the commercial organizations mi- r dc. the right thing but 2t the wrong time This must he avoided. Perfect cooperation should ho tho logan for the state"
 President J. c Futrell Of the Uni. yersity of Arkansas said: "The farmers of Arkansas have done d great deal to win the war and they wil make greater Arkansas he cause they recognize the value of di versuied farming and as far 2s pos- siale and as quickly as practicable they arc adopting improved methods They soc thc opportunity which pre- scnts itself and wherever prosperity permits they are buying better cattle and machncry and they are cooper ftng with the extension forces in marketing their pcdrcts. Among the other speakers on inc program today were:
 w. E. Mattoon, r. s bureau Of for. estry.
 J. A. Wilson. director of extension work in Oklahoma.
 J. Ii. Tull and Major Lawrence Foot office of markets, Arkansas eN- tension division. and Mary E. keovn.
 r. P. Lund. L. s. department of as riculturc.
 Miss Emma Archer representing
 the womou's di,ision of the Council O. Defense for Arkansas.
 J. Y Ctmand aud R. F Ensign Of :hc extension division
The Sentinel=record., 1918-12-15
RETURNING SOLDIERS, TAKE
 NOTICE.

All soldiers and sailors who are dischaeeed from service and return tc uIst Springs are cordially invited 10 Rgistcr with the Home Servtta Seetion Of the Hot springs Eh3pt IT, American Bed Cross, at it's hcadquaf- ters in the old Southern Cluh hailt ,rk. Such registration would not cnly aid materially in obtaining q comploeo record of the men of Car land county wao hayc served their conatrs but will also prove of .en
 if to tho mon themselves and then families in any service that the Rel Cross might ren@gf fifcm F l5-lu
The Sentinel=record., 1918-12-15
Famous Gifts to the Public.

Several of the most highly admired buildings and most imposing ruins in Rome are actually gifts made to the public hy ancient citizens. out of them all may cite the Pantheon, that marvellous Pantheon, which we all still admire in the heart of Rome, the monument which stands deathleSs while thc stream of ages flows by. This was constructed by Aerppa, the friend of Augustus, at his own expense and c9n be compared in this respect to Carnegie hall in New York. Agrip. pa built the Pantheon from inc same notions of ehig aeal iha lmptuc1 Carnegie to cndoW New York with his great hall And 1hc TWO monuments built by lhc personal mmilconce of two uluuVcWhy citizens. Wlb an in- ieryal of .O centuries het"ecu them. express ttc same desire to extend to the 0hole people ~harp in tho en- lolmcnt of the donors private fortune -E. C. Forbes, in Boston News Bu. reau
The Sentinel=record., 1918-12-15
St. Luke's Church.

Corner Spring and Cottage streets. Rev. Charles F Collins, rector. Snr- dly school al c,3o a m Holy ccm- mnion at II a, m Evening prayer and sermon at 7:3o D. m. Tine Ladies Aid will meet Monday the 18th. at , T. m in the Parish house, full att tendance is requested. The Vestry will meet MoikGay the lGth at 7.30 D. m in the parish House. Choi, practice Wcdneeday at 7:30 p m
The Sentinel=record., 1918-12-15
How -e zrted Kidney Trouble.

"I had a severe attack of kidney trouble and for three weeks could not get out of doors and scarcely out of bed. writes s. F. Brewer. Village Springs. Ala. "Could not bend over at
 without most cXcruiat.ng pains I purchased a bottle of Foley Kidney Pills. Was relieved after first few doses and continued their use until completely cured l consider Foley Kidney Pills tho best kidney remedy in the world No recurrence of my trouble. A. (. JomInes s-AdF
The Sentinel=record., 1918-12-15
First Church Of Christ. Scientist

Located IBIS Central avenue. Ser vices are held Sunday morning at |
 o'clock at which time the lesson sermon i5 read The subject of this morniines losson Is God The Pre- server Of Man Sunday school ne-
 irs promptly at 9;45. and pupils m der the ago Of twenty years are vel come "Wednesday evening services arc held at o'clock. and at this meet me testimonies of Christian Science hniug arc given Tho readinp rooms gre maintained at el7 Central avenue. and are opel d1ily, except
The Sentinel=record., 1918-12-15
NEGRO CHURCHES. Roanoke Baptist.

9.20 a m Sunday school Dr Charles Stewart, genera, missionary of the National Baptist Convention, will preach at both morning and eY- enimq services At T. Ill he will hold a special service for women only Those who have heard this lecture say it is the most helpful lecture ever heard on the subject, which he dis cusses. Don't miss this rare treat for Dr. Stewart is not only sound in lis presentation cf the truth, but he is also highly entertaining, Good r'ueic at an Of the services.
The Sentinel=record., 1918-12-15
TOILET ARTICLES

Manicure Sets, Cut Glass Perfume and Toilet Water Bottle, Silver Back ed Hanf Mirror. Silver Backed Brushes, Ebony Backed Hand Mirror Ebony Backed Brushes
 We have a big line of these nceeg- sary articles in SO many styles that we cannot price them here. We want you to see these goods and the low prices we make on them.
The Sentinel=record., 1918-12-15
Orange Street PreshYterlan.

Rev. r. M. Wylie, pastor All pu- pils who attend the Sunday school will have teachers to look after them and distribute literature. The usual preaching services will ne conducted by the pastor At the II o'clock hour the subject will be win Religion Abid2?" This is a much discussed question today, and is worthy of con sideration. At the evening service, 1:30 o'clock the theemc for discussion will be "A Life Worth While To all these services the public is invit- ed.