davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-09-23

So carefully have the banks been
conserving their resources, through
the restriction of non-essential cred
its, that they are now approaching
the Federal loan operation with con-
tidencc. Money rates, however, show
no signs of relaxation, and last week
there was no important change in
the general money market situation.
The call rate at the Stock Exchange
was firmly maintained at per cent.
while the banks made practically no
offerings Of time funds, in keeping
with a policy instituted many months
ago. The possibility of undertaking
a closer supervision Of all bank loans
in excess of 100000 through the
medium of the Capital Issues Com
mittee came up last week., when the
leading bankers from all over the
country met at Washington to dis
cuss ways and means of further re-
stricting credit extensions in the less
essential lines. While nothing def
mite has come as result of the con-
ference, the bankers have all under
taken to enforce a much more rigid
examination of all their loans with q
view to greater conservation of
credit resources. In some quarters
moderate easing Of the loan money
situation is looked for after the loan
campaign is over Bankers point
out, however, that Immediately fol-
lowing the placing Of the new loan
the Treasury will be compelled to
seek fresh funds through the sale
of certificates of indebtedness. In
other words, the process Of govern
ment borrowing will be a continuous
performance as long as the war lasts
and the financial community must
realize this.
New-York tribune., 1918-09-23
Great Struggle Is
Everybody s War

SO again we say, this is everybody S
war, and it is up to everybody TO work
to the very limit of lis strength, to live
on the least he can get along on, and to
use the difference between what he
earns and must srend to live on to pay
Federal taxes and buy Liberty bonds.
Also, there is the fact that as a ma
ton we will be poorer at the end of
the war than at the beginning, that we
inevitably will consume all We produce
during the war and allow our permanent
wealth to dcteriorate, besides. And
this, no matter how hard we work or
how much we save. The waste of war
is intellectually prodigious. A negligible
number of individuals who are either
peculiarly fortunate or traitorously
and adroitly unpatriotc may be better
OFT. but the great mass of the people.
99.99 per cent at least, both rich and
poor and great and small, inevitably
must be worse off
There is widespread and very popu-
lar belief that war creates a special op-
portunlty for most people to prosper
unusually and for some people TO grow
rich lnordnately. Probably the source
Of this belief is to be found in the fact
that nations at war usually resort to
financing methods which cause infa-
ton, and that imitation causes high
prices and high wages, visiblities
winch to many minds and regardless of
their relation to each other are conclu-
slve evidences Of prosperity; and prob
ABLY It's popularity is due to the fact
that 1T is pleasant belief. Many most
fragrant economic heresies have had
wide and long vogue for no reason
other than that people have liked to he be-
lieve them. But, whatever its source
and whatever the reason for its popu-
larlty, this belief is without the shadow
OF a foundation in either reason or eX-
perience.
Wartime prosperity" is mirage;
II is not reality. Indeed, it is not
even mirage for any considerable
length of time. Surely no one would
accuse France, England, Germany or
austria of being prosperous to-day
These countries and all the others
which are fighting, save alone our own,
are working their fingers ends to the
bone and living on the barest dole that
Will keep body and soul together; and
are are growing poorer every day. Though
they, too, had their mirage OF war
prosperity" in the beginning.
NO, war does not make prosperity.
War spells waste. incalculable waste.
and while we know that in time of
peace minor wastes stimulate certain
non-essential business activities, we
also know that in both time Of peace
and time of war great wastes, if long
continued, inevitably bleed the nation
white. True, for short time the fact
that it is being bled white is obscured
by advancing prices and inflated valua-
tions. But these things merely OBJ
scure, they do not change the fact. The
bleeding is going on, and it is only a
matter of time until every one will
know and feel it. and may feel it deep
~. Our country as a whole grows
poorer every day the war goes on.
New-York tribune., 1918-09-23
LIBERTY BOND.
FINANCIAL MEETINGS
SOUTHERN PACIFIC COMPANY.
NOTICE OF MEETING.
16o Broadway, New York, N. r,

July H. lsl,.
Special Meeting OF the Stockholders Q.
the Southern Pacific Company Will be he'd
al the Office OF this Company in Anchorags
Jefferson County, Kentucky, on Wednesdaf'
October 3, 1918, at y o'clock noon, staad'
ard time FOR the following purposes. viz
10 authorize, approve and ratify III %.
execution and delivery OF a contract or col
tracts between this Company separately o.
Jointly with any one or more or all ot ~
proprietary and affiliated companies, a
party or parties OF the first part. and ts
United States, or its representative, u
party or the second part. relating to y
compensation TO be paid for the possessiss
use and control OF the railroad and systen
or transportation. and its appurfenances- o
TINS Company and of such Of its prepr'
tary and affiliated companies. j; any, y
snail be parties to such contract. and 10 'a'
operation. maintenance and return OF sei
properties, and TO any other matter es.
nected with or growing out Of .ho takb
ove; or the said properties by the PRESIDE,
OF the United States. and 60 any actioh \.
the Board OF Directors Of this Company n
respect thereto; to authorize the said bos'
% to alter, amend or add to such coz.
tract, (2) TO collect the compensation 70 "
paid under such contract and. IL said eea
tract be JOINT 10 agree with the Ha' @
companies parties thereto is 10 the divAos.
OF said compensation. and to take all sa.33
other and further action the said Boa.
shall deem necessary to secure adels.t
compensation. proper use, operation -
--3NtAA eSAtaAitGr anu a Timely lcNHAf
properties so taken over. and generaly :. .
consider and act upon any and all quesle....
and matters incidental to the purp0'Ji
aforesaid or growing out OF The sforess.
Federal Control of properties Of this SV~ ..
pany and It's proprietary and affiliated co'
panies. .
For the purposes Of the meeting the nooA,
for the transfer of stock will be closed 80 .;
o'clock T. NJ. Tuesday. September ~ "
and VIII be reopened a. 10 O'Clock A. ~'
Thursday, October 10. 1918
BY order OF the Board OF Director
HUGH NELL. SecreA''
New-York tribune., 1918-09-23
Money and Labor
Closely Linked

Next, there is the closely related
TACT that we must pay the cost of the
war IN labor and self denial. When the
government says it must raise twenty
tour billion dollars for war nurnoses
1t does not mean that it must gather ND
twenty-four billion dollars III gold, sill
vef paper and checks. 1t means that
~ nuSI commandeer twenty-four bill
ION dollars worth of labor and material
things. 1t means that it must refn,;re
the people of the country to do work
ana furnish material of the value of
'wenty-four billion dollars for the gov
eIhmeht over and above what they do
and produce for themselves; over and
above what they must do and use to
1t is the habit of many people to
th!nA OF money as thing apart. q
,nlng that can be raised and spent, as
.ne saying is, in large quantities BIZ
the government without materially af
lectlng the people. But this is a mis-
take Money is not thing apart
actually, of course, money is nothing
Dut mixture of q small volume Of
so'd and silver with a large volume
OF paper scraps called credit instru-
ments; things that we make practicable
no use of except to pass from one
hand to another IN exchange for goods
and services; things which are CON
sMntly moving around in circle and
llhdlng permanent Judgement nowhere
But "'money' has purchasing power
ana tnere IS binding and relatively
inelastlc link between it and the lahor
and material things by and with whicb
we we i've. There is no way to separate
the purchasing power that is in
money" from the goods and ser
wees this power commands.
When an individual pays taxes and
buys Liberty bonds he turns over
money to the government. When he
turns over money to the government
ne not only provides the government
"ltn purchasing power. but, what is
even more important. he himself sur
renders purchasing power. He puts.
.t .he government IN position to buy
Things and himself in a position where
he cannot buy things.
Thus 1t follows that in the last
analysis we pay our respective shares
or the cost of the war in labor and
self-denial. We labor to produce and
then, by turning over part of the
money realized from our labor to the
government, we. deny ourselves some
OF the things we ordinarily buy with
the money received for our labor.
1t follows also that the more the GOV
ernment must spend for the war the
more extensively we must practise self
more extensively we must practise self
denial; the more the government must
have to fight with, the less we can have
to live upon,
To put it all another way. There
is no way for the government to finance
this particular war without recurring
all OF the people to make revolutionary
changes IN their personal habits, adopt
new standards and methods of Iv;no
and make sacrifices of the mos, az,
treme kind.
The word FINANCE" we must remem-
Der, is nothing but a high sounding
New-York tribune., 1918-09-23
Why Rich Should
Buy Liberty Bonds

And finally there IS the fact that one
OF the governments principal purposes
IN issuing bonds rather than raising all
OF the money it needs by taxation, as it
might, is to provide opportunities for
those individuals who are so situated
that they can shoulder more than their
respective shares of the war cost to do
this without suffering loss
Aside from the effect of bond issues
upon prices, wages and the general
credit situation, there is little, if any,
important difference between raising
al Of the money needed for war pur-
poses by taxation and raising part by
selling bonds, excepting only that
bonds permit a certain amount Of bur
den shifting among the people which
would be impossible if all the money
were raised by taxation. Bonds create
opportunities for those who are able to
de more than their shares temporarily
10 help out those who cannot do their
shares. Taxation fails to create such
opportunities In many ways it prob
ably would be simpler and easier for
the government to raise all of the
money by levying taxes than to raise
part by selling bonds. But if it did
so there would be no easy way for
those unable to pay their shares OF the
war cost to obtain temporary aid from
those able to pay more than their
shares; and conversely, of course, no
easy way for those able to pay more
than their shares to show patriotism
by doing So
Incidentally, it may be remarked that
those who buy more than their shares
of bonds do not for that reason paw
IN the end more than their shares Of
the cost OF the war. They merely do
what IS the equivalent Of lending
money to the others on the promissorv
notes OF the others guaranteed as to
principal and interest by the govern
ment of the United States. They buv
united States bonds, which later will
be pad with money raised by taxa
ton OF all the people, including "the
others On the other hand, those who
thus temporarily are helped out do not
escape final payment of their shares.
Every one must pay his share finally.
whether he wants to or not, for event
ually all OF the money cost of the war
will be raised by taxation. What is
not raised by taxation now will be
raised by taxation later to paw the
bonds that are sold now.
1he only way any individual can
evade paying some part, or all, of his
snare wlll be to refuse to buy bonds
and then die without leaving any prop
erty before the taxes that viii be lev
ied to pay the interest and principal
OF the bonds are collected In word,
the only way sn individual can evade
entirely is to refuse to buy and then
Not only is this true, but also that
those who now buy more than their
shares later will have a distinct ad-
vantage over those who buy less.
Money raised by taxation after the war
VIII be taken from everybody, but it
VIII be paid over only to those who hold
Eonds. SO those who hold bonds will
De receiving money as we'll as paying
IL out, while those who do not hold
ceiving.
Taxation after the war will be light
New-York tribune., 1918-09-23
Record Foreign Trade
Reported by Chile
Its International Commerce for
1917 Amounted in All
to $389.586,61O

The foreign trade of Chill was Of
record breaking proportions in 1917,
totalling $3.50, $40 The largest
previous total was attained in 1916,
the amount being s26s, ,67s,534. Chilean
exports last year totalled $259 ,9S5,495,
while imports amounted to $129, sos, lis.
The increase over 1916 in exports was
S72,527,063 and in imports $48 1888 ,013.
The total imports received by Chile
from the United States from 1912 to
1917, inclusive, were S173,676,241, and
from Great Britain during the same
period $l53,792,197, and during the
same period Chilean exports to the
United States amounted to 1888 ,SS1 ,914.
as compared with S296,273 1925 worth
of exports to Great Britain, the second
nation of Importance in Chilean for
cign trade.
New-York tribune., 1918-09-23
Americans Gain Trade
In South Sea Islands
British Commissioner Thinks
Whey Will Hold Newly
ACQUIRED Markets

Trade in the South Pacific Islands is
said to be fairly good and the British
Trade Commits ssoner for New Zealand
reported at Auckland, after touring
Samoa, Tonga and Fiji, that the United
States is getting most of the business,
although the Japanese are making a
strong bid. Practically all of the copra
is being taken by American firms.
"The trade commissioner" Consul
General Alfred A. Winslow reports
from Auckland, "is inclined to think
that American firms are getting sub
stantial footings in these markets that
are liable to continue"
Japanese manufacturers are sending
vessels to these islands laden largely
with the same class of goods as were
formerly uspplied by Germany, and
which we're in demand.
New-York tribune., 1918-09-23
United Dyewood CORPORATION.

New York. August 80, TT
Preferred Capital Stock Dividend No
Common Capital Stock Dividend No, 4
The following dividends on the stocN
this Corporation have been declared - ,
sum Sc, aside for the payment OF s'.e.e :
share FOR the year 1919 on the PREF,
STOCK. payable October /. 1915: d,,vscl Ia
OF $3.50 per share on the Common o.s.s.
payable October l, 1918: payable 10 s.ss
holders OF record OF Preferred and Colnssy,s
stocks at the close OF business Sat"S
September "a. 1918.
The Transfer books will not be cloy yvc,s
Checks will be mailed by The New >
Trust Company OF New York.
DE WITT CLINTON JONES. TseaeD
New-York tribune., 1918-09-23

the remaining 10 per cent by putting
it into additions to our permanent
wealth. Now me must turn over near
ly so per cent, or one half, to the gov
ernment to help win the war. Twenty
four billion dollars is the amount In
all the world there is not in the form
Of money of final redemption onehalf
Of twenty-four billion dollars. No liv-
ing man ever has seen one billion dol
lars at one time, or even one billion
dollars worth of property at one time.
worth of goods and services is what
we of this country alone must provide
Tor war uses in one year This is the
money cost" to US, including what we
lend to our allies. 1t is unthinkably
enormous, and what is equally, if not
even moro important it must all, or
substantially all, come out of what we
save during this year.
Some people thoughtlessly assume
that through some mysterious hocus
pocus Of finance either large part of
this cost can be passed along to pos
terity or met from the accumulated
capital of the country, or laid upon
the shoulders Of the few now living
who are very rich. But none of these
things is possible.
There is no way for O nation stu
ated as we are situated to make pos
terlty pay a single dollar of the imme-
dlate cost of the war. We as a nation
are unable to borrow from the people
OF any other nation, and, therefore, we
are unable to borrow at all. There is
no other nation from which we can
borrow because there is no other nation
which has anything to lend
When we issue bonds we take them
ourselves 0k1
tions owned by ourselves. We, the
people, are the nation. We, the peo-
pie, arc the government. What the gov
cInment owes, we owe. What the
government owns, we own. When the
government issues bonds, the oblga-
ton is our obligation, and if we our
selves and alone take the bonds we
merely have taken our own promissory
notes, and taking our own promissory
notes Is not borrowing.
To pass along any part of the bur
den Of the war cost to posteritv it
would be necessary for us actually to
borrow. But we cannot actually bor-
row. When We issue bonds and take
tnem all ourselves, we merely bring
ABOUT certain amount of borrowing o
and lending among ourselves, and this,
from the standpoint Of the people as a
whole, IS not borrowing. 1t merely is
gong through the motions of borrow
ing. The act of borrowing cannot be
consummated by one body alone. There
must be lender as we'll rs borrower.
and If we cannot borrow, we obviously
cannot pass along any part of the bur
den to posterty. Our situation is
analogous to that Of an individual who
IS obliged to make large payment and
unable to borrow. Such an individual
ttSsroainly &c would not be passing along
sne payment to his son if, after having
made the payment himself, he gave him,
sel1 his own promissory note payable
10 himself thirty or any other number
of years after date.
New-York tribune., 1918-09-23

March the City Of Paris 6 per cent
notes fell to around 80. With the
Germans now moving steady back
wardthese notes have lately risen in
the market to around 96.
New-York tribune., 1918-09-23
What Government
Must Raise in 1918

First, there is the fact that the total
amount the government is called upon
to raise this year is enormous. 1t
represents about s210 for every man,
woman and child in the United States.
1t equals about S2.4O for every five
dollar bill earned in wages and salaries
and received as net profits, interest,
dividends, rents and the like, by all
Of the earners and owners Of the coun-
try during the whole year. 1t aggre-
gates nearly one-half of the entire in
come of all of the people of the coun-
try for the entire year. Our peace
time habit is to use about 80 per cent
of our income to live on and about 10
per cent to maintain our permanent
wealth-buildings factories, railroads,
highways and the like, and then to save
New-York tribune., 1918-09-23
DIVIDEND NOTICES
New York Title and Mortgage 10

100 ISrVHuWdy, NFW fUf n 80.
A quarterly dividend Of one and 'n.
quarters per cent. Ns.e on the asp,l is,
stock of the Company has been deela,
payable October /. 1913 TO stockholdeiss<~
record az the close OF business OH Sep"'
Der 81. 1918
Dated. New York September 10, 1917
GERHARD kJEHNE, Secreta''
New-York tribune., 1918-09-23
By A. f. Adams


President of First National Bank of
Youngstown
X7HAT, in terms of dollars and and
w cents, is my share of the
money cost Of the war, and
what amount Of Liberty bonds
must buy?
Increasingly this question is being
propounded by the thoughtful and loyal
everywhere.
The government raises the money to
meet the cost of the war by levying
taxes and selling bonds. If it raised
it all by levying taxes, the answer
would be clear-cach individuals share
would be the amount he was taxed.
That would be simple. Or, if raising
part with taxation and part with bonds,
as it now does, it told each individual
how much he must invest in bonds, as
we'll as how much he must pay in taxes,
that also would be simple.
But as the matter stands, each indi-
vidual must determine for himself how
much he must invest IN bonds This is
no easy matter.
No two individuals find themselves in
exactly the same financial situation
Many find themselves with the same or
approximately same incomes as others,
and many, therefore, find themselves
obliged to pay the same or approx
mately the same amounts in taxes. But
no two Of the many whose incomes are
the same are ever in quite the same do
mestc or financial situation. For this
reason it is difficult, if not impossible,
for one individual to estimate with any
degree of accurancy what amount Of
bonds any other individual should buy.
That is, it is difficult If not impossible,
to prepare a schedule based upon in
comes, as taxes are, to govern all indi
vidual cases.
We know that the people of the
country as whole must provide the
government with twice as much money
through buying bonds as they provide
from this that because given indi
vidual is taxed $1,000 he, therefore,
should buy $4,000 Of bonds, and neither
more nor less. would be very faulty
reasoning indeed. Not more than pa
per cent of the people of the country
will pay any direct income taxes at
all; and. furthermore, of the 212 per
cent who do pay such taxes consider
able number will pay such large per-
centages Of their incomes in taxes that
they will have relatively little left with
which to buy bonds. Those who pay no
income tax obviously are not excused
from buying bonds by that fact. In
deed, they are the more obligated to
buy because Of that fact While those
who pay the highest rates Of income
tax obviously cannot buy as large
their incomes as those who pay the
lower rates, or none. SO there is no
general rule for all.
The purpose of this monograph,
then, is not to provide a table of fig
ures showing the amount Of bonds
each individual, according to his in
come, should buy, but rather and mere
ly to call attention to certain we'll
known facts relating to war finance
which it is important for the indi
vidual to bear in mind when he him
self is figuring out what he should buy.
What Government
Must Raise in 1918
New-York tribune., 1918-09-23
Consolidated Exchange

TUnk Of trade on this exchange, 10 share,
Following table gives total transactions IN,
the week ended September q. wth the kirs
low and closing prices:
New-York tribune., 1918-09-23
Market Barometers

Stock Exchange transactions
Rail Other All
stocks. stocks. stocks.
Last w'k.. 127,7o0 1,175,500 100000
Week bef. $4,000 1882 500 2,423, 400
Year ago $4,000 3,554,8o0 3,e41, 100
January to date:
1913. 12,eo4,6o0 SO, 156,600 e5,760,eo
1917. 14,9S6,300 21,811 900 138,87e, 800
1916. 21.5e4oo0 106,s24,200 12s.418.200
Bonds
Week Near
Last week before. before.
U.S.g.s32. .2a2. 600 $50, ,e7e, 900 $40. $4,000
Reilr'ds 2,557,o 600 2,148,000 3,5so,ooo
Others. e,043, 1000 6,932,00O 6,545, 900
All kids 43,s2s,o0o 3e,e56.oo0 20,6o7 900
January I to date:
1918. 1917
U. S. gov $848,8o1 900 S89,037 900
Railroads ... 92,728,OOO 154,6O9,0 900
Others ...... 225,7ee,ooo 400, o,127, 900
All bonds. 1,165, ,468,o0O 641 $4,000
New-York tribune., 1918-09-23
All Should Buy Liberty Bonds to
Full Extent of Financial Ability
Patriotism and Self Interest Both Served by Maximum
While No One Can Evade Paying Share of War Costs
Only Bondholders Will Get Anything Back

done there still will remain very
much larger part which must be laid
upon the shoulders of others The
rich are few, the others are many 1t
would be just about as reasonable to
expect to fill the ranks of the army
with rich mems sons alone as to cx-
pect to fill the government treasury
out of rich mems incomes alone
New-York tribune., 1918-09-23
Finance Economics

WALL STREET OFFICE: telephone
Mills Building, Wall st.
New-York tribune., 1918-09-23

poorer every day the