davidaulloa/AmericanStories huggingface dataset:
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
PUNISH OFFICERS WHO
WOULDN'T FIGHT "FLUr

CAMP CUSTER, BATTLE CREEK.
Mich, Oct 2o.--Punishment Of ofiice.s
who neglected to lend al their efforts
70 the recent fight against Spanish IN
fluenza and pneumonia n Camp Cusfer
has begun. Five are bsiose the sffi.
cheney board, five awaiting { hearing.
eight facing court-maftial and fifty
confined to the camp lDr discipline. Al
are charged with sosns fern cf care
lessness OF wilfuA disrsard to definite
army orders
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
Closing Quotations
Outside Livestock
FORT WORTH.

FORT WORTH. Oct. s.-cArTLEi
receipts 5000: steady; beeves ts.5o0i4.50.
HOGS; receipts 1000; 7s 10 soc higher.
200; strong. Lambs ,l3.tO9lb.eo.
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29

CATTLE-Ths cattle market IL In a
thrifty condition and easily 25c higher
than last week and IN some places Soc
higher, Few steers are coming and most
OF them Hight weights selling from 50 to
81 80 Butcher cattle are In great do.
mand and selling fast. Average weight
butcher cows sold this morning from ~
20 iibo. Stockers and feeders are un-
evenly higher
Cios'nK Quotations.
Prices Of the yArious grades OF cattle are
approximately as follows.
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
MAN 80 YEARS OLD
MARRIES FOURTH TIME

LOS ANGELES.-oscsr calkins, 40
years old, a retired New York City
merchant was married 10 Mrs. Ruth
Brundage, 81 year old, a dressmaker.
The ceremony ives performed BY JUS
tiee Frank $, Forbes 4 few minutes
after r. s Cupid" Sparks, marriage
license clerk. had issued the necessary
papers.
According TO the groom's statemen,
~ his license application, he was born
N New York IN 1883. and has been
thrice married, the present Mrs. Calk-
ms being his fourth wife. The bride
entered upon her third matrimonial
venture.
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
NEW VoRk.


NEW YORK, Oct. ee.--Thers was a re-
newaI OF yesterday's selling movement nj
the opening cf the cotton market today
II seemed to be the impression thai the
cold snap had passed In the southwest
without any material damage and this
Mornings map showing higher tsmpera-
tures vas considered favorable. There
was scattered covering al the opening
decline OF 70 70 points, which caused
slight rallies right after the call, but
otherwise little or no support was IN evil
dence and the market soon eased off
again under Wsn street, Liverpool ond
New Orleans selling December declined
10 2s.Stc and January 10 as.ssc before the
end OF the first hour, or % to Is points
net lower.
Ths early decline was checked hy the
western belt forecast for frost In parts
cf Oklahoma and Texas and there were
rallies OF several points during the mid. !.
die OF the morning with December selling
up 10 fp.b2c and January to ~. aOc, OF
within IL 70 IS points Of last nights clos
Ing yigurcs. business became very qulet
on this bulge with later fluctuations
narrow and irregular.
Prices weakened again early IN the
afternoon with December ssllins up 10
,yssc and January 10 as1tc, or as 10
70 points net lower under renewed iiaui.
dstlon. There WA no oharss IN rhe
rsneru character Of the news with no
Indication OF INCREASED spot pressure,
however. and the msrte was quiet
around O'Clock with psic&a = few points
w IRON the lowest on covering.
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
KANSAS cIrw

q; l|:'. ss;;s: Ss' :. s, 'sss,S
sGss %is.s s';s 'l's.s Ss ',.:s, ,.''sa 7; j:S
:,ss,S: NJ i'sssss'S %sss slsSs.s. 81 sss ssisI
: 6otS ! !, close, Oct mn; Nov INK
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
MEXICO ASKS REPORT of
war ACcolafL IlTt

MEXICO cITv.--Ansy oflIeis6 =
charge Of the puhlleslisa d ~ Mcu
can army end rsvy luusnali toGe ~
the American embsssy fos = sulls "
tive summary of the wns scc(n.1 &
n,effts Of the United Slatss sIece 4 \
beginning Of 1915 IN UpvoSu
publication sets : pseptsal ~ \,
quest !. 4 ' i. Z. Z |1
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
PRODUCE PROVISIONS
KANSAS CITY.

KANSAS CITY, oct. n-BurrEn.
creamery. .6shc: firsts size: second.
second. de- foufrRYes eSs hen. &c., &c. 80: 81
ttrs isc; brollers CSC. PoTATOEl,
weady' N.Sbgf2b. w
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
NEW YORK,

NEW YORK. oct. ss.--sUGAR. raw
STEADY; centrifugal 7.se; fine gtanulatea
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
ST. LOUIS

ST. LOUIS, oct. as.---PoULTRY up.
CHANGED, exeept hens CSC. BUTTER: on.
changed, Eo(3s: soc.
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
New Mexico.
Kansas.
Texas.
FoR BALE OR TRADE

No. l--i.7eo acres. fins. unimproyed
irrigated hnd. ) miles from Browns
Vile. Teras, price $40 per acre,
snap; win take part or all In good
city income property NJ It's real yslue,
but must he clear Of debt. or will take
notes back on land up 10 800 per
acre. easy terms
No 7--i.250 acres. . miles from San
Benlto. Texas; all under irrigation.
unlmnroved. all the very bert soil;
WIN take ms much ms ,75 per acre In
trlde. halance cash and notes. These
are money y-makers,
L. r. welch. San Benito, Tesas
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
LlvuRpooL

LIvERPocL. Oct. ss.-corToN: spot,
unfolding ,sesd; low middiins nod: good
ordinary rns so;tsa ordinary is,ssd, Sales
receipts.
Futures closed steady: Oct. n aaSd.
Nov n.sodl Dec. ao.ssdI Jan. iO,tbd; Feb
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29

HoGs-T'hs market on live pork opened
at SIS and the bulk from ti7.l0 10 $3.50
Good killing hogs are selling from 81 to
81 rs higher than the same period last
week. stocker hogs are steady and trad
Ing active.
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29

sT. LOUIS ocs, ss.--coRN, steady,
slesdS' No. !, sskci No. ! vhits Nv
OIl9 - M. 49, "a -
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29

Japsnsse women In New York city
have supplied he Red Cross nearly
10 pads. eompresses and other much
needed articles.
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29

y n no, o,,,s !, s|s:' S:s s,!!:;s':. ;,.:s
~ I'5
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
COTTON MARKET
NEW ORLEANS COTTON FUTURES,
NEW YORK COTTON FUTURES.
BY Del Beck

NEW YORK. Oct. 7s.-cO,,On closed
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29

WGCT 81. 3 4 ':s!'s 8. & E|'s's oS|.,
sssssss ssss s = ,s:pssS: s ssssss ss :A;: I:
sehcoli rIeh. black l:sm sclii ~ scsss
Hn A'H'' 1s'::'pA sss AA.rgs, ,s
Hvm Dept, Residence. Maple se1b
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
New York stock Lat.

NEW YORK. oct 29.- C.osing pricei
On the New York stock exchange TO-
day were
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29

wrlnut ksfs.
!. STOCKS WANTED
0Isdstone o. q R.,.,.s..,.n.,t 1io
Sstsnal o q R,;,.-,,..,,.,.. Lso
os'A''m1 y ron slIR' R'''''s'" w
~ ScsmsS Ssssc cSlsnsd. .. H. .%
.Y rtpdueerr Petroleum .,.,..,e 500
t0 Qotebo o., a, 4 E..,.... .tk
'. United 2. r. at . bargain,
hs yoIden ROD r.......,..,..s, $50
\ fsSSos., = Akron. Iuss:; Co.. Co.. iissSSS
~ xuik Coal Minlns .,... .,.. l,VV
oYe 1ssspars STATE ......, .n
sQ.Iyfehere q ], a, A,...,...... $50
Il nsios|nc msosn az ). 2'G.......... io'SS SS
Star Brokerage Co.
I5f Ss'ssEa sss;ss Ea;ss' is.. H..
en3 vstsf. plpa W. have buYeis tof
ssttlsd tvudic(ldn. Amsricsn On "a.
SfsHes' Ne. Majestic Building. Maple
i6k kTzLIf U6ssp, @ acre a. sSz ~.
lease IN Cotton county, ~ mI|es
ron pscduclng ga vsllp. ~ nlIIss trp1ss
~ ~'W !Nfv@ nou'e .. WUsers
vsssss Ss"I:: SSi.ys:s:. s'h a s! ls,!,S:::::' y:
ss: y" Is sslI Bs''slss 4 tssS. Ss' 'ss.
SSErnt!F!osxErGzHzlSy. .
VIII eeu 10 enNroo II lhla dividend
w AsfFIi5ly'|z!g|! NM y s's's'
.'::s .:'ss ,' Es!:,.'| ss:'''':' y '.':'
: !, RIaL |! ! !!
!. !. !. !: n
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
CITY REAL ESTATE FOR SALE

LOTS Nos. 5 and 6. block No. 80, Uni.
Nerslty addition. and lots Noa ., 4, 6
and 3, block u. College addition. Write
or wire J. T. keefer. Mason City. Iowa.
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29

V1Y 0-6ili 100 H5cIIEs. 30 acres q
wv CIV, @ .hih |. :lia,,s e @ lard Is Is
w,n water nice orchard. |; ben houiss and
~ sokehousc, plenty Of cutbuildlnGs; close
e. GOOD little town and only ~ minutes
sacrifice price Of ,soe, Listing ssei.
nrm Dept, * s.ila.rss.. as.rs'.. Asp.. ,s,s
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
HOO RANCH

!, oGs s. q s.,,. y: ss:, y n : ss,: rs sIr.
I.tsEsgis a n. ,l;| l;s|s:!.S lN q .;s, ;sI:. sro..
-H.X. H6rlehain @.
The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1918-10-29
opr-or-rowN REAL ESTATE.
REAL ESTATE ron SALE
OR TRADE.

1900 EQUITY In 5-acre tract, north. Tor
equity In house. close In. Walnut Sssi.
FOR SALE or TBADE--fvc -sIoiy stofs
building In DIN Ctr. OKLA, as first
payment on residence Or car. a. e.
Upton. care Thornton Hotel
Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1918-04-26

WoMEN'S HOSE
Light Weight Cotton Hose, black
and white, Very Special tic
, pairs for soc
Medium Weight "Black Cat" Hose
in black, Special at 19c pair
Light Weight "onyx' Cotton Hose
in black, 25c and 29c pair
Black Lisle Hose in Light and Medi-
UNI Weights at
29c, $50, sec and soc pair
OUTSIDE Cotton and Lisle Hose, plain
and ribbed tops, 25c,
35c, 39e, SOC and soc pair
Split Sole Hose in medium weight,
25c and 39c pair
Outsizes at 35c pair
White Hose in Wide Assortments,
fine cotton and lislc,
25c, zoe and 35c
Outsizes at 35c, soc and soc
Lisle Hose in Dark Tan, African
Brown and Bronze, at
35e, 39c and soc
Black Fibre Silk Hose,
Special value at soc
Outsizes at 60c
Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1918-04-26

Handsome Colored Fibre Silk Hose,
navy, maize, taupe, gold, pink, sky
blue, champagne, gray, Copen-
hagen, tan and African brown,
$50 and 75c pair
Phoenix Pure Silk Hose in black,
white, Russian calf, Havana
brown, green, navy and battleship
gray, Only 9OG pair
A Beautiful, Pure Silk Hose at
$1.25-in a wide range Of colors.
Rose, green, dark sky, mahogany,
Copenhagen, gold, navy, maize,
pink, suede, silver mid-gray, light
gray, black and white. Would
sell for $3.50 if bought today.
Exceptional Value at 1925
Fine Quality Pure Silk Stockings in
the finer makes as McCallum S and
Onyx. In black, white and colors,
$3.50 to $2.9S pair
Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1918-04-26

CHILDREN's STOCKINGS IN
WIDE VARIETY
Particularly the Rugged, Long
wearing Kinds, as Black Cat
and Onyx Brands
Childrens Medium Weight Fine
Ribbed Stockings in black and tan,
1910 pair
Children's Onyx Light Weight Stock
ings in black, white and tan,
25c pair
Girls Fine Lisle Stockings, Black
Cat brand, black and white,
zoe pair
Boys Medium Weight Onyx Stock
ings in black, 29c pair
Misses Fine Lisle Stockings, the
"Gordon Round Ticket" brand.
In black, white and tan,
$50 pair
Rugged Black Cat Stockings with
double soles and triple knees. In
three weights for boys and girls.
The most economical stocking to
be bought, 45c pair
Infants Cashmere Stockings in all
colors, at 25c and soc pair
Infants Fine Silk Lisle Summer
Stockings in black, white, tan,
pink and blue, 29c pair
Children's Colored and Plain Top
Socks, at 25c and 35c pair
MEMS HOSE IN ONLY THE BEST
WELLKNoWN BRANDS
Mems Fine Cotton Ipswich Hose in
black and tan,
At the Old Low Price of 15c pair
Mems Medium and Heavy Weight
Cotton Hose with linen finish heels
and toes, Special at 100 each
Mems Onyx Fibre Silk Hose in
black, white, tan, gray, cadet blue,
champagne and navy,
25c and soc pair
Mems Onyx Fine Lisle Hose in
| black, white, navy, tan, suede and
champagne, zoe pair
Men S Shawknit Hose, black outside,
white inside, 35c pair
Mems Split Sole Fine Cotton Hose,
SOC pair
| Mems Phoenix Pure Silk Hose in
| black, navy and brown, $50 pair
Mems Onyx Pure Silk Black Hose,
$1.25 pair
Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1918-04-26
Smart Gloves Are the
First Indication of
Careful Grooming

The new summer lines are here,
both in silk and chamoisuede.
2-Clasp Silk Gloves, with double
finger tips, in black, white, gray
and tan. Same quality and same
price as last year, soc pair
2-Clasp, Heavy Silk Gloves in black,
white and gray, $50 pair
2-Clasp Silk Gloves in black and
white, and new novelty-gray
with heavy stitched backs and
cuff trimmed with taupe,
$1.OO pair
Beautiful, Heavy Silk Gloves, black
and white, $3.50 pair
2-Clasp Chamoisuede Gloves in all
white, 75c pair
2-Clasp Chamoisuede Gloves in all
white and white with black
stitched backs, 500 pair
2-Clasp Chamoisuede Gloves in black,
tan, gray, all white and white with
black and white stitched backs,
$1.OO pair
Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1918-04-26
Summer Hosiery


tmntag a
ricwan gsdon the baa o. o
by land Phoenix and
albums
Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1918-04-26
Undermuslins for Every Woman

OF worthy interest to every in this vicinity. From
the heaviest of cottons to the dante of silks and crcc
all are here, prices suitable any woman purse.
New Muslin Envelopes ............ $1.OO to sos
New Muslin Corset Covers csc, SOC, soc to 81 90
Delightful Line of New Flesh Color Silk Crepe de Chine
Camisoles, Envelopes and Night Robes.
New-York tribune., 1918-03-03

five utility bonds at $3.50, and the
average price of ten industrial bonds
at SO.
On the resumption of bond
trading in the fall of 1914 bond
prices tended to work higher. and
this movement continued with soma
reactions from time to time until
early last year. The ten industr;a,
bonds averaged $3.50 at the BEGIN
ming of 1917, the ten rails $3.50 and
the five public utilities 1O1.4O. But
thereafter values began to shrink on
the certainty that the huge war Dor.
rowings of the United States govern.
ment would adversely affect Sc.
curities of fixed interest return. On
the >1917 decline the railroad bond
average dropped to 5000, the indus
trial average to 1890 and the util;.
ties to $3.50. From these levels
there has been a moderate recovery
in all but the industrial bonds.
The complete record of first of the
month averages for ten railroad, FIVE
utilities and ten industrial bonds
since January /, 1912, and the COM
bined average for the same twenty
five bonds, are given in the tables
below:
New-York tribune., 1918-03-03
Ibis shows o O.
ofth
Ito
purchasing

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., 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., 1918-03-03
Economics Upside Down

Engineering and Mining JourroD
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-
tion. 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 ths
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., 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., 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 82.35.
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., 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., 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., 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 preccd-
ing the beginning of the war the
average price of ten railroad bonds
stood at 50. the average price Of
New-York tribune., 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
67.50 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., 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., 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 ig 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