davidaulloa/AmericanStories huggingface dataset:
The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1918-09-26
Local and Personal

Buy Bonds Saturday-Do It EARLY.

Buy Bonds Saturday-Do It Early.
DR.. Jackson, Osteopath.
Get your pictures framed at Oyloe's.
See ad. II. r. Claussen, Auctioneer,
Elkton, S. d.
Miss Lois L%addusaw left last Fri
day morning for Mankato, Mimi, to
enter the commercial college located
there.
Remember to leave your old tires
and tubes at the Main and Williams
street crossing sign for the Red Cross
salvage.
Mr.. and Mrs. Earl Fry and chill
dren. of White, were over Sunday and
spent the day with Mr.. Fry's parents,
Mr.. and Mrs. A. Fry.
Hotel Dyckman is Minneapolis
newest downtown fireproof hotel. 800
rooms, each room has its own private
bath. Rates $1.75 to $3.50 per day.
Mr.. and Mrs. A. r. Weaver and
daughter, Miss Alyce, who were called
to Carterville, Iowa. by the death of
Mr.. Viewers father, returned home
last Thursday evening.
Miss Edna Duff went to Mankato,
Mimi, Saturday morning to enter
business college and take up instruc-
ton that will fit her for Office work
or such work as the war times may
demand.
Ed. l.. Hayes. of the College Exten-
sion Division, left Saturday morning
for McHenry, H., where he will join
his wife. They will visit Chicago on
business and pleasure before return
ing to ~Brookings.
Mrs. F. II. Barton went to Mime
apolis Sunday morning to visit her
daughter-in-law. Mrs. Fay Barton, and
get acquainted with a new grandson
that arrived the first of the month.
She will be gone a week or more.
When you are in the army you new
er know what will happen Lieut..
Warner returned last Wednesday
evening from Pennsylvania with his
wife and baby expecting to be here
at least two months. The next morn
ing he received orders to go at once
to Fort Worth, Texas, to take com
mand of the S. A. 7. C. in the Chris
tan College located there. The Var
ners left on the Thursday evening
train for the west.
The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1918-09-26
Buy Bonds Saturday-Do II Early

ton. Miss Hendricks was reelected
as class advisor.
The Senior class organized for the
year with the following officers:
President. William Mast; vice-presi.
dent. Nerna Sexauer; secretary, Law.
Tompkins: treasurer. Irene
Reinecke. Miss Ruth Titmarsh is the
Senior class advisor.
The Freshman class officers are as
follows: President. Edward Atkin-
son: vice-president, Donald Carlisle;
secretary, Florence Brown; treasurer
Alyce Caldwell. Miss Crissey was
elected for their class advisor.
The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1918-09-26
Buy Bonds Saturday--Do II Early.

happy faculty of mingling music in
a play of intensity without detract-
ing from the action thereof.
The mounting of the play is up to
the usual Kilroy-Britton standard,
which is excellence Miss Mayme
Roberts, a clever young lady, will be
seen in the title role. Miss Roberts
has many admirers here and they will
all no doubt be glad to welcome her
to our city.
My Sammy Girl will be the offer
ing for one night, Wednesday. Oct.
>, at the Grand Opera House.
New-York tribune., 1918-09-15
way, with prospects Of a favorable
termination.
Financing Awaits Liberty Loan

After the completion of the fourth
Liberty Loan campaign probably one
of the first industrial f1otations will
be undertaken by the United States
Rubber Company to orovide for the
s9,o00,000 debcnture IS Of its subsidiary,
the General Rubber Company, which
mature on December /. Tentative nego-
tiations, it was reported yesterday, are
already under way calling for a new
issue of s6,oOo,OOO fve-year T per cent
collaterally secured notes. The remain
ing S3.0O0,o00 of the December obliga-
ton. it is understood, will be paid off
from current cash resources. Another
industrial offering Of Importance that
awaits the termination of the next gov
ernment war loan is new issue Of
S26,O00,00 notes by the American To-
bacco Company to take care of sim
liar amount of acceptances that fall
due In December
New-York tribune., 1918-09-15
FINANCIAL MEETINGS
SOUTHERN PACIFIC COMPANY.
NOTICE OF MEETING.
l65 Broadway. New YORK Y

July II. 1918
the Southern Pacific Company Will be held
at the Office OF this Company IN Anchorage
Jefferson County. KENTUCKY, on Wednesday.
October 8. 1918. at y O'Clock noon. stand
ard time, FOR the following purposes, vis.:
To authorize approve and rat.fy tl) ths
execution and delivery Of q contract or con-
tracts between this Company separately or
proprietary and affiliated companies a,
party or parties Of the first part. and tho
United States, or. its representative, as
party OF the second part relating to the
compensation to be paid for the possession,
use and control OF the railroad and system
of transportation, and its appurtenances Of
this Company and OF such OF its proprie-
tary and affiliated companies. II any. as
shall be parties to such contract and 70 the
operation, maintenance and return Of such
properties. and to any other matter coz
nected with or growing out of the taking
over OF the said proper ties by the Pres,d.n.
OF the United States. and CD any action ct
the Board OF Directors Of this Company IN
respect thereto; 70 authorize the said Board
% TO alter. amend or add to such con-
tract, CD TO collect the compensation TO DO
paid under such contract. and. { said con-
tract be joint, to agree with the ogher
companies parties thereto as to the division
OF said compensation. and to take all such
other snd further action ss the said Board
shall deem necessary 10 secure adequate
maintenance, ard q timely return CT the
properties so taken over; and generally TO
consider and act upon any and all questions
and matters Incidental to the purposes
aforesaid growing out Of the aforesaid
Federal Control OF properties Of this Com
pany and Its proprietary and affiliated CON-
panies.
For the purposes OF the meeting the books
for the transfer Of stock viii be closed at 3
o'clock p. NJ, Tuesday. September ~. 1915.
and will be reopeneo al 10 o'clock A. NJ.
Thursday. October 10. 1913
BY order OF the Board oe Directors
HUGH NELL. Secretary.
New-York tribune., 1918-09-15
Relevant Comment
Pool Stocks Recover

So-called pool stocks, which declned
sharply last week following the money
committees exhortation regarding the
restriction of credit for speculative
purposes, ended yesterday', short ses-
sion at prices ranging from fraction
to more than 5 points above Fridav,s
closing quotations This was the frst
time during the week that these issues
showed any marked rallying power.
which was doubtless occasioned laroelx,
by short covering rather than by buv-
ing for further rise. This opinion
was borne out by inquiry in banking
quarters close to the operations of
the money committee, whose purpose
to check speculative movements Is said
to remain unchanged. The greatest re-
coveres were in Distillers' Securities
and United States Industrial Alcohol,
the latter showing a gain Of 5ss
points at the closing price Of 115L
Dlstillers at its final quotation az 5o4
was up 2la. " -
New-York tribune., 1918-09-15
American Sumatra Lars

American Sumatra Tobacco was one
of the few specialties that failed 70
respond to yesterdays upward swing
This stock. which closed the week end
ed September 7 at 1928 points, closed
at ia, up only half point on turn
over Of 1900 shares. Baldwin Locomo-
tive, another pool favorite. closed at its
top price of ss7s for net advance
Of 19s, but q loss of 3ss points for
tho week. international Mercantile
Marine preferred, which sold down to
s!s on Friday, following publication
Of the company's annual report. closed
Mt 997s, ii net gain OF 11s. interests
Of the company, although stockhold-
ers have never been officially notified.
insist that negotiations involving the
sale Of the British assets are still under
New-York tribune., 1918-09-15
Cotton Mill Men
Want Price Fixing
Boston Authority Says There
Is Prohteering and Dis
elimination

Especial Correspondence Of The Trtbune)
BOSTON, Sept. 14.-The manu-
facturers have told the prce-hxing
committee, says the editor Of the
"American Wool and Cotton Reporter
that they are losing money paying 80
to- 81 cents for cotton while their
goods prices are based on 30 cent cot
ton. If the price of cotton is to be
fixed, the price OF the finished gcods
should be fixed Radical prohteerlne
is going on down through the trace
and the ultimate consumer has to pay
prices which are not justified.
Manufacturers do not argue that
low price should be established for
cotton, but rather that some price
should be established. They will never
be satisfied as long as IT is possible
for others to obtain the profits which
are now being secured It is discrim'-
nation to regulate manufacturers.
has been done in regard to grey goods'
and no one else, even though 'he
profits allowed to the manufacture sis
large. 1t is the principle which
Objectionable. :,
If some Of those in authority ~ou.u
really get at the facts III the mstte,'
they would have the biggest SURPRISE
of their lives as to existing condltion'
and would learn how much real hai.
mony exists in the trade. CONDITIONS
might have been developed where 1ns
true Americanism of the trade eouI0
have been brought out, but while there e
are few houses which are W.
patriotic to criticize, there are g'ea..
number who arc becoming alinos.
socialistic in their attitude as fai =
present methods are concerned. tns
cooperation of the whole trade na'
not been obtained: in fact there IS Iess
cooperation at present than e. sn'
time since the war started
New-York tribune., 1918-09-15
The Dollar in Foreign Exchange

Rates on foreign countries moved cx-
tremely narrowly in the New York
exchange market during the last week.
Moreover, activity was greatly re-
strcted and virtually no changes Of
vast significance were recorded.
Neutral exchanges, which sagged
strikingly in late weeks as a result
of the steady infltration of Marshal
Foch's forces into the German posi-
tions, were a trif1e frmer during the
last seven days. AS the Allied forces
the Question as to whether the enemy
would retreat further or give battle in
his prepared positions became upper
most in the minds of observers, the
neutral exchanges reflected the atti-
tudc of doubt. Toward the close Of
the week the notable achievements of
General Pershing's army i'll Lorraine
gave the neutral exchanges slightly
easier tone. The one outstanding ex-
ccption was exchange on Switzerland,
which was strong all week. week
ago the dollar would buy 4.4S Swiss
francs, against 4.33 yesterday. For
eign exchange experts attributed the
movement to large buying orders.
Rates on Paris were shade firmer
and those on London were virtually
unchanged. Bankers are daily expect
ing an announcement from the Treas
ury Department regarding the terms
of the credit which it Is understood
has been arranged in Spain.
If YOU calculate the cost Of the dol
lar in terms of foreign money at par
value-that is, if you were buying dol
lars with pounds, marks or francs-its
value at the close of last week, as COM
pared with year ago, would be about
as follows:
New-York tribune., 1918-09-15
Bank Report Shows Scotch
Thrift and Patriotism

Savings bank reports show taas 'He
Scotch are as thrifty in war as IN pess'
times, and are accommodating money !.
spite of high prices for food. cloteln.
and everything else. The Dundee 9ss, as,
ings Bank had at the end Of the ,aI tss'
fiscal year deposits totalling sl3'lys
$50, a gain Ct 81 900 ,es6 in year. ~
positors are supporting the br':isS
government in the war with German,
just as Americans are buying bipes.
bonds. The bank has bought go'efat, -
ment stocks and bonds to totai "
1885, ,A43 for 1896 investoxs-
New-York tribune., 1918-09-15
Ship Wrecking Concerns Are
Salvaging Battlefield Iron

1he French and British governments
are salvaging scrap iron found on bat
tlef1elds on the estern FROM and work
ing the best of the material over into
steel and iron bars. The poorer quality
IS being transported to Swansea.
Wales, within twenty miles of which is
located 81 per cent Of the tin. terms
ana niack plate mills of the United
hingoom, ana distributed to local iron
and steel manufacturing plants whera
1T Is transformed into steel bars for
the tlnplate industry Two large shin
"recklng concerns with Offices at Swan
sea are handling the scrap material of
TINS Character imported bY the Rritish
New-York tribune., 1918-09-15
Wealth Markets and Commerce

our war must be won by going with
out things at home; that we have as
yet achieved no working vision of
this truth; are yet in no way OF
accepting it, and that no one imposes
our submission to it.
We are, it is true, making prog
ress-a progress superbly rapid, if
only the time were not so short
as witness our eight billions of new
taXes--but the truth is still with
Senator Smoot that nothing like
two -fifths Of our resources in cur
rent income for allotment to war Is
yet within the range Of sane belief.
We have yet to realize that this
allotment must be made, or in de-
, fault of this that the implacable re-
quirement must be imposed upon us
AN extreme of sacrifice for the
necessity of which we have as yet
no appreciation. This means tares.
In any case, we shall not fail to
collect the twenty-four billions, but
we shall collect them by ways that
in their very nature will prevent our
getting two-fifths of the national
product. The money will lose it's
purchasing power in the processes
by which we get it. Two-fifths of
the civilian income cannot be had
from the citizens by any method of
free choice. The rates of interest
that might seem to promise the
funds would not bring them, but, in
stead, would put in question the
| national credit, set about a revalua-
tion of all securities, with an at
tendant debacle in the stock ex-
changes. The only method other
than taxes that can get the twenty
four billions will get them through
imitation processes--the dollars but
not the purchasing power. 1t will
be twenty-four billions on a new
price level. Whatever the number
of dollars collected, two-ffths of the
national income can go to the gov
ernment only through processes that
restrict civil consumption by the
same fraction, since only so can the
goods remain for government pur-
chase and use. Only that can be
bought that is left to buy All gov
ernment buying power comes solely
from citizen consuming power, on
terms of displacing it.
Senator Smoot is, therefore, cor
rect in his essential thought, though
falling somewhat short Of accuracy
in technical expression: eve cannot
produce or get that much worth
two-fifths-"of war materials or SER
vices in year" is, we cannot
consistently with the other things
that we are intent on doing and on
having, and are still permitted by
Mr.. Smoot and his colleagues to 20
on doing and having
And still there is no lack Of heart
and will and purpose in the
American people-more ready to
do than are their leaders to be-
lieve and to require-hungry for
service, keen for sacrifice, impa-
tient for the burdens that are not
imposed and of the half measures
that hint Of distrust, prepared for
any duty that they understand-pre-
pared even and prompt for any duty
that they do not understand, so it is
required in the great name of their
high cause. Our rulers must take
heart. We demand nothing from
them but to show US the way, asking
not even to see it, but only to enter
upon it and to press forward in it.
But our leaders, we think, should be
| at our front.
New-York tribune., 1918-09-15
Revenues or Resources?

Senator Smoot is being Sc
verely censured for remarks which
contain kernel of essential and i'm
portant truth. In point of strict
form, it is an error, doubtless, to as
sert that we cannot collect eight bill
ions of taxes at the same time with
floating sixteen billions of loans; an
error also to deny that we can spend
the twenty-four billions after we
get them. In ultimate truth, also,
these are not two separate prob
lens, but merely two aspects of the
same problem. The utmost limit of
what we can get is found in that
share of its current product that the
American people can be persuaded
or compelled to go without. This re-
ports all that the government can
buy with the funds that it gets. 1t
reports also the limit Of the funds
that it can get to buy with.
1t is only superfcially and mis-
leadingly that war finance appears
to proceed independently of the
national income of productr-an er-
ror into which the fallacious con-
fusion Of money with wealth and
with product, the mysteries Of credit
and the hocus pocuses Of banking
combine to delude the unpractised
thinker. In the substance Of his
thought Senator Smoot has not
blundered; instead he has touched
the heart Of an eternal and infexi-
Bile truth There are limits beyond
which no country can go in war
activities--limits prescribed in part
by its productive capacity, in part
by the direction Of its production,
IN part finally by the economy Of its
civil consumption. Money and credit
solve no real problems; nor even do
taxes or loans touch the fnalities of
the actual case. It is only what we
produce and, having produced it, do
not consume at home that we can
send abroad either for our own
armies or in aid of, our allies. War
supplies are in the nature Of mar
gin, a differential, between produc-
tive achievement and civil consump-
ton Our largest possible total of
productive output subjected to the
minimum Of subtraction for non
military purposes, sets, therefore,
the utmost limit to what we can
apply to military ends
But to spend twenty-four billions
in war means that close to one-half
Of our national income is to be set
aside for the purposes Of war. 1t
is probably not true that this is
an undertaking beyond our posi-
bility of achievement. Our margin
of productive power above the rigid
necessities Of living Is unequalled in
any other country. We could do the
thing; perhaps we may come near
some day to doing it; but as yet we
have hardly made beginning tow
ard doing it And time presses; it is
for this next year that we are un-
dertaking it. We see our way in
terms of dollars, but not Of things.
The outcome will be that we shall
get the dollars but shall not get the
things. They will escape US in the
veiled mystery Of a new level of
prices. Somehow out of it all the
dollar will have shrunk in potency
for the command of goods. So al
New-York tribune., 1918-09-15
New Guaranty Office for Soldiers

To provide additional facilities for
the financing of the American expcdi-
tionary force in France, the Guaranty
Trust Company will open tomorrow
a new office at Tours. George
N. Cooper, formerly in the trust
office here. will be manager Of
department of the company's main
office here, will be manager Of
the Tours office. Walter F. Mulledy,
formerly assistant cashier of the for
eign department, will be assistant man
New-York tribune., 1918-09-15
New Stock Exchange Firm

X. II. Thomas, former president OF
the, Stock Exchange, has formed the
brokerage firm of R. II. Thomas & Son
with Offices at 25 Broad Street. Mr.
Thomas has had no firm connections for
a number Of years, but has maintaine ed
an office at II Broadway. Frederick II
Thomas, his son, will conduct the Of
fice end Of the business, the father be-
ing the floor member.
New-York tribune., 1918-09-15
Money and Credit

Loans and discounts Of the New
York Clearing House decreased SAL
100000 last week, making the aggre-
gate of such items at the close Of bust
ness yesterday $4,516,374 ,OOO Net de-
mand deposits decreased Silt 900, to
1921 ,2SO,oO0. United States govern
ment deposits totalled s181,o16OOO.
compared with 1921 $4,000 week ago.
The Federal Reserve Bank Of New
York reported gold in vaults and set
tlement fund at 1881 ,946,976, against
$406,590,15o week ago. Total reserves
moved from S766. .426,9S4 to s69l ,48O.-
ing aggregated STAT, ,033,355. compared
with $742, ,293 1856 week ago.
Bank Acceptances.-Rates yesterday
were as follows:
Thirty Sixty Ninety
Spot de- days. days. days.
livery: Per cent. Per cent. Fer cent.
E ieible
banks. :. .4M@4 47s@414 4M@4H
eligible
non-mem-
Der banks.4A @4Is 43s@4h 43g@4!t
1 n 9 eligi Bile
bank bills.5M@4 5A@4s4 5N@4s4
For delivery within thirty days:
Per cent.
Eligible member banks .4I2
Eligible non-member banks 80. a5a
Ineligible bank bills. .......6 s
Discount Rates.-Ths following table
gives the current rates OF the twelve
Federal Reserve banks on commerc, al
paper on all periods up TO rj~ety days:
New-York tribune., 1918-09-15
Cotton Prices Make Record
Decline at Neu Orleans

NEW ORLEANS, Sept. lathe
widest drop ever recorded in cotton
took place on the opening of the con-
tract market to-day, when prices fell
227 to 235 points in the first eight min
utes of trading. After the first wild
burst of offerings, which found few
buyers, the market steadied up some
what, and final prices showed net
losses for the session of 1o1 to H.
DoirtS
New-York tribune., 1918-09-15
Guadalajara Corn Crop

Owing to extensive planting and
plenty of rain at the right season the
corn crop in the Guada ajara district
IN Mexico promises to be the largest
in years.
New-York tribune., 1918-09-15
Machinery Duty Abolished

A decree published at Mexico City
exempted from import duty all mining
and industrial machinery from Septem-
Der l. Before that date the duty was
$0.45 per 100 pounds.
New-York tribune., 1918-09-15

and three months bills 317.82 per cent.
Gold premium at Lisbon remained
10000
Bank ClearinEs.-~Bank clearings yes
terday we're:
Exchanges. Balances.
Boston ..... .$49055.379 $12,681,511
Philadelphia ... 63,61O,002 1850 ,444
Silver.-London, 49hd. unchanged;
New York, 1Q1 &c, unchanged: Mcxlcnn
dollars, 7Sc, unchanged.
Sub-Trcasury. The banks lost
100000 to the Sub-Treasury yesterday.
New-York tribune., 1918-09-15
Finance Economics
WALL STREET OFFICE: Telephone
Mills Building, IS Wall ST. Hanover 65i

Every barrel Of oil that flows from
q well swells the income Of the pro-
ducer; but it also reduces the value
of the property, since the life Of a
well necessarily is limited, and once
the flow ceases the owner has moth
ing but a hole in the ground, plus
some secondhand machinery. There
fore the claim of oil producers that
in making tax returns they should be
allowed reasonable deductions for
depletion, as in the case Of mines,
would seem to be we'll founded. 1t is
said that the country faces shortage
of petroleum, and if that is true moth
ing should be done that would tend
to discourage exploration work, for
the only way in which the output can
be maintained is by bringing in new
wells to take the places of those
that are exhausted And the busi-
ness of wildcatting for oil is ex-
tremely hazardous and, with ma
terials and labor at the present high
levels, expensive In the oil fields
east of the Rockies there were com
pleted in August 1854 new wells,
and of this number SCI, or approx
mately one-quarter, were dry, while
210 others produced only gas. Only
under the prospect of very high re-
turns will such exploration continue.
Reduce that prospect too much and
rev production inevitably Will fail
just when it Is needed most
Wall Street was amazed by the
statement attributed to Mr.. Kitchin
that syndicates were being formed
all over the country to buy small
lots of Liberty bonds, dumping them
in bulk, even at loss, for the pur-
pose Of depressing prices, thus, as
the reports put it, preparing the
way for a future advance of Liberty
Loan interest rates to or even 6
per cent" Obviously, if any such
scheme is in operation it must be
engineered by enemies, since bond
holders could not possibly hope to
profit by it. 1t is hard to believe,
however, that there is any solid
foundation for the statement.
New-York tribune., 1918-09-15

me above rates express the cost OF
foreign money in terms Of the Ameri
can dollar You buy an English pound
sterling at. say. $4.75eo. The intrinsic
parity. is s4.S6A per pound. Thus YOU
say either that pounds are at a dis
count or that dollars are at premium.
land the demand for dollars with which
TO settle accounts in this country is
greater than the demand in this coun.
tfS 1or pounds with which to settle ac.
counts in England.
New-York tribune., 1918-09-15

.ager. The Guaranty Trust COMPANY
mas mas two Offices in London and one in
New-York tribune., 1918-09-15

London Money Rates.-LONDON
Sept. 14.-Money was unchanged at 8
per cent. Discount rates were short