davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
Coal and Labor-And the War
An Editorial
BY H. j. Davenport


waste coal only when it is plenty.
No food or coal administration
holding war finance to be funda-
mentally other than industrial
economy, or failing to recognize
the ultimate facts and relations in
volved and imposed in an industrial
war economy, can make anything
other or better than muddle out
OF the regulation that it under
takes. No nation that accepts in
Hatlon, or any sort of currency or
banking hocus-pocus, as solution
IT its fiscal problems, or as a SUBJ
6tltute for rigorous industrial
policy both of production and of
consumption, can escape the ma
tlonal penalty that waits upon the
neglect of fundamental things. No
policy of war finance that obscures
fundamental relations-hiding them
IN a maze Of bank finance or at
tempting the production of dollars
in place of things, or as effective
for the national provision of things.
will long endure the pitiless tests
That war imposes and enforces.
Success cannot in the long run
attend any pussy-foot policy that
declines to disturb anything OF, any,
body, imposes sacrifices nowhere.
relies for wheat on exhortation in
stead of on labor, and for ships on
initiation instead of on lumber: Or
when other prices are inflated
trusts enthusiasm to limit the con-
sumption Of the wheat artifcially
held low in price; or that supposes
that labor will submit to a re-
strlcted standard of living at the
same time that profits unexampled
and uninterrupted are piling up be-
fore its eyes and derivative
luxury and waste Haunting itself
stupidity and shamelessly.
Why-so far as the laborer
could possibly understand - should
ne have no part in it all?
And still it must be true that
wages in terms of the actual prod
ucts consumed must be inexorablv
restrlcted-as must all other in
comes be cut to the quick-if the
industrial requirements of the war
are to be met. The processes of
war finance must be such as to
make it possible to understand them
to realize the ultimate facts and
10 concur in the necessities that
they impose. Camouhage finance
is worlds away from expedient
finance even were it essentially
righteous finance. Four hundred
thousand incomes at three thousand
dollars each, even if taxed at 100
per cent, would yield only a billion
and a quarter of revenues. The
income tax returns of previous
years have shown a smaller num-
Der. Say there are twice as manv
two billion and half. Suppose
they average twice as much-fiye
billions. Half the families in
America have less than $1,4oo a
year.
Inc masses must help or the war
1a'!s' Gratuitous unintelligibility
or gratuitous unfairness in the dis
trloutlon of incomes or of burdens
must be fatal in our great emer-
gency.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
French Place Ban
On Capital Exports

A recent ministerial decree proh'oHs
the expectation from France OF csp''a'
funds or securities. The following ca
ceptions are made: Cd Capital fuho'
or securities which individuals OK COZ
poratfons residing or doing business
outside of France may have in France,
(2) capital sent to French colonies anu
protectorates for development OF as.,.
culture, commerce or industry; t''
capital as payment in French COLONIES
and protectorates for merchanoise !"
be imported to France.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
India's New Wheat Crop

The first official forecast OF the s's-
sown to wheat for the l9l7-'lS sess'1'
based on reports received from P
inces and native states comprising
per cent of the total wheat acreass
India, places the area under th's s' s.a
at 33,912,0 900 acres, as against $780,, !.
acres in the first forecast OF lsio-a1 SIS
an increase of s per cent.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
Investors
In the Dark

The principle is entirely unjust be-
cause the ordinary purchaser Of securi-
ties upon making an investment in the
stock of foreign corporation is not
in a position to ascertain whether the
corporation holds any real property in
the State of New York, thereby sub
jecting his security to the payment of
n tax. No corresponding benefit will
result to the State of New York, be-
cause numerous large corporations
have small parcels of real estate in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
Wheat the Backbone
OF Our Trade Balance

OF all the crops which America
grows, the export influence of the crop
OF wheat has been the greatest. To
be sure, our corn crop ordinarily ex-
ceeds our wheat crop by fvefold. To
De sure, our oats crop doubles in
bushels the yield of.wheat. But the
great crops Of corn and oats are con-
numed largely at home. and their in
huence on the export trade is in the
form OF meat products rather than the
grain itself. Yet there is no question
that in the years before the war. when
cur foreign trade had not yet reached
us coveted goal of $1,000, 900 900, the
trade balance secured by wheat and by
corn ard by oats and by the meat
ana dairy products, which also left
the farm, was the backbone Of our
commercial exchange abroad. Our ex-
ports OF wheat this year, for instance.
which, with the self-denial Of the Amer
ian people, may reach the equivalent
OF 15e,ooo,0o0 bushels, and with q
value Of sSoo,00o,ooo, would now be
snch small per cent Of the enormous
foreign trade that it would be appar-
entity lost in the calculation.
1t IN none the Jess true, however, that
u ~ the influence OF that wheat sur
plus and the corn surplus and the
oats surplus, with the prices realized
BY our home producers In foreign mar
.keta, that makes the basis for the vast
consuming trade at home.
y =, therefore, Of peculiar interest
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
New Inheritance Tax Act
A Menace, Banker Assert.
Impost on Security Holdings of Non-Residents Uneco
and Will Drive Business From the State
Without Increasing Revenues

New York, the value Of Whit,
estate is inconsiderable who. 'sat
pared with the total assets of III. WV WI
poration, yet nevertheless it won,s W.T.
necessary to determine this fr...: '.
value in every instance. The m..s a,
of determining that value ia M 'a
forth in the law, and it ia suh,,;.. s's
that the resultant burden NM,
cedents' estates will be so great ~ Se
investors would take pains to see !. :.
that their securities never came w;,h; :
the jurisdiction of the stat. ~
prudent investor would sub;ac, !. Nv
estate to the tedious, cumbersom. .ns
expensive procedure involved in a..
proposed law. By thus forcing NJ.
residents to remeve their secur;t;..
from New York the state will, ..:s
nothing, and the safe deposit co,.
panies, banking institutions and firm.
will be deprived of a vast and pros.
able business, and the RESULTING d.,.
age will be equal to if not pras,..
thin the injuries done to the stata =
.stitutions at the time of the so.c.,,.s
Hughes inheritance tax law. whom
several hundred million dollars, r...,
OF securities were withdrawn from !,
stitutions of this state.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
Farmers Must Rely on
Home Markets After War
Agricultural Authority Says Countries Supplied With
American Grain in Past Will Either Be Self Sustaining
or Buy Elsewhere in the Future

to US to see what the outlook is for
the maintenance of an export trade in
the SURPRISES of our grain crops, small
though they may be.
When one studies in detail the for
eign markets which are open to us for
these surpluses, and tho conditions un-
der which we may have to meet COM
petition in those markets after the
close of the war, we are puzzled to
estimate the new factors which war
has introduced
In broad way, we may assume at
once that the markets for our surplus
grain will be, after the war as now, in
Great Britain, and France, and Bel
GUM, and Holland, and Italy, and pos
sibly in Germany; but we may be we'll
satisfied that, in those markets, we
shall meet the keen competition of an
impoverished Russia, of an India whose
agricultural activity will have been
stimulated by war prices, Of prosper
Gus Argentine; and also the competi-
ton of the British possessions of Cam
ada and Australia. And in those Euro
pean markets we shall meet changed
conditions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
France May
Stop Importing

In France this year the area of arabic
land, excluding that in tho occupied
portions, has not been sown to an ex-
tent exceeding rs per cent Of what
in the same territory was seeded to
crops before the war. This is the re-
suit of the depletion of labor for farm
purposes in France; but we are teach
ing France to repair that, and thereby
we are building for ourselves the COM
petition which will help to destroy the
machinery advantage we have always
held. We are shipping France farm trac-
tors by the hundred, and we are teach
ing her to sow spring wheat in Feb
ruary. 1t may we'll be that after the
war the thrifty agricultural popula-
ton of France will have learned to
use enough of American machinery to
make that country once more indie
pendent of importation of wheat, as it
has customarily been before the war.
Italy can almost raise enough of
food grains for her own requirements,
sand may easily do it under the stimu-
lus of economic need at home.
In Great Britain, the steady market
for wheat, which has hitherto absorbed
200,000,000 bushels of wheat per year,
the food needs may be readily sup
piled by normal crops in Canada and
Australia, and the normal shipping
conditions which enable her to trans
port this wheat from her own colonies.
Germany, formerly a large user of
foreign grain, has been self-support-
ing now for three years, and may have
acquired the habit, which only the
temptation Of plenteous supply and
low prices would displace. Z
Remember, that for these restricted
consuming markets Canada, Australia,
India, Russia, Argentina and our own
surplus will compete as never before,
and with the restoration of the ship
ping feet Of the world, that can face
the longer voyage without menace to
the national need, the trade advantage
Of our shorter ocean voyage will be
lost.
I am forced to the conclusion that
within a certain space of time, after
the close of this war, American acri-
culture must face the probability that
its home markets must support its
home production. do not think that
this would be an evil, and it is quite
probable that our foreign trade bal
ances have so developed themselves
along other lines that the old sustain
ing influence of the trade balances for
grain crops may not be missed, or can
be safely replaced.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21

some very serious tax increases, and
since Chairman Kitchin of the Ways
and Means Committee says fatty that
if money cannot be raised for AZ it
will be raised by taxes, this feature
alone is worthy Of some consideration.
1t is true that the cautious investor
who seeks safety of principal before all
other considerations is the best of all
customers for government bonds. This
type of customer has no fears whatever
regarding the ultimate security of any
boud backed by the United States gov
eminent, but he does like to see some
thing more tangible than any mans
opinion regarding the possibility of
withdrawing his money without serious
loss at any time during the life Of the
bond. Such a buyer should be inter-
ested in an appraisal of the three d.
rect provisions working toward the
market support of the present issue
and of any bonds of previous issues
which are converted into it. These are:
l. Exemption from inheritance taxes
2. A per cent annual sinking fund.
3. The new bonds run only ten years,
so that any depreciation would increase
the yield very rapidly.
The demand for bonds which the in
heritance tax exemption feature will
provide can be measured by the fact
that every estate in the United States
amounting to $4,000, or over is SUBJ
ject to m Inheritance tax, irrespective
of the relationship of the beneficiary to
the dccedent, and such taxes range \as
high as rs per cent of the total. 1t is
also true that the great percentage of
the very large fortunes in the United
States arc in the hands of relatively old
possessors. The exemption privilege of
these bonds provides that the bonds
must be in the hands Of the testator at
least six months before his death, so
that every large estate in the hands Of
an elderly owner provides an indefinite
but potentially large demand for these
new AZ per cent bonds even while the
original owner of the estate is still liv-
ing.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
A Stabilizing
Factor


The per cent sinking fund provision
forms more definite and measurable
demano. If we should consider this one
feature alone without any reference to
the other two, we would find that the
total dealings in the first two loans on
the Stock Exchange have been at the
rate of trif1e less than Is per cent
per annum and that the worst depres-
sion that has occurred in the price of
any issue has been 94.70 for the second
As, on February ia time when
nlnety-day loans made at the time of
subscription were expiring and heavy
liquidation was forced into the market
for a few days. In other words. we
nave condition in which the bonds
already outstanding were sold to weld
about ABS per cent in market where
both the purchasing and selling had
TO arise from private sources. Into such
a market 1T is proposed to bring an
artificial demand which will purchase
and cancel little more than IS per
cent of the total offerings which have
come on the exchange. It is commonly
accepted in trade that a 10 per cent
change in either the demand or supplv
for any given commodity will make
% per cent change in the urgency of
either buyers or sellers, as the case
may be. In, this case we have a nro-
posal to make an increase of at least
50 per cent in demand at any price I'M
to par.
The fact that these bonds have onlv
ten years to run does not mean much tn
many of their purchasers, but the expe-
renced buyer of bonds will note verv
quickly the feature that any deprecia-
ton below par will increase the weld
rapidly through the fact that ultimate
redemption is not far away. For cx-
ample, if the new ANS, even during the
first year, should fall to IS, they would
then yield 400 per cent-a Weld which.
1T is safe to say, would bring some
heavy outside investment buying.
Slight Decline
Brings Large Yield
The following table shows approxi-
mately how the yield would increase
with each point market depreciation
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
+ eatures of
The Act

The principal new features of the
bill affecting the taxation of transfers
of property of nonresident decedents
by will, interstate law or gift in con-
temptation of death are as follows:
l. To make taxable the stocks, bonds.
notes and otherS evidences of interest
OF any domestic corporation or foreign
corporation in so far as said securities
represent real estate in New York. The
manner of making an apportionment to
determine how much real estate is rep
resented by each security is not set
forth In the law. But there can be no
doubt that the tax will prove in great
measure uncollectible because non
residents will Immediately remove such
securities from\the jurisdiction of the
state, thereby depriving safe deposit
companies, banking institutions and
firms of business without any CORE
spending benefit to the revenues of
the state. Further, as to domestic COR
porations, their borrowing capacity
VIII be seriously affected, as investors
Will hesitate to purchase a security
which, If found in the jurisdiction of
the State of New York, or which, if it
Is required to present to some agency
IN the State of New York to effect
transfer, will become subject to this
inheritance tax. This argument ap-
plies more forcibly to bonds than to
stock, because in stock the incentive
OF large dividends might induce an in
vestor to ignore the unfair attitude
OF the state in imposing transfer tax
IN addition to the tax which the non
resident investors estate must pay at
his home.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1918-04-21
Slight Decline
Brings Large Yield

The following table shows approx
mately how the yield would increase
with each point market depreciation
down to 95:
Rogue River courier. (Grants Pass, Or.) 19??-1918, 1918-02-15
WAR COMMITTEE FOR
TRAINING SCHOOLS

Washington. Feb, iS.--Tho coun-
trys schools and colleges are TO be
mobiliSed behind the army. With
that end In view Secretary OF War
Baker has announced formation OF a
war department committee on edu-
cation aud special training, II IN
made up OF Col. Hugh 5, Johnson.
deputy provost marshal general,
Lieutenant Colonel Robert |. Rees OF
the general stan and Major General
Neville Clarke OF the adju,ant gen
erals department.
II is estimated that within the
next six months $4,000 TO 1000
men viii be given intensive train
ing In schools and colleges.
Rogue River courier. (Grants Pass, Or.) 19??-1918, 1918-02-15

port the value of the farm produce
which is consumed by himself aud
famiiys
A. No, but any amount Of ex-
pense incurred IN producing garden
truck or other products 50 consumed
cannot be claimed as a deduction.
OF a farmer exchanges pro.
duce for merchandise, groceries, etc,
Is the value OF such merchandise 10
be returned FOR tax purposes.
A. Yes, The price placed by the
merchant upon the goods exchanged
for farm produce Is to be included as
income In the farmers return
Q. have two children xho live
at home and are regularly employ
ed. One Is |; years old. the other
IL ~ years old, Am ! required 10
include the amount Of income which
accrues to each during the calendar
year In my own personal returnG
4. As the nrst child has not yet
reached Its majority and Is stili un-
der your legal control, the amount
of Its income Is to be Included In
your personal return aud Is subject
to tax In your hands. The income OF
the child which has attained It's ma
jority Is not TO be included In your
return and is only subject to tax In
the hands OF that child.
O. hold an endowment life In
surance policy upon which | paid
premiums for 20 years. In 1917 the
contract matured and I received It's
face value or $1,000, Must return
the entire amount received
A. No. Return only the differ
ence between the aggregate amount
OF premium paid and the amount re-
eeiyed upon the maturity OF the con
tract.
Rogue River courier. (Grants Pass, Or.) 19??-1918, 1918-02-15
sheep with osld.Flllsd Teeth.

The sheep " the western islands
~ Scotland are almost M stylish M
the dogs that ride In automobiles on
our own Ftfih avenue. In New York
city, The canine anstocrsts have oc'
cnslonnl cavities In their teeth filled
with gold, but the Scottish sheep have
their entire set gold.plalted before they
have my chance to decay. The gold,
plating Is due TO gold dust In the soil
A. early as ina6 Hector Boecc. hlshop
" Aberdeen, speaks of the remarkable
appearance of the sheep that roam
",hr golden mountain" In central Aber.
deenshlre. Their wool Is yellow. their
hrsh u red, fiecked, m II were. with
saffron. and their teeth are the hue NJ
gold, he Popular Sci-ncr
Monthly.
Rogue River courier. (Grants Pass, Or.) 19??-1918, 1918-02-15

or after March 1. 1918, the difier-
ence between It's cost. plus all
amounts subsequently, expended FOR
permanent improvements. less depre-
citation previously claimed, and It's
selling price is to be returned.
N the property came TO you on
or after March I, 1913, as an inheri-
tance the difference between the ap-
praised value placed upon Il at that
time plus all amounts subsequently,
expended for permanent improve
ments, and its selling price is to he
returned.
q, When Is farmer TO return
for tax purposes the value OF stock
and crops produced'
A. The value OF grain, stock and
other products OF a farm Is not con-
sidered taxable income until reduced
to cash or the equivalent OF cash.
Therefore II crops produced In 1916
were sold in 1917. the total amount
received therefor Ia to be included
under gross income In the 1917 re-
turn, Crops and stock produced In
1917 and on hand December 81 OF
that year need not be considered: :
but the amount received therefor
should be included in your return
rendered for the year during which
they were sold.
Q. I rent farm on shares. When
is my share Of the crops and stock
to be taken into consideration,
A During the year In which sold
O.. Is farmer required to re-
Rogue River courier. (Grants Pass, Or.) 19??-1918, 1918-02-15

In store TO help make up any den
cheney on that side OF our diet.
There are many appe,izing ways In
which cheese dishes may be prepar-
ed. and II win be found a substantial
and altogether satisfactory substi-
tute for meat. Every family should
use more OF this wholesome, home
grown food. and thereby not only
vary the customary diet and con-
serve the more needed foods. but
give loyal support to two important
industries -cheesemaking and dairy
ing"
Rogue River courier. (Grants Pass, Or.) 19??-1918, 1918-02-15
EUROPE UNSETTLED

Russia is torn by internal
troubles and is disturbed by weak,
vacilating foreign policy. in run
ming after rainbows of sentiment
and is distrustful OF all with whom
she comes in contact. Germany is
under the iron heel of her war lords
and is becoming restless at the tyr
amy OF unbridled militarism, while
the laboring class is sullen and only
needs a leader to break forth In
flaming rebellion. Austria is tired
of German domination. but not quite
ripe for direct issue, although her
laboring elements feel somewhat as
they do in Germany and only need
a strong leader TO break forth as a
great volcano. Turkey is subdued
and sullen against Germany. but too
weak to assert herself while Bull
garia is seldom heard OF. To Offset
all this the central powers are great
ly encouraged by the collapse OF Rus
sia and will take every possible ad-
vantage of the conditions to get their
people in a fighting mood and unit
ed for the prosecution of the war
Every possible preparation has
been made by both sides for the
western drive that only awaits suit
able weather to start the most gigan-
tic conflict the world has ever
known. II the central powers sue
ceed in penetrating the allies lines
and holding the ground gained, the
war will be prolonged, but on the
other hand, II the Teutons are driven
back an uprising at home may be
looked for and breaking OF war trea.
ties, when the kaiser will have II
brought home to him that they are
only scraps of paper. and ii is moi
unreasonable TO expect that a Ger.
man bullet will reach its mark.
Rogue River courier. (Grants Pass, Or.) 19??-1918, 1918-02-15

Cards az The Courier once