davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1918-01-14
Finance Economics
VAIL STNEET OFFICE
Mills Building, 10 Broad ST

During tho last week price move
ments in the stock market have re-
tlectcd, probably more than anything
else, the conflicting opinions held by
leading financial interests and pro-
fessional traders regarding what the
ultimate effect President Wilson's
strong statement of our war aims
will have on the Central Powers.
Wall Street, like the rest Of the
country, was highly pleased with the
contents Of the message to Congress,
but frankly was puzzled how to in
tcrprct it from the stock market
point of view No one could say
whether it meant a longer war or an
early cessation Of hostilitics; opin
ions expressed differed widely and
stock prices as Il result Moved in
a rather confusing manner without
any definite trend until toward the
close Of the week when other factors
produced reactionary tendencies,
though not particularly pronounced.
Despite the inability of the market
to move out of its hesitating mood,
it was significant that the weeks de-
velopments, including an aggrava-
ton of the coal shortage and rail
way congestion, with its unfavorable
effects on industrial activities every
where, did not bring out liquidating
sales. AS time goes on it is becom-
ing more and more apparent that the
attitude of Washington toward busi-
ness generally is steadily growing
more liberal, with the result that
there has been marked revival Of
confidence in holders of industrial
and railway securities. The govern
ment is rapidly extending its war
time supervision of industrial and
finance. 1t proposes now to take
over operation of the express COM
panies; steps are being taken to con-
serve and bring about an equitable
distribution of oil supplies; and the
Treasury Department is now moving
to an absolute control of all new Sc
curity issues. Changes now taking
place are revolutionary, and the cf-
fects on business and industry are
far-reaching indeed. 1t is a practi-
cal certainty that the security mar
kets will continue to reflect what is
now going on as long as the war
lasts.
New-York tribune., 1918-01-14
Our South American Market

Since the war began American ex,
ports to Latin America have increased
100 per cent in value while those o.
Germany have disappeared entirely;
according to THE American Exporter.
In 1913 We shipped to Latin America
merchandise valued at S32s, 1885. IN
1917 we shipped merchandise TO the
same market valued a. over Se50,ooo
600 Our exports to-day 10 Latin
America actually exceed ia value Ger
many's annual exports before the wsr
to the combined markets of Canada. me
United States. Mexico, the West lndies'
Central and South America. plus those
to the whole of l,ussia. Latest hgures
for recent months have indicated tho
probability of still moro impressive
record tor 1913.
New-York tribune., 1918-01-14
must be provided for in order to
keep the country's war industries
operating at full capacity.

In the money market the tcndcn-
cy has been toward increased ease
Rates on call loans have ruled at
2& to per cent, while concessions
Of u per cent have been made in
the case of fixed maturities. Funds
are now rapidly returning to the
banks from the first of the year pay
ments. During the last week for
the first time in a month interior in
stitutions loaned out money on time
in this market and offerings from
this quarter may be expected to in
crease substantially until govern
ment operations again temporarily
restrict the loaning capacity of the
country's banks. The easier posi-
tion of the money market was shown
in the small volume Of rediscounting
at the Federal Reserve Bank.
New-York tribune., 1918-01-14
CENTRAL PACIFIC RAILWAY COMPANY
Three AMI One -haIi PEI Cent.
N rtgags Bonds.

Notice is hereby given that. pursuant TO
the provisions Of Article Nine Of the mort
gage from this Company to the United
States Trust Company OF New York. Trus-
has set apart out of the net income derived
by 1t from the lines of railroad therein
nortgaged the sum Of Twenty five thousand
bonds, and that bonds issued under said
mortgage Will be redeemed therewifh Bids
are hereby invited for the surrender Of such
to the amount Of s25,30o.l3 in the Sinking
Fund.
=. Such bids should be presented to this
Company at its Office. 165 Broadway in the
City OF New York. on or before the 5th day
OF February, 1918. at twelve o'clock noon.
and should be endorsed Bids for Surrender
OF central paeitlc Kailway Company Thres
and One-Half Per Cent Bonds
CENTRAL. PACIFIC RAILWAY CO
BY WM L. HERRIN, President.
Dated January Z, 1915
New-York tribune., 1918-01-14
"Ploughed In Earnings
Should Be Included

TAAre is provision under the law
that if a company, like Bethlehem
Steel, for example, has very greatly
increased it's capital since 1913, due
allowance for this is made, but the
allowance is fixed at 8 per cent on
such increase, which is about half
what new capital coming into bust
ness at this time expects to earn. 1t
is also obvious that where a company
has turned back a large part of its
war profits into it's business this
"ploughing in" of profits should be
treated as an increase of capital.
1t is obvious, too, that due allow
ance should be made for certain
types of industry, like oil wells or
copper mines, where the life of the
producing property is more or less
fixed. If an oil company exhausts a
given field in year or two, this may
result in enormous excess profits
But the excess taxes might take all
Of this and part Of the invested cap
ital as we'll. This would not only be
great injustice, but stupid blum
der. For example, oil production, in
spite of the highest prices known in
the history of the trade, is lower this
year than last. And it is feared
that the million and a half new
pleasure cars added last year to the
two and a half millions which we
had already will more than use up
all the available gasolene and a large
part of the lubricating oil, so that
there will be very little left for the
government or the factories needed
in the prosecution of the war, and
none at all for our very needy al
lies. SO, unless we practically pro-
hibit the use Of pleasure cars, as
England and France and Germany,
Of course, have done, we cannot af-
ford to enact law which would very
drastically decrease oil production.
The same way with the copper
mines. And it is obvious that NUM-
tions factories of every sort ought
to have due allowance for the writ
ing off Of capital investment which
will be more or less a dead loss when
the war stops No such allowances
are provided for under the existing
law, and they could be made only un-
der very arbitrary and even high
handed ruling Of the political au-
thorities at Washington-another
example of the ineptitude with
which this law was framed.
Should Deal
With Percentages
1t has seemed to the writer that a
still simpler method, and one that
would need far fewer exceptions
would he one that dealt with excess
earnings IN percentages rather than
actual amounts. If, for example, Mr..
rords company earns this year
something like 5000 per cent on its
actual capital stock, it would be
much simpler and easier to compare
this percentage Of earnings with pre-
war percentages than to take the
actual amounts Of the net earnings
which have quadrupled in four
years. Practically all of these earn
lngs have been turned back into the
business. 1t is always difficult to
say what are actual earnings and
whether upkeep and depreciation
have been adequate or excessive. But
New-York tribune., 1918-01-14
Uneven Distribution
OF Excess Profits

These billions Of excess profits
have been very unevenly distrib-
uted. All this tremendous rise in
prices has affected different groups
in very different ways. 1t has
brought fantastic wages to steel
workers and coal miners and sky
prices to the farmer and the cotton
planter. 1t has spelled hardship,
and sometimes almost ruin, to per-
sons OF fixed Or stationary incomes.
1t has meant simply colossal earn
lngs to many forms Of big business.
Hence the need Of an excess profits
tax to equalize conditions. SO Con-
gress last September finally passed
law aimed at this end. 1t was not
really an excess profits tax, but had
an underlying motif Of more or less
exploiting the rich by means of tax
alton. Its design was rather to limit
the earnings of capital.
Now, if this had been evenly and
equltably achieved by the law, and
such a law were needed, no one could
object. But it was such q bungling
and obscure sort of law that it
seemed to mean extortion for some
and immunity for others, and this
very largely at the whim of two
political officials in Washington
and their assistants. say seemed
because hardly any two men, much
less any two lawyers, could agree as
to the terms and effect of this law.
Practically speaking, as I pointed
New-York tribune., 1918-01-14

Conditions in the bond market re-
main practically unchanged, with
prices maintaining a fair degree of
firmness. Our curve of ten high grade
bonds shows slight advance. The
approach of the next government
war loan financing acts as a drag
on bond market values, and it is gen.
orally recognized that little improve
ment from present levels can be
looked for in long-term investments
with the government coming on
shortly with demands for several
billions of dollars. The interesting
feature Of the investment market at
the moment is furnished in the
short-term borrowings of a number
of industrial companies which were
in need of fresh working capital and
have had to pay abnormally high in
terest rates in order to obtain the
money. In the course of the last
week the American Can Company
has borrowed S12,OOO,000, the
Westinghouse Electric and Manu-
featuring 100000, while in the
previous week the American Tele-
phone and Telegraph Company came
into the market for 100000
In each case the cost of the new
capital thus raised was around 7 per
cent, despite the standing of the cor
porations which have done the
financing. Further short-term
financing of this character is ex-
pected between now and the time
the government brings out the third
Liberty Loan.
Secretary Of the Treasury Nc
Adoo's proposal that the govern
ment take unto itself control of the
issue Of all new securities for the
period of the war was to be OK
pected as a matter of course. 1t
must be done in order to eliminate
the competition that unrestricted is
Suancc of new securities would offer
to government war financing. The
banking community advocated such
step some time ago. Formulation
of the plan under which the govern
ment will control new security is
sues is expected in the course Of the
next few weeks. AS Il matter of
fact ever since the United States en-
tered the war there has been steady
shrlnkagc in the volume Of new
bonds and notes mainly because of
the prevailing high rate of interest
which corporations seeking fresh
working capital have been COM
PEELED to pay. There have been.
however, no restrictions on new
stock issues beyond the limitations
OF the market to absorb such offer
ings. But now under the arrange
ment proposed no corporation will
be able to issue new securities with
out obtaining the permission of the
governmental authorities. 1t is not
improbable that government cor
poration may be organized to alb
sorb any Of the stock and bond is
sues that have been favorablv
passed upon by the Treasury. This
will insure " supply of capital for
corporations whose financial needs
New-York tribune., 1918-01-14

Girls from thirteen to eighteen years
should receive not less than four-fifths
of the ration for boys of the same age.
Younger girls should have the same as
boys. In the case Of babies, the nurs-
share.
New-York tribune., 1918-01-14

TlE amount the people of
the United States had to
spend last year (and very
largely spcnt) was a fabulous sum.
1t is estimated by Professor b. NJ
Anderson, of Harvard, at nearly
sixty-fivc billions. But, as this is
based upon u very loose estimate of
our national income for 1910, made
by Professor w. l. King, this has
only what may be called baro-
metric value. 1t is highly improb-
able that the average income per
family in the United States, even in
the fabulous year of 1917, was any
where near $4,000.
But, whatever the actual sum, this
income, as Professor Anderson
shows, was probably near twice our
income three years ago. 1t was GER
tainly ten or twenty billions more
than in 1914. A good part Of this
increase was. Of course, due simply
to higher prices-that is to say, to a
50-cent or 55-ccnt dollar. Nevcrthe~
less, many billions was real profit.
The government needs these bill
lions to win this war, and needs
them very badly. If, like the other
nations, we finance our share of the
war very largely by imitation, as we
have done so far, this will mean
simply higher and higher prices-50-
cent cotton, dollar bcefsteak, and
so on.
New-York tribune., 1918-01-14

excess of 100 per cent over pre-war

excess Of 100 per cent over pre-war
years.
The effect of these rates on very
high excess earnings would be Sc
vcrc. Thus, for example, if the
average net earnings of the United
States Steel Corporation for the pre-
war year, as defined by the bill, be
estimated at about S130,000,0 900, and
the net for the Jast year at, say, in
round figures, $530,O00,OO0, the tax
in round figures would work out as
follOWs::
1919 on 1st loey excess. -. $1,3O0,o00
1914 ca on I'd 10so excess. 100000
15os on Sd 1O9, excess. 100000
300 on Ath 1879 excess 100000
25ao on 5th 1919 cxcess.. 100000
800 on 9Th 1Ooo cxcess.. 100000
1000 on 7th 1870 cxccss.... 100000
500 on Sth 100 excess... 6,5O0O0O
500 on 9th 1870 excess. -. 1900 900
1919 on 10th 1919 excess. 100000
500 on over 1O0qo excess. . 216, 900 OCO
s2e4,2ooooo
so on total net. .......... az, 400 900
$500, 600, eco
This would leave only about $224,-
100000 for the corporation out Of
estimated earnings of $3.50, ,000,O 900.
The estimate of $500, 100000 taxed
would stand against maximum ex-
cess tax under the existing law of
perhaps $3.50, 600, 900, under the most
.unfavorable Interpretation, and
probable actual tax Of under $780,
100000 if the face value of the cor
poration's holdings be taken as it's
"invested capital"
1t is highly probable that the rates
proposed in the Smoot bill would be
considerably modified before it's pas
sage.
In general the rates are higher
than under the present law, and the
estimated revenue would be some
thing like two hundred and fifty
millions greater. SO there is no
question of lower rates. 1t is SIM
ply a question of a method which
any one can understand and any one
could apply. 1t does not mean
thousands Of new officeholders or
advisory commissions to interpret or
construe it, And there is no chance,
not a loophole, for any kind of ia
voritism or any kind of blackmail,
real or unconscious.
New-York tribune., 1918-01-14
E1
s!Ge
Our Merchant Marine

Out of the revival Of our merchant
shipping. The disbursements Of the Government
for the Shipping Board av estimated at
$9O000O0O0 for the current fiscal year, and almost
equivalent amount is estimated for the coming
The plans OF the Shipping Board call for
10000,OO0 tons of ships in addition to the 80
German ships and IA Austrian vessels have
taken for during the war.
Although in first place among the nations of
the world in international trade the United States
must be prepared to face keen competition after
the The production of industries is
largely dependent upon the banking system of this
country and the operation of the individual
banks.
For G6 wears the Citizens National Bank has
confined its operations to commercial banking,
and offers its facilities to manufacturers and
merchants whose business may require additional
financial connections this time.
CITIZENS NATIONAL BANK
OF NEW YORK 320 BROADWAY
Established 1851
New-York tribune., 1918-01-14
England's Food Cry
Is "Save or Starve'
Tho NclU Yoris Tribune
Foreign Press Bureau

The NciO Yoris Tribune
Foreign Press Bureau
England has just completed volun-
tary food saving campaign under the
battle cry rs O S"---Save or Starve
The campaign was conducted by the
League of National Safety, and the en-
deavor was to secure an enrolment of
10000, 600 voluntary food savers As
given by "The London Chronicle" the
following was the weekly allowance of
food to be observed by those who joined
the food saving army:
BREAD
ID. OF.
Men heavy industrial work or on
agricultural work Observation-Disclosures. 8
Men ordinary industrial or other
manual work ACKNOWLEDGEMENTS. .
agricultural work ........... S
Men unoccupied on sedentary work 1 s
Women on ordinary industrial work
or in domestic service. ........... 4 0
Women unoccuped or on sedentary
work ................
OTHER FOODS
Cereals Oatmeal, rice, etc ........ Q II
Butter, margarine, lard, oils and fats 0 10
These are the same for all adults.
The weekly allowance for children is:
Other Butter
New-York tribune., 1918-01-14

These are the same for all adults.
The weekly allowance for children is:
Other Butter
New-York tribune., 1918-01-14
By Carl Snyder

HNHE amount the people of
the United States had to
spend last Ncar laud Ncrv
New-York tribune., 1918-01-14

Bread. cereals. Meat.
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1918-11-09
Failure of All Arbitration Confer
ences, a Cause.

Long ago in 1899 when all the
world seemed to be comparatively
peaceful, the Car Of Russia invited
all the nations to a conference to
be held at The Hague in the little
country of Holland. In 1907, the
President Of the United States
gave the sane invitation.
Men sent from almost all the ma
tons, called delegates, came to-
gether to discuss plans for world
peace and conditions of war. They
tried to make war, when it did take
place, as human in it's methods as
possible, and planned gradual dis
armament, or the aboiishing of all
means of warfare by all the ma
tons.
They agreed to get together and
discuss everything with each other
when any of them seriously dis
agreed before war should be de-
clared. This agreement was signed
by the nations in July, 1899. When
anyone signs anything it means a
serious promise,-and that's what
this was--a serious promise made
by each of the nations present.
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1918-11-09
JOHN AND THE TRAIN

1t was a cold, frosty morning
supplies. He knew that unless the
roads were good he could not get
back before night.
Now it happened that the road
lay parallel to the railroad track,
which ran between two cliffs.
Just as he was Harvesting the
horse, the snow began to fall in
torrents. He knew he must
hurry or the road would be i'm
possible. He reached town at ten
o'clock and purchased the things
he needed. He did not linger in
town because he knew it would be
dark early. Just about dusk he
came to a railroad crossing. In
the middle of the track lay a huge
boulder which had rolled off the
cliff. In ten minutes the train
would be there; so there was no
time to waste. SO, tying his horse
to a post, and taking off his sweater
he ran up the track waving as fast
as he could. Just then the train
came around the turn. The en-
gineer stopped the train and asked
what was the matter. John told
him and he was very glad because
it had saved the lives of the people
on the train. The next day John
received a check for $500 reward
for his bravery, and John lived
happy ever after.
Marguerite Meehan
Age IL years
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1918-11-09

Well here we are again after an
other vacation, so I'll have to tell
you all the happenings.
Howard Taggart is very fond of
the West Side lately.
Elmer Bescher spent part of his
vacation visiting Bob Knoll, out
near Whitewater. One day they
were feeding the pigs. All of a
sudden they stopped stock still.
looking at each other, real solemn
ly. Bobs sister called out of the
window for them to get busy. When
they came into the house, she
asked them why they stopped but
neither boy would explain. So, de-
tectives set busy and solve the
great mystery.
We wonder where on earth Dor
othy Reese raked up the clothes
she wore on Halloween.
Pody Englebert was too sick to
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1918-11-09
CAUSES OFTHE WAR

For anyone to make a promise
and then break 1t is q thing to b.
ashamed of, but when nation,
representing great number Of peO-
pie, makes an agreement and then
breaks it, it is q great dishonor to
that nation A United States am
bassador met one Of the most i'm
portant German counts, q Count
Munster who shows how Germany
considered the idea Of arbitration
before war was declared. He said
that Germany could put her army
in action in ten days, which no
other nation could do and that ar
bitration would simply give the
rival powers time to prepare, which
would be a disadvantage to Ger.
many.
Also the German Chancellor in
March, 1911, said, ANY agitation
in Germany in favor Of disarma-
ment is absolutely objectionable"
The fact that any country should
continually regard all action for
peace by group of nations as TIN
profitable and impossible and
should completely disregard its
agreement will. especially if the
nation is well armed, give strong
basis for war.
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1918-11-09
GIRL SCOUTS

The Girl Scouts met last Mon
day evening at the home of Cap
tain Jones at S1s North 10th street.
They will meet next Monday at
the home of Corporal Gladys Lib
king at $40 North 14th street. They
will occasionally meet at the homes
of the scouts. AS it is strictly
against the rules Of the Scout or
ganization, no refreshments will be
served at the business meetings.
Each scout is requested to take
needle, threat, thimble and en-
broidery hoops to the next meet
ing.
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1918-11-09

uncle. and all this time Jimmie
was vainly motioning them to De
still, for Enthusiastically his green
and red bobber was being twitched
up and down in a most promising
manner.
But Jean and her uncle were abb
sorbed in the new object. Jean
edged closer and closer, watching
him with greater and greater in
terest. Then suddenly, without any
warning, she held out her plump
little finger and the long suffering
crawdad siezed upon it joyously.
But there was no JOY left in Jean.
Scream after scream rang out,
while she wildly flung herself upon
her unsuspecting brother, shaking
her hand SO frantically that the
crawfish lost his hold and fell
down on the young fisherman's fat
leg.
Observation-Disclosures" howled
Jimmie, leaping into the air and
upsetting his bait. his sister, and
his fishing prospects in a mad at.
tempt to clutch the brute. But
when the abused old patriarch of
the crawfish family had at last
been hurled half across the stream,
Jimmie's fishing pole was drifting
down the river, and the-his fish,
SO nearly his,-was,-ah, well,
let those who deal in fish tales
speculate.
AS a once more civilized Jimmie
G.. came into the dining room of
the Inn for breakfast several hours
later that morning. an elderly
sportsman, who had become friends
with Jimmie the night before. asked
him what luck he had had.
No one else was at the table, so
drawing up a chair close to his
new friend, Jimmie confded his
troubles. 1t was a long tale, but
Jimmie's friend was sympathetic
to the last.
"And Mr. Smith," he ended, y
think it's kind of hard when a fell
lows trying to be a man and act
real good tc his sister. to have her
throw crGwdad on him just when
he was pullin' in great big fish"
The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1918-11-09
A YANKEE SONG

Sung to the tune of There's
Long, Long Trail"
There's long. long trail awind-
ing into No Mans Land in France,
Where the shots and shells are fly.
ing, but we must advance!
There will be some thrilling sea~es
when the rainbow light shines
through-We are going to snow
the Kaiser what our Yankee boys
can do.
ROBERT SPAULDING and
LEOLINE KLUS.