davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-04-06

'hls' put somehow the thing does not get
oo"e' or IL 1T does, it gets done sporad-
cally and slowly. There is | believe. an
ho"est desire to carry out these principles.
Dut there is still suspicion, and both sides
feel that neither can fulfil It's side of the
contract without the other.
The suspicion breeds irritation and do
lay; both sides hesitate to stipmatizc tbo;r
ow" black sheep. Both sides are far too
Wiling TO discuss general principles and
700 i'l'lc Wiling to face up to the real diff
hcuItles, TO agree to solution and above
all to carry 1T out in concrete action. The
result is that extremists on both s;des
carry on and achieve regulations. If no+
a success which is out of all promotion 70
their deserts. Both employers and the en-.
ployed wish to repudate these false lead
ers, but each time they fail so to do the
task becomes harder"
Right Hon. Sir Albert Stanley nros.
ident Of the Board of Trade: "Whether NV
experience in America has been an advan-
tagc or otherwise, my conduct and actions
must be the outcome Of it. and especia]lv
recall one particular experience which had
there. | identified with two senar.to
undertakings rapidly succeeding the
other. Each of these undertakings had in
Its employ practically the same number Of
men-roughly speaking. about 100000 One
OF the undertakings was really the last
word in trade unionism; every single en-
ployc was bound to accept membership of
the union. The other undertaking was en-
trcly free from that influence. SO far as
| know not single man identified with it
had any connection with any trade union
movement What was my experience of
that? In the trade union undertaking pro-
vision made whereby any grievance
could be brought forward and carried RIGHT
to the very top for the purpose of adjust
ment 1t frequently came to my notice as
manager of that undertaking, that griev-
ances on the part of the men had a real
genuine foundation. 1t frequently came to
my notice that some sub oficia was not
justified by the facts in some action he had
taken. AS result of the method which
existed, many grievances were remedied.
No such machinery, at least no adequate
and satisfactory machinery. existed in con-
nectlon with the other undertaking. If
there was any grievance it lay smoudcring
beneath the surface, and having no oppor-
tunity for adjustment. The result CON
WINGED me that whether it is done by es-
tabhshcd trade unions by securing the
cooperation Of the selected leaders of men,
whatever the system may be- it is abso-
lutely essential for the successful conduct
of a business in which large number Of
men are employed that there should be set
New-York tribune., 1919-04-06

up machinery which will secure to the men
an opportunity for bringing their griey-
ances forward and securing them against
punishment on the part of the officials"
foliowlng this general thought of getting
together' numerous leagues Of employers
and employees have been formed throughout
tne united Kingdom, and lin them the labor
leaders discuss problems with some little
results IN a concrete way, but with very
greas results in the way of getting a better
understanding of each other The most
tangible result has been education on both
sides that resulted in the scheme for in
dustr.al councils, which are about to be MI.
INTO force, and which are popularity known
as the Whitley councils, because the RIGHT
Hon. j. H. Whitley was the chairman
OF the committee which made the report 10
Parliament containing the proposals.
The plan is this: Each industry shall
have National Joint Industrial Coun-
ci!' made up Of representatives of the En-
ployers' Association and the trade union.
which shall take up and settle all the larger
questions affecting that industry, such as
wages, hours, and the better coopcration
between employers and employed. Since
many questions are local, below the national
councils are to be district councils and be-
low them works committees in the factories
themselves, representing the management
and the men without regard to the particu-
lar union memberships
New-York tribune., 1919-04-06
Failing to Proride
For UnskilIed Toi!erS

The strength of the plan is TO be the
works committee. and it is hoped that the
higher councils will deal only with very
general matters, leaving to each works
very large measure of government The
committee suggested that the following
matters at least should come within the
purvicw Of the committees:
/. The better utilization Of the knowledge
Of the workpeople.
2. The rate and methods of wage pay
mcnt and particularly the securing to the
people cf any increased profits
3. Machinery for the quick settlement
of any differences between management and
men.
4. Technical education and training.
3. Securing to workpcopc the rights to
inventions which they may devise.
6. The general impro cement of the in
dustry.
This is rather a large programme, and it
is hoped that it will provide the necessary
preliminary education, so that the men can
actually qualify for hand in the manage
ment. The difficulties with the plan are
that the workers arc rapidly drifting away
from their regular organizations and NOV
ing in the direction of workers. rather than
craft unions. The Whitley plan provides
for the skilled man, but it makes little pro-
vision for the unskilled and unorganized
man, and it is that man who is to-day the
greatest probem. because he threatens to
reform himself into proletarat And
finally the Whitley system appears to many
to contain quite too much formality and to
hold the danger that the real objects will
be lost through excessive particularly in
organization and Interpretation of rules
and statutes.
New-York tribune., 1919-04-06
The Wall Street That Is

causes success or failure in business causes
1t equally in speculation that while un-
happy and regrettable results have followed
foolish speculation by united persons,
earnest men have sought, have partly pro
against their occurrence
Examination also shows that most men
conscious or unconscious spectators
either they personally use their money in
speculation or others use it for them; that
the great business nations arc the great
speculating nations; that a nation without
stock exchanges is a nation without COM
merce or advanccment Examination also
shows that investment and speculation
differ in essential details; that spccula-
tion is never gambling, and gambling is
never speculation their nature is unlike
their results dssimlar; that the very wide
distribution Of material wealth has flown
out of speculation. Examination also shows
that progress would have been impossible
without the formation of corporations and
the invention of the stock certificate; that
these have made it possible for the poorest
and least intelligent to become partners in
business with the richest and most intclli-
gent"
He tells what tho New York Stock Ex-
change stands for, thus: "Thc exchange has
helped honesty in trade; has stcadicd
prices; has put the man With small capital
the same footing in trading rs the man
with large capital. and il has tried to earn
the good viii and high regard of its neigh
bors. Examination shows That while now
and again an unworthy member is uncov-
cred, the standard Of integrity and business
morals on the exchange is as high az in
any business in the world Examination
also shows that the interest Of the exchange
has always been 10 lessen unWisc Apcculn-
tion, TO secure honest corporation manage
mcnt, to safeguard stockholders, that it has
been the pioneer in efforts toward those
ends and has secured more in this direction
than the acts Of the Federal and state gov
crnmcnts, and that its rules are intended
to prevent and its committees are working
for the prevention of wrongdong and of
unwse speculation"
Considerable space is given over to a
historical discussion of the evolution of
markets and the widespread prejudice
against markets of all kinds. Another chap
ter is devoted to discussion Of business
Mr.. Martin points out that all tompcra-
ments are not suited to assuming the vsks
of speculation either IN the stock market
or in general business. "The amount OF
money has at risk is not a factor' he
says "but the wise o. unwise way in which
one risks it is factor, and the person who
engages in a venture feeling at the outset
that he afford to lose is apt to exer-
else 80 little caution as to almost insure a
loss
Defending the exchange against the
charge that it is little more than gambling
institution. with securities as Che pawns,
Mr.. Martin writes: "Thc prices made upon
the exchange are often referred TO as be-
ing mere bets upon market values. and
this form OF speculation is considered as
not differing from gambling, from betting,
and as essentially only the risk of money
on contingency. The law is quite
clear in it's distinction between spccula-
New-York tribune., 1919-04-06
New Mexican Congress May Provide
For Interest ON Railroad Bonds
Although Military Guards Are Still Steadily
GROWING Better observer AssersNew
arranza Defends Early Attitude Toward Necessity

vested $143, 1000 in Mexico. and that Of
this sum $1,000, 900 is in railway bonds
The total holdings of all other countries
i'll Mexican rails is $4,000 in stocks and
s3S.535,Ss0 in bonds. The Mexican figures
in the above tabulation are representative
OF private capital only.
What happened to the railways is told by
President Carranza in message to Con-
gress:
Since the First Chief entered the CAPT
tai, the government has felt the necessity
OF taking over some of the principal rail
way lines of the country, not only for the
purpose of moving troops, provisions. arms
and ammunition promptly and at the proper
time. but also TO facilitate the necessary
means of communication and transportation
to the people in the territories occupied by
the Constitutional forces
But when the revolution triumphed and
rebel bands of Importance were disbanded
thought the time had arrived for return
ing these lines to their former owners AND
therefore, began by relnquishing the rail
way line running from this capital to Vera
Cruz, known as the Mexican Railway.
Since the railway was returned to its
owners developments have demonstrated
that they are unable to keep it in service,
as they could not prevent frequent assaults
on trains by small bands of bandits. As it
IS OF vital Importance that this line be kept
IN operation and that passengers be pro-
tccted, have deemed it absolutely mecca
sary to again take it over, and have an
pointed as its manager Lieutenant Colonel
Pauline Fontes, who will carry on the ad
mlnlstration independently from the other
lines that make up the national railway
system.
The First Chief has also just ordered
the taking over Of the National Tehuante
pee Railway, appointing Mr.. Rosendo Mauri
as manager.
FINALLY, the attachment of the Alvarado
to the Vera Cruz railway and the terminal
station at Vera Cruz have been decreed."
New-York tribune., 1919-04-06
Shooting Programmes
Not Very Practicable

The man of income who has never labored
sits in his club and advises, "Shoot the i'm
pudent beggars.' He has his counterpart
IN the Bolshevist, who would also shoot but
IN the opposite direction. The trouble with
both shooting programmes is that a most
lnconvenient number of people have to be
shot in order to make any headway
Another set representing capital would
lock out the men until they return TO .hcir
senses and are willing to work. And they
have their labor counterparts in the men
who would stay out on strike until plants
deprecated and the populace was up in
arms over the shortages in food, trarspor-
tation and coal
Stated IN abstract, the tencts of these
various groups sound ridiculous and they are
quite sc; but that does not in the least nrc-
vent them from airing their views and
making rational settlement very difficult.
For instance, Sir Eric Geddes the other dav
proposed somewhat hippantly that if the
workers thought that they could run busi-
ness, why did they not hire any of the
muniton factories that were up for sale
and go to work on their own? The sur-
gestion was uncommonly popular with the
audience, but not quite SC, welcome to the
government, which saw flaws in the plan
AS consequence | understand that Sir
ENC Is to receive ticket for oblivion
win a stop or two on the way.
for the government and the labor men
are earnestly seeking some plan of settle
"eht OIL the whole social question: The
iaDor situation was the principal theme of
po'h the Kings and Lloyd GEORGES adj
"iesSes' and although the only concrete
pan at present in general favor. is that con
'"lhed IN the scheme for Whitley councils.
nave been given to understand that tboso
'ou'cl's are only the beginning and that
P'a"S are under way for the erection Of a
ne" social order that will battle Bolshcvism
'or It IS generally recognized, among think
ing men here that the cure for Bolshovism
- not the isolation Of those affected. but
an operation on society that will remove the
germs Of the disease.
'"' iAriIameutary labor movement has
"'uch IN common with tho Bolshcvists IN
'hat u declares that the worker has NOT had
NJ" 'air share Of industry, but il splits With
'"e iol'o"ers in not holding that orlv tho
WORKER should have place in society or
lhs' the worker is alone compctont ,o
manage Industry. The trade unions have
P"SSeo from the defensive position that
'"ey mad before the war into construc,;yo
NAN socialistic state and they mean Ia ac.
eomplish the uplift Of labor bv parli.
mentary means
New-York tribune., 1919-04-06
The Market Place

tive transaction and bet upon stocks. The
anti-bucket- shop law makes it felonious to
contract or assist in contracting for the
purchase or sale Of securities wherein the
intention is to settle on basis of prices
in the market-in other words, a bet upon
those prices. What the bucketer means is:
IF the price is reached you win; if the
price is not reached win. This would be
bad enough. if it were honestly admins
tered but the bucketer has 10 intention
that the bcttor shall ever win.
bet upon the price OF stock confers no
privilege upon the bcttor: he never sees
the certificate of stock and gets no rights
from it. But the buyer owns the share and
has title in it, whether paid for in full or
only by payment down. the rules Of the ex-
change providing that the buyer shall be
entitled to receive all interest. dividends
rights and privileges, except voting power,
which may pertain to the securities CON
tractcd for"
Since 1900 it is estimated that tho wealth
Of the United States hus grown 100 per
cent. or the $35 100000 Of bonds and
$50, 600, 100000 Of stocks outstanding and
representing wealth Of the country, a little
more than onc-thrd Of stocks 1880 ,00O,-
600. and little over re-fourth. or st7 BOO
600, 600 Of bonds, are listed on the New York
Stock Exchange. These listngs do not in
cludo $8500,OO00 0c0 of government bonds or
the Liberty Loan issues Mr.. Martin est-
mates that the banks Of the country hold
approximately $15, 500 ,0O0 GOO in stocks and
bonds and ,he assurance companies SO ,OOO.-
100000
One chapter is given TO discussion of
t5e "smaii investor" and how his opera
tions in the stock market are taken care of
through partial payment schemes and odd
lot spccialtics Under the heading "Market
Opportunities" the author declares that
Wall Street is not . tipping bureau, and
then goes into de.2ils regarding the differ
ent kind of securities traded in on the ex-
change. Other points taken up are margin
trading, the relations between broker and
customer short selling, tools and terms of
Wall Street and cautions and precautions.
One bit of advice given is: Market ex-
tremes arc to be avoided; financial writer's
advise against buying when the market has
just had large rise, or selling when it has
had great decline. While the man does
not live who can t;X definite rule as to
when to buy or when TO sell, that attributed
20 Baroa Hothschild seems to be good as
any: Buy vhon others sell: sell when
Others ou.' Some az the other admonitions
are: One should be careful about ACCEPT
ing advice from. tipstcrs, also Don't be-
lievc all you read and Great care should
be shown in the selection of both broker
and stock
New-York tribune., 1919-04-06
M

w "a 'S Sres "1 tine there o'}.'f is r"%Hs G
conjured up 4 place where the bulls
and the bears and the lambs romp and play
a place where fortunes are made and lost
in the twnkling OF an eye. a place where
the innocent investor of money has no bust
ness to be. That is far from the fact
Wall Street is really a surprisingly safe
place for the investor, if only he will take
the trouble to make sure that he is deaf
ing with legitimate house before parting
with his money.
The New York Stock Exchange may be
considered the storm centre around which
the business Of Wall Street and the coun-
try, for that matter, convergcs. 1t is The
place where paper representing billions of
dollars equity in leading railway indus
trial and other corporations is bought and
sold
Most persons ignorant Of the work
ings OF the New York Stock Exchange That
IS why in recent years the exchange man
agement has sought the best channels of
publicity, for they have realized that their
institution should be cleared Of many of
the black marks that have been chnIkcd
">"'''fN ~. nv New OIk NtOCk fHCnHnEp,
written by II. S. Martin, assistant secretary
Of the New York Stock Exchanges and pub
lishcd by Francis Emory Fitch nc is the
latest work to be added to the literature Of
stock exchange and stock market informa-
ton. Mr. Martins book il both interesting
and illuminating and was written with the
idea Of prcscntng the story Of the cx-
change. n discussion Of the business done
and the safcfuards provided By tho cx-
change, for the instruction Of the laymnn
who has little knowledge Of such mattcrs
As would naturally be expected, Mr.. Mar-
tin has written tho book from the view
point OF the stock Exchange.
In the beginning the exchange is de-
Tended against the criticism and charges
that it fosters harmful speculation.
Examination shows that all business
is speculation, ana that the business Of
speculation is a trade, just as any other
business is trade; that to be successful
in a business or trade the laws of that busi-
ness or trade must be known and followed"
says Mr.. Martin, in the forcword. OK
animation also shows that the laws of busi-
ness govern in speculation; that what
New-York tribune., 1919-04-06
Fast Piling Up
Of Debts by Rails

Alter making the above explanation of his
motives in taking over the railroads, Presi-
oent Carranza admitted that the National
hall"ays OF Mexico were "debtors for capi-
tal and interest matured up to July 1. 1917.
Tor the sum Of II 1888, 794.26 pesos" Doubt
less TINS sum has been considerably in
creased, as net earnings of the railways ap-
pear to be devoted to the expenses of gov
ernment and the payment of interest has
not been regarded as an indispensable ex
penditure" for the time being. But the
Pres ident added
ne Mexican government is responsible
for part of that sum, which is that repre-
sentlng the interest on the per cent
guarantee bonds Of general mortgage of the
National Railways, in accordance with the
organization plan of said company and the
decree OF July 6, 1907, and which will up to
July of the present yeas O917) amount to
the sum of s6,o89,829, United States cur
Tency.
This debt has been created by the impos
slblllty of the company meeting such obli
cations owing to the attachment of its lines
III accordance with the dispositions of the
railway law, and it possesses LEGAL status
derived from the obligations contracted bv
the Mexican government toward the holders
OF the bonds of the above referred general
mortgage"
Included in the roads taken over by the
government are:
Southern Pacific Railway of Mexico. which
owns 1,341 miles of track and is still oper-
ated through the American management rep-
resenting the owners.
Mexican E. Nortbuee+or, p,;1x... |,
pany. which controls 1876 miles of track be-
tween FL Paso and Chihuahua. or did until
the "patrotic" Villistas wrecked it. Owned
b. British capital
Mexico City e. Vera Cruz road. built bv
British capital and operating 4O2 miles of
track between port and capital On strong
diplomatic representations this property
was returned to the owners by the Mexican
government September /, 1916 Attacks NV
the patriotic" followers of Felix Daz and
Zapata interrupted traffic to such an extent
that the government resumed control March
81. 1917.
The American owned Kansas City. Mexico
q Orient Railway, with 34o miles of track.
has not changed hands.
The Director General Of The Congtitu-
uonalist Railways is an engineer Alberto
}. PAM, who also is Secretary Of Commerce.
Industry and Labor in President Carranza's
cabinet. His last budget for repairs ds.
closed the following items, the figures
standing for pesos: Tracks, 27,393,6i7, in
which are included the purchase of 10000
cross tics. s6,67i tons Of rails, tools, etc;
repair and reconstruction Of buildings. p
7740oo; bridges, 1858 900 O4s; new rolling
stock. 100000; repair Of rolling stock now
IN use, 100000; new fuel stations 7s9 900;
small buildings, loading stations, fences.
etc, $4,000. Tic tota! bill would be on this
estimate 81 ,s73.665 pesos.
New-York tribune., 1919-04-06
Minimum Wage
Is Proposed

Women shall not be phyeicaly ovcrtsxed
during three months Immediately preceding
parturition; shall necessarily enjoy a period
Of rest for month following parturtion,
with full pay. with retention Of employment
and the rights they may have acquired un-
der their contracts. During the period of
lactaton they shall have two halfhour rest
periods daily in which 20 nurse their chill
dren.
The minimum wage shall be sufficient to
satisfy the normal needs of the life of the
workman, his education and his lawful
pleasures, considering him as the head of
family, according to conditions prevailing in
the region where he may reside.
The provisions so far quoted are in ac-
cord with the most advanced labor legis-
lation of the day in other countries than
Mexico. and will not be objected to.
lie Courier du Mexique" had in mind
such paragraphs Section TX, which
reads
THE determination of the minimum
wage and of the rate of profit sharing
described in Clause VI I'm all agricuI-
tural, commercial, manufacturing or mining
enterprises the woIkmen shall have the
right 70 participate in the prohtsD shall
be made by special commissions to be ap-
pointed in each municipality and to be
subordinated to the Central Board of con-
ciliation to be established in each state
Other sections providing for employers
liability, hygiene and sanitation, legaliza-
tion OF unions and syndcates, recognition
cf the rights of workmcn and employers
Ia strike and IA loci, ont arbitration oad
conciliation of labor disputes, social insur-
ance, cooperative associations for building
purposes. etc, viii be found in The laws
Of New Zealand and other progressive COM
monwealths.
New-York tribune., 1919-04-06

granted TO private companies. IL most
cases these concessions provided for the
automatic return Of the roads to The gov
ernment after ninet. years, OH compensa-
tlon for rolling stocl:. buildings and ma
terials on hand at the date Of transfer.
The government began buying stock in the
three most important lines toward the
close of the last century, and in 1906, hav-
ing united the three most important lines
under the name of the National Railways
of Mexico. and owning sos per cent of the
stock. extended its control over other
roads. In 1910, when President Diaz re-
tired, the government owned or controlled
$500 miles of track. There remained under
private ownership $500 miles, of which
1000 was local narrow gauge of relatively
small Importance. TO be exact the gov
ernment was majority stockholder in
system comprising the National Railroad
of Mexico the Mexican international, the
Hidalgo and Northeastern, the Vera Cruz
and lsthmus, the Pan American. the Mexi-
can Southern, and operated the Inter
oceanic Railway Of Mexico under lease.
Most of the stock not government owned
was held by Americans who were also in
tcrcstcd largely in all other important
Iinos