davidaulloa/AmericanStories huggingface dataset:
The Taney County republican. (Forsyth, Mo.) 1895-1992, 1919-03-27
Jefferson City Letter
March "a. DOL

March "a, 09l9.
No bill before the present Legisla.
ture is perhaps Of greater Importance
or Of more interest than the proposed
change in the Missouri road law. In
order that full understanding Of the
Mccullough Morgan bill, now consider
ed by the Legislature, may be had, we
give concise but complete synopsis
Of its principal features;
HIGH POINTS IN THE PROPOSED
ROAD Law
ID The administration is vested in
an executive officer known as the
Highway Superintendent, who shall be
advised and controlled By a board Of
four men selected from different parts
Of the state and equally from both po.
litical parties. This follows the plan Of
every board organized in the country
and is very necessary when it is re-
membered that upwards Of eighteen
millions OF dollars are 10 be spent dur.
ing the next three years, beginning
with the year 1919.
~ The Highway Department 10
TO lay out a statewide system Of state
roads having a total mileage Of approx.
mately 5000 miles. Such system shall
give 10 each county in the state as
nearly as possible highway north and
south and one east and west, connect
ing with like highways Of surrounding
counties, No county is to have less
than total mileage Of fifty miles.
(3) There is appropriated for the
construction Of these highway, the
sum Of 81, 200 per mile. This money
is obtained by matching the automo.
bile registration money, paid By every
The Taney County republican. (Forsyth, Mo.) 1895-1992, 1919-03-27

what belongs TO every county in the
state, and that it deals fairly with those
more fortunate counties; that it does
not penalize good road spirit; on the
contrary that it stimulates that spirit
by proving to every county that none
shall be robbed, and it gives to each
and every county something to base its
road enthusiasm upon.
1t is further claimed that the pro,
posed plan lays the foundation for
statewide system Of hard surfaced
highways in case the people Of the
state decide they want such a system,
and that the cost Of laying that lounda.
tion will have thus been saved by
building useable roads NOW. .
The Taney County republican. (Forsyth, Mo.) 1895-1992, 1919-03-27

I'VE have stolen your property, mur-
dered your men, and outraged your
women, ii this will not make you fight
what will1" One Of these bandit lead
ers came across into our own country,
shot up peaceful town and returned
to Mexico. We sent an army down
TO capture him, spent over two hun
dred million dollars and came back
without having even taken his picture,
Suppose we have the League Of Nations,
The bandits are encouraged by our
enemies, but they need no encour-
agement, to vex US. Villa and his
like plunder not only our border but
in airplanes come far inland. We seek
.edrestl It is impossible to capture
the bandits II the entire American
army could not capture one alter spend
ing two hundred million dollars and
weeks Of time when he had nothing
but some wild horsemen how could it
capture a band Of airplane robbers.
The only thing we could do would be
to 20 in and clean up Mexico. That
would be war. But in the League We
agree not to fight until we have per.
mission Of the Leagae. Mexico is &
member and she can appeal from the
Council. We must have no army,
Italy and Japan have certain desires
that we have thwarted. Naturally they
will turn to the other side. There will
be trading. Italy says 10 Japan and
Germany, you support me 10 Dalmatia
and l will support you In Mexico.
Remember Germany approached Japan
to cfter Mexico the return Of Texas
New Mexico, Arizona and California 10
return lot her support in the present
war, See the mess We would be in.
The Taney County republican. (Forsyth, Mo.) 1895-1992, 1919-03-27
A Speedy AirpIanB

A recent Paris, dispach announces
the invention by French engineer,
Auguste Rateau, OF new airplanc
device which is said to insure a speed
Of from two hundred to three hundred
miles an hour. This invention was
being perfected as surprise for the
Germans when the fighting stopped
on November ii, 1918. Its ciaitnst
that an airplane equipped with this
new device will be able to travel more ;
rapidly in high attitudes than in the :
denser air near the earth, whereas,
without the invention the higher the
airplane flies the less power its engine
developes on account Of the rariiying
Of the air; the loss Of power at an alti.
tude Of $4,000 feet, for instance, be.
ing approximately SO per cent.
This new device Is said to be ex''
tremely simple. It consists Of an
arrangement by which the exhaust irom
the engine works small turbine which
compresse, the air drawn into the
engine at normal pressure, thus max.
Ing it possible for the engine to de.
velop full power at any altitude. And,
since the air resistance to the Agh, Of
an aitplane at high attitudes is much
less than when flying near the earth, q
plane fitted with the new device wifi
be able 1t Is claimed, 10 attain much
greater speed than has heretofore been
possible,
The Taney County republican. (Forsyth, Mo.) 1895-1992, 1919-03-27

destruction, how he describes the wan
ton cruelty of the soldiets thrusting
forks and spears through the bodies Of
old men, women and children, turning
the writhing bodies in the air and then
tossing them into the flames. That
was the blessed result Of treaty that
gave assurance Of peace,
Let it be distinctly understood that
I am not concerned with the merits
Of the civilization OF Rome and Garth
age nor with The matter Of their quarrel.
They were rivals, that is enough. II
any man is so foolish as to think tha,
all rivalry between nations will pass out
OF the world because We have league
Of nations let him stop and consider
whether wolves and sheep may safely
lie Gown IN Inc same told, Or let him
ask whether there are any ten men
living even among his dearest friends
into whose keeping he would entrust
all his property without proper reserva'
tion torhis own liberty OF action.
On our southern border lies a cha
otic disorganisation that passes under
the fiction olthe government Of Mexico.
It is filed with cut throats, robbers and
who terrorize the ignorant and
helpless inhabitants. Already they
have abused our patience until it is
a disgrace 10 our nation, As one of
them once said to an American, -
The Taney County republican. (Forsyth, Mo.) 1895-1992, 1919-03-27
Senator Lodge CTitiCiaGs League Covenant

The greatest audience that has yet
turned out to hear a discussion OF the
League OF Nations was attracted to the
Senate Chamber at Washington, D. c,
on February 18th, by a speech Of
Henry Cabot Lodge, the Republican
leader of the Senate, ..i
All of the galleries Of the Senate
were filed, even to standing room,
long in advance, and thousands who
were unable to gain admission 10 the
Senate Chamber packed the corridors
OF the Capitol building awaiting an op.
portunity to get in.
During his speech Senator Lodge
reviewed very carefully, section by
section, the League Constitution and
concluded with the statement: I'm.
less some better Constitution lor a
League than this can be drawn, /,
seems to noe, after such examination
as l have been able to give, that the
world peace would be much better;
much more surely, promoted by allow.
ing the United States to 90 on under
the Monroe Doctrine, responsible for
the peace Of this hemisphere, without
any danger Of collision with Europe ID
to questions among the various hmeri.
can states, and il the League Is dc.
sired it might be made up by the
European nations whose interests are
chiefly concerned, and with which the
United States could cooperate fully a.
any time when cooperation is needed
In the course Of his remarks the
enator made the following suggestions
as 70 the manner IN which he consider"
ed the League Constitution might well
be changed to meet certain objections
that have been made to it: T ~
/. Provision for the retention 1.-THE
Monroe Doctrine for the benefit Of this
Government. r, -.'-;s1:s' .
2. Provision against the interierencc
by the League in the internal affairs Of
any nation and the right Of all nations
to determine for themselves such
questions as immigration, etc. ,.s..,
8. Provision for peaceful withdrawal
from the League by such nations as
see fit 10 Withdraw. -, ,''
The Taney County republican. (Forsyth, Mo.) 1895-1992, 1919-03-27

Like Carthage we could not fight but
like Carthage we would fight, no mat
ter if we kdew the issue was destruc-
tion because we would rather die fight
ing than be slaves. This may seem
far fetched to many but it is not at all
impossible. The facts cited to show
that it is highly probable outcome
Of placing our national safety entirely
in the hands Of others whose interests
will in so many cases be the opposite
Of ours.
1t is a cruel thing to think of war,
it is, so absurd way to settle difieren'
ceS. am ready to support an inter
national court to settle differences
providing we reserve the right to pre-
pare 10 protect our own safety with the
distinct understanding that certain
questions are not subj isctto arbitration.
It is cruel to see the helpless and I'm.
offending dove torn bit by bit by a
hawk. It may be that wolves and
sheep should live peaceably together
in the same pasture but such is not
the law Of God, and that man who re-
fuses to recognize the stern fact is
lacking in the simplest virtue of com
mon sense, It is time for this stern
common sense Of America to make |
itself heard above the patter Of scyo'
phan,s and demagogues, else our lib
erty may be gone forever.
New-York tribune., 1919-03-17
Wealth-Ma kets-Invest ents

America; the Sac City has reached
Montevideo, Uruguay, with coal; while
the Saguache, with like cargo, passed
through the Panama Canal bound for
Chile. The Prusa and the Sapinero
have sailed from Philadelphia with
food for Europe.
New development undertakings"
continued Mr. Stone, "have been post
poned during the war because of the
restricted market for securities. The
construction of waterworks and sewers
in Uruguay has been completed dur
ing the year. The transaction has now
been liquidated by the purchase by the
uruguyan government of the bonds
which we received in payment for the
work. The net result has been most
satisfactory. as the work was COM
pleted we'll within schedule time and
at cost which showed good profit.
Research Department Busy
The departmental work of the Amer
lean international Corporation is now
ment has been engaged not only in the
study of the many specific PROPOSE
tons which have been submitted to us
from all parts of the world, but also
IN a systematic investigation of world
conditions and economic and social
problems. 1t has prepared a mass of
information of great value, and
through our foreign representatives
we have brought together in our lib
rary very complete collection of pub
llcatlons bearing upon matters in
which we are interested.
Our foreign representatives have
continued during the past year to
strengthen the friendly relations of
the corporation abroad, and have rem
dered it valuable assistance through
their Intimate knowledge of conditions
in the countries in which they are es-
tablished. We have recently COM
pleted the organization in Italy of
Societe d'Etude. Our interest in this
is in charge of our representative in
Rome. 1t is expected that similar
arrangements may be made in other
countries for the systematic study
OF opportunities for commerce, engi-
neer'ng, construction and finance"
The Income Account
The company's income account for
1918 compares with the preceding year
IS follows:
Income from interest
and dividends 49, $2,458319 $3026. .48o
Gross earnings from
operations ......... 5,388,228 3.8O3,e15
Deduct:
Domestic and foreign
Other expenses...... 2,993,4 ,455 2,577,734
Net earnings ........ 3,716,379 3,746, 122
The 1918 balance sheet showed ST.
53S,888 cash on hand and $3394, ,493 &C
counts receivable. In the liability col
umn were notes and accounts payable
aggregating $6,364,39O.
New-York tribune., 1919-03-17

Thus, though the real test will
come to-day and in the days immedi-
ately to follow, the tax payments
have really less serious effect on
the banks and on the money mar
ket than appears on the surface.
There is no loss of cash. There is
merely a circle of payments. When
the tax payments are all made and
settled the banks will be as we'll off
as before, with the sole difference
that deposits previously existing in
the name of private individuals will
exist in the name Of the govern
ment. The circle will not stop
there. The government needs the
money in order that it may make
payments to private contractors
and other individuals. 1t will with
draw the money for that purpose,
and the private contractors will
either reduce their outstanding
bank loans correspondingly or re-
deposit the money. And this re-
veals the faulty of the supposi-
tion that money ought to be very
tight because the banks are "loaded
up" with more than $4,000,000,O0O
in Treasury certificates of indebt-
edness. For when the banks have
subscribed to the certificates the
government uses the money or
credit which it receives to make
payments to private individuals, the
private individuals use the money
to reduce their own loans and you
have simply substitution of loans
to the government for loans in bust
ness. Statistical proof of this ap-
pears when we take the figures of
loans and investments of New York
City Clearing House banks and
trust companies combined with
those for the state banks and trust
companies in Greater New York
City outside Of the Clearing House.
Their total loans and investments
on March were $5,583,000,OO0,
on January a, $5,417,00O,00O, and
on November 2, 1918, $5,50O,000,-
600. Thus in all that period these
loans have increased only 3,O0O,-
900, though the banks Of the coun-
try have been taking about $780,
100000 every two weeks in GER
tificates Of indebtedness since that
time.
New-York tribune., 1919-03-17
British Government
Is Brought Into the
Mexican Oil Field
Acquisition of Eagle Oil
Shares by Royal Dutch
Interests Extends Treas
ury's Foreign Holdings
NetD York Tribune


Copyright, 19l9 New York Tribune Inc>
LONDON, March 16.-The pending
absorption of large number of shares
of Mexican Eagle Oil by the Royal
Dutch-Shell group gives the British
government still larger participation
in the prolific oil fields of the world.
The government has been for long
time interested in the valuable Anglo.
Ierslan property, controlling Jointly
Burmah oil, and now its holdings in
Royal Dutch petroleum take it into
the Mexican field.
British holdings Of Royal Dutch
shares were compulsoriy acquired in
1917 in connection with the arrange
mcnts for regulation of foreign ex-
changes. but all the shares we're not
employed for this purpose. Many were
sold, presumably, in Holland to assist
IN the maintenance Of Dutch exchange,
but 1t Is believed the government still
owns a substantial amount, although
1T IS far from a dominant interest
', Ihe principal part Of the Mexican
Eagle shares to be acquired are under
$1,000 TO be the property Of Lord
Cowdray, who has been willing for
some time to sell. The Cowdray firm
6elieves in the existence of paying oil
nelds IN England, and seems anxious
to concentrate it's energies upon an
enterprise to develop them.
1t is reported that 100000 Eagle
shares will change hands at six pounds
sterling each, the Shell taking 1000 900
and and the Royal Dutch 100000. The
NJ nhlgn prices of the shares of both pur-
cnaslng companies render the finan-
donn4 ga a4rrahgements comparatively easy,
despite the magnitude of the deal.
Great optimism prevails here as to
the future of the oil industry for al1
purposes, including naval, and il is
recognized that the government acted
with considerable foresight in secur-
ing control of great supplies both in
the East and the West '''
New-York tribune., 1919-03-17
U. S. Cast Iron Pipe
Earnings Show Decline

The United States Cast Iron Pipe and
Foundry Company showed net earn
ings for 1918 of $1,541,5S1, compared
with $1,820,744 for the previous year
Other income brought the total up to
$1,60O,585, a decrease of $262,51O. After
allowing for depreciation, reserves,
bond interest and bills payable there
was surplus of $1,1O9,637, de-
crease of $215,103. The company
earned S2.24 share on the $4,000, 900
common stock. This compares with
$4.03 share in 1917.
New-York tribune., 1919-03-17
Lee Rubber Earns So a Share
On Capital Stock in 1913

The annual report of the Lee Rubber
and Tire Corporation for the year ended
December 81, 1918, discloses net sales
OF s4'eos,924. which compare with 81
o7S,S95 for the preceding year. The
cost Of merchandise was placed at s4-
o 347 ,Si5. Other income aggregated SKI
021, bringing the gross to S314'I3G
Federal tax deductions amounting to
$ll3,7SS were made by the comnanv
during the year. leaving net profits Of
$2o0,34S, or equivalent to So share
earned on the 100000 shares of stock
o. OF no par value, compared with S22'-
oo2, or ~ cents share, in 1917.
. Inc company. as in the previous
holders. The plant and equipment was
valued at $1,124,955, as shown in e the
balance sheet. III 'he
New-York tribune., 1919-03-17
Business Debts on Decline

Purchases of merchandise during the
last week show slight increase in all
parts OF the country except in the East
and the north agricultural sections.
the credit barometer of the Credit
Clearing House reveals. Indebte dness
has again declined almost universally.
and payments show drop everywhere
except along the Pacific Coast. The
South is most backward in it's paw
ments, probably because of the ten
dency of the. planters to hold on to
their cotton in the hope of receiv;no
higher prices than those now quoted
New-York tribune., 1919-03-17

The most significant thing about
the bond market of the past week
indeed, about the bond market Of
the past month or more-is that it
has been so inconspicuous. 1t has
not risen with the stock market. 1t
is still dominated by uncertainty
regarding the coming Victory loan
how that will be taken by the
public, what interest rate the notes
will bear, what tax exemption feat
ures they will carry, what the exact
amount will be. Until those ques-
tions become known the bond mar
ket will mark time. There have
been assertions that when the stock
market rises and the bond market
stands still it is an evidence of ex-
pectation of coming imitation. Such
statement is too utterly sweeping
for movements extending for so
short a time. Moreover, the true
explanation lies ready to hand.
New-York tribune., 1919-03-17

All this is not altogether surpris-
ing. When money tightness is feared
on a particular day or days such
elaborate preparations and precau-
tions are taken that the tightness
seldom occurs. What has actually
happened is this: Very little actual
cash has moved. The aggregate
cash reserve of the New York Clear
Ing House banks at the end Of the
week was $585,4 1000, an actual
increase of $685. 900. Individ-
ual and corporate depositors paying
their tax do not, save in rare in
stances, withdraw the actual cash,
but draw a check on the bank.
New-York tribune., 1919-03-17
E. L. Stotesbury Heads
Temple Iron COMPANY

READING, Penn, March 15.-The
annual meeting of the Temple Iron
Company, parent company to the erst-
while coal trust dissolved by Federal
court decree some years ago, WAS held
to-day, e. T. Stotesbury, of Philadel-
phia, being elected president. The di-
rectors elected and the railroads they
represent are: Il. T. Stotesbury, Phil
adelphia & Reading lines; Z. B.
Thomas, Lehigh Valley; w. H. Trues-
dale. Delaware. Lackawanna & West
New-York tribune., 1919-03-17
Copyright. 1919. New York Tribune 1nc.)

Copyright. 1919. New York Tribune 1nc.)
Toward the end of last week the
stock market presented a peculiar
aspect. Trading continued at it's
million-share-a-day pace. A few
special stocks went up gorgeously.
But the general list showed a dis
position to sag. This does not neces-
sarily indicate a near termination
of the upward movement, but it
does throw some light on the nature
of the buying. 1t has been coming
mainly from the outside public.
Commission houses are the pur-
chasers, especially those commits
sion houses with wires extending to
the Middle West.
New-York tribune., 1919-03-17
Finance : Economics

Others have had to borrow from the
banks to make their payments. This
is brought out by the 100000
increase in Clearing House bank
loans during the week, the far
greater part of which must be laid
to income tax borrowing, as COM
mercial borrowing has been almost
at a standstill, and commission
houses report little increase in their
loans. Now the net demand de-
posits of the Clearing House banks
increased during the week $11O,-
100000, which is easily explained.
When the banks make a loan for
any purpose, and especially for the
payment of taxes, they do not hand
over actual cash to the borrower,
but place deposit on their books
to his credit. Therefore, demand de-
posits expand at approximately the
same rate as loans. But if these
loans are made specifically for the
purpose of paying taxes would they
not be Immediately drawn upon?
The answer is partly that the Clear
ing House statement shows the
condition Of the banks as of Fri
day night, while most of the pay
ments were made on Saturday; but
more important than that is the
fact that the government, receiving
this money in checks, had not yet
rcdeposited the checks. Therefore,
the banks had not reduced on their
books the deposits standing in the
name of private persons. There
was an increase in government de-
posits during the week from $212,-
038,000 to $259,803,0O0, and this
increase may have represented de-
posits of the government from pay
ments early received.
New-York tribune., 1919-03-17

The suggestion has been seri-
ously put forward, and seriously
adopted by a number of commenta-
tors, that one explanation of the re-
cent rise is the inability" of very
rich holders of securities to take
profits. If they sell at profit the
government will take most of it
away from them in taxes. This
explanation may have some real
force, but certain aspects have been
usually overlooked. One of these
is that no one now knows what per-
centage of present profits the gov
ernment will take. The tax rates
now in force are for last year. And
when rich holders think that their
stock has gone as high as it is 60
ing to go they will sell anyway, if
they have their wits about them.
1t is better for a man to take only
SO per cent Of a large profit than
to take SO per cent of profit
partly wiped out. If rich holders
will not sell now ON account of
next years tax, how many years
are they going to wait? The theory
assumes that they are betting on
future income tax schedules as we'll
as on future stock prices. AS an
explanation of the day to day stock
market the theory is a piece of fan
tasy.
New-York tribune., 1919-03-17
Market Barometers
Stock Exchange Transactions

StOCA AAC11dlSC AIdIlSaCtlOnS
Stocks
Rail Other All
stocks. stocks. stocks.
Last w'k. .575, 100 5,431,100 5000, 5000
Week bef. .556, 500 4,13O,5O0 4,687 900
Year ago. .564, 400 1,349,3OO 1,913,7OO
January to date:
1919 -. .4,23s,7o0 31,eo1 900 So, ,14o, 600
1918 -. 1852, 300 rs, ,3e5, 400 2s,758. 200
1917 ... .4,o22, ,6c0 340S7, 900 SO, 1903 600
Bonds
Week Year
Last week. before. before.
U. s. g.$42, 1se, 900 1878, 900 Ss,e7e, 900
Rrds. 4,338,000 4,261,00o 3,56e.Oc
Oth'rs 1o,293,000 S,e52,000 5,512,oo0
All kids 56,83o,ooo 61,7Ss,0o0 1867 900
January to date:
U. S. gov'ment. .$419,676 900 $1oe, ,304 600
Railroads -. 44,358,o00 39,311,o00
Others ....... 51,326,0O 7a,8o9 900
All bonds 80. 615,46o,oo0 224 4,424 900
New-York tribune., 1919-03-17

A good deal of concern was
given for fortnight in advance
to last weeks money market. The
tax payments fell due on or before
Saturday, and as nearly every
American citizen exercises his con-
stitutional right to do everything
at the last minute, the vast bulk Of
the payments were made on the
final days. The payments called for
at least one-quarter Of the entire
income and excess profit taxes Of
the year. To crown all the stock
market whirled along at rate of
more than a million-shares a day.
In view Of this the money market
gave a remarkable demonstration.
The ruling rate for call money
never went above 5 per cent; time
money was easy, there was a good
demand for bank acceptances and
a fair demand for commercial pa
per.