davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
What Further
Inf alton Would Mean

Assume nOW-under no matter what
determining infuences-a further in.
f1ation Of bank credit and a continue
extension Of deposit currency There
will result:
!. A further rise in general prices.
:. Further injustices to the earlier credit
class. and newly maturing group of in
justices to all later classes of creditors.
Each issue of new bonds. with its attend
ant price imitation, is in turn a wrong to
each earlier class of subscribers. 1t is
one way. as easy and simple as it is I'M
far. OF working IA partial cancellation of
government obligations. Fortunately. the
banks, as the chief malefactors. will he
among the chief sufferers Their net assets
are IN dollars. not in goods Therefore de-
preston hits them hard Against this
harm the temporary gains from an in
crcasing volume OF business are onlv n
minor offset.
Z. prolonRaton of the period Of low
real WAGES and of high profit margins
high dividends for time. even rising
profits and rising dividends and rising
stoc', quotations.
T. trend toward rising rates of In.
tereSt-in part because high gains stimu.
hate the borrowing demand. in part he-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
By Merryle Stanley Rukeyser

II n THE TEST tubes of industry
which are sizzling at Washing
ton American business men may
perhaps find the key to the solution
of their most irritating technical
problems. The government, bent on
facilitating commercial progress. has
consciously embarked on the expert
ment of bringing physics and chem
istry to the directors Of production.
The central laboratory of the ma
tons business is to be the Bureau of
Standards of the Department of Com
mercc, which is fast being equipped
with miniature mills of the basic ma
tonal industries. The aim of the new
tendency in this country is to give
men of business a more precise knowl-
edge of and mastery over the imme-
date facts of their own everyday
activity Behind the physical devices
for research which have been built at
cost of S1,15OO0o, lies a dominant
purpose to smash the barriers between
the laboratory and the factory.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
W hat "Intangible
Property" Means

intangible property, as used in CON
nection with invested capital. includes
patents, copyrights, secret processes and
formula, good will, trade marks. trade
brands, franchises and other like
property. Such property, when paid in
for stock or shares of a corporation,
may be included in invested capital
only to the extent specifically provided
The Senate bill provides that intan-
gible property paid in for stock or
shares of a corporation prior to March
s, 1917, may be included in invested
capital at a value not in excess of the
lowest Of the following values:
(a) Actual cash value of property
when paid in;
(b) Par value of stock Issued there
for; or
Co In the aggregate, 80 per centof
the par value of the stock of the cor
poration outstanding on March 3. 1871.
If intangible property was paid in
for stock on or after March 3, 1917,
the value denoted under (a> above
should be 80 per cent in the aggregate
of the par value Of the stock of the cor
poration outstanding at the beginning
Of the taxable year for which return is
made. In the bill as it passed the
House intangible property other than
patents and copyrights. paid III for
stock subsequent 20 March 8, 1917. may
not be included in invested capital
Under the regulations for 1917 cor
poratibns were required to make GER
tain adjustments of their surplus and
undivided profits accounts. Where
through failure to provide for deple-
ton, depreciation, obsolescence or
ether expenses or losses, or where for
any other cause or reason the books
of account Of the taxpayer do not
show the true paid-in or earned
surplus and undivided profits, such
adjustments are required to be
made in the computation of invested
capital as are necessary to arrive ct
statement of the correct amount Of
invested capital. These adjustments
cover additions to surplus due to CAPT
tai expenditures which have been
charged to current expenses. as we'll
as deductions for depreciation, obso-
lesccnce or other losses or expenses.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
Fall Is More
Likely Than Rise

But still the possibility has to be
faced on the one hand of period OF
still further rising prices; on the other
hand, of newly beginning fall OF
prices. Of the two, both bad, should
incline, | repeat, to prefer the rise
think it, however, in the long run, less
likely than the fall not because of
American situation and policies, but
rather of foreign influences. | expect
indeed, that after the period Of read
lustment is over, there will be fur
Their temporary period of rising prices
in America, due to the special condi-
tions and vagarics of American finance
and that this rise will shortly be fol-
loWed~-and more than offset-by re-
verse, a failing trend in the level of
prices, due to the dominating effect OF
the attempt in Europe to get back to
something like the prc-war level of
redemption in gold.
If such turns out to be the European
policy, the situation might be APP
preciably mitgated by the adoption of
international bi-me talism. But ! do
not expect this. For the first time
however, since bi-metallism has been a
serious practical issue, it will present
tenable case-will promise some lit
tie balance of good rather than much
evil. Heretc fore" it must have worked
merely to acccntuatc the already ris-
ing trend of prices. 1t may now come
to serve in some measure as mitigating
en- equally undesirable fall in general
prices.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
By Morris F. Frey

Tar Consultant OF the Guaranty
Trust Company, of NeV York
TIME new revenue bill, with few
4 changes, bases the computation
of invested capital on the same
principles as those laid down in the
act of 1917. The bill expressly places
the computation upon the basis of the
cash or other property put into the
business, plus the earned surplus and
Undivided profits. exclusive of earnings
for the current taxable year, and not
upon that of the present valuation or
appraisal Of its assets. Borrowed
money or property whether repre-
sented by bonds, notes. open accounts
or otherwise, is specifically excluded.
In determining invested capital, a cor
poraton shall add together its paid-in
capital and its paid in or earned sur
plus and undivided profits as shown by
the books of the corporation at the
beginning OF the taxable year. Adj
justments must then be made as pro-
vided in the law. If property has been
paid in for stock at value substan-
TALLY in excess of the par value of the
stock the difference between the par
value of the stock and the actual value
of such property may be included in
the paid-in surplus of the corporation.
The regulations of the Treasury De
partment for 1917 provide that evil
dence tending to support a claim for
paidin surplus. under the above cir
cumstances, must be as of the date
of conveyance, and may consist, among
other things, of % appraisal of the
property by disinterested authorities,
CD the assessed value in the case of
real estate. and 90 the market price
in excess of the par value of stock or
shares.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
Outlook for
V acant Lots

But this demand is now to be rein
stated The country is four years be-
h'nd IN its normal increase in build
ing Rents are almost certain to 20
up. And they will go up until. side
py s'oe with the larger building costs,
houses come to be an attractive in
Vestment. Houses therefore are goinq
10 sell at very marked advance over
the prices of four years ago. as we'll
as over their present prices. Imnroved
property should be a good purchase.
New houses are going to cost high.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26

~! N'"'' " LCOUOW3CS IN (OTUGU
University
HE preceding analysis of pro-
spectve interest rates ana Sc
curity prices has assumed no
marked longtime movement as taking
place in prices, either upward Or
downward. Neither trend is to be de-
sired. Good money is stable money
money in which general prices are
practically constant. 1t is doubtless
sible-though not quite probable
that this assumption, of stability will
be justified by the facts, as national
and international monetary policies
shall determine them The situation,
at any rate, is bad enough as it is.
the prospective disturbances sufficient
ly serious. We are in face Of no end
of pcrplexities, as also we have to look
forward to nc end of disturbances and
injustIces az the result of our past
errors Of imitation. Further errors in
the same direction will merely pile
up further the wrongs and the per
pleXites. The wise policy is always to
abide by whatever level Of prices has
been reached
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
Service Based
On Give and Take

In explaining this service, Dr.. STRAIT
ton, who speaks in the measured terms
of scientist said:
"ln offering this service to industry.
we have no illusions about our ability
1t is a matter Of give and take We
learn as much as we teach. We do not
presume to think that we can send our
scientific men into strange industries
and-presto men who nave been
devoting their lives to them how to
.revolutionize their methods and obtain
far better results. We aim, in visiting
factories. to have an experimental at
titude, and to combine our knowledge
Of the physics and chemistry Of the
industry with the grasp of the pract-
cal men on the established technique.
"Often, we are able. because of our
fresh approach. to point out that the
customary system is wasteful and in
efficient and roundabout and to make
constructive suggestions for changes"
When the bureau gets an S 0 s
call from the whirring realm of in
dustry it classifies the inquiry, ac
cording to the scientific problem in
volved, rather than according to its
conventional trade name. After the
purely scientific side of the conun-
drum of commerce has been considered
the inquiry is often passed on to one
of the mills.
The textile mill. which is just being
installed is understood to be practi-
cally the only thing of its kind in the
world. Though far less than half the
size of a regular factory it's proper
tions are the same. The first problem
which will go through the grist, if sue
cessfully solved, may lead to
changed attitude toward guaranteed
pure standards of goods The workers
IN this part of the bureau feel that the
reason that all the efforts thus far
through many years to get Congress
to enact law which would enable the
government to guarantee the products
of industry is the lack of a rational
basis for determining the standards
OF goods particularly textiles Here
tofore, the perennial question in con-
nection with woollen textiles has been,
DO they contain shoddy? The govern
ment Investigators purpose to grade
fabrics on the basis of their capacity
to wear well. They viii seek to know
not so much what the component
parts of the goods are. but rather what
its performance value is.
stumbling block up to the present
has been the difficulty of identifying
shoddy in cloth. The new idea in the
government laboratory is to be in
different to the question as to whether
there is shoddy in the fabric or not.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
When Business
Goes on a Spree

These are the penalties of prices that
fall too sharply and too far. Financial
stress develops easily into industrial
stagnatlon- something more serious
than mere financial stress or even
mere insolvency. If the banks cannot
collect from their debtors as fast as
they are pressed by their demand
creditors. bank suspension and bank
liquidation add to the disaster. And
if the liquidation is complicated by the
fact that it follows a period of inha-
tion-a time of expanded business
margins and of abnormally high Sc
curity prices-the trough of the wave
yawns deeper as the crest has been
high. The evils of inflated prices ex
aggerate the evils Of dehation prices.
1t is dangerous to .tamper with the
nervous system of the industrial Or
ganization.
AS with the human, so with the in
dustrial body, nervous exhaustion is
the worst of diseases Riot and re-
pentance have each its evils; and each
is Indictment to the excuses of the
other Stability of prices is business
and industrial temperance; imitation
is spree; defation is the headache
and lassitude of the morning after.
At the extreme there is always delir-
lum tremens waiting.
But, after all. this parallel is not
complete. In delrium the snakes that
one sees are iictions of the magma
ton. In crises they are real together
with all manner of other uncleamoss
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
A Boom Sure
Sooner or Later

Any considerable movement in va
cant lots. and especially any marked
special activity in vacant city prop
erty, is relatively remote. 1t will come.
Prices will some day adjust into har-
mony with one another. People will
have to have houses to live in and land
for the houses to. stand on But this
thing will move slowly. High lots de
press the building demand. High
buildings depress the lot demand
If prices fall sharply and greatly
the stock brokers demand from spec
ulators that they make good their
margins, as also, commonly, that they
put up wider margins. The brokers
ing. This further depresses the mar
ket. Holders release some of their
stocks to protect others. A still fur
Their fall. The banks further press the
brokers; the brokers further press
their clients. More fall still. A great
pressure sets in from needy customers
for bank accommodations in order to
avoid forced sales. Interest rates go
up. Being capitalized under higher
interest rates, the securities and prop
aerties fall still further Falling
prices, cutting into margins, have
now ended in financial panic. Whole
salers find their credit lines cut down;
manufacturers cannot get the funds
to maintain their production, and
could not sell their products if they
could get the funds. The retailer
must reduce his stocks if he cannot
get credit. He must restrict his sales
to such of his patronage as require to
be carried.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
Broad Scope
Of Bureaus Work

Our miniature mills, which soon,
we hope, will represent all the basic
industries OF the country" the direc-
tor replied, care designed exclusively
for experiment. They are approx
matcly one-fourth the size Of regular
commercial mills, and require consider
ably less labor and material in their
operation. All the variables ard non
essentials have been reduced The re-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
Article VI-The Prospect for Real Estate

lNote.-This is the sinth of u
series Of articles IN achich Professor
Dorenport outlines his oiems of the
future Of farm lands and uybom
property and of the aftermath of IN
fdtion The seventh article qoiU be
presented neat Sandoy-F'inonciol
Editor.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
Checka to
Further Expansion

But this process of imitation must
STOP somewhere, either
(a) BY the ultimate dscrediting aof the
media of exchange: or,
tb) By crisis preciptated by the fall
ing values of securities as costs are gain
ING on selling prices and margins are
narrowing or
lc) By rising interest rates working
inevitably. together with falling margins,
to compel an overdrastic and overrapid
scaling down in the capitalized values of
securities and properties or,
1d) BY bank reserves becoming over
stretched through expanding deposit Tia
bilties or by the gold expectations conse-
quent on inflated prices a resulting
contraction and liquidation of credit. and
Herewith the high interest rates and the
property revaluationss characteristic of
pancs and crises.
Meanwhile, however, some further
aspects of rising prices must be ex-
amined. What are the prospects of
real estate values?
Even under the ordinary conditions
of rising prices, real estate values are
the last to respond to the forces max
ing for general advance. 1t is for this
reason that real estate booms are
likely to occur as the final phase in
the business cycle. Ushering in the
process of liquidation or collapse, they
are easily interpreted, but commonly
wrongly interpreted, as chief among
the determining Influences. They are
merely the tardy symptoms of general
causes. The explanation for this tar
dincss Of response may not be clear;
but probably it is due to the fact that
the speculative real estate market is
unorganized, haphazard and relatively
unintelligent
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
Reconstruction and Beyond

Economist Predicts Great Rise in Price of Farm Lands
and Tremendous Boom in Improved Urban Property
but Believes There Is Little Early Prospect for Bic
Speculation in City Lots-NIorning After of Initiation
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
Assets Not Included
In Invested Capital

Stocks, bonds or other Obligations
other than obligations Of the United
States), the income from which is not
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26

cause there is an increasing pressure on
bank reserves through expanding deposit
liabilities
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-01-26
By II. ]. Davenport

PROFESSOR of Economics IN cornell
CnircrsitY
The state herald., 1919-05-02

and glorious. From this
human sacrifice the world Is
going to be emancipated from
the old-time methods-raii-
roads and steamships.
Italy contributed to the
honor roll. Captain Rcsnati
The state herald., 1919-05-02

aton accident In Imerica- lie was one OF the
leading Caproni flyers, although he wns not IN
Cnproni mt the time Of his death. During his IRE
time he had made 1900 flights. Pensuii. another
Caproni flyer recorded thnn $500 flights
There are other Italian aviators who have hown
thousands Of hours-when the total of their mnny
trips is added up.
In northern France the nllied nirmen British.
French and American died herolcally, helping de-
fend their countries. but nlso. as they new ana
worked. helped develop the science of flying
Today the world hns nm accumulated knowledge
OF flying born OF sacrifice and hard work; has
great plants equipped to build mnchlncs hns
thousands OF young men who know how to fly.
and is only waiting for the signing OF an inierna.
uonnl agreement on international aviation to begin
nm era OF trnns-oceanic trnns-continentnl flights
that will help humanity solve Its problem OF trnns
portntion. ~
Air Sovereignty Recognized.
Before the agreement is signed. however, more
recordbreaking flights Will In nll probability tnke
place. The Atlantic will be crossed. Planes will
fly across Europe Military officials will be hauled
from Paris to London. from London TO Rome. from
England to India even. with fair regularity but
these In the main will be extraordinary flights
The dny Of steady, week flights
like regular sallings OF ships and departures Of
trains will not until the nations Of the
earth have entered Into aviation covenant. Gus
toms laws. Immigrant rulings, and the old reguH.
tions regarding frontiers must be revamped. prob
ably by some organization acting for the league Of
nations.
report submitted by the commission appoint.
ed to consider plans for mn international mir code
says that the British proposals have been In t.e
min accepted. An international council will be-
formed ns n section Of the League OF nations To
handle NIL matters relative TO aerial navigation.
Il Inns been decided thnt ench nation IN entitled
to sovereignty the mir above II subJcc, to the
grnnting OF permission for the passage OF foreign
ayintors.
There II to be no discrimination against amy ma
tIon by another mir pilots will be licensed on nm
basis and there will be international
rules governing the right Of way Of nirplnnsr and
nlrshps.
With these fundamentals arranged TO the sntis.
fuction OF the powers. the ern ~ flying Will begin
In enrnest. And cnproni will be one. nt least. II
III. itniinn competitors for the building of pas
s.prer and freight planes.
Cnproni believes the business Of buildlD. planes
should be separate and distinct from operating
them. lust ns shlpbuilding n n separate business
from running IN international ship line No he
win probnbly figure In world nvnton as n builder
rnther than an operator
The state herald., 1919-05-02

Vegetable Compound cured me SO did
not need the operation. and ! am telling
all my friends about it"-Mrs. A. W.
BINzER, Black River Falls, Wis.
1t is just such experiences as that OF
Mrs. Binzer that has made this famous
root and herb remedy household word
from ocean to ocean Any woman who
suffers from Inflammation. liberation.
displacements, bsckache, nervousness,
Irregularities or 1.-THE blues" should
not rest until she has given It trial.
and for special advice write Lydia z.
Pinkham Medicine Co., Lynn, Mass.
The state herald., 1919-05-02
Artificial Warmth,

whats the idea of the gas stove
and the fur overcoatT'
isn't It Aprili' asked Mr.. Penwig-
gle.
at Is"
april with the balmy breezes and
the skies of bluef'
"That's according TO popular fancy"
"There you are. There's no use try
Ing to turn out delicate creations OF
thought about April unless by some
means you can provide temperature
approximately seasonable."
The state herald., 1919-05-02
THIS WOMAN
SAVED FROM
AN OPERATION
BY taking Lydia E. Pinkham's :
Vegetable Compound, One
Of Thousands Of Such Cases.
Black River Falls, Wis., -"As Lydia
Z. Pinkham's Vegetable Compound

saved mo from an
operation, ] cannot
say enough In praise
oft. ! lsuRsred from
organic troubles and
my aide hurt me 20
] could hardly be up
from my bed, and ]
was unable to do my
housework. ! had
the best doctors In
Eau Claire and they
wanted me to have
an operation, but
I.vdis r pinkham'a
The state herald., 1919-05-02
"a n.v. , clear sweet Skin,

Touch pimples, redness. roughness
or itching, II any, with Cuticura 0lnt-
ment, then bnthe with Cuticura Soap
and hot water. Rinse, dry gently and
dust on n little Cuticura Tnlcum to
leave fascinating fragrance on skin.
Everywhere 25c each.-Adv.
The state herald., 1919-05-02

uRIN. Italy.-Here In Turin, which
was headquarters for the American
air service In Italy during the war,
there are many American aviation
officers who believe the Caproni air.
plane is the highest type of giant
aircraft developed during the great
war.
Gianni Caproni. the Italian engin-
Ger who is the genius responsible
The state herald., 1919-05-02
His Prospects.

"Mr. Moneybagg, I'd like to MARI,
your daughter"
"What are your prospectsT'
you know better than j do. Tho
fellows ut the club say l haven't got
u chance" - Louisville Courier-Jour-
nal.
The state herald., 1919-05-02
As USUAL.

Hobbs-I suppose when you mnrried your wife
seemed the only woman In the world.
Dobbs-oh. yes Then ttere bcgnb TO be- q
rapid increase In the fefpnis population Boston
Transcript.
The state herald., 1919-05-02
AdaptabIe.

81 see you have quit using long
words In your speeches"
"Had to quit" replied Senator Sor-
ghum. "My new stenographer can't
spell EN-"
The state herald., 1919-05-02

Wise saws should be filed In the
archives of the memory.
The state herald., 1919-05-02

Keep your liver active. your bowels SisAs
by taking Dr. Piere.'s Pheasant feneu ss
you'I keep healthy. wealthy and wise. Adv
The state herald., 1919-05-02
THE LIMIT OFF.

.pid your boy hnng up his stocking on Christ.
mas ever
mo. lie 70, n gunnysnck and left note on Il
telling SANITY 10 so Ms far Ms he liked"
The state herald., 1919-05-02

The postage stamp that carries
love letter seldom sticks to cold facts.