davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-01-29

o@ 003'oV1 uStITc NdturG.
There is widespread recognition Of
the vital necessity Of adequate credit
10 farming interests and it is fast as.
ssuminr definite shape. What the
1sFmer 1s sunered in the past because Of
business and the price he often paid
for. IT when it was to be had. would
make a., a moving economic tragedy.
Inere are only two periods in busi-
ness history when prices and volume
OF virtually all commodities move uni
!ormly III the same direction: upward
IN eras OF great prosperity and down
ward sd in those Of great depression.
wow each line Of business is affected
almost entirely By the factors peculiar
20 itself, and this is an almost unfail.
ing symptom that normal conditions in
soen lines are resuming their natural
New-York tribune., 1922-01-29
Budget Unbalanced

France, unlike the United State.
England and cho-Slovakia. has not S'
yet reached balanced budget. hut,
unlike Germany and Austria, she has
during the last year made up the def.
CIT by loans instead Of by fresh issue.
OF paper money. In fact, she il nov
required by law to deAate by 1000 .f'o M " :.
oUo francs year. But If the bubble
Of great expectations bursts-that IL
II Iermany does not pay or does not ,
pay much--we may expect the Franc
70 SINK az the mark has sunk.
There never was time In the h;.-
tory OF the world when the valne of
money was SO bound up with rovsrr-
mcnt finance as it has been in recen+
years @ and still is. The mere runner a.
renef to Germany by morato,;rr. ~.
sen1 the mark up. The hope Of reli.f
20 20 France by the indemnity ia a chisf
factor IN keeping the franc un. pm
me me screws on Germany and YOU viii
d,epress the mark. Take them "a or w.. ~
that France loses the indemnitv .nS 0S
- you WI depress the franc. The roa6
10 stability for the French money. snJ
therefore the French exchange - =
world policy which will make Fr.n.s
asel u safe IN reducing ner expenses for
iaimy and navy and will held her rni ~
Iect the indemnity, or else ertend eea eo.-
ceii]Poonidl0g relief by loans or DEBT can.
se''a''on from America and Ennlsnd
New-York tribune., 1922-01-29
SPECTATORS MOrtaiity

Associated with this issue is the
whole question as to who should specu-
late. 1t is we'll known fact that the
vast 'najoritya OF small spccula-
tors eventually lose money. The lost
funds are absorbed by success ul
speculstors and by the machinery of
finance through the payment of broker
age commissions and interest on bor-
rowed money.
The bucketcer, 1929 model, reasons
that, since his customers arc likely TO
lose money sooner or later, he himself
may as we'll make it. The real broker
profits in only two ways from his rela-
tions with his customers: First, in re-
ceiving commission for the execution
OF all orders; and, second, by lending
borrowed money at profit to those
who operate on margins. The real
broker, then, has no pccuniary interes,
in having his customer lose money. He
would prefer to have him make a profit
because that would give the custorne
satisfaction and would result in furtbc,
business.
With the bucket shop dealer, how
ever, the customers loss is his gain
New-York tribune., 1922-01-29
Business Mems Philosophy

The dwellers in a fools paradise are
I last dwlndiing. for the majority Of the
business world is prepared to accent
the inevitable, after the fashion of ~
Philosophy Of the negro NANNY thai
. what is to be, will be, whether II
comes 20 pass or not"
o9ch worldwide matters as the dis
armament conference and the prohshle
seeelement Of the Irish question have
nats;na tsi;uesPread influence for good that
nosn,ng else can match. For thew
va,n Rtupmesy only too clearly that the
y"h i;:s h o. nate and all the insane fol-
gr,p on world that is coming to itseif
ai.sr s;a frenzy which future genera
tlons Will look back upon with ths
amusement and shuddering horror with
wnicn we once regarded the satnrnaj;a
OF the French Revolution. 4"
-, hest or all, we have finally com. +o
like those homely but essential wavs
and means OF escape from our nrascnt
situation, hard work, INDUSTRY s1es re-
o"uvSee1uiness, sS thrift and to get As
fror! frorn ou' OF the practice Of them as
rson sne certainty that they will ulti-
II ~ .*ke US out OF our wanderinSs
'sna, moving with milk and honey.
Ihovgh FOR the present we must he
content with slow but steady prosr.ss pos, ss
Tor the first six months. with growing
nopefu!ness for the remainder of the
year should harvest conditions paint
ens r., way 70 more rapid gait.
me sentiment in regard to reduction
Of corn acreage this spring took def
mite form 1T a meeting Of the farm
bureaus Of five. Of the largest corn
8 ssoW'ng states in a resolution direct
sq s az greater acreage Of alfalfa, clover
s.rt,,s. u 1tner iegumes, that thereby soil
terpreted. means that such increase
VIII naturally be at the expense Of
mucn otherwise corn planting. In corn.
~ IN cotton. the farmer holds the
New-York tribune., 1922-01-29

Therefore he can scarcely be said to
be in tho position of being able to
give his customer unbiased advice as
to market commitments. And since the
broker inevitably plays a scmi-conf-
Dental, advisory role to those who
trade through him. Tire bucket shop
man is in the unhappy position OF
being perpetually tempted by his false
economic position to give bad advice.
The makebcicve broker knows that
the ordinary mortal is usually a bull,
which. when translated into the Kings
English, means believer that quota
tons will and should rise. The bucket
shop, taking position opposite its
customers. which normally will be the
bear side (the position resting on an
expectancy Of lower Quotations), will
naturally profit during period Of fall
inr, nrices
New-York tribune., 1922-01-29
Exempt Income

Certain classes of income arc exempt
from tax and should not be included In
gross income. The 1921 act has made
Important changes in exempt ineom e
and the following items have been add.
cd to exempt income by the provisions
OF the new law: '''' Q
Cp Compensation under the nrovi-
slons Of the war risk insurance and
vocational rehabilitation acts and pen
sions from the United States for SER
vice in the military or naval forces.
(2) The rental value of a dws,i;ne
CONTINUED an page twelve
New-York tribune., 1922-01-29
Clearing Away Business Wrecks
indications Point to Improvement in Condi.
tons Henceforth as Costs Are Cut,
Says Douglas
By Archer Wall Douglas

CHAIRMAN committee Statistics
Of the United
>nGaE are all manner of signs symptoms which indicate that
VIC nave seen the worst of troubles the
oeCte things Merchandise
ee reduced during the last twelve months
c1ea1s nave been thawed accordingly
VIII corresponding service efficiency bushes
weeSsnot a-have been cleared away being
New-York tribune., 1922-01-29
OUevertensiOn Easy

Another objection to brokers' tax
ing speculative position opposite his
the stock for the latter, is that i. per
mits questionable brokers greatly to
overextend themselves. According to
this new bucketing system there is no
limit to the amount Of business they
can handle IL the market is going right
for them. On the other hand, when
prices huctuate contrary to the mar
ket position Of the firm il frequently
finds itself unable either to buy the
stock or to make deliveries on rcnucst
New-York tribune., 1922-01-29
Lower Tax Rate ON Profits
njusticcs of Previous Regulations Recognized
and Exemptions Are Provided
Under New Law
By Morris F. Frey

Assto"t Treasurer Guaranty Trust Company
t right tho appreciation in the
capital other dposion
mas been settled by the Supreme Court The
c OF tAg such realized appreciation has accuu
o over period has been Congress
' and important changes the net gains" have
0een made which became January 1922
New-York tribune., 1922-01-29

game in his own hands, as we grow ~
per cent of all the Indisn corn rsisee
in the world and no other nation -
ever likely TO disturb that proport,on'
An advance Of 50 cents busnel Ia
corn would do more to restore DUE
ness in the grain regions than all otnef
panaceas combined. Prices OF la1"
products need some more potent st'm-
ulant than futile speculative sentimen..
which marches UP the hill one Gay sIa a
marches down again the next, stIs's
Of its shadow and taking constant Soua'
sci with its fears.
Fortunately heavy exports OF cssp'
cotton, wheat and meat procucsS wv
nish the sustaining sentiment. weEs
not to forget that these large g1ta
shipments abroad are made possaple =,
the elimination for an indefinite pe!'m
Of Russia as the grsnary Of Eusov
When that distressful country esee
back we shall feel the effects o. y
ancient competition. The fortuss
the growing winter wheat crop y;
largely upon needed moisture .ae
Southwest and the West from the I0ss
Panhandle to Nebraska. At this Wv
ing, in such sections where Il = ~
dry the plant is IN poor cond'toa
face the wintry blasts.
In constructive ways the Depa!sneau.. y.
Of Agriculture more than justthes "
existence each year and returns !. I
handsome profit on its lnvestmeas Y;
the wealth it adds to the tssun
world. In ten years an eight ous"
package of the seed Of Sudan ~
from far-away Africa has mu!tss 4
into an annual crop of foraS - -
about $10,000.000. and its pcvunaS
still increases on the thirty, '
swept plains Of the great plains ee2
where less hardy plants wttn@ sS
die under the brazen skies and se9''-'
ing heats Of some summer days.
Better Demand !.
Lead. zinc and copper have ss.,ii ~
heart because Of better densnc
some consequent stiffening IN psas
Activity in oil is growing, sno si
rains i'll portions of the Sop.as as.;Il,
made possible the resumption OF WI II
ing in more generous fashion. ~ =
comm modities. oil has the lesst ue.s -.
take thought of the morrow, TOT = ~. -
CARDS the future, its calling sno ~. s
ton are as sure as those Of any ms sti.
cal saint who never existed. Matnemssrr. ~.
cally stated, 1t has IN time IN ~.
tainty Of a demand increasing sci s.iv 4
metrical ratio, to be met oy o q
possible supply at its present s
going. n...,.As.
Lumber shipments in DSce"s.. ~.
stacked up we'll and paper mills
fairly busy. ...sv,t
at slow pace, and the peisSsy Ssy.
prophets of "renr" prosperity ss' ~
ing a hard time holding on -
dwindling regulations.
New-York tribune., 1922-01-29
New Tricks of Unethic Houses. Barred
by Shifting of Market, Based on
Theory Customer Can't Win
By Merryle Stanley Rukeyser
Copyright. 1889, Nsw York Tribune Inc

\Hk quest tor virtue in that
and reproducesknown Wall Street Sale
bard Street respetively-s
Although rising stock prices of
morals
for the good opposed to the wicked broker
New-York tribune., 1922-01-29

detection. The bucketing broker exc
| cutes orders to buy and cell stock, but
he does not hold stock for his custom
ers. After ne has bought it he re,
sells It. If the customer buys 100
shares Of Central Leather preferred
the illeSitimate broker actually buys
the shares for him TO comply With
the law against bucketing), then he re-
sells II. The customer is "long" 100
shares OF Central Leather preferred,
which the broker would have to deliver
to him on demand, provided the debit
balance 10 paid up. In other words,
the broker, not having the actual stock,
but having the responsibility to deliver
it, is technically "short" of 100 shares
Of Central Leather preferred. In ef-
feet the broker has taken q position
opposite the customers Intentionally.
This is expressly forbidden by the
laws Of the State Of New York. The
law, however, lays stress on intent,
which complcates enforcement.
Moreover, those who desire to cvadc
the spirit of the law havc found a
means of doing so without violating the
letter. Instead of quickly selling for
the account of the firm securities
which had been purchased for the &C
count of customer, the broker will
instead sell the securities for a.
dummy" account. According to in
veStigstors, some illeyitimate brokers
have had marc than dozen such
dummy" accounts in the names of real
individuas, who were paid we'll FOR the
use of their cognomens. Usually only the
members of the hrm are informed Of
the secret process for taking a posi-
tion opposite the customers. The clerks
inside the brokerage Office, even the
bookkeepers, are often ignorant Of the
practiceA
New-York tribune., 1922-01-29
France Faces Big Task
Re-establishing Finances
Much OF Progress So Far Has Been Carried
On by Borrowing, Fisher Finds; Hostility
Toward Hest of the World Deterrent Factor

Hs IS Se joHr1 from the vem of
PROFESSOR lFung Fisher the situation in uoc
S ne has been stdyng first hand nth coudion in
New-York tribune., 1922-01-29
BY Irving Fisher

PROFESSOR Of Economics, Yale UniUerstu
HEN the British that va
w new world The World War weakened but raher
lntcnsined the between Franco
New-York tribune., 1922-01-29
Chasing Utopios

IN this discussion an sttempt ls
been made TO focus attention o. "a
Immediately practical situation: sts
plight Of the bucket shops as . result
Of the rise in the stock market NI
intended as a warning to th. public.
1t approaches the problem Of claas,
brokerage and better investment eis.
cation from the standpoint Of As
present organization Of business saa
finance. It does not attempt to explon
the Utopias. That would Be we'll worth
doing, too, after the present poliea
problem has been met, but that, q ths
multitudes and Rudysed Xiplins rss
mark, is another story.
New-York tribune., 1922-01-29
Cannot Afford Il

mus far France has followed III.
sane sane course Of imitation and dsA.t;nr ~.
wnlch the United States ana ana E,.s.'na EnrIan1
faI, eaye followed. During the war 'snS snS
nn9g ro,'99wlng it up to April, 1920. inf;at;nn inu
oaucvd Huc;, 1asng 1ra,sslag prices. The price level
Tho II Ap,n, pr aszo, reached nearly six times
three M p+snIas any 'eys!. eS as compared With
~ a'u 'hird for England and
Continued On paxe t.e,v.
New-York tribune., 1922-01-29
Inquiry Into Stand ing of Your Apen,
May Prove Worth While; Law Re. ;
strictions Still Unsatisfactory 4

ment societies unde, ...+.
ms 10 already dons extensiveiv' i',h.eSeA = 3 !!
s:ase through building and is:s,' - sasl
Citations, which have been .n U.a. ssss.
nome construction and also = ~
strument for savings. ss's tS
Centevs Of Virtue =.
If certain Of ths exchange. A..
to lay claims to being center, - ~
tue and square dealing tb..- A.. ~ N''
might well look forward to d. ~ sas
when p growth Of public ,ns.,.,. ss y
sccuritic. will make 4 a.-.Ss,N y
fsoase h.nd,s ~ lncir membership. bstts", y. =
nanaIe n, INC requirements Of tbs bss 49, q
nne.os''snes' asnso.s' has its objeeuoaSssss.: aSss:
In this connection It I. ,o..-
tna1 AZ present a progressive ~~
tne new York Stock Ezchanv." "'aE
nag long been criticized for T.. ~aM
scrvs,IsH' Is at the helm - '"a' :,
sosrcning tor techniqu. "a, 'nn a -
the pubic better prot.ct;a, .'s 'nne
ter service. The movement ,u suo bst-
IN periodical examination a. ~. .ss tesgis
OF member firms to attemnt 'ts ss books
mize insolyencics. The hebs creb 70 mini
the midst OF campaign n "sbes taI u IN
the facilities Of the cxchanr.' NJ '@ss frs s..y
non-nncmber corresponds,.ss rom tn"
a. s'4s tsks ~ ~; 20 questionable things, such
to,oer ~ o@s" POSITIONS opposite their % cus.
oo"sis or report wrong prices !.
eus.olners 1or the purpose Of mak;s.
a proht out OF the difference betw..Ss
inc reai pr'cc and the reported cuot,
1'on. Under It's present leadershln% % n.
cEcnahge promises to break out q, H.
smell little. Already it has viv.n ~;
dence OF a new spirit by recoen;z;,.
thac human interest advertisinn r..s
- not an evil, since even the ccr, y.
brokers is intended TO interest ~
duence human beings. '"'
Other forces arc Al work beneath q.
surface and, unless they are cb.st.s
the public will soon learn Of ots..
efforts 70 give protection Their. Is,
movement brewing to co-ordinas. q.
va7ous agencies Interested in rvjr,
aihrmativc expression to the prine,ns,
OF sound iavcstrncnt, and out Of ii..
cussions now going on al instysms-.
for handling the situation nationally !,
likely soon TO emerge. Another mov..
ment Of more negative charaetsr !,
under discussion in this stat.. r,
purpose will be TO coordinate n. ~
forts Of agencies opposed TO ,.w.
swindlers and fake brokers, and in,
unified way gather evidence aysi,r
them and turn it over to the Atom,
Generals Office and ask for prosser,
ton. About three months ago ittorrs,
General Newton appointed Frederickp
Rich, who has Offices at II East Fory.
fourth Street, IS special deputy !,
prosecute under the Martin act. No..
ing effective has been done yet.
New-York tribune., 1922-01-29

umns questionable vendors Of seeux1-
ties. Tho Tribune advertising depart
ment, which is alert to tho situation.
accepts advertising only from those
brokers in whose integrity it has rea~
son to believe.
Q-The public can help itself by es-
u chewing notions about easy money:
by expecting TO make only \ reason
able return on their funds. A security
buyer should deal only with a broker
who has an Affirmative reason to
believe is honest. One should never
trade over the telephone with strange
broker. Ono ought never be alarmed
by tho salesman's warning that the
shares will eli bo sold to.morrow. . for
a market in them will bc established,
and it will be possible to purchase
them subsequently after investieation.
In general tho public must learn TO
circus and tho theater, instead Of in
it's security dealings.
New-York tribune., 1922-01-29
Helping the Strong

Another argument raised by those
who would do nothing is that you play
into the hands Of Wall Street by eradi-
eating the irregular broker. Wall
Street is broad term. and in the pop
ular mind it includes the bucket shops
as we'll rs the high grade investment
houses. If business is DETECTED to the
legitimate houses the customers will be
better OF.
Bat there is TO social need Of giving
a monopoly to few good houses. Let
workingmen, through their trades
Unions. or through their employers or
their clubs, form cooperative invest
New-York tribune., 1922-01-29
The Cynics' Rejoinder

To all tho foregoing tho eynics viii
smils icily. They wAl point out that
the average man ought to invest, not
speculate. (By investing is meant
purchasing securities. with the dual
idea Of getting interest payments reg
ularly and getting security in regard
to the prompt repayment Of principal.
by speculation is meant the as
sumption Of larger risks in the ex-
pectation that an appreciation Of prin-
cipal will result.) This position is
sound, but buyers Of investment bonds
have been tricked by fake brokers.
The wiseacres will remark that the
so-called respectable brokers, too, have
thoir vices; that members OF the Stock
Exchange have done unethical things,
and that the whole effort to separate
the sheep from the goats is chimerical,
if not deliberately hypocritica!.
There seems to be an adequate reply
TO the doubters. We may ask the cyni-
cal this question: because we cannot
have perfection, shall we sit by quietly
and permit evasion Of the law and
swindling Of persons who are too inno-
cent to protect themselves
There is an analogy in politics.
Take a Hypothetical case.
Let US assume that there has been
fraud in counting votes. Shall VIC ab-
stain from prosecuting the guilty By
sitting back and rejecting that the
duly elected are some etimcs crooked and
neglectful Of the public interest, argu-
ing that, since politics is necessarily
impure, we may as we'll not discrimi-
nate against those who faxed the count
Of the votes? The broker who does not
carry out his part Of the transaction is
analogous to the man at the ballot box
who deliberately miscounts votes and
falsifies the working Of the whole MA
china
New-York tribune., 1922-01-29
Hard to Detect

Bucketing today is more subtle and
srtfu] and infinitely more difficuit Of
New-York tribune., 1922-01-29

Continued On page tvelv.
New-York tribune., 1922-01-29

continued on page tselys
The Crittenden press., 1922-02-10
EVEN CAREFUL
CALOMEL USERS
ARE SALIVATED
Next Dose OF Treacherous DRUG
May Start Misery
for You.

Calomel Il dangerous n may sallvate
you and make you suffer fearfully from
soreness Of gums. tenderness Of jaws
and teeth. swollen tongue and exces-
fiye saliva dribbllng from the mouth.
Don't trust calomel. IL a mercury I;
quicksilver.
II you feel bilious. headachy. consfi.
paied and all knocked out. Just - to
your druggist and gei a bottle OF bod.
sons Liver Tone Tor a few cents which
Il a harmless vegetable substitute Tor
dangerous caiomeL Take q spoonful
and n it doesn't start your liver and
firuighicn y0u up better and quicker
than nasty calomel and without making
you sick. you just 20 back and get your
money.
n you take calomel today yo1'u be
alck and nauFented tomorrow besides.
4 may fallyate you. while if you take
nosison'a Liver Tone you will wake up
feellns great 40 suits necessary. Give
q 90 che children because it u per.
fecily harmless and can not faliyate.
advertisement.
The Crittenden press., 1922-02-10
Jobs GO TO Ex.sERvIcE MEN
British Legion Secures Promise From
Government 70 Give Employment
10 Former soldiers.

The British Legion. formed from
thfre veteran organizations With con.
siiluiion aud bylaws modelled after
ODE American Legion. Inns secured
promise irum the English government
that in public works Tor the benefit u
the unemployed 70 per cent OF the
Jobs shall be- given ~ service men.
Win King Georges approval. the
Legion works through nuialn's con.
su.aies and all employers showing q
preference Tor IN K.serylce men are per.
miiled . special seul and their names
are Inscribed on the Kings Roll
The British Legion. sponsored BY
Yield Marshal ilaig came into being
iu iuly ipln o. has i.2pO posts aud
msmherahIp running toto millions
a. nnnsecianan n0npolIfcal and one
" lia ideals ls tle .nucufyIng "of our
eumfaleship by devotion o. mutual
service and he.pfHiness" it is pre-
raunE iu srui unemployed "a service
men in British Columbia lui Austria.
Iia, Where iheI aIH he welcomed
The uIiImafe E0ai of the Legion.
tala loHi llalE .mlsf he tho upi.f.
Iag 0f fhe aho.r empire the creating
~ d happier anl more God.iearlng
community"
The Crittenden press., 1922-02-10
POULTRY
FLOCKS
TURKEY EGGS FOR HATCHING
Thsy Should Be Gathered Daily Where
There 10 Danger Of Them
Being Destroyed.

when there h danger that turkey
rggs may be- chilled or destroyed they
should be- gathered every day. and q
nest egg left IN each nest skunks,
opossums. rats. crows. and dogs are
the greatest desiroyers of turkey eggs.
although occasionally minks rnccoons.
coyotes wolves. foxes eats. and certain
large snakes also eat eggs When q
turkey ben hns been disturbed hy one
" ihese pests. she may change her
nest iu some other place and abandon
the eggs
EErs fnr hatrhlng should b. kept at
temperature ~ as near aO degrees Or
O degrees o. ns possible. and should
he turned over ever dny saf poultry
SPECIALISTS Iu the rn'ird States Depart.
ueuf of Agriculture They shouid be-
huei as little ns possible while ban.
l'iug and should be- incuhuird while
fresh never holding more than two
feefs n o can be- avoided. % b. au
excellent plan o. mari tlre date on
.rch eeF nj n f. raiierei. in order 20
he certain that no eggs ore Kept to-
'onF before iheY are incuhaied
The Crittenden press., 1922-02-10
FROM PERSONAL" COLUMN
iisns which ths Reader Nay o. nay
Net contiosr as o. Really Ab-
sofblna lntsreat

Mr.. Salomy Saddler spanked lite
Ciaudy Sdidlcr - vigorously hsfors
D. went o. he,l last niEht that hs
orcneii up BIZ prayer with. Nov I
stand me 10 % sieep-
A. this writing shirts are ~ cheap
that Hash nccuer l. wearing two q
them az ouce. 10 make up for losi
time.
Gahe Ssddler. Who brought = hon Il
candy ihe other day. and discovered .
hli later that be- bad rui hack a coun-
ieffe't quarter IN change. says n
SERVED him rieht Or hslnr ln love.
Mitch Mudrc. our weather prcphes,
bad che comache so bad Yesterday
that b. went oui and stole an M
brrila sn1lr placr.
Acroriing io ns reaehhios. ihe -
sent minirirst pfrs0n iu fhe uorld
ran ounrenirnir while renewing q paF.
ons plaster from himself -wayslda
ralcs.