NEWS WORTH REMEMBERING
News Worth Remembering CHRISTMAS time finds the armies of Germany and of the allies locked in a death grapple that for weeks has had no striking advantage for either side. The heavy fighting...
...Many advocates of these measures were thinking only of the present crisis, but others seized this opportunity to promote their special philosophy which calls for the Government's taking over and doing about everything that is done today by private capital...
...Should we he prepared for war or not...
...Secretary of the Treasury McAdoo issued a formal order announcing that the twelve federal reserve banks were open and ready for business...
...The banker is the sole judge of whether the business itself and the capacity of the man entitle him to credit...
...More and more emphasis, it appears, is being laid by the nation's economists upon the problem of just distribution of what is produced...
...At that time Victoriano Huerta was provisional president of the republic...
...The attractive and valuable feature of the new system, according to its interpreters, are to be found in the elasticity it w'ill give to recognized paper currency...
...If you gentlemen are able to put that over, that thing which will make this epoch famous for all time, the great miracle of the twentieth century will be the transformation of water into gold...
...At the same time, a conference ol southern woman suffragists was held at Chattanooga, Tennessee...
...and, as we previously stated, even in the absence of a valuation, if they had not been able to maintain their properties as in former years, or if their credit was ruined, due to inadequate freight rates, so that in ordinary times they could not get new money for additions and betterments, we could not have a valid objection...
...There was a man in the entry a while ago," said Thomas, serenely, "and he went out with your new silk umbrella...
...In so far as the war and its consequences tend, as I have just shown, to change the conditions surrounding the enlistment of new capital, they tend to change the fundamental relation betwen railroad and shipper, for the cost of capital is one of the most important elements of the cost of transportation...
...Already Government war risk marine insurance is an accomplished fact...
...This situation, it is pointed out, together with the constantly increasing demand for goods for export is resulting in the factories everywhere starting up...
...Another topic which will be considered is...
...second auditor, Mrs...
...AH appears favorable for an offensive movement on the part of the allies...
...Behind the cry of "Emergency" looms the larger question: "How far shall we substitute governmental action for private enterprise...
...The kaiser is in the eastern field of action...
...Important reinforcements have reached both the British and French troops...
...There is trouble between General Carranza and General Villa which may mean further warfare and bloodshed to determine what government Mexico is to have...
...Paul M. Warburg of New York, a member of the Federal Reserve Board, declared that November 16 might be considered as the Fourth of July in the economic life of the United States, marking the foundation of the nation's financial emancipation...
...No paper based upon permanent investment or which is offered for discount with a view to applying the proceeds either to permanent investments or to the acquisition of what are designated as slow assets can be accepted by the reserve banks...
...second vice-president, Mrs...
...Other bodies of equal importance and as vitally interested are aiding us...
...Further, as nearly as can be ascertained,- there are more than $3,000,-000,000 par value of American railroad securities held abroad as investments...
...Commenting upon its policy in the last number of The Suffragist, the Congressional Union for Woman Suf-rage says: "The amendment for which we have always worked and are still working is the Bristow-Mondell...
...Asserting that the opening of the banks marked a new era in the history of business and finance in the United States, Secretary McAdoo said, "It is believed that they will put an end to the annual anxiety from which the country has suffered for the last generation about insufficient money and credit to move the crops each year and will give such stability to the banking business that the extreme fluctuations in interest rates ana available credits which have characterized banking in the past will be destroyed permanently...
...Nevertheless, the controversy now developing in this country between those who believe that we should decrease oui army, battleships and forts and depend upon arbitration agreements and those who believe that treaties are worthless unless backed by adequate armaments with the necessary burden of taxation, furnishes food for serious thought for every American citizen at this time...
...Setting forth that the railroads are badly in need of money, Mr...
...The railways the country over have given their side to the public and have painted their present and immediate past conditions in dead black colors...
...With all this in mind it will readily be seen that the available supply of and probable demand for new capital, as well as the interest rates thereon, are matters of great importance, not only to the railroads, but also to those who depend upon them for transportation...
...Emphasis was given to the Board's definition of commercial paper, which is eligible for rediscount...
...The amount of the credit to be extended is solely within the jurisdiction of the banker, and should credit be refused or extended inadequately the borrower is without recourse...
...Conceding that there may be emergencies which private enterprise cannot meet and which call for action by the Government, the question is: "Where should the line be drawn...
...It is to escape just this course that we are working for the national amendment...
...Finally we hold responsible for the passage or the non-passage of our measure whomever is responsible...
...A new stimulus has also been given to those who advocate the idea of the Federal Government taking over the railroad, telegraph and telephone systems, and municipalities taking over gas, electric light and street railways...
...During the hearing the railroad interests sent to newspapers and magazines from the headquarters of the Pennsylvania railroad in Philadelphia an elaborate series of newspaper stories setting forth the railroad side of the controversy as a means of influencing public opinion favorable to the contention of the roads...
...first auditor, Mrs...
...This question was decided a few months ago by the Interstate Commerce Commission...
...Under the present strain, our people are rising to the occasion and dealing with them in a more intelligent and patriotic spirit., "Besides distinctly commercial matters, there are others whose consideration calls for statesmanship of a high order...
...Thorne said the railroads "proposed to increase this tax burden at the end of a decade of unparalleled prosperity, at a time when under ordinary circumstances you have been able to earn a return above all operating expenses and interest and taxes, ranging from 7 per cent, to 9 per cent, on all your capital stock, water and all, that is held by the public in any of these railroads, the strong and the weak, the Erie, Wabash, the C. H. & D., the New Haven, and all the rest put together in one lump sum...
...Costly Discipline "Now, Thomas," said the teacher, severely, "how many times must I tell you not to snap your fingers...
...In any state where there is any likelihood of carrying the referendum, there is not much difficulty in getting the measure through the legislature...
...These resolutions declare "that the congressional committee give out information and suggestions for congressional work in any state only through the machinery established for congressional work by the state associations or the majority of the state associ-tions of that state, who shall determine how this material shall be used...
...They will be government obligations, having back of them a large gold reserve in the regional banks...
...Willard said: "The net operating income of these companies for the same period (the fiscal year ending June 30, 1914) amounted to $260,-000,000 or approximately $76,000,000 less than was earned during the previous year and equal to but 3.98 per cent, upon the property investment, a lower return than was shown at any time in fifteen years...
...There will be papers on "The Public Regulation of Wages" by Frank H. Dixon of- Dartmouth College and Mrs...
...You will have earned your handsome salaries for all the rest of your days on this earth...
...It causes contraction of credit and great restriction, if not the actual stoppage of international trade as well as serious disturbance to domestic commerce, and, as we have seen, it has thrown the security markets of the world, first into panic and then into suspension of operations...
...This appears to be verified by the German report...
...treasurer, Mrs...
...In describing the scope of the program, Ralph M. Easley, chairman of the Executive Council, said: "The frightful cataclysm in Europe has brought this country face to face with tremendous and perplexing problems—commercial, political and industrial...
...The per ton mile rate of 7.29 the country over is the same today as it was sixteen years ago...
...Suffrage Association In Convention Decides Upon Future Campaign Tactics Opening the convention of the National American Woman Suffrage Association at Nashville, November 12, the president, Dr...
...Today Huerta is in Europe and the constitutionalists who opposed him are in control of Mexico City...
...The United States army officials took with them the moneys collected for customs and from other sources of revenue during their occupation...
...Under this system it will be discounted only upon the borrower's standing with his banker...
...On the southern front the war office reports the Russian successes are becoming more pronounced...
...but the ultimate and more lasting consequences are almost as plainly to be seen and will certainly follow, if they do not accompany the conditions mentioned...
...But in the absence of a valuation, and at a time when they have been able to maintain their properties, as a whole, better than ever before, at a time when the credit of American railroads, as a class, and of these companies in particular, is admitted by all parties to be better than that of all other lines of business in the country, I believe a five per cent, advance in freight rates is not justified...
...Under a free credit system, with an open discount market for commercial paper, the paper of the borrower would circulate upon the general soundness of the borrower's business and his own reputation for ability and honesty...
...But the Germans have prepared strong entrenchments in Belgium which can be occupied in case of reverses...
...Their earnings in general are $400,-000,000 greater this year than they were sixteen years ago...
...Conditions in Mexico, however, are far from being settled...
...The Austrian troops have been steadily driven back...
...There has been a national cry that the railways throughout the country, through lack of money, have been forced to curtail, and, indeed, in some cases, to practically stop, the buying of supplies...
...These pleas of the railroads for permission to charge more money for their services met with vigorous protests from shippers and farmers' associations...
...The German effort to force a way along the seacoast from Ostend to Dunkirk and Calais has been thwarted...
...corresponding secretary, Mrs...
...This resolution when passed by Congress and ratified by the legislatures of three-fourths of the states, will mean that all women in the country will be politically free...
...A Russian attack north of Wolbron was repulsed...
...Stanley McCormick of Boston...
...In opening the case before the Commission, Mr...
...New Banking System Begins Operation The new federal reserve banking system went into operation November 16...
...Put your hand down and presently I'll hear from you...
...It is known that the railroads of the United States have over $520,000, 000 of outstanding obligations which will mature and must be met within the next twelve months alone...
...The federal reserve note which will probably replace the familiar national bank notes will be issued on commercial paper arising out of actual business transactions...
...These are enormous destruction of wealth, with great diversion of labor and capital to unproductive employment, thus causing a check to the world's accumulation of new capital, and a serious and prolonged rise in the rate of interest The effect of sucn higher interest rates will continue long after the present emergency has passed, because they will be reflected in the basis upon which the new securities will be issued from time to time as required, for refunding and other purposes...
...Western railroads also asked a further increase in freight rates...
...New York American...
...No measure can go through Congress to which the Democratic Party offers its opposition...
...Although the German navy has been kept bottled up thus far, it appears that a campaign of submarines has been in operation, the purpose being apparently to weaken the British navy as much ?s possible before it may be necessary to meet it with the German war vessels...
...Our difficulty is not with the legislatures, hut in carrying the referendum after the measure is once before the people...
...The order is that only paper representing actual commercial or industrial transactions, paper that is essentially self-liquidating, is eligible...
...He said: "The new banking system, wisely administered, will pro\e to be the means, not of inflation, but of safety, independence and gradual healthy expansion...
...The regional banks which will serve as centers to provide for the commercial requirements of the country have been established in New York, Boston, Philadelphia, Cleveland, Chicago, Minneapolis, St...
...They should have tried water...
...They say they want a government 'of the people, by the people and for the people' but by their treatment of women regarding the ballot they show they do not believe that...
...Rennenkampf has been relieved of his command...
...Shortly afterward the blue jackets and marines were removed and troops under General Funston took possession...
...A war such as that now raging causes great and immediate disturbance to industry, commerce and finance...
...This will be done by the magic wand of the Interstate Commerce Commission...
...German forces to some extent have been withdrawn from Belgium and hurried to the west to stem the Russian invasion...
...Orten Clark of Michigan...
...Economists Will Discuss Live Problems Matters of lively present day interest will be discussed at the annual meeting of the American Economic Association to be held in Princeton, New Jersey, from December 28 to 31...
...By a vote of 194 to 100 it was decided not to limit the Association's work to efforts for the Bristow-Mondell measure alone...
...How soon we may become a world power, equal in strength and independence to those on whom we have had to lean until now, will depend upon our ability to avail ourselves of the opportunity now open to us...
...The resistance of the Belgians, the shell fire from the French and British war ships and the opening of the dykes and flooding the ground have all been factors in checking the German advance...
...third vice-president, Katherine B. Davis of New York...
...Meanwhile the German submarines are meeting with success in picking off British war vessels...
...It is designed that they will rise and fall in amount according to the flow in the tide of business...
...While they have told the truth, they have not told all of the truth...
...The Shafroth amendment would institute in each state the right of eight per cent, of the voters to compel a referendum on the suffrage question...
...These are not actuated solely by selfish motives, but are fighting for the national good and for the great body of the people...
...The alchemists of the Middle Ages tried to turn metal into gold, but they failed...
...The Relation of Education to Industrial Efficiency" will be taken up by Edward D. Jones of the University of Michigan, and "The Effect of Inheritance and Income Taxas on the Distribution of Wealth" by T. S. Adams of the Wisconsin Tax Commission...
...recording secretary, Mrs...
...U, S. Troops Leave Mexico After occupying the city of Vera Cruz for seven months, the American forces under General Frederick Funs-ton evacuated the city and returned to the United States November 23...
...Among these was an incident at Tam-pico when a boatload of American blue jackets was arrested...
...This money will ultimately go to some Mexican government which the United States considers proper to receive it...
...At the present time no one can deny that the responsibility is with the party which is in control of all branches of the national government...
...What are the lessons of the war for America...
...Surely it does not seem worth while to undergo the immense toil of carrying the Shafroth amendment through Congress and securing its ratification by the states merely to enable us to begin the process of collecting initiative petitions and waging referendum campaigns...
...Earned dividends are always the criterion of prosperity, and in spite of the fact that the average per ton mile rate is the same as it was sixteen years ago, the dividends paid by the railways in general on a much increased capitalization are over twice what they were when the freight rate referred to was brought into effect...
...No other event in all recorded history is comparable to this, since that wedding feast two thousand years ago...
...it is an aristocracy of sex...
...The income, applicable to interest, dividends and surplus, during the fiscal year just closed, was $265,700,000, or 4.06 per cent, upon the total capital obligations, this return also being lower than any in fifteen years...
...American marines and blue jackets were ordered into action and on April 21 the city was taken with a loss of seventeen American lives...
...Shall the Eastern railroads be permitted to increase their rates...
...An official statement from the Austrian war office at Vienna of December 3 says, "In western Galicia and Russian Poland it was quiet yesterday...
...If you railroad gentlemen are able to put that over on the American people, I shall congratulate you for your consummate ability...
...Miss Kate M. Gordon of New Orleans was chosen president...
...It was in April that the American forces were ordered to seize Vera Cruz on account of a series of acts on the part of the Mexican authorities to which the Administration at Washington took strong exception...
...The vital news now appears to come from the scene of fighting between the Russian and German armies , rather than from Belgium...
...After most exhaustive investigation, assisted by Louis D. Brandeis, the Commission answered "no...
...They concern not only the banker, the merchant and the manufacturer, but also the farmer, the wage earner, the publicist and the humanitarian...
...Helen G. Miller of Missouri...
...The czar's war office explains the failure of the Russian force to envelop the German army in the vicinity of Lodz by declaring that General Rennenkampf failed to arrive on schedule time with his command when the Germans were all but trapped...
...Simultaneously with the opening of the twelve reserve banks came information to the Treasury Department from various sections of the country which clearly shows that there has been a distinct revival in business and that conditions are still improving...
...Will Railroad Rates Be Increased After All...
...All states now have thc-referendum with the exception of Delaware, and many have the initiative...
...Willard asserted that "the needs of the carriers are pressing and immediate" and that "the actual situation * * * has become extremely critical...
...All the recent reports to the Federal Reserve Board and to the Secretary of the Treasury, as well as those that come to the Department of Commerce are thoroughly optimistic in tone...
...The news was suppressed for many days and the explanation finally given that the German vessel had struck a mine...
...No argument seems necessary to demonstrate its superiority to the other amendment before Congress, the Shafroth amendment, which, when passed by Congress nn;l ratified by the- legislatures of three fourths of tlx* statw...
...In spite of opposition which developed, Dr...
...Under the pressure of a sudden rise in the cost of many of the necessaries of life came proposals to have the Government take over coal mines, packiug houses and flour mills, to purchase ships for transportation purposes, to establish depots where the city could sell food to the people at cost, and to construct municipal dwellings and enter into a large program of road building and reclamation schemes to furnish employment for the idle...
...From Petrograd come claims of victories...
...In this coming session, as in the last, the Democratic Party will control the executive office, the Senate and the House...
...One session will be devoted to discussion of "The Statistical Work of the United States Government...
...The men of America make much of their boasted democracy, but this government is not a democracy...
...Problems Growing Out of War to Be Discussed By Civic Federation National problems arising out of the war in Europe were considered at the annual meeting of the National Civic Federation in New Y'ork December 3-5...
...At the outbreak of the war in Europe these railroads seized upon the disturbed world conditions as the opening through which to lay their request again before the Commission...
...Speculation on Stock Exchanges and Public Regulation of Exchanges" will be presented by Samuel Untermeyer of New York City and Henry C. Emery of Yale...
...The heavy fighting appears to have been transferred to the eastern zone...
...If the fair value of these railroad properties justified an advance in freight rates, we could not object...
...Proposals for guaranteeing the price of silver, cotton, wheat, tobacco and even canned salmon and naval supplies appeared suddenly in Congress...
...Henry Wade Rogers of Connecticut...
...Elizabeth Glendower Evans of the Massachusetts Minimum Wage Commission...
...Royal Meeker, United States Commissioner of Labor Statistics, and L. D. H. Weld of the University of Minnesota will discuss "Market Distribution...
...The Commission granted a rehearing...
...As pointed out by one writer, "in order that his paper may become eligible for redis-counting by a federal reserve bank the issuer of the paper must satisfy his banker that the paper is good and to do this he can be required to make to the banker a full statement of the character and extent of his business, the amount and character of his assets and liabilities and must show what he intends to do with the money borrowed...
...The regulations emphasize the fact, established by the law itself, that th& business man is absolutely at the mercy of the banker...
...The regulations issued by the Board will not become effective until January 15...
...It was addressed by Miss Crystabel Pankhurst, who referred to the European war as "an instance of the danger and injustice of depriving women of the ballot...
...Five United States war ships now in Mexican waters will remain there indefinitely to protect American citizens and to meet any emergency that may arise...
...Medill McCormick of Chicago...
...Louis, Kansas City, Atlanta, Richmond, Dallas and San Francisco...
...Some of the commercial questions have for years been mulled over and quarreled over, but they have been treated from selfish commercial or selfish political standpoints...
...And Mr...
...These reports show that the falling off of imports during the last three months has resulted in a brisk demand for the manufacture in this country of a large number of articles that were formerly imported...
...Susan W. Fitzgerald of Massachusetts...
...With a spirit prevailing of unselfish moderation and mutual helpfulness, with careful planning and singleness of purpose, we are certain to overcome the obstacles that still block our way, both within and without...
...For the year which ended in July, 1914, there was bought by the railways $9,000,000 worth more supplies than in any like period...
...The Bristow-Mondell amendment if adopted would at once enfranchise w~-.nen throughout the miion...
...This was declared by President Wilson to be an insult to the flag of the United States by Huerta...
...King George is in Belgium on the firing line...
...Desha Brecken-ridge of Kentucky...
...One super-dread-naught, the Audacious, was sent to the bottom in English waters...
...nicrely ciiRhb'S the women in th" thirty-seven rii'-n-franchised states to collect thirty-seven initiative petitions on piifCrac > and conduct thirty-seven referendum campaigns...
...This does not seem to augur for an increase...
...As long as it uses its power to block the suffrage amendment we must make it face the responsibility for such opposition...
...It was pointed out by Clifford Thorne, president of the National Association of Railway Commissioners— "We are pleased to say that we are being helped in our propaganda by the Co-operative Farmers' Association, which owns 2000 grain elevators in the affected area and has a membership of more than 250,000...
...A resolution was adopted directing the congressional committee to work for a federal statute giving women in all states the right to vote for congressmen, Senators and presidential electors...
...Five minutes later she said: "Now, then, Thomas, what was it you wanted to say...
...From London on December 3 came the report that "the allied forces in southwestern Belgium have assumed the offensive...
...Anna Howard Shaw was reelected as president by a vote of 283 out of 318...
...Naturally enough, the apple growers' association also began agitating for the Government to take care of the apple crop—all "on account of the war...
...In view of what has happened in Europe it is clear that preparation does not guarantee peace but it is also just as plain that international agreements backed by moral sentiment alone do not ensure freedom from war...
...For the next few months at least their operations will consist largely for the rediscounting of notes, drafts and bills of exchange...
...Anna Howard Shaw, said: "All that women are asking is that men believe what they themselves say...
...Opinion was divided as to whether there should be concentrated effort ou securing passage of the Bristow-Mon-dell suffrage amendment or whether the Shafroth amendment, and other measures should also be included...
...In spite of this plaint, for the year ending 1913, they purchased over $60,000,000 worth more of supplies than in any previous year...
...As the Americans withdrew, first from the outlying districts and then from the city itself, the constitutionalists followed them along and immediately occupied the territory evacuated...
...The demands for cash in Europe, growing out of the present situation, will doubtless result in large selling of such securities when the markets or stock exchanges are again opened, and the possible effect of such selling upon railroad credit and related subjects is causing much concern...
...A committee of railroad presidents consisting of Daniel Willard of the Baltimore and Ohio, Samuel Rea of the Pennsylvania and A. H. Smith of the New York Central were in charge of the presentation of the case of the Eastern railroads for this increase of Ave per cent, in freight rates...
...It was shown in the original record in this case that the railroads in Official Classification territory only had spent approximately $200,000,000 per annum upon their properties for improvements and extensions during the last ten-year period, and it will be necessary to continue such expenditures if the roads are to maintain their standard of service and provide for the growing needs of the future...
...Other resolutions urged Congress to take up at once enfranchising aniend-ments to pays the proposed congressional and presidential election statute and to put an end to'involuntary decitizenization of women marrying foreigners, and at the final session resolutions were adopted declaring the Association opposed "to holding any political party responsible for the acts and opinions of its individual members or any individual, public official or candidate responsible for the action of his party majority...
...An apparent difference of opinion among suffragists with regard to campaign methods was settled by the convention in resolutions which were construed to be against conducting indiscriminate black list campaigns against all congressional candidates of a party not committed in favor of suffrage as is done by the Congressional Union...
...Other officers elected with her were: first vice-president, Mrs...
...We are starting out today ambitious of attaining this end, but we are still far removed from our goal...
...This necessitated the re-forming of the Russian center in Poland and a consequent lull in the fighting...
...Reserve banks, through them, are expected to aid member banks having good paper, but needing cash...
...Paris, however, reports that the allies may not immediately take offensive tactics but prepare themselves in every way possible to meet the new attempt of the Germans to drive their way through the strongly entrenched line to the coast...
...The battles on the plain west of Nowa-Radomsk and Lodz are developing favorably...
...These have, in fact, been the immediate, direct and clearly apparent consequences of the war begun less than three months ago...
...One Russian force is reported within eight miles of Cracow...
Vol. 6 • December 1914 • No. 46
