South Bend News-Times, Volume 34, Number 7, South Bend, St. Joseph County, 7 January 1917 — Page 7

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U. S. MINES YIELD

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Over 100 Millions Made Out of Shafts in Five Western States. Ten rnin'-s in Arizona pail $34,0 it 0 . 0 iV) in dnidf-nds during the past .f,ir, Adding I'tah, Montana, Nevada ami Idaho dividends to those of Arizona w haw a total of over 5100,000,00'. r. dividends paid out of the mins of th-: live western states In a sin elf e;i r. The.se .ire sm- of the impressive facta brought n;t by the report of the geological s irv-y to S 'y Iine Just mad. "Never before," said Mr. Lane, h.is so large a dr ift 1-een made on the natural resources of iur country an during this year, and never ofore have the metals heen extracted frm these ores with less waste or utilized to bett'T advantage in advancing the general prosperity of the country. Kven as written In the plain fi g u r e s of l'Jl roduction the wonderful record of our mines sets forth of national Industrial independence only hoped lor a few years ngo. "Again ccpper stands out as the illustration of how American mines can meet a world demand. The output f nearly two hillion pounds of the red metal is double that of 10 3 ears ago and its value is twice that ii the copper produced in 1 J 1 5. Add to this lie facts that in value copper now contends with iron for lirst place among the metals and that together the amount of thf.se two nutals pioduted last year had a vlue of more than one hillion dollars and we have a measure of what this country can contribute in useful metals. "The output of zinc from domestic ores increased last year 05,000 tons, which makes a new record (or that metal, the total value of spelter from United States ore being 1.10 million dollars. Lead also shows a large increase, the 7." million dollar output being a pain of more than rJ percent. Meaty Drain on Uo:I Mine. "With all this activity in metal production the coal mines have had to meet a heavy demand, so that the bituminous coal output has now Iasse4 the h ilf-billion ton mark, an Increase of 1 2 1-2 percent over the previous year. Coke production increased 30 percent and it is gratifying to note that by-product coke made the largest gain, which means a corresponding gain in benzol and other valuable by-products. "Again the oil wells have given a new re-cord for petroleum yield, the estimate of marketed production of, rrudo petroleum for 1Ö16 being million barrels, or 11 million barrels more than in fjö. "Another mineral product which furnishes an index of business conditions is cement, the 191) production of which is estimated to be. five million barrels In excels of the output of the preious year, while the shipments were even greater, aggregating I4.rM,ii0M barrels, with the outlook reported as good for the new year. "The reports received from the f-:H-ey's western orMce.s contain most Mgniticnnt mining records. Kvery western state shows a larwe increase in yield with a of metals. Arizona leading rain of 100 million dollars er last year, while I'tah and Montana together report another 100 million lollar gain. Alaska also had its best year, conti ilfitin a total vnl.ie ti f more than $ 0. 0 0 0 U this year, oi over ,o percent iu excess of any previous year. "These advance statements not only show that Uli marks a new advance for the mineral industry of the country, but this remarkable increase promises to ! e approximately -." percent over the 1 1 production, so that we n.fiy ep t the t'.nal f'gures to show a total of three billion dollars." j GRANT THREE PERMITS ! mRllll nilMn DFFIPF DuiLuiNu urriut Hit thro permits for a t '-t.il of ?::.' were granted during the :itt week of the new year, a erv modest start for the b artment of the board uf p ' ' i - v orks. Officially f.ve other permits, rais1rr the tot.il by $ 3, S 5 0, were crantd. but thse were really taken out !'.:rimc the bist ll days of IVcember ;-, ml dated ahead. This incongruity is c! ue to the fact that the bocks of the department are closed, as are the accounts of the other departments, on Dec. 20. The permits ?. ,ied after that day have been carried over and their amounts rer i ! e i I in l'.'K. Th" perm its that were granted rr- the folb-wirt:: Vrs. Tu mock 1 ) d . furnace. Wüiam uren, 7 -hei. Mat I ; i - : i . l .i rnace. 11M N. St. Louis Importe av.. N. Mill s $140, rvn xiN iiiniisi:i. i N( ;T . Jan. -t r j ' "i ' , i r: l. an ;,(. r is in. . i pt I a is s . on - t'n: t t i th l. th infant iv statiojit .l ; t N'o-

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Outlook for 1917 as Seen By Leaders in Business

iio.N. wimj.vm c. iu:irii:i.i. Secretary of the Department of Commerce, Washington, D. C. We long ago endured the business shock the war brought with it. For many months we have been passing through a period of stimulation brought by the war. This seems to be closing, and we are apparently about to enter upon the inevitable . time of readjustment to a peace , 'll13, j The prospec t of peace seems to j bring with it only fear to many in , the business world. We are doing j well now, say they, but what is to happen? iince It is not known pre cisely what is to happen or when it! j win nappen, ghosts are conjureel up , and given form and power, and men :

worry over the terrible possibility Ing particularly the attitude of the basis with the rest of the world. from these creatures of their own j government of the United States. Z ) Our position will be undoubtcreation. What is wanted is not so , The effect upon finance will depend edly strengthened by the repurchase much nerve as nerve, not fear, but I largely upon the attitude of flnan- of QUr aecurlties and our loans t0 foresight, not cowardice, but cour-1 tiers, bankers, and capitalists of other countries. I look to see these ftge. Least among all the peoples of : tnis country, between now and the ,oana renewed' and many more the world have we cause for dread. ; close of the war. If our cash re-. placed here after the war and thal "Our withers are unwrung;" our ; sources are properly guarded, kept by thlg means Europe will recover coffers are full; our tons survive, j In liquid shape, and largely within ... nnrma, sharp nf th. Ktnck.

There will be readjustments, possiiuy cnrncuit ones but never was , nation In such shape to face them 1 fearlessly as are we today. If the

problems prove ciimcult, the great- j lems confronting the American er need for sanity of mind and i people during the readjustment peclearness of thought about them, j riod, including the labor situation. They are not to be dealt with bet- ! the readjustment of wages, restorater, but worse, if we are afraid ofltlon to a fair basis, the cost of llvthem. One need not be heedless ; Ing, the sudden and material lowerbecause he is calm. A quiet mind j ing of prices generally, the diminuis not an indication of weakness or ! tlon In demand for the products of

ignorance. Worry and fear will not make the facts bettor, but merely '.

weaken our power to deal with ! arid Jolt incident to a return to northern. How we shall deal with them ! mal conditions. If the whole populadepends chletly on ourselves. Have J tlon. Including the rich and the w e used the months of prosperity j poor, the employer and the employe, well? Are our debts paid? Is de- j and also the government departpreeiatlon marked off? Are fixed ; ments, should all work together, havassets marked down to real values?' ing at heart the necessities, the Has the time of prosperity been J rlshts. and the interests of all. every utilized to get rid of old equip- obstacle to growth, success, and reament? Are we as certain of the j sonahly prompt return to prosperity fact that our methods are good as j would soon be overcome; but here is we are that they will need to be the rub. True patriotism, real statesEood? Do we clearly understand j manship "lnd unselfish repard for what it costs us to make goods and others will he needed as never beto do business? Have we clear fore. knowledge of our overhead charges ( (3.) I believe, by skillful manage and of how to deal with them? Have j ment, we can continue to be a credwe used the clays of sunshine to pre- i ltor nation after the war. The prespare for the time when it may rain?Jent action of our bankers and capIf we have done so we may approach italists should be based on our ex

the contest like a trained athlete, fearless of difficulties, counting them formen worthy of our steel. Certainly it is true, whatever else may be true, that America cannot safely approach the future problems in any spirit of fear. First in im portance It is that we shall rely upon ourselves. Hack of the eco-' nomic questions lie those of charac- . - I

ter ana psycnoiogy. ine iunaameni- ances. oi raies oi exenange. oi seal question is not so much what is , curity values will necessarily Involve our position as it is what are we. financial disturbances, and they will The nations of Europe are taking j call for the best efforts and most steps to concentrate their commer-1 careful consideration of financial cial forces for action after the war. experts. With respect to all buslThls they do, however, not as a ness questions, financial, commercial

i vrtr.i?f t. f ow. -w ii v Km . fe . V . s iif me ucsi means ici ucauiiie itai . weakness. Itehind them lies a back-! ground of economis loss behind us lies a background of economic gain. They must reorganize and reconstruct. They must regain a good will largely lost. They must make I sharuer readjustments trom war goods to peace goods than ws. Theirs is to regain that which is lost under conditions of relative w eaknens. Ours to hold and improve that which is gained under conditions or great strength. If in soberness one reflects on the means we have available for the cominc commercial contest, he will see that they are far more adequate than ever before. We are a creditor now not a debtor. We have banks and investments abroad; we have aj larger vision than we had; we un'erstand the need of foreign mar-1 kets better than we did; we kno j today that domestic commerce and foreign commerce are one and inseparable, that united they ft and divided they fall. Many of us have votten the taste of foreign trade and find It good. We know that we must keep it, Indeed, enlarge it, if our domestic trade is itself to prosper. We shall not have the foreign sources from which we can borrow for our development as in the past. We must keep, if we can, the great mass of gold we have acquired in order that our structure of domestic credits may rest firmly upon it. We have the power to do this We nave tue economic strengtn to hold our course. Such dancer as there Is lies not in our means or in our power, i at in ourselves. Can we learn thrift? Can we stop industrial wastes? Can we wed science to industry? Can we have industrial and commercial education? With these we can win without them we cannot. It Is up to us. The trial of the coming days is to be a test of the American people. They have not failed yet, and I believe they will not fail now. n.iu iiT ii. ;.hy. rhairman .f the United States Steel Corporation, New York. So far as I can see. there are t o indications that the prosperity in this country will be checked in the ,i.ur future if the war continues. The demand for our products is not decreasin;,. and it is up to the highwater mark. Our capacity is practically taken for 1917 and a sub--tmtial part of UMS. I do not think the short crops have had. or will have during the next year, very

''i much int'.uence on the situation. The ac ofjpreval. nt spirit of speculation is a

d-ntier point, but is not controlling.

to fir general business is con-1

cerned. In this respect there is a difference between the present and the past. (2.) In my opinion, the ending of the war will have an immediate effect upon American finance and industry. Probably It will be slight at first, hut I fear Use prominence will rapidly Increase. As to industrv,

I think there will he a reaction, perbap5 not perIous at flrst but notice. aMe an(1 ,njurlous within a year. The longer effect should be very serlous. In my opinion, the awful destruction which is going on will adversely affect business conditions throughout the world. This country will be able to emerge from the diffaculties more readily than any other nation, and the time necessary will depend upon circumstances, Includthe control of our own people, dis- j aster, panic, or even serious money ; shortage may be avoided. There are likely to be peveral serious prob- j

this country, both for domestic and ! not KettinK niore labor. Moreover, foreign use, and, in fact, the jars;... ntinilt f, wn ' fl'th()r

pectations as to the necessities of the business of this country. I think there Is danger of over-extension and of too large credits. I do not care to be more specific. (4.) In my opinion, large gold imports or the immense amounts of gold in our vaults will not of themselves produce serious financial difAcuity. The readjustment of hal-i - m - m 1 m I n Ti i inn HAiTiA.! thin rminfrv will j.u . . w . . . . other country, provided we make the most of our conditions and op portunities. nnoiiRG k. itonnuTs. Of the National City Bank, New York. j (1.) Yes. The demands upon our i Industries while the war continues I will assure their full operation. The !snort crops are a great misfortune. as they increase living expenses, im- ! pose hardshlp upon many people whose Incomes are not adjusted, and raise the level of cost for all industries. Although conditions are so abnormal that Industry goes on apparently unchecked, the readjustment later will be more difficult in consequence. The spirit of speculation is always manifest at such a time, hut outside of operations in shares of a comparatively few in-

Army Aviator Damages Machine

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Sergt. H. niakley, one of the av! .tor; to fly from Long Island to the Philadelphia navy yard. In test for an army rilot's license, was tn f the few who met with real mishaps. The picture was snapped by an International film photograph .-r as pdakely's machine pfunged on its nose, breaking wheels and

lower plane after striking a flag pole as he attempted to land at Philadelphia. &eat an instant before h was thrown o the ground.

speculation is not apparent.. (2.) It Is evident that the specu luting puhlic wants to be out of stocks when peace comes. There Is ;lways dread of any change, and a desire to stand aside for a time and fcee what happens. The repeated peace scares have an excellent effect in keeping speculation in check, and preparing the market for the event. I look to see a check upon business during a readjustment of prices to a peace basis. In spite of high costs the country is doing a is much nsion amonff the lndua. tries. It would seem that with so much ?tel going abroad, and with prices so high, there must be a lot 0f Würk banked up awaiting peace, but the visible expansion raises some doubt about this. We always dn the greatest amount of constructive work when prices are high. The most serious problem will be that of getting costs down to a competitive , thlnk ... 8lrencthen our tosllon as a creditor natIon In the future. (4.) The effect of gold importa- : tions is to cause a etill higher level of wages and prices. We are gaining in capital more rapidly than any country ever did before, and gold In the bank reserves is a means of tlnanclng its use. Hut capital can only be put Into use through tho striction on immigration. The result of attempting to use more capital in this country under "these conditions Is that employers hire labor away from each other, raising wages and prices, but not materially increasing production. We can continue to absorb gold in this way, but we will be getting constantly further from normal conditions, and the readjustment will be more ditficult in consequence. The fact that capital increases faster than population in normal times, and thereby forces a gradually rising wage rate, is beneficial to society, but the undue stimulus of these temporary conditions is not beneficial. JOIIV V. CALKINS. Deputy-Governor Federal Reserve Bank of San Francisco. (1.) Our present hectic prosperity should continue unchecked during the actual continuance of the war, except for fluctuations consequent upon anticipation of "peace, and rumors of peace." The adverse Influence of a short crop, which might otherwise be serious, is largely offset by the enormously abnormal exports called "munitions." The prevalent spirit of speculation carries potentiality of danger. (2.) The Immediate effect upon American finance and industry of the ending of the war. If such ending be abrupt and unforseen, may well be a serious check; the longer effect, depending upon conditions which cannot be safely prognosticated, will be determined by our ability to adjust our affairs to meet such conditions when developed. This constitutes the most serious problem of that period. (3.) Our situation at the end of the war should be favorably affected by the redemption of our securities and our loans to the outside world. We should continue to be a creditor nation for a considerable period following the close of the war. Our loans to belligerent Europe are Justifiable and desirable from all points of view. (4.) The results, good or bad. of the continuance of gold imports will depend on the success or failure of adjustments which should permit us to reexport gold without serious disturbance. (Copyright. 1?16. by New York Kvening Post.)

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r dc KINS ÜL DL SHARPLY S Fair Trade League Official Shows Fallacy of Advice "Buy in Bulk." NEW YORK. Jan. 6. In giving cut copies of an open letter addressed to George W. Perkins. 1 former Roosevelt leader and chair- ; man of the so-called mayor's food ; commission, Edmond A. Whlttler, secretary-treasurer of the American , Fair Trade league, today said: "The time seems to have come when the ; common welfare demands some j general discussion of the value of Mr. Perkin's official activities. That . Is our only object in making tnis communication public. "It should be strongly emphasized that no criticism is intended of either Mayor Mltchel of NewYork city, or Gov. Whitman, for giving Mr. Perkins the recognition which his wealth, leisure and professed desire to serve the public seemed to warrant. It is assumed, however, that both the mayor and the governor will be deeply interested in the question of Mr. Perkins usefulness and this cannot be determined except by critical consideration of his work. "It is not the least unfortunate feature of the situation that some department subordinates are apparently so Impressed by Mr. Perkins position that parrot-like they voice his views, regardless of the facta and in direct conflict with intelligent officials of other cities and states. "The only concern that the American Fair Trade league has in the matter is one of honest trading In the public interest." Here Is Whlttler' Ix-ttcr. j Mr. Whittier's letter to Mr. Per-' kins reads, in full, as follows: George W Perkins, 71 Broadway, New York City. Dear Sir: My letter of Dec. 4 with tho sole purpose was written of affording you an opportunity to correct your public statement that tho federal J trade commission had dono nothing to justify its existence and that you were Ignorant of " a single instance where the commission had been of benefit to the business man." In giving you the facts concerning many actual accomplishments of the commission, of incalculable value, I acted in the belief that you wished to be both just and accurate. Unfortunately your reply of Dec. 5 does: not confirm that conviction. Your letter, in full reads: " I have yours of the 4th. I do not see that you In any respect answer my letter to Mr. Tumulty. The Incident you cite in the silk industry, while all right in its way and a good thinf? to accomplish, is trivial compared to the great big question of how this country is going to do business In the manner it should do business while the Sherman law remains on the books In Its present form. With the federal trade commission and the Clayton bill, we are simply trying to play the part of an ostrich with its head in the sand, for the whole body of the troubling question is still exposed to gull view and it is the Sherman law." You express no regret for having spoken without knowledge of the truth; you ignore all but one of the commission's helpful acts to which your attention was called and largely devote your reply to a proposal to amend or abolish the Sherman law. This has no relevance to the matter of the efficiency of the federal trade commission and certainly seemp, under present political and commercial conditions, an absurdly academic argument. For, irrespective of any question in Test Trip Blakley can be stea in hU

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of Its economic soundness, your advocacy of the removal of the people's only legal safeguard against evils of private monopoly appears singularly inopportune. May I re- , spectfully sugpest that at a moment when every newspaper publisher in the country is asking the federal trade commission, which you criti- j else as a useless body, to prive it re-; lief "from the; extortion of a paper trust when government investiga- ! tions are daily disc!osinp that ne-! ccssaries of life in foods and fuel are being nmnlpulated by combina- ; tions so as to materially increase the cost of living at such a moment,' may I not nay, he who advocates: the repeal of the Sherman law, j rather than its friends, is "like the ostrich with its head in the sand?" j On your rttirement from business; some years ago it was announced ' that you intended to devote yourj time to sociological questions. There j is now a general conviction that the j public Interest would have been bet-! ter served had you continued to ! promote the cause of monopoly as aj captain of industry. Your opposition to the Sherman law throws; light on some of your present ac-1 tivities, and may ju.- ify errave doubt j

as to ineir economic value may suggest. Indeed, that they are actually harmful to the public. Fallacies Kx posed. Some time ago as chairman of the mayor's food commission of New York city, you issued a statement urging consumers to buy bulk or unbranded goods, known "by all economists, trade experts and social workers, to be the only form In which merchandise is susceptible of control by combinations to inflate prices. Your extraordinary statement in favor of bulk goods was promptly and publicly repudiated, and its fallacies exposed, by at least one cf the other members of the mayor's commission, Mrs. Julian Heath, p resident of the National Housewives' league, and resolutions were immediately adopted by the executive committee of that organization, protesting, as an expert authority against your unscientific advice to housewives. The resolutions declared that "the use of bulk goods tends to encourage adulteration and unsanitary handling and nullify the work accomplished by federal and state authorities in requiring proper labeling of food products." We credit you with not knowing, when you issued the statement, that in every trade investigation of the subject, there are reams of testimony showirgr that bulk goods are frequently sold by unscrupulous dealers as different grades from the same bin or receptacle at whatever price the individual customer can be made to pay; in other words, that it is a common practice for orders for different qualities to be filled from the same stock. We also credit you with not knowing that it is only in such unbranded bulk goods that the frauds of short weighting and short measuring are possible. Your proposal is a denial of the value of the "printed word" in modern business; If adopted it would mean the economic waste of every dollar spent to advertise goods of merit. It is revolutionary it is reactionary it Is ridiculous. To the consumer, your proposal to buy nameless bulk merchandise means loss of a maker's guarantee of satisfaction and service; it means abandonment of all standards by which to measure values; it means l ejection- of all the sain the world has made in methods of barter and once more subjects the consumer to the dark age law of Caveat Emptor "Lei the buyer beware." Considering all the facts, therefore, you practically sougrht to induce the putlic to confine their purchases to goods on which alone they might be swindled. This, of course, we know you did unwittingly. But, however unfortunate that may be, it is a matter of far more serious consequence that any who are following- your advice to buy unbranded goods in bulk are now paying the prices fixed by those anion? jour fellow-critics of the Sherman law, who have, in defiance thereof, succeeded in cornering and controlling necessaries of life, while consumers who intelligently ignored your advice, and have continued to use branded merchandise, find that a dollar buys, practically as much a it ever did. For, speaking relatively, the American Fair Trade league is prepared to demonstrate conclusively the vital fact that, in the face of a skillfully manipulated market of fictitious prices on bulk commodities, branded goods have not advanced In price and are today even more than ever the consumer's best protection against extortion. Yours faithfully, Edmond A. Whittier. Secretary-Treasurer. ATHENS SITUATION BECOMING CRITICAL Outbreaks Similar to Tho-e live Weeks Afro Arc Feared. International Ners S'-rvle: IvONDON: Jan. 6. The Athens situation is asain becoming critical, according to belated news dispatches received her. Outbreaks similar to those of five weeks ago are feared, it Is stated, a.s a result of the balance of power in the Creek capital shifting to the reservists. Only one r.ews dispatch fmm Athen has corre through umielayed this wek. The Morning Post print. a dispatch from its correspondent there under date of Wednesday saying the position of the entente is such as to indicate that the Athens government H considering som" iesperate stroke.

Keep your

outh

For safety and profit, keep your money at home by investing in the Indiana tax exempt preferred stocks of South Bend manufacturing institutions, which have been examined by independent experts and pronounced thoroughly sound investments. In addition to giving you a sure and steady income, free from Indiana taxes, funds invested in sound, old established South Bend companies greatly benefit you by increasing the general prosperity of the city. Don't try to dodge Taxes, like chickens, come home to roost, though some times not until the estate is settled. The Company pays the Indiana taxes on funds invested in the preferred stock of an Indiana company. ASK US Without obligation to you we will furnish full information regarding choice Indiana tax exempt, lie preferred stocks of old-established South Bend companies, which have been examined and pronounced thoroughly sound investments by independent experts. Issued in denominations of $100 or more. Marshall, Decker & Company Tax Exempt Securities 203 Citizens Bank Building FRANK A. STOVER, Resident Manager Bell 856 Hone 6377 It is our policy to maintain a market for securities obtained through us

WHAT IM

When Mary had the chicken pox An' Freddy broke his ami An our hogs got the cholera An' fire burned down our barn An' the wind blew down the windmill An bust our water tank, Ma just says: "Thank the Lord

Do't rv-4- An air in

South

RIVERVIEW CEMETERY Tbs most neatly arranged and beat equipped Burial Ground In northern Indiana. It ta South Bend's beaety spot. ' . Fine view from any part of the grroundbi. Beautiful shade trres. lawns and flower beds. Substantial chapel and office buildings. Receiving vault for accommodation of patrons. Fourteen beautiful Mausoleums already on grounds. All lota are desirable. INDEPENDENT WATER WORKS Pure river water Is pumped through the roun?s.

$25

The price of lota 100 square f??t, sufficient in size for three graves. .

V Slnjrle graves from $8 to $12. PERPETUAL CARE Is guaranteed to each lot owner In every rteel. ( AAA In trust is already deposited with the St. Joseph Ioan V'"' & Trust Company as a perpetual care guarantee. VISITORS WKI-OOMll Apply to the superintendent for location of lets Homo 5973 Cemetery 'S'hone IW-ll 2420.

Supt. Residence Reil 33.13. DR. D. K. CUMMINS, IVes. JOHN (i. R ARK Hit, Sre'y and Suht.

The Farmers Securities Co. The Farmers' Securities Company offers the wage earner a plan of savings that pays 4 Interest while saving and 67c interest for a year following. Call and Inveterate thm nrrL et and lst savin rm tlzJi. !SI Farmers' Tru it Building. A. B. WICKIZER Real Estate Office Hume Phone ss2'. ReddrnT VU !'h' " ' Is'-' 10G South M i f J i r : i ; C)(T I '!! I " P ;tii' "--- ' mh tii r.i:i !' ! .1

money in

Bend

SAYS

4 la KonU '

Bend National Bank 103 North Michigan St. PAYS 4.

$25

j Buy In Southmoor Reautiful Lots SI Per We-fc. W. P. FUREY, 122 S. Main St. T-li phon :r-' Utc T iv- '! M ; 11. r4i v - - W DR. J. EV'Z c: r- ). eel s S. Mlrh t i : I 4 ' . " f ft

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