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End time-waste in your billing This complete correspondence typewriter automatically

foots and proves your bills while it types them 11 questions answered

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2 "Why should I bother about

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This machine, by totalling and proving bills while it types them, saves valuable clerical time. The saved time can be used for collections

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hour your typist can learn to What is the cost?"

operate it readily.
That varies with the carriage-
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8
cost of plain typewriter.
Compared with the cost of a

Can it be used readily on my standard, first-class adding ma

regular correspondence?" chine, it is low. And remember: Yes. It is an absolutely comIt is an adding machine com- plete Remington Typewriter for bined with a complete type- correspondence purposes.

The writer.

simple switch of a lever preThe initial cost is soon wiped pares it for letter writing.

3

Will it fit my present billing

system?Yes. It requires absolutely

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VOL. LVII.

AUGUST, 1914

No. 2

CURRENT
OPINION

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AssociATE EDITORS:

ALEXANDER HARVEY

GEORGE S. VIERECK

A.REVIEW OF THE WORLD

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PRESIDENT WILSON ASSUMES THE ROLE OF ADVANCE

AGENT FOR PROSPERITY HERE is good news. There is going to be “a boom crops. By the middle of last month the crop reports

of business in this country such as we have never had become eloquent of prosperity. The estimates for witnessed in the United States.” That was the predic- the wheat crop had mounted to the unprecedented total tion made late in June by the President. He did not, it of 930 millions of bushels—167 millions better than ever

— is true, fix a definite date for the boom to begin; but it before; oats were promising the second best crop in our is to come just as soon as business gets its new "consti- history, and rye, barley, hay and other crops were showtution of freedom.” Part of that constitution it already ing up strong. Estimates for the corn crop indicated a has in the new tariff and another part in the new bank- total exceeded but three times in our history. The coting system about to be put into operation. It will get ton crop, while it had not shown any bumper propensithe rest of it when Congress passes the new anti-trust ties in May, had by the first of July shown the largest bills. The President is positive as to the trouble with gains it has shown in t1 25 years and was oromi business and as to its remedy. “Business," he says, ing to be abo “has been in a feverish and apprehensive condition in hales this country for more than ten years. . . . There is nothing more fatal to business than to be kept guessing from month to month and from year to year whether something serious is going to happen to it or not, and what in particular is going to happen to it if anything does." What it needs, in other words, is a sort of rest cure, but it can not get this until the necessary surgical to operation is completed, and that will not be until the U. new trust bills are enacted into law. Then there will si, be "a sense of relief and security," because, "when the program is finished it is finished, the interrogation points are rubbed off the slate, business is given its constitu- Chi tion of freedom and is bidden go forth under the con- pre stitution.” Then the boom will come. Almost before the chc echo of these words had died away the evidence of a turn for the better began to pile up so convincingly that a Republican Senator in a high tariff state-Senator Oliver of Pennsylvania—was saying that "within the next twelve months general business conditions will be booming with unprecedented strength."

Eloquence of the Crop

Reports.
IN
N THE sea of American business the winds and

waves and cross-currents are determined by many things; but the tidal rise and fall is determined by the

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the Claflin failure is characterized by the N. Y. Times as “an episode belonging to the past rather than to the present or future," and "the product of a system which will pass with the establishment of the new banking system.” In Louisiana, where a "very large number” of planters have already abandoned the growing of sugar cane, the only optimistic note that is discernible is that heard in the statement of F. C. Lowry, of the Federal Sugar Refining Company, who declares that Louisiana will abandon the sugar industry entirely in the next five years and will be much better off without it, as she will then devote herself to other crops for which she is better adapted. Her sugar cane yields but six per cent. of sugar to li per cent. in Cuba and 14 per cent. in Hawaii.

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The Tendency Toward Uni

versal Public Ownership. NEXT TEXT to the crop of cereals, in business importance,

stands, perhaps, the crop of political theories. No one can deny that we are having a bumper crop of these, but their beneficial effect seems to be regarded by the business man in inverse ratio to their size. They all seem to lead to more rigid government restraint and a closer contact of business with politics. As one result of the cperation of the interstate commerce law, the talk of government ownership and operation of railroads comes to-day from capitalistic circles instead of exclusively radical circles. The trade commission bill, now before

the Senate, which will place all big corporations under BALAAM

control similar to that exercized by the interstate com-Sykes in Philadelphia Ledger

merce commission on railways, seems to Mr. Roosevelt in foodstuffs, both facts being presumably due to our

to be inadequate, and he is calling for a trade commis

sion which shall have power to “stop all monopolies poor crops last year. Only 8.8 per cent. increase in the importation of finished manufactures has been made,

based on unfair and oppressive trade practices," without

the necessity of a court trial. Evidently the step from according to the Secretary, in the first eight months under the new tariff. The Dry Goods Economist points corporations is a shorter one than from the interstate

such a commission to the government ownership of large 500,000 for 1913—is almost trifling as compared with

commerce committee to government ownership of railour total production, which, according to the latest U.S.

ways. Another step proposed by a writer in the Atlancensus, reached the aggreostaf over $500,000,000 in

tic Montlıly is to place all our news agencies, like the

Associated Press, on the same basis as public utility corvre then. The

porations and subject them to the same sort of governfrom

ment restraint. This might with equal ease lead to government ownership of newspapers and magazines. “Capitalists,” said Senator Borah recently, surveying this tendency, "say they do not intend to invest money in enterprizes that some one else controls.” Commenting on this the N. Y. Sun says: "Is Senator Borah the only leader to-day who has this clear vision of the future? Is his dire expectation of universal public

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BABIES' WEEK IN WASHINGTON TOO

-Powers in N. Y. Evening Journal

WILSON'S REST CURE FOR BUSINESS

79

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ownership, the killing of American individualism, the only escape from demonstrated perdition that the wisdom of Congress can promise?"

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Mr. Roosevelt Assails

the Wilson Policy. BUT

UT all these felicities of universal public ownership

do not lie just beyond the next hill but beyond the succeeding hills, and President Wilson assures us that the present hill is all we need to surmount. After that there is to be rest and security for the harried business

Mr. Roosevelt, however, scouts this idea. In his Pittsburgh speech he says: "The present national administration is pursuing a course that prevents the existence of prosperity, and that does not offer a single serious or intelligible plan for passing prosperity around should prosperity, in spite of the administration's efforts, at some future time return to our people.” Both as regards the trust legislation and the tariff he insists that what the nation needs is "continuing executive action through administrative commissions of ample power." It is highly probable, therefore, that in the ensuing congressional campaign we shall find the President and his followers occupying a standpat position advocating the rest cure for business, and the R-publican leaders calling for a new revision of the tariff schedules and the Progressives calling for a revision not only of the tariffs but of trust legislation as well. By what the N. Y. Evening Post calls "an obvious political coup," which must have made men of large affairs rub their eyes in surprise, the President last month gave this sudden shift to the political kaleidoscope.

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WIPING AWAY HIS TEARS

-Kirby in N. Y. World

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In addition to this utterance and the previous utterances already quoted about relief and security, the President has emphasized his position by conferences with a number of men of large business affairs such as J. P. Morgan, Henry Ford, the representatives of the Chicago Association of Commerce and a delegation from the

"It would be particularly unfair to the Democratic party and the Senate itself to regard it as the enemy of business, big or little. I am sure that it does not regard a man as an object of suspicion merely because he has been connected with great business enterprizes. It knows that the business of the country has been chiefly promoted in recent years by enterprizes on a great scale, and that the vast majority of the men connected with what we have come to call big business are honest, incorruptible, and patriotic. . . . It is the obvious business of statesmanship at this turning point in our development to recognize abil

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REMOVING A BUSINESS UNCERTAINTY

- Voos in N. Y. Truth

SHOWING HIM PROSPERITY

-Smith in Chicago Tribune

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National Association of Bank Supervisors. "The Presi- the banking house of Kuhn, Loeb & Company, which dent,” says the N. Y. Evening Post, "who has so long has played an important part in the financing of the been charged with austerely shunning the visits and the Southern Pacific, the Chicago & Alton, the Baltimore counsels of men engaged in the great industries and in & Ohio, the Union Pacific and many other railway syscommerce, who has been accused of knowing nothing tems and large industrial concerns. Being requested to and caring less about business, has now made what is, appear before the committee, Mr. Jones cheerfully comin effect, a new departure."

plied, but Mr. Warburg declined and asked the President to withdraw his nomination, on the ground that the

distrust shown by this action of the committee created The Promise of a Rest

Cure for Business. a situation that might impair his usefulness as a member OTHER comment on this “new departure" expresses

of the Board. The President persuaded him to let the

. surprise and satisfaction. The Philadelphia Ledger, nomination stand, but the deadlock remained, Mr. which a few weeks ago was denouncing the President Warburg refusing to go before the committee and the for his “mad interference with the well-being of the na

committee refusing to act until he does appear. It was tion” and his "intolerance and obstinacy,” now speaks at this point that the President issued his statement of "an openness of mind formerly unsuspected” and already quoted disavowing opposition to business, big adds: “Common sense has begun to assert itself at or little, and asserting his belief that “the vast majority Washington and there is some reason to believe that it of the men connected with what we have come to call will eventually dominate the Senate.” From being a big business are honest, incorruptible and patriotic." strenuous foe to the trust bills, the Philadelphia Ledger now concludes that it is the duty of all good citizens to

The Case of Warburg and help put them into shape and to get them passed and

Jones versus the Senate

Committee. out of the way. The Newark Evening News thinks that if the President's present attitude astonishes the busi- IN THIS clash between the President and the Senate ness men, that is because they have not heretofore

committee, the press seems, so far as its utterances understood him or his policy. It is "because they have

have as yet come to hand, strongly on the President's permitted themselves to be hoodwinked by the blather side, at least in the controversy over Mr. Warburg. If

, ing sophistry of those whose object has been wilfully says the Knoxville Sentinel, this summoning of nomto misrepresent, in order that they might go on manipulating industry to meet their own sordid ends.” The thing, probably nobody would take offense. Under the

circumstances it is not surprising if certain types of N. Y. World takes the same view. “There is no evi

a dence,” it says, “that the President has changed his atti- acceptable men refuse to submit to such a course of

procedure. The Cleveland Plain Dealer thinks the tude toward business, as is the gleeful assertion of some of his political opponents. It is business that has

Senate's “super-criticism” not only threatens injury to changed its attitude toward the President." The World

sound banking but is likely to deter first-class men from adds: “On every occasion the President has informed

accepting other federal appointments. The Richmond

News-Letter finds the Senate's course "typical of the business very frankly as to the nature of the Democratic

small politician's prying distrust of business men." The program, and he has never failed to invite advice, counsel and cooperation. If business from long habit under

Boston Transcript believes the Senate should at once stood this to mean dictation, it has discovered its error.

repudiate the action of its committee, tho it thinks that The Springfield Republican feels the same way about it,

Mr. Jones's eligibility, at this time, when the “Harvester and expresses the hope that “the second half of the “may well be questioned.” There is no real reason that

trust” is under prosecution in eight or more states, Wilson administration should be a period of freedom

the Detroit Free Press can see why Mr. Warburg or from legislative ‘harassment of business such as we have not experienced in years, in case the President is

Mr. Jones should subject himself to the proposed

"ordeal," and it regards the committee's opposition as permitted to carry through his program at this session."

"entirely captious.” The Newark Evening News traces

this opposition to “squalid acrimonies over division of The Senate Committee

patronage." The Baltimore Sun notes that condemnaSays No to the Presi. dent's Nominees.

tion of the committee's course seems, from the press BUT

UT another hitch in the President's program to sail comment, to be "almost unanimous throughout the

the ship of state at once into quiet waters occurred country." The Albany Press puts the case thus: "It is last month when the Senate committee on banking and indeed a pretty pass if all presidential appointments are currency began to balk over the nominations of Thomas to be put on a grill before a committee of pin-headed D. Jones, of Chicago, and Paul M. Warburg, of New politicians and humiliated and subjected to insulting York, for the Federal Reserve Board, which is to have questioning by pettifogging jackasses. No self-respectcharge of our new banking system. The other three ing man will stand such treatment.” But the Philadelnominations—Harding, of Alabama, Hamlin, of Massa- phia North American lifts up its voice in a two-column chusetts, and Miller, of California-were approved by editorial on the other side. “The campaign in behalf the committee without difficulty; but by a vote of seven of Mr. Warburg," it notes, “has been exceptionally to four the committee reported adversely on Mr. Jones widespread and vigorous, and has been marked by sigand without dissent it laid over the nomination of Mr. nificant agreement between Tory newspapers and adWarburg until he consents to appear before it for ex

ministration organs.

.. Yet of all the financiers in amination. The opposition to Mr. Jones arises because the United States, there is none, we believe, whose of his position as a director in the "Harvester trust" nomination to the Federal Reserve Board would be and his large holding of stock in the "Zinc trust." That more offensive to the principle that credit should be to Mr. Warburg arises because of his connection with freed from sinister influences."

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