davidaulloa/AmericanStories huggingface dataset:
The Birmingham age-herald., 1912-12-29
STAY PERSONALIsM IN STORY
Biographical Odities Not Proper For
 Weaving Into Literature

From the Detroit Free Press.
 James Douglas, British journalist, critic and novelist, now rises to protest against the lack of human kindness and ordinary decency which permits many modern
 writers of fiction to portray for gain the
 sorrows, sins and weaknesses of their
 intimate friends. This custom he con
 siders to be serious and growing, and in support of his declaration that it is pre- vaient he refers to several notable in- stances.
 MT. Douglas adds to this the very just remarks that "this habit of making nov els of the thinly yelled biographies of living persons is converting fiction into a public laundry for washing dirty liter ary linen.' It is doing more than this. It is converting fiction into mere yellow newspaper stuff.
 The British critic has done well as far as he has gone, but he has neglected to suggest the probable causes of the in- crease of this evil he mentions One such cause undoubtedly is the superabundance Of frothy literature placed on the market, sold during short season, and then showed aside from the next batch. In the mad effort 10 multiply books and to pro dude best seller at least once in six months, mems imaginations run dry and their power to do worthy and original work fails. After the fashion of hacks tEey turn to the first source of supply which promises to furnish q ready made idea susceptible of being spun out to fill 250 to 300 pages of marketable copy. After a while, some of them sink into desuetude but many become mere vulgar purveyors or scandal, dug up from the maelstrom Of the erotic circles in which they move, with which they are in colt2ct. Their consciences become dull and8bn the end they are willing not only to sell their own souls for copy, but also to assist in the damnation of the souls of their bosom friends, if they may thereby gain more notoriety and more money.
 Such work does not produce great litera- ture. In fact. 1t may be questioned whether 99 per cent of the material which from day to day is put on the market and sold by reputable booksellers is liter dture at all. At the best it is reporters stuff grabbed up at moments notice and whipped into shape to strike the passing popular fancy and get quick returns. Sometimes the whipping process is done so cleverly that the finished product looks like real oak, but in a year or two where the veneer rubs off it shows the pine underneath and is forgotten. At the worst 1t is the sort of literature de- nounced by Mir. Douglas.
The Birmingham age-herald., 1912-12-29

notes, the length of the period of maturi- ~ of such notes is no criterion for dis tinguishing investment from commercial paper.
 Under these conditions the avoidance Of the confusion Of commercial ana iif- vestment banking is only possible when bankers are keenlY conscious of the evils which result from such confusion and carefully conduct heir business with this object in view. Tine only practicable plan is the conduct of an efficient credit de- Iartment which will inquire into and find cut the use to which the proceeds of plars are put, and which will keep the officers who make loans supplied with infurma tion which will enable them to know how prospective borrower will use funds put at his disposal.
 Danger of Imitation
 Unfortunately banks conducted ae- cording to this plan are rare Most bankers are not aware of the import ance of the distinction between these two kinds of banking. Their inquiries regarding loans are usually limited to The security back of them. If they are satisfied that the rlan or men whose names are on the paper they buy are good for the amount borrowed" they consider the loan good and take it without hesitation, blissfully uncon- scious of the fact that a good loan for an investment banker may be a very bad one for the commercial banker. bad not necessarily in the sense that in the sense that it may cause trouble
The Birmingham age-herald., 1912-12-29
BUSINESS CREDIT
 BEST BASIS FOR
 SOUND BANKING Financial Crises Penalty We Pay for Pouring Funds
 Into Wall Street PRESENT SYSTEM
 AIDS SPECULATION Broad Market for Business Loans Are Needed to Replace Stock Ex-
 change Mart-University
 Man Gives His Views 

The confusion of commerclal with in- vestment banking is one of the most seri- ous defects Of financial practice in the United States. It leaves the doors wide orcn at all times to credit and curs: hey imitation, and is a potent cause of nard times and commercial crises.
 The distinction between these two kinds Of banking is easy to draw in theory, but difficult. in practice lnder present conditions in this country. Con- rercial banking is concerned with the current commerce of the country. It sup plies the greater part of our medium of exchange and manipuates nearly all of it. It's chief function is through debit and credit accounts, to balance on it's books the mutual indebtedness of indi- viduals. communities and nations. Its ehies ...s trumentalities arr checking ac- counts note issues against commercial assets discounts of commercial paper and clearing houses.
 investment banking, on the other hand, is concerned with the investmsn: of the new savings Of the community aud With transfers from one form of fixed invest ment 10 another. It deals with .xed rather than circulating capital. should have nothing to do with the supply of a medium of exchange, and operates chiefly by means of savings accounts. and pur chases and sales o1 bonds, stocks, real estate nor, sages and other long time se eurities. he stock market is one of the rlust highly developed and sensitive arts of it's aohinery, and speculation one of its | '-ploducts.
 
 Two Kinds of Banking Confused
 Under present conditions Tn this country it IS difficult to sepaarte these two kinds of banking, beeaNse both are carried on by ,he same institutions, and because the larger part of our commercial paper is not differentiated in form from invest naent paper National banks are com uclled by law to do both kinds of busi- ness, since they must invest a perc antase st least of their capital in government bonds and must issue their notes against investment instead of commercial securi- ties State banks are under no such com puision, but they are expected to and Go deal heavily In real estate mortgages, and both state and national banks conduct savings accounts. Trust companies ,yhile organzed especially for investment pur- poses, to the extent that they do a bank ing business, usually do commercial hacking also, unless they are expressly prohibited by law.
 The promissory note is the most widely used form of banking security in this country, whether the purpose of the loan be the conduct of current commerce or a more or less permanent form of invest ment. On account of the almost universal pfGctice of carrying" business men by all indefinite number of renewals of heir
The Birmingham age-herald., 1912-12-29
Value of Bank Acceptances

A very important though not absolutely essential adjunct to national discount market is the right banks to accept bills for their customers and the develop ment of the practice of making such ac- ceptance This Is the easiest means of giving wide currency to commercial paper. The intervention of bank be- tween the local borrower and extra local markets is essential, there being no other intermediary, and such intervention must take the form either of the banks en- dorsement of the local borrowers paper or of the acceptance of bills on his ac- count. Both methods have their advant- ages and should be employed each for the purpose for which it ls best adapted and under the circumstances under which 1t is easiest available.
 Once the way to the separation of com mercial and investment banking is made easy and clear its advantages should ap- peal to both borrowers and lenders. The former will find it possible to get genuine commercial loans at much lower rates than now, and in their investment loanq they will be freed from the necessity of premature and unexpected calls for pay ment. The lender. will be able g1atly to expand their business of the chia)elan- gers which now menace them.
The Birmingham age-herald., 1912-12-29
Funds Flow to Wall Street


 our reserve system Is a constant in- vitation to imitation and forces it at times. The balances which banks keep with their reserve agents can only be used by operators on the New York stock exchange and. while speculation in ordinary times renders these loans extremely liquid, at other times, when it misjudges the resources and the in- clinations of the investment market, they are very far from liquid and pro duce imitation in an extreme form.- An other portion of our bank reserves, the so-called secondary reserves are of ne- cessity invested under our system In high grade bonds which, like call loans, based on stock exchange collateral, arc easily disposed of so long as ylvest- ment funds are in ndhe market in suf- fieient quantities, but unsaleable when such funds are exhausted. If at such times banks hold such securities against their demand obligations, imitation Is the result.
 The prevention of the confusion of commercial and investment banking and of the imitation which results there from is not a simple problem The first essential to it's solution is the general recognition of it's existence by bankers and their customers So long as both parties feel, as they do now, that any man with good credit and good security is entitled to a loan from a commercial bank regardless of the pur- pose for whiah the funds are to be used, there is little hope. On the other hand a perfect understanding of both parties that only funds destined by their owners for permanent investmen. should be loaned for the purchase of lands, the construction of houses, the building of factories and their equip ment, the digging of mines, the con- struction of railroads, canals, etc, etc : and that those funds which represent the circulating capital of the communi- ty should be loaned for commercial purposes only, would predispose the public to search for such notifications in our banking system and methods as would make the separation of eommer- cial and investmpt banking easy, and properly to use tive necessary financial machinery when it is supplied.
The Birmingham age-herald., 1912-12-29

operations had been confined to pure " commercial lines, or if they had not tied up commercial funds in investment securities
The Birmingham age-herald., 1912-12-29
Market for Commercial Paper

The next step must be the creation Iof national market for commercial paper. At the present time the bulk of the paper which ordinary commer- cial processes bring into existence can be marketed at the local bank only, since the maker of this paper is un- known beyond the locality in which he lives. What we need is the machinery for giving such paper, when it Is first class, nationwide currency, so that the local bankers ability to discount will not be confined to the resources qf his own community, if they are United, and so that he can safely discoEnt the paper of other communities if his re- sources exceed local needs. This end
 attained, bankers balances with re- serve agents would not need to seek the New York stock market for em- ployment and secondary reserves would be made up of commercial paper in stead of bonds.
 Before we can have a national discount market we must create a national insti- tuition for the purchase of properly SC cured commercial paper and equip il with the means of making such pur-
 necessary. For such equipment there are
 two essentials: 1t must hold the cash re-
 serves of the entire country, that is, such
 a portion of the nations supply of cash
 as Is not in current use as q medium of
 exchange and it must have the right to
 issue notes against commercial assets. As
 the custodian and administrator of the
 nations central money reservoir it would
 become the center of its commercial book
 keeping machinery, balancing on its
 books the mutual indebtedness of all
 other institutions, reducing the use of
 money to the minimum and giving maxi
 mum efficiency to our money resources.
 The right to issue notes against conner
 cial assets would enable it to supply the necessary elastic element in our currency
 and to reserve an adequate supply of cash
 for international and emergency uses.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
BAND CONCERT.
PROF. W. H. OMEN AND HIS NUS
CLANS WILL GIVE THE MUSIC
LOVERS A TREAT.

PROF. w. H. OMEN AND HIS MusI'
CLANS WILL GIVE THE MUSIC
LOVERS A TREAT.
Professor William H. Omen is max
ing great preparation for the concert
which he is to give at the Normal
School auditorium on Tuesday even
ing of the coming week,
This is the first indoor concert that
Prof. Omen and his First Regiment
Band have given this winter, and OF
course the first chance that the public
OF this olty!iiave had of hearing the
excellent MUSIC Of. this band.
Some excellent solos will be given,
us well as some Of the latest and most
up to date numbers Of band music.
The program for the evening, which
was published in these columns some
few days ago shows that the music is
excellent, and we'll worth any ones
time. The programme was TO have
been rendered on Wednesday night,
the 14th, but owing to the fact that a
musical show will be on at the Grand
on that afternoon and night, Prof.
omens changed the date OF the rem.
dltion, making 1t. on the, night before,
Feb, 10.
An admission of so cents will be
charged.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
NO TIME 70 WASTE

Life is short I've much to do-1so
q can't sit round with you putting up
a line OF waillpgs, talking Of some fell
lows fallings, tiirashing DER the Situa-
ton that Is threatening our nation!
Life Is short and / am busy writing
verses dull and dizzy, that the frau
may have a bonnet with a large STUFF
fed rooster on 1t, and haven't time
for fussing Ger the government or
cussing misfit laws which knock the
people higher than the village steeple!
Life is short, its thread is slender and
I'm busting a suspender, fairly tear
ing mp the trackage to accumulate a
package, so that when I'm old and
.hoary ! can live in ponp and glory
So that when at last I'm planted my
fat ghost will not be haunted by a
hungry widows signing so l haven't
time for crying DER the nations
chronic troubles, DER the "peepul'sP
busted bubbles. Life is short and men
are fooling time away in empty drool:
ing oyer things that don't concern
them. lodging fires that ne'er will
burn them. .,,,..
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
I..R!l..gR SsRI!gE
WoMARsE I HOME AND FOREIGN
MISSIONARY CIRCLE HELD YES.
TERDAY AFTERNOON.

The annual Prayer and Praise ser.
vice of the Woman's Home and For.
eign Missionary Society OF the Pres
byterlan church was held yesterday
afternoon at the church. The service
was largely attended by members OF
the organization and of the congrega-
gramme was rendered. Mrs. Frank
Richie, president of the society, pre-.
sided at the meeting and interesting
papers were read by Mrs. Ts. 81
Mrs, ]. Walter Barnes and a
letter from Mis- Hilda Helstrom, of
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
THETRAMP.

| The tramp is a social outcast who
has no one to guide his erring foot,
t6tegs texeePtgthe togn marshal. The
4 lie hEstog eaverage tramp is
Efll.6f patlios and cold vlctuals. Some
tramps are well educated and know
i tow to handle a saw buck, while 9th
ers are so ignorant thatsthey can't
read an Australian ballot without the
aid of a. 50 bill. The tramp is usually
a gifted conversationalist and can talk
intelligently, upon any topic except
manual labor. When a housewife
brings up this subject, in a delicate
and roundabout wey, the tramp fetghs
several kinds of total disability; in.
GLIDING weak lungs and the. baking
palsy. There is nothing that: Will he.
'dTce the temperature of The tramp
quicker than to be introlucsa to- a
cord of pin oak or requested, TO Eieain
lifIfiIself TO the embrace Of a wire; car
pet beaten The tramp never has to
have his memory examined for flaws
or defects in workmanship and mate.
rial. He will remember to LIES last
lingering hour the face of the hard.
ened and unsympathetic citizen who
met him at the back door in 1884 and
kicked him directly underneath the
goatee with so much enthusiasm that
he had to live OH soup for the rest OF
the summer. Likewise. he never for
gets the habit of the clinging bull
pup with teeth which have to be pried
open with a garden rake. or the In.
trepld hired girl who smoothes out his
wrinkles with flatiron. There is
fraternity among tramps which serves
high and lofty purpose, asst steers
the membership away froniltlie home
of the, night watch and directs their
feet to the abode OF SOME slender
hearted female who is shorten nerve
and long on custard pies. The tramp.
never keeps anybody waiting on Sat
urday night for their turn at the bath
tub, ds he does most of his bathing in.
a box car or in company with CON
signment of beef cattle which are jour
neying to that bourne from whence no
traveller returns.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
SMALLEST OF ,cREws.

The smallest screws in the world
are made in a watch factory. They
are CIT from a steel wire BY lua'
chine, but as the chips fall from the
knife it seems as though the operator
were simply cutting up the wire for
his own. amusemep. gb a; ssf .;
The fourth jewel screw is next to
invisible. and to the naked eye it
looks like grain OF dust. With a
magnifying glass, however, it is seen
to be screw with $50 threads to the
inch, and with very fine glass the
threads may be seen quite clearly.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
I'm ExR.LIopEp MYrH

+
Every now and then some space
filling critic OF the drama bobs up, to
the extent Of about three-quartcrs et
column, to deplore the good Old
days when we had real actors, and
The subject matter OF our plays was
not based upon the "sordid' themes
Of icontemporaneous life. The converts
Aueh5Gaeactionary makes to his .dra'
matte theory, of course, can be count
ed upon the fingers Of hand that
has toyed not wisely but too well with
! dderichopper.
We nave done, and done forever,
thank heaven, with system whereby
a single star, rauting ridiculous hero
les, could surround himself with a
company so mediocre as to offer only
a dull and deadly contrast to his
frothings at the mouth and hale large
audiences into the theaters 10 see
stich plays as Virginius, Damoa anu
fYthias, and the like. The time worn
ana wordy stage soiiloQuy has gone
}afifo the discard, where it belonged
suli;a half centuryibefore, its, passage;
Stage characters inithe piRys,df today
chat carry anysintsllectuali appeal are
d G6mlng ito have it beaten into our ma
5tional consciousness that Shakespeare
was right In letting grqRt character
say eTheiplayls the thing" The play
for the plays sake, not Tor he exf
plotting Of a star, is what We are COM
ing to and our own American plays
though good many OF them fail short
OF the merit of English contgnpoIl
aries, are nevertheless holding the
mirror up to American life and dts
problems, and 10 just the degree in
which they are successful in that, are
becoming worthy of our serious con
slderation,
Playwriting- real playwrlting, that
isis in its infancy here, but two
decades hence ought to see this coun-
Try with galaxy Of native dramatists
second to none.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
WARRANT FOR WALLACE.

The'warrant authorizing the holding
of John Wallace, who is charged with
having tried to pass a worthless check
TO which had forged the name of
Wilbur Hennen, Of this city, was to-
day sworn to before Justice r. Leigh
Fleming, the warrant being signed by
Prosecuting Attorney Tusca Morris.
The date and time OF the preliminary
hearing has not yet been an
nounced.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
WANTS MEALS ON rIME.

WETHERsFIELD, Conn, Feb. 10.
Sentenced to be hanged March 20,
Andres Tanganelli, slayer OF Mrs.
Mamie Davis, was said by the prison
warden to be getting SO fat new
clothes were necessary The con
demned man seems Indifferent toShis
fate, his chief interest being thass his
meals be served on time.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10

ton and 4 mos intcresting pro.
Korea was read by Mrs. J. T. Powell.
Mrs. W. T. Black and Mrs. H, @. stoet;
ger rendered vocal solos.
An informal reception followed the
service, the hostesses we're Mesdames
w. B. McGregor, Mark Dandy, G. G.
Robb, Robert Rightmire. o. L. McMIl.
Ian, L. H. Duncan and H. C. Falconer.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
WILL THEY REFUSE
TO ATTEND CLASSES

MoRGANToWN, w. Va, Feb. 49,
To determine whether Lincoln's birth.
day is legal holiday and should be
observed as such by the students, is
the object OF a petition which is nov
being passed around among the W. v.
U, slawyersG The. petition was start.
cd Wednesday, in ShtcNtl,e lawyers
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
A5MlrrEIpyl. 10 HOSPITAL. !

~" ,,sl'SS NJ 'S.SSlts'I4 = rvu-
Han Engleg is resting at the MINERS
hospital in IHfs City, having 6eeif
brought here from Masohtown, West
Virginia, where he was injured in a
fight, being shot in the back below the
shoulder by'a foreigner y,the name
Of Frank Bartlic, 4. III ~
"'THe hospital authorities think, that
the;naah Elll.suTEtye.lhts wound.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
REED WILL INTRODUCE
m an TERM REso tlTlol Us

WASHINGTON, Feb, lo,I senator
Reed. Of Missouri VIII Introduce 9
resolution next Monday providing ior
a constitutional ! amendment 70 bar
any man from holding The once q
president Of the, United States more
than two terms Of -four years aehs
The filling Of an unexplred term g.
be regarded as a full term,
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
REVENUE OFFICER DIES
Az. BALTIMORE FRIDAY

BALTIMORE. Nd, Feb. 10-charles
Dooley, OF Second Creek, w. Va, died
here yesterday. and will be taken back
to his native state for Ipterment with
a guard Of revenue officers. The de-
ceased was an old officer in the em-
ploy of the revenue department Of the
government.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10

cARUso's POLICEMAN RETIRED.
NEW YORK.-Police Commissioner
Waldo retired on an annual pension
of 500 yesterday Patrolman James ].
Cain, who achieved publicity several
years ago when he arrested Enrico Ca
russo, the tenor, in the menageria in
Central Park.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
RECLAIMED HER EYEsleHr.

NEW YORK, Feb. 1O.-Because she
heard someone say she was dead, as
she was being pushed in a cart
through the streets, Mrs. Annie
Churchill, blind for two years, was so
shocked she regalned her sight COM
pletely.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
OHIO Man WANTS HoMELY VIE

STEUBENVILLE, O.-Henry Beck
myer, of this city, has said that the
girls here are too pretty for him, and
has written 10 New Jersey for home.
ly wife, addressing his letter to the
county court, in one of the outlying
counties. Steubenville girls consider
1t quite a compliment.
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
oLp.pEseRrER

LEAVENW0RTH, Kan, Feb. To-
Patrick Butler, 80, who says he de-
serted from the Second Infantry, U. s.
a.. at Chattanooga. 80 years ago, gaze
hiniself IN here. He viii he allowed
10 n. on dos ems felea
The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1912-02-10
svpaeRlPTloN aRAFee.

POLITICAL ANNOUNCEMENTS.
The prices charges for inserting an
nonneements Of candidates for State
onIees IN these columns will be as fol
lows:
Governor $4,000.
auditor, $500.
Secretary Of State, $500.
Attorney General, $500.
Treasurer, $4,000.
Superintendent of Schools, $4,000
Congress, $500.
mis- lee VII Include the publica'
ton q cut and formal announcement
sd aading card guhder the Aeneral
head OF Announcements" to run daily
until the contest for which the an
Ionncement Is made is ended. For
frst page announcements add $500 70
aboye schedule Of PRICES. :