Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-09-05

JuStce Greenbaum also held that in
terest due to the dissenting stockhold-
ers should run from the date of the
ming OF their dissent rather than from
the date OF the report made by the ap-
praisers.
Want No More Gold.
The following is from the September
circular Of the National City Bank of
New York:
1t Is as certain as anything can be
that Is taught by experience that the
continued importation of gold is a mem
ace to the orderly progress of business
In this country. 1t is perfectly true
that so long as the fabric of credits
Is not enlarged, additions to the gold
reserves will do no harm, and serve
to broaden the base under the situa-
ton; but bank credit is so readily
available for a thousand inviting pur-
poses that 1T Is too much to expect Of the
people of the United States that they
Will abstain from using it for long at
time. 1t is certain that they have
never persisted in such self-restraint,
and that the bankers have never been
proof against their persuasions. There
IS no money trust strong enough to
close the vaults against the public
when 1t is in earnest about wanting
accommodations.
There is normal status, or equilib-
rum, between the countries o the
world in Industry, in gold holdings
and in all their relations with each
other. That status Is not fixed, but it
cannot be changed abnormally and vio-
lently without reaction. 1t is being
changed in that manner now and the
prudent man will beware of the re-
action. The United States is obtaining
more than its share of the worlds gold,
as gold would be distributed under or
binary conditions, and when the war is
over it will not be able to hold the ex-
cess. If the new supplies have been
stored away, unused and unpledged,
and can be released without disturb
ance, we'll and good; we will have sim
ply lost the interest on their value. and
proceed to build credits upon the new
store. those credits will have to be
liquidated when the base is removed.
and the liquidation of credits under
such conditions is a painful experience
Moreover. the very use of these credits
will have the effect of expelling the
base that supports them. as soon Is
normal trading conditions are restored.
For If under the temporary protection
and stimulus afforded by the war our
industries are expanded upon the basis
of higher wages and higher costs,
nothing can be more certain than that
we will be driven out of every foreign
market as soon as the war is over. and
also, with the result that tho trade
balances will turn heavily against US.
'It is impossible to use additional
credit made available by a further In
raising the level of costs and prices in
this country; for 1t can only be used
by extensive borrowing and buying,
with the Inauguration of enterprises
which would create competitive de-
mand for labor at time when the sup
ply of labor is limited; and however
desira BILE it may be to have wages rise
by natural progress, nothing will be
gained from a spasmodic movement
which ends in the loss of markets,
widespread unemployment and pro-
longed stagnation. Wages can only be
sustained and advanced in this coun-
try by steady demand for the prod |
ucts of the industries and this cannot
be had if our economic relations with
the rest of the world are ignored and
heedlessly thrown out of gear. The /
war is not going to last long enough
for US to get far on a career planned
only for war conditions. |
How often has prosperity been |
known to overreach itself and good |
fortune turn into calamity. We should
not be alarmed over the advent OF pros |
perity because it is likely to end in
trouble, but an expansion of indebted |
ness based upon conditions SO plainly |
temporary as those existing at this
time would be extremely shortsighted
The present bank reserves are more
than sufficient to handle any safe de-
gree of expansion the country can have.
and it will be better that the country
does not receive additional capital In
the form of gold. Whatever is coming
to us under these extraordinary trade
conditions had better be taken In in
securities or dividend
paying shares of ownership In going
either at home or abroad.
"The net importations of gold into
this country since January l. 1915. have
been approximately $20o.oo0:oo0. and
production in this country has been
900, 900 per year..
Financial Notes.
The next government report on crop