davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
Lend Freely but
Discourage Speculation

The coming convention will attract
a strong delegation of bank presi-
dents from the large cities. They are
formulating plans TO make the meet
ing famous in the long history of
memorable gatherings that have been
held annually since the association
was organized, in 1875. P. w. Goe-
bel, president of the Commercial Ma
tional Bank, of Kansas City, and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09

can Bankers Association can per-
form no greater service than TO give
its unqualified Endorsement TO two
features of the Federal Reserve
system. First, pressure should be
exerted TO induce state banks and
trust companies to become members
Of the system. Second, members
should encourage in their respective
communities the production Of trade
acceptances - the self-liquidating
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
ers Work to Humanize the Federal Reserve System

commercial paper which will M,
the new system with its liz. NJ. r'
None Of US can foretell whs. -.
develop in the present intern..;..','
political situation, but it i, c.rt,;'
that the possibilities are suf,e;.,.''
grave 10 demand that every ,,.'
toward full preparedness be .,L'
Both patriotism and recosnitior :.
the principles Of good business .,
important elements in the situ,.;,,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
Country Banker Slow
To Change Habits

The country banker is something
of coward. After relying for many
years upon his reserve city CORE
spondents for accommodation in time
o. need, he dislikes TO try to bor-
row money from his Federal Reserve
Bank. In other words, he avoids
change, takes the path of least re-
sistance, and has not yet been in
duced to rediscount his paper to any
large extent with his Federal Re-
serve Bank. 1t is necessary, there
fore, that each Federal Reserve Bank
should send some one out to explain
II member banks the advantages of
he new system and its quick redis-
count possibilities"
There is merit in this proposal.
Leading bankers contend that the
huge convention could render no
greater service to the public than to
humanize the Federal Reserve sys-
tenn sufficiently TO make the state
banks and trust companies come In.
While banking is cold-blooded bust
ness, the shrewdest money changers
learned long ago that molasses is
more effective than vinegar in catch
ing bank accounts, and new bank &C
counts-about ten thousand of them
is what the Federal Reserve banks
Y,uSt procure if the United States IS
r. lave a centralized banking system
~ the first order.
A banking system that is divided
AGAINST itself lacks the cohesion and
reserve power necessary to compete
for world business with the Bank of
England, the Bank of France or
even a normal Bank of Germany. As
the need is great, the delegates will
have rare opportunity to get down
II brass tacks discussion as to the
best means Of making the banking
system of this country as powerful
as it deserves to be. Since there are
three times as many state banks and
trust companies as there are ma
tional banks, it is clear that the prob
lem Of complete cooperation must be
solved through winning the support
OF the state institutions.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
Putting Proper
Discount on "Isms

Arthur Reynolds, vice-president Of
the Continental and Commercial Ma
tional Bank, Of Chicago, and ex-
president Of the American Bankers
Association, thinks that the conven-
ton could render signal service by
inducing all banks to join the Fed
eral Reserve system. "This would
give us real central bank sys-
tenn" Mr.. Reynolds says, and adds:
"The best service that the bankers
can render the American people Is
t. take leading part in encour-
aging conservative habit Of
thought and action, both as to public
and private affairs.
I'm the extraordinary period
through which we are now passing
all kinds of wild notions are brought
forward and discussed, and because
os the contact which the banker has
with the people and his opportuni-
ties TO discover the trend of the va
rious isms' he is in position to aid
in advancing such as will be helpful
and in curling those that might
prove harmful. BY reason Of the
great variety Of business enterprises
into which he gets insight, the very
nature Of his employment putting
HIM in a position where his bank Is
a sort of clearing house for business
information, he can do much in the
way of directing operations along
safe lines and holding over-expan-
sion in check.
"The most important changes in
the financial world since 1907, so far
as America is concerned, have been
the establishment of the Federal Re-
serve banks and the building up of
this country's gold holdings. The
greatest weakness with which we
had to contend in 1907 and prior
thereto was the lack Of unification
and elasticity in our banking system,
which has been greatly strengthened
by the Federal Reserve banks. The
huge favorable trade balance that
has accumulated in our favor has
given us a commanding position and
has enabled us to make tremendous
additions to our gold holdings, until
to-day we have one-third of the yell
low metal Of the world.
81 am of the opinion that Ameri-
can bankers should do all they can
to assist in placing war loans, but
there is no reason why these should
not be underwritten by the banks at
a figure that would afford a fair
percentage of profit. 1t should be
subject to the same rules as any
ether transaction. We should not
ask the railroads to haul troops, mu-
nitions or any kind of supplies free
of charge merely because the govern
ment had to pay the bill, and bank
ers and bond houses are equally en-
titled to compensation for the expen-
sive and exacting service of floating
government loans. Many banks in
Cured heavy expense in connection
with marketing the first issue of the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
By GORDON TORRANCE

what, yet not enough to entirely de-
stroy its intrinsic goodness. Hundreds
of such epistles are composed, and
ought TO be thrown away every day
by the applicants themselves.
Then there is the letter from faith
or, mother or other relative in the
favor OF the applicant. Instead Of
helping, it generally prejudices what
ever chance he may have had already.
suggesting. as it does. his inability or
business shyness. A masterpiece like
this occurs to me. 1t ran:
Ny boy would like a job. He can do
almost anything. Probably you don't re-
member me- but the last time you were
down this way you took dinner here.
Anything you can do will be appreciated.
Such letters, albeit bit pathetic,
violate the five senses Of business. In
justice to applicants, they are far bet
ter not written. Few ask what chance
there is for we'll deserved advancement.
The busy man likes that. He will stop
from his task TO meet the man or boy
who takes time now to look ahead. Per
sonally | would not consider the en-
ployment Of man who lacked enough
initiative TO write me straightfor-
wardly himself. I know that most
men will agree; they have to.
Il is not necessary TO pick flaws in
any Of these letters. They are made
of them. and, played up so, are only too
apparent. They state the obvious,
violate the d'ctates Of correct English,
achiev. obscurity, are not explicit, in
fer that the applicant may be willing
to accept any position if it be good
enough, offend the taste in thanking
in advance" for, not favors, but purely
business matters that have not yet
been undertaken and may not be, and
in at least one instance imply that
YOUR firm is more than likely to suffer
if the applicant is not embraced forth
with. Webster is outraged. For con-
fusion of the issue, one might think
the writer's diplomats or Members Of
Congress. Their letters are rambling.
They do not go straight TO the point;
and then, when they have reached it
Bling! end up.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
By Williap Justus Boies

TT TAKES courage for an in
I terror banker TO leave his desk
~ in the third week Of September
usually an interesting period in
the money market-of a war year to
attend the annual gathering Of the
American Bankers Association. But
four or five thousand are arranging
their affairs 70 make the journey TO
Atlantic City, as the convention
promises TO be the most remarkable
ever held. because Of the discussions
which relate solely TO war problems
and owing to the extraordinary op-
portunity that such an assemblage
will afford for the private inter
change of views touching the money
market outlook, government loans,
The crop movement demands and
the work of financing the restoration
Of peace.
Prominent men in the convention
will make a serious effort to put red
blood into the Federal Reserve sys-
tenn. To many bankers it is little
more than a beautiful piece Of Wash
ington mechanism presided over by
seven members of the Federal Re-
serve Board, who rule the country
bankers with a rod Of gold. This i'm
perfect knowledge Of its functions
has led some sections to think of the
board as q sort Of financial police
service, to be heard from only when
the high money gong sounds or some
thing breaks loose in the foreign ex-
change market. In order to empha-
size the father-and-son attitude tow
ard the country's seven thousand ma
tional banks and to give the organ
ization the necessary human touch,
one Western bank president suggests
that the reserve banks each appoint
an officer or director to visit every
member bank in its district "to talk
things over with its officers This
banker adds:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
The Boy Who Knew How

know boy who in a dull time lef.
his school for the business world. He
needed work. and he set about getting
it. Like many schoolboys, he had a
very slender stock in trade. but he set
out to make the most Of it. He wrote
a letter TO a firm that conducted a
business he liked. 1t appealed to his
imagination. that business, for it was
big, and broad in scope, and growing.
And he made up his mind that he would
20 into it. Others with his qualifics-
tions had been passed BY, but one night
when he had returned from making a
round OF the places where Help
Wanted" crooks a finger at the hope
less and the unemployed he sat down
and wrote them his letter.
He told them he wanted to get into
that business, and he said he meant
he was poor in previous experience,
their business, for it was large. and
growing larger, and he would like TO
be with a firm like that. He said that
but rich in ambition, and then he wrote,
directly, just what his training was.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09

Liberty Loan. and no provision has
been made for reimbursing them.
1.-THE coming convention will have
al opportunity to cooperate with all
good citizens and patriotic organiza'
tions in directing a sound and SEN
sible discussion of the great prob
lens now confronting the nation,
and am sure it will discharge the
duty in a creditablc manner. The
bankers, individually and through
their associations, have always en-
dcavored to advance the public wei
fare
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
Federal Reserve Act
Here to Stay

i cOcIdl tNCbCINc NV
Here to Stay
Waldo Newcomer, president Of the
National Exchange Bank, OF balti-
more, favors strong efforts by
bankers 10 throw aside personal
preiudices. questions Of trifling Pc
cuniary differences and petty jeal-
ousies, so that all may work in hearty
cooperation for the success OF the
Federal Reserve act and for con-
structive, broad-minded amendments
10 it. The act is here to stay, and
I doubt whether any banker whose
opinion is worth listening to would
want to 60 back to the old plan. Az
the same time, the only way IN
which it can attain to its full effec-
t!veness and power for good is by
having the bankers Of the country
solidly and enthusiastically back OF
j..
an 1907, with business fairly nor
nal at the outset and no real reason
for panic, we were precipitated
into a currency panic, due entirely
to the lack Of elasticity in the bond
secured bank notes. This was fol-
lowed by business depression and all
the evils of panic. But the great
est alarm and Inconvenience arose
from the shortage of currency, not
from the panic proper. In 1917 VIC
are working under financial system
which makes such currency famine
an impossibility. We may have
panics and are in considerable dan.
ger of imitation with its attendant
ills, but the fact remains that had
we been working under the old ma
tional bank act during the last two
years the financing which has been
accomplished would have been utter
w impossible, and we should have
probably been in the midst of cur
rency panic besides.
81 believe it practically necessary
for the bankers to act as under
writer's Of the loans in the sense Of
being prepared to take all that the
public does not, but should regard
it as little short of a calamity if any
considerable portion of the bonds re-
NAMED in the hands of the so-called
underwriters"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
The F oretelling OF
1907 Financial Upset

This great organization OF li,0Oo
banks last met in Atlantic City ten
years ago, at a time when the stock
market disturbances indicated the
oncoming of the 1907 panic. Those
who attended the convention recall
the sensation produced by the brill
liant address Of NJ. f. Ingalls,, then
president of the Merchants National
Bank, of Cincinnati. AS the head
also of a great transportation sys-
TEN, Mr.. ingalls, naturally took the
railroad point of view, and threw a
bomb in the convention by telling it
that the country was headed toward
a great financial reckoning. Just
four weeks before the day that the
New York banks issued clearing
house loan certificates Mr.. ingalls,
uttered this warning:
"What is the condition in the coun-
try to-day, and what has brought it
about? First Of all, the great ex-
travagance Of the people; next, the
reckless expenditures of corpora
items, especially the railroads, some
of which undertook to rebuild and
enlarge their lines without any re-
gard as to how the money was to be
provided. Years hence. when the
history OF the financing Of the rail
roads in the years 1906 and 1907
shall be written up, people will Won
der if such things could and did hap
pen at this time-the millions and
millions of expenditures which were
ordered without any visible means of
providing for them. All at once the
blow came, and the legislation which
l have alluded to was one Of the
causes that aided in bringing the col
lapse, and the first thing that the
gentlemen managing the great enter
prises knew they had no means Of
paying for the expenditures. Their
bonds were not selling, their stock
rights were not taken, except at a
great sacrifice. Then it was that
they awoke from their dreams, and
found large sums due and no money
in the treasury.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
Popular Phrases

Certain phrasings pass current In the
glossary Of the bad letter writer:
Thinking probably my services would
he more appreciated in your business
than in any other" kindly state high
est salary you will pay" awaiting a
reply" hoping to hear from you
SOON" with divers variations; hoping
my application will be accepted"
thanking you in advance" with count
less notifications; awaiting your con-
venience," trusting to hear from you
as soon as possible" thanking you for
past favors." awaiting your reply"
dd iufuitltnl. Reinforcing the home
made letter is the one from your min
lister, Congressman or the man who has
known YOU since you wore short trous-
ers. They 60 far TO say little. Occs-
sonally they help. Then, again, will be
the letter from an old employer, fell
low who should perhaps in all fairness
have done the boy better turn. Some
times he will say: THE bearer has been
with me for five years, and am sure
will serve you TO the best of his abil-
tiles" 1t is hard enough without such
aid.
OF course. in days Of man shortage, as
now, a good application is not always
required for a good position or a hear
ing. For the better places it is presup-
posed, of course, but where the appli-
cant is only presumed to have full use
Of his hands and feet, and no matter
about the rest, the niceties Of the writ
ten word may, on occasion, be passed
by. Yet, while good business usage
may sometimes, in the scutfle Of rush
hours, be ignored, it always comes into
its own again, and the careful man
thinks of the time when the sitter Of
normal conditions is going to shake out
the clinkers and ashes and the real
sfufT will lie on top.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09

scriptions, although they knew that
such action would lead 10 heavy cash
Withdrawals which might be trouble
seine to arrange. Five months of
American participation in the Euro
pen war have made the bankers real
ize. however, that the task of finan-
eng a great military campaign, with
its aeroplane adjunct, is about the
biggest financial thing that this gov
ernment ever tackled. For these rea-
sons the special committees will do
everything possible to strengthen the
selling organization for the next
government offering with the idea of
getting close to the small investor
who is never troubled with the su-
pertax problem.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09

Imperfect knowledge Of Its Functions and Dread OF the Word
"Redcont" Remd Operation Of Mechanism on Which the
Nation Must Rely to Finance the Restoration Of Peace
Leaders in the Monetary Affairs Of the Country to FORE
Gather at Atlantic City This Month
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-09
Thanking You in Advance

Quoting from life
most respectfully make application TOR
a place in your business affairs.
Having a fair knowledge of drawing
and skstching as 7 have had two years
training at the Institute in Architecture
Also have a fair knowledge of clerical
work. with the exception Of bookkeeping
and stenography.
Awaiting an answer at your early con-
venience. and hoping to receive An encour-
"S' ''''' THE APPLICANT
And this:
Sc. by the papers that you are in
creasing your business and likely needing
more men. Can get good position with
you?
he handed" 20 me. but ] mean will study.
and 1--WE or six years good, practical eS-
perierce help me to be more than an ordi-
nary clerk?
have worked at your line In several
states | am a young man. twenty-one
y.sr, old. Have fine health Please give
this your personal attention. as ! am not
interested in the information you might
send a "laborer" or clerk. Should your
reply be at ali favorable. will gladly
come 10 sec you otherwise | Will try Tor
another place.
Thanking You III duNdnSs LOT any as
,i.,ance YOU may give. and hoping my
Application will be accepted
Remember that these men are by M
means unschooled yokels, but pretty
fair men on the watch for better thar
ordinary places-chaps, probably, tha'
look a good BIT like you and me.
have reformed their grammar sste
Wiarus. (Winona, Minn.) 1895-1919, 1917-10-11
BAKER IA p0LSKA ar
MIA We FRANCYl.

Washington. Rozpoczeta juz re,
krutacya do Polskiej armii we
Francyi donna nowego rozpedu i
zachety cd przyszlej niedzieli, kie
dy Polacy W Chicago swiecic be-
da stuletnia rocznice Kosciuszki.
Najwazniejsza Geese obchodu Cd
bedzie sic w pawilonie Dexter W
"stockjardach" gdzie zostanie
wreczony przedstawicielom Pols--
kiej Armii wypracowany reka Pc
lex amerykanskich sztandar ola
pierwszego jej pufku, a przema--
wiac maja minister wojny Baker,
znakomity artysta i zasluzony pa
tryota Ignacy Paderewski, szef
misyi francusko : polskie:j Wac
law Gasiorowski i inni.
Minister wojny Newton D. Ba-
kcr wydal w sprawie Polskiej Ar
mil we Francyi nastepujacc os--
wiadczcnie:
"Zwr6cono uwage ministerst--
Wa wojny, lie Polski C%entralny Ko
mitet Ratunkowy w Chicago "a
mierza rozpoczac Ago %pazdzierni
ka czynna kampanie rekrutacyj-
Wiarus. (Winona, Minn.) 1895-1919, 1917-10-11

ma do Polskiej Armii, walczacej
becnie ma zachodnim froncie W,
Francyi.
"Majac ma oku stanowisko tn
tejszego rzadu, zajete odnosnie d.
sprawy Zjednoczonej i Niepodleg
l1ej >Polski, ministerstwo wojny
czuje sic szczesliwem mogac os-
wiadczyc, re sic W zupe}nosci 60
dzi ma projektowane plany komi
syi i wierzy, re kampania rekruta'
cyjna, kt6ra zmierza do wzmocnie
MIA Polskiej Armii, walczacej o.
becnie wraz z armiami Aliant6w
we Francyi, cieszyc sic bedzie pc
wodzeniem i sukcesem."
re strony pana Paderewskiego
wydane zosta}o nastepujace os-
wiadczenic i APPEL:
"Armia nasza potrzebna jest
ME Francyi, a Polsce. Zajeta przez
nieprzyjaciela, Polska ME moe Q
bccnie wys}ac swych syn6w, ably
przylaczyli sic do szereg6w SIAM
pion6w wolnosci. Ale jesteScic tu-
tai wy, nieodrodni synowie swiet
nego narodu. w waszych rekach
ley honor Polski i ;jej przyszlosc.
Idzcie, ably dac swiadestwo, IL a
merykanski Polak jest godnym
Wiarus. (Winona, Minn.) 1895-1919, 1917-10-11
WsZELKICH
DOWOZ6W DO NIEMIEC.

Washington. Celem zupefnego
odciecia Niemiec cd wszelkich 40
wozow, kt6reby sic mogiy przedo
stawac tam "a posrednictwem kra
jow neutralnych, rad amer!ykan-
ski wydaf rozporzadzenie. ia pod
stawic kt66rego neutralne okrety
handlowe, plynace z ladunkiem z
Po}udniowej Ameryki do neutral
nych panlstw po1nocnej Europy,
NIGGA tylko W takim razie zaopa-
trywac slew wegiel W portach tu-
tcjszych jezeli caly ich ladunek
zostanie zbadany przez urzednl--
|k6w Stanow Zjednoczonych.
Rownoczesnie z TEN Wydzlal
ola eksportow wydal oswiadcze.
ME, re obecny absolutny zakaz
jakichkolwiek wywoz6w re Sta
now Zjednoczonych do neutral
|nych KRAKOW europejskich ME be
die mial trwalej mocy obowiazu
ljacej, tylko do tego czasu, az RIA
Idy tych panstw przedloza dok}ad
ne i calkiem wiarygodne daty cd,
nosnie do kwestyi, jake dowozy
zywnosci i innych artykul6w So
;niezbednie potrzebne dla miejsco
,wej ludnosci, Ameryka bowiem
Wiarus. (Winona, Minn.) 1895-1919, 1917-10-11
WAzNE KON
GRESu

Washington. Senat StanowZje
dnoczonych uchwalif onegdaj II
g1osami bez zadnej opozycyi bill
w sprawie asekuracyi zolnierzy i
marynarzy amerykanskich, usta--
nawiajacy zgodnie z decyzya L.
by poselskiej maksymalna dozwo
Iona kwote zabezpieczenia IA $40.
600. R6wnoczesnie take zatwier-
dzono projekt ministra wojny Ba
kera, ably general : major6w Per
shinga i Blissa, szefa sztabu armii
awansowac do rangi pelnych ge-
neralow.
Do blu W sprawie asekuracyi
zolnierzy dolaczono poprawke Sc
natora Smoota, kt6ra postanawia,
re wdowom pc weteranach z woj
ny cywilnej i hiszpansko : amery
kanskiej ma bye wyplacana pen
sya w kwocie $25 miesiecznie.
Izba pos}ow przyjela ma oneg--
dajszej sesyi jednog}osnie rapport
konferencyi przedstawicieli obu
LIB. przeznaczajacy $685., 40
ia pokrycie niedoboru i nadzwy-
czajnych wydatk6w wojennych.
Jest to najwieksza apropryacya,
Observation-Disclosures kongres amery
kanski uchwali1. Pc uwzglednie--
niu jej i przyzwolonych pozyczek
ola Aliant6w, budzet Stanow Zje
dnoczonych "a pierwszy rok woj
ny dojdzie do sunny 20 miliardow
dolarow.