davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1917-12-16
Regret May
Come Too Late

But the years that will follow the
war have not yet formulated their prob
lens The gold standard will in
essentials have been abandoned. Tho
high prices attained through fiat
issues in credit expanses will have
become the new actual price level.
Possibly enough they will finally be
gin to be generally regretted--a belated
realization Of the essential evils Of
colossal error But inasmuch as these
prices have been reached, they will IN
themselves afford the reason why they
should not be disturbed. Each new
level is a new base line. An attempt
to go back must merely pile one
blunder and series of injuries on an
earlier blundcr with its earlier injuries.
There Is, unfortunately, still grlev-
Gus danger that the attempt may be
made-a folly of repentance as per-
nicious as the earlier folly Of crime.
The creditors will be shrill in their
clamor to have their fifty and twenty
1--WE cent loans restated into full gold
units. A world sick of speculative
money standards, of price booms, OF
cheap money and OF generous paper
margins of gain, may yearn nightly
for things II has lost. VIII II accept
SIX gram ROtu uOlldI luSbedu VI a
twenty-three grain gold dollar - the
new gold worth of the paper dollars ?
That will be possible and wise if the
world is to have gold at all, but not
easily probable. If then a new and
sobered world turns repentantly and
obstinately toward the lower prices
that it never again can wisely have,
and is seriously determined to get back
20 something similar TO that bullion
standard that it ought neye. TO have
forsaken, it may somewhat mitigate
The evils OF this new policy, and some
what reduce the harm that must befall,
if il chooses of two evils that one
which ia the smaller adopting instead
of the gold standard, with its greater
fall in price, the bimetallic standard
with its relatively smaller fall. But
the choice will still be between evils
the lesser Of two instabilities-there-
fore, not the worst of possible solu-
tions. but still not the best solution
Of a problem that should never have
been permitted TO present Itself.
New-York tribune., 1917-12-16
Two Large British
Banks Combine
Total Deposits Under
Amalgamation About
$s5O,OOO,OOO

LONDON, Dec 15.--Thc latest in the
series Of amalgamations of prominent
British banks is the fusion of the
National Provincial Bank OF England
and the Union of London and Smiths
Bank. Financial editors of the morn
ing newspapers describe the amalga-
nation as a development of exceptional
Importance, and the greatest event Of
its kind in the history of banking in
Great Britain, both in point Of size
and consequence. The banks new title
will be the National Provincial and
Union Bank, and it will have total
deposits of about el70,000,0OO.
The National Provincial Bank was
established in 1888, and on January /,
1917. it's subscribed capital was fl5,-
900, 900; paid up capital, $4,000 900, and
reserve fund, 100000. The Union
of London and Smiths Bank was es-
tablished in 1899. At the beginning
of the year its subscribed capital was
500, ,934.i00; paid up capital, s3,654,7so,
and reserve fund, s1,15OO0O.
New-York tribune., 1917-12-16
Banks Asked to
Discourage Use of
Gold for Payrolls

Bankers are asked by the Federal
Reserve Board to discourage the use
o. gold for payroll purposes by corpo-
'silous. It is asserted that d great
many manufacturer and concerns with
s'ge payrolls have been so little i'm
Nsssed with the necessity for the
a'ollization and conservation Of gold
al they are continuing TO pay their
'aiioyes with It. Phe Federal Re-
enc Board has been giving attention
ihe matter, and the Federal Reserve
s4ass have been gathering information
regard 20 IL. Some Of the Reserve
.aks .aaks have already issued circular let
Us urging that the considerations Of
ne convenience Of the use Of gold in
..taLahog payrolls be disregarded and
-A1 ,he payment Of employees be made
"a other currency.
New-York tribune., 1917-12-16
Relevant Comment
limited States Steel

Within the next few days the United
States Steel Corporation is scheduled
to announce its annual stock oherihg
to employees under its "below the mar
ketp plan, which has now been IN oper-
alton for nearly fifteen years Inc
actual offering is usually made in Jan
uary. 4 year ago the Corpora!tIlon, OF :
fcrcd to its employees the privilege oi
Subscribing to $4,000 shares Of com
mon stock at the price of SlO7 a share.
AZ the time Steel common was seliihs
IN the open market at better thani
sI1O. Subscriptions were received
from Se.O72 employees for an aggregate,
Of G7.410 shares. The amount allotted
was not made public. In connection
with the profit sharing arrangement
wall street has heard reports during
the last day or so that some oil the
iuyinc of Steel common at 80 repre-
sentcd purchases by the Corporation
TO provide the stock TO be offered the
employees.
New-York tribune., 1917-12-16
Inevitable Result
OF More Dollars

But still II is true that our large
market for silver would have raised
tho exchange ratio of silver to gold;
the dollar would not have fallen fully
80 per cent; and the displacing OF gold
would in turn have worked a fall IN ~.
The metals would have narrowed the
spread between 80 10 | and 10 to ], but
could not have cancelled it, And no
matter what was the new market ratio
more dollars must have meant cheaper
dollars.
And. more than this, as things. were
Going. and as they later more fully de-
veloped. the silver prescription was
iU-timcd. Gold had been meagrely pro-
duced up into the early g0's-only from
40 20 i25 billions annually. But the
nroduct was already beginning TO aug
ment. South Africa was well started
and the Klondikc was opening. The
situation was i'm the way OF remedy
Ing itself-with something to spare. A
two decades rise in price--laii IN goid
-was at its beginning. When prices
are not falling-are indeed actually
risinP-is precisely the ideal time not
70 adopt timetallism. IL means IN
creasing supplies Of money when there
is already too much. Precisely such
a time as the present. Prices have
been rising for two decades and seem
likely 20 rise still further and still
more rapidly. international bimetal-
ism would now merely aggravate the
New-York tribune., 1917-12-16
High and Low
Prices Both Harmful

There was then twenty years ago a
real harm TO debtors in the long time
trend toward lower prices, as there is
to-day a still greater harm to credit in
a still more rapid rise in prices. The
demand, therefore, in 1896 that meas
ures be taken to prevent the further
appreciation of the dollar was entirely
reasonable. The error of the free silver
people was not in tho grievance they
alleged but in the remedy they pro-
posed. Sixteen ounces of silver were
then equal in bullion value not TO one
ounce Of gold but to about one-half
an ounce. The silver dollar would
New-York tribune., 1917-12-16
Stability of Prices
Test Of Good Money

There are, however, some individuals
that are helped, and some others that
are hurt A change in price is in its
very nature a rewriting Of contracts
Of deferred payment. II prices fall,
the debt rises in buying power; the
creditors gain at the expense Of the
debtors. When prices rise, the debt is
scaled down. The creditor is hurt, to
the corresponding advantage Of the
debtor. But, excepting in relations of
deferred payment, changes in general
prices have no great significance. An
ultimate test Of a good money is that
prices in it remains stable, that they
neither rise nor fall. The effect OF
either rise or fall reports indeed the
degree Of imperfection in money as
standard.
Thus. in the '9Os there was real
force in the demand for international
bimetallism. Prices had been falling
for two decades to the sellers injury
or the debtors gain. As the dollar was
coming to buy more, the creditor was
getting more goods for his dollar than
his dollar would buy when he lent IL.
The debtor. in discharging the princi-
pal, was returning more goods than he
received. That the payment would
command no more days labor-were
this the fact--was not to the purpose.
Labor is significant in the sense that
il brings about goods and services. So,
also, that money costs of production
were falling was not 10 the point.
Creditors as we'll as debtors share as
producers in the gains from better
methods and equipment. For the cred
itor to collect a share Of the debtors
large product, at the same time
enjoying more Of his own, is to allot TO
the creditor all the advantage of his
own higher productive power and part
also of the advantage from the debtors
higher productive power. The test Of
a standard Of deferred payments is in
the rendering to the creditor of nm in
demnity in goods for the goods that he
parted with. In this sense the stand
ard should be stablc-stability finding
its test in general prices. a standard
is falling short of perfect working in
the degree that general prices under it
are changing
New-York tribune., 1917-12-16
Money and Credit

Heavy transfers Of banking funds at
Ns centre last week on account of
" extraordinary war financing opera
~'A' Of the United States government
''s responsible for important changes
oe weekly statement Of the Clear
House banks issued yesterday.
80. -. o. the member banks decreased
.'''''''ooO, while net demand deposits
's''a'ed ssol95.ooo.
s :" continued Withdrawals Of govern
m ' ipnes during the week reduced
~ ,o'al Of United States Treasury de-
,ssns. ,,. ned BY the banks by nearly
..'9"OV'0oo - At the end Of the week
deposits aggregated $685., 1892, 900,
New-York tribune., 1917-12-16
REGULAR Dividends

Nova Scotia & Cosl.--DiSidend of 500 on
common stock. payable January 10 70 stock
Eolders OF record December 81 also. regular
quarterly dividend OF per cent on the pre-
ferred shares. payable on the same date.
Central Illinois Public Seryiee.-Regular
quarterly dividend of $l.50 on the preferred
stock. payable January 10 TO stockholders OF
record December 81.
Canadian Consolidated Rubber.-Regular
quarterly dividend OF IA. per cent on the
preferred stock. payable December 81 TO
stockholders OF record December a.
General Fireproofng.-Usual quarterly
dividends Of ls4 per cent on the preferred
and common stocks.
New-York tribune., 1917-12-16
The Case Against Adoption
Of the BimetaIEc Standard
In Substance 1t Is That Dethronment of Gold at This
Time Would Inevitably Lead to a Further Rise in
Prices-Bmetalism May Put Brakes on
Dehation After the War

then have meant something like a fifty
cent dollar. The fall OF silver in terms
Of gold from its earlier ratio of 1871
70 32:l had gradually been taking
place during two decades-partly due to
the rising supplies Of silver through
cheaper costs Of production, partly
also, no doubt, to its successive de-
monetization in different countries.
Our demonetization, "the crime Of 49,"
that took place when there was prac-
tically no silver in circulation, and, for
that matter, no gold; we were under
the paper money regime. 1t is sheer
nonsense to say that the supply Of
money was halved or even decreased
at all And had we been coming gold.
silver at the historic ratio OF sixteen
to one would not have come TO the
mint; one ounce of silver was worth
more than one-siXteenth ounce of gild.
But the closing of the mints to silver
did prevent the coinage of 1t later,
when the market ratio had so fallen as
TO make coinage possible. Had free
coinage remained open TO both metals,
silver would have displaced gold. The
country would then have been on a sill
yer rather than on bimetalllc basis.
| do not doubt that, as things turned,
this would have proved by far the more
fortunate choice, though such did not
appear TO be the reasonable prospect
when the choice was made. The sup
ply Of gold in the preceding two dec
AIDES had been seriously inadequate for
the needs of business consistently
with stability in prices. This dearth
of gold meant falling prices. Silver, as
things turned out, would have fur
ideal standard
New-York tribune., 1917-12-16
DIVIDEND NOTICES
DIVIDEND.
TIE RAKREIr COMPANY ~. u
OPERATORS
Drreuoher san 1917

4 quarterly dividend of one Dollar and
Soyenty-hve cents CLIO per share has
been declared on both Common and Pre-
ferred Capital Stock of Tho Barrett Com
psny, New Jersey. ana the Preferred Stock
Subscription Receipts OF the American Coai
Products Company, payable on January z.
1915. TO Common stock holders of record
A. al tho close of business December 20,
:si7. and on January IS, 1915 20 the Pre-
ferred stock holders og record as az tho
close OF business January ?. 1915; on Janu-
ary IS. 1918, 20 Preferred stock Sutscrip
tion Receipt holders of the american coal
Products Company OF record as at the close
Of business January 2, 1918.
ERNEST j STEER. TreAsurer
New-York tribune., 1917-12-16
Remedy Worse
Than Disease

But after twenty years of harm
through a slow and gradual process OF
instability by appreciation, as ex-
pressed and reported in the slowly
falling prices. the silverites urged as
a remedy another dose of instability
an extraordinary expansion Of cur
rency, a sharp, rapid, sweeping upward
movement in prices. Most debts are OF
relatively short standing, but all OF
these debts we're 10 be scaled down to
Offset the appreciation in gold which
had taken place in two decades. The
remedy would have been worse than
the disease-instabilit to be atoned
for by still more instability and by an
instability still more grievous. But the
disease had been real.
There is. then, no valid objection TO
international bimetallism as method
of openinG up new supplies OF money
when the trend Of prices has been
downward, and promises to be stiP
further downward. But the coinage
ratio must not seriously diyerge nom
the actual bullion ratio, else the. result
is not sta jility against falling prices,
but the Instability Of rising prices--a
ney crop OF evils to add 20 the old.
The silver people erred, therefore, IN
the ratio TO which they attached them.
selves; and erred also in their belIet
that any one country could alone long
maintain the parity OF the two metals
mt any ratio. The attempt to move tns
market ratio of silver TO gold from 81
TO TO l6 to / was hopeless. The in
flow of silver for coinage would have
raised prices-no doubt of that-but
must Herewith have attracted enor-
nous importations Of goods from
abroad, and have sent our gold abroad
tn INV nmr balances.
New-York tribune., 1917-12-16
Liberty Loan Conversion is

Dealings in the Liberty Loan conVer-
sion d, admitted to trading on the
stock Exchange yesterday, were lsht'
Only three transactions were recorded
Twenty-thrce Of the bonds Of $l'ooo
denomination sold at $3.50, one at
97.S2 and six at 97Si. The closing
sale Of the second As was at 1882. The
conversion As were issued in exchange
for tbe aus. 1t is estimated that not
,oo,c than S25, 900 900 of the first Lib
oitv Loan sold in the New York dis
trict have been converted.
New-York tribune., 1917-12-16
Russian Gold Reported Safe

4 cable TO the investment firm OF
A. B. Leach & Co, received from their
Petrograd correspondent yesterday,
stated there is no truth in the reports
that all the gold has been taken away
from the State Bank by the Bolsheviki.
The firm also has been informed by Its
London correspondent that the coupons
on the per cent Russian "rentes' OF
1894 have been paid.
New-York tribune., 1917-12-16
British Treasury Bills GO Well

J. 7. Morgan e. Co. will make an
other si5.0O0,O0O Offering this week OF
British Treasury bills. the proceeds
from the sale of which will be used
in retiring outstanding demand loans
made by the British government in this
market. Last weeks offering Of. Slj.-
COO 600. il was stated, has all been
sold. A similar amount maturing to-
morrow will be retired, leaving the
total amount still outstanding at
S10O 0O0. 900.
New-York tribune., 1917-12-16
Christmas Bonuses

In addition to tho customary holiday
bonus, the Hartman National Bank will
distribute to It's employees this year a
percentage Of che years earnings on
the basis of prott-sharing plan, rang
ing from per cent to 10 per cent Of
salaries.
The New York curb brokerage firm Of
James W. Ball & Co. will distribute 10
per cent Of their annual salaries to en-
ployes.
New-York tribune., 1917-12-16

The above rates express the cost OF
foreign money in terms of the Ameri-
can dollar You buy an English pound
sterling at, say, $4.75R. The intrinsic
parity is s4s6ts per pound. Thus, you
say either that pounds are at discount
or that dollars are at a premium, which
is owing TO the fact that in England
the demand for dollars with which TO
settle accounts in this country is
greater than the demand in this cOun-
Try for pounds with which to settle
accounts in England.
New-York tribune., 1917-12-16
New York

Receiver for Jewett Brothers. -
Judge Manton in the United States
District Court yesterday appointed
Allen VI. Memhard receiver for the
Stock Exchange firm Of Jevett Broth
ers who made an assignment to Mem
hard on Friday.
An involuntary petition in bank
ruptcy was filed against the firm and
the four individual members by Fred
erick w. Michler, Raymond Campbell
and Gustave Scheimer. They allege
that the firm is insolvent and unable TO
meet it's liabilities
New-York tribune., 1917-12-16
Dividend Changes

United Verde Extension Mining
This company has declared an extra
dividend Of 25 cents share. the regu-
lor quarterly dividend OF 80 cents a
share. and distribution of $l5O a
sharo from reserves for depletion, pay
able February to stockholders of rec
ord January 3.
New-York tribune., 1917-12-16
The Dollar in Foreign Exchange

Improvement in the position OF itai-
ian exchange was the principal develop
ment in the local market during the
last week. The rate on Rome went TO
$40 lire TO the dollar after touching
q new low record Of s.4s. Bankers here
were much interested in the decree
issued by the Italian government es-
2, blisbing A National Institute Of TX
change. with monopolistic powers, the
rurposc of which is TO reduce specu-
lation in Italian money and control the
EXPORT Of all national bonds. All ior-
oirn bank transactions must be regis
tered with the new institution. 1t is
further said that the institute will have
functions resembling those of clear
ing house. together with judicial au-
tboritv. Announcement of the organ
izat;on Of this exchange control was
one Of the factors helping Italian ex-
change. Another favorable influence
was a S25,000,000 advance made TO the
Italian government by the United
States. IL
Further details Of the governments
rlans for stabilizng exchange between
this country and certain of the neutral
nations were withheld during the week.
although it is understood that progress
is being made. Scandinavian exchange
rates were firm most of the week. Rus
sian rubles held steady around 1874
cents. Little or no change was OBJ
soryable in sterling and franc rates.
If YOU calculate the cost Of the dollar
in terms of foreign money at par value
that is, as if you were buying dollars
with pounds, marks or francs - its
value At the close OF last week, as com
pared with a year ago, would be about
as follows:
New-York tribune., 1917-12-16
Cost of one dollar

Closing rates yesterday, compared
with a week ago, are given in the table
below. American bankers have sus,
PENDED all dealings in German and
Austrian exchange, 50 that daily quo
tations for either marks or kronen are
no longer available.
New-York tribune., 1917-12-16

Prairie Pipe Line.-Directors have
declared an extra dividend of So a
share in addition to the regular quar-
ferlv dividend Of S. a share, payable
January 81 to stockholders of record
Docpmber 81
New-York tribune., 1917-12-16
TUE YALE s ToMNE MIG. co.

a dividend. No. %, u TWO and one-haIf
per cent (eL 20 for the quarter ending De-
cember 3lst. 1917. has been declared by the
Board OF Directors out Of past earnings
nayabla January %. 1918, 20 Stockholders
% record at the close Of business December
18Th, 1917 .
New-York tribune., 1917-12-16
News Digest
Foreign

Paris Boursc.--PARIS, Dee. H.
Prices were weak on the Bourse to-
day. Three per cent rcntcs. 80 francs
% centimes for cash. Exchange on
London, 27 francs % contimes. Five
per cent loan. S8 francs 10 centimes.
New-York tribune., 1917-12-16

Brown Shoe Company's Year.-Net
sales Of the Brown Shoe Company. a
ST. Louis concern, for the year ended
October 81, amounted 10 $2l,Ss2,0l6,
On increase Of S5,9G3,643 over the pre-
yious year The net operating profits
were S24l4,0Ss from which were de-
ducted s229 $50 for depreciation. $l0J,-
sis FOR repairs and $4,000 for war
taxes. This left a surplus Of si,GGs,-
500. an increase OF $l90,S05.
New-York tribune., 1917-12-16

compared with $s67659,OO0 the week
before. This compares with recent
high record Of deposits of approximate
ly S1,OOO,OOO,OOO.
The banks strengthened their cash
position last week, reserves in excess
of legal requirements increasing s7l,-
So2,t40 to a total Of s17O,s46,OOO. This
is the largest surplus reported by the
banks in weeks.
Member banks carried on active and
rediscount operations with the Fed
oral Reserve Bank during the week,
that institution increasing its holdings
Of commercial paper and aceeptances
by S5O,OOO,OOO, making. the total s45s,-
S46.553.
The Clearing House statement fol-
lows:
Loans and discounts. &C.. S4,564 $4,000
Cash in vaults Of Fed.
Res. members. 10Y .50A ,OOO
Res. i'm Fed. Res. Bank. 626,593,Ooo
Res. In vaults Of state
banks and trust cos..... 1e.773,0Oo
Res. in repositories. $4,000
NET demand deposits -. 3e33, 3,232, 900
Net time deposits. ........ 191,238,oOO
Circulation ........... SS,ooS,VVO
Aggregate reserve. ....... 6o5, lbS,VOO
Excess reserve. ......... 1TO,84b,boo
Not counted as reserve. tUnited
States deposits deducted. seS5,S32,ooo.
The changes from week ago were:
Loans and discounts. .Dec.S2oo, ,o65, 600
Cash in vaults of Fed.
Res. members. ..... Dec. 2,3S5,OOO
Res. in Fed. Res. Bank. Inc. 82,9o7oo0
Res. in vaults OF state
banks and trust cos. Dec. 266,oOO
Res in repositories. Dec. $4,000
Net demand deposits. Inc. 60,1e5.o0O
Net time deposits .... Dec. IOo,OoO
Circulation ...........lnc. 4V0,UVV
Aggregate reserve. 49,. Inc. S1,932OOO
Excess reserve. e....... Inc. I,SO&, l4U
Acceptance Rates.-Current bid prices
for prime acceptances are as follows:
Thirty Sixty Ninety
spot QellNeTy. Gays. uaS u@S o.
Eligible member -
banks. s........ o14Io o147o 90 70
Eligible nom
member banks 4 60 q % 4 70
Ineligible bank
blllS.......... o/2So o/2Io '/2Io
For delivery within thirty days;
Eligible member banks....... 4 20
Eligible non-member banks.... H4pO
Ineligible bank bills........... 3 %
Bank Clearings.-The days clearings
at New York and other cities;
Exchanges. Balances.
New York. S678,527,5et s84.9e3,s2s
Boston........ e5,eOo,e51 2to51,352
Silver.-Bars in London, 43d, a de-
crease Of I'D; New York, S57sc, de-
cline Of &c; Mexican dollars, 66'sc'
down sc.
sub Treasury. - New York banks
gained from the sub-Trcasury $4,000.
LONDON, Dec. 15.-money steady at
( per cent. Discount rates: Short bills
AZ per cent; three months bills, 4%
per cent. Gold premium at Lisbon
1000.
New-York tribune., 1917-12-16
Corporation Returns

Phil,dslphia Company. Report for Octo-
bcr. including subsidiary companies. COM
parcs Us follows;
New-York tribune., 1917-12-16

cents, together with the intrinsic gold
parity, as calculated by the United
States Mint:
New-York tribune., 1917-12-16

Not counted as reserve. tUnited
States deposits deducted. $685., 600.
The changes from week ago were;
Loans and discounts. Dec. .$2o6, ,o65, 600
Cash in vaults of Fed.
New-York tribune., 1917-12-16

Below is given the curren, eHeh"ns
.si"c 81 foreign money in dollars ana
New-York tribune., 1917-12-16

further NOV
The Alaska daily empire., 1917-04-19

There many why people should sub scribe The Empire at this time The United States is in the greatest of all history and she has determined to all of her available resources win it. The story of the contest will be told from day day in The Empire columns. Every one should keep up with it's progress So pick your favorite can didate in the automobile contest and give her sub scription.
 The Empires circulation contest is in charge Of MT. A. C. Cronn. who has conducted similar contests many large and small daily newspapers throughout the country