davidaulloa/AmericanStories huggingface dataset:
New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1921-11-12
GOLD INCREASING IN VALUE, SAYS
BABSON IN tEIS WEEKLY STATEMENT
Famous Statstician Sees Steady Improvement in
Business Conditions Throughout Country.

While the price Of every other
metal went up during the war gold
remained stationary, This, Of course,
was due to the fact that gold Is the
TEN is based; that eos grains of gold
are worth $1.00, year in and year out
regardless OF conditions. Simply be-
cause the price Of gold is fixed it
does not follow that its value Is fixed.
on the contrary the value of gold
nuctuates just as the value of the dol
lar fuctuates.
The real value Of the dollar Is de-
termined by the amount OF commodi-
ties OF goods, or both, which it will
buy 1t is obvious that when prices
OF commodities and goods rise you
cannot get so much for your dollar
and when prices decline you can get
more. It Is the same with gold. Due
to the rise in com modify prices,
which was going on even before the
war started, gold was gradually de-
creasing In value, but the violent rise
In commodities, which took place
during the war and after, caused the
value of gold to drop quickly to alb
normally low levels. Commodity
prices reached their high levels in
February, 1920. Consequently gold
dropped last year to its lowest value.
Since February 1920 commodity
prices have had a tremendous de-
cline. Bradstreet's Index which
reached high of 20.S6 in that
month is now Ills as compared with
the low record of $40 in 1896. If his
tory repeats itself, and I have every
reason to believe that it will, the high
prices of last year will not again be
witnessed for about two generations
Not only that, but there should be q
downward trend Of prices for about
New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1921-11-12

day, The fact that commercial rates
have not come down in a degree to
correspond with Reserve bank rates
Is due to the extreme conservatism
shown by many of the smaller banks,
not over 40 to so per cent of these
institutions rcdiscounting with the re-
serve banks. The latter are thus with
out means of releasing their surplus
lending power since they must wait
for the presentation of paper by
member institutions. Although there
cial failure it has been of a minor
description and reflects no new con-
ditions in the commercial world; on
the contrary. the average business
firm Is in better position today to OBJ
tain accommodation than for a long
time past. Crop moving demand is
now apparently over and funds have
begun to flow back to the Eastern
centers. This is reflected by the re-
duction in interdistrict rediscounts.
Market Review and outlook.
The uplift in bond prices, which
purchased for the public at large
has mainly been brought about by
is gradually extending to the share
list What the market has lacked, of
course, has been buying in sufficient
quantity to keep the upward move
nlent going. To be sure, there is no
expectation that there is to be any
immediate rush to pick up stocks, but
with confidence in the future repac-
ing timidity it is only reasonable to
believe that greater activity will be
witnessed before long due to an in
creased demand. Many people are
still short of stocks, having little faith
In the anticipated business revival. but
the ease with which prices respond to
light buying is naturally making them
less sure Of their position. The re-
suits of railroad operations continue
to make a very respectable showing,
1t being estimated that for the month
of October the roads in the first class
will be able to save SS5,000,Q00 net.
The announcement in the House of
Commons that Great Britain will soon
be prepared to remit to this country
50,000,00O annually on account Of
her national Indebtedness is, of
course, quite important. as payment
of interest on the foreign debt due to
us will have direct bearing on taxa
ton. Viewed from almost every
standpoint. the market outlook Is far
from discouraging.
HENRY CLEWS.
New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1921-11-12

one generation. Understand I am re-
fcrring to the broad, long swing
movement All of which Is another
wa of saying that gold should In
crease in value for the next twenty to
twenty-five years,
What does this mean to gold min
ing companies and gold mining Sc
curities? 1t means that gold mining
companies will show a gradual in
crease In profits for n long time to
come and that gold mining securities
should gradually increase in value
During the past ten years gold min
ing companies have really been worse
off than railroads and public utili-
ties, Railroads and public utilities
finally did secure increase in rates,
but the gold mining companies have
not been able to obtain one cent more
per unit Of output than they did be-
fore the war. The result, OF course,
has been that their profits vanished,
and that while industrial securities
were soaring to high levels, gold min
ing securities declined to abnormally
low levels.
From now on, however, conditions
will be favorable to gold mines and
their securities. From the nature of
gold ores gold mining securities are
inherently speculative and they
should be selected with the greatest
care, but I see no reason why a well
selected list of gold mining securities
should not prove to be a very profit
able venture at the present time.
lows its sidewise movement. 1t is
running 20 per cent below normal
Just as it was a week ago. This Is,
however, but per cent under its
September record of but is per cent
below normal.
CAN Rights Strictly Rcserved)
Evening star., 1921-12-19
Meeting Time of Congress.

Again the question, which has been
often canvassed: Would it not be bet
ter for Congress to begin its sessions
in January rather than as now ap-
pointed?
AS now appointed, session scarcely
gets under way when it is halted by
the Christmas holidays. Two weeks
of no value legislatively are succeeded
by two weeks Of recess. So that it is
early January anyhow before the
decks are cleared for action and ac-
ton really begins. Why not cut out
December, and count from the time
the ball is fairly set rolling?
1t seems to be useless to ask Con-
gress to forego the Christmas recess.
There has long been sentiment for
such action. The late Champ Clark
advocated it earnestly.
But. always. when the time comes,
the Christmas spirit prevails. The
lure of home at Yuletide proves too
strong for arguments about public
business. and the legislators put up
the shutters and join their families.
Still, there stands a month practical
ly subtracted from the session. The
fortnight in December is never fruit
full. Little is done, and nothing OF
value. Everything of Importance is
postponed until after the holiday sea-
son has ended.
Evening star., 1921-12-19

Fship sailed from Cherbourg with a
large number Of Hungarian emigrants.
Of whom more than 200 proved, on
PREACHING the United States December
10. to be inadmissible under the law,
the others being eligible under the
exemptions granted by statute. If the
steamship company knew at the time
of the sailing the quota had been
reached it was apparently defying the
law when it took the Hungarians on
board at Cherbourg. 1t could not take
advantage Of the possibility Of exemp.
tons on this side.
This case, it seems. is but the cul-
mination of series of acts which Sec
retary Davis declares to have been
committed by the steamship COM
panies in an effort to break down the
new law. Obviously any form Of i'm
migration restriction is hostile to the
interests Of the steamship companies.
In the past they have made large
profits from this traffic. That they
have promoted it, stimulated it by
highly efficient organization. is notori.
Gus. Indeed, the enterprise of the
steamship companies in fostering mi.
grafton to America was one of the
causes of the legislation to restrict
the f1ow.
Evening star., 1921-12-19
Down From High Levels.

There were three significant pieces
of labor news yesterday morning.
They are floating leaves and bobbing
chunks of drift-wood. showing the
trend of the current that began run
ming months ago.
One of these dealt with the sort of
labor despotism that has got the New
York Plasterers' Union in trouble.
Other building trades workers have
been caught In the same business.
that of doing as little work as pos
sible for as much pay as they could
squeeze out OF contractors and owners.
Another was the action of the Unit
ed States Railroad Labor Board in re-
storing a ten-hour-day schedule for
railway track and bridge men and the
elimination of the time rates for
the first two hours over the basic
eight-hour day" for all maintenance
of-way workers.
The third was the suspension of
work in the shops OF the Baltimore
and Ohio railroad. Business depres-
the reasons given for the suspension.
While the grabbing was good. both
labor and industry grabbed more than
they could hold. Industry has been
hammered loose from much of it's loot
Labor, never celebrated for its COM
mon sense. has got itself into 4 jam
trying to keep all it grabbed. In the
main. labor is making losing fight.
OF what avail is it for plasterers to
hold up owners when the owners can
no longer stand to be held up? OF
what use is it for shopmen to protest
ter with demands for increases when
railways no longer can keep their
shops open under present conditions.
-Philadelphia Public Ledger.
Evening star., 1921-12-19
Who's Who essss:esss essss 1s%:
XXV-Elihu Root. EsFs
GREAT lawyer. a great cabi-

A GREAT lawyer, a great cabf-
| ~ net officer. a great senator
~ and great worker in the in
terests of international peace,
Elihu Root, in his seventy-seventh
year. is again serving his country
this time as member of the Ameri-
can delegation to the Washington
conference on the Limitation of arma-
ment and the problems of the far
east.
Theodore Roosevelt. it is said. de-
clared that "Elihu Root was the wis
est man he ever knew" Col. Roose-
Welt was in a position to know. for
| Mr.. Root served in his cabinet as Sec
retary of War and Secretary Of State.
He had served in the Mckinley cabi-
net as Secretary of War. In the Of
fee he reorganized the Army and ex-
erted a powerful influence toward
the pacification of Cuba and the Phil
}ippines.
| 1t was only two or three months
ago that MIR. Root refused, because of
advanced age. appointment as MEM
Der of the international court of JUS
tice under the league of nations. He
had previously taken an active part
in drafting the scheme of this court.
and he was nominated for place on
the court bench by Italy, France. Bra
zil, Bolivia, Venezuela and Uruguay
the United States not being MEM
! Der of the league of nations.
AS he walks briskly into the Pam
! American building to meetings of the
! Root
gives the impression of being ten or
fifteen years younger than he really
is. Like the New Yorker he is. Mr..
Root is always fastidiously dressed.
| His hair is iron gray. His features
are rather sharp. his eyes keen and
his mustache closely cropped. In any
| |assemblage Of men Mr.. Root is a
strong and dominating figure.
| After Mr.. Root left the cabinet he
entered the Senate of the United
| mediately felt. He proved himself a
power in debate. He served for one
| term, six years, and then declined to
| be candidate to succeed himself.
J Mr.. Roots efforts in behalf Of inter-
national peace have extended over
many years and have been of great
value. In fact. in 1919 he was award
ed the Nobel peace prize. particularly
! for his work in pacifying the Philip
pines and Cuba and in handling the
| American-Japanese dispute over i'm
migration. which resulted in the pres
ent "gentlemen's agreement" with
Japan.
While Mr.. Root was Secretary of
State he set on foot a far-reaching
movement for better understanding
among the republics Of the western
hemisphere, travelling himself to
South America and visiting the capi-
tails of Latin America. The result
was Immediately felt, and relations
between the United States and these
countries were much benefited. Mr..
Root also visited Canada and Mexico
Evening star., 1921-12-19
France Falls Into Line.

All friends of France are rejoiced,
and all her critics are disarmed, by
her acceptance of the naval ratio as
signed to her by the logic of circum-
stances. Her demand for ten capital
Ships to be constructed during the
naval holiday arose suddenly as bar
rir to the program of armament
limitation and discontinuance Of COM
petition. 1t is as suddenly dissipated
by the practical common sense and
sound craftsmanship of the French
government. The world is a better and
the FEench decision.
Just what was at the back of French
minds when the ten-ship gesture"
was made may not be quite clear to
others. but as it develops to have been
only gesture the wherefores are not
of consequence. The important thing
is; that France will not destroy the
hopes of the world by insisting upon a
policy utterly contrary to the spirit
of the Washington conference. 1t
does not matter specially what par
titallar paths are followed. so long as
they lead in the end to the goal which
is the objective of the conference. 1t
probably was too much to expect that
could Immediately adopt the SAY
what you mean and mean what you
say" theory of diplomacy. Instinct
still prompts them to advance impos-
sible proposals for purpose Of trading,
and as France is not the only nation
represented in the conference which
has resorted to the practice her dele
gates should not be singled out for
blame.
With tine capital ship program ad-
vanced by Secretary Hughes accepted
by both France and Italy, agreement
as to lesser craft becomes matter Of
adjustment which should present no
serious difficulties. So long as the
principle is preserved, the details are
properly subject to compromise. Com
promises were necessary in order to
bring Japanese opinion into accord.
and French opinion is no less entitled
to consideration. 1t is intimated from
Paris that France may ask larger
generosity in the matter Of subma-
rines, and it is not at all unlikely that
when this phase comes up for decision
the United States and France may
find themselves standing together to
bring about an abatement of the Brit
ish view.
The big and worth while lesson OF
the French incident is that it fur
nishes another demonstration of the
fact that when nations. as well as
men. get together with mutual trust
and good will to solve their problems,
difficulties in the way OF settlements
quickly vanish. 1t creates wonder that
ever could there be resort to war until
the possibilities of peaceful methods
had been exhausted.
Evening star., 1921-12-19

in his program of spreading good
will on the American continent.
Mr.. Root is the son of Oren Root.
a professor of mathematics for many
years in Hamilton College, at Clin-
ton, N Y. He grew up in college
atmosphere. His intellect was highly
trained as a young man. He chose the
law as his profession. and went to
New York to make his fortune. How
we'll he succeeded is an old story.
Before making his start in the legal
profession. however, Mr.. Root, like so
many other men of his day, taught
school to acquire money to pay for
his law studies.
In New York 1t was not long before
Mr.. Root began to devote himself
largely to real estate and corporation
law. AS he progressed big cases
came to him, and reputation and
wealth. 1t was not long before he
became interested in politics. particu-
iarly in his own state. He was ap-
pointed by President Arthur United
States attorney for the southern dis
trict Of New York. President Mckin-
ley called him to Washington many
years afterward to become Secretary
Of War, succeeding Russell 4. Alger.
AS a public speaker Mr.. Root is
forcefu1. His delivery is sometimes
rather strained and he hesitates until
he has the exact word he desires But
his arguments are clear and logical,
and impressive. He grasps quickly
the fundamentals of any problem pre-
sented to him.
Evening star., 1921-12-19
Steamer Lines and Immigrants.

Secretary Davis has in direct way
brought to an issue the attitude Of
the transatlantic steamship companies
toward the immigration restriction
law Of this country by assessing
heavy fines upon one Of them for
bringing number Of Hungarian i'm
migrants over after it had been noti-
fed that the quota from Hungary had
been passed. He has asked the De.
partment of Justice to proceed in the
matter, and has also asked the De-
partment Of State to take up the ques-
ton diplon,atically with the British
government under which the offending
line is chartered.
Thus far only general denials Of
Secretary Davis charge have been
heard from the accused steamship
company. The Secretary, however,
recites dates that appear to he con.
vincing. December I, 11c s,vs. =" ''nes
were notified that T. -.
quota had been pass, - .u~. =,
Evening star., 1921-12-19

tional Treasury in such taxes more
than eighteen million dollars, more
than the national tax contributed by
any one OF fifteen, states, more than
the national tax contributed by five
states combined.
Will Uncle Sam convert the Dis
trict's twelve millions OF local taxes
also into national revenue without
maintaining his present outstanding
definite promise to devote not only
these twelve millions but much more
to the upbuilding of the capital? No
such promise is to be found in the
new law proposed by the Senate bill.
Evening star., 1921-12-19
Secretary Denby on Haiti.

There has been a very persistent
propaganda in this country to dis
credit the honor of the United States
government in its temporary occupa-
ton Of Haiti and Santo Domingo, and
especially to discredtt the efficiency
and humanity of the United States
marines. through whom the occupa-
ton has been administered. 1t should
be noted. however, that the leading
agents in this propaganda have been
certain periodicals and individuals to
whom virtually everything that this
or any other established government
does is presumably wrong.
The change of administration at
Washington brought control of mat
ters in Haiti under q Secretary Of the
Navy of the opposite party, who could
have had no biased motive for con-
cealing mismanagement and cruelty
if there had been any to conceal. But
Secretary Denby's first annual report
contains a report of personal visit
Of inspection to Haiti and Santo Do
mingo, which convinced him that the
occupation has been conducted kindly
has brought benefit and rendered
great service to the two republics
since their occupation by our forces" "
The slanderers who have attempted to
discredit the marines, the Navy De-
partment and the government itself
IN InlS HlASIcT WILL eSS AASsA0 OyAAp0-
thy from those who stop to read and
think before they condemn~Colum-
bus Dispatch (independent).
The half Spanish Mr.. De valera's am
bition seems to be to display his PROV
ess as q John Bull fighter.-Columbia
(S. CO. Record.
conference Delegates Silent.
line, And just think how many Ian
guaees they have to be silent in.-Sag.
inaW News Courier.
All w got out Of the world war was
Yap and now we haven't got thati
which is positively the final yap about
Yap.-Richmond Times-Dispatch.
II wealth is a form Of disease, as the
Princeton professor says. we must have
been vaccinated when yeung.-Toledo
Blade.
Wife shoots husband because he
wouldn't buy her a new cook stove.
How could she shoot him II she didn't
have the range dayton News.
It is generally admitted that II Sir
Walter Raleigh had lived in this day
and time ho wouldn't have had to ruin
his coat like that IN protecting q wom-
ans dress from the mud.-F1orida Nc.
troplis. s4-la,---.A--4e.A1aa1
Evening star., 1921-12-19
The Report Of the Actuaries.

The report Of the board Of actuaries,
made to Congress under authority of
the civil service retirement law con-
tains much of interest, involving as it
does matters vital to the welfare of
the civil employees of the government.
The recommendations which would
tend to make more equitable the pay
ment Of money into the retirement
fund have been worked out with great
care by the distinguished actuaries
who comprise the board. and should
have the careful consideration Of Con.
greSs.
The board. according to its own
statement, has endeavored to avoid
any recommendation which would in.
volve any appreciable increase in
either the liability Of the government
or the contributions Of the employees.
None Of it's recommendations, there
fore, is for the purpose Of making the
plan more liberal from the standpoint
Of the benefits. because the board has
believed it to be beyond its province
to make any recommendations which
would tend to place the board on rec
ord ~as either favoring or disapprov-
ing the demand for increased bene-
fits" Although there may be some dis
appointment over this stand Of the
board-and the need for increased an.
nuities is apparent-other important
I'M rkJf 1,a IL hot xt,:z
matter "an properly be approached.
Need for a register and record of
every member Of the retirement fund,
or. in other words. a complete directory
no such roster is available at present
is one Of the astounding things point
ed out in the report of the board OF
actuaries. THAT the government
should maintain a retirement system
Of the importance of the civil serv
ice retirement and disability fund
without maintaining in any depart
ment roster of all of the mem
clares the report. "Such. however, is
the case. In fact. it is not possible to
secure even figure indicating the
total number of members from any
one department Of the federal govern,
ment"
The board Of actuaries recommends
to correct this unfortunate situation
that small staff be created either in
the Civil Service Commission or in
the office of the commissioner Of pen.
sions, whose duty it shall be to main,
tain register and record of every
member Of the fund, and that this
record be corrected at least once each
year. AS the board points out, nc
saving in cost to the government will
result from delaying the establishment
Of such a record, because, under the
law, it will be necessary to produce
ultimately record of the amount OF
contribution of each member and his
service and age in order to determine
the benefit upon withdrawal, death OF
retirement.
Evening star., 1921-12-19
EDITORIAL DIGEST

There can be no doubt. the Spring
field Republican holds. that his COM
ing has been of immense influence in
calling attention to the durable
nature of many ills that have been
neglected with appalling common
ness" While the doctor himself
probably dislikes the advertising"
as much as those who are criticizing
him, the Port Huron Times-Herald
remarks that the news of his visit
is news, and the newspaper men are
not consulting the doctors on this
npiDf"
Evening star., 1921-12-19

Had Wilhelm Hohenzollern been
earlier in his anxiety not to be held
responsible for war he might have
avoided the appearance of being mere
IL a man who guessed the wrong way.
Evening star., 1921-12-19

A number Of Berlin financiers are
inclined to favor payments on the in
stallment plan as slow but sure way
of attaining prosperity.
Evening star., 1921-12-19

A difficulty is likely to arise from
a moratorium, from the instructive de.
sire of a debtor to make it perma,
nent arrangement:
Evening star., 1921-12-19
SHOOTING STARS.
BY PHILANDER JOHNSON.
MOdernized Fable.

M0dernized Fable.
A goose laid golden eggs so grand.
They proved Of SO much use,
The farmer grew impatient, and
He went and killed the goose.
The Dove of Peace, as we have heard
From chroniclers Of old,
A faithful and q generous bird,
Lays eggs worth more than gold.
When Avarice a blade would lift
And toward the barnyard prowl,
Let US take heed. nor be too swift
To slay a generous fowl.
Evening star., 1921-12-19

Santa Claus used to be a European
myth, but food distribution to hungry
children abroad will make him look
like an American reality.
Evening star., 1921-12-19

It must be admitted that where a
prospect of war is concerned the
French taxpayer usually proves game.
Evening star., 1921-12-19

New York city continues to localize
its interest and contemplate the street
car as Of more political importance
than the battleship.
Evening star., 1921-12-19

France is no longer concentrating
on the River Rhine, but is considering
the strategic importance Of the ocean.
Evening star., 1921-12-19

Next to being kept out Of war, Berg
doll has been most solicitous about
being kept in funds.