davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-12-31
Cold Basis Of Rise

The fundamental explanation Of The
rise IN prices iu this country a. 20 be
found !n the continued influx % gold
rom all quarters Of the globe I'M
ports were not 80 heavy O. iu 1921, b.
the expansion % gold holdings during
that year was not fully effective 40 fhe
time because O. the force ~ the DE-
hatOnary movement and during 1922
the cumulative influence of the gold
brOugh. in over the two-year period
was experienced. The gold was not
directly the basis OF new iniat.on.
but 70 was the increase IN ths Fedora.
Reserve Systems gold reserves 90
above 50 3GG0.00O.000 that made that in
da'lon possible " not inevitable.
The growth OF gold stocks made it
possible for the banks TO make loans
without resort 10 the facilities OF the
Federal Reserve banks, az the same
tine that they paid or their indebted
ness 90 ,hese Institutions. lt impaired
impetus % the speculative and invest
ment purchase OF securitief. and the
motive Was from this point passed on
20 industry and business in general.
A considerable expansion in bank de-
posits occurred. and there was %
marked recovery boz the purchasing
power Of the people which during
1921 had slumped sc sharply.
One theory offered in explanation q
the sti6eninC or prices is that the re-
sistance 20 wage dehstiou in th. same
degree that price dehat.on had been
experienced provided the cheek 70 the
latter movement and was q basic cause
Of the turn. The mAiu.onancc OF wages
N thS mining industry and the diAi-
Guilty OF bringing down the schedule Of
remuneration 90 railroad workers. with
a'isntant labor difficulties. were closely
followed by an upward revision o.
New-York tribune., 1922-12-31

accompli she'd. and In some cepel :
is clearly feasible, the farmer Foli
be the first and greatest gamer. sihes
food Is what they leed most
The SAgh.Lse OF protsfion and ~
largemsEt sf the mafoi are MAJOR
cons dersVopEs and the plani fof car
ry.ne thea ~ are above al qle''
tions Of peCly politics and immedia'f
advantage. They call for Statesman.
ship in tho formation o. policies ird
likewise in their execution, In ilef
considerations are involved ileh lla'
dameutals as land utilization, iand 't''
Element, immi grafton and ifsde fela'
tionships. All these matters arc cor
structivc. Sot 50 clearly 20 are NOV
relating % the unduly large snns q
che national Sividend al present goins
into the payment Of wages and moh9l
oly profits. mon0polies must, eFsn..'
ally. be socially controlled, or tns
farmers reduced % n peasaniry. W
less intelligent direction or eeonens
harmony, or both together, restore y,
farmers buying power within q 'asN
time he must Of necessity reeaee nN
standard OF life, a national ealAmlil,
More Immediately must ne rsees
aize "a class struggle between tAfls.
and laborer at the very time whs'
they are courting each other. All SER
.to,ents aside. whenever the farmer r.
beis. as he properly should agaihN
fre,gbt rates. the price oi lumber. ihf
cost OF a suit Of clothes, Of Wiileh
-pg or harm fixtures, all Of which ~
donbls thc prices OF 1918, he VIII tn9
that the rest rs the price OF ~
The philosophical question = sls'as.
labor can succeed in redlsng -
standard Of living Of The farmer "a. ~.
the practical question IS HhetatI y.
farmer will come 20 see ne esuts
bis financial distress and aet sss9's
ingly. he will probably h,. 80 ..s.,E
ni,hsr ~,.e or expedisni q sH'ss
labor organizations directly hs 49,, .not.-
attack railway yates. SOM 80 seo
articles appeared year oi ",,,aN
entitled what IL the iafia.sa1 ,ss-e
strike ?" The sort Of stilAe 80, 80
considered IS about ~ likely A. - (,
I'M summer and as pleasing 81 "a n
harvest. However. another s9N
strike he cannot stage TOO so9n.
buyers strike against goods and sst,. .'.
ICES relatively twice az high pa -
as his own. n is a painiw ,,,iii
out the sooner 10 Is done .ns ,s,.ie of
the farmer class sink ~ "a. ,,ai
living. 80 Excerpts from a p'f...,,,esa
before the convention OF tns 49, 49,
Economic Association AZ Nns'e
New-York tribune., 1922-12-31
Effect Of immigration

Bu. suppose the immigration law is
modified. The result Of increased I'M
migration will scarcely be 10 lower the
wages OF skilled labor. Rather il wiil
lower full more the already debated
wages OF com-Aon labor Extensive i'm
migration will merely serve 10 Increase
he exceptionally large spread that al
ready obtains between the wages OF
"a led and common labor IN America.
What, then, is 70 be done with the
existing wage level Of skilled and semi.
skilled labor, The easiest wAv Of
escape is by price imitation. For what
we appear 90 be due FOR the next wear
Or tive This will give temporary ~
fpite 10 the struggle. But it will only
be temporary. Each succeeding drop
IN prices Will bring a recurrence Of the
Struggle.
10 Is not unlikely that wage stats
tics Tor the next decade or 30 Will
register n substantial gain iu real
wages. The pressure Of n high wage
level against a secular drop iu prices
IS a tremendous goad 90 managerial
efficiency. The recent study Of the
Federated Engineering Societies indi-
Gates that there IS still room for large
improvement in management on the
basis of what has already been achieved
by The better firms Squeezed be-
tween a declining secular trend in
prices and an unyieiding wage level.
the employer ia forced 20 buckle down
90 the job Of making Industry tf-
fc.eHt enough 90 cafry the load o.
high wsgsr So long ~ the secular
trend Of prices BE- downward. we are.
therefore. likely 20 scr RES in real
wages But the constant struggle
against declining prices and a recall.
CitInnt wage level can scarcely fall %
result in chronic dcrEeafiou with BRIEF
Intermittent periods ~ prosperity
Whenever way % escape ls offered
fhrough temporary price inhation
Idus. ~ may witness q period similar
So fhnt % tie '70s ard s0f. when real
Fae.s were r.sing. bat the buf ne
Tonrr ~ labor, os r. class. vat i0u be-
cause II wilespr-al snempiogm
(Continued On Page KiEhD
New-York tribune., 1922-12-31

The substantial progress in business
recovery during 1922 has undoubtedly
placed our banking system on a. sound
a basis 81 a. any time IN our history.
Our manufacturing and merchandising
systems are efficient, az Il our trans
portation system, although the devel-
opment Of more adequate facilities Is
called for II is fair 70 hope. also.
that the present unsatisfactory coal
mining situation will be improved.
within these various aspects Of our
economic life there 10 ample promise
of increasing prosperity. But that
promise can be defeated By unsOund
money and credit policies and BY de-
stroying the safe. efficient operations
~ banking through interfering with
the Federal Reserve system By under
mining confidence in Il by misrcprc-
sentation, or by allowing political ex-
pediency in any way 20 AFFECT It's ad-
ministration.
Sound money, credit and banking are
the means that coordinate and link
New-York tribune., 1922-12-31

up the various processes Of aEricul-
ture, industry, commerce and hnanee
In an organic whole. Interference with
thsir proper functioning means disas-
trous consequences to the entire eco
nomie system.
A prerequisite Of prosperity, there
fore is the medication among all the
people. through economic educational
activities. Of interest m and under
standing Of sound. fundamental busi-
ness principles 30 that they will brook
no tsmpering for ul.erior purposes
with their country's monetary sound
ness. its credit resources or is safe
banking operations.
The American Bankers Association
Is committed 20 the thought that The
most patriotic service ii can render
the nation during the year 1923 IS
the work Of public economic education
& is carrying out through various o.
is activities.
New-York tribune., 1922-12-31

=
WE ARE standing at the
w threshold Of another season
and the price question, al
ways one Of vital interest, IS more
than ever an issue Of paramount inn
portance and speculation. The door
is open. but as yet only a very few
of the boder spirits have yentured
into the arena.
IL is conceded that prices will be
hlghcr-5he only question. therefore,
's "how much.' With no likelihood Of
lower wages or OF reduction IN tne
lesser .tems Of overhead. the cost Of
production remains the same and the
sns,ysis Of the subject Is therefore
focused upon the cost OF raw material
moro particularly wool.
Take as an illustration the cost OF
quarter blood woods Of the variety
which enters largely into the manu-
iactufe NJ medium priced oyercoatings
and sui,ings. In November and De-
cemoer. 1921, such wools could be
bought for from 40c 10 SOC. while to-
from soc 10 81 about. or a little moro
than, double. II, therefore, fabric
Is 90 be maintained in quality, T. o..
without any lowering Of the grade or
percentage OF pure wool employed IN
is construction, an advance OF 25 to
80 per cent may reasonably be eX-
pec;ed.
As consequence OF this advance 10
ia probable that some manufacturers,
IN an effort 20 market their produc-
ton 40 small increase in price, will
sacrifice something OF quality either
by using a lower grade Of wool or a
larger percentage Of substitute tshOd-
dyl. This can be done to a certain
degree without affecting the appear
ance or apparent quality OF q fabric.
but i, cannot be done without severely
affecting is wearing quality. The
fabrics. therefore. which are stand
AID on the market and which have
tho reputation OF maintaining their
qualities will be obliged TO make "a
material advance In price.
The question Of the effect upon the
market of materially higher prices is
important II prices open lower than
is anticipated the volume OF initial
business VIII be very large, for stocks
of clothing and overcoatings gs-par-
t,eularly he latter, are low and need
replenishing. n, on the other hand,
opening prices are higher than ex-
pected, fhe early buying will proceed
conserystively.
The wool industry from the raw
material TO the finished product has
shared fully In the current revival Of
business. For many months prices OF
raw material have been steadily mount
ing. partly AS the result Of natural
reaction from the cNtreme deprccia-
tion OF year ago. and partly because
OF an increasing demand for merehan-
disc without a propertionate increase
IN the supply. With respect to prices.
therefore. Il will be seen that there is
nothing artificial IN the situation, but
that on the contrary IL Is thoroughly
sound and is based upon physical con-
ditions which may have still higher
prices as a logical consequence. and
which at least indicate maintenance
Of present prices for some time to
come
New-York tribune., 1922-12-31

situation in other nations and ina.
some betterment in world tradiag con
ditions must inevitably follow.
The significance OF such an eveutu-
ality with relation % the price move
ment In the United States IS best de-
trrmlned by reference 90 the recent
course Of quotations here and the pres
en-: position. The ycaer 1929 sncom-
passed rise in prices o. extent such
as was never achieved In p~acetime
in like period before the World War.
For several months prior 90 January e..
the check 10 deflation had been def
riteiy established and there sas .
ba.eiy porceptibie drift toward higher
lcvei,. This drift gradually assumed
the proportions Of O. major upsw.ng
that l. still under way. II somewhat
abated in force. az 1929 opens.
The extent % she advance Is best
shown b. reference 20 The various
prices iudices maintained in this e0uu-
try. Brsdstrest's compilation b. De
eember ! was a fu.l 30 per cent above
the low pOint reached IN the late
spring of 1921. u Us siill fsr below
the post-srmistice peak. The record
follows: Maximum. February I, 1920,
$50 $3.50; minimum, june !, 1927, SlO.-
GtG9. January J., 1922. Sli.3-25. De-
eember ]. 1929, d9.1s95. Dan's iudex
number shows a recovery OF rs per
cent from the low Of 1921, Of which
I2S per cent was recorded in The first
eleven months - 1922. The New York
FEDERAL Reserve Banks index of prices,
based upon 'he quotations Q. twenty
hnafa enfrf "a a of' fffnr o. Fr rnr fsnH
durng the year. the Department o.
Labors compilation mas recovered H.
per CEN The Harvard University 'n-
deT. based upon ten commodities and
extremely sensitive, Is up 40 per cent
f.,r. a. r..s -.f.s
New-York tribune., 1922-12-31
By Richard F. Gnfen

wv ORLD commodity price
w movements during the year
W just closed have TO a de-
gree been conflicting, but in the
main the trend has been upward
either as a direct extension Of the
! imitation initiated during the war or,
as in the United States, as conse-
quence Of the development Of sec
ondary imitation.
The coincidence Of startling rise
Of more than 100 per cent in German
prices in 4 single month and the rela-
tive stability or actual decline OF
prices in nearby countries has been
possible because OF the limitations i'm
posed BY abnormal foreign exchange
market conditions upon the play OF
forces between international trading
eenters that under more usual eifeum-
stances operate toward uniform price
level.
As the new year opens tho recovery
Of sterling TO within 20 cents Of parity
las raised TO- the arst time the eS-
pectation that before many mora
months haYe passed some msHIure Of
sonslstency will be achieved In The
price movements throughout the world.
with sterling upon an equality with
dollars and England in faet upon a
gold basis there seems good fesson %
believe that a considerable number Of
the principal trading nations will be
able 20 return 10 the gold standard.
/ That is the prerequisite 10 The estsb-
/ lishment Of the old Relationship be-
| tween markets when too wide a diap~r-
Z ily between commodity prices IN the
/ United States and England. for e<-
ample. was impossible because Of the
/ freedom with which gold shipments
were available as a corrective.
/ ln Europe Swiss. Dutch and Swedish
/ eurTencies have already attained a
vsiuAtion OF parity in the exchange
market and in the opinion Of many
/ lssoing financial authorities, Spain,
/ Japan. ArgeGiins and possibly Czecho-
| Slovakia with these countries shouln
/ be able 10 follow England back 10 a
strictly gold basis. Norway and Den
mark with q little time should be IN a
| position 30 Join this group. Russia
/ Germany and the Central European
countries generally. excepting Czeeho-
/ Slovakia. may be figured out o. d. FOR
the time. while the financial problems
/ TO be met in France and Italy sre con
siderable ard their progress bsel 20 a
prs-war basis gives promise % be,ns
gradual. B1t, even so. close 20 thres-
fourtfs OF the commercial world would
be back or a gold footing, tending 90
minimize the confusion in commodity
price fluctuations.
New-York tribune., 1922-12-31

rosis is not a very difficult one.
In the years 1916 to 1890 Inclusive,
customers crowded the farmers eoun-
lers ior goods. paid any price. and pad
cash. Il wes q sellers market The
energy Of the whole Western World
was conferred on war and It's immediate
after effects. The regular sources Of
food supplies were shut OF. The future
was mortgsged for purchasing power
old securities were sacrificed, bonds
were issued. chattels we're sold. The
farmer was urged By prayers patriot
ism and profits 90 produce 20 the Ut
most. and produce he 6td. Az Of a
sudden his customers left him some
because they could buy st lower prices
elsewhere, others because they we're
cultiyating once more their old helds'
and still larger numbers because they
were bankrupt That they were and
still are hungry and starving Is Of sec
ondary consideration. The purchasing
power WAS wanting.
Still the farmer continues % pro-
duce. Providence has afflicted him with
crops Of unusual magnitude. The re-
suit was Inevitable and It's explanation
requires no occult power. During the
war we ran short OF houses, furniture
and machinery. The capitalists sre
playing conservative role and hold
ing much the same position as In for
nier years. The laborers, seeing that
their contributions are indispensable,
are meeting the situation effectively
by putting upon the market no more 81
their wares than will he taken al o
predetermined price. They are acting
in a perfectly logical, perfectly selfish
manner. The farmer having no means
Of limiting his output throws upon a
glutted market a mass OF goods not
keenly wanted and wonders and COM
nlains az the ruinOusly low prices paid.
The logical way TO make farmers pros
porous is 10 lessen farming. just as
the coal operators are prosperous be-
cause there is too little. not TOO much
roaf ahoyo ground
New-York tribune., 1922-12-31
Conflicting Influences Result From Alb
normal Foreign Exchanges: Outlook
Continues Unsettled

wages in the steel industry and by set
Element o. textile wages on a re laiive-
ly high basis Against tais may be set
fre contention that without consump.
lion demand. without the expanded
purchasing power o. The people. wages
would have had 10 % over. Specific
ally. if the demand for steel products
had not been great ard = there Dad not
ben scarcity OF worker 20 raise pro-
dIr'iou % rhe level ~ ;nat demand
steel wages would not have been
marked up.
New-York tribune., 1922-12-31
Sees Wage Struggle Impending
Wholesale Prices Probably Will Rise More Rapidly
Than Money Earnings Next Year, Says Hansen;
Public Stand Against UniOnism Not Unlikely
BY Alvin II. Hansen
University Of MiTnesota

possible for the level to maintain Itself IN the lace
general unemployment? II is obvious that II Is
great mistake that all have te teefVe
power They sell their labor and ;hey refuse
higher money quickly becomes established as standard
The abe and his family will endure
suffering retain that standard An established
front line trench which must not be given up at any cost 10
bring present but
New-York tribune., 1922-12-31
Better Times in Prospect
For Farmer, Says Wallace
Higher Prices for Products Will Make
Possible an Easing Up on
Pinching Economy
BY Henry c. Wallace
.CccrciGry Of Agricuitare

ETTFR times prospect for the farmer and bic family
the coming year Prices for the major crops which we're m
- mostly considerably higher, and while prices Tor The b b.
frc must buy have about the the hin
half or more which will be received for the crops on
ast harvest season will possible up little on h 49,
economy that has been necessary for The last year Already farm a.
re hotter Off than they twelve months
belief that more prosperous conditions just for he
and those whose business largely dependent upon
New-York tribune., 1922-12-31
Wage Struggle

Thus the ienE-run drop In prieH rs-
suited IN q continuous struggle ever
the wage level, which became espe-
cisiiy severe during the heavy decline
IN prices IN the 50's and eos Ths
scRuggle was. however. Affected BY two
factors which no longer preyail-un-
rmited Immigration On the ore hand
ard free lard on the other. Both en-
Tloysr and employee had en- avenue Of
sespe. The situation facing ut to-day
Is different. We have q closely re-
strieting immigration law. There is 70
free land 70 which 20 escape from tAe
vsrs system. This situation Affects
tss organization Of labor or the one
hand ard Immigration legislation or
tbs other. The ftrgGEle against the
Uisting wage level will almost %
ssssssts ,aks tss taEnsi liJ anti
New-York tribune., 1922-12-31
Labor Cost Farmers Problem
Hibbard BIamcs Higher Wages for Extra Charges
for Commodities Which Rural Dis
tricts Must Pay
By B. II. Hibbard

Professor Of Agricultural EeoOmcs Urerty Of "Soo'E
AVNG rejected by Inadequate the whoe ma' aa
M 80 dies and nostrus must the be that The
for the American hopeless? SO far as any qa m
pane method concerned unquestionaby is The real of VIZ
prescriptions that and all they arc written ol' ~ -
of all 10 sea why The farmer Is In economic distress Moreover w &
New-York tribune., 1922-12-31
Head of Bankers Pleads
For Sound Money Policy
Promise OF Prosperity Can Be Defeated
by Undermining Banking System,
PueIicher Declares
BY John n. Puelicher
I msricon BaNkers' Annexation

NE Of powerful business influences during the year 10
will undoubtedly attitude Of the people on the Fundamental
problems Of the day These include the question so
money the coordination credit in referen o otuc
tive business needs administration Of the Federal Reserve system ana
strictly economic functions that unfortunately nave ph
By radical propaganda sections have been made SUBJECT 70
ptca considerations By partisansp in the established parties
New-York tribune., 1922-12-31
World Commodity Prices Working Steadily Higher

is there a prospect OF that give and
take between markets which alone will
make atta.nable something approx'-
mating n world price level or move
megt
New-York tribune., 1922-12-31
Proiecled Indo.ChIna RaiIvay

The CaRdelier railway mission - a..
completed It's studies and h re. urh'-i
90 France with the completed piaps
tho projected lndo-China railway
ten. according 20 report 70 W. 1.
psrtment Of commeree from Oon'u' :
L. Smith, Salon.
New-York tribune., 1922-12-31

IN
o
Of
New-York tribune., 1922-12-31
Advance in Price
In Wooden Goods
Outlook for 1923
Labor and Overhead Costs
Remain High and Raw
Materials Register Gains;
Market Effect Uncertain
BY Arthur M. Cox

'or & Sehrcibcr, Wooisr Ssiiag Aseris
WYE ARE standing at the
w threshold Of another season
' and the price question, al
The Birmingham age-herald., 1922-04-03
By Associated Press

Stone Mountain, Ga. April D. After two wealthy owners of Stons Mountain had rfxixad tfeir lives three times by dangling in mld-air at the end of a 400 0-fOot rope. from the steep side of the gigantic rock, Smut and Cap. fine fox dogs imprisoned in a little crevice since Thursday, were shot today to save them from starvation, and many thou sands persons who had flocked here to witness another daring rescue attempt. returned to their homes disappointed.
 While chasing a red fox Thurs day afternoon the dogs went over the mountainside, sliding and hurting until they fell into the hollow near the place where Gutzon Borglum plans to carve his Confederate memorial.
 When the fox, in full flight, shot over the brink, Smut made a vain effort to keep from falling. He stiffened his legs, slidding on the rocky surface. For a moment it seemed that he would succeed. He came almost to a stop on the edge. but his speed had been too great.
 Cap, who was behind, slack ened his pace. Slowly he ap- preached the edse, glancing downward, and backward at ". O. venable and Ronald Ven able, owners of the noun tain, and others, who were fol- lowing. He parked once--a cry that sounded almost human. Then he followed his pal.
The Birmingham age-herald., 1922-04-03
Ny Fauorite Stories
By IRWIN S. COBB
----------- A Stickler for the Truth

friend who practices law the Florida courts and deals his to high state of indignation muterng himself he along and cenching his freckled fists.
 he awye stopped and offered give him a lift. said the he climbed buggy ut can't git to whar Pm goin' minute There's eler Twin down the road here by the Ed this mornin the word that yisddy, he felers owdown, sean, aig-suckn dawg his place settle it with him. When while in, then better whut Pm goin to do to him"
 Presently they cabin gly fruit looking in doing nothing at all Stop right hee commanded the aggrieved Thar that thar Watts yonder Now jest keep From the friend watched while his late dmound
 
 unoed himself height considerably at the time menng the palms of his bawny hands after the fashion, The exchanged words; then with having difficult the tha  Wall "she said, that's all settled"
 What happenedy' inquired
 T axed him ef he'd said what them feler told he'd and he like an owned that denied it I'd a-beat him half to death"
 Copyright 1922, by the McNaught Syndicate Inc|