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than a century of our National history been an influential factor in making that history; and the story of its career and influence is here told in a way that is highly interesting. The book is by no means merely a friendly encomium of a newspaper by one of its editorial staff; it is an independent, virile study and review. Alexander Hamilton, William Cullen Bryant, John Bigelow, and E. L. Godkin, as chiefs of the "Post," made it one of the world's great newspapers and set standards that are loyally followed by its present editors. Every newspaper man, every thoughtful newspaper reader, I would be the better and wiser for be coming familiar with the contents of this book.

TRAVEL AND DESCRIPTION HUNTERS OF THE GREAT NORTH. By Vilhjalmur Stefansson. Illustrated. Harcourt, Brace & Co., New York. $2.50. Mr. Stefansson is a first-class writing man as well as a first-class hunter and explorer, and no one, young or old, can take up this book without becoming absorbed in its accounts of Arctic life. The author has many original points of view, and when he takes the reader into his confidence as to these, his pages are most entertaining.

INCA LAND. By Hiram Bingham.

Illustrated. $5.

Houghton Mifflin Company, Boston. Professor Bingham .tells in this handsome and well-illustrated volume the story of his expeditions in Peru conducted in recent years under the auspices of Yale University and the National Geographic Society. The remarkable discovery of the Inca city of Machu Picchu receives extended treatment, and the account will prove of absorbing interest alike to the archæologist and the lover of travel books.

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$5 $6 $7 &$8 SHOES


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BECAUSE W. L. Douglas has been making surpassingly good shoes for forty-six years. This experience of nearly half a century in making shoes suitable for Men and Women in all walks of life should mean something to you when you need shoes and are looking for the best shoe values for your money.

W. L. DOUGLAS shoes in style, quality, material and workmanship are better than ever before; only by examining them can you appreciate their superior qualities.

No Matter Where You Live shoe dealers can supply you with W. L. Douglas shoes. If not convenient to call at one of our 110 stores in the large cities, ask your shoe dealer for W.L.Douglas shoes. Protection against unreasonable profits is guaranteed by the name and price stamped on the sole of every pair before the shoes leave the factory. Refuse substitutes. The prices are the same everywhere. If not for sale in your vicinity, write

TO MERCHANTS: If no dealer in your town handles W. L. Douglas shoes, write today for exclusive rights to handle this quick selling, quick turn-over line.

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Sure Rupture Comfort

BE COMFORTABLE-Wear the Brooks Appliance, the modern scientific invention which gives rupture sufferers immediate relief. It has no obnoxious springs or pads. Automatic Air Cushions bind and draw together the broken parts. MR. C. E. BROOKS No saives or plasters. Durable. Cheap. Sent on trial to prove its worth. Never on sale in stores, as every Appliance is made to order, the proper size and shape of Air Cushion depending on the nature of each case. Beware of imitations. Look for trade-mark bearing portrait and signature of C. E. Brooks which appears on every Appliance. None other genuine. Full information and booklet sent free in plain, sealed envelope.

BROOKS APPLIANCE CO., 471J State St., Marshall, Mich.

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Phone Westchester 3634-3872-3626


The Financial Department is prepared to furnish information regarding standard investment securities, but cannot undertake to advise the purchase of any specific security. It will give to inquirers facts of record or information resulting from expert investigation, and a nominal charge of one dollar per inquiry will be made for this special service. All letters of inquiry should be addressed to THE OUTLOOK FINANCIAL DEPARTMENT, 381 Fourth Avenue, New York.




OR generations a quarrel has been carried on between economists on the subject of money and prices. The bonc of contention is the so-called "quantity theory." Those who uphold it will seldom admit that there is even a subject for dispute involved-that the quantity theory is sufficiently obvious to be axiomatic. Their opponents are equally certain that to believe in the correctness of the quantity theory implies

a lack of fundamental logic-almost of good sense. Outside of the quarrel are the only persons to whom the solution is of any real import. Laws of price are everybody's business, and currency legislation is every one's concern. Our money must be dependable or we cannot get our business done.

To gain recognition as an economist of weight a man cannot be a fool; and when wise men begin describing so universal a

A Strong Industrial
Industrial Bond

sidiaries, is one of the largest petroleum producers in the United
States, operating more than 3,700 wells and more than 2,200
miles of pipe lines. The corporation owns a fleet of 17 ocean
steamers, as well as tugs, barges,

and other equipment.

Net earnings of the Gulf Oil Cor-
poration and its subsidiaries, as
reported, for the 5%1⁄2 years ended
June 30, 1922, were not less than
$9,000,000 in any one year, and
averaged more than $16,000,000.
The annual interest requirements
on total present funded debt
aggregate $2,110,000.

We offer and recommend for in-
vestment the 15-year 5% Bonds
of this Corporation. A descrip-
tive circular will be supplied on
application to any of our offices.

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thing as money with a dissonance of opinion equal to that of the blind men about the elephant it is evident that they have different definitions for money.

The definitions usually given in the textbooks are in support of that state ment. Does an exact definition exist in any standard text? If so, does it stand unchallenged? I believe not. Text after text, however, defines the qualities necessary for any commodity to possess in order to serve as Money. And four times out of five, after giving them, the same texts will later call a Federal Reserve note "money" and debate whether or not checks are "money." One chapter will be headed "Money" and the next "Credit." A succeeding chapter lumps them both and treats them alike under guise of currency or circulation or media of exchange.

In my pocketbook at present are four bills: a $20 Federal Reserve note, a $10 gold certificate, a $5 note of the Series of 1890, and a $1 silver certificate. How much money have I?

Starting at the only point upon which all schools of economic thought agree, each bill represents something. If that something has the qualities necessary to serve as money, the bill may be called a title deed to money. In other words, it proves that I have money somewhere. If, however, the something represented has not those qualities, I submit that my possession of the bill is evidence of something entirely different.

The $20 bill is new and unworn. Presumably the 90 or 120 days of maturity of the trade acceptances or other paper behind it are incomplete. This bill, then, at a 4 per cent rediscount rate, really proves, in the last analysis, that I have a prior lien upon $20.84 worth of, say, bolts and nuts, now being unpacked by a retailer; and that I am secured against loss through the sale of those bolts and nuts by the ample margin of about $16 in gold. I do not own that gold. It is merely arrested temporarily and held until the Federal Reserve Bank proves to me that my $20.84 worth of bolts and nuts will really sell for that much. Obviously, my bill does not represent anything which can be used as money except that $16 in gold, and I do not own that. This bill cannot be money.

Now the $10 bill. It states plainly that in the vaults of the Treasury there lie two hundred and thirty-two and twotenths grains of gold; that the gold is mine; and that I can get it if I go and ask for it. This is money without a doubt.

Next, I have a green and black bill stating that the United States will pay me $5. That is all it says. It means that this great country of ours owes me $5 and admits it-nothing else. It is a loan without interest. Five dollars' worth of my work has been paid for with the Government's credit-nothing else. This bill is not money. It is the same sort of promissory note that you and I might issue.

Lastly, another bill offers me "One Silver Dollar"-not "One Dollar in Sil

Building a Greater West


LD prairie trails that once echoed the trotting of stage coach horses are now lively streets pungent with gasoline. The trail blazers have passed to Unknown Lands, leaving to their sons the ability to turn opportunity into results.

The Greater West was only a vision when the rich. resources of mine, farm, ranch and fruit lands were first tapped. Even now that it is real, the future looks more golden than ever. And newcomers quickly become as keen Western optimists as the native born!

It is a pleasure for National Shawmut Bank to help keep the West in close touch with the manufacturers of goods that have made New England world-famous. Machinery, tools, rubber, footwear, textiles, paperthese are products of highly specialized skill. The volume of these goods shipped to the West is proof that Western requirements are fully met.

There are many routine banking and also more personal services which this bank can perform particularly well for Western banks and businesses, because of our broad acquaintance with all New England activities.

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ordered in millions or billions. The colossal results shown by statistics are the sum of an uncountable number of small transactions.

The significance of the whole is learned only from the study of the elements that make the mass. It is by such study and through participation in hundreds of thousands of transactions that these banks get the outlook and gain the experience which permit them to cooperate helpfully with their


Resources are more than 500 millions. The CONTINENTAL and COMMERCIAL BANKS


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ver." It does not state whether the dollar was coined from 60-cent pre-war silver or dollar-an-ounce Pittman Act silver; so I do not know whether my dollar is worth 40 cents or more, or 60 cents or less. Call it 50 cents, with the brassage. This bill, then, means that I own half a dollar in money and another half-dollar in promises.

This completes the inventory, and I find that I have only $10.50 in money in my possession. I do not feel aggrieved, however, for the credit is liquid and negotiable. It is "good." I may have little money, but I have $36 worth of power-power-in-exchange represented by currency. I do not care whether the power arises from gold, silver, promises, or bolts and nuts. It is good power, and I have it. Its source no more concerns me than the name of the chef who cooked my dinner.

Lifting a sack of wheat or a barrel of molasses requires one sort of power. Completing a business transaction, great or small, requires another kind; but whether muscle or purchase is involved, power is required. Can any one contend that the more muscle a man has, the harder he must work to shoulder a bushel of wheat? Is the amount of power necessary to do anything measured by the power one happens to have? Does the size of the units by which power is computed change the total amount necessary to get our business done? Of course not. The power required is regulated by the business itself, by the weight and inertia of the wheat, by the power-in-exchange of the thing we buy.

In my four bills power is represented by four different things-three of them commodities and the fourth a psychological phenomenon. The gold I am certain about. I know what it is worth the world over. I know that its powerin-exchange is not stable; but I know that it changes very slowly-more slowly than any other commodity possessing the necessary "qualities." The silver in which I have title is, I know, worth less than I gave for it; but I have the Government's word that I will not lose when I pass that bill along to another man, and I believe the Government.

The bolts and nuts are worth $20 to me now. They may be worth $18 or $22 next month; but I am not interested, for by that time they will have been sold and $20.84 in gold will have been paid to the Federal Reserve Bank to cover my note. I will then have money. Right now, however, I have control of bolts and nuts.

The Government's credit is good with me for the same reason on a larger scale. When that bill was issued, the Government had no money, but it had control of future taxes and goods.

So, broadly speaking, my power arises from two things-my ownership of money metal or my mortgage upon marketable transferable goods or future supplies of money metal. Here the streams of thought divide. We are at

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the beginning of both sides of the quantity theory quarrel.

The quantity theory is not a theory of As a money, but a theory of credit. round ninety per cent of our "currency" or "circulation," loosely called money, is credit pure and simple, it is not difficult, however, to see why it is considered a money theory. At the start, however sound they may be in their ideas, the quantity theorists stand convicted of unSound language.

In plain English, the quantity theory states that the more units of money a country has, the less each one of them will buy, i.e., the higher will be the prices of "goods." They invoke the law of supply and demand, and some of them say that they cannot admit even the possibility of discussion.

At the start, we must rule out the [rabidly "anti-quantity" men who would claim absolute stability for gold and I place all the fluctuation of prices upon


Men seek the deciding "yes" or "no" of the analytical chemist because his conclusions are based on facts-facts which he is best equipped to gather-best qualified to weigh and judge.

other things. That is obviously a ridien. 6Yes" or "No" to a Bond?

lous assumption. If gold had never been used as money, its power-in-exchange, its relationship, would plainly depend upon its comparative quantity and would rise and fall. Since gold, the most stable of all commodities fit for use as money, has been chosen as money, we must not lose sight of the fact that it is still a commodity, and still subject to power fluctuation. These fluctuations, admittedly affected by quantity, have been considered as money fluctuations; but they are really fluctuations of the commodity power, not the money power. If they were not, we would find two gold prices current, as far apart as the two silver prices now obtaining in the United States, and the gold would be all coin or all bullion alternately, as these prices varied. It was only on account of its superior stability as a commodity that gold was selected in preference to other metals, like platinum and silver, as | standard money. The commodity price of gold still rules, only partially enhanced by its new use as money and the consequently increased demand for gold. We use such gold as we need for Treasury reserves and coinage. We use the rest as commodity gold. If we coined it all, prices in terms of money would not be affected; we would use what coin we needed; hoard a little, and so decrease the supply; and melt the remainder down into ingots and jewelry. No matter what the supply of gold metal, there will never be more gold money in use than people want to use. Since the price of gold is its metal price, and so a worldwide price, the amount of gold money in any given country has no effect whatever on prices. In fact, in a country where only gold money was used in business and enough of it was in use to meet all currency needs, we would soon find lower prices, not higher; for the very lumsiness of all-gold-and-no-credit would stall business into a permanent depression. An increase in the quantity of gold money would make no more difference than an increase of muscle to the wheat-lifter of the first part of this arti

When you come to The National City Company for bonds you come to an organization with resources enabling it to gather and weigh carefully the essential facts back of every bond it recommends.

At any one of our offices in more than 50 leading cities will find a cordial welcome you by men who are constantly studying investment problems-and who will gladly help you select high-grade bonds.

These experienced men are well qualified to analyze your present holdings, and may be able to suggest advantageous changes.

Regardless of the size of your investment account, we invite you to come and see us, or to write for our Current List of Bonds of liberal yield.

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