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The purpose of the paper is to determine if banks that solved the Y2K problem early created value for their shareholders.

The method of analysis is an event study.

The primary finding of the analysis is that solving the Y2K problem did not create value for bank shareholders. That is, announcements of solving the Y2K problem were not accompanied with positive stock price reactions.

While the paper does not find support for a positive reaction to solving Y2K, it does find some evidence of concerns about banks that were having trouble solving Y2K. However, the sample size of banks with problems was small and therefore we caution readers about generalizing these results.

All banks needed to solve the Y2K problem, but those solving Y2K do not appear to create value for their shareholders. From this we conclude that it is better to buy the solution to a required project than to develop it internally.

This paper is of interest to anyone in a capital budgeting decision making process that includes required projects.

In a relatively new and interesting study, a new theory was offered to explain events surrounding the Salem witch trials of 1692. According to the author of that study (Carlson), the behavior of the accusers can be explained by an outbreak of encephalitis. The purpose of this paper is to offer evidence that contradicts that hypothesis.

To these ends, this paper examines life expectancy data from the Wigglesworth 1789 life expectancy tables to reject the Carlson thesis. The current study also provides a graphical exposition of the Salem witch trials as a demand‐pull phenomenon.

According to the data, the age at‐death minus the Wigglesworth life expectancy of 28.15 years for the witch trials accusers averages between 26.4 years, a figure that is statistically significant. This result contradicts Carlson's view that the accusers encountered encephalitis. Finally, the stylized graphical model presented here provides an additional way of viewing the witchcraft episode in 1692 Salem as a demand‐pull phenomenon. Originality/value In refuting previous hypotheses about witchcraft episodes, and by offering a graphical model of witchcraft hysteria as a demand‐pull phenomenon, this study re‐focuses attention on the ethico‐economic aspects of the Salem witchcraft episode.

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

“All things are in a constant state of change”, said Heraclitus of Ephesus. The waters if a river are for ever changing yet the river endures. Every particle of matter is in continual movement. All death is birth in a new form, all birth the death of the previous form. The seasons come and go. The myth of our own John Barleycorn, buried in the ground, yet resurrected in the Spring, has close parallels with the fertility rites of Greece and the Near East such as those of Hyacinthas, Hylas, Adonis and Dionysus, of Osiris the Egyptian deity, and Mondamin the Red Indian maize‐god. Indeed, the ritual and myth of Attis, born of a virgin, killed and resurrected on the third day, undoubtedly had a strong influence on Christianity.

EVERY librarian in his inmost heart dislikes newspapers. He regards them as bad literature; attractors of undesirable readers; a drain upon the limited resources of the library; and a target against which the detractors of public libraries are constantly battering. From the standpoint of the librarian, newspapers are the most expensive and least productive articles stocked by a library, and their lavish provision is, perhaps, the most costly method of purchasing waste‐paper ever devised. Pressure of circumstances and local conditions combine, however, to muzzle the average librarian, and the consequence is that a perfectly honest and outspoken discussion of the newspaper question is very rarely seen. In these circumstances, an attempt to marshal the arguments for and against the newspaper, together with some account of a successful practical experiment at limitation, may prove interesting to readers of this magazine.

LIBRARIES have come impressively into the public picture in the past year or two, and seldom with more effect than when Their Majesties the King and Queen opened the new Central Reference Library at Manchester on July 17th. In a time, which is nearly the end of a great depression, that the city which probably felt the depression more than any in the Kingdom should have proceeded with the building of a vast store‐house of learning is a fact of great social significance and a happy augury for libraries as a whole. His Majesty the King has been most felicitous in providing what we may call “slogans” for libraries. It will be remembered that in connection with the opening of the National Central Library, he suggested that it was a “University which all may join and which none need ever leave” —words which should be written in imperishable letters upon that library and be printed upon its stationery for ever. As Mr. J. D. Stewart said at the annual meeting of the National Central Library, it was a slogan which every public library would like to appropriate. At Manchester, His Majesty gave us another. He said: “To our urban population open libraries are as essential to health of mind, as open spaces to health of body.” This will be at the disposal of all of us for use. It is a wonderful thing that Manchester in these times has been able to provide a building costing £450,000 embodying all that is modern and all that is attractive in the design of libraries. The architect, Mr. Vincent Harris, and the successive librarians, Mr. Jast and Mr. Nowell, are to be congratulated upon the crown of their work.

In 1899 the medical practitioners of Dublin were confronted with an outbreak of a peculiar and obscure illness, characterised by symptoms which were very unusual. For want of a better explanation, the disorder, which seemed to be epidemic, was explained by the simple expedient of finding a name for it. It was labelled as “beri‐beri,” a tropical disease with very much the same clinical and pathological features as those observed at Dublin. Papers were read before certain societies, and then as the cases gradually diminished in number, the subject lost interest and was dropped.

OUR various accounts of the Portsmouth Conference, and the official record of it which is now in the hands of readers shows that it may be regarded as a successful one. It was specially notable for the absence of those bickerings and differences which must inevitably come to the surface at times. There may be something in the suggestion of one of our writers that the weather was a main factor. However that may be, there was uniform good temper, and we came away with the belief that a good week's work for librarianship had been done.

President, Charles S. Goldman, M.P.; Chairman, Charles Bathurst, M.P.; Vice‐Presidents: Christopher Addison, M.D., M.P., Waldorf Astor, M.P., Charles Bathurst, M.P., Hilaire Belloc, Ralph D. Blumenfeld, Lord Blyth, J.P., Colonel Charles E. Cassal, V.D., F.I.C., the Bishop of Chichester, Sir Arthur H. Church, K.C.V.O., M.A., D.Sc., F.R.S., Sir Wm. Earnshaw Cooper, C.I.E., E. Crawshay‐Williams, M.P., Sir Anderson Critchett, Bart., C.V.O., F.R.C.S.E., William Ewart, M.D., F.R.C.P., Lieut.‐Colonel Sir Joseph Fayrer, Bart., M.A., M.D., Sir Alfred D. Fripp, K.C.V.O., C.B., M.B., M.S., Sir Harold Harmsworth, Bart., Arnold F. Hills, Sir Victor Horsley, M.D., F.R.C.S., F.R.S., O. Gutekunst, Sir H. Seymour King, K.C.I.E., M.A., the Duke of Manchester, P.C., Professor Sir Wm. Osler, Bart., M.D., F.R.S., Sir Gilbert Parker, D.C.L., M.P., Sir Wm. Ramsay, K.C.B., LL.D., M.D., F.R.S., Harrington Sainsbury, M.D., F.R.C.P., W. G. Savage, M.D., B.Sc., R. H. Scanes Spicer, M.D., M.R.C.S., the Hon. Lionel Walrond, M.P., Hugh Walsham, M.D., F.R.C.P., Harvey W. Wiley, M.D., Evelyn Wrench.

ANOTHER Annual Meeting has come and gone. It was scarcely to be expected that the meeting at Bradford would be a record in the number of members attending, seeing that it is only three years ago since the Association met in the neighbouring city of Leeds, and that Bradford cannot boast either the historical associations or the architectural and scenic setting of many other towns. For the most part therefore the members who did attend, attended because they were interested in the serious rather than the entertainment or excursion side of the gathering, which was so far perhaps to the advantage of the meetings and discussions. Nevertheless, the actual number of those present—about two hundred—was quite satisfactory, and none, we are assured, even if the local functions were the main or an equal element of attraction, could possibly have regretted their visit to the metropolis of the worsted trade. Fortunately the weather was all that could be desired, and under the bright sunshine Bradford looked its best, many members, who expected doubtless to find a grey, depressing city of factories, being pleasingly disappointed with the fine views and width of open and green country quite close at hand.