That can be repaired. Have you tried replacing the seat washers, first? No need to replace the stems until you do that.

Sometimes the seat has to be replaced, too. Older hardware stores carry them - the older store the better. (One would remove the old one with a seat wrench, and take it along to get the exact profile... Still, that's much easier than finding a matching stem.

Where are you located? I just worked on a house in VA with the same fixture, thought it wasn't on my "to do" repair list.

This post was edited by homebound on Fri, Oct 4, 13 at 8:19

If the only resource has been on line, you are your own worst enemy.
The faucet setup is no longer legal, in the configuration pictured.
Shut the water off, remove one of the stems and take it to a local plumbing supply who, if they do not have the parts, probably know a local repair shop that does.

Adding an ALSON will make the faucet legal.

snoonyb,
Can you elaborate on that? Thanks.

It appears that the faucet is below the flood rim of the fixture.The flood rim is the top of the fixture and a point where water will overflow.

If the fixture were being filled, either by design or accident, to a level where the faucet is immersed, and water pressure is lost, the water in the fixture could be siphoned back into the fresh water system, through the open valve, there-by contaminating it.

The rule can be found in state and federal building, plumbing and housing codes.