davidaulloa/AmericanStories huggingface dataset:
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20

pered in the crisis by its intimate
relations with the Government. Ii
had been obliged to adapt its poll
cies to suit the policy of the Treas
ury, with the result that the Re-
serve banks were already far gone
on the course of imitation before
the crisis was reached. although the
very purpose of the Reserve banks
was to hold resources in reserve for
crises. The attacks which they have
suffered, the attempt on all sides
to drag them into politics, and the
proposals which are made to re-
organize the system in ways that
would make il more serviceable in
politics, all show the inherent weak
ness OF any banking system having
a governmental connection. Every
thing with which the Government
has to do becomes involved in poll
tics, and subject to partisan con-
troversies and Misrepresentation.
No banking system can function
effectively under such conditions.
The more deeply the banks are
NiHNh ihA1 poAties dtAu ddliiilS-
tered with view to political con-
siderations, the more costly will be
the results to the public.
AS already stated, the pressure
of the Treasury upon the Reserve
banks to assist in floating a public
loan at an abnormally low rate, had
the effect OF Gripping the banks
N the emergency service for which
they were planned, and cost the
country a far greater sum in the
end than the Treasury loan would
have cost al market rates. The in
forests OF the public have suffered
every time the Government has
nodded with banking from the
time of the first Bank of the United
States to the present day.
L is significant that although the
Congress appointed the Joint Com
mittee Of Agricultural Inquiry, con-
sisting Of six members of the SEN
ate and six members of the House,
20 Investigate the conduct OF the
Reserve banks during the crisis,
and this Committee made an ex-
hausiiye report to which the names
OF the full committee membership
were appended, practically no at
tention has been given to the re.
port by members Of Congress or
the active politicians OF either party
The findings Of the report are -
agreement with the foregoing re-
view, but even some of the CONF
mittee members who signed thcal
have disregarded them in their ut.
terances since.
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20
TOTAL EARNING ASSETS

TOTAL EARNING ASSETS
Aug. l, 1919. S2.46s, 0s6,0Oo; New. Z,
1879, $2,s23. 204, 200; May Z, 1920,
ss,214,357.ooo; Nov. 5, 1890, sS,a2l,.
$4,000.
These figures show that instead
OF a contraction of credit following
the demands of the brotherhood
chiefs in August, 1919, the volume
of outstanding reserve bank credit
constantly increased over a period
Of fifteen months, and at the end
OF that time was nearly one billion
dollars, or about 40 per cent great
err than at the first date named.
Discrimination Against Farmers
Another feature OF the situation
in 1920 is worthy of attention. II
has been charged that the money
power" debated the farmers, with
especial severity. The truth is that
the loans OF Federal Reserve banks
feil most rapidly in the eastern dis
tricts, where the paper was chiefly
that of mercantile houses and In
dustrial companies. Moreover, as
the condition OF these eastern Re-
serve banks became easier they
shifted their lending capacity to the
support of the western and south
ern banks, where the loans to farm
ers were chiefly held, thus enabling
them to grant more credit than they
would have been able to out OF their
own resources.
The Federal Reserve Bulletin for
January, 1921, in its review OF the
operations Of the system during
1920, referred to this feature in the
following language:
Interbank diseounting showed q consid.
cradle increase about the end of April,
when nearly $50 millions of rediseounted
bills were carried by the Boston, New
York, and Cleveland banks for seven other
Federal Reserve banks. After a slight re-
cession these operations were resumed on
an increasing scale early in August, and
on October 30 the Boston, Philadelphia,
and Cleveland banks reported a maximum
for the year Of over 247 millions Of bills
held under discount for eight other Re
serve banks. At the close OF the year
total discounts OF the above three banks
included 1853 millions of paper dis
counted for Ave otlger Reserve banks in the
South and - die West.
The report OF the Joint Commits
sion. OF Agricultural Inquiry, crca-
ted BY Congress in 1921, and headed
by Congressman Sydney Anderson
Of Minnesota, dealt with this sub
jet OF discrimination against farm
ers at great length in its report,
and its findings ought to be con-
elusive upon that point After re-
viewing the testimony taken, the
Commission says (Fart ii page
1T:
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20
S O CT E T Y

Mrs. Henry Polling Of the West
Side Entertained number of her
Friends Tuesday evening in Surprise
Party which was given in honor Of
her husbands 46th Birth Day, after
a social hour was enjoyed the Hostes
assisted by Mrs. May Logan and Mrs.
L. E. Gamer served refreshment. The
following were present: Mr. and Ms.
Elihue Ware Rev and Mrs. Edwin
Cross, Mr. ard Mrs Harry Hankey,
Mr. and Mrs. r. E. Markwod Mr. and
Mrs. Silace Polling, DR. J e. Gibson,
Mr.. and Mrs. L. z. Gamer, Mr. and
Mrs. w. Shomo, Mr. John Rhoades,
Mr.. and Mrs Herbert Polling, Mr. and
Mrs. Enoch Polling, Mrs. j A. Logan,
Mrs. May Logan, Mendel Gamer, Mary
Louiee Gamer, Virgil Polling Vernon
Polling, Beda Polling Vincent Polling,
Roy Logan Paul Shomo, Helen Louise
Shomo, Mabel Shomo, Helen Gibson
Howard Cross, and Porter Cross. At
ter an enjoyable evening spent the
friends departed wishing Mr.. Polling
many more happy birth days.
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20

the record OF their loans in those
years. The most specific charge
has been that the policy Of detia-
ton had its origin in the demands
of the railway employees for higher
wages to meet the high cost of
living, which demands were pre-
sented to President Wilson in
August 1917. The President urged
the railway men not to press the
demand and promised to take such
steps as lay in the power of the
government to lower living costs.
1t is said that he then used his
influence with the Federal Reserve
Board TO bring on fall of prices.
A consolidated statement of the
condition of the twelve banks is
published weekly, and we give be-
low the figures for the bills dis
counted and total earning assets"
at two dates in 1919 and two. in
1920. The first date, August /,
1919, is selected as just before tie
demands of the railway employ es
upon President Wilson were pre-
sented, these demands being COM
monty named as prompting the
adoption of the policy The second
date, November 7, 1919, was Just
after the first advance of discount
rates, which was accompanied by
ample warnings from the Reserve
Board. to the effect that il was
deemed necessary to put check
upon the constant tendency TO an
increasing volume of bank credit.
The third date, May 7, 1920, is
selected as being about the time the
general decline i'll commodity prices
began and shortly before the So
called secret meeting was held at
Reserve headquarters in Washing
Ton, when according TO La Toilette
and Brookhart, the final arrange
ments for slaughter were made.
The fourth date, November 5, 1920,
Is selected because it marks the
hiah point Of Federal Reserve cred
its, just one year from the date OF
Tie first advance in discount rates.
"Bills discounted consist of re-
discounts for member banks. Total
Earning Assets" include redis-
c3npis, bills purchased in the open
p'a;sei and government securities
purchased Ms the Reserve banks On
iii1ir ovn account OF course, ali
ngychasss are a means OF putting
81: reserve credits The figures Tor
IL feG,- dates are as follows:
TaTAI Bib EoLGIEcs
~. ;. 1919. s22227S0.oe9; New. 2
778". iA.G2a, $1,000; ia ~ 1890
/ 80 q, fJ9,gSJ; N9e s, 1929, Ss,-s3,
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20
ELECTRIC SPARKS
.eAdoo may now get well.

McAdoo may now get well.
Salt River was never so crowded.
Mare Antony McAdoo evidently
came to bury Davis, not to praise
him.
An Illinois editor says the first
thing out after a rain is Ford.
If it be true that the Eskimo is be-
ing civilized he will soon become a
memory.
One thine certain is that if LaFol-
lette hasn't learned it now, all future
lessons will be wasted on him.
The American voters decided to
heed the historic remark of Charles
Dawes, Lets get together and get
somewhere"
1t is understood that Mr.. John w.
Davis is not going to form law
partnership with Bro. Chas.
Senator Wheeler explains what
happened on the fieshpot theory that
we are.
John w. Davis never worked
harder in his life than he did for the
the American people prefer prosper
ity to hard times. What stupid lot
Democratic party; nor for a less re-
munerative client.
Stanley Baldwin goes Republican,
and will Coolidgeize the British gov
eminent.
Baffled Bob slips up in his own
slush. The wicked stand in slippery
places.
The Germans have at length dis
covered that it is easier to gather the
shekels of peace than it is to apply
the shackles of war.
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20
FEDERAL RESERVE
SYSTEM

tgae OF the unfortunate features
~ The late campaign was the repe-
.,,son more or less by representa-
/; ess OF all the parties OF the change
ia the Federal Reserve banks
sts,rd a great defation OF credi,
Il l@20-2l. In every period OF BAD
-,.nr> there has to be goat on
~..,-s The blame can be iaid, ana
..e tie great postwar price
:. nnu GAME, extending around the
4 ia and great numbers OF people
=. ne United States, as elsewhere,
.,arnly became 4hard-up,' the
-.,era; Reserve system, as the
s,n.n,a, reservoir OF credit, was IN
...tiua 10 play that part.
k..l.eugi the third party led IN
,.,,-s,,ux the charges against the
,r~.rvr system, the political lead.
- x the other parties did not feel
49, th-v were called upon to de-
.as sta, they evidently thought
- - unpopular cause. Campaign
,.n,..s, are not interested in COM
>.t.ias paguIar errors a cam
..,r managers task is to ind out
-fr's' = r'f'eFe''a anu pa" artv
= "ns - = III ',is o..ie ro,,.
he 'SitifsErdsic sies sPe'.Ns'' -.
~. segus.;can administrations
-, .n~ %eoublicaus pointed out
!, ;4.e :sesefye Board had a hold
- taa'a.,.rssfs from u,e 1.,l'e,
.4n' aasa'.i'3tfa saf', ana osal'ne $.
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20

Victory is something of which a
candidate is sure just before the VOC
ers drop the ak.
Chief justice Talft can hold down
the Supreme bench, despite efforts Of
the Reds to title it.
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20

Looking back over Davis CAM
paign, we'd say he lacks the imagin-
alton of Jim Cox, who found lots of
mares nests.
To be successful in love onn also
has to get the breakes of the game.
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20

An analysis OF the figures in
these studies seems to justify the
conclusions:
l. That the expansion of bank loans in
rural districts during the period Of inha-
ton ending June, 1890 was relatively
greater than in the Industrial sections,
taken as a whole.
2. That the action of the Federal Re
serve Board and the FEDERAL Reserve banks
during the Is months preceding April rs,
1871, did not produces greater cur
tailment OF bank loans in the rural dis
tricts than in the fnant al and industrial
sections.
s. Credit was not absorbed by the
financial centers at the expense of rural
communities for the purpose OF specula-
tive activities.
4. That the pressure OF the forces OF
liquidation and depression in the agricul'
tural sections was reelected in a reduction
of deposits, This reduction Of deposits.
particularly demand deposits, was rela-
lively larger IN the agricultural and semi
agricultural counties il the United States
than in the industrial counties.
THE FALL Of PRICES
1t is important to understand that
the volume Of Reserve bank credit
and of member bank credit con-
tinued to increase throughout and
after the advance OF discount rates
to the highest point, and after the
general fall of prices had begun,
The prices Of live stock began
to decline in the latter part of 1919,
as exports fell off. Many farmers
lost money ON the cattle and hogs
marketed in the Winter OF 1919 and
the following Spring In March
banking and hneneial crisis oc-
Cured in Japan, where imitation had
been running about such a course
as in the United States, and the silk
industry and trade in the United
States were seriously affected. In
Nav prices broke on number of
staple commodities. AT the wool
auction in Boston the goth prices
were 20 to 80 per cent lower than
they had been up to that time. The
John Wanamaker store i'll New
York startled trade circles through
out the country by advertising a
sensational cut on everything in
stock. Cancellations became num-
erous in textile goods and shoes,
and the reason was not that mer-
chants could not get credit, but that
sales were falling off The Bureau
Of Labor price tables for June
showed the first drop in the general
index number, clothes and clothing
falling from 1928 to 314. farm prod
ucts from 241 to 237, building ma
teria1s from 2o3 to rs, and "all
commodities" from "a to 243. For
! July the index number was 241,
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20
It'll BILL HoLnEEcs-

A.. ;. 1919. 2.2227So.oe9; Nov. 2.
77t". iA.G2@, 5,0e0; ia ~ 1880.
&a,aia, '3s.ss3; Mrs.. s, 1922, $3.-s3,-
5.i ~
Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-11-20

as ;.,M aiasss :. ~ castR~
f.Ar ta~ ss~ssfvs t&Tk, fs,-er' f.1-
4afies 70 1914 ~ = = tl'-vvn}s ~
Smyrna times., 1924-05-21
BUSINESS MEN DISCUSS FERRY
Chamber of Commerce of Wilmington
Hopes ChincOteague Service Will
Be Continued By the P. r. r.

Directors of the Chamber of Com
merce at a meeting last week con-
sidered the proposed abandonment of
the ferry service between Franklin
City and Chincoteague, Va, as pro-
posed by the Pennsylvania Railroad
Company. 1t was decided to have the
Directors confer with the railroad Of
ficials relative to making arrange
ments whereby the service can be
continued.
The discontinuance of the ferry ser
vice between the two towns was
sought recently through a petition
presented to the State Corporation
Commission of Virginia by the Penn
sylvania Railroad Company. The rail-
road company contends that the ferry
line is not paying proposition.
The Directors also approved the
Winslow bill now pending before Con-
gress which provides that the Depart
ment of Commerce be given authority
to regulate the use of airplanes by
civilians. The Chamber of Commerce
will request Congressman Boyce to
lend his support to the measure.
The Board went on record as op-
posed to the McNary-H Hanger Bill, now
pending in the United States Senate.
The bill, which was proposed and
sponsored by the farm bloc in Con-
gress, purposes setting up prices for
farm products regardless of market
conditions, thereby creating fictitious
values which can not be maintained,
it was said. Several members of the
Board warned that the passage of the
bill would greatly increase the cost of
living in this country, arousing great
economic disturbances and creating
artificial control of the effect Of the
laws of supply and demand and that
it would not serve to produce any ma
terial benefits for the agricultural
portions of the country on whose be-
half the bill is being urged.
1t was also announced the Cham
ber of Commerce would have signs
and posters advertising Wilmington
and her industries upon the trucks
which will shortly be driven from
Smyrna times., 1924-05-21
OLD BANK MYSTERY CLEARED
Savings Deposit Made Over Thirty
Years Ago Claimed at Last
by Owner.

Many a tale Of mystery and romance
is written in the pages of a bank book.
Heed the true story of a depOsitor Of
the Lynn Institution for Savings:
More than thirty years ago this
man, giving the name Of P G., de-
posted $1,000. About five years later
he withdrew $1,1OO, taking in pay
ment a check to his order. This check
never has been cashed and P c.
never heard from since. At various
times the treasurer tried to get some
trace Of him. Clews have been fol-
lowed up without result.
At the end of twenty years the un-
claimed account was advertised in sew
eral papers. Many claimants ap-
peared, but none could give proof
satisfactory to the bank. Finally, after
thirty years, in 1921, upon injunction
Of the court, this estate was placed
in the bands of a receiver. The Lynn
Institution for Savings expected never
to hear of it again.
Imagine the surprise Of the treas
urer When, one day recently, the orig
inal bank book and the check, dated
Dec. 10, 1896, were presented at the
bank. The mystery of this estate,
now amounting to more than $1,000,
seems to have been solved. The own
er knew nothing Of the long search for
him by the bank and the courts. In
order to avoid attachment during some
domestic trouble he deposited his
money under an assumed name. Then,
relying on the safety of the bank and
being able to live on his earnings, he
avoided all mention Of the amount
Only because now, in his old age, he
actually needed the money was the
silence Of years broken.-Savings
Bank Journal.
Smyrna times., 1924-05-21
KITS C0TY HOUSE MONUMENT
Ancient Pile of Stones In Wheat Field
In England Marks Battlefield
of 455.

In the year 1927 a citizen Of Lon
don spent a holiday at Hollingsbourne
in Kent. He wrote in his diary that
the principal object which arrested his
attention was a large pile Of stones in
a wheat field by the roadside, and on
inquiry found it was Kits Coty house.
Antiquarians tell us that in the year
455 a battle took place between the
Britons and Danes on the banks Of the
Medway at Aylesford, and the stones
now remaining are supposed to be a
part of a monument then erected.
There are two immense stone slabs,
each nine tons weight, fixed on the
end in the ground and incllning toward
each other. Another sla6 is between
them for support, and one great stone,
of more than twelve tons, lies as a roof
transversely over all, making a kind
Of cell about seven feet each way and
the same in height.
Today Kits COty house stands as II
did when the writer Of the diary so
carefully described It 90 years ago. In
all probability, however, this crom-
lech had it's origin long before the year
455, and It may even date back to the
, Stone age. AS to it's name, it Is pos
sible that this monument was styled
Exits Coty house" during the Middle
Ages. A Kentish rhyme of medieval
origin refers to Exit" going to Canter-
bury, and It is not at all improbable
that Kit was a popular name among
the pilgrims who would travel along
the Pilgrims Way (an old track run
ming from winchester to Canterbury
which crosses this very hillside only a
few hundred yards down the hill.-De'
troit News.
Smyrna times., 1924-05-21
SUSSEX FARMERS STUDY CROPS

Will Plant Large Acreage of Soy
Beans This Year-Begin Seeding Soon
Farmers of lower Delaware will
start seeding their soy bean crop
within the next two weeks, and the
acreage this year is expected to be
the largest in the history of the coun-
ty.
A meeting of the growers will be
held at Rogers school, near Stock
ley, in a few days, at which time
movement will be started by the
County Extension Department to as
certain the acreage that will be plant
ed this year in order that pools may
be formed next winter and spring and
a market established for the entire
crop.
Stockley, four miles south of
Georgetown, is in the heart of the soy
bean region, and last year, within a
radius of two miles of this point, the
acreage was between $4,000 and 20,-
900, which resulted in the yielding of
thousands of bushels.
A complete survey as to the acre
age will be made by County Agent
Molly c. Vaughn throughout Sussex
county within the next five weeks,
and before harvesting time crop re-
porters will give an estimate from the
various localities as to the possible
yield expected, and make reports to
the County Extension Department
who will be in position to advise the
growers what disposition to make of
the beans.
Threshermen will be asked to re-
port the number of bushels they
thresh and with all of these agencies
working together, it is believed that
the Farm Bureau will be in position
to ascertain the entire crop yield for
Smyrna times., 1924-05-21

the season. The crop reporters will
give their estimates a month before
harvesting time and with this data in
hand the Extension Department will
have something upon which to base
an estimate as to the quantity that
may be supplied the big seed dealers
of the country.
The soy bean pool conducted by the
Sussex County Farm Bureau during
February of this year clearly demon
strated to the growers the advantage
of cooperation in marketing.
At that time the market price was
$2.25 per bushel. A meeting of soy
bean growers was called and it was
found that 800 bushels were available.
The executive committee of the Sus-
sex County Farm Bureau sought the
services of w. F. Allen, a Seaford
broker, to act as sales agent and mar
ket the pool. Mr.. Allen gave his SER
vices free of charge to the co-Opera-
tive protest, and $500 bushels of
beans were disposed of in the first
pool, the price received being 1925
per bushel. Three hundred bushels
were sold for $3.40 per bushel, while
several of the growers who entered
the pool managed to dispose of theil
crop for SO. While in the pool, nc
objection was made to the individuals
selling when they received their price
The result of the advanced prices re-
ceived by the people has so stimulated
an interest in the crop that larger
acreages will be grown and the CO
operative plan carried out on a mucl
larger scale this year than was the
crop of last season.
The ground work is already being
laid, and within a few months plan!
are going to be worked out for tht
formation of a Sussex County So!
Bean Association which will certif!
the seed and have three large storage
houses erected in the county whicl
will be of sufficient capacity to handle
if necessary, the entire crop of beam
grown in lower Delaware.
The warehouses will probably b.
built in Georgetown, Seaford ant
Laurel, and. will be under the direc
tion of the association.
Smyrna times., 1924-05-21
Newark Postmaster Is Appointed

William H. Evans appointed several
weeks ago postmaster of Newark as
sumed the duties of the office Thurs
day. There was no ceremony in con-
nection with the change. Mr.. Evans
who is Republican, succeeds Levi K.
Bowen, a Democrat who has served
more than eight years in the office.
Mr.. Bowen's efficiency and close atten-
tion to the business of the office dur
ing the eight years has been COM
mended by Republicans and Demo-
Gratis alike. The Newark Trust and
Safe Deposit Company has not named
a successor to Mr.. Evans as trust Of
ficer as yet.
Smyrna times., 1924-05-21
Pine Tree Of Great span.

The spreading pine of Karasaki, on
the shore Of Lake Biwa, Japan was
one of the best known trees Of the
world, and one Of the Oldest. 1t was
only &c feet high, but It had a span of
l5A feet. For many years 1t was visit
ed by pilgrims, and tourists from other
countries made a point to see 1t. Re-
Gently a solemn ceremony was conduct
ed by a high priest in the presence Of
many other priests to transfer the
splrIt of this 1,200-year-old tree to a
Youthful descendant Of $50 years.
which sapling will receive the honors
long accorded to the sacred pine.
Smyrna times., 1924-05-21

Pontiac, Mich, to Wilmington, for use
by the Board of Health in COLLECTING
the city's refuse. Walter S. Kidd
president of the Wilmington Automo-
bile Company, whose men are going
to drive the trucks to Wilmington,
will be in charge of all arrangements.