davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1924-07-12
TWO ROB BANK CASHIER,
TAXING $500 ON STREET

LAKE GEORGE, N. Y, July H.
State troopers and State and county
authorities seeking two men who
held up r. Z. Archibald, cashier of
the First National Bank of Lake
George. in the main street, took
$500 in cash and drove away in an
automobile. Passersby saw the hold
Up, but did not realize what was
happening and the men drove off
unhindered.
Archibald said he was on the way
to the postoffice with the money,
which consisted of old bills of all
denominations, to ship it to the
Federal Reserve Bank in exchange
for new bills. AS he passed Shepard
Memorial Park, he said, two men
drove up in an automobile. halted
beside the leftFhand curb, although
headed south, held him up with re-
volvers and took the money. They
then led him down into the park,
left him and ran back to their car.
The Washington times., 1924-07-12
Standard Oil Stocks.
Record of Weeks Failures

Failures in the United States for
five business days this week number
337, which is ffty-nine more than
the total reported to R. G. Dun &
Co. for five days last week and
forty-six more than the number for
the six days a year ago. OF this
weeks defaults, 173, or 51.3 per cent
of the total, had liabilities of $4,000
or more in each instance. Last
week, the number of such failures
was 165, or 59.4 per cent of all de-
faults, and year ago 147 similar
failures occurred, or ratio of sos
per cent.
Defaults in Canada this week mum.
Der forty-nine, against thirty last
week and rs a year ago. The mum.
Der of failures this week involving
S. 900 or more in each instance is
thirty, as compared with fourteen
last week and thirty-two in this
week a year ago.
The Washington times., 1924-07-12
Bank CIearinps

AS returns of bank clearings for
this week are for five business davs
only, only to the recent holiday an
exact comparison cannot be made
with the figures of a wear ago
which covered six business days.
Inc total reported to Dun's Review
by leading cities Of the United
States for five days this week is
So,279,582,OOO, of which New York
city supplied $3,787 100000 and the
outside centers $2,492, $50, 900. For
July to date, average daily bank
clearings are 9.5 per cent in excess
OF those for a similar period of 1929,
Average daily bank clearings for
July to date, and for preceding
months, are compared herewith fo;.
three years:
The Washington times., 1924-07-12
Business Briefs

LONDON, July 12.-Petroleum
imports into the United Kingdom
totalled 3O,000,0O0 imperial gallons
during the week ended July Z, cou-
pared with 100000 gallons in the
preceding week.
WASHINGTON, July 12.-The
total number of cattle hides in
stock May 81, was 4,121,777 against
4,277,95S month earlier and
6,346,760 on May 81, 1928.
WASHINGTON, July 12.-Exports
of electrical goods in May totalled
7,206,587 dollars as compared with
5,349,56S dollars for May 1923.
LOUISVILLE, KY, July IL
The Standard Oil Company of Ken
lucky reduced gasoline in Louisville
three cents a gallon, making the
price to dealers 16' cents, and at
service stations IS cents MAuding
the road tax of cents.
The Washington times., 1924-07-12
POLICE AND NEIGHBORS
FIGHT GASOLINE BLAZE

PHILADELPHIA, July 12.-Quick
action by Policeman William Pill
and neighbors in the vicinity OF
Johnson's garage prevented a large
gasoline tank from exploding, after
someone had carelessly thrown a
lighted match into a small pool of
gasoline near the tank.
In q few seconds the entire pave
ment seemed aflame, and Eleanor
Watson, four years old, was slightly
burned when her dress caught fire.
The flames were extinguished by a.
sand,bucket brigade, just as the
engines came in response to the
alarm.
The Washington times., 1924-07-12
PNARD TREND
SHOWN BY
STOCKS
Industrial, Public Utility, and
Speciality Shares in For
ward Movement
By w. S. COUSINS,
International News Service.

NEW YORK, July 12.-Industrial
stocks gathered momentum as the
short session of the stock market
proceeded today and, while the
volume of transactions was again
comparatively SMALL, the trend of
prices was toward higher levels.
The rally in American Can, Baldwin
and other equipment stocks as well
as in specialties, carried prices of
these issues to the highest level for
the movement, and In some cases to
the highest of the year to date.
The most prominent development
prior to the opening of the market
was the announced reduction in
gasoline prices all over the country,
by the Standard and independent
companies. This followed the
marking down of crude oil prices
by a number of large buyers, and
rumors of drastic cuts in mid
continent crude by the Prairie Oil
company and-the Sinclair Purchas-
ing Company.
The gain of more than l cent l.,
sterling exchange, following yestOr-
days sharp rise, again emphasized
the steady improvement in Eng
lands financial situation. The stock
market was also favorably affected
ly the strength and activity of the
grain markets, with corn the prin-
clpal performer.
The equipment stocks assumed
the leadership in the first hour of
trading, and a new high for the
year was recorded for American Lo-
connective, while Baldwin, Lima and
New York Airbrake scored gains in
the maximum of nearly points.
The Railway Age reported a good
gain in equipment orders, and the
American Locomotive Company was
reported as contemplating an audi.
ton to it's operating rate.
Speciality and public utility stocks
were featured by brisk rise in
Dawson Chemical, Owens Bottle,
Philadelphia Company, United Rail
ways Investment common and pre-
ferred, Colorado Fuel and Iron.
Jones and General Asphalt. Most
Of these stocks have been prominent
in all of the recent rallies in the
market, under the guidance of pools
which are supposed to be steering
their market course.
Chesapeake and Ohio was again
the feature Of the railroad share
list, and on a small volume OF
transactions exceeded its best pre.
vious price record for the year.
Pittsburgh and West Virginia hung
up a new high at sou, and New
York Central was active around its
previous closing level
A thirty-point jump in Phillips
Jones stock featured the last few
minutes of trading, on reports that
the corporation had been awarded
an important decision in its suit
involving the Van Huesen Collar
against various collar makers, with
substantial damages, few shares
of the stock were sold at rs, against
a price of As at yesterdays close.
Last week the stock sold at 54.
United Railways Investment, Phil
adelphia Company and General AS
phalt were strong at the close, and
Dawson Chemical, on short cover
ing, jumped nearly four points, to
1913.
The Washington times., 1924-07-12
SAYS CIVILIZED NATIONS
ARE THE BEST FIGHTERS

LONDON, July 12.-Nations that
are the most highly civilized are
the best fighters, according to Pro-
lessor Gilbert Murray.
1T is a strange thing" Professor
Murray said, in an address at a
conference of the League of Ma
tons Union, that on the whole the
races that have come to the top
in civilization and which have pro-
duced the greatest contribution to
the nobler life of mankind, are the
pugnacious races"
The task of the League of Ma
tons, Professor Murray asserted,
is to save these pugnacious races
from perishing by their own pug
nacity.
The Washington times., 1924-07-12
STANDARD OIL CUTS
PRICES IN NEW JERSEY

NEW YORK, July 12.-The STAN
dard Oil Company OF New Jersey
today reduced gasoline prices one
cent a gallon throughout it's terri
tory, making the tank wagon price
in New Jersey 1871 cents a gallon.
Kerosene has been reduced l cent
a gallon in New Jersey, West Vir-
GINA, Maryland, District Of Column
bia and half a cent in South
Carolina.
The Gulf Refining Company also
reduced gasoline prices cent a
gallon today and reduced kerosene
prices u cent a gallon.
The Washington times., 1924-07-12
Chicago Live Stock

CHICAGO. July 12.-Hogs were
generally 5 cents higher and the
market was active largely on ship.
ping account. Demand has been so
strong from outside sources this
week that a big supply of hogs
failed to hold the market down.
The general trade is 40 to so cents
higher than a week ago with the
packing sows to rs cents higher
on account of the higher prices of
lard.
Good cattle regained all the loss
of last Monday and are back to
last weeks best prices. Cows also
recovered the loss. Bulls sold 25
to 40 cents higher and calves
gained 81.
Lambs declined 81 on account Of
excessive receipts.
The Washington times., 1924-07-12
GARB OF GIRL BATHERS
SHOCKS SHORE MAYOR

ATLANTIC CITY, July IL
Characterizing some of the bathers
he saw going through the streets
to the beach clad only in suits that
were down to the limit of the law
in brevity as "a disgrace to the city"
Mayor Bader announced that the So
called macintosh law" will be
strictly enforced.
There are too many bathing
suits that, while they may get by
on the beach, I will not approve
to be brought into close view OF
pedestrians on the avenues" said
the MAYOR.
The Washington times., 1924-07-12
Foreign Bonds
Liberty Bonds
r. r. Asks Extension
FURNISHED by w. B. Hibbs g. c,

The Chicago, Rock Island and
Pacific Railroad applied to the In.
terstate Commerce Commission to-
day for permission to extend it's
line from Billings to owens, OKLA,
distance Of eight miles.
The Washington times., 1924-07-12
Liberty Increases Surplus.

Directors of the Liberty National
Bank yesterday voted to transfer
$4,000 from the undivided profits ac.
count to the surplus fund, making
the total surplus $3.50, 900 and leay.
Ing S1S,572 as undivided profits. TIE
capital and surplus of the bank now
total S650,000.
r.. 5. Brashears, director. will
be host to the officers and members
o. the board at a luncheon party
today at Beaver Dam.
The Washington times., 1924-07-12
British Filler at Minato

TOKYO, July 12.-Flight Com
mander A. Stuart MacLaren, of the
British royal air force, who is MAX
ing round.theworld flight. reached
Mlnato today.
The Washington times., 1924-07-12
GIRL CLERK AND FIANCE
HELD IN $1,000 THEFT

PHIL A Ell HIA, July H.
Charged with embezzling 81, 900
from the Merton Title and Trust
Company, of Ardmore, a suburb,
Miss Alva Goldsmith, secretary 10
the treasurer of the institution, was
under arrest, together with Sidney
Stirling, of Crisfield, Md, said to
be the girls fiance, who was accused
of receiving part of the 41issing
money.
According to police $4,000 has
been recovered.
An ideal vacation Of a week in a
tented camp is provided by The
Times for all boys between 10 and
16 who get only 10 new subscribers.
The Washington times., 1924-07-12
LATEST NEWS AND QUOTATIONS OF THE FINANCIAL MI
Curb Stocks

FURNISHED by w. B. Hibbs & Coz
Sales High. Low. Close
Evening star., 1924-10-24

mostly made up of people of mod
crate means, do and must indirectly
pay the expenses of the Government.
Collected From People.
The great corporations. the banks.
the railroads.&c. the great incomes
do and must collect their money from
the people. All our food, clothing,
shelter and fuel pays a tax to the
Government. and the people who earn
the wages of the Nation do and must
pay these taxes when they buy these
necessaries. This simple fact deter
mines what must be sound policy
of taxation. 1t should be at rate
which will produce the largest
amount of taxation from large in
comes, and by doing the utmost to
stimulate enterprise and business af-
ford the wage earners ample employ
ment with good pay, in order that
they may the better bear the burden
of indirect taxation.
All experience shows that a larger
amount of money can be collected
from large incomes at a moderate
rate than at a high rate. When the
rate is too high, large incomes dis
appear, leaving all the burden of
taxes on the wage earners and people
of small means. Getting all we can
out of the rich by making the rates
moderate and stimulating business to
provide work and increase the earn
ings of the poor seems to be the COM
nonsense method of taxation. The
estimated income and expenses of the
Government for the coming fiscal
year indicate that We can have a fur
tber reduction in taxes. But We can
only secure this result by continuing
our policy of drastic economy.
A very material part of our revenue
comes from the tariff, which is now
running at the rate of about $3.50, 900,
900 per year. This is notwithstand-
ing the fact that we have the lowest
tariff which the Republican party has
enacted since 1890, and that it is even
lower than the Democratic tariff of
1894. Nearly 81 per cent of our inn
ports are on the free list while the
average duty on all imports is less
than Is per cent. Under it, in spite
of propheSieS to the contrary, our
foreign trade has greatly increased.
In 1921 it was less than $1,000, ,000,-
900. in 1928 it was nearly $4,000
600 900. and is now running at about
that rate.
1t has been constantly asserted
that what the farmer buys is pro-
tected and what he sells is not pro-
tected. Almost everything that is
used in the business of farming as
a matter of fact is on the free list,
while almost everything that the
farmer raises is protected, from the
nuts and citrus fruits of the Pacific
Coast. through the sugar. grain and
animal products of the Central West.
TO the dairy and tobacco products of
the East. Without such protection
many of these farm products would
be destroyed by foreign competition.
When we turn to our industrial life,
we find that the wages. both in rate
and buying power. Of the American
Evening star., 1924-10-24

workman are more than twice that
of the best paid foreign labor. Com
pared to 1913 the advance in the
wages of union labor is 80 per cent,
while in the ordinary living costs 1t
is only about SO per cent. American
industry cannot exist, American
wages cannot be paid, the American
standard of living cannot be main
tanned without protective tarin.
Worlds Highest Wages.
A most significant comparison has
been made of wages paid by a con-
Germ operating in this country and
abroad, making the same products,
with exactly the same equipment,
for the month of August. The aver
age eight-hour wage is as follows:
Italy. $0.96; Belgium, $1.10; France,
s1.36; Germany. STAG: England.
$2.28, but in the United States. $3.50.
Take away protection and it is per-
fectly obvious that much of this
manufacturing would close down at
home and be carried on abroad. Our
high wages have remarkable ef-
feet on the consumption of farm
products. We consume yearly IT
pounds of butter; Great Britain. IL;
Italy, a little over 3. We consume
103 pounds of sugar; Great Britain,
so; Italy, 1S. We consume 1873
pounds of meat; Great Britain, 120:
Italy. As. We consume SO gallons Of
milk, Great Britain about IA. Italy
about 10. These are the lat
tion makes high wages, which
makes good business, which enables
our people to be the largest con-
sumers of farm products and gives
our farmers the best markets in the
world.
Under the policy of peace, econ
omy, reduction of taxes and protec-
ton. the business of the country has
very generally revived and brought
us into an era of more than average
prosperity. Agriculture, however, not
only suffered first, and in many re-
SpectS most, but has been the last to
recover. In spite of the fact that
prices for the great staples of wheat.
corn and animal products are now
at Il much more encouraging level,
nevertheless the farmer has not been
able To restore i'll one season the
losses he has encountered in the four
be placed on a permanently profita-
BILE basis. where it can enjoy eco
nomic equality with other industry.
DefatiOn Not G. q. T.. Act.
Much discussion has been made re-
garding the Government policy of de-
fiation. There has been much de bate
whether raising discount rates by the
Federal Reserve Board up to per
cent was the reason for the collapse
in farm values. I do not wish to con-
slider that question. But l should like
to have it made plain that this action
took place before this administration
came into power. and whatever dam
age there was had already been done.
1t has been the policy of the present
administration constantly to favor
Continued on Page Twenty -threeD
Evening star., 1924-10-24
PEACE, ECONOMY, TAX SLASH,
FARM AID, COOLIDGE PROGRAM
Peoples Possession of Their Property and Mainte.
nance OF Integrity of Courts Pledged BY President
| at U. S. Chamber of Commerce.

mile In other lines of business this
increased burden was even greater
/ is no wonder that under these al
most despotic eXactions the morale of
the country began to break down. Its
vitals were eaten out. Business began
to languish: agriculture proved un-
profitable; banks found themselves
with paper which they could not coll
lect, and after lingering effort many
of them had to be closed; railroad
earnings dropped to less than three
quarters of L per cent.
Public Debt Increases.
But even these enormous taxes have
not met public requirements. The
State and National debt has risen to
the StupendouS sum of about $50, ,000,-
100000. Local governments last year
increased their bonded Indebtedness
by over s1,000,000,000.
Debt Heavily Cut.
THE present policy of the Govern
ment has been to pay off the National
debt and reduce the National expen-
ditures. Since June 80, 1921, the Ma
uonal Government has reduced its
yearly expenditures about $1,000
100000. 1t has paid off about two and
three-quarters billions of dollars of
it's debt and reduced its annual inter-
est by over S130,000,0 900. 1t is esti-
mated that the taxpayers of this coun-
try, by these actions, have been re-
lieved each day by about $4,000 600
1t is anticipated that in spite of some
new items of cost the budget of next
Year can be considerably less than
the appropriations of the present
year. In 1920 the per capita tax was
nearly $5t, in 1924 it was under $50
and by 1926 it should be under S27
That means that so far as the Ma
tional Government is concerned the
burden of taxes has been cut in two.
4 policy of, economy has as its sole
object the benefit of all the people.
Just prior to elections a great deal
of talk is made about the taxes of the
poor and the rich. L can fairly be
said that the National Government
does not tax the earnings of the poor.
Family earnings of $500 are entirely
exempt, and on $4,000 they would pay
but $3.50. The claim can scarcely
be made that the poor are obliged to
pay direct taxes to the National Gov
ernment. All talk about taking di-
rect taxes off the rich and leaving
them on the poor is simply mislead-
ing. But every student is we'll aware
that the public in general, which is
Evening star., 1924-10-24

Continued from Seventeenth Page.)
willing to be judged on the result of
these stupendous accomplishments.
either according to the standard of
financial advantage or of moral pur-
pose.
Economy Held Vital.
THE prosperity of the people is in
fimately bound up with the financial
policy of the Government. A consider
able, but disorganized number of
people exist who are willing to talk
about economy in public expendi-
fure. There are very few who, in
addition to talking about it. are will
ing to act and vote for the actual
practice of economy. But spread all
over the land there are thousands
upon thousands of organizations
ceaselessly clamoring and agitating
for government action that would in
crease the burden upon the taxpayer
by increasing the cost OF government.
To my mind. the practice of public
economy and inSiStence upon it's rigid
and drastic enforcement is prime
necessity of the people of the United
States. III fact. the necessity is world
wide. That nation which demonstrates
that it has sufficient Seif-ControI to
adopt this course will Immediately
become the leader in the financial
world. That leadership is easily with
in American grasp. But to secure il
requires prompt action and constant
vigilance.
Recent complications disclose that
the present yearly cost Of National
and local governments has reached
the staggering sum of over $4,000
100000. The National Government
pays out one-third. the local govern
ment two-thirds of this amount. This
is about the sum that all the Ameri-
can farmers receive for all their out
put for a year. 1t is 93 per cent of all
wages and salaries of Industrial
plants in the census of manufactures.
1t represents about 81 out of each
S6 of the national income. 1t would
require the entire earnings of near
ly 100000 wage-earnerS employed
at a rate of s. per day. In 1913 the
State and Federal tax bill was only
81. 1874 GOO, COO. In 1908 the per capita
tax was about S17: now it is almost
500. 1t is stated that while in 1913
the farmers tax bill was $62+ 0oh hG T.,
it had risen in 1879 to S1,436, 900, 600
In 1892 railroad taxes Were 500 per
mile. In 1922 they were S1,24l per
Evening star., 1924-10-24

CONTINUED from Seventeenth Page.)
The Dolores star., 1924-10-24
EMPLOYEES GIVEN
CONTROL OF BANK
BANK OF ITALY ARRANGES TO
FAVE WORKERS CON-
TRoL STOCK
1900 SHARE EARNINGS
$3.50, ,ooo, 900 BANK WILL coNTiNus
TO PAY PRESENT BONUS
TO EMPLOYEES

San FrnnciSco.-A plan whereby
the 200 employees of the Bank OF
Italy, a $3.50 100000 institution, are to
take over control of the bank, has
been approved by the board of direc-
tors, 1t was announced by \. l.. Ginn-
mini, president. The plan will go into
effect ON Jan. /.
AS Il preliminary move, MIR. 6ian-
mini retired as president, and james
A Bacigulupi, senior vice president,
succeeded him as head of the inti-
tuition.
The Bank of Italy is among the
several largest banking corporations
In the United States. 1t has approx
imately 100000 depositors and eighty
six branches in al parts of the state
and is closely affiliated with twenty
of the leading financial institutions
of Europe and the Far East.
Mr.. Giannini, who founded the bank
twenty years ago, and who first pro-
posed the plan, viii continue as chair
man of the banks executive commit
tee and finance committee. l.. Sea-
tena will remain us chairman of the
board of directors.
The plan calls for the obtaining of
II controlling block of stock by the
active employees, a change in the list
of officers and the directorate at
least every five years 10 allow for
promotions to these offices from the
employees list. and the full protection
of all the rights and present and po-
tential earnings of the 1900 stock
holders. The bank has SlT 100000 in
stock outstanding and an actual cap
itnl strength of S50.0O0,OOO.
Under the plan the bank will set
aside 40 per cent Of its net earnings
mt the end of each half year, to be
added to a sum contributed from the
salaries and wages of the employees.
The 40 per cent contribution of the
bank, incluging dividends, will be
given to the employees gratis, each to
receive in proportion 10 the amount
that he contributes to this control
fund. The actual control will be ex-
pedited If the employees return the
dividends TO the fund, and II is pre-
sumed that most of them will do this.
No employee will be permitted to
subscribe more than 10 per cent of
his salary to the fund, and the mini
mum he may subscribe has been set
at ) per cent. Thus those receiving
the larger salaries will be prevented
from gaining control of the bulk of
the stock through gift or otherwise.
The bonus plan of the bank. now
in effect and which calls for a yearly
distribution of approximately $250,OO0,
is to be continued. This gift of extra
compensation will be applied to the
control fund thus insurlng the par
ticipation of every employee in the con
troll plan even if only to the extent
of his salary bonus
The Dolores star., 1924-10-24
ZR-3 Is Friendship Symbol

Washington.-The ZR-3 was de-
clared by Secretary Wilbur, speaking
IN behalf of the navy, to be n sym
Dol of peace and friendship between
her builders, her owners and other
nations" To further define her role.
he said, the ship would be rechris-
tened Los Angeles" when the gov
ernment formally takes possession.
Mr.. Wilbur's announcement was made
IN the course of luncheon to DR.
hugo Eckener, head of the German
Zeppelin company, and several execr.
tive officers of the air cruiser during
their visit to Washington.