davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-06-20
SOrOsis Club

The Sorosis Club will meet for /
O'Clock luncheon Tuesday, a5 the
home of Mrs. Anna Bruner, 742 N.
New Jersey st.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-06-20
The guests we're:
NoVelty TRIMMING

a Jenny blue-green bathing suit
Of silk Jersey has an applique across
the front of frigate in full sail, to
give it a look of the sea,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-06-20

Mrs. KdrStddt Hostess
Mrs. Hans Karstadt, 1449 N.
Illinois ST., will entertain the In
dependent Social Club, Tuesday.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-06-20
'GiUe 1t to
Baby Helps
SeBshness

EDITORS NOTE - THOU SHALT
NOT TEACH HIM SELFISHNESS" is the
third of TEN COMMANDMENTS OF
CHILD TRAINING which Olive Roberts
Barton gives in this article. II is the
fourth OF a series of fifteen appearing
exclusively in The Times.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-06-20
HONORS BRIDE-ELECT
AT THEATER PARTY

Miss Ruth Omelvena, kessler
Blvd, entertained with a theater
party at English's Saturday after
noon in honor of Miss Jeanne
Bouslog, who will be married July
2 to John w. Stair of Elkhart
THE o1leStS were.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-06-20
RESERVATIONS
? FOR BENEFIT PARTY

Additional reservations for the
benefit luncheon and card party to
be given Tuesday by the Artemas
Club at the home of Mrs. Frank
Freers, 928 E. Morris ST., have been
made. They are:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-06-20

st. Margaret Guild
The st. Margaret Hospital Guild
will meet Tuesday with Mrs w. E.
Vanlindingham, 1856 Central Ave.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1927-06-20
Pupils of Piano
VIII Appear in
annual Recital

The piano pupils of Luna Fesler
will give their annual recital at the
John Heron Art Institute Friday
at 8:15 p. m. Those to take part
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17

the total decrease in stocks listed on
that market amounting to more than
$2,O00,000,000 in one week.
Eight Men DEGREES Conditions.
And now what is to be done to pri-
ces? Are they to be put up? Down?
Or, are they to be stabilized? And,
if they are to be stabilized, at what
level? AS the law now states, eight
men will determine that matter of
so vital Importance to the people in
general. Indeed, they have long ago
made the determination. There has
been no public announcement as to
what policy is to be pursued. None
need be expected. Propagandists for
the Federal Reserve system even au-
daciously deny that the Federal Re-
serve Board has any control over
prices. However, frankness and pub
licity are far removed from the Fed
eral Reserve system, though propa-
ganda is plentiful.
How many are aware that, though
the life of the system did not expire
until in 1888, the last congress passed
a law to make the system perpetual?
The welfare of the people in general
is deeply concerned. Yet, for some
reason the important fact of such
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17

an agency of the government, the
transaction is, indirectly, the issuance
of money by the government to the
merchant on his note indorsed by the
member bank, which receives a con-
sideration for so indorsing it.
Why should that merchant paw a
rate, to the government in reality,
according to the section of the country
in which he may be doing business?
And, if it should happen that it is
not merchant, but farmer, who
is borrowing, why should higher rate
be demanded of him on that account?
How can a practice be defended that
results in the government, in reality,
demanding for the use of its credit
higher rate from the man who pro-
duces the food that we eat than it de-
mands from the man who speculates
in that food?
Forcing Failures of Farmers.
Indicating the injustice of the
practice is the fact that the highest
percentage of bank failures has been
in the district having the highest rate
of rediscount, while the highest per-
centage of failures in industry has
been in that most strongly discrimi-
mated against In the setting of that
rate, namely, agriculture.
During the war period, with under
standing on the part of only a few in
siders as to what was being done,
over three billion dollars of Federal
Reserve notes were loaned into cir
culation, resulting in an increase in
the amount of money in use of nearly
$50 %-inflation- and a correspond
ing rise of prices. In May, 1920, it
now develops, there was a secret de-
termination to reduce the amount of
money in use-to deflate. AS a result
of that deflation so secretly deter
mined upon, came the great fall in
prices which has been so disastrous
to such great part of the. people.
New York is the heart of financial
America. Following a decrease in
the rediscount rate in that district
in May, 1924, from 412% to 40, to
31a% in June, to $50 in August, came
rise in grain prices, that brought
wheat to 50 by December, 1924. Then,
Feb. 81, 1925, that rate was raised to
37a%, and grains began to fall, wheat
losing more than so cents per bushel
within three weeks thereafter. On
Jan. 9, 1925, came another raise of
12% in that district The grains
again lost price, and stocks on the
New York market fell into a slump,
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17
Money, Bank Credit and Prices
By THOMAS KEEFE
I'm the Union Advocate, st. PauD

ganization of IL Federal Reserve
banks to be of 20 years duration.
Old Scheme With New Money.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17
Nobel Prize Winners Announced

Stockholm, Sweden-By decision of
the Academy of Sciences the Nobel
prize for physics for 1927 will be divid-
ed between Professor Arthur Compton
of Chicago, and Professor Charles T.
r. Wilson Of Cambridge university
Professor Compton, whose researches
have been devoted largely to the X
ray and radio activity, receives the
award for the discovery of the Comp.
ton process. Professor Arthur Comp
ton of the University of Chicago, was
on the teaching staff of the University
OF Minnesota in 1917 and 1918, first as
an instructor and later as assistant
professor of physics.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17
Italy Builds Monster Plane

Paris-A giant seaplane now being
built for Italy in Switzerland, with IL
motors, and room for 100 passengers
and which in time of war can be
quickly transformed into a powerful
fighting machine for the protection of
Italy's interest in the Mediterranean,
is one of four outstanding advances
made in European aviation in 1927
Such is the opinion of Major Lester
d. Gardner, American aviation expert,
who has arrived in Paris from Rome
where he was the official representa-
tive Of the United States department
of commerce at the International Avia.
ton congress.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17
Corn Yield Up $50 Million Blu.

Washington - Practically all late
maturing crops were described by the
agriculture department as having been
helped in October by favorable wealth.
er which averaged three degrees above
normal, making it the warmest Octo-
Der since 1918.
In its November crop report the de.
partment said corn improved to the
extent Of 150,OOO,OOO bushels during
the month, the preliminary estimate
of production being 2,753, 249, 900 BUSH
els, or 100000 bushels more than
harvested last year.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17
2S FOUND DEAD
IN BLAST RUINS
Pittsburgh Explosion Wrecks
Square Mile of Homes and
Factories-500 Hurt

Pittsburgh, Pa.-Twenty-eight per-
sons were known to have met death
and than 500 were injured, some
seriously here when a giant natural
gas storage tank at the Manchester
Works of the Equitable Gas company
exploded, spreading death and des-
truction over an area one mile square
IN the north side.
Firemen, policemen and volunteer
rescuers worked feverishly, digging
into the ruins in an effort to find
trapped injured persons or recover the
dead. On all sides were men, women
and children, their heads and arms
swathed in bandages. These victims
had been treated at emergency sta
lions set up by Red Cross nurses and
Salvation Army workers.
It was estimated by hospital Off
Gals that between 500 and 600 were
injured, some seriously.
The first eleven bodies taken to the
,morgue were workmen.
While the exact cause of the ex-
plosion was undetermined, it was said
that gas company workmen were re-
pairing a section Of the tank with a
blowtorch when the blast occurred.
The tank, containing 100000 cubic
feet of natural gas, let loose with one
OF the most terrific blasts in Pitts
burgh's history. Practically every
building in the immediate vicinity
was wrecked, and windows over a
wide area were shattered, including
some in downtown department stores
and office structures.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17
Bankers Confidence Game.

Under modern banking conditions
there might be heavy Withdrawals of
gold from a country, thus decreasing
the amount of money in that country,
and so the amount deposited in banks.
Or, there might arise a more or less
general loss of faith in banks, lead
ing to heavy Withdrawals of money
from them to hoard, thus decreasing
the amount of money deposited in the
banks.
In either event banks would be COM
PEELED to curtail their loaning oper-
ations. Credit would be contracted.
Some banks might fail, and thus lead
to further Withdrawals of money from
banks, and further failures. Finally,
there might be crash, bank panic.
To prevent such condition through
volume of money that may be ex-
banded and contracted at will, con-
gress, in 1913. provided for the or
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17

crease the profits to be made by mem
Der banks in so borrowing, tends to
increase the amount of such borrow
ing, tends to increase the total vol
ume of money in use, tends to in
crease the amount of money in the
banks subject to check, and so, tends
to cause the prices of commodities to
rise. While raising the rate of re-
discount has the opposite effect.
That rate of rediscount is deter
mined by the Federal Reserve Board,
and thus, through changes in that
rate, it exercises the power of price
fixing in general, and has power to
stabilize prices if it sees fit to do so.
Not only does that board exercise
the power of fixing that rate of re-
discount generally, but it exercises
the power of fixing it specially, fixing
different rates for various sections
of the country and for the various
industries whose paper may be tend
cred by member banks as collateral
for a loan of Federal Reserve notes.
UeIlat1ng the Farmef.
Thus, in the summer of 1924, men,
Der banks in the Minneapolis district
paid a rate of AZ per cent, while
member banks in the New York dis
trict paid only 80; and, in the sum-
mer of 1920, to member banks tender
ing farmers notes as collateral, the
rate was 10 the country over, higher
than on any other class of paper, and
so high as to make it Improbable
for member banks to borrow from
the Federal Reserve banks and lend
to farmers. Farmers notes, for that
reason, became very unacceptable to
member banks. Farmers were re-
quired to pay what they owed. To
do so they had to sell their products.
When they got to markets they found
there many other farmers in the same
fix. The market was glutted. Prices
of farm products collapsed. Through
that rate of discount came the farm
problem. For six years the friends
of the farmer have been looking else
where for a remedy.
Since the lending of Federal Re-
serve notes by the Federal Reserve
banks to member banks is only me-
thod employed, really by the govern
ment, of issuing money for the use of
the people to charge member banks
of any district higher rate than is
charged member banks in other dis
tricts is the rankest discrimination,
really on the part of the government,
against all the people of such dis
trict.
Discriminates Against Farmers.
To realize the unfairness in the
practice, let us suppose a merchant
borrows $1,000 from a member bank,
and the member bank rediscounts the
note with it's Federal Reserve bank.
The merchant receives the note
from the member bank, which, in
turn, receives it from its Federal Re-
serve bank, while the Federal Reserve
bank receives the merchants note en-
dorsed by the member bank. Since
the Federal Reserve bank is really
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17
lindbergh Given Hubbard Medal

Washington-The accomplishments
OF Charles A. Lindbergh in making
the first nonstop flight from New
York to Paris brought him to new
pinnacle of honor when President
Coolidge, in presenting him with the
Hubbard medal Of the National Geo
graphic society at Washington audi
torium, eulogized him as a modest
young man of high and unselfish pur-
pose" Lindbergh not only was hon
ored with this high award, but had
the tinction-believed to be an I'M
Iprecedented one-of being introduced
to his audience by the President of
the United States.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17
Fire DESTROYS WAND Station

Minneapolis-Fire destroyed the
WAND radio transmitting station at
Oxboro Heath, on Lyndale avenue
south, causing loss estimated al
$4,000 to $4,000. H. L. Mills, en-.
gineer in charge at the time, had left
the plant for lunch less than half an
hour before the fire was discovered
owners Of the station announced that
they would rebuild the station imme.
diately, although not necessarily at
Oxboro Heath. At the present time
some euipment meant for the station
is on the way from the east.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17

ganlZdt1On or II Federal Reserve
banks to be of 20 years duration.
Old Scheme With New Money.
These IL banks are governed, as a
whole, by the Federal Reserve Board,
consisting of eight members. Thus,
in effect, there is but one bank in IL
divisions. Since the members of the
Federal Reserve Board are appoint
ed by the President by and with the
advice and consent of the senate, -
that one bank is really a United
States bank, having power similar to
that had by two former United States
banks, neither of which was continued
beyond the 2O-year period for which
it was organized.
To the Federal Reserve banks con-
gress gave power to issue money in
form of notes that are obligations of
the United States, payable at the
treasury of the United States, in gold,
on demand, and are, therefore, really
United States notes, though called
Federal Reserve notes.
The Federal Reserve Board has
power to determine the volume of such
notes in use. Through change in the
volume of such notes outstanding that
board has power to effect change in
the amount of money in use, in the
amount of money in the banks sub
ject to check, and so, in the average
or level of prices. Though ostensibly
the system was organized to deal with
panic conditions, ''to prevent panics.' %
that great power is entrusted to that
board by congress without any direc-
lions whatsoever as to the purpose for
which it should be used, that exceed
ingly important matter being left alb
solutely to the direction of that board.
Power Over Price Control.
Thus, to quote the words used by
John C. Calhoun, in 1884, in regard
to the second United States bank. OPP
posed, fought so strenuously by Pres
ident Jackson that a renewal of its
charter was refused by congress, that
board may rise or sink prices at
pleasure, and by purchasing when at
the greatest depression, and selling
when at the greatest elevation, may
command the whole property and in
dustry of the community and control
its fiscal operation"
Approximately one-third of the
banks of the country are members of
the Federal Reserve system. Through
the loan of Federal Reserve notes to
these member banks the volume of
money in use may be expanded, while
through decrease in the amount of
such notes so loaned the volume of
money in use may be contracted.
When member banks borrow Fed
eral Reserve notes from the Federal
Reserve banks they are required to
deposit collateral in the form of notes
which they have taken. So in the
system, instead of the transaction be-
ing known as plain, every day borrow
ing, which it is, it is known as the
more mystifying "rediscounting" of
such notes, and the rate of interest
which member banks must pay is
known by the euphonous phrase, "the
rate of rediscount," instead of plain
common interest.
RediscOunt Device Determines Prices.
Since the profit of a member bank
in so borrowing and re-lending, is the
difference between the rate of interest
that it receives and that rate of re-
discount, which it must pay, lower
ing the rate of rediscount tends to in
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17

proposal being pending seems not to-
have been considered even news. In
theory, congress may at any time ex-
press the will of the people in regard
to perpetuating the Federal Reserve
system. But how can the people be
said to have will in regard to that
matter of which they know so little?
And, what would the will of the peo-
pie have been if they had really un-.
derstood?
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17

eryan's Daughter In Congress Race.
Miami, Fla.-Mrs. Ruth Bryan
Owen, daughter Of William Jennings
Bryan, announced her candidacy fol-
the democratic nomination for con
sress from the fourth district.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17

If you want to buy or sell try an
American Want AID.
Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1927-11-17
AirpIanes Collide; Naval Pilot Killed

AIrpIanes Collide; Naval Pilot Killed
Norfolk, Va.-Lieutenant Addison
Nelson, U.S.N., of Boston, was killed
when his Curtis hawk combat plane
crashed into Tanners creek, after II
had collided with q big army plane,
while 5000 feet in the air.
Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1927-12-18
Miss ' as;s: '''' so GET Phone: s: ss"''

for Duncan, Okla. to spend Christ
mas with her parents, Mr.. and Mrs.
c. r. Crane.
Miss Ophelia Byars spent the past
weekend in Raymondville with her
parents, Mr.. and Mrs. 5. i. Byars.
J. q. Harris, who has been visiting
his daughter, Mrs. L. II. Hampton,
has returned to his home in Okla
homa.
Mr.. and Mrs. E. ]. Gsddy and Miss
Mary Gaddy spent Sunday in Haf-
lingen mt the home Of Mrs. 9. J..
Cole.
w. J. Carlisle has returned TO his
home in Crockett, Tex. after a deer
hunt in the Valley and a visit with
his on, Henry Carlisle, and family.
Mr.. and Mrs. ]. d. Kassell and baby
have returned from a two weeks
visit with Mrs. Kassell's sister, Mrs.
Harry Brooks OF Harlingen.
M. s. Hudnall Of Tyler. Tex Ia In
Mercedes. a guest in the home OF
his daughter. Mrs. J. H. Mckinney.
Mr.. and Mrs. /. G. Deyo had for
their weekend guests. Mrs Deyo's
Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1927-12-18
PERSONALS

1 LnOO.N4AL1
ar. and Mrs. L. Snow OF Tampicc
spent saturday visiting at the nome
OF Mr.. and mrs. Henry SNOW. The
two men are cousins. The visiting
couple will spend about 8 week visit
ing at various points in the Valley.
Mr.. and Mrs. Il. A Caldwell will
have a number of guests at theiI
nome 10 spend the Christmas holi-
days with them. Their son and
daughter-in-iaw, Mr.. and Mrs. w. r
Caldwell are already here and the
following guests are expected u
reach here IN a few days, having left
oklahoma City Saturday in auto.
mobiles. Mr.. and Mrs. Ed ). Butter,
field and children, Mr.. and Mrs. Ed
Shelton, and Mr.. and Mrs. Robert
Carlson. Mr.. and Mrs. w. A. Harms
Of Aztec, New Mexico, will also
spend the holidays here with them.
Mr.. and Mrs. S. c. Tucker, who
have been in Rochester, Mimi, the
past week will return to Brownsville
Monday.
Mr.. and Mrs. r. G. Morris are
leaving today for Chicago where
they will visit for a month before
returning to Brownsville.
Mrs s. A Caldwell and daughter
are at present visiting at the home
Of Mrs. CaldwelTs mother in Shreve-
port, La. Dean Caldwell and his son
will join them there later for the
holidays.
Miss Sue Moore will entertain
from Hubbard, Tex, Tuesday her
mother, Mrs. j. NJ. Moore, and her
brother and sister, i. O.. Moore and
Marjorie Moore. Miss Moore will re
turn to Hubbard with them for the
holiday vacation.
Mrs Coils Perkins has gone to
Lake Charles, La, to visit her par
ents. Mr.. and Mrs. Mccain until af-
ter Christmas.
Misses Elizabeth and Dorothy
More, who are attending school at
st. Mary's college in Dallas, are
spending their vacation at home
here. Miss Elizabeth Creager, also &
student at the college, arrived here
today to remain through Christmas.
Mr.. and Mrs. III. l.. Stokley have
gone TO San Antonio where they will
join their daughter. Dorothy, who Is
attending st. Mary's Hall. From
there they will go to Des Moines
Iowa, for the Christmas holidays.
Mr.. and Mrs. G. NJ. Hall Of Wood
Lcro, Tex, arrived Saturday TO visit
! n the home Of their son and daugh.
ter-in-law, Mr.. and Mrs. NJ. r. Hall
Mrs. G. w. Moothart and her sis
ter, Mrs. r. r. Walton, were visitors
in some of the towns up the Valley
Friday. The stopped at McAllen.
Mission. and other places.
MIR. and Mrs. J. 3. Noster OF Sar
Benito have returned to their home
after spending the day at the home
of Mr.. and Mrs. G. i. Hurst.
Mr.. and Mrs. c. II. Coigin have
gone to New Orleans TO spend the
holidays.
Mr.. and Mrs. +. c. Nye Of Corpus
Christi returned TO their home Sat.
urday after spending two days a:
the guests OF Judge and Mrs. Volney
W. Taylor.
Mr.. and Mrs. Fl. A. Bull OF Raw.
t~ncndville are the guests Of Mr.. and
Mrs. G. +. Hurst for the day.
Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1927-12-18

Valley Society News
and EDentS

parents, Mr.. and Mrs. IT, Wv. Archer
Of Lyford.
Mrs. p. W. Perkins and Mrs. Alan
Hvistendahl were guests in the home
Of Mrs. Clarence Myers in Harrington
nc the weekend.
Mr.. and Mrs. q. "a. Calvin or San
Antonio have returned 20 their home
after a visit here In the home az Mrs.
William Calvin.
Mr.. and Mrs. Leroy Barbee Of San
Antonio were guests during the past
week Of Mrs. X. A. Barbee az this
city.
Mrs. G.. r.. B~lankenship and dauEh-
ter, Maudine. and Mrs. John IA.
Mckinney visited friends in Browns
willie during the weekend.
Mr.. and Mrs. Frank Duncan ana
baby were guests Of Mrs. W. W. Dun
can Of Donna over the weekend.
Miss Ruth Andrews had for her
weekend guest, Miss Nelma Henry
OF McAllen.
Mrs. Grant Morrison, Mrs. Ralph
Buell.. Mrs. Clyde Fore, Miss Fern
Alfrey and Miss Edythe Potts at
Continued on page twol
Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1927-12-18
Phone Number
Seven

a weekend guest OF her daughter.
Mrs. Fl. Z. Hager Of this city.
Mr.. and Mrs. z. E. Johnson were
guests of Mr.. and Mrs. Charles
Thornton in Harrington during the
past week.
August Thesis Of Grant City, Ill.
who is visiting in the Valley, was a
guest during the past week Of Mr..
and Mrs. Walter Holkstra.
Miss Lucy Crawford has returned
TO her home in Dallas after a visit
here with Mrg. Oscar Seibert.
Mr.. and Mrs. Frank Dawson and
Mrs. Winnie Howe have returned
from an overland trip to San An
tonic.
Mr.. and Mrs. f. c. McManus and
baby spent Sunday with Mrs. Nc
Manus' mother, Mrs. j. l.. Megison,
in San Benito.
Mr. and Mrs. "A. o. Payne and chill
dren spent Sunday in Raymondville,
with MI. and Mrs. z. r. Payne.
Waldan Haynes returned Monday
from a business trip to Dallas.
Mrs. Joe Brooks left his week