davidaulloa/AmericanStories huggingface dataset:
Milford chronicle., 1930-07-04
YOU AND YOUR MONEY
The Bucket Shop
(Ry John P. Mnllenl


Separating the honest from the
dishonest, the worthy from the
treacherous in the world of finance
is no easy task for the inexperienced.
In every detail of physical appear
ance, in almost every mode of pro-
cedure, the quack and the bucket
shop strive 70 appear as free from
suspicion of faint and vicious opera
ton as the legitimate investment
dealer or broker.
The man who wants a knowledge
of financial machinery and of the
methods of legitimate finance will
not readily perceive the irregulari-
ties upon which the bucket shop
| thrives. The modern bucket shop
actually buys and sells honest Sc
curities. Often it seems to deal in
the most highly regarded stocks. To
allay suspicion it may produce pur-
ase-confirmations from reliable
stock exchange members. But the
bucket shop, if it does actually buy
the securities ordered by its custom
ers, seldom holds or hypOthecates
purchased stock for its margin GUS
toners Within a few hours after
each transaction the bucket shop re-
sells the ordered stock and simply
bets against hte customer by book
entries.
Because it does not partly finance
each margin purchase, the bucket
shop need not maintain credit at a
bank or pay interest on loans. It's
profits are not only a commission on
each transaction but also the whole
of the customers margin payment,
plus his interest payments on what
is known as a debit balance. In
declining market, which effaces the
small margins it accepts, the bucket
shop profits handsomely, since the
customer must either put up addi-
tional margin, which finds its way to
the bucketeers pocket, or be sold
out" In a rising market the buck
eteer manages to switch his custom
ers to other and generally worthless
securities or he closes his doors. In
either case the customers lose.
When you buy stock on a margin
from a legitimate broker, he exc
cutes your order and gives you a
written confirmation. The balance
of the purchase price is financed by
him either out of his own funds or
by bank borrowings, using the Sc
curities themselves as collateral. The
stocks he retains are actually credit
ed to you upon his books The mar
gin you supply actually represents
partial payment on, or an equity in,
the shares and is kept as protection
against a decline in the market.
Although the bucket shops fleece
margin spectators primarily, they
often make a play for small inves-
-ors intending to purchase high
grade investment bonds. By exploit
ing an easy payment plan, they lure
individuals into larger purchases
than they can pay for, hoping that
after a few payments the customers
will fail to make payments regularly
md lose what they have paid in. Very
few questionable houses operating
under this method ever hold the Sc
curities they sell. Should a custom =
er complete his payments, he is
quickly switched into something ,
worthless without even a glimpse of
he bonds he set out to buy.
Anything that is well done appears
,asy to do.
Milford chronicle., 1930-07-04
COMMODITY PRICES

The principal cause of the recent
upset in the stock market was prob
ably the considerable decline in
prices of commodities that has oc-
Cured durin gthe past two years.
While the public feels that the cost
O. living is still high, declining prices
do not help business. They make
producers cautious about buying
supplies and raw materials, which
checks factory operation.
Many business men are asking
how far this decline in prices can
be expected to go. Some authorities
think it is related to the declining
production of gold, an influence that
always has some tendency to de-
press prices. But as credit is very
ample with money loaning at low
rates, it would not seem that the
decline in gold production could
have been the cause of the recent
fall in merchandise prices.
Probably the present situation is
simply the operation of the old law
Of supply and demand. which is the
basis CT all business. Industrial
methods have been so improved, that
the farms and factories have turned
out more goods tina nthe public was
able to use. Consequently, as sup
ply has exceeded demand, prices
have fallen for time.
But such conditions never last
long. Excessive supplies of COM
modities ten dto check production,
while people keep on consuming
nearyy as many products as ever, so
that soon demand exceeds supply
again, and prices rise.
The cost of living has been so
high since the World War, that a
very slow decline in prices has COM
monty been expected. But the re-
cent fall in many staples has been
sharp enough to do more harm than
good. A moderate rise in some of
these prices would be a good thing
now, since it would convince buyers
that they have nothing to gain by
waiting. They would hurry into the
market, and give the orders that are
needed to start the industries boom
ing at high rate of speed.
Milford chronicle., 1930-07-04
Ieasant words and helnfnI deeds

pleasant words and helpful deeds.
His business is to make the edi-
torial page entertaining. That is
most essential. He should have a
sense of humOr and an air of alert
ness. He should go fishing with
younger men and belong to as many
social sets as he has time for, mas
much as he gets wisdom from asso-
Citations with others.
He must gauge his powers accord
ing to himself and rest comfortable
on the bed that he makes, by way
Of results.
The more he knows the better To-
everyone. The less he worries, tE4
better for himself and everyone t."9.
He may well be associated With
educational matters and be a. to
keep pace with pedagogy. Ana he
must give ever an ear to the plants
of the wretched and the wrongeG.
g
We did not say all to the young
man who wanted to be an editor.
The way to it is like the way to any
thing else, that entails responsible
ity-except going to Congress-a
matter of selection by others than
ones wife and immediate relatives
and a circulation of primary
papers.
If there is any job that entails
more steady work, we do not know.
The editor does not sit on beds of
flOwery ease; nor may he expect
long lines of mourners when he is
gone. These things are accorded
only to public-officials. He may not
expect to be blessed by archbishOps
or approved by ascendent majOrities.
But he may hope, if he is an honest
editor to be recOmpensed for their
loss, by the approval of his own con-
science and in the hope as Morace
Greeley once said, that the tears of
the despised and friendless, saved
from utter despair by his efforts and
remOnstrances, might freshen for
season the daisies that blOOmed
above his grave. Lewiston (Maine)
Journal.
Milford chronicle., 1930-07-04

Instead of doing it this way the
average of the New England news
papers outside the large cities con-
sign the editorial page to one per-
son for both writing and selection.
He writes or dictates; reads his
revises and stands for the net re-
suits. He is pleased if he gets re-
action, no matter of what sort, for it
shows that some one read his stuff.
After he has his paper out, he be-
gins on the next day. He reads eX-
changes, studies news, entertains
callers, serves as much as possible
on matters of public service.
If he can talk in public, he does
so willingly, to the limit Of his ener-
gies; because it adds to the prestige
of his paper, provided it does not
harm it. 1t has taken good deal
of grit to bring himself to this ampli-
fication of his powers.
He is a news getter as well as its
interpreter. He is a philosopher, so
far as he is capable. He is a student;
or he better quit. He has fundament-
al faiths tried by experience, or else
he should be digging bitches, which
is honest work. He is interested in
politics as a factor but never as
candidate or as a recipient of favOrs.
He is unpurchasable either for the
interests of the paper or for his own
emoluments. He is friendly and has
a good many on his payroll for
Milford chronicle., 1930-07-04

wearing just as much clothes as
ever, and the women folks are wear
ing longer dresses, the automobiles
wear out just as fast as ever, peo-
pie keep on buying new labor saw
ing equipment and a thousand other
things.
All these demands keep piling up,
and exhaustinng supplies. One of
these days merchants from every
state in the union will be discover
ing that their stocks are low, and
they will begin to holler for goods.
Milford chronicle., 1930-07-04
WONDERFUL TINE TO BUY

People who are looking for bar
gains can find a lot of excellent stuff
offered cheap in the stores about
now. If they will look through the
advertisement in The Milford Chron-
icle they will get many valuable
suggestions. Merchants are offering
goods at low prices to close out their
stocks and get in shape for fall
goods. Those that advertise such
opportunities. freely will see a con-
tinuous crowd coming to their
stores.
1t is a very useful thing to have
goods thus pushed to a sale in off
seasons, since it tends to keep the
country's industrial machine run
ming regularly. Every concern that
advertises special sales in summer,
helps keep the factories running
regularly, and thus adds to the cOun-
try's productionn. Such a concern
adds to, it's own prosperity by keep
ing business active in it's own place.
Milford chronicle., 1930-07-04
On "What Does an Editor DO!"
(By Arthur C. Staples).

| (By arthur u. StapleS).
What does an editor do to round
out his day and occupy his spare
time?
A lad who would be an editor
came in here the other day and asked
this interesting question, Just what
do you do to be an editor?"
The answer is, "it depends, on
what you want to do. Also on the
range of your mind-sight. Also on
the traditions that you have. Also
on your backgrounds.
His first business is to turn out
so much copy" a day or else direct
the production of so much copy by
others in day and select from that
company, the material that may
make the paper interesting and use
full
He acts, if he has the time as
clearin-house for a lot of public mat
ters. He may serve as judge of
prize-winning essays contests by
schools and colleges if he feels like
it-and personally we almost always
give all the time to this that we can.
He must read, constantly, consist
emily, sensibly with enough diver
sion in reading as is required to
prevent brain-fag. He must keep
posted on new publications. To that
end, we take in all sorts of new
book catalogues, supplements to the
metropolitan journals devoted to
books, and must judge quickly what
are of use and what are Of no use.
Milford chronicle., 1930-07-04
STOCK MARKET vAGARIES

1t was an unexpected development
when the stock market suffered a
series of severe declines some days
ago, carrying price levels of the
leading securities down to a point
close to the panic figures of last No
vember. This slump in values has
been disappointing not merely to
sreculators who were banking on a
prompt recovery from last autumn's
downfall, but it shows some lack of
confidence in business.
The stock market, however, is not
reliable prophet of industrial con-
ditions. 1t kept on rising for
months last year, when the wisest
judges of business were raising dan
ger signals, and warning the specu-
lators of Wall Street that they were
heading straight for trouble. But
the stock market calmly ignored
such protests.
1t was held that business had gone
on into a new era, where the old
principles of caution and prudence
did not apply. Now these too rash
optimists can see they were wrong,
but they have gone on to make an
other mistake in the direction of too
great pessimism, and their judg
ment this time is probably equally
erroneous.
If it is true that what goes up has
to come down, it is also equally
true that what comes down has to
go up. The 12O,OOO,OOO people of the
United States are eating three
square meals every day, they are
Milford chronicle., 1930-07-04
HOW DOES MAURICE CHEVALIER
PRONOUNCE HIS NAME?

The French movie star pronounces
his last name "she-val-ya," the first
"a" as in awe" and the second as in
late. The Pathfinder.
Milford chronicle., 1930-07-04
Se@
HAVING TIME

Boys who were brought up on
farms will always think of those
sitting days of yore in haying time,
when it was the lot of the boys to
tread down the hay under the caves
of the barns. It seemed pretty tough
that the weakest members of the
family had to be put in the hottest
place, but such was life.
But anyway, the sweet scent of
newly mown hay gave fragrance to
the fields. The songs of the birds
added cheer. The men took pride in
seeing which could NOW the biggest
swath and pile the biggest load on
the cart. There were moments of
blissful refreshment, when the wom-
en- folks brought out the stimulating
ginger water. Modern methods have
changed the old ways, but haying is
still good healthy work, and many
young fellows will gain strength as
they pitch and toss the hay this
summer.
Milford chronicle., 1930-07-04
Milford, Friday, July 4. 1890

TODAY THE NATION is celebrat-
ing its birth, and the citizens are
seeking pleasure and relaxation from
their daily cares as their fancy suits.
1t is to be hoped that safe and sane
celebration will bring freedom from
the scores Of sad accidents which an
nually becloud the happiness of the
day. Gradually the use of fireworks
is diminishing. and ii is 10 be hoped
that III Il few years il will be thing
OF the PAST Celebrate saneiy and
wisely today and live to enjoy the
Fourth one year hence.
Milford chronicle., 1930-07-04

He must attend a reasonable num-
ber of public meetings in town
important ones, like baseball meet
ings and now and then chamber OF
commerce.
He must know the history and the
traditions of his profession and ell
force proper respect for it, so far as
deserves it.
He should know his fellow-crafts-
men in the profession and in the
shop itself.
His day is likely to be busy. If
he works on an evening paper he
will be at the office as early as pos
sible in the morning and have his
stuff going along early. The edito-
rial page closes among the first. His
comments on morning news may be
as sensible as possible and as in
formative. His opinions amount to
no more than those of anyone else
of equal information.
He writes his stuff or edits the
writings of others in his department.
Large metropolitan papers have
many contributors to the editorial
page and the editor-in-chief is re-
sponsible for selection as the days
come and go.
Milford chronicle., 1930-07-04
2oS
LTNDBERGH. JR,

It was a national event when a
son was born to Col. and Mrs. Chas
Lindbergh. They are the nations
most cherished young folks. They
have won a unique place by their
great achievement, and the modesty
and refinement with which they have
lived in .he public eye and made
use jheii amazing success.
LindberGh, Jr., starts life with
everything in his favor No infant
ever had a more fortunate beginning.
He will have the best that education
can give. Popularity will come to
him without effort. Many boys can't
stand the strain of so much prosper
ity, but the Colonel and his delight
full wife will deal with that situa-
ton. Their good sense will tell
Junior how to use these gifts right
and not be led astray by them.
Not merely does the youthful
Lindbergh start out with every ad-
vantage that education and environ
ment can give, but his heritage of
character gives him a wonderful
start. If there is anything in inher-
itance, and most authorities think
there is a great deal, he will have
fine traits handed down to him. If
he goes wrong he will have only
himself to blame. But with the op-
portunities he will have, he is likely
to make his own place in the world.
Milford chronicle., 1930-07-04
2eS

MAYOR WINDSOR, City Council
and the Light and Water Commits
sion are to be congratulated on the
forward step which they are taking
to provide Milford's business section
with a modern lighting system. 1t
has been needed for a long time, and
when completed will do much to i'm
prove the general appearance of
Walnut street and the Plaza. The
new work will necessitate the re-
moval of many unsightly awnings,
and it is possible that a few store
fronts will be remodeled by the own
ers in the very near future as a re-
suit of the new campaign to make
Milford more attractive as a busi-
ness center The work now under
way to better Milford is the direct
result of the personal efforts of
Mayor Windso" to create harmony
within the several city departments
with the idea of better solving prob
lens vital to all the citizens. That
his efforts have succeeded is pleas
ing to all.
Milford chronicle., 1930-07-04
@eS

AFTER SERVING the citizens of
Milford and vicinity in a capable
manner for the past 'eight years
Mark L. Davis retired as postmaster
on Monday morning, when he was
succeeded by William R. Murphy.
Mr. Davis has given the office his un-
divided attention while holding the
position of postmaster and with but
VERY few exceptions only praise has
been heard from the public using the
Milford pOstoffice. In leaving the
office lie may retire with the knOwl-
edge that he gave service and that
the public generally was satisfied
with his administration. Mr. Murphy
is young man who has made a sue
cess in his chosen field of business
and there is every reason to believe
that the patrons of the Milford Of
flee will continue to enjoy the ex-
cellent service which they have en-
ioyed during the administration of
Mr.. Davis. AS a large user of the
postoffice, the Chronicle has only the
highest of praise for the service re-
ceived in the past-and we antici-
pate that Postmaster Murphy will
render the same service.
Milford chronicle., 1930-07-04
Ee@

A TOWN without much wealth,
but with plenty of energy and en-
thusiasm, is a better prospect than
one with a lot of wealth but no en-
terprise.
Milford chronicle., 1930-07-04

He may not give much time to
novels are no use to him as a rule.
Mere style of writing is of moderate
values. Scientific books; travel; dis
covery; chemistry; economics; his
tory; Renaissance; essays; plays
all these he may need to know.
He must carry on a large corre-
spOndence, with all who write. If
he be like myself, he receives a great
many letters and delays to answer
a great many.
He must travel some. Sitting in
the office kills him. He must mingle
with people. He must talk a great
deal in order to excite rejoinder. His
study is of the folk. He must pro-
ject himself into the mind-cOnditiOn
not of the philosopher so much as of
the average reader, that he may be
able to sit before HIS mental fire
and talk as the evening shadows
grow.
He should keep his eye on the pa
per. THAT is his business. It's
mood OF every day is important. A
paper can not W6ll D6COulG SIOuCIy5
or stupid, or dull, or effervescent for
too many days in succession. If so
it. needs physic. Something ails it;
exactly as something ails a member
of your householdLwhich a good
paper also is--if he comes to the
table every day with face that looks
like a thunderstorm.
So the good editor must be pleas
ant-not always the overbearing
"head of the household" spelling for
a fight. And he must also be stern
and willing to rebuke error, when
needed
The editor has to meet all comes.
No office boy at our door. The door
is wide-open and anyone who desires
comes in. My callers of a day are
of all sorts and conditions. When a
man in overalls comes in he gets the
good seat. l am frequently type
writing away and look up to see
some person standing there in the
floor and l am fain to apologize for
my lack of seeming hospitality;
though what could be more hospit-
able than the open door?
Milford chronicle., 1930-07-04
THE GROWING TOWN

One of the most distinctive char
acteristics of a growing town, is the
enthusiasm and earnestness with
which it's residents are always talk
ing about that community. The idea
of community progress and develop
ment is constantly in their minds.
They can't keep still about it. They
may sometimes overdo the subject,
and talk too much about it, yet the
advertising they give their town has
it's effect. People are impressed.
The result of this enthusiasm is
that the idea is distributed about the
country, and it pervades the people
of the town, that they have a very
fine community which is on the way
t. progress. When a town acquires
that reputation, you can't hold it
back.
Milford chronicle., 1930-07-04
@e@

BUSINESS people who object to
spending money on advertising,
might also save expense by dis
charging their store clerks, and cut
ting down their store space.
Milford chronicle., 1930-07-04
DoG

1T NAL BE SAID THAT the day
of the metropolitan newspaper is at
hand. This is true, but it is equally
as true that the day OF the local
newspaper is here too.
The metropolitan daily with its.
world wide news, its comic sheets
and it's magazine supplements, while
of course essential in our modern
civilization, cannot take the place of
the home newspaper. The very fact
that the big city daily must cover a
broad field forbids its becoming local
in any sense, and it is in the local
field where the home newspaper
dominates and where it finds it's true
usefulness.
For, after all, it is the home news
which is most important to most of
us. We have the greatest interest in
the community in which we live, and
in the people who are our neighbors
and friends. And it is the local
newspaper which records the hap
penings of the folks at home, and in
addition fosters the civic pride and
progressive spirit of the community.
We frequently hear it said that the
old time independent spirit of the
is gone, that its editorial
policy is now subservient to the bus
mess office. Yet this is not true.
There is more unselfish idealism in
the average local newspaper than in
any other business enterprise. 1t
speaks out in the way
which it believes will be for the
good of the nation and of the com
regardless of what the con-
sequences may be from a business |
standpoint. This is more than the |
average business man will do or
can do.
OF course the local newspaper is !
now on firm business basis. This is /
why it is improving from year to
year, why it is giving its readers a
better newspaper, and
why it is increasing it's influence for
good in the community. But the To-
,al newspaper is still the principal
booster for the community, and it
loes it's boosting often without any
lope of material reward.
New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1930-05-24
Police viii Check Up
On Barnesdale Picnics

picniCkers who annoy and modest
Barncsdale residents will have their
activities curbed, according to an
announcement made by Chief Of
Police William C. Hart. The chief
has acted upon a request of the
Barnesdaie Community society and
has agreed that when picnics are
held on Sundays And holidays in the
parks in that vicinity, he will see
that the place is properly policed.
While admitting that with only
IS families in the section, the
Barnesdale section is not yet large
enough to have a regular patrolmdn
stationed there Chief Hart said that
when social events bring large num-
bers from other sections of the citG,
he will have a motorcycle policeman
patrol Wooster street, and that es-
pecial attention will be given the
neighborhood at night.