davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1933-08-02
Told Reforms
In System Are Their
Responsibility
Washington Financier Is
On Group Making Report
On Fundamentals

Squarely upon the shoulders of
the bankers is placed response
bility for making constructive
proposals for fundamental re-
forms in the American banking
system, in a report by the COM
mission on banking law and prac-
tice of the Association of Reserve
City Bankers.
Robert V. Fleming, of the Riggs
National Bank here is a mem
ber of the commission and chair
man of the group to which was
assigned the study of present
insurance provisions of the Fed
eral law, postal savings and pub
lie funds.
Guaranty Over Emphasized
Bankers as group have been
at fault in not giving sufficient
attention to broad plans Of bank
ing reform, the report charged,
contending that bankers have
placed too much emphasis on
the guaranty provisions of the
new law to the neglect of funda-
mental reforms. 1t further
stated:
The new banking law is an
emergency measure and covers
a transition period during
which the Government, banks
and public must unite in work
ing towards a stronger banking
structure.
This legislation is import
ant as revealing the ShOrtcOm-
ings of the present system and
the need for a permanent Solu-
ton.
Although according to the com
mission bankers as whole are
willing to assume their full share
of the responsibility for banking
troubles in recent years, the pres
ent difficulties have resulted IN
the face of repeated warnings OF
conservative bankers.
Warns Against Withdrawals
1t held that the great question
now is not the soundness or un-
soundness of the deposit guar
anty plan, but the need for a
sounder banking system which
would render deposit guaranty
unnecessary.
Threatened withdrawal by bands
from the Federal Reserve System
would upset public confidence and
weaken the system, the report
warned, adding:
"The guaranty plan involves a
temporary fund and a perma-
nent fund. The temporary
fund is based on limited con-
tributiOns. Most bankers are
now inclined to go along with
this fund since it does not imply
a commitment to the permanent
fund.-"
The commission said it found
many bankers of the opinion that
when the facts regarding the per-
manent plan become generally un-
derstood, and if it's operations
should threaten the stability Of
the strong banks, the common
sense and fair play of the public
and Congress will intervene to
bring about suitable notifications.
Must Find Compromise
Continuing, the report said:
1--WE must find working
compromise between free and
easy banking, which results in
periodic distress, and a system
so loaded down with laws and
regulations that, while it may
be theoretically perfect, it will
in fact fail to provide the freely
flowing life blood of industry
and agriculture which is its
chief reason for existence.
"The records show that bank
ers have repeatedly raised their
voices in protest against the
easy granting Of bank charters,
but these bankers have been in
then minority and public enthu-
Siasm has swept over them.
"The bankers also know that
The Washington times., 1933-08-02
NEW YORK PRODUCE

NEW YORK. Aug. . S.).-But-
ter. firm; sailed and unsalted, creamy,
higher scoring. 22h G24c; creamery
extras, 22@23c; creamery firsts, 200
221t; ladies' fresh extras 19C.
Cheese dull: Wisconsin whole milk,
fancy, young American, 154 @18i2c.
Eggs-Quet; nearby white specials,
2Om231ac; standard, 1S@19l2c medium,
1Sm191ac: nearby brown specials, 200
26c; standards. 1712 01Si2c; mixed
specials. 18@21c: standards. 49, "a
17bc: firsts 14@1412c; seconds 1872
GO13%c; medium, 12@12%c; Pacific
Coast. white fancy, packed, 24025
standard. 23O231ac; medium. 2O021C.
The wholesale price is $1SS per
100 pounds no. / fluid milk within
the 2O1-210 mile zone.
The Washington times., 1933-08-02
Demand improves
For Liverpool SPOT

LIVERPOOL, Aug. 2 G.N.SO.-
There was an improved demand
for spots cotton at the opening
today with prices steady. Receipts
totaled 1900 bales, all of which
were American.
At midday, middling fair was
quoted at 7.51d; strictly good
middling, 706d; good middling,
6.76d; strictly middling, 6.46d;
middling. 6.31 d; strictly low mid
ding. 616d; low middling. 5.96d:
strictly good ordinary, 5.76d; and
good ordinary. 5.46d.
Futures opened steady with
October at Slid; March at 6.20d;
and May at 623d.
The Washington times., 1933-08-02
United Gas Common
Share Net 29 Cents

NEW YORK. Aug. 2 G.N.S).
United Gas Improve Company,
excluding Philadelphia gas works,
had net income of $7,525,061
after interest, amortization and
other charges in the quarter ended
June 30. compared with $7,909,013
in the like 1882 period.
Balance to parent company was
$7,861,386 equal after preferred
dividends, to 20 cents a common
share, against $8,778,569 or 33
cents share, in second quarter,
last year.
The Washington times., 1933-08-02
Interest UneQrned
Blu Pacific Eastern

NEW YORK, Aug. 2 G.N.SD.-
In special report to stockhold-
ers, N. P. Rathvon, president, the
Pacific Eastern Corp. formerly
the Goldman, Sachs Trading
Corp, revealed that the corpora
ton was unable to meet its
running expenses and the inter-
eSts on it's debts.
This situation, Rathvon stated,
was due to the fact that the
corporations major holdings we're
yielding no income.
Pacific Eastern controls the
Shenandoah Corp. and is in
turn controlled by the Atlas Corp.
The Washington times., 1933-08-02
National Steel Co.
Net Best in 2 Years

PITTSBURGH, Aug. 2 Q.N.SO.
Earnings equivalent to II cents a
share were reported today by the
National Steel Corporation. It
was the best second quarter earn
ings in two years.
For the three months period,
the company's net earnings were
$1,532,466 after all charges and
estimated Federal tax. This is al
most 200 per cent greater than
1882 figures of $560,999, or 26
cents a share.
For the first half of 1898, net
earnings were $1,813,311 as against
$1,153,799 in 1882.
The Washington times., 1933-08-02
COTTON BREAKS
AVERAGE Of
81 A BALE

NEW YORK. Aug. 2 G.N.S). .
Cotton futures broke today, follow
ing an early period Of steadiness,
with a weakened technical posi-
ton and extensive profit taking
influenced by the weakness of
grains in Winnipeg carrying the
list sharply lower.
Quietest in Weeks
On the first call, with Liverpool
half a dozen American points be-
low due prices, trading was the
quietest witnessed in weeks and
the list registered losses of l to 6
points.
There were scattered sales by
spot houses and the South, and
some profit taking, but this was
offset by fair trade demand and
some commission house and 11eW
Orleans buying.
Rains Relieve Drought
Official details disclosed consid-
cradle relief in the Western belt,
with moderate rains in northwest
Texas and central and southwest
ern Oklahoma.
The weekly Government weather
report stated that moderate tenn
peratures to rather cool weather
prevailed in the cotton belt and
substantial rainfall occurred in
most sections.
Around noon, October was off
25 points at 1925, December was
off 81 at 1880, January off 20 at
1880, March off 18 at 1914, and
May was off 19 at 1890.
The Washington times., 1933-08-02
WESTERN DAIRY PRICES

1889 tubs; steady; old cars, II; new,
IL creamery extras and standards,
201sc; extra firsts. 1914 a 20c;- firsts, Is
@ l9C; specials, 2l@211aC.
Eggs-S,046 cases: steady; old cars,
19c; new. 5; ordinary current receipts,
1OI7 @114c; fresh graded extra firsts,
less than cars, 12i2C; cars, lSI2C; fresh
graded firsts. less than cars. 12C; cars,
1Sc: dirties. 9Ac; checks. si2c.
Cheese--LOnghorns and daisies, 1iD
14Ac; twins. 1871 113%c; prints, lao
14i.C
The Washington times., 1933-08-02
ALLEGHENY STEEL NET

Allegheny Steel Company re-
ports for six months ended June
80 a net profit of $92,485 after
charges, depreciation and Federal
taxes, compared with a net loss of
$537 1853 in the first half Of 1882.
Net for the quarter ended June
80. 1898, was $224,422. comparing
with a net loss of $170,785 in the
June quarter of 1882.
The Washington times., 1933-08-02
Spot Gasoline Price
In Car Lots Boosted

NEW YORK, Aug. 2 0.N.SO.
Standard Oil. Company of New
Jersey and Sinclair Refining Com
pany have marked up spot gaso-
line in tank car lots a quarter of
a cent a gallon, making the quo
tation Ga cents on IS octane and
6 cents on below IS oCtane for de-
livery within next 10 days.
All other leading companies
are expected to follow.
The Washington times., 1933-08-02
ST. JOSEPH LEAD LOSS

st. Joseph Lead Company and
subsidiaries for the six months
to June 80 last reports a net
loss of $1,303,212 after taxes, in
terest. depreciation, depletion and
minority interest, as against a
net loss of $1,448,901 in the first
half of 1882.
The Washington times., 1933-08-02
NAVAL STORES

NEW YORK, Aug. . GN.S.l .--Linsced
oil per pound, los car lots. Turpcntine,
Savannah, "A; New YORK. 49is. Rosin,
Savannah. 375; New York, 500.
The Washington times., 1933-08-02

High Low 1.1e
Finland is so ........ SO 82% SO
French Govt 7l4s IL I134%134% 134%
French Govt is 49....I13414I13
Ger AgBk 6s %S...I 45h As ~
Ger C AgRk - SOL 81 81 81
Ger C AgBk 6s go OCtI 40 40 40
Ger c AgRk IS so Jul Al 40i2l Al
Ger CON Ayr 6tqs S.. 32l4 - 80
Ger Gn Elect SIS 4s....I 35s4I asia S5N
Ger GIN Elect Is 45.. ~ Al Al
Ger Gn Elect 6'2s 40. 3S% SSh 3S%
Ger Govt intl 5t2s IS. As Az AN
Ger Rep Is ~ ...... II "a II a IL
G CON Ell Pow Up 6l2s 6S 6S 6S
Hung G Nun 7las..... 500 80 80
Hung l. NJ 7i2s A...... 40 40 40
IlSCder Stl 6s..........I 10 80 30
Irish Free st 5s. 100 100 100
Japan 5l2s ...........i 71i4 4i3 -
japanese 6laS ......s. SO 88 80
Medellin 6l2s ....... 14E 14A AK
Meridionale FL - A...1l1 109 Ill
Mnas GeraPs 6RS.....i 81 81 81
New $ Wales 5s '51.... 1913 79& 79A
New S Wales 5s '5S....I 1872 70 1917
No Ger Lloyd 6s....... 4234 42A 42%
6s 43.........l 81 94lsI 94h
Norway Is '44......... % ri 95iaI 95l5
Panama 51as Rep..... 9Sk 9SIs SSH
Plrelli 1s ............ 'lOl lOl llOl
Poland - ........'... ~ by BY
Poland SS ............I hS n 6Sl2l 6S IA
Prussia Gs ............ 3ji4 3514 551I
Prussia s IS .......... &c a 35 ~ 35
sac PauIO City 6I2s... 1S 1S ia
Santa Fe ArgPn 7s.... 2412 24laI 24i2
Saxon Pub Wks 1S..... AZ, 47l2 47h
Saxon Pub Wks 6i2s... 34laI 34hI Ban
Serbs c & 81 7S....... 20 20 90
Sweden SIPS .......... 06ks 96ss sSs
switzerland 5I2s ......I134A 132tai134K
In G r e. ! - .Ii1SLl117 "a l117h
Tn Kingdom 5hs reg. IFS 117R|117h
The Waterbury Democrat., 1933-11-13

What is much less easy to undcnfand is the fact that there are some people on this side of the water who share in that mis- conception.
 In part. this misconeeption represents a genuine bewilderment over the puzzling things that have happened since last March. In part. also. it stands for one of those synthetic dead eats'' which General Hugh S. Johnson has been talking about. Either way. it deserves little straight talk. If we have dictatorship today. it only can be said that 1t is by all odds one of the queerest and most unrecognizable of dictatorships ever erected anywhere.
 Every single thing that is being done to- day is being done as result of the vote of the people of America. either directly or through their representatives. The president was put into office by popular vote. The powers he exercises were given him by vote of Congress. The whole framework of emergency legislation which we call the recovery program came through Congress.
 And that is only half of it. A new Con- gress takes office in January. It can, if it chooses, repeal every paragraph of this leg islation. If 1t disapproves of what the ex- ecutive has been doing, it can lender him impotent. It has the power to throw him, out of office if he steps over the boundary of the executives proper sphere.
 On top of all that, it is an obvious fact that success of the new deal' depends first, last and all the time on popular support. The minute the. public at large disapproves of it, the cards go back into the deck. A program which appeals for the voluntary cooperation of millions of people is not the sort of thing a dictator can shove down a country's throat.
 Why is all this worth saying. since it is so obvious? Because we are beginning to hear this talk of dictatorship" more and more frequently of late; and because most of it is a cloak of selfish opposition, which prefers not to appear in its proper guise.
 This is not to say that no one can oppose the recovery program. It simply means that any such opposition must rest on the right foundation. There are plenty of reasons for criticizing the administratlon's acts-but this dictatorship business is not one of them.
The Waterbury Democrat., 1933-11-13
Tariff And Debt Squabble

There seems to be little misunderstood ing between Brazil and France: First, they have been indulging in a tariff war which has done neither of them any good. In July France increased certain tariffs affecting Brazilian goods. The Brazilian govern. ment responded with doubled duties on all French goods. Furthermore, the Brazilian government is deliberately slow about issu- ing permits for the entry of French goods. Getting nowhere with its tariff retaliation. Brazil tries another method to make France change its attitude. It owes France quite lot of money and has stated it will make no further payment until the July tariff in- creases are reScinded.
 Since an installment of more than 5000. 900 francs was due on October 3l, the Sit- uation is acute. A mutual scaling down of tariffs IS expected. If Brazirs action brings that about. probably all will be we'll soon. In the meantime, one wonders how France feels about having another nation default on debt payment. France has done it. on occasion, for motives which seemed ade- quate to her government But Brazil's action is different.
The Waterbury Democrat., 1933-11-13
4 Book Q Day by BRUCE CATION
Here's The Classic On Homicidal Life

If there is anything in the theory that posterity will be more inter- ested in our gangsters than in any other single feature of present-day life, our grandchildren probably will consider Fast One,' by Paul Cain, something in the way of a classic.
 You might call this a gangster novel to end all gangster novels. It leaves nothing to be said; all the battle, murder and sudden death any fictioneer could imagine are here, damned between the covers of one book, a homicidal carnival that leaves nothing unsaid and mo- body unshot.
 A muscle man from the east, name of Kells, is taking vacation in Los Angeles. More or less against his will, he is drawn into the gang rivalries there. There are three mobs, engaged in the merry practice of putting knives into one another's backs for the booze, gambling, and similar priv ileges. Kells draws cards before he realizes that he is going to play.
 He does right well at it, too, and pretty soon he discovers that, if things work out right, he can be the undisputed Big Shot of all Los Angeles. This, of course, requires the removal of certain commercial rivals, so he sets out to remove them. And the fun begins.
 In the end every major character and practically all the minor ones as far as can recall-have been killed, including Kells himself. If unrestrained homicide is your dish, you can't help liking Fast One. :" Any gang novel, after this, will seem like an anti-climaX.
 The book is published by Double day, Doran & Co, for $2.
The Waterbury Democrat., 1933-11-13

It was most encouraging report sub- mitted by the Chamber of Commerce last week on its monthly business survey Noth- ing was so cheering though, to us than the announcement that in October, 1933, there were 5,550 more people employed in this city than in October. 1932. There were other points of considerable significance. Now we learn from some statistics issued by the motor vehicle department that the trend upward has been most marked this year. Since May "a larger number of persons have applied for drivers licenses than during the corresponding month last year - and that each month has shown higher percentage of increase than the preceding one. '. :" For example here in Waterbury in October,
 l932, there were l22 applicants for li- censes while this year there were l62. This represents an increase of 32.8 per cent New London is the only one of the larger cities and towns that failed to record gain in October of this year over 1852. One of the odd things, too. that we noticed was that
The Waterbury Democrat., 1933-11-13
MONDAY, NOVEMBER 1s, 1883
What Repeal Will Do

December 9th is authoritatively given as the date for the end of the 18th amend ment. On that day the necessary states to .bring the number of those ratifying to 36 will hold conventions. When the Both ratl- fer is secured prohibition will legally be at an end whether or not there IS any ofticial
 proclamation from Washington. However, at this writing 1t IS believed that President Roosevelt is preparing some sort of manl- festo which will be issued just as soon as the last state ratifles.
 When this happens series of federal tax es will be wiped of the books. These taxes were levied to amortize the immense sums of money needed to finance our emergency work. With liquor taxes in greater amounts ; than the special taxes assured thee IS no need for the latter. As matter of fact there actually are four taxes to be dropped-the 5 per cent tax on stock dividends; one-tenth of 1 per cent on capital stock of corpora tions; per cent tax on corporation profits in excess of 12 1-z per cent of the capital. stock value; and the gasoline tax increase.
 The sinking fund that IS taking care of retirement of public works obligations will be maintained by excise and import levies. And hereby lies story. While it is gener- ally believed that taxes on liquors, domestic ones, will be sufficiently low to prevent suc- cessful bootlegglng operations and illicit distilling of spirits, there IS no reason for us to suspect that President Roosevelt IS plan ming to open our ports of entry to vast ,stocks of foreign liquors without collecting richly on them.
 We read recently that France would be .qiyen a chance to take some action on its ..wsr debts to us through the medium of favorable wine tariff We don't presume for lone instant that this will appeal to France. Not after the recent offer that came from Great Britain in the way of solution of the debt problem. Nothing has quite excited so .much indignation in state circles as the plan that would allow Great Britain to sell .bonds to American investors, the proceeds to ..be applied to the British debt. In short we d pay to our debtor the money that he would turn back to us. H@ Yte Perhaps France would like to have us pay for the privilege of enjoying its rare wines. { Fortunately for the nations peace of mind i've still can fall back on large supplies of domestic wines and liquors. And we know .that there will be few to detect any differ ..ence in the domestic and imported brands. We have no fault to find with foreign liquor interests securing business In the .states If they can get it, it's all right with us. But we don't see any reason for the powers that be at Washington bending over backward to allow foreign nations to profit by the reopening of former rich market. And judging by President Roosevelt's attl- tude he's of the same opinion.
The Waterbury Democrat., 1933-11-13
Safe Lending

Recommended to bankers and other lend CTS who think man is not solvent if he needs to borrow some cash in the address of L. C. Harbison at the opening session of the American Association of Personal Finance Companies in Chicago recently. Now IS the time for lenders to come out of the cy- clone cellar and make loans said Mir Har- bison. Credit is especially needed as wage earners being to find jobs in order that they may pay up old obligations, not be harrassed by creditors and also meet current living expenses
 "The vast majority of people are sscupu losly honest and make heroic efforts to pay their debts. The real security for loan is the family wage earner's proved ability and desire to keep his job." Mir Harbison pre- 'ented figures showing that most families to- day are borrowing to meet sudden expend- lures for illness or accidents; to pay taxes, interest or insurance, and to tide over tenn porary loss of jobs. A liberal policy toward such borrowers now it seems. ought to be good business for the lenders themselves
The Waterbury Democrat., 1933-11-13

Although New Britain does not hold it's city election until next April mayoralty ean- didates are already being mentioned. It is assumed that Mayor George A. Quigley will again be the nominee of the republicans. You'd never guess who the democrats are now proposing. That's right-ex-Mayor Angelo M Paonessa. The democrats are fin- ally convinced that this old war dog of the party is the man who will break the Quig- ley regime and return the democrats to pow CT in the Hardware city. Paonessa was al- ways popular vote-getter in New Britain
 The Quigley and Paonessa careers are parallel ones. In 1922 Paonessa, running for mayor for the first time. defeated Qugley. He served two terms: was defeated; then re- elected in 1928. Quigley was mayor from 1914 to 1920; then retired; defeated by Paonessa in 1922; lost the nomination in 1926; won again in l930; now serving his second term. What battle this would be if Paonessa and Quigley met again in l934.
The Waterbury Democrat., 1933-11-13

Says the Hartford Times in recent edi- torial, Connecticut authorities will, ot course, be guided by Major Buekley's opin- ion that the eighteenth amendment will not be regarded in this state as repealed until formal proclamation by the federal govern ment to that effect. This IS in line with Connectcut's consistent practice in the past and continues the common sensed view that mere unofficial news is not 10 be relied upon as warrant for change in the laws. :. What about the ruling of the Attorney Gen. eral of the United States Homer $. Cum mings? He is Connecticut man and has stated that when the Both state has ratified the 21st amendment, the 9th automatically is dropped without any proelamations or fanfare of trumpetS.
The Waterbury Democrat., 1933-11-13
A Notable Advancement

When Delaware abolished its system of county almshouses last month 1t constituted a notable advance in social service work. No doubt the Delaware experiment, if it can be called merely an experiment, will be watched by many other states who are studying right now plans for old age insur- ance and the like. Connecticut may even se- cure data on the Delaware plan which prob ably would work in large state as well as tiny Delaware.
 7 On the occasion of the passing of the old ,almshouses Governor C. Douglas Buck de- e1ared, This is a notable day in the history sof Delaware, day which the citizens of our sstate can always recall with pride. Today marks not only the contamination of that ssp1endid piece of legislation passed by the sstate Legislature two years ago, but 1t marks falso the tangible expression in bricks and mortar of the ideals and hopes and aSpira- 'tions of prayers of high-minded men and , women for countless years. -
 !, We don't know just what form of old age pensions was established in Delaware. but 1t must be good one to permit the state to shut down three homes and only GSldDllSu OIlS III ttlelL Pi"SS' AShe 'tAS'N ~ more attempts made by our states to get rid of homes Where, institutional care IS needed. naturally nothing else will replace it. However there are many instances where old people will almost starve to death rather than accept the guardianship of the state or the town. This is pardonable pride.
 The state that offers old age pensions unemployment insurance. and the like IS preventing just such occurrences People who have labored all their lives are rightly entitled to peace and comfort in their de- clining years. It is the first duty of their kin to provide this It is just as important that the state step in when kith and kin are gone or unable to do more than take care of their own lives. Delaware joins select coterie of states that recognizes the new order of so- ciety. We hope some day Connecticut will too.