davidaulloa/AmericanStories huggingface dataset:
The Waterbury Democrat., 1933-05-31
Bank Reform

The fate of the Glass -Steagal bank re- form bill is said to be doubtful. Inc senate has different measure pending for similar purposes, and the presidents at- titude is uncertain. There is nothing un- certain, however, about the spirit in which the house passed the bill. The vote was 262 to l9 There need be little doubt either, as to the public attitude. The public emphaticaly wants security for bank deposits and this legislation is intended to give it. It does so by the double pro- cess of insuring bank deposits and forbid ding bankers to speculate with other peo- ple's money
 There would be an insurance fund ot perhaps $2,000. 100000 used to safeguard deposits in banks that are members of the Federal Reserve and state banks able to qualify. Small depositors are preferred, Deposits up to $l0,000 would be insured 100 per cent; those over $50.000, 75 per cent Federal Reserve member banks would be required to divorce themselves entirely from security affiliates. Officers would be forbidden to borrow from their own banks. The importance of such provisions are ob- vious by this time. Another provision, whose intent is not quite so obvious, re- lieves national bank stockholders from double liability in case of bank closing. This requirement., always difficult to enforce literally, becomes less essential when de- posits are protected. by. insurance. Its abolition should make it easier to raise capital for new banks at time when the country suffers from lack of banking facilities
The Waterbury Democrat., 1933-05-31
A Good Nomination

In nominating State Senator William H. Haekett of New Haven for the position of State Tax Commissioner, now held by Will liam H. Blodgett, Governor Cross has acted with considerable foresight. We can't think of any democrat who is better fitted to sue- ceed the present republican incumbent than Mir Hackett He is eminently fitted for this responsible position by virtue of training and inclination. If he is confirmed by his fellow senators it will not be because of political affiliations but because the appointee is worthy of it.
 In the three terms that he has spent at Hartford, Senator Haekett has distinguished himself for his diligence and for his ability to present the democratic side of pending leg islation. At the session now concluding he won for himself the title of the busiest man in the Senate. He was named chairman Of more committees than any other legislator. That in itself is no cause for appointing him to the important office of Stat Tax Commis- sioner. but it does indicate the regard in which he is held by his fellow members at Hartford.
 Probably no argument can be brought IorWarQ TOT the rePidSeHenl oi Nih DioaSe'' He has been a good official and is highly re- garded throughout the nation for his knowl- edge of tax affairs. But it goes without say- ing that the democrats are entitled to ap- pointees in high offices of the state. If this were ranked as a mere political appointment there might be cause for complaint. With a candidate of the ealibre of Senator Haekett if rises above mere politics and becomes an appointment of merit. If he is ratified we know his administration of the office will equal that of Mir Blodgett's.
The Waterbury Democrat., 1933-05-31
So They Say

I was perfectly normal boy; I got just as damn dirty as the other boys.-Vivian Burnett, the original
 Little Lord Fauntleroy," whose
 mother. Mrs Frances Hodgson Burnett, wrote the book.
 am one of those radicals who believe that the right to work will be recognized as the right to live is to-day; we are on that road. Senator Wagner of New York.
 Dropping a can of nitroglycerine would not necessarily furnish enough impact to set 1t off, but you never can tell. You always want to be mighty good to it.-W. H..
 Swartz, Oklahoma oil fields ex-
 plosive expert.
 The average executive of to-day finds himself hesitatting to take many steps which he knews must ultimately be taken.-Phil H.. Brennan, San Francisco manu-
 facturer.
 Forty per cent of adult Ameri- cans wake up tired and eight per cent or more wake irritable.-Dr
 Donald A. Laird, Colgate
 psychologist.
The Waterbury Democrat., 1933-05-31
A Financial Era Ends

The career of the House of Morgan. power in American finance and industry for three generations. is an epic. The ap- pearance of J. P. Morgan and his part ners at Washington, to give senate com mittee an account of their stewardship marks the end of an era. This is not suggesting that Mir Morgan and his partners have done anything essentially wrong or abused their great power. That will be determined as the inquiry proceeds. And it should be an honest. dispassionate inquiry The stewards. being outside of ordinary banking regulation and eheekup. must report to the rovernment and the public. in time when ell business comes under review. They will be judged accordingly. But for them. business will never be the same.
 They have not grown smaller. but the country has grown greater. Banking and ;udustry. since the elder Morgan organized >nd financed the United States Steel eorpor- afion. have grown far beyond possibility of donidation by one man or one small ,roun. "The individual withers and rhe world is noFe and more. All ot
The Waterbury Democrat., 1933-05-31
Here, There And Eueryvhere

the hearings, the president has
 called upon the leaders of industry
 to take action against competition
 by starvation wages, the labor of
 minors and other lowering of labor
 standards. Since then also the
 State of New York has further
 raised its standards, so that sweat shops will be even more likely to migrate to Connecticut to exploit local labor for competition against all good employers.
 These developments make it
 certain that unless action is taken in Connecticut, actual conditions are likely to become worse by at-
 traction of gypsy" shops. Not
 only is this true, but the manufac-
 turers of the state will find their
 task of organization within their industries to prevent lowered
 standards made more difficult by
 lack of state laws comparable to those of other eastern industrial
 states. If they are to assume re-
 sponsibility for conditions. they will welcome rather than oppose the aid of an effective labor com mission, backed by laws which will assist the good employer in his battle against his less scrupulous competitor. Not only, then, Is the need for
 labor legislation increased since the hearings, but the opposition to raising standards has decreased. For this reason, not only the un-
 favorable report of the committee on the 4S-hour week for women but on other bills should be re- yersed by the two houses and con-
 sidered on their merits as a part of the new deal.
The Waterbury Democrat., 1933-05-31
Industrial Progress

American industry has risen from its lethargy at last, and is engaged in an active campaign to put men back to work. It's present plans call for the unemployment of 3,OOO,000 people immediately. There is a hope, which approaches expectation. ot raising the total to 6,000000 by the end of the year.
 Nobody knows how many workers, em- ployed in normal times. have been idle the past winter. Guesses run from l2,000, 900 to l5,0O000O. Besides these millions of totally idle, there have been millions only partially employed, and many at starvation wages.
 The goal of full employment is still dis tant, but an inspiring start has been made. Soft hands are hardening again, flabby mus eles are toughening, smoke is rising in the factory districts, wheels are turning, wages are rising little. There is more hope iE the hearts of workmen and employers than there has been for years that now seem like an age.
 Capital and management, severely ehast. ened are more eager than ever before to do their part not merely for their own profit, but as a public service. They are ready for a new deal. Labor. which has suffered still more severely, is in mood to cooperate. It may not be too much to hope that capital labor and government can work out together system steadier in operation, and socially fairer, than we have had in the past
The Waterbury Democrat., 1933-05-31
THE MISCHIEF DONE
(Springfield Republican)

The hawk eye of Gov Pinchot was quick to observe that among those on the preferred list" of clients of J. P. Morgan & Co were four justices of the Pennsylvania supreme court. He demands the resignations of two of them because these two accepted the Morgan of- fer while they were on the bench"
 The investments did not turn out we'll. Justice Keplar reveals that his Alleghany corporation stock was bought for $6,000 and is now worth about $500. But Gov Pin chot is not refuted by such a dis closure. His honor accepted 'in- side favors," when the going looked good, from the greatest utility bankers in America; and among Morgan -controled utilities were, and are. the Pennsylvania Power and Light and United Gas Improve ment companies which do a big business in the Keystone state.
 The opportunity for controversy is limitless if one atetmpts to pass judgment on the propriety of acE ceptance by different individuals of invitations to eat at the special table provided by the Morgans. The circumstances in which each of those invited to partake found himself may he rightly estimated. But this consideration is precisely what compels condemnation of of judges passing up their plates while actually serving on the bench particularly bench so high as the Pennsylvania supreme court.
 Justice Keplar announces, "Of course, shall not resign" whether he resign or not is now probably of no consequence. The mischief in weakening public confidence in the judiciary has been done.
The Waterbury Democrat., 1933-05-31

Morgan's interlocking direetorates will avail no longer. Whether the purpose of that interloeking be good or ill., selfish-- and we may all have our own opinions about that-the method is obsolete.
 Over all organized business stands the nation, and the nation acts through govern ment The depression we have passed through did more than deprive the Morgan partnership of income. It deprived them of leadership Business direction, with the assent of Big Business itself, passes now to the government. The economic head quarters of the United States are now, and presumably will ramin. in Washington Only the government through which all our human and material resources find voice. is big enough to control. And only in the hands of government. people now agree, is control safe.
The Waterbury Democrat., 1933-05-31

The British Broadeasting company, and also some of this nations better known chains, have brought solace to the hearts of home sick Britons by broadeastng the deep throated notes of Big Ben in London, but even that may not prevent the famous clock in the tower above the House of Commons being condemned as nuisance. The notes O. Big Ben were once upon a time only heard by Londoners. Today they often reeeho around the world. It was this broadcasting' though, that led to the storm of criticism of the bell. It has been ringing out for 75 years and is the second bell to be known as Big Ben, the first suceumbing to cracked side. The name was taken from that of Sir Ben amin Hail, chief commissioner of works at the time the clock and bell were erected. Now the chimes are broadcast via huge ann plifers and also are recorded for artificial reproduction. It got SO that London was just one great din of reverberating bells whenever Big Ben struck the hour. It wasn't the original bell that smote the cardrums of passersby with fereeness, but the tones re- produced and amplifed and hundredfold, Who wouldn't complain. If this results in iBg Ben's sleneing, though. we're all for sl- fencing the offending broadeasters.
The Waterbury Democrat., 1933-05-31
A SIGNIFICANT TEST
(New York Herald. .Tribune)

(New York Herald -Tribune)
 Because of its value and tradi- ton, the Belmont Stakes, feature race of the spring meeting of the Westchester Racing Association, invariably attracts lovers of the turf from all parts of the United States and Canada. Having a gross value of $65,000 this year, it will be a rich prize in a period when many owners are making sacri- fees to keep their breeding studs nd racing stables intact. Like the Kentucky Derby and Preakness Stakes, already decided, 1t Is for three-year- odds, but, unlike these fixtures, which are at a mile ana a quarter and a mile and three sixteenths respectively, 1t Is run at a mile and half, the distance of the Epson Derby, which for more than a century has been considered a true test of a three-year-old's capabilities in the spring. It differs from the Churchill Downs classic in another and important respect, however, for, like the Preakness. geldings are barred from competi- ton.
 Racing in it's truest sense has for it's fundamental the improve nent of the thoroughbred type. Tests like the Belmont are a guide to the breeder, who by mating the best performers hopes to produce a still better animal than either parent. That the best horse of the year sometimes comes from an un- expected source keeps hope alive in the breast of even the smallest
The Waterbury Democrat., 1933-05-31
COL. THOMAS HEWES
Bridgeport Telegraph


 The appointment of Col. Thomas Hewes of Pennington to the post of assistant secretary of the treas- ury is Q happy one so far as Con- necticut is concerned. Col. Hewes is one of the best known lawyers of Connecticut with special training in matter pertaining to financial litigation. He will be a valuable man in the Treasury de- partment.
 But beyond that, Connecticut is pleased at an honor to a distin- guished Connecticut citizen. Col. Hewes Is a democrat by lifelong tradition and fits we'll into his party councils. He Is not a poli- tician or a factional man in the ordinary sense. He was his party's candidate for lieutenant governor at the last election, partly at the insistence of Governor Cross that he should have q running mate of suitable caliber.
 In Hartford and Pennington where they know Col Hewes best they are naturally pleased at the honor bestowed upon him by the Roosevelt administration. But that feeling is shared generally through out the state. Putting politics aside Connecticut is naturally desirous that the citizens chosen from this state for national honors shall be selected from among the states outstanding men--and Col Hewes easily falls into that category.
The Waterbury Democrat., 1933-05-31
The Waterbury Democrat Washing | ton COrrcgSnOndent

tOlA
 Washington - The administra- tion's securities bill may be regard ed as an effort to lock the barn in the wake of a stolen horse-but it certainly was a large horse.
 The people have been "mulcted' of 50 billion dollars by the invest ment profession in the last 10 eyars, according to Chairman Fletcher of the senate banking and currency committee.
 Other estimates place the total for that period at mere 25 bill lions.> with the assertion that in- vestment losses in this country were averaging some $1.700,000 a year even before the depression. Measuring Investors
 The determination of the admin istration and congress to give the investor a new ,dear is compar- able to the willingness to accept a system of insuring bank deposits. By making it possible for investors to know the facts about securities and preventing fraud and misrep- resentation, it is hoped to assure those who have money that they can invest with relative safety In- numerable potential investors, na- turally enough, are now somewhat timid.
 Forty-seven states have blue-sky laws, but the investors lost their money just the same. Billions of dollars went for virtually worthless securities which were presented with incomplete, careless or false claims.
 Now the idea is to have the claims subject to federal scrutiny and require that the investor be ad- vised as to all pertinent facts re- garding his purchase.
 Opposition was bound to appear and did. Investment bankers un- dertook to recruit industrial execu. lives to protest. Fletcher said the United States Chamber of Com merce asked its more important members, through local chambers, to object.
 WoOdin's Fame
 Secretary of the Treasury Wood- In Is rapidly becoming famous. AS he stood with other passenger to
The Waterbury Democrat., 1933-05-31
A Book a Day
 by BRUCE CATION
And What Books Do You Dislike Most

Of the making of books, as the Old Testament writer remarked, there is no end; and reviewer who has read more current books than is entirely good for him can perhaps be pardoned for pointing out that there are some kinds of books which he wishes never to see again.
 These include:
 Strong, realistic novels of the soil, in which repressed young girls, tired housewives. defeated farmers and strong, lusty sons of tolls chase one aDother through 300 pages of trumped-up suffering. English novels in which the hero is an artist, a novelist or a civil servant, and in which there is an American character who proves his Americanism by using slang of pre-Spanish War vintage.
 Detective stories (a) in which the detective is an authority on Chinese jade the experiments of Pavloy or the breeding of chow dogs; (b) in which he remarks, "Oh, yes, I know who killed her but I can't say a thing just now"; Co in which, just before the fourth murder, he murmurs darkly, "Pon my word, don't like this-something horrible is hap pening here"
 Smart novels in which 1t is taken for granted that two people who love each other must go away to- gether. no matter how much misery they may cause innocent bystand- CTS to suffer.
 Memoirs by women who knew D. H. Lawrence.
The Waterbury Democrat., 1933-05-31

The next time you take trip over the Mohawk Trail stop at a spot two miles west of Charlemont Village. A bronze Mo- hawk Indian stands there. It was dedicated last Sunday by the Improved Order of Red Men of New England and New York. The Mohawk Trail is one of New England $ scenic routes and probably one of its old est. It dates back to the days when Indians roamed this section of the country and no white people had ever been seen. The red skins carved out the Mohawk Trail with moceasined feet and unshod hoofs. Then came white men on horseback and in wag- ons-stage coaches-earryalls-- surreys-bi- cycles. Now the auto glides over the route. It is tribute to the Mohawks of centuries ago.
The Waterbury Democrat., 1933-05-31
THE STATE BUDGET

(New Haven Journal -Courier)
 The state budget as it passed the senate has two vital and basic de- fects. It's appropriation total more than the states estimated income in the biennium and while drastic cuts have been made in many es- sential services, the highway fund has not been touched. We are familiar with the arguments against diversions to general uses from the highway fund. It is quite true these monies come to the state on a special basis. The gaso- line tax has been made palatable by the earmark for highway con- struction. Gasoline taxpayers were guaranted that every tax they paid would go to their own direct ad- vantage.
 Yet no other species of taxpayer has this assurance. The railways, notably, against which the motor vehicles compete, must not alone construct their rights of way out of revenue but must pay earnings taxes into the treasury for general expenses besides. It is negotiable at least that in time of crisis like the present a "fence should be built around the highway fund.-" to use Senator Bergin's telling phrase. For that fence is built at the ex-
The Waterbury Democrat., 1933-05-31
WEDNESDAY, MAY 31, 1883
MT Morgan and Our Income
 Tax Law

One of the largest, finest and most c, pensive private yachts in the world - the Corsair-is owned by J. P. Morgan. The Corsair was built at Bath Maine, and was launched in the spring of 1850. According to newspaper accounts at the time the con- struction cost was S2,500.000. Estimates of the annual cost of operation vary; it IS generally supposed that they run into six figures.
 And the point of it all is this: in that year. 1o30 the year that Mir Morgan launched this great yaeht-he paid no in- come tax because his losses exceeded his in- come And in the years 1891 and 1852, when he was enjoying the use of the Cor sair, he paid no income tax likewise, because in those years also his losses were greater than his income.
 Obviously there Is something very funny about all this. Not with Mir Morgan or with his manner of filing his income tax returns. He was probably within the law from start to finish on that. There is no sense in de- handing that he be given seat beside Banker Charles E. Mitchell. The funny bus mess is in the income tax law itself, which makes it legal for an extremely wealthy man to report no taxable income in years in which he actually is not in the least pressed for cash.
 The law is rigged to favor the rich man. He can sell securities at price lower than he bought them, thereby establishing loss and escaping the tax. In actual fact he may have an income of $50,000. $l00000 or twice that during the year; the law lets him 20 free if he can show a loss in his stock sales big enough to offset that. In other words he can deduct capital losses from eur- rent income in figuring bis tax. And if we aren't mistaken Andrew Mellon called at- tcntion to this possibility ten years ago. Score one for Uncle Andy
 It doesn't work that way with the little fellow. If his salary was $4l000 year in l93l and $3.000 in 1852, he cant claim that Sl,000 difference as loss when he figures up his tax for lo32. He has that much less income. true enough, and in sense he has lost that much-but it does mt count as loss on his income tax blank. No one need get angry with Mir Morgan. Ap- parenty he did just what the law allows him to do. What we should do is change the law itself It gives the rich man an out that he should not have.
The Waterbury Democrat., 1933-05-31

Who says there is no such thing as broth erly lovel Moralists claim that great love hath no man than that he sacrifice his life for his neighbor. But up in Holland county the farmers have way of dispensing neigh borliness that is much more satisfying. When Edward Schmidt was injured while working on town roads he had to be taken to the hospital. His confinement came at a most inopportune moment. Spring planting was at hand and Sehmidt's helds were ploughed and narrowed. What could be done! Here's where his neighbors showed their real worth. They did their own plant ing, then turned around and did Schmidt s for him. Now when he returns home his crops will be in the ground and growing. What more can any man ask of neighbor than this3 We can't improve on such service.
The Waterbury Democrat., 1933-05-31
Our Daily Washington Letter
 Butcher Gives Vivid Picture of J. P. Morgan
BY RODNEY BUTCHER

leave parlor car from New York the other day, strange woman just behind him made him an ex- cited speech about her admiration for his good work in Washington | Woodin beamed.
 'I've voted democratic all my life," the woman concluded proud ly.
 Well, I haven't" said woodin. | Not at all dismayed, the lady turned to the people in the rear and announced: That's our secre- tary of treasury"
 Byrd Now Wet
 Senator Harry Flood Byrd. for mer governor of Virginia, is the latest die-hard dry to be washed away from his old moorings by the tide.
 "When Virginia has it's referen- dunn on ratifying the eighteenth amendment expect to vote for re- peal" he says. "All of us must recognize that no law is stronger than the public sentiment to sus- tain 1t. I hope that such plans as may be adopted by the various states will promote the cause of true temperance" Mrs J. Crawford Biggs, wife of the new U s. solicitor general, has moved here with collection of 23 Persian cats.
 Executive Secretary Clarence True Wilson of the Methodist board of Temperance, Prohibition and Public Morals, and Clarence Dar- row, who have transformed the country in their famous prohibition debate, are warm mutual admirers.