davidaulloa/AmericanStories huggingface dataset:
YoungstownskeÌ SlovenskeÌ noviny = Youngstown Slovak news. (Youngstown, Ohio) 1910-1940, 1933-02-10
sTRAzCA sENATU
Boil PREPUSTENY

David s. Barry, strazca dvier v
senate Spoj. Statov Dol senatom
prepustenyy, lebo naplsal clanok do
sbornfku "New Outlook, ze ME
ktori kongresmani prijimaju IL
platky. Barry to nemohol cierno
ma bielom dokazat'. 4sNew Out
look" rediguje Al Smith.
YoungstownskeÌ SlovenskeÌ noviny = Youngstown Slovak news. (Youngstown, Ohio) 1910-1940, 1933-02-10
HI. TAJonnGfK K. soKoLov
VIDAL SA URADU

Katolicky Sokol', dradnJ or
gan Slovenskych Katolickych So.
kolov oxn6mil Y poslednom cisle,
e p. Michal Kudldc, ii. tajcnaik
tel orsanis6cie - vidal 6radp pre
dcsiar nesnSme psi6iny. JshA Nh,
- dodssne bnde ssst6 6vat' ). IA,
zef Prn1a I q
YoungstownskeÌ SlovenskeÌ noviny = Youngstown Slovak news. (Youngstown, Ohio) 1910-1940, 1933-02-10
CLIO MA C..SL. GALOSE

Prezident Hoover, ma ziadOst'
vyrabatel 'ov obuvi, zvvsil clio ma
obuv 5 gumovymi podosvami ma
35 percent a ma gumove cizmy a
galose ma 25 percent. Toto zvyse-
ME ella dotkne sa najviac Cesko-
Slovenska a .aponska, ktore kra-
jiny tn predavaly svoje obuvne
vyrobky "a smiesne mike ceny.
YoungstownskeÌ SlovenskeÌ noviny = Youngstown Slovak news. (Youngstown, Ohio) 1910-1940, 1933-02-10
STAV OCELIARSKEHO
PRIEMYSLU v AMERIKE

Stav oceliarskeho priemyslu v
Spoj. Statoch je ME uteseny. Je e.
Ste horst, ako boil pred rokom. Y
januari vyrobilo sa celej krajine
len jeden million ton surovej oce-
lie, kdezto americke martinky
bessemerky s1 vstave dorabat pol
siesta miliona ton ma mesiac (67,-
473, $50 ton rocne). Lanska vyro-
ba surovej ocele bola 1905, 1877
ton. Povaziac, ze januar vzdy by
va lepsi mesiac pre- obchod ako me
siace 1etne, januarovy million ME
je niecim, ma co bp SINE mohli byt'
hrdf. v januari 1882 vyrobene
bolo poldruha miliona ton a v ia
nuari 1881 poltret'a miliona ton.
Boil ynesiace v 1880, ked' sa W.
rabalo vyse styri milony ton. Te-
rajsia celokrajinska produkcia o.
cele je ma II perc. kapacity. "
youngstownskom distrikte je w
roba ocele trosfcku vyssia, na 81
perc. kapacity. le ma buddci tyz-
den bude horsia, 1ebo Carnegie
Steel nebude pracovat'.
(. x 4 X "
Vyroba zeleza je tiez mala. "
celej krajine name okolo $50 W.
|sokych peel a 2 ztychto je v dobronl
stave 291. Avsak Mich je Gimme
teraz len 45, ktore lej1 denne 49,
348 ton. Y decembri vyrobens bolo
vsetkeho spolu 547,l79 ton suro-
veho zeleza . i januari {. (. $685.
785. ia lepsich casov vyr4balo 50
diva miliony ton snroveho xeleza
masaGne.
| Tfto vel mi nixka v5robs ocels
. xeleza je 16rukou, "a slep ,ie "
ocslisrskom prsiie yale msaf prfsts
uS toho roku. 1S
~
YoungstownskeÌ SlovenskeÌ noviny = Youngstown Slovak news. (Youngstown, Ohio) 1910-1940, 1933-02-10
GRADUACIA v STRUTHKRS
HIGH SCHOOL

Dna 1. februara bola Y Struthers
High School graduacia, ma ktorej
81. Anna Hriniak povedala slav-
Hostn6 pFivitaciu red. 2 tejto zko-
lE arsdgqvali okrem q. Hziniak
nj a. Anna Gogarss 4 Jozef Maj
|virt. Gratulujeme,
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
RESERVE LOANS
CUT IN WEEK

The Federal Reserve Boards
condition statement of weekly re-
porting member banks in 80 lead
ing cities on December 10 shows
increases for the week of $122,-
100000 in net demand deposits
and $83, 0o0,OOO in reserve balances
with Federal Reserve banks.
There were decreases of $81, OOO-
900 in loans and investments, SILL
100000 in time deposits and $780,
100000 in government deposits.
Licensed member banks formerly
included in the condition state
ment of member banks in 1O1
leading cities, but now include in
the weekly statements, had total
loans and investments of $685.
100000 and net demand, time and
government deposits of $3.50, 0OO-
600 on December 10, compared
with 1921, 000, 900 and $94O, OOO, 900,
respectively, on December 6.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
WOOL FUTURES
AGAIN SAC

Wool top futures as reported by
the New York Wool Top Exchange
continued to decline moderately
during the past week. At the close
on Friday, prices were off 5 to 8
points from the close Of the previ-
Gus week.
Boston spots held unchanged at
Ills cents, with very little new
business coming into the market.
There was some demand for wool
by the wooden manufacturers and,
although this business was spotty,
it was sufficient to keep an op-
timistic tone throughout the trade.
Foreign markets were quite &C
tive during the past week. Prices
were also stronger, The Antwerp
futures market registered gains of
quarter to seven-eights Of a
penny while at Roubaix, prices
advanced 100 to 10 confines.
Bradford spot quotations were up
a quarter to one and three-quar-
ter pennies.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
NARROW RANCE
COVERED BY
COTTON

NEW YORK, Dec. 10 Q.N.S0.
Cotton futures today continued to
languish within narrow range
after opening Is cents a bale
higher, as trading dwindled almost
to a vanishing point.
Trade Demand Good
There was a good trade de-
mand. Commission houses bought
in moderate amounts during the
early dealings. The far West
bought distant months and there
was scattered support from Wall
Street.
Local and professional traders
followed their usual practice Of
selling on the upturn. New Or
leans and the South sold in a
small way.
Cloudy in East
The weather map today showed
cloudy conditions over the East
ern cotton belt, with light rains
in western North Carolina, gen.
eral rains over the central belt,
and partly cloudy in the western
belt.
Toward midday futures showed
gains of 3 to 6 points. December
was up 4, at 900; January up 4,
at 900: March up 3, at 1908;
May up 4, at 1922; July up S,
at 1927, and October up 6, at
105d
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
GAIN SET
BY INSTITUTE

Steel operations for the week
beginning December 10 are in
Dictated at 34.2 per cent, accord
ing to Geographic advices to the
American Iron & Steel Institute.
This is an increase of 81 points
over the previous week, when the
rate was Bis per cent, and a
gain of So points over the 1913
per cent rate of two weeks ago.
In actual tonnage the increase
amounts to 8 per cent over a
week ago and II per cent above
two weeks ago. Compared with
the low rate Of 25.2 per cent in
the week beginning November
6, the current operations show
an expansion of 9 points, or
about SO per cent in tonnage pro-
duced.
Continued comparatively heavy
specifying against contracts
which must be completed before
the end of the fourth quarter
has been responsible for the
steady climb in steel operations
in the past few weeks.
AS a result of this tendency,
and the insistence by the Steel
Institute that orders must be
filled by December 81, there is a
plan on foot in the industry to
make price announcements earl
Ter than in the past.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
FLUCTUATIONS
ARE ERRAT|C
ON CURB

NEW YORK, Dec. 10 0N.SO.
The curb market continued to
fluctuate erratically today, with
demand for a scattering of issues
failing to offset renewed nquida-
ton along the line.
AlcOhOls Outstanding
Alcohol shares were again out
standing, with Distillers Seagrams
up IA at 221a and Hiram Walker
up Ia at 47A.
Aluminium was bright spot in
the speciality group, rallying IA
points to 741a against a decline of
a point in Parker Rustproof to
53A.
Metal shares were quiet and
somewhat improved, with Lake
Shore outstanding with a gain Of
p to 4412.
Utilities Irregular
Utilities were mixed, with sharp
est losses sustained in the less 40
tive issues. Cleveland Electric II,
Illuminating sagged 2h points to
1914.
Oils were unsteady, with Stand
ard Of Indiana and Standard Of
Kentucky ruling easier most Of
the day.
Investment trusts were quiet and
generally unchanged,
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
NEW YORK PRODUCE

NEW YORK, Dec. - T.N.sD.-But-
ter-Firm. Sailed and unsalted.
creamery. higher scoring. 16% @1Sc;
creamery extras, 1914 @17c; creamery
firsts. lax 916hc; ladies, fresh, extras,
14hc.
Cheese-Easy. State flats 1898, $50
tic; average run, lie; Wisconsin whole
milk. fancy Young Americans. liz @12c.
Eggs-Steady. Nearby white specials,
26@261kc; st an d ards. 24@24hc:
mediums, 22c; nearby, brown specials,
26@26hc: standards. 23624c: mixed
specials, 24@251sc: standards, 800 23la C /;
firsts, zoe; mediums, 15hc; Pacific
Coast white. fancy packs, 27h q csc;
standards 26h orc: mediums, 2Sc.
The wholesale price is $2.2S per 100
pounds No. ] fluid milk within the
201-210 mile zone.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
ME- TAILS SHOW
Bic GAINS

OTTAWA, Dec. 19.-An opti-
mistic review of the Canadian
mining industry has been given
by w. A. Gordon, minister of
mines in the Dominion govern
ment, who follows his general
conclusions with a detailed
analysis of production and pros.
poets. He says:
"Canada'S mineral industry"
is emerging from the world
wide economic confusion. Higher
exchange compensation for gold,
substantially higher prices for
the base metals and silver and
a more heSitant but definitely
upward movement in output of
the leading nOn-metallics are
combining to write fms to the
progressive declines in the value
of mineral output of recent
years.
Month by month since April
additions have been made to
the list of minerals showing
Increased production over the
corresponding months in 1882"
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
Trading Seen Largely
By Professionals

coed the limits of q narrow trad
ing range, the lower boundary Of
which may be somewhere about
112 to 3 points lower.
Two Strings to Bow
The bulls have, as it were, two
strings to their bow. One is the
possibility of renewed inflationary
developments. For example, a re-
sumption Of Professor Warren's
gold price mark-ups may be re-
sorted to by the President. The
other is the increased doing out
of our money to farmers and un-
employed persons.
A study Of individual charts
shows that American Can met
definite resistance on November
81 at 100. Distribution then set
in. and Can broke down last
Tuesday. It may meet support
at 9312, but 81 is the next impor-
tant resistance level.
U. S. Steel met persistent SELL
ing at AZ and could not be pushed
over 48A. It now seems to be
headed for 43.
Others in Danger Zone
American Tobacco B is back
to the double bottom of early No
vember at 70. It might dip to
7OA, but should not go lower.
Telephone made a double top
just under 1872. All along it has
been clear that lit was critical
level. So when the stock fell out
Of bed the other day it looked
bad. If it should close under
11OR, 1t would seem likely to go
considerably lower.
The rails" were marked I'D
until about December 6 to enable
the sale Of support stock" taken
during the preceding decline.
Then a little speculative momen.
tum developed. But they met
very decisive resistance exactly at
the early October rally top-for
example. AtchiSon at So and
U. P. at lis.
The recent action suggests At
Gibson down to about so and
Union Pacific to 10. Those levels
should be watched" as breaks
through would indicate As and
105, respectively.
You can guage most of the
rails by these two.
Of course, in uncertain times
like these unforeseen news" may
come any moment. But I would
not buy here. The market is not
going to run away for a while,
It may go lower. But it seems
unlikely that declines will be
great enough to warrant iquidat.
ing any good industrials which are
earning and paying a fair divi-
dend.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19

5, and to some extent since No
vember 81.
Such pool operations as have
been under way, have had hard
going and the collapse of the
Atlas Tack Corporation is sig
nificant. In recent weeks the
considerable number Of days on
which stocks have been run up,
only to fall back at the close,
shows how the sponsors run
into stock"
Evidently some groups have
had to take more of a long posi-
ton than is healthy for a syndi-
cate operation. I think that this
may be seen, in the increase in
brokers' loans.
The public has most certainly
not been in the market. But the
ratio Of brokers' loans to stock
prices has increased more than in
any year-end period in recent
years.
Public too Wary
It would seem that this must be
due to the requirements of pro-
fessional or semiprofessional op-
orators and indicates lack of sue
cess in gaining a following among
margin traders.
One sure thing is that the up
ward trend has been pretty def
initely broken.
But it still seems possible to
say that no downward trend
has yet been established. 1t is
still possible that the current
reaction may turn out to be a
technical correction and that a
new base" for q further rise
in January will be established.
In fact, the probability seems
to be that the decline will not eX-
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
CLEVELAND LIVESTOCK

CLEVELAND, Ohio. Dec. 10 GN.sD.
Hogs: Receipts. 1900; opening trade
slow. mostly zoe lower; good to choice.
160-290-pound weights. $3.50; pigs and
lights. $3.50: roughs, s2.25 down.
Cattle-Receipts, PTS; trade slow,
steady, csc lower supply largely COM
mon to medium steers heifer stock; cows
and bulls slow.
Calves-Receipts, 400; calf trade slow,
most sales soc lower; good to choice
vealers, IS; common and medium kind,
1905.
steady, Csc lower; top of $3.50 paid
sparingly for strictly choice lambs;
common and medium kind. $4@6.50.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
FISHERS INDEX
Up 3 POINTS

Prof. Irving Fishers index of
wholesale commodity prices ad-
vanced three fractional points
to 72.0 in the week ended De-
cember IS. This compares with
TIT in the preceding week, with
TIA two weeks before, with a
high of 1872 on October 10, with
a low OF $50 on March 3 and
with an average of 5S.5 in De-
cember, 1882.
Purchasing power of the dollar
fell to 1889 from 1895 during
the period. The present level
compares with 400 two weeks
ago. with low of 1884 on Octo-
Der 10, with a high of 1917 on
March and with an average of
1908 a year ago.
British index of wholesale
prices advanced two fractional
points in the same period, rising
to 63.6 from 63.4 a week ago
and 63.3 two weeks ago. This
compares with low Of 58.7 and
with average of GIT a year ago.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
TRACTION LIENS
RISE IN BOND
TRADING

NEW YORK, Dec. 10 0.N.SJ.
Strength in traction obligations
featured a mixed bond market to-
day.
Demand for New York City
Traction Liens was stimulated by
the report that the new admins
tration was seeking to hasten
Unification proceedings.
U. s. Governments held mar
rowly, with the Treasury IS and
Treasury 4As Of AS showing
slight losses.
Rails continued to drift lower,
with fractional declines chalked
up in the Northwestern 424s, St.
Paul IS A; Rock Island General
Is, Missouri Pacific 51as, and
Southern Railway General As.
German 512s led a rally in the
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
Home Market
Best u. s. Bet

NEW YORK, Dec. 10 Q.N.S.).
In the face of dire predic-
tiOnS that q world collapse
would result If the London
Conference failed, gradual re-
cOvery has taken place, Lionel
D. Edie, former professor Of
finance at the University Of
Chi ago, told the newly formed
American SelfcOntained COM
mittee here yesterday.
The improvement has been
particularly noticeable in the
sterling currency countries, he
added, despite the general
trend toward natiOnalism.
The building up Of our own
domestic market, the greatest
outlet in the world, is of ut
most importance here, he
pointed out, as the attainment
Of an equality Of conditions
between agriculture and in
dustry will be necessary to
pave the way for permanent
stability.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
PITTSBURGH PRODUCE

PITTSBURGH. Dec. 10 (I.Ns.).-Poul.
try: Market steady; demand good: sup.
ply good; colored hens, pounds up, lac,
medium, lie; leghorns hens, 3hs pounds
AZ pounds up. 13c; leghorn springers.
&c; colored springers, 4 pounds up, lie,
medium. 10c; turkey hens, 1Sc; ROSTERS,
soc; ducks. 51s pounds up, lie, under.
TOMS lie, old toms, lac; No. tur.
keys, 12c.
Butter-Market steady: demand fairI
supply good; 80 score, 17Ac; SO score.
Eggs-Market firm tone demand
good; supply good: nearby current re-
ceipts, 10000; fresh extra firsts, goa
&c; hennery white extras, 25027c; south
Ohio, West Virginia and Kentucky cur.
rent receipts. 1870 90c; refrigerator firstA
14a @ 15c; extra firsts. ISL @16c.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
Hog Receipts Large
And Market Is SLOU

CHICAGO, Dec. 10 Q.N.SJ,
Hog receipts were $4,000 today
which was much larger supply
than expected. The market was
slow with buyers insisting on con.
cessionS of 10 to 15c. Choice hogs
were held at 1925.
The supply of cattle was $500.
The market was slow and sales
mostly steady with yesterday.
Light weight cattle sold stronger
and the heavy showed a weaker
tendency. Cows and heifers were
mostly steady. Stockers and
feeders were steady.
Best lambs were held at $3.50.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
Demand Is Limited
For Liverpool Spots

LIVERPOOL, Dec. 10 u.N.SO.
There was limited demand for
spots at the opening today with
prices ruling easier. Receipts
totaled $4,000 bales, including
14,700 American. At midday,
middling fair was 6.32d; strictly
good middling, 5.87d; good mid
ding, 5.57d; strictly middling,
5.37d; middling, 5.22d; strictly low
middling, SOLD; low middling,
4.82d; strictly good ordinary,
4.62d; and good ordinary, 4.32d.
Futures displayed a steady tone
at the opening. January was
quoted at 5.03d; March at 5.05d;
May at 5.07d; and July at 5.10d.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
CHICAGO LIVESTOCK

CHICAGO, Dec. 10 (IN.s).-Hogs.-
$3.50; bulk, s2.9S@s.25; heavyweight,
$2.9O@3.25: medium weight. $3@3.3O;
lightweight. $3@S.25: light lights. $2.S5
@3.2O: packing sows, $2@2.60; pigs. 81
OATS: holdovers. 1000.
Cattle-7,5OO; steady, calves: $500:
steady: beef steers: good and choice.
$3.50 $3.50; common and medium, $3.50
@5.5O; yearlings. $4@6.50; butcher cat
bulls $2.5O@S.75: calves. $2.5O@6.5O;
feeder steers, $3.50@4.50: stocker steers,
$2.75@4; stocker cows and heifers, $40
2.75.
sheep-12,OOO; steady; medium and
common, $4@5: yearlings, $4.75 @5.75;
common and choice ewes, $2@3.50:
feeder lambs, $5,5O@6,
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
Lines On Trade
Improvements

Two companies declare extra
and 10 regular dividends in
day. Decline in business fall
ureS reported by Dun & Brad
street, Inc. Atlantic Refining
Company doubles 1888 share
net over last year. .COntinen-
tai Can shops in Syracuse and
Chicago working double shifts
=. Bank acceptances rise $21,-
1000 in month to new 1888
high. Steel Institute reports
output schedules up 81 points
for week. Truck sales In
November nearly double year
ago, according to r. L. Polk g.
Co. reports. Road building
boom reported by Engineering
News Record. .ROebling's Sons
Company gets bid bridge con-
tract in SantO Domingo.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
Rate Reduced
Sharply in Memphis

MEMPHIS, Dec. 19.-Electrlc
rates in Memphis will be reduced
by $4,000 annually, effective on
January /, as a result of confer
ences between city officials and
the Memphis Power and Light
Company, a subsidiary of the Ma
tional Power and Light Company.
Gas rates will be lowered $780,
900 annually.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
POWER OUTPUT UP

The power output Of the cleo
trio subsidiaries of the American
Water Works and Electric Com
pany for the month of November
totaled 140, 1928, 681 kilowatt hours,
against 125, 1888, 670 kilowatt hours
for the corresponding months Of
1882, an increase Of IL per cent.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
GRAIN FUTURES
HOLD AROUND
OLD LEVELS

CHICAGO, Dec. 10 0.N.S0.
Grains lowered around previous
closing levels in early dealings
today with volume again light.
The market opened steady and
at mid-session values generally
were moderately higher. Wheat
was unchanged to 1sc down;
corn, "a to 5sc up; oats, 1s to
Ac up, and rye, unchanged to
Zee up.
May wheat held around 84Ac,
July, 83Hc. May corn sold at
50Rc.
Foreign markets were steady.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19

that the gen.
eral bond list
roun d e d off
and turne d
down. On Fri
day and Satur-
day, bond aver
ages lost most
of the gains
of the preced-
ing four days.
It seems rea-
sonably clear
that "diStribu-
ton" has been
going on in
stocks at least
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
WESTERN DAIRY PRICES

CHICAGO. Dec. 10 (IN.s).-Butter-
s,717 tubs; steady; old cars, II: new,
-: creamery extras and standards. 16;
extra firsts, 15h @15%: firsts, 14h q
1874: seconds. IA; specials. 1914 OF
Eggs-4.417 cases: steady; old cars,
q new. /; ordinary current receipts,
16k; fresh graded extra firsts, 20;
fresh graded firsts, III: dirties and
checks, 10@12.
Cheese-Twins. 11k@11%; daisies
and lonEhorns 12M12X
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19

foreign list with a gain of a little
more than a point. United King
day 51aS ruled firm.
Postal Telegraph SIS moved up
u point in the domestic group.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
NEW YORK WOOL

NEW YORK, Dec 10 G.N.s.).-Wool,
quiet; domestic fleece. unwashed, Ohio
and Pennsylvania, 2S@43c; domestic
pulled. secured basis, 67cG$1: domestic
Texas clean basis, 72@S6c: domestic
territory, clean basis, 65@87c.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
WAIT FOR QUORUM

Domes Mines postponed the
regular dividend meeting until
January 8, as directors will be
unable to obtain a quorum prior
to that date.
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
BY LEWIS HANEY
Professor Of Economics New
York University

The stock market averages
lost two or three points last week.
Even more notable is the fact
The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1933-12-19
CLOTH PRICES STRONG

NEW YORK, Dec. 10 U.Ns.). A
quiet tone prevailed in the coarse yarn
cloths market today, but prices held
strong despite the lack of interest.
The Waterbury Democrat., 1933-05-10
ECONOMIC POLICIES PUT GOVERNMENT AND PRIVATE
 BUSINESS ON EQUAL FOOTING

, initely by providing that the amount of obligations that it was authorized to issue and have out standing should be increased by an amount sufficient to carry out the provisions of the act, without placing any limit on the total. The farm mortgage bill now before congress further increases the cor poration's borrowing bowed by $30 .000. 900.
 The farm mortgage bill and the home mortgage bill combined would increase the total capacity of the government to lend money to private business and political subdivisions to more than SS,000,- G00.0O0, exclusive of aid rendered under the emergency banking act. Moreover, the funds to be made available by the two mortgage bills are to be advanced in small amounts to large number of bor- rowers. For the first time in its history, therefore. the government will stand in the position of credi- tor to a very considerable section of the population. What the ul- timate political and economic ef- fects of this situation may be, 1t Is impossible to foretell. For the time being, the principal question is how effective such methods will be in aiding business recovery.
 In effect, the government Is proposing to substitute it's credit for private credit that has tenn porarily broken down. The de- creases in bank loans, bank de- posits, prices, and purchasing power that have been going on for more than three years are closely interrelated: they are phases in the