davidaulloa/AmericanStories huggingface dataset:
Evening star., 1934-02-27
MEMS SHOES

Raleigh plain wing
tip stvles broken sizes: 5000.
s.
Were 500 and $500
2 Pairs Raleigh 81 Shoes; black and cans; broad and
and wngtp styles: all sizes
Is Pairs IIanan Sample Shoes; zB and z12B; $3.50
II Pairs Hanan Scotch Grain Shoes broken $3.50 and
Pairs Slippers; opera
styles; $3.50.
The Washington times., 1934-04-20
ShGZUinigdn POWer
Profits Increase

The Shawinigan Water and
Power Company reports for the
first Of this year, after all ex-
penSes and fixed charges but
before depreciation and income
tax, surplus of $716,016, COM
pared with $592,945 for the cor
responding period last year, an
increase of 20 per cent.
Gross revenue for the quarter
amounted to $2,916,779 compared
with $2,851, 1903, the latter figure
being adjusted from the 1888
published figures to show a de-
duction of $15O,000 representing
charge on capital cost of work
under construction, previously in
cluded in gross revenue.
The fixed charges in the 1884
first quarter figures, reflecting
the change made in the account
ing method at the end of last
year, show a deduction of $75, 900
for interest on capital cost of
work under construction at the
rate of 100000 a year. Net
operating revenue for the first
quarter totaled $1,675,313 COM
pared with $1,471.O47 for the
corresponding period last year.
The Washington times., 1934-04-20
RECOVERY SEEN
REINSURANCE
High Low :15

Evidence that the life insur-
ance business will be among the
first Of the nations major indus
tries to return to the predepres-
sion level is seen by r. v. Nc
Nair, Washington, D. c., repre-
sentative of the Lincoln National
Life Insurance Company, in the
first quarter report Of his COM
pany which has just been re-
leased.
New business produced by Lin
coin National field men in the
first three month Of 1884 was
approximately equal to the same
period of 1929, Mr.. McNair said.
March business was 95 per cent
above that of March, 1888, and
the entire quarter was Sc per
cent above the first quarter Of
1888. He said:
Life insurance was one Of
the last industries to suffer
from the depression, and it ap-
pears that It will be one Of the
first to return to the pre-
depression level.
'"The increase in the last six
months has been one Of the
most rapid in the history Of
the company and has placed
the volume Of new business
practically on a par with that
Of the pre-depreSSiOn era"
The Washington times., 1934-04-20
ILLINOIS
NET SPURTS .

At the annual meeting Of
shareholders of OwenS-1llinois
Glass Company at Toledo, 1t was
announced that net earnings Of
the company and wholly owned
subsidiaries for the 12-month
period ended March 81, 1884,
were $6,993, ,489.10, as compared
with $2,466,008.15 for the 12-
month period ended March 81,
1888. In arriving at these earn
ings, deductions have been made
for interest on the debentures,
depreciation, depletion, repairs,
Federal taxes, bad accounts and
contingencies. Depreciation and
depletion have been charged
against both operating and non
operating plants at the same
rates as used in prior periods.
These earnings are equivalent
to $5.77 per share on the 100000
common shares outstanding, as
compared with $4.86 per share
earned for the 12-month period
ended December 81, 1888, and
$2.02 per share for the 12-mont%1
period ended March 81, 1888.
The regular quarterly dividend
of IS cents per share was de-
clared, payable May is to COM
mon shareholders Of record April
20. All senior securities and pre-
ferred stock of the company have
been retired previously.
The company is now employing
more than 10000 workers, which
is by far the largest number in
its history, and anticipates that
the number will be still further
increased by the demands for
business this summer and the
adoption of a shorter week.
In compliance with President
Roosevelt:s recent request, the
company has adopted q 36-hour
week in all departments and
plants where this is practicable.
Despite this reduction in working
hours, the average weekly pay
Of the workers is being MAIN
tanned so that, generally speak
ing, the company's employees are
receiving the same compensation
for 36 hours work as was for
merly paid them for 40 hours.
The Washington times., 1934-04-20
COTTON FORCED
DOWNWARD

NEW YORK April 20 G.N.sO.
Continued liquidation in the
cotton ring today drove futures
downward as the majority of
traders maintained their bearish
attitude Of the past few sessions.
On the first call the market
registered losses of 8 to II points
and these levels prevailed through
most Of the morning as the list
encountered some trade demand
at the days lows. Trading was
fairly heavy up to the noon
hour.
Around midday futures were
off 8 to 10 points. July was off
10 at 11.6O, October off 8 at
11.74, December off 8 at 11.S6,
and January off 9 at 11.9O.
The Washington times., 1934-04-20
StudebQker Offers
Plan to Creditors
BY International News Service

by 1nCefnaI1OnaI NeWS service
Negotiations looking toward the
Studebaker Corporation reorgani-
zation have progressed to the point
where tentative plan has. been
submitted to creditors, it is
learned.
The details Of the plan have not
been disclosed nor has there been
any indication as to when the re-
organization of the company
would be looked for.
The company's shipments last
month totaled $500 units against
orders for 10,067 units renewed
during the months.
The management has indicated
that a further expansion in busi-
ness over March is in prospect
this month.
The Washington times., 1934-04-20
Business NeuS
Spotlight

Daily average reserve credit
dropped $7.0OO,OOO for the seven
days ended Wednesday . An ex.
eeptiOnalIy strong position pro.
walls in the cotton textile In
dustry, according to George A.
sloan, president Of the Cotton
Textile Institute. United Car.
hons estimated first quarter
net is 100000 against $685.
90 for the same period of 1888
=. March sales of life insurance
were n per cent ahead Of those
for March, 1888. according to
the Life Insurance Sales Re
search BureaN.
The Washington times., 1934-04-20
U. S. RUBBER EXPORTS

United States exports of rub
ber products during the first two
months Of 1884 registered a value
increase of 81 per cent as COM
pared with the corresponding
period of 1888, according to the
Commerce Departments leather
rubber-shoe division. Total export
shipments during January-Feb-
ruary, 1884, were valued at $2,-
966, ,696 against $2.26O,372 for the
first two months of 1888.
The Washington times., 1934-04-20

per cent in cash and then has
currency printed for the face
value of the bonds?
No. This is not true, and the
implied statement is grossly mis-.
leading.
The truth is that any national
bank may buy certain classes OF
Government bonds (Which have
the circulation privilege~, and
may then issue its own promissory
notes (bank) notes. in an amount
not to exceed the face value of
its investment in such bonds or
the paid-in capital stock of the
bank. The bank has to put up
the bonds with the U. s. Treasury,
and in addition it has to deposit
a S per cent fund in lawful money
as a redemption fund.
Certain low-yield Government
bonds must be bought, and then
be deposited. An additional S pei
cent in lawful money must be
maintained. The total amount OF
bank notes is limited.
The bank notes are not Legal
tender.
Above all, the bank notes are a
liability of the bank, and it has
to maintain assets to cover them
2. Second question: "YOu say
greenbackS would have to be re-
deemed on demand. But both
bonds and notes are now re-
deemable only in currency. Is
there any difference?"
What 7 said was that il green
backs are to be any good, they
must be redeemable on demand
The proposal now is to make them
irredeemable, and thus they would
come to be no good except for
taxes.
As to Government bonds, there
is this difference: The amount
that can be issued depends upon
the willingness of investors to buy
them. The bonds pay interest.
They are held by investors and do
not circulate.
There would be no such limits
on greenbacks.
I fully grant that we may we'll
ask how good Government bonds
are, now that they are not pay
able in gold, since the Govern
ment repudiated its promise in
that respect.
I also grant that Government
bonds are being used to initiate
the currency.
But these conditions are bad
They constitute no argument for
greenbacks.
3. Third question: "Is cur.
rency mot issued against bonds,
50 would there be any more
initiation in greenbackS without
bOndS?"
Yes; there would be. Bank
notes are not merely issued
against all bonds. There are
many limitations (see answer to
question one).
Even if this were not true, the
fact remains that the Govern
ment has to sell it's bonds to
some one. No one is supposed to
have to buy its bonds unless he
wants to. But what could you
do about greenbacks?
4. Fourth question: "Why
does no one want to hold
greenbackS? I hear no one
Objecting."
Because they always steadily
depreciate in value.
The Government took our gold
aWav from llS hecauSe We were
The Washington times., 1934-04-20
Food Index ShOUUs
Cent Rise for Week

A rise Of cent in the weekly
food index is reported by Dun &
BradStreet, Inc. The index for
April II stood at $2.11, compared
with $2.10 in the preceding week.
Contrasted with the same week
Of last year, when the index regis
tered $1.63, the current figure
shows an increase Of 29.4 per
cent.
The Washington times., 1934-04-20
National Biscuit Co.
Profit Off SLi0htLU

National Biscuit Company re-
ports for quarter ended March 81,
1884, net income Of $3,O66, $40
after charges, taxes, etc., equiva-
lent after dividend requirements
on Z per cent preferred stock, to
~ cents a share (par value) on
$3.50 1853 shares Of common stock.
This compares with $3,082 1928 or
~ cents a share in first quarter
Of 1898.
The Washington times., 1934-04-20

have happened
in that State to
arouse especial
interest in cur
re cy infla-
tion.)
l. The first
question put
is: isn't it
true that cur
rency is print
ed for bonds
at present?
That is, that
the purchaS-
ing bank Is
required to
mt I'M Onlv <
The Washington times., 1934-04-20
N: Y. Bond Quotations

NEW YORK, April 20 UNSO.
Renewed demand for representa-
tive domestic corporation liens
featured forenoon bond trading TO-
day.
Southern Railway general IS led
the way in the rail group with q
gain of a point.
Industrial loans to attract buy
ing were the Warner Picture IS,
and Goodrich Rubber IS.
U. S. Governments continued
easier, with nominal declines sus-
tanned in the Treasury IS, Treas
ury 3bs and Liberty fourth 414s
called.
Consolidated Gas 5s moved
slightly higher in the investment
category.
Foreigns were dull and steady.
The Washington times., 1934-04-20

High Low 100
No Pac gen 8s 2O47. 70hI 10 70h
mp rf&im 4 4hs so47 sON 90 90
Drew RR&N rf Is '61 97hI 97% 97h
Otis Steel ss ~ 1... 5O1a s0h 5Oh
The Washington times., 1934-04-20
S:'sT; $4,000 y;;s:::' :s:::' N. Y. Curb Quotations

NEW YORK, April 20 Q.N.S0. .
The curb market was a generally
irregular trading affair today,
with advancing tendencies again
the rule in favored issues.
Utilities showed a disposition to
move upward, although gains
were restricted.
Creole Petroleum featured a
sluggish oil group with a gain
of % to a new peak for the
year at 1879.
Metal shares frightened up after
their sinking spell of yesterday,
with Lake Shore, Hollinger and
Pioneer slightly higher.
Alcohols were spotty. Special
ties did not do much.
Utility bonds were well taken,
with Puget Sound Power and
Light 51as up "a at So.
The Washington times., 1934-04-20
HANEY QUER|ED
BY GREENBACK
ADVOCATE
BY LEWIS HANEY
professor Of Economics,
New York University

From up in Michigan again
comes a request for discussion Of
the difference between greenbackS
and bonds. (Something seems to
The Washington times., 1934-04-20

4. Fourth question: 'Why
does no one want to hold
greenbackS? I hear no one
Objecting."
Because they always steadily
depreciate in value.
The Government took our gold
away from us because we were
boarding it to escape paper
money. Intelligent people are
now buying tax exempt bonds
and stocks to get rid of depreci.
ating currency.
Imperial Valley press., 1934-01-04
WOULD BAR
FRENCH WINE

WASHINGTON, Jan. 4. U.P)-A
complete embargo on French wines
until that country pays its war debts
to the United States was demanded
today by Rep. Britten, Repn., I'll.
1.-The Frenchman is a cheat, his
government is government of
cheats Britten shouted as debate
progressed in the house on the new
liquor tax bill.
Rep. Kahn, Repn., Calf, demand
ed that an embargo be placed on all
foreign wines.
II want to see an embargo placed
on all foreign wines for a few years
at least until the grape growers OF
my state and the other producing
states have a chance to recover
from the effects of prohibition,
Mrs. Kahn told the house.
I'VE have the finest wines in the
world in California. Prior to pro-
hibition California wines won first
place, won blue ribbons and gold
medals everywhere they were eXhi-
bited.
Even our champagne won in COM
petition with foreign brands. The
wine industry employs more work.
ers for a longer period of time eac.l
year than any other branch of agri-
culture.
Prohibition almost ruined our in
dustry. We are willing that reas-
enable tax be imposed, but we de-
mand protection from foreign i'm
ports"
Imperial Valley press., 1934-01-04
See Improvement
In 1884 Business

WASHINGTON, Jan. 4. U.P) =
Sweeping improvement in economic
conditions this year and next is an
ticipated by the administration in
mapping recovery expenditures
through the Reconstruction Fiuance
Corporation and in estimating gov
ernment revenues.
President Roosevelt in his bud
get message to congress today esti
mated tax revenues for the fiscal
year 1895, beginning July /, 1884, on
the basis of anticipated industrial
production of 98 per cent of the
l923-25 average. This compares
with an estimate of 81 per cent for
the year ending June 80, 1894, or
about the same level that prevailed
during the calendar year 1881.
Imperial Valley press., 1934-01-04
WALL STREET
FEELS BOND
ISSUE EASY
Ry ELMER c. WALLER
United Press Financial Editor

NEW YORK, Jan. 4.-Flotation
Of $10,000,000 of United States
government bonds as outlined by
President Roosevelt in his budget
message can be accomplished with
cut serious difficulty bankers anc,
bond experts agreed today.
The gigantic operation oy the g2V-
ernment between now and July l
would involve issuing $6,000000 ,000
in new money and $4,000, 100000 to
pay off maturing obligations. Il
would be the largest financing op-
Grafton since the World war and
one of the largest in financial his
tory.
Probably the course adopted
would be a coordination OF the
treasury and federal reserve Sys-
TEN in selling the bonds, it was said
here. The reserve probably would
invest in a billion dollars OF gov
ernments, swelling reserve credit by
$4,000, 100000 and thus making easy
absorption of the new bonds by
member banks.
Wall Street saw in the operation
the possibility of initiation in two
ways:
l. Initiation of credit by the fed
eral reserve through purchase OF
government issues.
2. Initiation of currency through
operation of the law passed in the
bank holiday period of 1888 which
permits tie federal reserve to issue
federal reserve bank notes dollar
for dollar on United States gov
ernment obligations.
1t was pointed out that there are
billions of dollars seeking invest
ment now and the government
probably would have no difficulty
obtaining purchasers among IN
vestors as well as banks; hence
the second initiation % possibility
would be diminished. oOi
None would venture predictions
on the coupon the government
would attach to the bonds. That
problem is one of the uncertainties
facing the present market. If a
high interest rate is paid, the mar
ket for present government issues
would be adversely affected, it was
said.
Imperial Valley press., 1934-01-04

cd his disapproyal by smashing
several windows bsfore being placed
in safer quarters.
Blue Moon Hotel under new
management. All outside rooms
with private bath. Popular prices.
Special rates. Anice Vedder, Mgr.
3tf
Files Divorce Action-Alice Ran
ney filed divorce proceedings
against Kenneth Ranney this morn
ing charging extreme cruelty. They
married September Z. 1888 and sep
arated January /, 1884.
DIR. ]. p. Zolot, Dentist. ITO N
Sixth Street. this
Have your photos hand tinted at
the Desert Gift Shop. S
Army Deserter Released-AuguSt
Gehm, arrested here as a deserter
from the United States Army was
released today following receipt of
a telegram from the Vancouver Bar
racks. Washington, that there was
no reward offered or expense paid
for delivering Gehm to the nearest
post. The wire recommended that
he be released with instructions TO
give himself up at the nearest post.
This was done by local police.
Imperial Valley press., 1934-01-04
MESSAGE ON
BUDGET GIVEN
BY PRESIDENT
Continued From Page u

Wed at this session. If congress puts
them on-and it must be remem-
bered that an election impends -
the proceeds will be SO much velvet,
to use the language of a high au-
thority. Neither is the possibility OF
war debt payments reckoned in the
totals. But the government will con-
tinue to seek its due from Europe.
Against expenditures for this fis-
cal year is estimated revenue of S.
$50 $685. ,756, considerably more than
had been expected. Revenue for the
next fiscal year is estimated to be
1914, Sos, ,479.
The economy Dill is to remain un-
changed except for legislation max
ing return of per cent of the fed
era, employees Is per cent pay cut
mandatory as of July l, and an
amendment eXempting army, navy
and marine corps personnel from
the prohibition against automatic
increases in compensation upon pro-
motion to higher rank.
The overall deficit figure repre-
sents the net increase in public
debt estimated for June 80, 1884,
when the fiscal year ends. There is,
in addition $488,171 500 allocated to
public debt retirement.
Mr.. Roosevelt said the aggregate
of expenditures in this fiscal year
and the next would be $l6,529 ,805,-
667 and that on June 80, 1885, the
national debt would be swollen to
the unprecedented figure of $31 ,834,-
100000. He promised then to balance
the budget within federal income
The peak load of public debt SO
far was on August 81. 1919, when it
reached $26,596, ,701 ,648.01.
The financial status and future OF
the recovery program in brief is a
deficit of upwards of $1,000, 900, ,000
in this fiscal year and an increase
of about $4,000, 100000 in the deb,
in the next fiscal year. The budget
balancing program thereafter car
ries the administration into the fiS-
cal year 1935-36 which will end on
June 80 of the latter year. -Four
months later will take place the next
presidential election.
The President considers todays
message the most brutally frank
budget ever presented to an Amer
ican congress, but is said by his III
Inmates to be pleased with the gen.
eral budgetary showing.
1t is remarked about the White
House with considerable satisfac-
tion that comparison of the last
Hoover budget with this first of the
Roosevelt administration shows gen.
eral expenses of the government
have been cut $684,913,167 below
general federal expenses in the las,
year of Mr.. Hoover's regime. This is
exclusive of recovery expenditures
Figures Staggering
/ Mr.. Roosevelt is not aWed MOI
frightened by the need to borrow
$4,000 100000 in the next si1
months. OF this sum, $4,000, 900 ,00(
will be new money and $4,000, 900, ,00(
will be to retire maturing govern.
ment obligations. The President /!
confident the governments credit il
sound and will remain so deSpit,
1.-The staggering nature of the recov'
cry bill.
The magnitude of the figures
Imperial Valley press., 1934-01-04
Farm Leader Urges
Bartering Program,

NEW YORK. Jan. 4. (U.P)-A bar
tering exchange to handle products
of farmers and industrial labor was
urged by Milo Reno, leader OF the
Farm Holiday movement today. He
will address the Farmer-Labor Po-
litical Federation at Cooper Union
tonight.
"Laborers whose products the
farmers want go idle and the farm
ers' produce goes to waste" Reno
said. The railroads aren't to blame.
The farmer is not to blame The
trouble is the medium of exchange" "
Imperial Valley press., 1934-01-04
British Papers
Praise Roosevelt

LONDON, Jan. 4. WP)-President
Roosevelt turned British criticism to
praise by his earnest message to the
reconvening of congress, newspaper
comment showed today.
Skeptics, who have been many,
admitted with good grace that, re-
gardless of the ideas behind his pol
icies, he had stirred the United
States out of discouraged lethargy.
Imperial Valley press., 1934-01-04
Fresno Judge
Stricken Ill

LOS ANGELES, Jan. 4. (U.P) =
Suffering from a digestive COM
plaint, Superior Judge c. E. Beau
mont of Fresno was i'll today at
Queen of Angels hospital.
Judge Beaumont was removed
from his quarters at the Hollywood
Plaza hotel to the hospital in order
to receive more efficient attention,
according to his physician At the
hospital, his illness was described as
slight and likely to be of short du-
ration.
Judge Beaumont had been serving
as visiting jurist in Les Angeles su-
perior court.
Imperial Valley press., 1934-01-04
Admits Staying
Four Persons

CHICAGO, Jan. i. WpJ-John
Pietrowski. 27-year-old CWA work
er, confessed today, police said, that
he killed his two small children ano-
probably fatally beat his 23-year-old
wife after finding her and John
Panfield, 10, in each others en-
brace.
Pietrowski also confessed. police
said, that he killed Panfield, A
roomer in the home, and then hid
his body.
Imperial Valley press., 1934-01-04
Bill Would Punish
Lynch Supporters

WASHINGTON, Jan. 4. WH-A
bill to punish public officials who
tolerate lynch law was introduced
in the senate today by Senator Co.'S
tigan Dem.) Colorado.
The bill would impose heavy
prison sentences and fines on Off
cials and aid lynch mobs, who fail
to use diligence in protecting pris-
oners or who fail to punish lyncherS.
Imperial Valley press., 1934-01-04
French Seaplane
Crosses Atlantic

NATAL, Brazil, Jan. 4. W.P)-
The French navy seaplane South
ern Cross, with its crew Of five, ar
rived here today after 2,0l0 mile
flight from st. Louis, British West
Africa.
The flight was somewhat longer
than the recent one of Col. and
Mrs. Charles A. Lindbergh. They
flew 1884 miles from Bathurst, fur
ther down the African cost than st
Louis. to Natal,
Imperial Valley press., 1934-01-04
LOG . VALLEY Z0e
TODAY AND TOMORROW
"ANN CARVER'S PROFESSION'
Navy Personnel
To Be Increased

WASHINGTON, Jan. 4. W.P)-The
enlisted strength Of the navy will
be increased from 79,700 men TO
82,50O by the end of the fiscal year
1885, under the President IS budget
recommendations disclosed today.
An increase of 1000 men in the
marine corps, bringing the enlisted
strength to $4,000, also was provid-
ed.
Imperial Valley press., 1934-01-04
Three Generations
Start Together

WARSAW, Poland, Jan. 4. U.P)-
Three generations were born almost
at the same time yesterday in the
homestead of the Disniewski fam
ily in the village of Kruszyna.
In one room, boy was born. An
uncle of this baby was born in an
other room, and his great uncle in
third.
The mothers ages were II, IS
and SO years.
Imperial Valley press., 1934-01-04
Rescuers Seek
Entombed Miners

PRAGUE, Czechosloyakia, Jan. a.
U.P)-Rescue crews groped through
three miles of smoke filled galleries
of the Nelson III mine at OSsegg
today, in imminent danger of death,
in search of more than 100 entomb-
ed men.
An explosion and fire buried in
the mine S depth perhaps $50 men.
Sixteen bodies were recovered.
Imperial Valley press., 1934-01-04
PACKERS TO MEET

A meeting has been called of the
Vegetable Packers association and
Auxiliary for 7:30 tonight in Braw-
ley. The gathering will be held in
the old Salvation Army hall near
the plaza. A large attendance is
expected according to j. H. Dicks,
representative.
Imperial Valley press., 1934-01-04

which in the budget message tell the
story of emergency expenditures is
almost beyond compensation. Some
idea may be had from the fact that
if spending spree had been begun
at the birth of Christ and continued
at the rate of 81 minute to the
present day, the total outlay would
be about O00,0OO,OO0.
At the rate of $40 a minute it
would be possible in 1884 years to
spend approximately the $10,569,-
OO6, ,967 which Mr.. Roosevelt in
formed congress today would be the
outlay of the federal government in
the fiscal year ending June 80.