davidaulloa/AmericanStories huggingface dataset:
The Washington times., 1934-01-31
Boom Through Spring
Foreseen by Haney

can now control the extension OF
what was formerly Reserve Bank
credit.
3. An attempt is about to be
made to devalue the paper dollar
to the level of theoretical gold
dollar which has only so per cent
as much gold as formerly. This
will be a big job, because the dol
lar is now worth more than go
cents on the old basis.
More Credit Pumping
1t will require pumping out more
credit dollars-enough to make
them actually worth less in this
country. That will occur only
when prices rise.
What it means is writing up"
the nations gold reserves, which
is done Cd by making gold dol
lars smaller, and 90 by making
many more paper dollars.
2. The Governments spending
policy is forcing dollars into cir
culation, and thus creating"
turnover and purchasing power
as so many people have long
desired.
This stimulates" what now
passes for business" and thus
makes the theoretical devaluation
Of the dollar effective.
OF course the Government must
pay, either by raising taxes or by
printing money. Although the
rich are going to be soaked" in
taxes, the printing press will be
relied upon in one way or another.
Spending to Continue
In one way or another, Gov
ernment spending is going to con-
tinue UP to a point where dollar
devaluation is more than the
theoretical thing which it has
been so far. That means just
one thing, namely initiation.
The Administration has de-
cided, think, that it wants to
avoid "greenbacks" and to follow
as closely as possible the form
Of credit initiation" But now
our money is nothing but credit,
so what is the difference?
This is why the Administration
has gone into the banking busi-
ness. The banks would not, or
could not, initiate.
Undoubtedly, one reason for
handling the thing this way is
the idea that the initiation can
thus be controlled" That re-
mains to be seen.
The Washington times., 1934-01-31
NET.
HERE CLIMBS
FOR YEAR

Net income of the Chesapeake
and Potomac Telephone Company
in 1888, as reported to the Pub
lie Utilities Commission today,
totaled $2,os5,5 an increase of
$129,700 from the $1,955, ,874
earned in 1882. Balance, after
interest deductions, was $92,204
higher than in 1882.
Expenses Are Cut
Operating revenues for the IL
months ended December 81, 1888,
amounted to $9,130,841, as com.
pared with $9,370,195 for 1882.
Operating expenses for the year
were $6,293,593, or $473,211 less
than for the year 1882. The
total net operating revenues for
the year were $2,837, ,248.
For the month of December,
operating revenues showed an in
crease of $500, while operating
expenses for the same month
showed a decrease Of $18,545 be-
low the same period in 1882. Net
operating revenues for December,
1888, were $248,430, as compared
with $223,016 for December, 1882.
December Net Up
Net operating income for De-
cember was $185,577. For the
similar period the previous year
it was $163,283. The total gross
income for the month was $685.
945, which, after interest deduc-
The Washington times., 1934-01-31
GRAIN FUTURES
WORK DOWN
SLIGHTLY

CHICAGO, Jan. 81 (IN.S0.
Grains worked fractionally lower
in today'S early dealings on sell
ing induced by easiness in stocks
and the advance in the dollar in
foreign exchange markets.
Near midseason wheat was Tc
lower or steady with the opening.
Corn was 5s to 34c lower, oats %
to %c off and rye "a to 1c down.
May wheat sold down to 92c.
Trade was small with the bulk
Of business for the account Of
professionals.
Liverpool wheat was 1s to A
pence lower shortly before the
close, Winnipeg unchanged to 1sc
lower at mid session.
Estimated Carlots-Wheat, 9;
corn, 40, and oats, 8,
The Washington times., 1934-01-31

geGS SGaTGeu. ,
The squirt now to be anticipated
will be essentially inflationary,
and the reasons for it are chiefly
as follows:
l. The huge excess reserves
held by the commercial banks. AS
a result of past open market OPP
erations and the small demand
for currency, their excess reserves
have piled up to the extent OF
nearly one billion dollars. These
are available for loans, and the
Government will use its increased
influence to make the banks
loosen up.
Here we may mention the in
creased capital pumped into the
banks by Government Subscrip-
tions to their preferred stocks.
Government Banking
g.. The Government, by the
new money bill, has become
great central banking agency. 1t
not only holds the nations gold,
but it has two billion dollars set
aside with which it is authorized
to buy gold and Government Sc
curities. When it buys gold, it in
creases the metallic reserve"
When it buys its bonds, it piles up
credit reserves in the commercial
banks.
The Government wants prices
to rise General johnson to the
contrary, and it wants the banks
to lend freely. And the President
The Washington times., 1934-01-31
GAIN BIC
IN CIGARETTES

American manufacturers pro-
duced 111,763, ,441,149 cigarettes in
the calendar year 1888, as COM
pared with 1o3, ,5s5, 1888 1866 in 1882.
the Internal Revenue Bureau re-
ports.
Differing form the situation in
other years Of the depression, the
output of cigarettes gained while
that of manufactured tobacco de-
clined, a condition regarded by
experts as a sign of improving
business.
The manufactured tobacco out
put for the year was 304,9O2 ,282
pounds, against 312, ,273 ,049 pounds
in 1892. The production if cigars
numbered 4,344,752,333 compared
to 4,442, ,S91 ,053 the year before.
Small cigars were produced IN
the number Of 208, ,488, $50, COM
pared with 281, 1857 ,001.
The Washington times., 1934-01-31
r. w. WOOIUOrth
Profits Increase

NEW YORK, Jan. 81 UN.SO.
Increased earnings and a sharp
movement in cash and working
capital position were shown to-
day by the F. w. Woolworth Com
pany, in its report for 1888, which
included domestic and Canadian
subsidiaries.
Net income last year amounted
to $28.690, 1884, equal to 1924 a
share on 9,750,00O capital shares,
including shares held as an in
veStment, compared with $22,-
1O1 DOS, or $2.27 a share in 1882.
Net IN 1888 is exclusive Of $780,
561 profit from sale of stock of
F. w. Woolworth & Co., Ltd,
England, which was credited to
surplus.
The Washington times., 1934-01-31
Ward Baking Net
EQrninus S397,43l

NEW YORK, Jan. 81 Q.N.SO.
Ward Baking Corporation had a
net profit Of 1897, ,431 in the cal
endar year 1888, after charges
and special items amounting to
$191,337, including loss on de-
molition Of building, inventory
write down and loss on sale Of
marketable securities.
This is equal to $1.52 a share
on Z per cent preferred stock,
and compares with $65S,1 or
$2.52 a preferred share, in the
So weeks ended December 81,
1892.
Current assets at the end Of
1888 were $4,905,O1S and current
liabilities $1,000. 1854, against $4,-
84S,S57 and $875,555, respectively,
a year earlier.
The Washington times., 1934-01-31
Notes on Trade
Improvements

WoolwOrth net $2.94 a share
in 1888, against S2.27 in 1882. :.
Railroads reporting to date show
lOadings gain Of 1853 per cent
over like week last year. Net
operating income of Class l
roads in December up 1876 per
cent from 1882 month and S7.5
per cent above 1881 period. :. .
Glidden Company reports Janu-
ary sales so per cent above those
for same period last year. Real
Silk Hosiery Company reports
last years profits nearly double
those of 1882. Machinery trade
improvement ted for
month by American Machinist
E. Orders set new high for
Motor Products Corp.
The Washington times., 1934-01-31
Estimate on Wheat
Increased In Canada

Northwestern Grain Dealers
Association has raised it's estimate
of western Canada's 1888 wheat
crop to 254,306,000 bushels. Pre-
vious estimate on November 3 was
236, 180, 900 bushels.
Present estimate is based on
1853, 143, 900 bushels actually deliv-
ered. 55,CO000n bueh"'s for seed,
feed and country mills, and a..
10000 reported by their elevator
agent as being still in farmers
hahdS.
The Washington times., 1934-01-31
Business Machines
Dividend REGULAR

International Business Machines
yesterday declared the regular
quarterly dividend Of $3.50 on
common stock, payable April 10
to stock of record March %.
The dividend was declared at
this time owing to the improb-
ability Of securing a quorum for
the February q meeting, the COM
pany stated.
The Washington times., 1934-01-31

ing business ac-
tivity befor e
long now.
This condition
should develop
soon, and last
W ell through
t h e pri n g
months.
At least, I
cannot now see
what Is to stop
it. In TACT, the
chief problem
now seems to be
how to check
he potential
initiation once it
The Washington times., 1934-01-31
McCONAUGHY TO SPEAK

President James L. McConaughy
will be the speaker at the alumni
dinner Of the Wesleyan University
alumni here at the University
Club tonight. H. Tudor Morsell,
president Of the alumni associa-
tion here, will preside.
The Washington times., 1934-01-31
NEW YORK WOOL

NEW YORK. Jan. 81 U.N.S).-Wool.
steady. Domestic fleece, unwashed,
Ohio and Pennsylvania, 2S943c; domeE.
tic pulled. secured basis. 6Sc@$1;
domestic Texas. clean basis, 72q8Sc;
domestic territory, clean basis, $50
sc.
The Washington times., 1934-01-31
BY LEWIS HANEY
Professor Of Economies,
New York University

It begins to look very much as
If we are to have a speculative
spurt, rising prices, and increas-
The Washington times., 1934-01-31
Deficit HaLued
By D. S. Steel

In its preliminary statement
for 1888 the United States Steel
Corporation reported yesterday
a net loss Of $S6,519,OOO after
all charges but before dividends,
compared with S71,175,7O4 in
1882.
After preferred dividends Of
S7,2O5,62O the deficit last year
was S43,724,9O1, or less than
half the 1882 deficit Of $91,S91s
S67.
Myron C. Taylor, chairman
Of the board Of directors and
Of the finance committee, de-
clared in issuing the report
that he expected the increased
output Of steel Of 1888 would
be Substantially bettered" this
year.
The Washington times., 1934-01-31
BUICK PRODUCTION

January Buick production ap-
proximating 9,7O0 cars, accord
ing to Harlow H. Curtice, presi-
dent Of the company.
The Washington times., 1934-01-31

tions of $23,173, left a balance
Of $162,772.
Washington was served by 178-
761 telephones at the close Of
business December 81, as COM
pared with 1928 on the same
date in 1882, according to John
A. Remon, general manager.
The Washington times., 1934-01-31

High Low ! 100
The Washington times., 1934-01-31

(a) optionaI stock (b) Partly Extra
stock and cash. (d) (e) Paid this year.
(h) Payable in stock. Cm) Payable scrip (n) 81 in
stock. (ww) with warrants (xw) without warrants
~ Ex-divdend. ~ Ex-rightG
Dividend rate N dollars n parenthesS (Notel Txtr0
dividends regular dividend period
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23

statement he denied ever having failed
to pay his proper income taxes and said
that in the last twenty years he had
paid more than S20,000,000 in this form
of rates. He characterized the attor-
ney generals action as politics of the
crudest sort" He continued:
81 feel very strongly that before the
attorney general of the United States
should bring a charge of this kind
against me /, like any other citizen,
should be given proper notice in the
manner provided by law of the gov
ernment's intention to assess addition
al taxes and should have been afford
ed an opportunity to meet such
charges in the customary way.
"In all my years of experience In
the administration of the tax laws l
have never known Of a single instance
in which such unfair and arbitrary
action has been taken"
Several times since last May, when
Congressman McFadden made charges
against Mr.. Mellon based on informa-
ton given by one Olson, regarding
what was called a specific tax eva
sion, Mr.. Mellon said, he has request
ed Mr.. Cummings to make a full in
vestigation and received nothing bet
ter than an evasive response. In con-
clusion Mr.. Mellon said: 81 am glad
the issue is Joined at last and am
quite content to leave the outcome to
the courts and to the good sense and
fairness of the American people when
all the facts are known"
Over in London, where Jimmy Walk
er Is sojourning, the former playboy
mayor said he was not surprised, that
the authorities were only doing their
DUTY and that he even welcomed 1t as
an opportunity to vindicate his charac-
ter. He declared he had paid every
cent CT income tax due. ..
CENATOR SIMEON D. TESS of
- Ohio is one of the most voluble of
the administrations critics, and he
found opportunity for another ener-
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23


Mr.. Cummings announced that the
Department of Justice had conducted
a secret investigation of the tax af-
affairs of these four men and had
formed the information gathered over
ThaJnited States attorneys in New
AKaIhg cleveland and Pittsburgh. Grand
a,j1nsFy,EynaaetiQp in each of those cities was
e,egpectsd tQ result. Cases against more
'fhian' q. Score of other men were being
t9frepafed by the departments tax divi-
mepeinges and ~
polisnyaItHonitSas quick to place his
stiass sasSdsee fte sHeople. In long
treatment that is very
majority of cases is availa,
ment of epidemic meningiti
Measles and Mumps are
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23

getic attack when the
senate was consider
ing Senator Tom Con-
nally's bill to include
cattle among the ba-
sic commodities sub
ject to farm adjust
m e mt control. The
provision for an APP
preparation of $780,
100000 was the spe-
cial point Of assault
by Fess, McNary of
n.4-o- nsaIysDoan Of
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23

against Andrew w.
Mellon, former secre-
tary of the treasury
and one of the worlds
wealthiest men; T. L.
Sidlow of Cleveland,
law partner of New
ton D. Baker; Thomas
S. Lamont, son of the
noted financier Thorn
as w. Lamont and a
member of the ]. P.
Morgan banking house,
and James ]. Walker,
former mayor of New
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23

men, for this battle has never yet been consid-
cred important enough to win place in our
school histories. And even II you have read
about 1t elsewhere, it's not likely that you care
particularly to remember the story of that en-
gagement. For it was just another in the long
series of failures and disasters, brought about
by laundering American generals, which makes
the military history of the War of 1872 with but
one or two exceptions, such dreary reading for
those Americans who like to think that we as
nation, have been uniformly successful in ev-
cry war we have waged.
No, the Battle of La Cole Mill was not the
sort of affair to foster much pride In the history
of American arms. In it an army of some 1000
Americans was held at bay by only 200 British
until relocated reinforcements came up, bring
ing their numbers up to about 1000 men. But
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23

corps, and the draft
ing of a new sched-
ule that would insure
greater safety for the
flyers was begun,
w h e n the ne W s
reached him Of the
deaths of the ninth
and tenth army mail
carriers within three
weeks Mr.. Roosevelt
sent out word: 1.-The
continuation of deaths
in the army air corps
tt"
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23

Iowa, and Carey of Wyoming and Van
denberg of Michigan, all of whom
agreed that the Agricultural ADJUST
ment program has been a complete
failure. The Democrats, with the ex-
ception of Connally, made no reply to
the verbal barrage.
The Ohio senator said that hog
prices had fallen instead Of risen,
that the prices of farm commodities
not under the AAA had in many cases
risen faster and higher than the So
called basic commodities.
"That sort of thing is nauseating to
any decent person who wants business
to be done in business way" he said,
alluding to the hog buying program.
'It's time to stop this foolish expert
mentation, time to take the heavy
hand Of government off business and
let business recover"
Senator Yandenberg and Senator
McNary could not understand why
$20O,OOOOOO were required for cattle
when only $1OO,OOOOO0 were asked in
the original bill covering six COM
modities.
They suggested that benefits were
to be paid before processing tax was
levied and that perhaps no processing
tax was intended to be levied on cat
tie. Senator Connally fumed, but
could not answer their queries.
81 think 1 can answer" Senator
Dickinson finally put in. 1.-The AAA
has obligated itself for $S55,OO0,OO in
benefits; an additional SS31, 10000
are called for 1885. Yet treasury re-
ceipts show only $2O3,OOO,OOO received
from processing taxes"
I'm other words, potential deficit
at the present time of more than $780,
100000" remarked Senator Vanden-
berg.
Exactly" said the Iowa senator
"What they want is this extra $780,
100000 to play with"
JOSEPH B. EASTMAN and the Inter-
- state Commerce commission have
Joined in recommending to congress
legislation that will place under "the
guiding hand of government control
the transportation agencies that use
the highways and waterways of the
country. Their report, which was SUBJ
mitted to the President, declares that
regulation of motor and water trans
portation is necessary "if a threaten
ing chaos is to be transformed into
order" Such regulation, they said,
should be concentrated in the Inter-
state Commerce commission.
In proposing changes in the inter-
state commerce act, the co-ordinator
and the commission recommend liber-
alization of the long and short haul
clause forbidding railroad to charge
less for longer than a shorter haul,
except on permission from the COM
mission.
This clause is held by middle west
ern interests TO have damaged them
substantially by preventing traffic NOV
ing by rail to the Pacific coast, and its
repeal is now being sought.
nNE Of Japan's new torpedo boats,
~ the Tomozuru. of SGT tons. was
wrecked mysteriously off the Sasebo
naval base and it was believed most of
her crew of 113 men were lost The
vessel was completed only February
% last and was a new type. carrying
the heaviest armament ever given a
triumph Of Japanese naval architec-
ture. Several others of the same type
are under construction.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23
News Review Of Current
Events the World Over
Army Air Mail Service Is Suspended Safer Schedule Is
Planned Cummings Starts Criminal Action Against
Mellon on Income Tax Evasion CHARGES.
By EDWARD W. PICKARD

pY DIRECTION of the President, all
~ air mail operations by the army air
corps were suspended by Maj. Gen.
Benjamin d. Foulois, chief of the
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23
Ihat" Finished Scoundrel :
Gen. James Wilkinson
BY ELMO SCOTT WATSON

on probably have never heard of the
Battle of La Cole Mill which was
fought 40 years ago this month
just across the Canadian border
from Rouses Point, n. Y. In that
respect you're not much different
from most of vo11r fallo,r oo,,ntru
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23
HARRY PIERPoNT, one of John

HARRY PIERPONT, one of John
II Dillinger's gang, was convicted at
Lima, Ohio, of the murder of Sheriff
Jess Sarber in Jail raid in which Dill
linger was set free by his comrades,
and was sentenced to death In the
electric chair. The commander of the
Ohio National Guard took every pre-
caution to prevent the rescue of Pier
pont by his resourceful chief, for Dill
linger was still at large, presumably
in or near Chicago.
At Crown Point, Ind, special
grand jury began investigating the
easy escape of Dillinger, special
prosecutor having been named to con-
duct the inquiry. At present only two
men, Deputy Sheriff Ernest Bunk and
Turnkey Sam Cahoon, have been ac-
cused of aiding Dillinger in his jail
break.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23

CRIMINAL action for alleged eva
~ sion of the federal income tax law
was ordered by Attorney General
Cummings to be brought Immediately
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23

pY A vote Of Is to 8 District of
- Columbia grand jury refused to re-
turn indictments in its investigation
of an alleged conspiracy to defraud
the government on War department
contracts. Secretary Dern was highly
pleased with what he called vindi-
cation of the department.
The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-03-23

CENATOR SIMEON D. TESS of
- Ohio is one Of the most voluble of
the administrations critics, and he
found opportunity for another ener-
Evening star., 1934-05-26
SERMON SERIES
TO Be CONTINUED
Dr.. Albert J. cCartney Will
Preach in Covenant-FirSt
Presbyterian Church.

DR.. Albert Joseph Mccartney, pas
tor Of the Covenant First Presbyterian
Church. will continue tomorrow with
his series of sermons on Forgotten
Men and Women of the Bible'-the
seventh one being "Ahitophel the
Suicide"
After the service Thursday evening
the congregation will convene to
hear the report of the committee on
the budget. which adjourned from
May 10 meeting.
The Convenant Fellowship meets at
7 pm. in the church house, 1929
Connecticut avenue, and will be ad-
dressed on ''Dramatics and Life, by
Mr.. and Mrs. Alfred j. Barrett. Tea
in the chapel from to o'clock.
The Westminster Group will meet
at 7 o'clock and discuss the subject
The Everyday Use and Abuse OF
Money" under the leadership OF
James Sterling Toothman.
Judge Hugh M. Tate will address
the All Corners Mems Bible Glass on
The Last Judgment"
The Business Womens Council
meeting May 90 at $50 in the
church chapel will be their annual
missionary dinner in honor of Miss
Lucille Smith.
The Sunday school will have ster-
eopticon lecture June at o'clock on
The Life of Christ" by Miss Louise
Newell. June 2, from 2 to Z o'clock.
will be the Sunday school picnic at the
new Filtration Plant Grounds, Norton
street and Conduit road.
Evening star., 1934-05-26

Generals Department, seven days.
May %, 1884.
Smith, Lieut.. Col. John p, General
Staff Corps, one day, May 26, 1884.
Creighton, Lieut.. Col. Samuel s..
Medical Corps, one month and eigh-
teen days, June IL, 1884, with per-
mission to visit foreign countries.
Baldwin, Lieut.. Col. Karl F., Bu-
reau Insular Affairs, nine days. June
4, 1894, with permission to visit for
eign countries.
Johnson, Lieut.. Col. John B., Cav
airy, two months, June 80, 1884.
Gill, Maj. William H., General STAFF
Corps, two days, May 81, 1884.
Kelly, Maj. Peter K. Infantry. flf-
teen days, June /, 1884, to terminate
at Fort Huachuca, Ariz., not later
than June Is, 1884.
Ross, Mai Charles A., General Staff
Corps. ten days, May 26. 1884, with
permission 20 make cross-country
| flight.
Henry, Mai. Stephen G., Infantry,
one month and eleven days, June n,
| 1884.
HartIe, Maj. Russell p, Infantry,
IWCllIy odJo, OAAlC Az,
Halla, Mai. Carl, Finance Depart
ment, one month, June 30, 1884, to
terminate at Fort Bliss, Tex, not
later than July 80, 1884.
Brown, Maj. Robert D., Coast Ar
tillery Corps, one month, June !,
1884
Lorence, Capt. Walter E., Corps Of
Engineers, twenty-eight days, August
S, 1884.
Creusere, Capt. Melville S.. Field
Artillery. four months, September S,
1884, with permission to visit foreign
countries.
Blain, Capt Arthur C., Infantry,
one month and ten days, July Is,
1884.
Irwin, Capt. Gordon c.. Signal
Corps, ten days, June 13, 1884.
Hadley, Capt. William A.. Medical
| Corps, seventeen days, June l, 1884,
with permission to visit foreign coun-
! tries.
Glenn, Capt. Edgar E.. Air Corps,
one month and twenty-one days, July
5, 1884.
Giles, Capt Benjamin F., Air Corps.
one month and five days. July 20,
1884, with permission to visit foreign
countries
Cross, Capt. Thomas j., Infantry,
one month and fifteen days, June
Is. 1894
Woolley, Capt. Harold D.. Infantry
twenty-eight days, August 8, 1884.
Best, Capt. Clifford A, Medical
Corps, extension one month.
Langmead, First Lieut.. Edmund c.,
Air Corps, one month and five days,
June 26, 1894.
Smith, Second Lieut.. George F.,
Air Corps, one month and fifteen
days, July /, 1884.
Vickrey, Second Lieut.. Luster A.,
Field Artillery, one month and twenty
days, June 16, 1884.
Haas. Second Lieut.. Charles W.,
Air Corps, one month, June %, 1884.
Brown, Second Lieut. Sidney G., jr.,
Infantry, one month and twenty-five
days. June 15. 1884.
Jark, Second Lieut.. Carl H, Field
Artillery, one month and eighteen
days, June l6, 1884.
The following officers are ordered
to active duty, Washington. D. c.,
June 10:
Charters, Lieut. Col David John
Quartermaster Corps Reserve.
Long, Lieut. Col. Frank Shellen-
berger, Quartermaster Corps Reserve