The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1938-09-15


money" to help finance Recovery.
Still ahead are requests for 81 AGO.
100000 more in new money"
though these will not come before
next calendar year.
Nor was this all. In the next
few weeks, notes totaling $433, $780,
900, due December Is, will be re-
financed. Short term treasury bills,
totaling $1,000, 100000, will be re-
financed at rate of 500, 900, 900 per
week. Bolstered by its new borrow
ing, the U. S. cash box will operate
on a larger working balance be-
tween now and December. On hand
last week was 81, $40, 100000.
How much it cost Secretary Nor
genthau to raise his national debt
to $500, 900, 900, was evidenced by
loan rates. The $1,000, 900, 900 in ma
turing bills cost the treasury an
average debt service of 0.05 per
cent, possibly the lowest rate in u.
S. history. Net result of new bor-
rowing will be to decrease bank re-
serves, now nearing an all-time
high, and to increase deposits.
Though bank earnings thus far in
1888 are under last year, Secretary
Morgenthau was optimistic. Said
he: Its quite remarkable the way
banks are paying dividends and COW
ering them. I think they seem to be
doing very well. AS you know, we
have no failures to speak Of"
agriculture
Last spring, the new U. S. crop
control measure placed domestic
and export corn requirements at
2,470, 100000 bushels, promised to
make loans if 1888 production ex-
ceeded that figure. Though much
corn has suffered from disease,
Americas crop this year has still
turned out above expectations. By
last week it became apparent that
corn loans will be necessary. At
Washington, AAA's H. R. Tolley re-
ported the August estimate of 1888
corn was 1850, 100000 bushels,
which is "a, 100000 bushels in excess
of the original estimate. Though
loan figures will not be determined
until next November's crop board
estimates, loans were virtually as
sured, probably at 81 cents bushel.
Politics
Nevada's Pat McCarran backed
Franklin Roosevelt for reelection
in 1886, opposed his Supreme court
and government reorganization
measures. But while the President
sought to purge" other half-heart-
ed New Dealers in this years pri-
maries, he made no intervention in
Nevada's primary. Opposing Pat
McCarran for denomination were
Reno's Albert Hilliard and Carson
City's DR.. John Worden, both 100
per cent New Dealers" The out
come: Pat McCarran won easy re-
nomination.
. At Little Rock, Ark, conscien-
tious j. Rosser Venable, defeated
candidate for Democratic senatorial
nomination, submitted his $683. 80
expense report with an explanation
of one ITEM" bought one 25-cent
watermelon for a few persons in a
store and divided with them this
delicious, juicy melon"
People
Former Queen Victoria of Spain is
Battenberg, and for generations
all men of the Battenberg line have
inherited hemophilia tendency to
bleed, though Battenberg women
are free of it. Among victims was
the count of Cavadonga, eldest son
of Queen Victoria and King Alfonso.
AS child he nearly bled to death
from a tooth extraction. Two years
ago, he had 20 transfusions over a
malignant tumor which could not
be relieved by surgery for fear of
i bleeding. Last week, at Miami, the
count of Cavadonga sped down Bis
cayne boulevard with Mildred Gay
don, night club cigarette girl. Their
car swerved to miss a truck, slid,
smashed into a telephone pole. Nine
| hours later the count bled to death.
Q Son James Roosevelt, at Roches-
ter's Mayo clinic, prepared to have
| stomach ulcer removed.