davidaulloa/AmericanStories huggingface dataset:
Imperial Valley press., 1939-03-20
BY ROGER BABSON


PALM BEACH, Fla, March 20.
Few people realize the terrific
changes which have taken place
in the commercial banking busi-
ness since 1929. If some banker
had Rip Van Winkled himself in
1929 and awakened today, he
would scarcely recognize the in
dustry. Commercial banking has
been revolutionized.
The spectacular decline in in
terest rates symbolizeS this trans
formation. In 1929, New York
banks charged their regular Gus
toners 5.88 per cent; today the
rate is only 2.24 per cent-the
lowest on record The same trend
has taken place in banks through
out the east and north of the
country where current rates are
333 per cent against GOA per cent
in 1929; and 400 per cent in SOU
thern and western districts against
6.14 per cent in the good old
days"
"Squeeze" on Deposit0rs
AS a result of the drop in rates
which banks charge, the squeeze
has been put on depositors. No
interest is now paid on checking
accounts, which formerly received
two per cent. Savings deposits now
get a paltry two or two-anda-
half per cent against three-and-
a-half to four -anda-half per cent
in 1929. The loss of billions of
dollars of commercial loans raised
havoc with bank earnings. There
are two reasons why this loan
business passed out; first, busi-
ness men have not wanted to
borrow new money; and second,
banks have been too tirnid about
making loans. In not seeking in
termediate and ldng-term busi-
ness loans on the one hand and
turning them down on the other,
both the business men and the
bankers are probably wise.
Checking account deposit S
naturally want to be able to use
their money when they need it,.
If the bank lends it on a long
term business loan, it may be tied
up in a pasteuriZing plant for a
dairy farm, new wing for fac
tory, or new department for a
store. Naturally, those borrowing
the money for such purposes can
not repay it in three months, or
a year, or maybe in five years.
Certainly, they cannot repay 1t
at a moments notice when depos-
itors suddenly want their money.
SO this type Of loan, no matter
how necessary it is to the nations S
prosperity, is now turned down
by the banks.
Second Major Blow
The decline in good real estate
mortgages was Blow Number Two.
Formerly, a big portion of bank S
earning power came from real es-
tate financing. The collapse of the
real estate market from 1890 TO
1884, plus errors in loan judgment,
showed the folly of commercial
banks financing building boom.
Recently, the F.. H. A. insured
mortgage plan has created new
interest in home financing by the
banks, but many bankers are still
wary and are taking only the
choicest risks. Personal loans,
once scorned by bankers, are avid
ly sought. Yet, these can never
replace the once profitable COM
mercial business and only offer
competition to instalment credit
loans.
Both Savings and Commercial
Imperial Valley press., 1939-03-20
Babson Sees Continued Low
Interest Rates For Depositors

banks have always owned some
nublic and corporate securities.
Never were they emphasized as
they are now, however. The watch
word of today's banking philoso-
phy is liquidity. 1t is stressed
first. last and always. While cor
porate bonds may not be the last
word in liquidity nor yield very
good return, they certainly are
easier to turn into cash than a
pasteurizer. a factory wing, or a
store addition. This is one solu-
ton TO the mystery of why three
per cent corporate bond issues
have been going over with such
a bang. Bankers, however, are not
so familiar with bond investments
as they might be.
Loaded with Governments
Some bank examiners urge the
purchase of U. S. Governments,
declaring they are the safest bonds
bank can hold. Bankers like
them, too, because they can be
exchanged into dollar bills al
most at a moments notice. Illus
trating this trend is the fact that
over thirds of Member Bank
investments are in Governments
today, compared with about one
third in 1929. Meanwhile, deposits
are steadily increasing-are about
100 per cent higher than in 1898
and are above the 1929 high. The
bankers are just sitting tight, how
ever, with the greatest reservoir
of idle cash i'll history in their
vaults.
The r. F.. c., the Commodity
Credit Corporation, the Farm Gre
dit Administration, the Home
owners Loan Corporation, the
F. H. A, and others have gobbled
up some of the most profitable
business the banks formerly had
We have gone u long way toward
complete naturalization of cred
it! The private banks are fast be
coming merely service organiza-
tions running the nations huge
checking business, caring for Sc
curitieS, operating trust bust
ness, and buying government
bonds. The gigantic credit agen-
cies are now doing the loan job
the banks once did.
New Angle for Uncle Sam
The immediate future does not
look too hopeful either. The de-
mand for intermediate and long
term business credit on an in
stalment basis must be met. We
must have such credit to stimu-
late recovery, TO create new jobs,
to make new products. Hence, the
government may be in this branch
of the credit business before too
long with an intermediate Credit
Bank. The private banks will be
financing this new setup just as
they are all the public credit by
their vast purchases of govern
ment bonds; but the actual okay-
ing of the credit will be done by
Uncle Samuel.
So, with the outlook for more
government credit, see no hope
of people receiving better re-
turn on their deposits i'm the i'm
mediate future. Eventually, of
course, general interest rates are
bound to rise and at least savings
deposits should yield greater re-
turn. Despite this gloomy outlook
for interest rates, depOsitors never
had better protection for their
dollars than they have right now.
But if the government does not
do a better job on the budget, no
one will dare to forecast what the
buying power of these dollars may
be.
Imperial Valley press., 1939-03-20
Willis Thornton's Editorial On
The Wolf and the Shepherd

But the villagers are beginning
to calm down a little. Say" they
are saying to one another, those
wolves have been prowling around
for a long time Why don't those
shepherds build a fence, or some
thing? Anyway they seem to have
bought themselves shotguns."
Wonder if we haven't been too
keen on rushing up the hill every
time we hear voices? Did those new
shotguns come for our own corral?
Is that new strand of barbed wire
all finished at the top of our own
fence? Fine!
pass the beer, julius
Imperial Valley press., 1939-03-20
THIS IS RANK HERESY
(Red Bluff News J

IRed BIuff News
A job is a wonderful thing in any
language. But it would be more encour-
aging if men were willing to fight for
job rather than to fight over job. And
there is a difference. Some day the fell
low who has to do the job will discover
the difference and the fight will end.
Imperial Valley press., 1939-03-20

a v acation that
will. enable you
boys to meet girls
and vice versa.
Well, then write
a letter or a post
card to "Ameri-
can Youth Hos
t e | S, Northfield
Mass. . asking for
a folder entitled
THE Thrill of
NeW,TrailS. " Ypuk
Imperial Valley press., 1939-03-20
Dale


How would you like to take a
vacation this summer at a cost of
q dollar a day?
Not just an ordinary vacation,
but something new and thrilling
Imperial Valley press., 1939-03-20
One-Minute Test Answers

/. Johann Strauss, whose sons
were Johann II, Edward and Jo-
seph.
2. An incruStation or film, usually
green, on the surface Of old bronze.
1t adds artistic value TO the ar
ticle.
3. A tropical bird with a very
large beak.
Imperial Valley press., 1939-03-20

When Walt Simmons retired as
village grocer at Palisades, N Y,
300 residents got up testimonial
letter for him plus some cash gifts.
Wonder if they all had paid their
grocery bill?
Imperial Valley press., 1939-03-20
TOday'S Horoscope

TOdayS Horoscope
The steady gains achieved
throughout the next year by the
person whose birthday is today
come through his or her own energy
and endeavors. If a parent, great
happiness comes through your chill
dren. A political or social service
career is prophesied for the child
born on this date. He or she will
do well in such work, will be kind
hearted and amiable, but prudent.
Imperial Valley press., 1939-03-20

me ladies' are TO carry walking
SUCKS the coming summer, accord
ing to Paris. The sticks have vani-
ty cases in their tops.
Prisoners at Sing Sing prison
New York. annually stage a Sing
Sing Follies" which consists largely
OF songs and dances.
Imperial Valley press., 1939-03-20
Grab Bag
One-Minute Test

One-Minute Test ..
l. What Australian composers
three sons were composers?
2. What is pattina?
3. What is a toucan?
Imperial Valley press., 1939-03-20
Hints on Etiquette

If you are suffering from an un-
controllable cough, it would be
more polite to refrain from attend
ing concerts. 1t is annoying to the
musicians, the conductor and the
audience.
Imperial Valley press., 1939-03-20
Barbs-

No fire siren curfew for Roches-
ter, N. H. Because, say the people,
it would wake the old folks. Then
they'd know that the kids weren't
in yet.
Imperial Valley press., 1939-03-20

Development of light bulbs with
out filaments, utilizing helium in
stead, has been predicted. Then
the boys can sing under the gas
light again.
Imperial Valley press., 1939-03-20

Wouldn't it be something if the
owner of that wrong building"
torn down by Brooklyn WPA work
ers. obtained an FILA loan to re-
construct it?
Imperial Valley press., 1939-03-20

Those back yard air raid shelters
look like the real stuff. In peace
time, guy could use one TO hide
out from the installment collector.
Imperial Valley press., 1939-03-20
Words of Wisdom

o that estates, degrees and Of
fices were not derived corruptly,
and that clear honor were purchas-
ed by the medit of the wearer.
Shakespeare.
Imperial Valley press., 1939-03-20
Thoughts for the Day

But Jesus perceived their wickedness. and said,
Why tempt ye me, ye hypoerites?-Matthew 22:18
Imperial Valley press., 1939-03-20


! . !
The Waterbury Democrat., 1939-03-16
City Bells

A scissors-grinder's bell had it's day in court recently when a New York police man charged it's owner with violating the anti-noise ordinance It was argued in defense that "a bell is a beautiful thing if it has good tone and is not too loud." The judge was urged to recall "those gentle bells of St. Mary's or the deep clangor of Big Ben or the chimes of Christmas Eve as they ring around our twirling old world"
 The judge was more practical than poetical He asked the scissors-grinder to ring his bell It was bit loud and harsh. 'This does not sound like the bells of St. Mary's," said the judge, pro- ceeding to find the man guilty, suspend sentence, and add the advice, "In the future don't make too much noise"
 There must be much worse noises in New York City than the occasional clang of scissor-grinder's bell. In fact, it is surprising to learn that anything so old fashioned as an itinerant scissors grinder with bell still wanders along the side walks of New York. He must be boon to those New Workers -by-choice who never quite get over being homesick for the old home town.
The Waterbury Democrat., 1939-03-16
Repeal Of Taxes

Repeal of any tax levied by local, coun- ty, state or federal governments always is received with open arms by the tax payer. The mere suggestion that tax will be repealed or perhaps just decreased seems to bring more satisfaction than to award faithful employe an increase in pay. At legislative hearing before the Finance Committee at the State Capitol this week repeal of the state and military taxes was urged by the Connecticut League of Municipalities. This is not new proposal by any means. ra.
 Either two or four years ago there was a movement afoot to do away with the state military taxes. And early this year comprehensive plans for showing the Legislature how it could do this and not force the state to set up new tax to take their place That is always the trouble with tax elimination. You throw out one and a new one is found to take it's place, so in the long run the taxpayer doesn't save a sou. All of which should show anybody that the roper way to lower taxes is not to eliminate them, but to eliminate governmental services for which we are paying our tax money.
 It may be possible that the state and military taxes could be dropped and the state not affected vitally If communities were not forced to pay this tax it would mean that much money Topped off the arl- nual budget and consequent decrease in the local tax rate. AS it stands now the state turns back to the city or town almost as much as it gets in state and military taxes in some form of subsidy. It has been claimed that elimination of the large amount of bookkeeping involved in this Alphonse- Gaston act between the town and the state would compensate for loss of taxes to the latter. It undoubtedly would if the elimination were thorough.
The Waterbury Democrat., 1939-03-16

but movable art has largely been saved. This fine, civilized action was taken dur ing a war which has cost Spain the lives of three-quarters of a million people. The casualties of that civil war have been heavier than those of any single nation in the World War.
 Is it not strange that mankind can recognize the importance of saving great art, yet remain indifferent to the im- portance of human life, human justice, human charity? Could not the same spirit that saved Spanish art have saved the Spanish people from the suffering, hatred and chaos of war? Spain is not alone in its blindness to these values The whole civilized world today is laid low by the same blindness.
The Waterbury Democrat., 1939-03-16

The theory that one good bite deserves another doesn't set very well with New York state legislators. A bill was recently introduced in the Assembly which would not make the owner of dog liable if the animal bit a person. It would only be after the first bite that damages might be claimed for injuries. Postal employees, particularly carriers, are concerned with this proposal. Listen to some oratory on the subject: "It is a traditional and ele- mentary principle of the common law that has come down to us from the Middle Ages that every dog is entitled to one bite. sincerely trust that this august body will not see fit to overthrow that great principle. am willing to concede that mild little pup might grab the trouser leg of a strange postman calling for the first time, but I cannot and will not concede that such conduct on the part of the pup places the stigma of vicious animal upon him. :" The bill was defeated
The Waterbury Democrat., 1939-03-16
Art Saved, People Lost

There is one thing about which the Spanish Republican government and the Rebel government seem to have agreed If y snain's % art T treasures m from m the destruc- ton of war. There are today in Geneva, Switzerland, 1,842 packing cases of Span ish art removed there for safekeeping. Their contents, it is said, are in excellent condition. Representatives of both sides cooperated in the work.
 N While soldiers were at the front fight ing, other men worked at the task of carefully packing and carting out of the country the works of Velasquez, Murillo, Fl Greco and Goya. Beautiful buildings have been destroyed or badly damaged.
The Waterbury Democrat., 1939-03-16
Super-Highway Development

Connecticut has been flirting with the idea of super-highways for good many years now. The super-highway is the next step after parkway and the state hasn't as yet finished it's first modern parkway. But by this time we do know that the roadway of twenty years from now will be so far advanced that this early adventure of ours into modern roads will seem like real pioneer stuff. Most of the plans to criss-cross Connecti- cut with highways are 5omewhat nebu- lous so far as actual operations are con- cerned. We may know where they will be or where we would like them to be, but beyond that much hasn't been done.
 Down in Pennsylvania, however, the super-highWay idea is expanding rapidly and by the end of this year will be some thing about which the natives will inquire = why didn't we have this before? Pennsylvania's first super-highway is under construction and doubtless will be, but link few years hence in country wide road of similar dimensions and inn portance. Much has been written about the unique features, such as utilizing an abandoned railroad bed from Harrisburg to Pittsburg, but more lies behind this colOrful feature.
 There is the cost of the project = $35,00O,OO0 borrowed from the REC and an outright grant of $26,O0O,o 900 from the ?WA. Bonds have already been floated as security for the REC loan and when placed on sale in New York the issue was promptly oversubscribed. The bonds will be amortized by tolls, so that future gen. erations won't necessarily be paying for this roadway fifty years hence, but those who use it will pay for it and probably complete paying for it in short order, too.
 Everything modern in highway con- struction will go into this highway, which looms up, too, not merely as route for pleasure, but also for military purposes if ever so needed. More than that it is estimated 25,O0O men will be employed for two years in building the 162-mile road How would Connecticut profit by like project, linking New York City and Boston, in which three states would par ticipate? We think the investment could be returned in many ways.
The Waterbury Democrat., 1939-03-16
Book A Day.
Short Stories Collected

America is 6 short-story nation. Perhaps so because we can read them on the run. Characteristical- ly. they fit into our scheme of ra- pid-fire living and in any event there is much to be said for this form of fiction.
 The years have produced some masterpieces, reflecting the whole tempo of our national life. You get the most of these in bulky. significant anthology, Bedside Book of Famous American Stories" (Ran- dom House: $3). It is all-inclusiye from the quaint old classics of Washington Irving to the newest master of the modern short story, John Steinbeck. ss
 You feel after you have dipped deep at many points that the edi- tors, Angus Burrell and Bennett A. Cerf, have omitted nothing vital to each period. Here is the fine, ar- tistry of Poe and Hawthorne, Mel- vile and Henry James on the one hand, and on the other the sharper. smarter styl of Edna Ferber, o. Henry. Hergesheimer, Dreiser. Tn between you find Edith Wharton, Mark Twain, Bret Harte,. Frank R. Stockton. Poe, Bierce, Aldrich. Howells, and nearly 50 others.
 A second collection of short stor- ies isued by Random House at $2.5O is 'Sirocco," by Ralph Bates. MT. Bates gives you 13 portraits in all, two of them almost r,ovelettes. They sweep across the broad canvas of the unfortunate Spain. depicting it's life under monarchy. republic and the current civil war. Mr. Bates himself has fought in the front lines at Madrid. For the most part his pen draws 8 graphic stroke. He is invariably dramatic.
The Waterbury Democrat., 1939-03-16
BEYOND BELIEF
Boston Post)

Samuel w. Rushmore of Plain- field, N. J.. may have reason to be mad with Mayor Hague of Jersey City. He may have reason enough to pustify his intention of tearing down his beautiful mansion and moving to another state. But no reason is too great to excuse his wilfulness in destroying more than 1,200 trees on his estate. Yet that is his intention, to clear his home acres of all growing things and leave behind bare waste for men to contemplate. The sad part of it is that MT. Rushmore is an inventor, Out of his brain he creates things to make life pleasanter for man. kind. How he could conceive such 8 revenge as to destroy such things of beauty and utility as trees is beyond understanding, especially when one recalls that New Jersey was the home of Joyce Kilmer, au-
 thor of the immortal poem. Trees" :"
The Waterbury Democrat., 1939-03-16

Six filling stations have already been approved for the Merritt Parkway and construction of the same will start as soon as weather permits. They will be built in units of two; that is, there will be one station on each side of the parkway at three different points. There will be two in New Canaan and two in Green wich, the other site remaining to be selected. Attractive exteriors are seen in the preliminary plans and those who have had their doubts about any com assured that the gas stations will not mar but add to the beauty of the route.
The Waterbury Democrat., 1939-03-16
FELINE PHARMACY
Current Comment

Are you a parent or just an ex- pert?
 A member of a Parent-Teacher organization questioning Dr. Hen. ry M. Busch of Cleveland College. after a lecture on child training. Everything's hunky-dory. Betty Grable, announcing she and Jackie Coogan would patch up
 their troubles and resume their
 married life. I thought you would shoot me If I ran. That would be a new way to commit suicide. Paul Bielinski, arrested in Cleve- land when he fled as the engines arrived after he had turned in a
 false fire alarm. I feel like I just stepped out of red hot frying pan.
 Otto Kruger, movie actor, on his
 return from Europe. " In their primitive state. sinians gathered in a jungle clearing, clung to one another, and jigged about not unlike present-day jitterbugs. -Dr. Thaddeus Bolton, retired psy- chology professor of Temple Uni
 versity, Philadelphia.
  Did I come here to be insultedp Sir Percy E. Bates, chairman oi Cunard White Star. Ltd. when he was asked in Cleveland if il
 had been possible to operate the steamship Queen Mary al a profit.
The Waterbury Democrat., 1939-03-16
Views of The Press

{ V.ttE .slt r4 VI fF
 New Rochelle City Manager league recommended 1t for New Rochelle and Alphonse V. Brissor1, vice chair man of the White Plains Democratic committee, and q group of associates requested it for White Plains.
 {, About 2,000 signatures are neces- sary on the New Rochelle petitions to have the city council order a referendum next November. MT Brisson said 1,6oo were necessary il, White Plains. sa->se,t,s x v. 7tS
 scYonkers adopted last fall a char ter amendment providing, for pro- portional repre- tiolI, which will be;used when the city elects its first city manager goyernmen ents officials in November. 5iS < Z, x, ,ej. ,3t;s
The Waterbury Democrat., 1939-03-16
Selected Poem
SCHOOLS FOR HUSBANDS

Beatrice Schaff in the New York Sun)
 Lesson l. When Jonathan Jones was welded his wife, Said, "If you would prosper in marital life, There are one or two things That I'd have you forbear; Stay out of the kitchen, It gets in my hair. Far liefer I'd deal with man who beSots, Than put up with one who knows what's
 in the pots. For a man is a man. And the kitchens no place For man who's man, For it makes him lose face" So Jonathan Jones, husband most loving, In intervals sandwiched Twixt billing and doving, Sat down in the parlor And smoked his cigar, Or tinkered around With his secondhand car; And thinking to follow his dear wifie's
 wishes Refrained from all offers of doing the
 dishes. Nor even once proffered To clean up the place, For man is a man And he cannot lose face. When several years later His spouse left him flat, Poor Johnnie saw clearly and painfully
 that A woman says one thing r,. And may mean another; nd being misunderstood Goes home to mother.