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About The frontier. (O'Neill City, Holt County, Neb.) 1880-1965 | View Entire Issue (July 12, 1928)
Bankings Money Rates and Control in Stock Markets From the Chicago Examiner. How far may banking interests go in their efforts to curb stock market speculation by raising money rates with out getting outside the sound functions of practical banking and into the questionable activity of manipulative endeavor? This is a question vital to the economic structure of this country, and one that ultimately may have to he threshed out on the public forum. Somewhere between banking and manipulating the stock market there must be a line of dis tinction. Efforts to curb speculation or investment that go further than giving good advice are always dangerous. History furnishes innumerable examples. Active use of money by powerful interests to make prices go higher or lower is manipulation, no matter what purpose is said to be behind such activity. If it is possible for trie banks of this country, co-operat ing through the federal reserve system, arbitrarily to control the stock market, money may have been given by this gov rnment too great a power for the public good. It is quite impossible in human nature for any group ot men, or institutions which are ruled by men, to be endowed with such gigantic poAver Avithout there being abuse of it for the benefit of a feAV against the many. In the open stock market efforts at manipulation are met by opposing efforts. Two forces of this kind always lock horns eventually. But in the case of the banking interests on one side and only the general public on the other, it is a different matter. It will be recalled that in 1920, Avhen the big deflation of farm products and farm lands set in, many farmers at tributed the financial suffering of agriculture directly to the federal reserve system, charging that it arbitrarily forced hard times upon the farmer. The reserve banks are in an embarrassing position In that there is no reason for high money except the altruistic contention that they wish to protect the public against the dangers of overspeculation. Commercial loans are not in de mand. In fact, they have been in the course of liquidation ever since the middle of May. Accumulation of funds for dividend disbursements around June 15 and July 1 undoubtedly will be offered as a reason for high money at those times if rates are boosted back to 7 per cent, again. But such requirements will be more closely studied by the public than ever before. ( biang Become* Civilian. Prom New York World. ¥n the successful drive which has ended with the capture of Peking the commander in chief of the Chi nese Nationalist armies has been Gen. Chiang Kai Shek. Now, with Peking captured and both halves of China brought, at least for the mo ment under unified military com mand, Chian? resigns lrom his post, leaves the army and becomes a civilian official m the new nation alist government. It Is net often that a victorious geperal chooses to lay down his sword at the moment of achiev ing a long waited triumph, and two interpretations of the event are suggested in the press reports from China. One theory is that Chiang is getting out before the storm; that there are Jealousies and in trigues among the various leaders of the Nationalist armies, and that Chiang has been brought up against a situation which he cannot han dle. The other theory takes a less discouraged point of view. It re calls the fact that Chiang stated several months ago that he w'ould resign his military office upon the completion of the drive on Peking, and credits him with making good upon his promise. This is the the sis of a cablegram from Shanghai addressed to the Nationalist sentatives In the United States. “Gen. Chiang has resigned his post,” this message says, to prove his disinterestedness to new China s "iBS? .’“Sc, of 5.000 mite. It is futile to attempt to guess which one of these two theories is coi rect. It is enough to ^ope «mt the second one is right and that China will be permitted to proceed to the task of reconstructing a badly needed national government with out fresh interference by the men on horseback. __ Motives of Reserve Banks. From New York World. There is a widespread notion that the Federal Reserve system and the stock market are now engaged .n a battle of wits. Wall street is pic ked as trying to send stock prices higher, while the Reserv* supported by the reserve board at Washington, are trying to check .he 1 It is tme that rediscount rates have been advanced twice since January and that recently the ie serve banks have also been absorb ing tme of the loose cash by the sale of government securities. It would not be correct, however, to say that the reserve system has en tered upon this sort or program be ■ause :t disapproves f ihe skyrock eting of General Motors or of the Radio Corporation stocks. If it is , ovicereed with such movements It ig only because they affect the de mand for bark credit. For that rea son alone it has b*m comprhtfd to •like cognizance of a wave of ; tation which has sent the member banks time after time to the re serve bank* for credits to Mipport i stock-market transactions, until theli borrowings have run $500,000,- i :)00 above what is considered nor mal for this season. Such n use of reserve bank credit was never Intended by the law. The matter therefore is one of proper interest for Ihe reserve system. Put ven If It had remained passive, money ratrs would have Hardened under the huge absorption of funds in speculation, and Indeed they were already hardened before the ledu rount talcs were advanced. The ac tion of the reserve banks Is more of an effect than a cause of anything (lift*ffill Hr^ulrnnrnl From the Washington Star. “Hove about your campaign i fun4?" . I Time* have changed, anvwered Hunalif ^ iDi "I wa» one* ■Jretid it w.mid be too small Now I am afraid It wtlt appear too targe.* ■Wi I ■—■♦»■■ ■■ . ■ ■ Q what its* must a baseball Her A L A Atcording to gpaldlng't rules a major league botttaaU may not Hfgjh U«| than % nor more than | v» «n m end must measure mh less than 9 or mart than ••* tneftes ■it ttivumfvreaoa. * that has yet happened In Wall street. ■■ ■ ♦ »- ■■ - Doctorless Villages. Prom Minneapolis Journal. One subject which the American Medical Association will take up at its approaching convention in Min neapolis, is the shortage of country doctors. The National Grange and other organizations are demanding that something be done. The situ ation has become serious in the last 15 years. In 1914 there were 33.000 physicians practicing in towns ol 1,000 or less population. By 1924 there were more towns, but the number of doctors practicing there in had fallen to 27,000. In the last four years there has been a still further shrinkage. One-third of the towns that supported at least one physician apiece in 1914 are today without any at all. And, unless something is done the situation will grow worse, in stead of better. The average age oi physicians at death is said to be 62, whereas the average age of the country doctors in practice today is 52. If medical graduates continue to practice almost exclusively in the larger centers, another decade or so will see almost complete extinction of the tribe of country doctors. That something should be done to protect the small town and its sur rounding territory against such a plight, goes without saying. But probably there is not much the American Medical Association can do, beyond making recommenda tions and pointing out to young doctors the needs of the country t nu.n <5 If the people who are dependent on the country doctor in time oi sudden emergency refuse to give him enough work to keep bread and butter cn his table at other times they cannot well blame young phy sicians for flocking to the cities. II the villager or farmer insists on going 100 miles away for treatment when the need Is not urgent, then he can scarcely wonder that there is no country doctor ready at hand when the need is sudden and urg ent. -—--— Promoting Tolerance. Detroit.—Because iie had dis played an "outstanding tolerance >t the opinions and sentiment* of his fellow men." Dr. Lynn Harold Hough, retir ing .Sinister of the Central Me' J- joist Episcopal church was £■ /cn he degree of doctor of law. 'vy "-.e University of Detroit, CatboUfl ’.Atitution The b< s' - •! was made by the Very Re t'juner John P Mc Nii holas. 3. J. president of the un ivers'ty at a testimonial dinner gif* en Dr. Hough, and his mother bv tho men's club of Central church Representatives of various denom inations participated in the testi monial, Including besides Father MrNichois, Dr Leo M Franklin of Temple Bethel. Dr. 8 S Mar ouis of Christ Foiscopal church. Cranbrook. and others Dr. Hough shortly wilt leave to take up a pastorate in Montreal Memory Management. Front (he Washington Star "There are interesting systems fot Improving the memory.” "They should be handled with ear*.” answered Senator Sorghum. • What many persona need U ar. education in d street torgetfulneaa,” • • Q. When will live commemorative SO rent piece* pertaining to the ter* rltary or Hawaii be tasued* C t D. A. they alii be Uaued mine t me tn July nicy will be «kl in lltwau and may be seemed from the Conk 8waqut< fn’ennlai aaeoetalion. Hono lulu, Hawatt. 444444444444444444 4 ^ ♦ 4 95-YEAR OLD TWIN 4 4 SURVEYS THE WORLD 4 4 Brighton. Eng. (UP)—Mat- 4 4 thew Gunn, one of the fam- 4 4 ous 95-year-old Brighton 4 4 twins, celebrated his recent 4 4 birthday anniversary alone. 4 4 His brother Mark, who has 4 4 been his inscperable compan- 4 4 ion since the two were born, 4 4 was Ul with bronchitis. 4 4 Matthew's impressions of 4 4 1927 were: ♦ 4 That greyhound racing has 4 become a dangerous nuis- 4 4 ance; ♦ 4 That the modern girl is 4 4 showing too much of her 4 4 “bony” kr.^es in her feverish 4 4 excitement to keep up with 4 4 the times: ♦ 4 That lishlng is not what 4 4 it was in his younger days; 4 4 and 4 4 That bathers are too care- 4 4 less and each should have a 4 4 roe around his waist before 4 4 entering the water. 4 4 4 444444444444444444 ■■■ • - Arranging the Settings. From Des Moines Register. Those who "listened in” will know how thoroughly everything was staged to discredit the farm protest and make It appear a sort of popu list uprising of the old sort. Nothing that was said in the old days about the greenbacks or about free silver carried more contempt than the administration leaders heaped on a proposal that had twice carried a majority vote of the re publican members of both House and gena The debate on the minority farm plank proposed by the Illinois dele gation was closed by three admin istration men, Fort, Sullivan and Borah, in a way that was a test, of the fairness of the debate. If these three could be believed, Borah going further than any of them, the proposal to levy an equal ization fee threatens the independ snee of the farm. The impression created was of an invasion of constitutional liberty because a board is to be given pow er to say when the fee shall be paid and in what amount. But nobody thought to question how our other tax burdens are fixed. Is it not boards of one sort and another who say what we shall pay to the township, the city, the coun ty, the state? Not to go further one land own er in Iowa can petition for drain age and a county board takes the matter up, orders the drainage, as sesses the benefits and damages, and levies the tax. How do the people pay for stamp mg UUb IUVC1UU1UBI9 and mouth disease, the corn borer? Do not official boards fix the amount and levy the tax? How were the banks assessed to make up the capital stock of ths federal reserve system? Were they not levied on by an official board and was not the order to them corn mandatory? Senator Borah who always comes In with the powers that be when he is needed, who holds his place in congress because he can be depend ed upon by the powers that be. was tar worse than the others. But the debate as a whole was merely a staged affair to discredit the farm protest and to sustain the admin istration. ... The campaign is to start out with the suggestion that the farm pro gram has been the work of men who disregard the constitution and would wreck agriculture. --— Sense About Money. Frcm the Chicago Journal. ‘There is something stabilizing ta one’s whole life about owning prop erty, having money out on interest, or even credit. “After all, thrifty living is only the result of mental organization and is possible to all sane people.” These are remarks in a recent edition of Good Housekeeping We have two widely prevalent beliefs about money in our population. One is that it is good for nothing but to spend, and that saving it simply robs other people of pleasures they ought to have. The other is that It is a duty to save. We have heard people say it is folly to accumulate money for their children to waste. But their children will not waste it if trained to save. It is certain that everybody wants property—a home to begin with, a business, or money in the bank; and it is equally certain that ownership of property makes better citizens of individuals. In the great majority of cases the spend-all habit is fastened upon an individual in childhood and youth. A boy who has spent all the money given him by his parents up to the Hrwa irnrU nut. fnr himself. H going to continue that habit until something knocks it out of him. We know, for we had the habit. It was knocked out of us when he be gan to notice solid evidences of prosperity among our associates. We got, started right late, and did not own a home and a business until we were in our 40s, a shameful thing to confess. Then, and not until then, did we know the comfort that follows hab itual saving, and found it yielded more pleasure than habitual spend ing. We now believe it the duty of a parent who wants his boy to be happv through life, to teach him to save while he is young. q. In a whirlwind, why don’t the particles of air moving around the axis of the whir! fly off at a tangent, thereby destroying the whirl? W T. B A. The weather bureau says that the atmospheric pressure In a whirlwind is less than in the still air outride; there is thus a resultant force, directed toward the center of the whirl, acting on the air within the whirl. The tendency to fly off at a tangent is over come by this inwardly d reeled force, and as a result the tlr moves circularly around the axis. Made IHra an tthlrte. From the Fort William Time* , Journal. “Yea," said one man to another *t realjre that motoring la a great thing. I used to be alugglUt before the motoring erase, but no* I’m spry and energetic." "f didn't know you motored” “I don't—I dodge," • • lagralttwde. From the Washington Star Mr who fort* 14 a friend." -4.4 tft Ho, live «4ge of Chliuluwn “lows • hat lie never Jeter veil to poaeoaa.* • ENERGY' FROM THIS . t. f II I Here is the wake-up food for breakfast! * /II Post Toasties is rich in energy—and so / I \ easy to digest that it quickly releases If its store of energy to the body. I To men and women it brings new I zest for the day ahead. It gives children fresh energy for school and play. And so convenient to serve! Just shower the golden flakes from the pack age into the bowl Eat Post Toasties plain with milk or cream, or vary it with fruits and berries. Everybody loves the , flavor—the natural sweetness of sun ripened corn. Be sure you get genuine Post Toasties in the red and yellow package. Postum Company, Inc., Battle Creek, Michigan. POST TOASTIES THE WAKE-UP FOOD Recreation for Fishermen Fishermen of the Nova Scotia fleets are handling their lines and nets these days to the accompaniment of music broadcast from the new wireless sta tion at Lnuisburg. Not only are mu sical programs stmt to the meu ou the banks, hut the fleels are kept informed by daily reports of bait in Storage, weather and ice conditions, prevailing [trices and catches of vessels making port at Boston and Gloucester, as well as new* items. Habit Arthur Hilton, Mack Sennett's de rnon cutler, had taken a charming young lady for a ride over Ids favorite stretch of lonely road. Suddenly site mu mured, "This Is a regular itossum car, Isn't It!" "Possum car? What tin you mean tty that?" Arthur wanted to know. “Because." sighed the young lady. "It goes dead in such convenient places." Tribute Not Heavy The republic of Andorra lias Just paid Us annual tribute of 1,400 francs (idxtul loti) to Its two *Vo princes," the president of France and tin* bishop >f L'rgrl, dpniu. For 010 )e'tra At, dorrs Itaa pall tribute and enjoyed •indisturbed sovereignty III It# moiin raln valley. It hr>a«u« a republic In land. Andorra claims about 3,!J00 la habitants. No Competition t!mdy—I am lb* hsppt**4 woman I •n tba world, because I uiu marrying j tha man I want. Winnie—Oh, that a nothing. True j ippiiiena cono's to a girt by marry* ! i ng tha man auitiebod) vise wants,** I I I II Bits la olds* day# young knights. i- I- ? • f •- -M JSr - rv = m .* = ■- : - I ^ ■■ . , -- - V- • . • - " —■ - -.—— - - ^ Fresh Youthful S' i And Live Healthy Hair Keptaohvl'uticura. Ke*uWueo . > ■ n needed lowuthe and heal any Irrt and < leer and (he hair Healthy. Cu*» I u?a T.> agraot and rrlteahlng.. it ideal for daily ues. M*a iMMitaa raaa net ■ i fcr* t m.k tu.
