The Frontier
D. H. Cronin, Editor and Proprietor
Entered at the Postoffice at O’Neill,
Nebraska as Second Class Matter.
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tween publisher and subscriber.
With the death of Senator Walsh,
who had been selected for attorney
general in the cabinet of President
elect Roosevelt, Nebraska friends of
Arthur Mullen hope that he will be se
lected for the position. Arthur stands
high in the councils of the incoming
president and, unless the fact that
Iowa has a member of the cabinet
militates against it, the gentlemen
from Nebraska has a very good chance
of becoming a member of the cabinet.
PEACE AND TAXES.
The friends of world peace are the
best friends of tax reduction as well.
The cost of war—past, present and
future—is the major item in the oper
ating cost of every great power. In
this country, 72 per cent of ell federal
funds go for war debts, war veterans
and the army and navy.
Organized destruction hits every
pocketbook.
THE FARMER MUST HELP TOO
In a letter to members of the Amer
ican Cooperative Association, C. O.
Moser, its vice-president, pointed to
some of the dismaying aspects of the
agricultural situation. i
Almost 50 per cent of the 6,800,000
farms of the United States are under
mortgage and this percentage is rapid
ly increasing. Farm mortgage indebt
edness rose from $8,320,470,000 in
1910, to $0,247,390,000 in 1930.
Mr. Moser advocates certain legis- ,
lative moves that would improve the
farmer’s position and enable him to
better cope with present conditions.
Some legislation is no doubt necessary.
But—during the next few years—the
farmer himself must also work out
solutions to his problems if relief is
to be other than temporary.
It is probable that the cooperative
movement offers most to agriculture. ,
It touches both ends of the problem—
increased efficiency in production and
better organization in selling. A
frrmer may have a million bushels of
wheat that can bankrupt him if the
price he receives is below the produc
ing cost. The same farmer, with fair
prices prevailing, can make a good
profit on a tenth as much wheat.
Of recent months, particularly, more
and more farmers have been foreclosed
and are being operated by lessees in
stead of owners. This is a trend of
the most dangerous character. It is
up to the farmer, the political leader
and the general public to throw their
support behind the cooperative move
ment and aid it in preventing a total
collapse of the present agrarian
system.
HOOVER ON DEBT PROPAGANDA
President Hoover rendered a real
service to the nation during his ad
dress to the National Republican Club
at New York on February 13 when he
called attention to the amount of mis
leading European propaganda looking
towards cancellation of the so-called
war debts. In part, the President said:
“I trust the American people will
not be misled or influenced by the
ceasless stream of foreign propaganda
that cancellation of wur debts would
give this international relief or remedy.
That is not true.”
Proof of the debtors’ capicity to pay,
the President said, is attested by the
fact “that in most cases the payments
to us amount to less than one-third of
the military expenditures of each
country.”
In exchange for any proposed Amer
ican sacrifices the President said
Europe not only should open up mark
ets to American imports, but should
give assurances of cooperation “that
■will positively result in monetary
stability and restoration of world
prosperity.”
President Hoover’s remarks on the
foreign debts were well timed in his
address following his masterly defense
of sound money.
A great many propagandists, most
of them European, but unfortunately
some of them American, in their ef
forts to bring about cancellation, have
sought to create the impression in the
United States that practically all of
the world’s troubles are due to the
European debt owed to Uncle Sam.
President Hoover pointed out how the
lack of international confidence, and
the cheapening of money standards in
many nations had started an economic
warfare which is in a big part re
sponsible for the continuation of the
depression. Cancelling the debts would
not remedy the situation and President
Hoover did well to make this fact so
clear in his New York address.
ECONOMIC HIGHLIGHTS
Even though the business statistics
show no definite change, there is much
encouragement in the fact that a rela
tive degree of stability has been
reached and maintained in the past
two months.
Readjustments are taking place
which will have a healthful influence
on industry in general. Weaker units
are being eliminated—a necessary pre
lude to general recovery. The effic
iency of industrial operations is stead
ily increasing.
One of the most interesting signs
is that a virtual mortgage moratorium
is gradually taking effect. The center
of this is in the midwestern states,
wher£ officials and courts have shown
a tendency to aid the farmer in his
fight against foreclosures. The larg
est mortgage holders—insurance com
panies and banks—are showing an ex
tremely lenient attitude. A short time
ago a group of the largest insurance
companies announced a policy which,
in brief means that there will be no
foreclosures that can be avoided, so
long as the mortgagee shows a disposi
tion to do his best to work out his
problem.
The long awaited report of the Na
tional Transportation Committee was
recently issued after months of in
vestigation and study.
Among its suggestions were that
parallel lines be abandoned—that top
heavy capital structures be pared
down—that legislation be less severe
and more flexible.
Meanwhile, a good sign is that rail
road traffic and earnings, on the whole,
are now ahead of last year.
Efforts to stabilize the oil industry
took concrete form with the adoption
by the American Petroleum Institute
of a new and aggressive policy to elim
inate evils. Main result sought is bal
ancing of production with consump
tion.
The Institute will fight diversion of
gas tax funds to other purposes than
roads, tak increases, gas bootlegging
and tax evasion, and will maintain that
gas should rightfully be taxed by the
states only.
In the midcontinent field, crude is
still selling at ruinous prices, with
the California division of the industry
in better condition.
Late reports on major industries
show:
Copper—Higher prices are expected.
Great interest shown in withdrawal
of American Smelting and Refining
Company from Copper Exports,
Inc., the world association formed
in 1929 to sell copper outside this
country.
Lumber—New business fairly good,
with demand exceeding production.
Further slow improvement in next
60 days is expected.
Shipping—Apprehension is expressed
that the coming World Economic
Conference will attempt to stop fed
eral subsidies of U. S. shipping.
These subsidies, in the form of mail
contracts, have made it possible to
meet low-wage scale, foreign com
petition.
Steel—Seasonal buying recently caused
improvement. Scrap prices have
been firm, and finished steel prices
weak.
Car.ners—Outlook- extremely uncer
tain for food canners, with prices
low. However, shipments have been
larger than last year. Eighty per
cent of 1932 asparagus pack is sold,
and more than 66 per cent of peach
pack. A limited pack is expected
this year, in attempt to eliminate
carryover.
Of late, farm prices have been on
the downgrade, but losses have been
small. Cattle was one of the excep
tions, showing a rise. Cotton, grain,
hay, hogs and sheep took losses.
The price of grain futures rose
temporarily with extremely bad weath
er. Caution was evident, however,
and there has been little pronounced
change.
The visible supply of wheat is de
creasing steadily—a good sign for
future price and market improvement.
Business conditions in the Philip
pines shows no improvement, with
credits and collections difficult. In
dustrial activity is at a high level in
Japan. Little change in England.
Italy showed a heavy unfavorable
trade balance in 1932. Conditions in
Austrian industries are unfavorable.
In Finland, the low exchange value of
the mark during 1932 enabled export
industries to increase sales abroad, and
marked gains were shown in textile,
foodstuffs, metal and other industries.
A good sized delegation of farmers,
many of them belonging to the Farm
ers Holiday Association, were in the
city last Monday, being, so we have
been informed, interested in a case
that was set for hearing in county
court that day. The case in point was
that of the Old Line Life Insurance
Company vs. Robert E. Tomlinson, et
al. From the petition in this case the
plaintiff alleges that through their
agent, R. H. Parker of this city, on
February 22, 1932, they leased the
south half of section 5, township 30,
north, of range 10, west of the Sixth
P. M. to Tomlinson. They allege that
he has defaulted in the terms of said
lease and they seek to recover pos
session of their land. The case was
I set for hearing last Monday but, by
| mutual agreement, was continued until
• next Saturday. The members of the
Holiday Association did not go near
the court house, but held several con
ferences down town.
LAST PHASES OF DEPRESSION.
National Republic: A number of
students of economics recently have
pointed out the fact that the closing
I phases of every depression we have
' had in the past have been accompan
ied by demands for inflation. Recov
ery from the depression, they add, has
come, in each instance, after the gov
j ernment and the people had taken a
i firm stand for sound money and had
(defeated inflation.
I If growing demand for inflation
j marks the final stages of depression
| then we have undoubtedly arrived at
that time in our present erea of diffi
culty. Inflation is one of the much
discussed topics of the hour and bids
fair to be one of the big issues in the
next administration.
Already there are around a half
hundred bills in Congress providing
for some form of inflation. Some of
these contemplate cutting down the
gold content of the dollar, others the
free and unlimited coinage of silver
and still others inflation by speeding up
the printing presses in the turning out
of currency.
If history is to repeat itself, there
fore, we will pull ont of this depres
sion only after all schemes for mone
tary inflation have been defeated.
Whether this can be brought about
remains to be seen. Enthusiastic in
flationists some time ago expressed the
belief that some kind of inflation would
be written into law by the old Congress
But there is little chance of this for
the reason that President Hoover
would veto any such measure.
It is then up to the incoming ad
ministration. Just what it will do re
mains to be seen. Both parties in
their platforms last year declared for
sound money, and there is no reason
as yet to believe that the incoming
President is not in line with the major
ity of his party on the subject. But
his cabinet appointment and his first
message to the new Congress, which is
to be called into special session, will
be awaited with interest.
As to the necessity for defeating
inflationary movements if we are to
get out of the depression, there can be
little doubt. Controlled inflation, if
inflation can be controlled, would be of
little avail. We already have enough
money in the country for commercial
purposes. Controlled inflation would
not help. It has not helped in Great
Britian where it w*as predicted that
abandoning of the gold standard
would raise prices and help industry.
And uncontrolled inflation means ruin
—ruin first to the creditors and then
to those in debt. The example of
Germany along this line ought to be
eloquent and convincing proof of this
fact.
Francis H. Sisson, president of the
American Bankers Association, re
cently well summed up the situation
when in part he said:
“Inflation is not the pathway to
business recovery in the United States.
The nation has an ample volume of
currency and resources for sound
credit expansion to finance the restor
ation of business to normal proportions
and activities. The great need of the
hour is to set our existing currency
and credit powers in motion—to give
them velocity and dyamic force which
are in fact just as effective in stopp
ing deflation and stimulating business
activity as inflation is thought by its
exponents to be, without its known
baneful effects and deceptive evils.
“And what is needed to give our
currency and credit resources velocity
is business confidence—confidence
among industrial and business leaders
for their undertakings, courage to ask
the banks for sound loans to finance
them and prudent courage among
bankers to grant them—courage, also,
among our people to resume normal
r
spending and replenishments, and
among our investors to resume normal
investing.
“I believe that the government at
Washington has largely within its
grasp the possibilities of making
business confidence a plain, everyday
■working reality. A program of real
economy in government expenditures
and a sound p.an of taxation revision
to produce adequate revenues to bal
ance the budget and yet relieve pro
ductive economic activity from its re
pressive weight would be a mighty
power for restoring confidence.”
McCauley back in jail
Arthur McCauley, who has been
kept in a local rooming house in this
city since he was brought back from
Omaha, about three weeks ago, was
taken to the county jail yesterday,
where he is now confined.
Colored Evangelist: Look what the
Lord has done fo’ you. Gib Him a
tenth.
Perspiring Member: Amen, gib
Him mo’. Gib Him a twentieth.
—
“Did you give the man the third
degree?” asked the police officer.
“Yes. We browbeat him and bad
gered him with every question we
could possibly think of.”
“What did he do?”
“He dozed off and merely said now
and then, ‘Yes, my dear, you are
perfectly right.”
Mrs. Subbubs—Are there any ques
tions you would like to ask, Nora?
New Maid—Yes, ma’am, just one.
Where do you keep the time-tables?
Factory Demonstration 2 Hour Sale
Wednesday, March 8th
4:00 to 6:00 P. M.
C. E. STOUT
DRUG STORE
O’Neill, Nebraska
Present this coupon and 99c and receive
One box Madam Josephine Face Powder,
One bottle Madam Josephine Perfume,
One Genuine Rock Crystal Necklace,
Two pairs of Ladies Fine Quality Hose.
You Save $4.01
A $5.00 Value for Only 99c
If you cannot be there during the hours of sale, leave money at store
and your set will be reserved.
PUBLIC
AUCTION
Fri., March 10
Starting at 12:30
on the premises located 2 miles
west and *4 mile south
of Atkinson.
This is an absolute
Clean-up Sale
Nothing Reserved
79 HEAD OF CATTLE
10 HEAD OF HORSES
All good ages and well broke.
24 HEAD OF MILCH
COWS
15 HEAD OF BROOD
SOWS
A complete line of near
ly new machinery, most
of it tractor drawn,
including a
Farmall tractor.
ANTON WEICHMAN
Owner
Sale conducted by
WELLER AUCTION CO.
FRED H. SWINGTEY, Clerk
PRINTED
All-Rayon
CREPE
Plaids, stripes, florals,
geometries! Ready to re
ward your needle with
the smartest frocks and
blouses! 39 inches.
“AVENUE”
DRESS
PRINTS
Charming spring checks,
plaids, florals, geometries,
stripes! Standard percale;
36”; fast co.or.
Men's
Outing Bal
SHOES
98c
For The Ladies
LADIES HOUSE FROCKS, 2 for.-.98c
LADIES NEW SPRING HATS.....98c
LADIES SUEDE GLOVES, 2 for..98c
LADIES SILK RAYON HOSE, 4 for._.98c
SILK BRASSIER & PANTIE COMBINATION...98c
LADIES SILK SLIPS......98c
LADIES OUTING GOWNS, 2 for.98c
COTTON BED SPREADS, 2 for...98c
INDIAN BLANKETS.-.-.98c
PURE SILK CREPE, PLAIN COLORS, 2-yds.98c
CRETONE, NEW PATTERNS, 8-yds....98c
DOUBLE COTTON BLANKETS ..—98c
CHILDREN’S COTTON HOSE, 10 pairs...98c
RUFFLED CURTAINS, 4 pairs.-.-.98c
SILK DRAPES, 2-yds.-.—.- 98c
HEAVY OUTING—WHITE, 10-yds. ...- 98c
COTTAGE SETS CURTAINS, 2 for---98c
LACE CURTAINS ..— 98c
CHILDREN’S SCHOOL DRESSES, 4 for ...- 98c
BED SHEETS, 81x90, 3 for.-.98c
PILLOW CASES, 42x36,10 for....98c
WASH CLOTHS, 30 for...-.98c
For The Men
MEN’S OXHIDE OVERALLS, 2 for -..98c
MEN’S BIG MAC WORK SHIRT, 2 for —.98c
MEN’S DRESS SHIRTS, 2 for.- -.-.98c
MEN’S WORK SHIRTS, 4 for...-.-.98c
MEN’S WORK SOX, 20 pairs for..., 98c
MEN’S FANCY TIES, 2 for - - —.- 98c
MEN’S ATHLETIC UNIONS, 4 for.—.98c
MEN’S SHIRT AND TIE SET...-..98c
MEN’S MOLESKIN PANTS.—.- 98c
MEN’S PRE-SHRUNK DRESS SHIRTS .— 98c
CHILDREN’S PLAY SUITS, 2 for....98c
BOY’S BIG MAC OVERALLS, 2 for.—.98c
BOYS WORK SHIRTS, 4 for......98c
a
Men’s Pine-Ribbed
Combed Cotton
UNION
SUITS
• Ankle-length I
• Long or short sleeves!
• True to size —well
made I
Inf anti
and
Mitses'
Elk Blucher
Oxfords
The greatest value in
juvenile footwear Pen
ney’s has ever offered I
Good looking . . . tough
enough to stand the we^r
and tear of restless young
feet I Black, all-leather I
Ladies’ Silk
HOSE
2 pairs 98c
O’NEILL, NEBRASKA
