The Key West Citizen Newspaper, January 12, 1937, Page 2

} PAGE TWO | She Key Wiest Citizen | min crrizey Daily Except Sunday Ry Co We reg eee iG CO. INO, |, President JOB ALLEN, A amt Business Manager From The Citizen Building Corner Greene and Ann Streets Only Daily Newspaper in Key West and Monroe County. catered at Key lorida, as second class matter FIFTY-SIXTH YEAR ge Member of the Annociated Press -S€ Associated Press is exclusively entitled to use or repnblication of all news dispatches credited tu ey ‘or not otherwise credited in this and also he Iwcat news published here, — “SUBSCRIPTION RATES ADVERTISING Pow. known on apptication. SPECIAL | NOTICE an Boi B as watt notices, cards of thaaks, resolutions of ituary notices 2tc., will be charged for at pnt rate of 10 cents a line. Notices for entertainments by churches from which & revenue is to be derived are 5 cents a lire. The Citizen is an oven forum and invites discus- sion of public issues and subjects of local or general interest but it will not publish anonymous communi- THE KEY WEST CITIZEN 4 WILL always seek the truth and print it without fear and without favor; never be efraid to attack wrong or to applaud right; aiways fight for progress; never be the or- gan or the mouthpiece of any person, clique, faction er class; always do its utmost for the public welfare; never tolerate corruption or injustice; denounce vice and praise virtue; commend good done by individual or organ- ization; tolerant of others’ rights, views and opinions; print only news that will elevate and not contaminate the reader; never com promise with principle. ADVOCATED BY THE CITIZEN IMPROVEMENTS FOR KEY WEST 1. Water and Sewerage. ’ 2 Bridges to complete Road to Main | Free. Port. i Hotels and Apartments. eP on Rathing Pavilion. Ab ports---Land and Sea. Conselidation of County and City Governments. ss There is no “Who's Who” but there is an “I’m It.” in Italy, The delinquent subscriber is the guy. who put the “editor” in creditor, Miami has 17,000 people without stationary homes—they live in trailers. Trading in Key West is productive of profits all the way round, to the buyer, the seller and the community. Why can’t other nations have her revolution in peace. the fun during the World War. let Spain She missed Just to show your appreciation of bet- ter economic conditions you might be liberal in supporting Key West’s chari- table énterprises. Every once in a while you get a sur- prise when somebody returns a favor, for | favors are accepted with alacrity and re- paid with tardiness, often with ingrati- tude. There seems to be a flaw in every maxim. While it is true that the early! bird gets the worm, but putting the maxim into practice rather works to the disad- j meat is considered quite a a t d vantage of the wriggler. It is a fallacy to think that we can spend ourselves into prosperity, no matter what the yer economists say to the contrary. hit be, but time on flies*and ‘ss as unrelenting. The President's birthday on January 30 will be usd again as the occasion of a nation-wide series of entertainments raise money to fight infantile paralysis. Key West should participate in this worthy enterprise, and will. A question of major importance will confront Key West when the bridges are temporarily, | to 0: first Secretary of the Treasury; William James, psychologist; John Winthrop, colo- | Pr nial governor; Jon Singer Sargent, painter; | * built. Every trailer in the United States, ard. there are thousands with their num- bers increasing, will trek toward this city. How to take care of them will be the prob- lem to solve. | the smallest in the nation. } year, will be watched with interest, and it) JANUARY BIRTHDAYS ! Probably no month marks the birth- day anniversaries of more famous people than does January. Among those born in the first month of the year were the fol- lowing distinguished Americans: Paul Revere, Revolutionary patriot; Lucretia Mott, Quaker preacher and pioneer suffragist; Stephen Decatur, naval commander; Cyrus Hamlin, famed mis-! sionary; Charles Summer, abolitionist; Israel Putnam and Ethan: Allen, Revolu- tionary commanders; Alexander Hamilton, M. F. Maury, pathfinder of the seas; Ben- jamin Franklin, priater, scientist, jour- nalist and statesman, Daniel Webster, statesman and orator; Robert E. Lee and T. J. “Stonewall” Jackson, Confederate generals; Edgar Allen Poe, author; John Hancock, statesman; Joseph H. Choate, diplomat; Samuel Gompers,’ labor leader; William McKinley, president; Robert Mor- ris, financier of the Revolution; President Franklin D. Roosevelt and others. A few British notables whose birth oc- curred in January, are General James Wolfe, hero of Quebec; Isaac Newton, .as- tronomer; Edmund Burke, statesman; James Watt, inventor; Francis Bacon, philosopher; Lord Byron, poet; Robert Burns, poet. : Great Frenchmen born in January in- clude Marshal Joffre; Pierre Loti, novelist; Moliere, dramatist; Andre Ampere, phy- sicist; Francois Mansard, architect; Be-} noit-Constant Coquelin, actor. German birthdays of the month in- clude those of Jakob Grimm, philologist and publisher of fairy tales; Gotthold Les- sing, dramatist; Frederick the Great; for- mer Kaiser Wilhelm. The great Austrian composers, Mozart and Schubert, were also | born in January. SIDELIGHTS By MARCY B. DARNALL, Former Editor of The Key West C Aibert Payson Terhune, noted dog fancier and author of dog stories, an- nounced recently on his 64th birthday that he had retired and would try “to find | something better to do than work.” Mr. Terhune is financially able to make this experiment, but we'll bet be don't stop! writing dog stories. | In a nation-wide poll of radio listeners ! by the NBC, the following were voted the } five best-loved Christmas carols: “Silent Night” and “‘Adeste Fideles” were tied for ; first choice, the next in order being “The First Noel,» “Hark, the Herald Angels; Sing,” and “It Came Upon a Midnight Clear.” This is the season when selections of | the best this and that of the previous year are being'made. tional Board of Review has Deeds Goes to Town,’ “M picked 4 Gary, starring. Cooper and Jean Arthur, asthe best Amer-“Wt6 best, however, was declared to” be. “Pa Kermesse Hereique,” a comedy pr oduced in France. ! ican motion picture of 1936, <The*world’s if An increase of 50 per cent in busi- | ness in a year is pretty good, even in a year of returning prosperity. That is the | gain reported by the rattlesnake canning factory of Arcadia, Fla., which ships its | product all over the country. Rattlesnake H delicacy by | those who have tried it. New Hampshire has the largest state legislative body, with 24 senators and 424 | assemblymen. Nebraska’s new legislature | is limited to 50 in a single body, and is Nebraska’s ex- periment, effective for the first time th should be a success. Surely 50 members can’t think up as many fool laws as 448. } The rarest animal in the world is the | giant panda, in appearance a sort of cro between a raccoon and a bear, which when } grown weighs around 300 pounds. The! only live baby panda in captivity was brought to New York recently by Mrs. | William H. Harkness, whose exploring ex- pedition in Tibet caught it last November. | When captured the little animal weighed less than five pounds, { 1 Ohio A committee of the Nas}y ‘You and Your, Nation’s Affairs Commodity Dollar Fallacies "| pesca. ttn By WALTER E. SPAHR ae Chairman, Department of Economics, New York University | This is the seventh of a series of by Dr. Spahr. The pe egret ‘upon request to the author in cue of the chan- nels through which this change in the weight of the dollar must reach prices, The number and nature of these channels should be noticed. Suppose that the government should desire to raise the price level. It will re- duce the weight in each dollar, thus making each ounce of gold yield more gold dollars. (Raising the paper money. price of gold is supposed to have the same effect.) The additional supply of gold dollars will enable the government to put a corresponding additional supply of gold certificates [into circulation through the purchase of government securities. Bank re- serves will be augmented. These sur- plus reserves, it is contended, will lead to more loans and investments, this will put more currency into cir- culation, and prices will rise as @ consequence. Thes dicte easily-verified facts revealed in our mptions are contra~ by some very simple and | currency and banking experiences. | Reserves often pile up in banks with- out there being any expansion in loans or investments immediately | thereafter. Conditions may be such that banks do not desire to expand their investments, and borrowers may not desire to borrow. In fact, it is very common to see the loans and investments of a bank contract as their reserves pile up. Furthermore, if the currency should, through some j accident, expand in amount as the reserves of banks increase, the ef- fectiveness of this expansion may be offset by a decline in the velocity of the currency. Similarly, an attempt to reduce the price level by increasing the weight of the dollar, by retiring the appropriate amount of gold certifi- cates, and by reducing bank reserves, rests upon the assumption which, is imaginary that there will be a~ite- sponsiveness in the contraction, of loans and investments. So long as there are surplus reserves in the banks, these banks do not contract their loans and investments. Further- more, many of their commitments ropeticeionerper > x pres mailed to any reader, without charge, this newspaper. mo one can the Pd Page or the quickness with = the price level will ol chacae in the weight of the gold ye lar, consitiering the channels through ite | which the effects of the change must operate. The commodity dollar scheme is one manifestation of a persistent quest for stability in our economic system. But this particular attempt to get stability rests upon unsound grounds when the commodity a advocates suppose, as they, do, thi a stable price level means eanantie stability; or that any monetary mechanism can produce economic stability either in as price level or or that the gold parson has the primary cause: of:the great flue- tuations in prices. the. wide | swings in business activity. and pros- perity; or that the present * world- wide suspension ‘of specie payments is anything more. than, .a,,temporary episode in the history of, metallic currencies. A multitude of factors have’ been responsible for the wide swings in business activity, prices, and pros- perity. Among them, and most im- portant, particulasly in recent years, have been the World War and the spans sbi maladjustments which that War generated. The behavior of currencies was in a large degree merely a result of these maladjust- ments in the economic structure. In so far as currencies caused trouble, those that behaved worst and caused the most damage were those paper currencies which were cut loose from gold. The bad consequences flowing from their use even impaired the functioning of those currencies still linked to gold. The most poorly “managed” cur- rencies have been those severed from gold. Unless these paper currencies have been reanchored to gold at a® fixed ratio they have sooner or later become unmanageable. No ¢urrency cut loose from gold has ever been managed well for any great length of time. When these paper currencies have gotten out of hand, the man- aged currency advocates have as- serted that the trouble lay in the fact that they were not properly managed. The argument of the ad- vocates of managed currencies—and the commodity dollar plan is a man- aged currency scheme—reduces it~ self simply to this: A managed curs rency is managed when it is under control, but it is not a managed cur- rency when it gets out of hand, (Address questions to the author care of this newspaper) COC oTECOOO OOOO ODECSERCE2 . ! ar-old Baltimore & | 1% y finally reaches its goal, the Ohio River, 1918—Central and Western | States paralyzed by blizzard. 1919—Peace Conference opens! informa'ly in Paris, President Wilson issues before Senate’s For Relating Committee ca Communist 9, Central and South Ameri- jea, the Philfppnies and Porto Rico. there, ox the first meeting of the! ; and thus at and k inf the | | cause of h. 35 and $1.00, | g,*establish communism in | g railway tunnel n the Western world, 8-mile| reat Northern’s tunnel, east of ly opened “Jittle” rainy n, ahead of time, stops Italian | ‘oday In History ‘Today’ s Horoscope Ceccoccecoooocs Today’s natives are endowed | with mueh definition of purpose _and ave capable of arduous labors. !Do not allow your sympathies too ; much prominence. There is a grain of mysticism in this position, and |authorship may be easy of attain- | ment, Opens Skin Pores | Kills Scalp Itch With six itch killing medicines | in liquid form, Imperia tion flows into pores and hai [co sk L HOT In the Center of tha! Re and Theater District First Class—Fireproof— Sensible Rates Garage Elevator Popular Prices i ——_—$—$ $$ $$$ CONDENSED STATEMENT OF CONDITION OF | THE FIRST NATIONAL BANK OF KEY WEST as at the close of business December 31, 1936, Comptroller’s Call RESOURCES Loans and Investments $ 275,660.47 Overdrafts S 7.87 Banking House, Furniture and Fixture. 30,920.76 Other Bonds and Securi- ties 171,800.16 Stock of the Federal Re- serve 4,500.00 Temporary sderal De- posit Incurance Fund 591.34 United States Govern- ment Obligations di- rect andor fully guaranteed $612,571.98 Cash and due from Banks 366, 40 979.0: $1,462,532.48 LIABILITIES Capel 2. --$ 100,000.00 Surplus, Undivided Profits and Rese 64,0 Deposits ; 1,298,479.17 + $1,462,532.48 in the economic system as a whole; | THE WEATHER Mean Cuaty | Normal gee .17 Ins. _} Nonmal Precipitation record covers Zi-hour perlod oe * @eluck thin morning. in rises - jum sets . Moon rises Moon sets High .. Low Sea level, 30.07. WEATHER FORECAST (Til 7:30 p. m., Wednesday) Key West and Vicinity: Partly cloudy with occasional light show- ers tonight and Wednesday with! occasional light showers on the extreme southeast coast and Flor- lida Keys; mild temperature. Jacksonville to Florida Straits | jand East Gulf: Moderate north- ‘east to east winds, and partly over- cast tonight and Wednesday with scattered showers extreme south? | portion, | | WEATHER CONDITIONS = } Pressure is relatively low this’ morning along the northern bor-' der from North Dakota eastward, ; and over far southwestern dis- tricts, Sault Ste. Marie, Mich., 29.90 inches, and San Francisco, 'Calif., 29.88 inehes, and has fal- len throuzhout the remainder of; the country, but is still moderate-' ly high, Helena, Mont., 30.20 inch-! es, and St. Louis, Mo., and Louis-| ville, Ky., 30.30 inches. Light rain! lor snow has occurred since yester- day morning in portions of Okla-* | homa, Kansas, and Missouri, and) in the upper Chio Valley, and) there has been light to moderate; rain from Arkansas eastward over | Tennessee and northern Georgia to! the Carolinas, There have also, [been light to moderate rains in California and in extreme south-. ern Florida. Temperatures have ri on the Texas coast in the! Mississippi Val'ey, Lake region, and North Atlantic States, and continue abnormally high over southeastern districts; while read- ings are still below no:mal over; most sections from the Plains States westward, bein: slightly ; below zero this morning in por-; t’ons of Utah, Montana, and South Dakota. | GS. KENNEDY, | Official in Charge. ! evccvccecoerccoccccccoce beoce 80/of New York, editor, author, di- -T1| rector of New York University’s Dr. Robert Underwood Johnson Hal! of Fame, born in Washington, D. C., 84 years ago. Charles West of Granville, Ohio, Under Secretary of the In-* Tenn., 47 years ago. : " te 2S stories it what's going tained i in MIDWEEK PICTORIAL every week. Special Offer To Newspaper Readers) MIDWEEK PICTORIAL sells regularly at 10 cents a copy. To introduce you to Midweek Pictorial we offer it to you | 7 months) 12 copies $1.00 PLUS 1937 DAILY DIARY FOR ‘ALL WHO ORDER IN JANUARY Midweek Pictorial| '148 East 47 ‘Street, New York, N.Y.’ \Send 12 issuesof Midweek Pictorial and My Diary Daily for 1937 for which I enclose one dollar Ce money order, De : ae oe meee Name . ‘Address City ..20 I am a reader of The Key West Citizen, Key West, Florida. ee IT IS A PLEASURE 1x4 NO. 1 IDEAL FLOORING, PER M SECURELY TIED IN BUNDLES OF 28 SQ. FT., PER BUNDLE ... Tongued and grooved on ends as well as sides. In lengths from 18” to 7’. 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