The Key West Citizen Newspaper, September 28, 1937, Page 2

PAGE TWO The Key West Citizen Published Daily Except Sunday By THE CITIZEN PUBLISHING CO., INC. L. P. ARTMAN, President JOE ALL! Assistant Business Manager From The Citizen Building Corner Greene and Ann Streets WHAT GOES UP, ETC. Just about eight years ago the Stock Market reached the peak of the boom which began a slow advance in 1920. Only Daily Newspaper in Key West and Monroe ‘County. between the peak and the greatest stock market crash in history. From a orida, as second class matter Entered at K IXTH YEAR Member of the Associated Press Mhe Associated Press is exclusively entitled to use for republication of all news dispatches credited to it or not otherwise credited in this paper and also the local news published here. ber 1, 1929, the aggregate market of stocks on:the’' New York Exchange drép- ped to 15 billion dollars in less than three years. This was a loss of 74 billion dol- lars. As September, 1937, began, the total | valuation. had moved up to.56 billion dol- lars, or an increase of more than 40, billion dollars since July 1, 1932. Whereas, a 2,500,000-share-day is considered heavy trading in the market, there were days in September, 1929, when the volume exceeded five million shares. Une Year .... Six Months ... Three Months One Month Weekly ADVERTISING RATES Made kaown on application. SPECIAL NOTICE | All reading notices, cards of thanks, resolutions of respect, obituary notices, ete., will be charged for at the rate of 10 cents a line. Notices for entertainments by churches from which @ revenue is to be derived are 5 cents a line. The Citizen is an open. forum and invites discus- sion of public issues and subjects of local or general interest but it will not publish anonymous communi- cations. underway, 12 million shares were sold and on October 29, some 16 million shares changed hands. We call attention to these figures to emphasize two points. In the first place, the decline in value was entirely unjusti- fied by any intrinsic loss in the value of the companies represented in the shares sold. In the gecond place, the great= in- crease which *hasjoccurred in the last-few years demonstratés that the fear which Anyone who invests in anything .and fails, has one thing left—experience, most of which \is bitter. 5 Key. West is not.a name suggestive of mance, but,who wants to be romantic in this commercial age? market was entirely unjustified. ¥ There are some of our readers to whom these figures may point a_ lesson. In whatever ways one may invest money, it is well to secure basically sound values rather than gamble upon a speculative re- sale proposal. buy stocks, make a purchase at a_ price which will afford a reasonable return on the investment rather than buy some fast- moving shares, whose price is out of pro- portion to earnings in the hope of a spec- ulative gain in resale. It is much easier to borrow than to re- pay, and the world will be better off when everybody realizes this fact. Advertise in The Citizen if you are sure you have something that the public needs to buy; otherwise save your money. If you want to maxe a hit with your best girl, tell her she is as pretty as the picture of the girl on the magazine cover. OPPORTUNITY FOR THE BAR A committee of the American Bar As- sociation has*sharply rebuked vaudeville appearnces by jurors and other trends tending to transform trials into public spectacles. The report of the , committee will be considered at the Convention of the Association to be held this week. Among other things, the committee condemned public discussion of trials by witnesses in speeches, magazines, articles or newspaper interviews, broadcasting of arguments and giving out of argumentative press bulletins by lawyers and_ public criticism of the Court or jury by lawyers during a trial. We have no way of knowing what the American Bar Association will do about the report. As a matter of fact, there is not much that it can do in regard to some of the trends which are objectionable but there is a field in which the Association should be able to render effective service. As a general idea of what we have in mind, we call attention to the fact that, in the conduct of trials, the lawyers of the nation are almost without restrictions of any kind, Inthe strategy of a case, in the baiting of witnesses, in the use of cheap claptrap, intolerance and partisan appeal, and in the age-old practice of ‘working up” a case, lawyers of a certain type en- joy a field day at the expense of justice. The American Bar Association might ren- der a distinct public service by attempting Some reform of the admitted evils which now tend, at times, to disgrace the Courts of the land. A fellow in Chicago stole 148 ac- cordions. Now if he will only throw them in the lake he may qualify as Public Bene- factor No. 1. The rights and liberties of a people an only be safe-guarded by a government , of law and independent tribunals of jus- ice. Bear that in mind and be eternally watchful! The national income, according to the figures disclosed by the Commerce depart- ment, is now $70,000,000,000, an increase at 12 per centum over last year. National confidence, however, is still at a low ebb. It is truly said: . “Advertising is the education of the public as to who you are, where you are, and what you have to of- fer in way of skill, talent, or commodity. The only person who should not advertise is the one who has nothing in the way of service,or-who cannot make good.” ee H Nothing seems to be for naught, and bven slishonest»people serve a purpose, for they increase the high regard one has for «9 of real Honor and integrity. If every- ody were honest there would be no valué in honesty, and all of us would be on the same level. Furthermore dishonesty af- fects our economic life, for if there were no dishonesty, millions would be out of jobs. The road patrol that was inaugurated . during the Sholtz regime and which closed Florida’s boundaries for two years to fund- less job-seekers will not be re- ~established | by Governor Cone. But, says the gover-! nor, “vagrants, crooks and racketeers in fine limousines and Pullman cars” had{ best beware of local police and sheriffs’ forces. How to distinguish this gentry | from honest folk will be left to the in- genuity of the minions of the law. TWO MILLION FOR ROAD BUILDING Ar Jim Lee’s gas tax figh' (From adia Arcadian) aside from re-divert- ing some $2,000,000 a year of money from myriad county purposes to road building—may make a lot of Florida tax history. The expe d sharp F: tween “Big” and “little”, coanties hdd £ failed to corre- } develop. Counties not involved, large and small, The Citizen's Washington Spondent informs that the total , Key West's money order business during | Meanwhile Re last June was $ 25.J1, the greatest part | y with no debt bles, it he first te of which undoubtedly went to mail order houses for which the local merchants themselves are to blame, since they d6 so! little The report further states that the number of Key West resi-| dents who purchased postoffice money or- ders was 2,965. To have more than $1,- 000 leave this city every working day is an appreciable drain on the capital of this little island. [within 15 1 face the final sffuggle before the Supreme Court value of | on Tuesday. 3 Florida plenty of surplus r meeting Hendry ping the advertising, sissioners. Wan for read cor directed. © used y as the 1931 act Lee nutes You ,and,Your Nation’ s : Affairs TUESDAY, SEPTEMBER 28, 1937, KEY WEST IN N DAYS GONE BY Today’s Horoscope SOSSSTSOSOSSSSSSSSSSSSESESD A high intelligence with lofty aspirations comes from today’s de+ jeree; but in spite of the loving, Happenings Here Just Ten Years Ago Today As Taken From The Files Of The Citizen Searcely more than a month elapsed | total } valuation of 89 billion dollars on Septem- {| value | By October 24, 1929, with the break well | led investors to throw their shares omiithe | In other words, if one must re REST Erik HTN Nee ee | t service } New York Two Resolutions, introduced in the last session of Congress by Senator ‘Townsend of Delaware, offer encour- agement to those who are interested in seeing our currency placed on a sounder basis. One (S.J. Res. 194) pro- vides for the repeal of the Silver Purchase Act of 1934. The other (S.J. Res. 195) provides for the repeal of those laws that enable the President to change the weight of our silver coins and | to engage in un- | limited coinage of silver. Under the laws that now exist, the President could institute a system of bimetal- ism, despite the fact that no nation in the world has such a monetary system and could not maintain it if it should attempt it. Enactment of the ‘Townsend Resolutions would strip the President of this power. In a previous article 1 commented on the Bridges Resolution which would repeal the Thomas inflation act of May 12, 1933. ‘This act provides for a very danger- ous inflation of the currency. Both the Bridges and the Townsend Reso- lutions are sound and necessary. The Silver Purchase Act of 1934 should be repealed for the following reasons: (1) It will be extremely difficult, if not impossible, for the\Secretary of the Te ry to meet the requirement of that law that he purchase silver until the amount held by the govern- ment is equal in dollars to one-third our gold supply. (2) The public has not benefited from the Act. (3) The only measurable results of the Act have been a subsidy to silver producers at the expense of the gen- eral public, and an unwarranted profit chiefly to Chinese and Japanese smug- glers and speculators in silver, to Mexican, Indian, South. American, and other foreign producers and hoarders of silver, to holders of shares (Address questions to the author care of this newspaper) Doing Something About Silver | By WALTER E. SPAHR Chairman, Department of Economics, University in silver producing companies, i to speculators in silver the world over. (4) The Act operates against the Administration’s efforts to: counter- act inflationary forces resulting from its fiscal policies. (5) The silver being purchased has a bullion value far below the arti- ficially high price paid by our govern- ment and in all probability can be dis- posed of only at a great loss. 6) The present artificial stimula- tion ef silver production will jeop- ardize the future stability of the sil- ver industry. (7) _ The alleged purposes of the Act—for example, “to do something for China” on the assumption that she would increase her purchases of our products—have not been fulfilled. In fact, no measurable public benefits have resulted from the passage of that thoroughly bad law. With respect to the second Town- send Resolution, it must suffice to say that there are no valid reasons why the President should have the power to juggle the weight of our silver coins, or to launch a system of free coinage of silver, or to institute an unworkable bimetallic currency sys- tem. Regardless of the fact that such steps doubtless would be extremely unwise, it should be clear that none of them should be taken without care- ful deliberation and open hearings by Congress, The exercise of such power should not be left to the possible caprice or mistaken judgment of any President. An investigation of the so-called “silver scandal” is provided for in a third Resolution (S. Res. 166), intro- duced by Senator Townsend on Au- gust 4. In the last @ays of the expir- ing session little attention could be given to this but it will probably at tract much attention whem. Congress reconvenes. According to the evi- dence thus far made available, the President was “used” by an inside ring of silver speculators who per- suaded him to support and sign vari- ous silver measures which increased the value of the silver that these in- siders had rushed to purchase in order to feather their nesis at the,expense of the much-abused public, The so- called silver scandal,to many, has the appearance of a Teapot Dome. THE W Temperature* H Highest 86) Lowest, Mean ° . Norma! Mean Rainf. | Yesterday's Precipitation _.0 Ins. Normal Precipitation: ... .20 0 1a “Thin record covers 24-hour ending at 8 o'clock thin morning. ‘Tomorrow's Almanac Sun rises - 6:18 a. m. Sun sets 6:17, p. mn Moon rises 1:40 ai) me Moon set: 3:03. p. fs ‘Tomorrow’ Ti lew f es 81, High Low Barometer reading at 8 a. m.: | Sea level, 29. \ WEATHER FORECAST = | ! (Till 7.30 p. m., Wednesday) Key West and Vicinity: Partly cloudy with scattered showers to-) night and Wednesday; moderate | northeast winds, Plorida: Fair tonight and Wed-| scattered showers | | He to Florida Straite| and East Gulf: Moderate north-! east winds and partly overcast | weather tonight and Wednesday! with scattered showers in the! Florida Straits. WEATHER CONDITIONS The slight disturbance that wae off the North Florida coast yes | terday morning has moved nortn-| ward, being central this morning some distance off the Virginia’ as a protection fi memes : These Cheques, issued in convenient denomi- nations of $10, $20, $50 for each $100 purchased. They are spendable wherever travelers go, and carry the added and t feature of a prompt refund by the Am- importan erican Express Company before your second signature is affixed. Ask the Teller about them. THE FIRST NATIONAL BANK OF KEY WEST Member of the Federal Reserve Member of the Federal Deposit Insurance las, while strong high. pressure Used at first sneeze, ae this specialized medi- Ny ae A Service for Travelers For the ever-increasing number of patrons who are planning a journey our bank offers AMERICAN EXPRESS TARVELERS CHEQUES EATHER Capes. Pressure moderately low over the Pacifie states and southeastward into western Tex- is areas, crested over western and eastern Canade, overspread mos: of the remainder of thé country. Light to moderate rains -have oc- curred during the asp twenty- four:hours iv the Atlantic states fron! North Csro‘ina to southern Neve) England, and from Montana éastWard to he Mississippi vailey. There have also been light show- jers in portions of Georgia. .Tem- ‘peratures have risen somewhat over southwestern districts) and in the Plains States, and Phoenix, Arizona, reported a maximum yes- terday of 102 degrees, while ab- normally cool weather continues in most sections from the Missi: sippi River eastward, and tem- peratures have fa‘len in Montana and Western North Dakota, 1 liston, N. D., reporting a maxi- mum of 32 degrees this morning. G. S. KENNEDY, Official in Charge ‘When COLDS THREATEN- cation for the nose and upper throat — hel; | Prevent many Views \VA-TRO-NOL ‘or travel funds. and $100, cost only 75c. in case of loss or theft i ' effects of. bichloride of; mercury eae Leoni ; Mrs. Armando Solano, death vana will come here and play one j bed bride, died last night a few game on that date and two games minutes after midnight. “I am the following day. Arrangements going. I did this to prove that I)for a team to play them will be love you” she is said to have told} made at a meeting to be held this her husband just before death! week. claimed her! She died from, :the Editorial comment: tablets, taken with, suicidal intent one thing which Key West needs just. before noon last Friday. {more than any other it is fresh The ‘act folléwed a lovers quarrel; water. So Mr. Scroggins can’t With the Yoting man who later be-! get that drill down too soon to cite hey husband,’ as she lay in/suit local folks. the shadow of'death. The body! was taken from the Lopez Funeral/ The demented stranger who Parlors and at 10 o'clock was gave his name as Gil Kennett taken to the home at 637 United|<laims to be 509 years old and to street from which the funeral will, have been in the United States be held 5 o'clock ths afternoon, 400 years, is being taken to Chat- when services will be held at St.| tohoochee this evening. J. Mary’s Star of The Sea Church. | Lachlin, attendant at the institu- tion, arrived this morning from Wharf ana} iam and left this afternbon en Application of the e Warehouse Corporation of Key|reerie. the home for on West for permission to construct} wharf, slip and drydock at Key} West was today approved by the; war department. The permit authorizes a commercial dock, dry- dock, and slips running in a northwesterly direction on the} shoreline between Elizabeth and William streets and in¢ludes the right to dredge the necessary , channels and deepen the harbor’ to approximately 28 to, 30 feet.! The proposed improvements are desirable for the commercial de-; velopment of the harbor the de-| partment announcement said. The proposed drydock will enable ves- sels to get necessary repairs sev-| eral days earlier than could be: otherwise secured. Mr. and Mrs. Samuel Drudge of {509 Francis street, announce the birth this morning of a nine pound! daughter. Mother and baby are reported as doing well. Backfiring,en the motor ignited: I ek Many Key Westers who believe! they are eligible to vote in the’ coming election, because they have paid their poll tax are likely to find on election day that they ‘ cannot vote. They have paid their poll tax but it was the tax of last year, said Tax Collector Wm. F. Maloney. It is necessary to pay the 1927 poll tax, said the tax collector, if they want to vote in November. 2 These refrigerators Regulars and Monroes will cross bats at the barracks. diamond to- morrow afternoon at 4:30 o'clock. For the Regulars Gray and Lowe will be the battery. For the Mon- roes, Gonzalez and Medina. These clubs have met twice this season, and the Regulars have emerged as victors on each otcasion The Monroes, however, expect to: make a change in the results tomorrow. ! On October 9 a team from Ha-| ‘Water Lin 1%" %” as lle CUT LENGTHS FOR THE ABOVE PIPE, AS WELL AS HOSE OTHER PLUMBING SUPPLIES. ¢ re FLUSH. GET YOURS NOW AT PER CAN MT WHILE THEY LAST White and Eliza Streets (OLA LLL A A hh hk 4 N than to gain BET YOU'VE GOT A LEAKY PIPE OR MAYBE YOU WANT TO REARRANGE YOUR WATER SYSTEM. YOU CAN-DOT NOW WITH A MINIMUM OF cor. sehr WE HAVE ON HAND A GOOD STOCK OF USED PIPE. W HICH is IN EXCELLENT CONDITION TAKE ADVANTAGE OF THESE PRICES— 6c Per Ft. Bigc Per Ft. Per Ft. le Higher Per Ft. WE ALSO CARRY A COMPLETE LINE OF NEW FITTINGS SINK FAUCETS, CHECK VALVES, GLOBE VALVES, AND MANY NEVER BE WITHOUT A LARGE CAN OF DRANO OR SANI- 25¢e LOOK AT THIS BARGAIN IN MAHOGANY STAINED TOILET SEATS, COMPLETE WITH FITTIN ; ardent disposition, there is a ten+ dency to force the way rather it by persuasion. Guard against this as much as possible for there is danger of getting hurt by the desire running jaway with the control of the tem; | per. If there is! i ee one of the trucks of the Standard Oil Company about 11 o'clock this morning. Alarm was sounded but when the apparatus arrived it was found the flames had been | extinguished with but little dam- age. Cleveland Dillon has been ap- pointed constable to be connected with the office of Peace Justice Frank 0. Roberts. Notice of the *' appointment was received from the office of Governor Marten to- nc SEES 666 Liquid - Tablets "MALARIA in 3 days COLDS. first Pye A A PLAY SAFE— By keeping FOODSTUFFS at the right temperature in one of our ALL METAL ICE REFRIGERATORS are doubly HEAT- PROOF and absolutely air tight Priced from $20.00 ve Easy Terms—10 Days Free Trial On Display at THOMPSON ICE COMPANY, Inc. —Phone No. 8— “ ff ME RACE TET OMEEM FAUCETS, PLAIN Lk bh hh hdd dade dedi ddd dd ddeddddckaddh $2.25 EACH TAKE ADVANTAGE OF THESE LOW PRICES SOUTH FLORIDA CONTRACTING & ENGINEERING CO. “Your Home Is Worthy Of The Best” Phone 598