New Britain Herald Newspaper, December 5, 1928, Page 9

BASEBALL MOGULS MEET IN TORONTO Auowal Netng of Ntional As . Sociation Opens Today i Toronto, Ont., Dec. § UP—With every indication pointing to defeat of proposed améndments to the laws governing the draft or selection of ‘baseball players <+ promotion from th: miners to the majors, the Na- tlonal Amsociation ef Professional Baa® 1 es teday were prepared %0 meet in annual convention. Even the most optimistic partisans of the propesed changes see no hope for their survival. Efforts, however, will be made to put through other legisla- tion making it easier for a major deague club to sclect 2 minor league player for promotion—at a consider- atio . Apparently taking, the rout of the Jeagyes standing out for the restrict- #d selection as ussured, presidents and managers of scores of minor Jeague .!ubs turned to talk of trades. Few trades werp made but many were discussed. = Ome major leaguz club reached Put for a minor league porspect when Billy Evans, business manager of the Cleveland club, closed with Kansas City for the purchase of Jim %inn, a pitcher who had a trial with the ( “dttsburgh Pirates in 1922 but since then has been able to win more than 20 games eac.. season. Jn the last two years he has turned 48 victories. : For Zinn Cleveland agreed to part With an unannounced sum of money &nd two players. George Gerken, an outfielder, will be one of the play- ers while the other is to be named tater. . Before the members of the na- tional board of arbitration ad- journed to the convention the base- ball ¢t cleaned rp a number of ¢laims made by baseball players sgainst clubs. : Dick Rudolph, former major league pitcher who started the 1928 season as manager of Waterbury in the Bastern league was granted his clairy of $1,266 against Waterbury. Scveral salary liens of players against the Waterbury territory were allowed. Hinkie Haines, well known foot- ball and baseball player, was allow- ed a claim ~f £¢) aga’ .t the York club of the New York-Pennsylvania le: . A fine by the Hartford club of the Eastern league of $162.52, the amount of salary due Curl Thomas when he was fined, was set aside. W. T. Harrett filed a claim against Jersey City or Waterbury, It was allowed as to Waterbury. A deal involving two International league clubs sent Catcher Lena Styles, former member of the Ath- letics' catching staff, from Toronto to Reading. All the 16 major leaguc clubs were represented in the hotel lobby when the minor league convention was ready to meet upstairs but most of the aclivity in the trading market was expected to come from the minors. Convention day found Torento in the hands of two leagues—minor and junior. As the baseball men met at a hotel, members of the junior league from New York and Now Jersey were in session at the Younz Men's Christian building. 18 UNOPPOS Attlehoro, Muss., Dec. § (P— Mayor Fred . Briggs was unoppos- ed for reelection here yesterday. One councillor from each ward and six at large were elected. A peach containins about 88 per eent water. ond 75¢ Pigs Soid Everywnere association | WELLON'S REPORT OPTINISTIC FOR NATIONS FUTURE (Continued from First Page) the crops and products of the year 1927-28 as compared with those of the year 1926-27, this lucrease rep- resenting the net result of gains in some products and losses in others,” he says of agriculture. *The aver- age prices received by the farmers during the fiscal year increased obout.7 per cent while there was a elight decrease in the prices paid by farmers for their purchases, ac- cording to price data compiled by the United Btates department of sgriculture, The advarfage of this increase in average prices per unit produced was gartly offset by a de- crease in volume. As the net effect of these two forces, the estimated gross cash income from farm pro- ducts increased in the fiscal or crop year of 1927-28 by $279,000,000 or 2.9 per cent as compared with the preceding year.” Lowest PPoint Reached As 1o automobiles he says mapth- ly figures indicate that a general de- cline which hegan in November 1925 reached ils lowest point in Novem- ber and December 1927, and that the year ended with June-July produc- tion nearly 35 per cent above the production of the same months of 1927, The total for the year, how- ever, was 12 per cent below that of the previous year. Export trade, the secretary says, reached a total value of $4,877,000, a decrease of 1.8 per cent over the previous year while imports aggre- gated $4,146,000,000, a decrease of 2.5 per cent as compared to 1927, Finaucial Sitnation In reviewing the financial situa- tion Secretary Mellon calls atten- { tion that the gold stock of the United | States decréased nearly $500,000,000 from the $4,600,000,000 onghand at the beginning of the year. The out- ward movement of gold, he says, had had a far reaching effect, “It has contributed to the restora- tion and fortification of the gold basis for the currencies of various countries, It has influenced our credit situation and the policy of the federal reserve board. “ “Between June 30, 1927, and June 30, 1928, there was an increase of more than $500,000,000 in the total amount of credit the federal reserve banks were called upon tg provide, due largely to the unpre- cedented gold exports. The increase in federal reserve credit took the form of un increase in borrowing by member Lanks. Owing to the tradi- tional reluctance of American banks to remain in debt and the policy of the federal reserve banks to dis- courage continuous indebtedness the banks found themselves at the close of the year in a position to land much less freely than & year previ- ous.” Federal Reserve Board The secretary reviews the action of the federal reserve board in eas- ing money rates in 1927 by purchas- ing securities in the open market which was followed by the outward movement of gold and a new low rate for money in August of that year. “As it Lecame apparent, first, that the objects of the policy originally adopted were being accomplished, and second that speculation was growing. the policy was reversed,” he says. “The purchasing of securities was stopped and more than $100,- 000,000 of securities were sold. Meantime discount rates were ralsed from 3 1-2 per cent to 4 per cent. “However, the action taken early in the year unquestionably was not | effective with reference to specula- tion, partly due to the activities of powerful groups of speculators and partly due to the fact that the pub- lic in gemncral belicved and acted as if prices of securities would indefi- ’ nitely advance.” When it became apparent last March that repeated increases in credit were taking place for specu- lative purposes the federal reserve bank, he says, resumed its sale of securities und discount rates were advanced to 5 per cent in all the districts cxcept those of Kansas City, Dallas, Minneapolis and San Fran- clsco where they remain at ¢ 1-2 per cent. In the banking situation loans and investments of all banks in the coun- JUST THE THING For CHRISTMAS WE ARE ALMOST SOLD OUT! 80 fast have the sales and orders for these rcliable little Weather - Prophets come that you will have to get yours pretty quiek If you want one—and every home should NEW BRITAIN DAILY HERALD, WEDNESDAY, DECEMBER 5, 1928. e ———— ltry increased $3,500,000,000 or about 6% per cent, he points out. This was the largest growth ‘since the year ending June 30, 1925, Ordinary Receipts The total ordinary receipts of the governnieat for the last fiscal yea Secretary Mellon places at $4,0. 348,156, & decline of $87,000,000 as compared with the previous fiscal year. Customs receipts declined $36,500,000 to $569,000,000 wkile income taxes dropped $51,100,000 to $2,173,900,600. Miscellaneous inter- nal revenue taxes declined $23,400.- 000 to $621,000,000 but payments from foreign governments increased | $2,800,000 to $208,900,000. The total expenditures chargeable against ordinary receipts for the fis- cul year, the Secretary fixes at $3,- 643,519,575 or $149,935,356, more than in the preceding year. The to- tal ordinary expenditures were $3,- 103,264,854 or $129,235,180 more than the previous year while it re- quired $540,255 020 for public debt retirements, $20,700,176 more than in the preceding year. ¥or the year the surplus of re- ceipts over expenditures amounted to $398,828,281 but most of it, or $367,358,710 had been expended by the end of the year i} public deht retirements, It was $237,000,000 less than the year previous. At the close of the fiscal year the gross public debt of the United States government amounted to §17,- 604,290,563 and the net cash balance in the general fund of the Treasury was $260,190,331. The figures repre- sent a decrease of $305.883,703 1n the public debt and an increase of $27,592,210 in the net balance for the year. In closing his report Secretary Mellon reiterates his suggestion $7,341,145, which becomes due 1880, The president said that thess amounts were not included In the budget because they were merged in the debt settlement agreement with France of 1926 which planned to extend payment of the French debt over a period of 62 years. If the debt agreement is ratified by Frence the president urged” fhat the agree- ment receive prompt ratification by congress. 1t the agreement is not ratified the executive sald the money should be appiied to. retirement of in public debt. and interest on the pub- lic debt added more than a billion dollars to the budget total, Sinking requirements for 1930 are estimated at $379,524.¥29, an increase of ap, proximately $9.350,000 over the esti- mates for the current year while other redemptions of public debt it was estimated would require $173,- 543,500, an increase of approximate- ly $1,200,000. For the principal of the public debt $533,067,629, an In- crease of $11.000,000 was allowed and interest on the public debt was estimated at $640,000,000, 3 de- the war debt and not be treated as | crease of $35.000,000. current expenses. Naval Estimates The budget c¢alls for an outlay for the navy next year of $13,905,93y less than the cost of its estimated operation this year. In asking for 49,125,482 for the department, the president said that it would available ‘an additional $2,000,000 from the naval supply account. The appropriation will provide for the continuing of the work on naval vessels now under construction, for commencing work on three remaln- ing fleet submarines, for continuing the five ycar program for develop- ment of naval aeronautics and for completion of the dredging of Pearl Harbor, Hawaii, , The army is allotted $444,485, 3 an increase of $31,969,053. Of We increase $20,000000 is lSted as a deticiency for 1928, leaving an actual increase for 1930 of $12,000,000. This is due, the executive said, to automatic advance of officers to Ligher pay, an increase in the or- ficer strength of the army in oraes to provide air corps officers, an In- cregse in the amount for the hous- ing program, an increase in the made a year ago that Congress re- move the surtax from government curities as weli as the normal tax. This, he says, would remove the dis- |advantage of the government as | compared to state bonds. PRESIDENT WARNS COUNTRY MUST BE " CAREFUL OF FUNDS (Continued from First Page) had revised the outlook. Total Appropriations The total appropriations rccom- mended by the president to pay for governmental operations during the vear beginning next July 1 exceed those in it year's budget by $223,- 762,616, The largest outlay is for national dcfense—$648,411,800. Yor the army and navy, excluding non- military items, the fotal is com- | pared with $645,000,000 carried 1In this year's budget and an estimated | expenditure for the current year of 1$672,844,288, The estimated expendr- | tures for national defense next year, the president said, would total $668,- 217712 for 1920. The increase 1s held chiefly due to the fagt that surplus supplies left over from the war have been used and it is now necessary to increase the cash pro- vision to replace the reserves. | The next largest item in the budg- ‘Ct is for the care of war veterans, expenses under this subdivision be. | ing estimated to total $597.375.000 | for next year, an increase of $26,- 871,520 over the estimmted cost of this year. Tlood control cost is fixed at #31,- | 000,000 for 1930 and the exccutive I sald that if it sheuld develop that more money was needed a further estimate would be presented to con- gress. In his message President Coolidge called attention to the Irench debt, observing that on August 1, 1929, bonds of the Fraonch government amounting to $400,000,000 will ma- ture. These bonds were fssued in | payment for supplies this govern- | ment had In ¥rance at the close of the war. France also purchased sup- plies from the army amounting to amount for the air corj provided under the five year expansion pro- gram and an increase. in the amounts required for flood control work on the Mississippi and Bacra- zento rivers, The aviation activities of the gov- ernment draw $140,631,824 fn tae estimates. “The demands for this service, while large, have been lequatery met,” the executive said. “The five year program for the army ana navy is approaching completion. Provision is made In these estimates for the third year Increment of the army and the fourth year increment of the navy, and it is fair assump- tion that at the end of 1931 tne navy will have a well-balanced fleer of 1,000 airplanes, while at the ent of 1932 the army will be in posses- sion of 1,800 panes in proper pro- portion as to types. “The expansion of air activities, however, is by no mieans confined to the army and navy. The Departmene of Commerce, the Coast Guard anp the Department of Agriculture are playing their parts in developing the air as is the National Advisory Com- mittee on Aeronautics. While the post office definitely retired from the business of carrying majls in here iy ptovided for 1930 for contract air mail service in the United States $14,300,000 and $4,- 060,000 additional for foreign air ail. . . These estimates carry 27.260 for the Department of Commerce to carry on its important task in connection with commerciar aviation. This estimate contemplates, among other items the construction of 4,000 additional miles of lighted airways. There is provision in this estimate for $5682,600 for the De. partment of Agriculture for obtamn. ing weather predictions, fighting the boll weevil and for forest patrol.” Prohibition Reduction Tor the second time since na. tional prohibition hecame a law reduction in the amount of the a propriation for its enforcement fs mated. The amount asked for the bureau for next year was reduced by $96,304, due, the report said, to the reduction in financing the prohibi- tion field units. The estimated™ cost of the burcau for 1929 was $13,004,- 140. Requirement of reduction in the The Post Officc Department was allotted a total of $816,209.825 an irgrease of $41 504,480; the Depart. ment of Agriculture expenditures for 1930 were estimated at $157.016,931, an increase of $4.899,770, ile the Department of Commerce estimateq expenditures were $58,459,749, increase of $17.367.739. ‘The increase in the cost of opera- tion of the Post Office Department, the report sald was due principally to legislation enacted by congress and the decision of the Interstate Commerce Commission Increasm. compensation to the railroads for | transporting mail. The estimates of cost of Treasury Department for the next year w. increase of $10,359,630 yewr's estimated cost. Provision is made in over this 000 public buildings program with a total of $28,040,000 to meet the 1930 requirements. Receipts: Customs—estimated, 1930, $582.- 1000,000; estimated, 1929, $5682,000, 000; actual, 1928, $568,9 88.50. Income tax—estimated, 1930, §2.. 175,000,000; estimated, 1929, $2, 165,000,000; actu: 1928, $2,173, 952,566.78. Miscellaneous internal revenue - estimated, 1930, $559,000,000; esti mated, 1929, $577,500,000; actua! 1928, $624,018.665.64. Miscellaneous receipts—estimate: 1930, $525,295,829; estimated, 192> 507,235,661; actual, 1928, $678,390 745.3 Total receipts—1930, $3,841,295 829; 1929, $3.831,735,661; 1928, $4 042,348,156.19, Total expenditures (including re duction) of the public debt require: by law to be made from ordinary ceipts)— 1920, $3,780,719,647; 1929, | $3,794,745,469; 13. Excess of receipts—1930, $60,576,- 182; 1929, $36,990,192; 1928, $338,- $28,281.06. 1928, 3,643,619,875.- they plesss with- out penalty. They don't"hvo heart- bura, or flatulencs, or any distress dus to excessive acid. But they do take o uD'i‘ of their '}t:- achs—with “ s Diapepsin.” Thus, their dl.uflv.P: ng are soothed, healed and strei med in & wonder- ful ']'l.y and normal bealtby digestion results, Because it is #0 quick, so safe and 00 sure in ending digestive troubles, millions recommend “Pape's Dispep- sin.” “Pape’s Dispepsin” is u ied as an indigestion remedy and food corrective, yet it costs only 60 cents . age 1l druggists. f your stomach ever torments you get “Pape’s Di in” ot omcs and ure the plesure of care-free, vy ess digestion. You may have felt nothing can belp your - lar difficulty, but so have s to whom this remedy proved surpriss. THE HONESTY ©F FAIRNE RELIABILI HENRY F. REDDELL ADVICE OF OUR CHARGES OF otn GLASSES Optometrist OUR EYE PLEASES PARTICULAR PEOPLE 99 W. Main St. New Britain, Conn. ANNOUNCEMENT We are pleased to announce that Mr. Raymond D. Beatman, formerly with the Travelers Insurance Company, will now be connected with The George L. Gans Agency This merger makes this office one of the leading insurance agencies in the city. Representing: The Providence Washington Insurance Co. The Preferred Acc. Ins. Co. of N. Y. an, the placed at $341,658,615, an | the eatl- | mates for carrying on the $290,000.,. ' Who said “There ain’t no Santa Claus’? We may not wear white whiskers— But— to hundreds of women who have formed the happy habit of using the admirable facilities of the Union Laundry, we are just as welcome.as any Santa Claus could possibly be. Here are some presents you can make to yourself, not only Christmas week, but every week:— ey No. 1 No. 3 Economy Wash Everything washed and returned just damp enough for home iron- 12 of your largest pieces, bedspreads, sheets, eotc., ironed 1 ready for use—45c. i : Damp 'Wash We do all of the wash- ,ng—and send your | undle back to you just | Wbout ready for ironing at home. The cost is ! modest—25 pounds (a | normal family bundie) | One of cur popuhr" services. Everything washed. “ All wearing |apparel dried soft and | flufty, ‘ L] 9¢ pound $1.00 is the minimum bundle for this excel- | tent service. ch added pound LAUNDRY and Delivery Service Everywhere 4 @arker@arker New Britain Gonnecticut WE NOW OFFER OUR WINTER COATS and SUITS at greatly REDUCED ;;rices MOST EXCEPTIONAL VALUES IN , @_ality Merchandise Christmas Gift Suggestions FINEST HOSIERY IMPORTED PERFUMES The Rhode Island Insurance Co. Girard Fire & ‘Marine Ins. Co. Knickerbocker Insurance Co. Globe Insurance Co. Law Union & Rock Ins. Co. The Urbaine Fire Ins. Co. Importers & Bxporters Ins. Co. have one. They cost only 69c Made in America—Guarantecd A quaint Hand-made Swiss Cottage Hygrometer that will warn you to take an umbrella, or when not to hang out wash. COUPON This Coupon Good for a WEATHER and 69¢ PROPHET MAIL ORDERS 10c EXTRA When the weather is fine the two children will be out, and when stormy weather is approaching, the witch wil come out from 8 to 24 hours ahead of the rain or snow. An excellent gift. KOLODNEY BROS. 320 MAIN STREET The Commercial Casualty Ins. Co. The Aetna Casualty & Surety Co. The Central Surety & Ins. Corp. The Union Central Life Ins. Co. of Cincinnati. "The Sun Life Assurance Co. of Montreal. Attractively Boxed LEATHER GOODS PARKER«PARKER UNDERGARMENTS - Loss adjustments made in our office. The Ceorge L. Gans Agency 81 West Main Street