PAGE EIGHT. THE DAn,Y COTTRIER. CONNELLSVILLE. PA. THURSDAY, MARCH 23, 1939. THE BANKING REVOLUTiO Bobjon Sees Continued Lov.' Interest Hates for Bank .Depositor:] By ROGER W. UABSON ! have always owned some public and PALM BEACH, Flu., Mar. .--I r u\v ' corporate securities. Never were they people realize the tern lie dump's j emphasized as they are now, how- which have lakun place in the com- ever. The watchword of today's mercinl banking business since 1929. banking philosophy is liquidity. It Is If some banker had Rip Von Winkled stressed first, last, and always. While; himself in 1929 and awakened today. | corporate bonds may not be the last he would scarcely recognize the in- word in liquidity nor yield a very dustry. Commercial banking has been revolutionized. The spectacular decline in interest rates symbolizes this transformation. In 1929, New York banks charged their regular customers 5.88 per cent; today the rate is only 2.24 per cent-the lowest on record. The same trend 'has tuken place in banks throughout the cast and north at the country where current rates are 3.33 per cent against 6.04 per cent in 1929; and 4.09 per cent in southern and western districts against 6.14 per cent in the "good old days." "Squeeze" on Depositors. As u result of the drop in rates which banks charge, the squeeze has been put on depositors. No interest is now paid on checking accounts, which formerly received two per cent. Savings deposits now get a paltry two or two-and-a-half per cent against three-and-a-half to four-and- a-half per cent in 1929. The loss oÂ£ billions oÂ£ dollars of commercial loans raised havoc with bank earnings. good return, they certainly are easier to turn into cash than a pasteurizer, a factory wing, or a store addition. This is one solution to .the mystery oi why three per cent corporate bond issues have been going .over, with such a bang. Bankers, however, are not so familiar with bond investments as-they might be. . v.. 1/oafled With "Governments.!'. Some bank examiners "urge": the purchase of U. S. Governments, declaring they are the safest bonds .a bank can hold. Bankers like them, too, because they can be exchanged into dollar bills almost at a moment's notice. Illustrating this trend is the fact that over two-thirds of Member Bank investments are iu "Governments" today, compared with about one-third in 1929. Meanwhile, deposits are steadily increasing--are about 100 per cent higher than in 1933 and are above the 1929 high, The bankers are just sitting tight, however, with the greatest reservoii of idle cash in history in their vaults The R. F. C., the Commodity Credit There are two reasons why this loan Corporation, the Farm Credit Admin- business passed oul^ First, Business j station, the Home Owner's Loan " Corporation, the F. H. A., and others have gobbled up some of the mos men have not wanted to borrow ne%v money; and second, banks have been too timid about making loans. In not seeking intermediate and long-term business loans on the one hand and turning them down on, the other, both the business men and the bankers are probably wise. Checking account depositors naturally want to be able to use their money when they need it. If the bank lends it on a long-term business loan, it may be tied up in a pasteurizing plant for a dairy farm, a new wing for a factory,.or -a new department lor a store. Naturally, those borrowing the money for such purposes cannot repay it in three months, or a year, or maybe in five years. Certainly, they cannot repay it at a depositi suddenly want their money. So this type of loan, no mater how necessary it is to the nation's prosperity, is now turned down by the banks. Second Major Blow, The decline in good real estate mortgages was Blow Number Tvvo. Formerly, a big portion of a bank's earning power came from real estate financing. The collapse of the real estate market from 1930 to 1934, plus errors in loan judgment, showed the folly of commercial banks financing a building boom. Recently, the F. H. A. insured mortgage plan has created new interest in home financing by banks, but many bankers are still wary and are taking only the choicest risks. Personal loans, once scorned by bankers, are avidly sought. Yet, profitable business the banks formerly had. We have gone a long waj toward complete nationalization o! credit! The private banks are fas' becoming merely service organizations running the nation's huge checking business, caring for securities,. operating a trust business, and buying government bonds. The gigantic credit agencies arc now doing the loan job the banks once did. New Angle for Uncle Sam. The immediate future does not loot too hopeful either. The demand fo intermediate and long-term busines credit on an instalment basis mus be met. We must have such credi mulate recovery, lo create new to make new products. Hence, the government may be in this branch of the credit business before too long with an Intermediate Credit Bank. The private banks will be financing this new set-up just as they are all the public credit agencies by their vast purchases oi government bonds; but the actual okaying of the credit will be done by Uncle Samuel. So, with the outlook for more government credit, I see no hope of people receiving a better return on their deposits in -the immediate future. Eventually, of, course, general interest rates are bond to rise and at least savings -deposits should yield a greater return. Despite this gloomy outlook for interest rates, depositors never had better protec- . tion for their dollars than they have these can never replace the once ] right now. But if the government profitable commercial business and | does r.ot do a better job on the only offer competition to instalment credit leans. Both savings and commercial banks budget, no one will dare to forecast what the buying power of these dollars may be. HOUSE DELAYS FLOOD CONTROL BILL HEARING Somerset Turnpike Project Unionized SOMERSET,~MarT23.--First con- The hearing for Hood control j struction contract on Pennsylvania's scheduled by the House Appropriations sub-committee of which Congressman J. Buell Snyder of Perryopolis is chairman, has heen postponed to Tuesday, March 28. The hearing was to have been ;tarted March 24. turnpike in Somerset county will be an all-union job, Organizer A. L. Russell oÂ£ the Hod Carriers Union announced. Russell said the contract includes some wage raises above, the existing 1 salary level. . , ~: -. Anthrax Extremely Dangerous Disease Dr. Clendening. Describes Two Farms" of "the Disorder Jo Which Humans Are Susceptible ~ By LOGAN CLENDENING, M. D. DURING the World War, when I was an array physician, I saw my first cases of anthrax. They consisted of an ulcer on the chin and were trnccd to the use of shaving brushes which were infected with the disease. I noted with interest, therefore, that an epidemic of anthrax about a month ago in North Dakota was traced to .a lot of infected imported shaving brushes. Anthrax is an extremely dangerous disease, occurring in a number of domestic nnimals. It is commonly called "wool sorter's disease." Dr. Clendenmg wiH answer questions of general interest "only, and then only through .his colamn. This .name was attached to it because it was formerly very common 5n sheep and a wool sorter inhaling the dust from the wool would acquire the pneumonic form of the infection. Pasteur's Experiment Anthrax was the subject of the famous experiment performed by Pasteur when he proved that inoculations with a vnccinD would prevent an infectious disease in nn infected herd of sheep. Today the disease is much more prevalent in Asia than in America. It? ravages among herds of cattle jn Russian Siberia are not equalled by any other animal plague. In Great Britain cases of anthrax occur frequently in leather workers due to the handling of Chinese CT East Indian goods. There are two forms of the disease in mart. One, the external form, is similar to my cases in the army. The grerm enters a smalj cut in the skin. After tho incubation period of one to three days, there forms a small red pimple which eventually ulcerates on top. It has an unforgettable purplish, crater- shaped appearance. It is technically called the "malignant pustule." The gerr.i quickly gets away from the local site of inoculation, enters tho blood stream and goes everywhere in the body. A great many of my ctiees had meningitis due to tho entrance of the anthrax bacillus into th.e meningeal covering or the brain and spinel cord. These cases are always fatal and in any epidemic about 25 per cent of the patients die. The generalized form, wool sorter's disease or pulmonary anthrax, shows no external lesion. The patient, who is usually engaged in handling wool, hides or hair'of some kind, is seized with a chill, becomes faint and prostrated, has pains in the back of the legs and a fever of 102 to 104. There is pain in the chest and cough, an(i examination by instruments of -precision shows that pneumonia has set in. Treatment in the external form of the disease consists in immediate excision of the malignant pustule by surgery and the use ol serum, which is fairly successful. A curious form of the disease is known as "ragpicker's disease," but with that profession going out oE business it is not likely to be seen very often. QUESTIONS AND ANSWERS S. M,: u ( l ) Exactly what are impacted wisdom teeth? (2) .X read having them removed is a major operation. IP this true? (3) Is it true that a wisdom tooth has no root?" Answer--(1) The wisdom teeth are likely to grow in somewhat crooked, not crown outward. If they get caught or jummed against tho neighboring' too:h in the period of eruption, this is called "impacted." 2) Removal of an impacted wisdom tooth is often extremely intricate and may require nn operation which could be called major, (3) Wisdom teeth do have roots. EDITOR'S, NOTE: Hev tfn p* mt .McJ5 b 7 Dr. Clender.inc cim aow be obtained by Â·ending 10 cent* u coin, for each. End Â«J/-addrÂ«Â«ed Â·nvftloD* aUmprt wi-.h a tfarec-ecni B Ump. to Dr. Loirnn Clenden- Ing, In care of Ihfo pnper. The pamphlets Â· re: "Thrttf Weeks' JlcducJuj: Did" "In- dicwlian and Constipation". "Roducinz and Gaininc'', "[nfant Fcwlinc", "In- j-lructions for the Trcmnient ttf.DiabetR." "Fcmiaiiw Hygiene" Â»nd "The C*re of thÂ« Hair ind Skin." Poland's Motorized Artillery--Ready for War Preparing for defense ever since regaining its independence after the | armies in Europe. Above, on parade in Warsaw, is the latest in motorized World War, Poland has built up one of the strongest and best-cauipped 1 artillery, reported ready for-war it Hitler invades Poland or Rumania, 1 Coogan Celebrates Settlement With Mother THREE DISTRICT YOUTHS IN NAVY Jackie Cocfcan and his wife, Betty Grable, with aid of his attorney, William Hnins (right), jubilantly examine the agreement settling his long bnttlt with his mother over his earnings as a child movie star. It was decided to divide the money approximately evenly. NEWS BEHIN THB By Joan Crawford Will Be Freed by "Proxy"; S.CHi-Lites Reports K ;ceived. Father Henry G libel gave report Three local young men were enlisted in the Navy through the Navy Recruiting Station at Uniontown, in charge of J". J. Mato, chief machinist's mate. They ore Jacob Frank Riggar of Connelisvllle, Charles Wildey of Scottdale and Wayne Robert Weimcr of Indian Head. These young men successfully passed the rigid physical and mental examination for enlistment and at present are undergoing a three month period of training at the U. S. Naval Training Station, Newport, R. I. Upon completion of training each cards to the ent re High School Thursday morning. He warned students lo .study h a u l i e r us tho end of the second term is fi'.sl approaching. Free Day Tuesday. As TucHny was the feast of St. Benedict, the founder of the Benedictine Order, the students had a free clsy in his honor. Seniors Travel. Friday morning was the scene of an expedition to Uniontown. The explorers, the senior class and their leader, Earl Trump, exploring various courtrooms. In Courtroom 1 they witnessed tho trial of a man for manslaughter. Before the trial ended a recess %vas called. In Courtroom 2, Mr. Trump ar.J his troopers were given a hearty welcome by Judge Cottom. Here they sat through a theft trial. The man was declared innocent with so many silent spectators wishing him so. . After lunch the seniors were taken to the county jail. This wns very unpleasant for the feminine members of the expedition. However, boys and girls alike said they spent a very enjoyable day. Scene of Debate. I. C. auditorium was the- scene of a debate Wednesday afternoon between Connellsville High debating team, under the direction Coach Harold Swank, and St. Vincent Prep debating team, under the direction of Father Edmund. The subject of the debate was: "Resolved, That United Stats should form an alliannce with Great Britain." The St. Vincent Prep-'ters upheld the affirmative while the Connellsville Colters won the negative. Both teams gave an excellent performance. Skating: Party. The eighth grade and the high school attended a skating party, sponsored by the Athletic Council, Wednesday evening at Hillcrest skating .'rink. Radio Prices Fall. NEW YORK, Mar. 23.--The aver- will be granted leave in order that age price of radio sets in 1938 was he may visit his parents before being j 73 per cent below the average 1929 assigned to one of the ships of the | price and radio tubes 50 . per cent fleet or learning the fundamentals of | lower, President David SarnofT of a trade at a Navy trade school for Radio Corporation of America esti- which he is particularly minded. mates from reports in the trade. From lack of Iron in Your Blood? HOL/LYWOOD, M a r . 2:?.--Joan Crawford's divorce from Franchot Tone was almost as neatly "canned" today as the film of her latest motion Continued from Page Four. Court concerns Justice Frankfurter superseding Chief Justice Hughes, as dominating influence. With new :.p- pointee, Douglas, there will be a New Deal group of four nn the court. The older group has five, but Frankfurter is likely to be with Hughes as often as anyone else . . . Mr. Gurncr, the V. P., is being de- picture. In an unusual procedure, development, her sworn testimony that the actor pouted because she was too tired to make the rounds of the Hollywood gay spots after long days before the movie cameras, will be read in court next Tuesday while she is on the | high seas, Tone in New York City. Her deposition for the almost automatic divorce was given at the office of her agent. She was questioned by her lawyer, Ellis I. Hirsch- Safer Safety Glass Ready. PHILADELPHIA, Mar. 23--A new, more resilent, luminuted plate glass j i has been perfected having four times j the shatter-resistance of present types of noi-mal temperatures and 10 times the strength at zero, according to the Franklin Institute, announcing a testimonial dinner lo five chemical and glass companies participating in the luged with requests to'aulograph thu fieid ' who wia rcad the testimony to current issue of Time which features I l h e ]Udgc m her SLCad next weck Tone has agreed to give her the de- him . . . J. E. Mathews who raised such a commotion with the Shirley Temple testimony before the Dies committee, has been appointed research director for the committee . . cree fay default. ''I mu5t appear at the studio at 6 A. M. when a picture is in production," the deposition said. "Often An elderly lady oi Little Falls, New when I came home and was. so tired .York, instructed the Social Security * asked him to cancel social cngage- Board 1o'send'her successful claim for. $105.19 to the Dies committee, but lhe comjriiUce cannot accept contributions, Â· - So many people arc asking copies of the speeches of .Chief Justice Hughes, Speaker Bankhead and President Roosevelt at the 150th anniversary oÂ£ Congress that 500,000 copies arc to be printed. Every person in the country should read all three, particularly the Hughes"masterpiece. Write your congressman. Michigan Republicans are somewhat apprehensive about the accession ol' 80-year-old Lieutenant Governor Dickinson to the Michigan governorship on the death of Governor Fitzgerald. A political realignment or creation of a new job of executive secretary is possible. Police guard in Capitol corridors was doubled after Representative Cox slapped a Workers Alliance lobbyist campaigning lor big relief appropriation. WPA graphic arts section has boci: having trouble finding arts to graph. So it prepared a book of news clip- ings about WPA Economist Corrington Gill's clothing program, entitled "Coat Tales." One illustration regarding Gill's plan to purchase huts shows men walking around with 10 or 12 hats on their heads. The President will call off his merits, he would sulk and pout. Once he wouldn't speak to me for four days. "I would remind him of Lhe agreement we made when we were married, in which he promised to let mu cor.tinue w i t h my career and not let marriage interfere. Then he would sulk again. "One time he told me: 'I didn't think it would turn out the way it did. I thought we could have some social Hfc.' He said he thought wo should have some measure of social life." Totvn Insists It's Dry, LITTLETON, W. Va., Mar. 23.-- Hesidents of this little Wetzel county town for the third time voted against establishment ot a local state liquor store. Wenk, iron-poor hJood is thu curse of at Icait 4 out of every 10 women, nnd many raun too. Women especially mufTet because of their body functions, The first Bisns of iron- poor anemia may be pale checks and co;or]Â«a Hps-- or n. feeling of being t[rÂ«d all the time. Then, of the red blood cells go down and down in number and in color, other armp- IOIYII frequently appear, such as swollen ankles, dinlnese, luck of appetite, spells of mcntiJ depression, and hendaehes. In ninny owes, cwtain female troublw are associated with iron-poor blood. The heart protests at times by beating very fast, and may result in palpitation. The stomach of ton suffers In many ways-upsets, caa. Indigestion, belching. BOUT ro- eurKiUtion oÂ£ lood. And always there IE the dread of beint lircd and weak--the feeling oÂ£ beina a sickly invalid. ThriHInff results arebctn? reported from the use of o. new preparation. RED-VITE. Â·whicl- combine* Jarse quantity of pure food-iron with Vitamin Bl, ttED-VITE is not an ordinary patent medicine. It con- tains no strychnine, no ar- B"TUC, no alcohol or other stimulating drurs* Every tasty spoonful of IlED- VITE (Joes three things :-First, itsnTnUea iron for the bJood. Not medicine iron t h a t you f i n d in "blood pillÂ»". hot the exact earn,,' kind of iron that exists in your blood. Second. RED-VITE contains Die anti- neuritic vitamin that is of great benefit to the nerves and the endocrine elands wben more Vitamin itt is needed. -Third. RED-VITS help* to recbÂ«Â£C yonr body's encrsy tysUrm so you can vgrk with vigor, think 'morn' clcarjyi and lead a happier, richer life . . .-as you obtain a greater supply of Vitamin Bi and iron." R.ED-Y1TE costs bat a few cents a day and may be taken with confidence And safety by any man. woman or child. Don't wait. Don't lay yourself open to sicknesses and ^vcakneas'So commonly caused by need for iron and Vitamin tit. SUri at once to Kct the many 'benefits of RED-VITE and feel like a re-born, revitalised person, Get RED-VITE at the A. A. Clarke Drug Store. $1.29 (only lOc a day). forthcoming visit to Warm Springs unless the European crisis unexpectedly cense to cry. That Iteh (scabies) in 30 Minutes! d the enilinrrnasinfiit and dist at nrn Ufcnblea). tio in y o u r ( I r u ^ i s t niifl ^u*, a b o i r l e of U A T K S S A N A T 1 V K I , l ) T l ( Â» N . R bills e \ a r y I f r l i r u l t e It toucher In 3Â» m S o - ute*. M o n e y back If not BiUKflrd. At A. A. Clarke's Drugstore. com GOOD LIGHT FOR PLACES WHERE OTHER LAMPS CAN'T BE USED LIVING ROOM Â· BEDROOM Â· KITCHEN Â· DINING ROOM DESK Â· VANITY Â· RECREATION ROOM Â· NURSERY BREAKFAST NOOK Â« fast Anywhere/ B w j** IB* ' i^a ti^^ $1.65 SPECiALI PIG HOG FEED Scratch l(i% Dairy itU.45 $1.35 B. 3U(idlings _. Bran $1.45 ... 81,45 BABY CHICKS. FIELB SEEDS, FERTILIZER, LI3IE L'hone C o n n e l l s v i l l c , 1 0 7 -- U n t o u t o w n , 70. We Deliver at Slight A d d i t i o n a l Chnree. THERE is very little time left for you to take advantage of this offer--you will receive, at no extra cost, a 100-watt bulb with each PIN-TO-WALL lamp purchased only during the period of the special sale. Act NOW--get at least two or three oi these beautiful direct-indirect lamps. They cost so little--you just pin them up and plug them in--and your home will be much cheerier with the added good light! M. Bcrmrdo Wall Paper Pilnt Co. Lotiek.s Hardware Co. JMcCrory's 5 Me Store M u r p h y 5 i lOe Store Service Radio Electric Co. Showman Appliance Store Swan's G-fi Appliances Sweeney. Frunlc R. Troutman's Zimmerman Co., lÂ£. B. TKRHYOPOLIS J. M. Palonder Jos. A. Kalman STAR JUNCTION Union Supply Co. VAXDEIUULT IMarotti Brns. INDIAN HEAD Sparks Supply Co.
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