Richmond Times-Dispatch from Richmond, Virginia • 3

AMERICAN LibertyLeagne pCallsFightOne ForConfidence State Utilities Assessed Value Cut 4 Millions Due at Local Harbor Today Labatt Ransom Payment Claim Angas Declares SJ Recovery Hinges Upon a Pietv Gotifiderice Nine-taint Problem Faeed Roosevelt in 1933 He Says Explaining Method of Attack Mefot Antes ta rtf As peUet 0 crafit fxtetiou through getttag under way through the pen far public works TAs third Colvin Agent Frustrated by Close Watch in laet Attempt Paper Says Sspt MMF- i steep arid that "three out- I obtained from Ooivta at hte home thk aft- ha wm flnwtnud by the authorities iAtatt nphiUciltf dcnln sun tlons that ttw kidnaping story wm an to ttw story said details printed earlier that the ltd must have at headquarters" then Immediately got In by long distance telephone with of the Labatt family or Ivey tha Labatt lawyer None of ee could be As soon I get their said Colvin "I can give yon the whole right flrnn ttw beginning tt right from the beginning "Louis McOaughey our satei er and I hero been the go-brtwacM from tha start Tha kidnapers wished tt so -uecauahtv on i wm on ttw Rotart of nooktag up with to pay aver $25400 but ttw po-toohrt Then they switched Abe" Colvin confirmed ttw report had receli Abe" which to go on ttw the Frtna the cushions of a Instructions and a letter addreued to John Ha did not read tt But be aware tt contained another threat Wlnrt hte employer's Bfa-unkse" "I hare never seen ttw kldnapen at kart not to know Colvin quoted Hying "but I talked with them on the telephone TORONTO BepC 7-CR-Tha tario government tonight 15AM reward far information to the capture of psew naped John 8 Labatt Tha wm made ta a by Arthur Roebuck Ontario general who gave a deae three of the men who he Labattls kldnapen inetadtag guarded him white he wm eaptlra names were given however Rev Graham Dies Grahflm CoUegeFounder NORFOLK Sept 7-MV-Tho A Oraham 77 founder of teUego in North minister of the Church died thk hte residence In Fortwnouth Mr Graham retired several ago after an active aolntetry of forty-six years which started In 1M4 For lx yean ha wm auperintendent af the Coast District af Churches and aupvtatandent of the Mission Conference far ton yarn The body was sent vifW to Ron-i far ftnwni ageless and burlaL -V la Hail Hit Total 21 Per Gent (Haim of real and tangible i to Virginia fc a 3Mjgi3A14 far 1133 a af $1337 AOS or 31 pro 1M4 134447AM IUMS313 far 1131 a dlf-ofSA per cart railroads: 1134 $4347137 a fiacreoro of pro cent 1134 far 1333 a i af or 11 pro cent against 4013411 an increase of 91M4M3 or 1 per cent ommasOt of the steam railroad brought about by several (1) Ttw abandonment of iigrad-matety thirty-five mites of main track (3) The allowance of depredation on butkUng struct urea on which no depredation has been considered 1331 Many of the railroad bufidtags have bam dosed continued although atiU briny as-far taxation and on othert been deferred to auch an extent to tha value Tha present level of for building construction is also tamlany lower than wm need by the commission ta fixing Its valuation of railroad structures in 1034 The crease In this dam of amount! to approximately $3200000 or a decrease of approximately cent (3) A reduction In ttw value of certain cluset of main and aide due to depredation and ehang dittraa since 1934 when the valuation wu fixed This amounted to approximately $2300000 or 3 per cent (4) A decrease In the amount of material and euppltea'on hand This of course te beyond ttw control of ttw commission as actual hand are reported for taxation by Uw companies This to over $300000 The decrease in the awewment of Electric Railways wm brought about by the allowance of depredation on track and building structure ttw abandonment of approximately 4 per cent of total electric railway trackage and depreciation of bums which class of property decreases very rapidly The decrease on steamship property was brought ubout principally by the abandonment of linn and further depredation an the boats "It te interesting to note that since 10M when the present basis of ment of steam railroads wm fixed by the commission that gross corning in Virginia of these companies have fallen off over 44 per rent white the total decreases in sssrnmrnT by the commission to only per rent Electric railway Tmilnrss has fallen off over 34 per cat sine 1026 and trackage operated ta te approximately 35 per cent ten than In 1026 "Tha tnernan in Uw assessment of other rinses of publle service corporation wu brought about by additions to property and revaluation certain case of existing property State taxes on publle sendee corporations for the year 1M4 show an Increase of t5MM34l over tha previous year This Increase amounts to 1SJ4 per cent and was brought about principally by ttw new tax legislation of 1134 "Amounts to be paid by th various ctessn compared with previous year are: ION Dkihh ouaiMUi i uMfl IOM1M1 lTIBlt SWMIU! WMB SWISS St I ljalt UHI IJ I 1 1JS 14 urn iso isia wws Wi a actually will be types of utilities in all cases save and express companies compared wfth the pre-tadicsting Increases and follow: Steam railways $3 $3311314 an Increase of $2310997 eteetrie railways $4 an increase of $1711347: light heat and Power companies $00211343 an in-creasa of telephone and telegraph an Increase of $343371 Pullman Company $13-WWXan Increase crease of $141241 exprew companies $3041344 decrease of $40144 Amounts which paid by the will actually be Greater Reserve Loans To Industry Aim of US WASHINGTON Sept 7-tfV-Vtg-efforts to expand Federal Re-Iosm to Industry were planned by ttw executive committee of Uw twelve reserve Institution! In mb-with rnembrn of Uw Federal Thomas acting governor of the hoard said a program had been drawn up far of commercial at reserve centers throughout the itry to speed the lending of proxlmately $310400400 authorised at Uw hwt eeeslfln of Congrees The loans may be far five years OoinridentaUy ttw Treasury sh that examiners of the na-system the Federal Board and reserve corporation and ttw Deposit Insurance would meet In Waehtagton and Tuesday to to of uniformity In methods of ex-by ttw various agsnriee Tennesseean Makes fint Snowballs ol Atainmn DaUgresi to Arrtat Heref or Week-End VWt Celebrating -Nary Evort 450 tans IIS tort 1 of about thirty-five mmanfled tor mander Arthur a crow of a Mttla i and officer Ttw OUp left ttw HKnl at Rbrfolk and tied up at In order to receive full tide Vislton wm ba the ship until 10 A 54 IP tomorrow meal from 12 to 1 Among ttw offleen of ttw who will make the Rtrhmond trip are Lieutenant-Commander A Eaur-son Lieutenants Bunbrugh Brtaer Huntley and Mfller and Enrigna Andrew and A Fleimiken mm from the Chamber of will extend the official at ttw dock today- The Dahlgrsn expected to return to Norfolk cn Moo flay EXCISITKLt IT fa tto Mkaod the Batted scribed Mew tto goeernmenf it loved ctrentoflM of huUBmeat articte qf the eeriet fdtewe: BjrMsj Lswthms the credit to all directions ttw fear of deflation had brought production to a standstill and toeomra and con-had disastrously flnanekro and they could art put forward ition The cun they could only coma from "hard ort economy and sslf-sKriflce" Tha President however took a dlf- ra a study of Ptaal cycles By ttw and of 1M3 Uw dump which hud begun In September 1921 had afi done to the past in their later staget a purely monetary character vis: that of a cumulative deflation of bank credit and prices Modem burinses conducted with the aid of a huge Inverted pyramid of credit superimposed on a small bask of grid or notes bonk credit currency In America varying from about tan to fifteen times tha gold bosk Now the prudent bank manager In ttw course of hte duty towards hte depositors must necessarily can to loans as collateral values shrink eo si to keep Us accounts weU covered The unfortunate borrower ta then forced to sell hie forced telling leads to rtffl lower prices other banken can ta additional Iosm and the gathers momentum Prudent thus rapidly leads to Industrial collapse Hence a canal fan In prices when race It normally tendi to gather To euro such a slump tt never sufficient to atm at removing the prior initial cause war debts money or whatever tt may have tt te Invariably necessary to concentrate mainly on ttw secondary causes which an monetary In past trade cycle something si it happens has always occurred to went the Inverted pyramid af credit from collapsing completely 2n the trade cycle however since there wen factors present In America which were absent to part cycles and Uw modem credit machine Is now much mart highly developed than tt wm lormerty the normal check did not mature The pyramid of credit wu thus in danger of collapsing and untem a miracle of trade psychology occurred or unlaw Uw gonengwpt deliberately stepped in to codnteraet Uw progressive credit deflations which all prudent bunk managers necessarily pursuing the eoQspee would have undoubtedly continued despite unlimited "hard work and self-sacrifice" The problem facing America In March 1133 wu Jo convert ttw rid-oue circle of falling prices credit contraction and groiriiig stagnation of trade into a virtuous chela of higher prices and expanding industry This problem wu first and tary and thk wu the problem which the Incoming Resident had to attack Its constituent parts were: (1) TO reopen the banka 3t To stop tha pubic from hoarding- ill To stop cumulative bank credit deflation 4i To raising ttw value of banking starts mainly by cauting a maiket me in bonds (St To reduce the real burden of monetary debt fey raising pricss tn-graeral to about the 1931 level (ft to restore profit margins In Industry by getting prices back above costs (7) To Increase the flow of money and the volume of trade and employment lit To rate form prices To balance ttw budget Action wu needed Hte plan was ss follows: Need far BeSstlew Pint and foremast to reflate prices up to about tha level ao that (I) the burden of farm mortgages and filed money debts no longer ata up the whole praflta of industry and lb) ao that on ttw revival In profits the bonds of ttw railways etc held by the would become better covered and fey rising in prim tha proper me pitiiHttee of bank4 ete Price reflation was In fiat a order to avoid a of ttw banking ertek and foreclosures the spring of IMS Uw total of can internal debts was Just Mg In SfMoe rabies as ta 1934 ttw total of the assets had ahnmk ta dollar val-of credit deflation and to below that of the debts The choice thus lay be-a prolonged epidemic of tag the values of property of an of reflation Reflation wm naturally decided upon because It would: deflation tb) readjust ttw amets of the banka (c) put an and to ttw social atrik that was already growtag becausa of fanclosures and The float half of tha Praridenfi consisted therefore of ng back ttw pries level to that at which on the average extet- to etabUtae that at test tt had bom la the na-tion wttha mnd" dollar whlch would its purchasing and debt- fust Shone Pedra Giwp Defends la to Gtes Improvement Does Not Oppose Changes Hits at Unemployment riMfclllll jMHtfc la by war of contradicting that ttw new miibMIob over-righte ranch tha aiwnr wu not dl "lir SbatmdU quota tha Fmtdcnth bawT'tiaar'h Tha effort "to recreate confl- that tha movement "la o( a new political repudiated This i to comment that the rally "conservatives" "Hberak" cutting naauirratlr and Republican lines Severe Storm Due To Hit State Today rM raca their cottacaa and anight aafety In the my On the advance of Norfolk weather bureau officiate the police department learning that condition approaching panic were developing In the beach area broadcast a accaod ateiing emphatically that no ate danger canted and that If danger developed the people would be given ample warning Coact Guard headquaitera directed all veerele attached to the dtvtelou to by to enewer any dtetrrec call hip at lea None had been' re to laet night Them waa no word laet night from trainer Sacramento BrtckhouM Bar In Chen- Bay Few chip far Hampton Roads yesterday undertook to brave the storm by pining out to sea Si night fell with tha torrential rain upon Richmond yesterday two wires to the city electrical sys-aent down at Madison and streets plunging many build-Into darkness far nearly two Precinct stations tha Jail City Hall Mica other structure Uumtaation Tha ornamental Street and Jef Avenue and the traffic signals an Cary Street also were out Officiate reported that a tree blown by-the wind and made heavy by rata rubbed against tern wires causing them to bum out at Workmen wen buy repairing them until II William a Hiatt local manager of tha Cheeapeako and Momac TWe-phone Company reported the heavy put 100 telephone out of er- "Warkmra have found that it mostly cable trouble and aspect to have 'everything cleared up by midday Saturday' Mr Hiett said Officials of the Virginia Bectrle Company laet night to report elating their difficulty wu la traffic conges-parltcuiarty tha vicinity of mirth and Main streets i accidents wm numert left problematical of safe traffic on eoi ttw western approach ever ttw Famunkey at out by hi tha fin had been cult by tha rains The Rlchmond-Newport Newi undmnlnodjst Dtaacund Wright Traffic baa been naumed on 1 14 at Carltonb Mill in King Queen County over a temporary replacing the old bridge which out Monday when a mill In a cloudburst ttw Deaf Highways announced Tha weather bureau reported them Utlte likelihood of clear akWe for dim of ttw between arrived Bd MS tnchee fell" as "Tha precipitation for ttw hut twelve hours trading PL Friday) wac Mi and for -ttw hut twenty-four 107 "Danuta ttw rain tha Jbnwe River nof far above normal Columbia a depth of 141 tom 1 A I and SJ at 4 PM Oddttha in todayte weather rathe heavy rainfall 'in The Capital kf us faring aad But government may causa "lack of confidence" to Itself cither bp Inaction on ttw ana band or by a flood of oronoaok and social tegtetetion tha other At times it may osus took of In Itself and to ttw hy over-taxation at by ovar-expenditure talk qfibiy cither destroying or should dear as to what they really i Da they refer to confidence in tha ta the to ttw government or came into certainly no confidence ta the banks and the fact that people wen cashing their deposits and drawing money out forced banka to close Confldenca In imiMiig institutions however In ttw places when people keep their not ttw sum thing os canto American money although to ttw places where prod keep their money te essential to continued prosperity tt ls obvious that an Important part of Uw President's week was to ro-creatt confldenca In ttw banka Confldenca In ttw In American money ss distinct from American banking Institutions te quite another matter and incidentally it Is not ttw amt thing business con-Coufldence to ttw dollar ttw belief that tf oue toll tt will not depredate but preferably appreciate Confldenca in the money of a country te largely about by a deflation and by Inflation confidence however ta a different tiling Bustaea confidence requires the belief that prof Its will be made that commodities will not deprectate and that money win not appreciate that confidence in the confdence te hugely by causing lack wney This tetter not generally Rallied and tends to give rise to much confused talk In respect of confidence Mr Roo veltb plan had to be a mixed on (i) To restore publle confidence ta monetary the haiA 11) To give capitalists some confidence In American money and above an In bond values which wm carried out ta the main by proridtog the currency with a huge and convincing gold reserve: and (111) Simultaneously to foster bust nose confidence by a policy of credit Inflation ta order to secure hgfr prices The New Price Ryrbslegj Now as already said tha Presidents plan waa to reflate the price (1) to restore ttw amet the banka and (U) to correct the injustice of the previous deffariit The actual operation of this however would itself be a powerful stimulus to bustaea The Potet that the mere expectation of rising prices causes consumers to buy In advance of the rise and this eats Into middlemen's stocks while middlemen themselves who in the course of a deflation habitually let stocks run off to below normal far fear of Inventory lames tend to restock up again to normal thereby gtvtag increased orders to makeri who In turn pay out additional incomes to workers and thus Increase the general scale of employment and consumption The Resident knew of comae that by pun inflation ho could positively the total quantity of currency and thus rapidly set to tion an era of advancing prices the German experience of the 10201s douhtlea made him loath to tans te the note currency if he could possibly staid tt Ha knew moroowr stare there existed In the country even more gold than In the 1921 by when Prieee and trade wen 1M per cent higher that tf by pqvhologinl methods he could make ttw "believe" that higher prices coming he could thereby restore confidence and make the powerful "latent' reflationary influence effective Re therefore planned to urn of every pomlbie psychological stratagem Dk PbyclwlHy Strategy Hte first Psychological wm to obtain powers from Congress to devalue Uw grid dollar by pa and to spend I30M0M0M of government money on nd relief He rightly that the mere obtaining of ere would create a new psychology of prices and thus Improve Industry Secondly observing that the wm generally held (though tt retleally unsound) that going off gold te Itself inflation' few America off gold even wm active act with at ones began to revive The revival continued until November 1M4 although the currency was not quantitatively taflatad oca lota tail Interesting to note that her revival by nylng nothing and inflating her by 11 per cent Boose-i initial results (up to 1M4) by much talk and llttte action Indeed bank credit or notes were not at an until early in 1M4 trade These two and Credit Ex- 1014 by Simon tt Beta ter tae distributed by United FM tun Syndicate tac) Eases Headache In3 Minutes algo -1 A 1 "i 'i 3 3 May Drop Price-Fixing In New NRASetup President Sees It Afoul of Anti -Trail Laws He Tells Parley HTDff PARK Pinhleirt Roosevelt questionable as tha anti-trust lawn tt out today at hte regular ance Ha mid ho regards the of collective bargaining tot labor and Billion of child labor a-awit parts of Uw permanent MBA which he studying for submission to tin nest Congrew Mr Roosevelt dteclosad bo wm giving dally thought to Uw future of Uw RRA and aspeeted it to by a step-by-step stage of tatlon He win confer Monday or Ttteoday with Oeneral Johnson industrial administrator on Uw administrative machinery which he braes to art up to carry on until a permanent formula Is provided by Congress Saska ta Staipiify Mr Roosevelt pointed out that simplification Is tha constant objective and that all phaeea of Uw effort for supervision of Industry to aid recovery are receiving equal attention in the comprehensive study Unworkable parts of NRA will go by Uw boards In tbs border line of doubtful phases of NRA ore the subjects of prtce-flxing price-pasting reports of surpluses and the like It is regarded as certain that he will agree with recommendations of Johnson and others for establishment of a board of control miner than a one-man administration The President included among the topics of consideration minimum wsgta Interpretation of the' article 7a granting right of collective bargaining exchange of views among Industrialists price-fixing price-posting and reports of surpluses Closely watching tha textile strike the President mode It dear that the Issue from Federal standpoint wu in the bands of the sped board heeded by Governor Wtnant which he named Wednesday 10000 Acre Park Assured In Chesterfield GGC Units Would Do Work Stale Maintain Project Under Unusual Scheme Creation of a lOjOOO-acm recreational park In Chaeterfield County to provide camping fishing and other recreational servlet far the Richmond-PMenburg-Hoprwen area wm yesterday at a meeting of Uw Conservation and Devalopment mission Uw commission announced Under Uw echema dtseussed in the governor's office neatly by a of influential cittern tha Federal Park Service would aecun ttw land work would bo dona by OOC men for park aea and eventually the fe tract would' be turned back to ttw far operation the rent of a artificial to ba keep Uw park self- Approximately SAOO i under option The test ted cnatton i Uw sum for maintenance already an Eyes and Ears Register By Habit Says Savant TORE Sept and hearing an partly habit and not believed eokly tha use of oars the American Fayd logical Association wm informed total ttw annual Tha President Dr of ttw Oeorga Peabody OoUego Par Teachers MaanUla shewed how the dual kink in peroration possibly ac counts for the won-known i team new ways ways i with tha fact that other eye eoe an objects upside iwn Various phyeholagkta hero ade (teases to reverse all Tbs astonishing fact that thpoa who took lone enough to to this bm Uaeultiee ln readily recognising old kin Joeta when they doffed ttw that Ravy PSrt WASHINGTON Naval Hi lieutenant commander' Alfred Pride U1 8' Ntn)und Ttwoday a plane no Uw Pofaaua River off Sept t-cm- Virginia Permit Issued To Local Firm State first to Offer Lo gal Product Distillery to Locate South of Gty whether permits In Virginia an changed to author manufacture of this product Tha distillery located da the Mchmand-Fetcraburg Road five miles below Richmond on a fifty-seven-acre tract The Federal Board wm not ln-whether It ready far open-tely Little and Mahaley made their first requeit for a permit in January they represented to the board their plant wu established before the November 17 date Xt wu discovered this wu incorrect A subsequent application wm also refused but the third made August 33 was approved on Uw ground that plus tor tbs tUlery had been made before ttw final date and the boarfawu able to rise discretion granted it in where supply of certain types of Is not aat legally by demand Prominent Richmond bustawm civic leaders who approved the quest for a permit for Uw Richmond firm Included ultra Hill John White Hotchkiss A Rytend EL Willingham 8 Hotchkiss Walker John Wilson Herbert Jackson Taykw Col Her Louis Riwger Mollrr M-Andersou and Oeorge Kemp The Commonwealth and other clubs ere mid by the FAGA to have Informed tt that they desired the product for tbetr members Ms haler Writ Lee Mahaley wen known ta Richmond For a number of years prior to the enactment of Uw prohibition amendment he wu Identified with the Old Dominion Distilling Company which operated a plant far the manufacture of com whisky I few mites outside of Uw city to Henrico County With the advent of prohibition ho went to Salisbury where he engaged in the cotton textile Industry Mr Mahaley1 return to the city was brought about tt wu said last night through the efforts of a group of tors business men who desired tha benefits of hte knowledge and experience in the new distillery to be erected near here The city directory failed to disclose anyone by the name of Little Identified in the Washington report one of the parties Interested in the local project Little of 310 Roanoke Street last night declined to say whether or not ha wu the person Rimed to in the report "I have no statement to make far publication" Mr Little said The distillery and warehouse it wu reported will be built to the near future on Falling Creek at an aett-mated cost of more than HOMO An electric aging procem win be need tt wm said and employment win be furnished between fifteen persons Dry Virginia Spends $500000 in ABC 'Store BECKLEY VA Lewis Bumgardner of Beckiey general chairman of the State council eatal in a statement that a personal Investigation $500000 annually Is Virginia through the Vika Ilauor stow Id store te Uw third paint of sates hi the State of Vbgtala than being one store to In Norfolk with showed at the Blue-by Wert Vlr-that with a Convicts Shoot Gtiard Flee in Prison Truck OKUL Two convicted slayers a State's T-CR- Aikew ttw guard wm Uw neck and taken ta ttw truck to a point alx mltea 1 ttw prison when the convieta him in the truck and seised two driving in their car Tha convicts DanvU ctwetaln and both were serving long Shot in Melon Patch 'Transient? Has $155 LYHCHBURO Sept Glenn -Atkina of Gastonia who described as stent" wm taken to mjihi tor ottoman after ho bean shot la It that ha about hte person it wm that Atkins was attempting to steal a awkn when the owner xt the patch This third ponon to Wot danffibisti Gram Get tb nm-CO kaUt Uun far yomrif 8w Isrpr aumber of uses far tbk deUdow chocolate Bovored driak WM-KO bm ttw TRUB cAocs-leif tear becaiM tt wad with sm of the mart aapmivu rhocwlate taveriap an tha waikrt II of etaadud toflk-aid te nett la I far a quaff of KAtMJJO BOU UCHMOED maraifl: wmm.