The Cedarville Herald, Volume 55, Numbers 27-52

THE C E D A R ViLLE HERALD KARLH RUO# — — EDITOR AND PUBLISHER ftatar#4 gtthe Poa$ Office Ucdarvillo, Ohio, October SI. 1887, l s abscond cliuw matter. ffTTTTT- f -»—«» JWitarUl iM«r,i OMo 4M«c.; 10M! Valter ftm tom* ” MONDAY THE DAY WE CELEBRATE Monday is July 4th, Independance Day, the one 1% joyous holiday of the year. It will be observed as in the past but just a bit different than during more prosperous times. Smce last Independance Day many things have happened to nations, to individuals, to the whole woi'ld. ‘ . . ‘ . , With some it will be a day of joy-riding, picnics, noise and releasing pent-up enthusiasm especially among the younger folk. With others it will mean just another day on the farm u the harvest of a crop of wheat of little cash value. In the fac­ tory and mill districts the Fourth comes with silent wheels, no fire under the boilers; unemployment everywhere and bread lines in mid-summer, something the nation has not known for pearly forty years; it comes when stocks, bonds, farm prod­ ucts, and commercial paper are at bankrupt prices. The United States is still the greatest nation in the world, despite all our woes and sorrow. The dominent political con­ ventions have been held and promises'by the thousand words have been made, most o f which will never be kept. We greet the Fourth with one assurance that what cash yet remains in the country will still be here another year, as small as the a- mount may be. We have gone broke lending to foreign nations and before July 4th, 1933, official Washington will know that ■for the coming year at least, “ America will be for Americans” . VALUE OF THE REFINANCE CORPORATION Undisputed report* from Spring­ field bring the information that a once very popular banker and head of a financial institution in that city ia now found short many thousand dollars in his accounts where he held estates and trusted funds. The bank er is gone, having taken the short route at suicide. In orte estate he left only 15 cents out of more than fifty thousand dollars. He made way with funds belonging to his wife and sister-in-law, All this is unwelcome news and never tends to build up con fidence and faith in our fellowmen. But facts are facts and must be met face to face. To ignore them and not give them publicity would only he making it possible for others to .do the same thing, thinking it would'not become public. That is one dominant feature of free publicity, The honest citizen never has any reason to worryi the fellow that you always hear cry­ ing about someone lifting the lid on wrong doing usually has good reason to oppose publicity. ng notices and have them distributed >y officials. In soft** teams the police will he asked to deliver water hills. Light and power companies will have meter reader* d e l i v e r m o n t h l y ] bills. Many firm* that have been u s -! mg ' ‘house organs" announce a dis­ continuance.owing t » increase in post­ age, A few years ago few would Have paid attention to the postage in­ crease bat the depression has put a crimp in all forma o f business and re­ ductions are necessary, **** r« Cincinnati was the first city to let opt a squake over a distribution of the intangible tax among other coun­ ties. Next came Franklin county and now. Payton threatens a suit, All of ;hese counties now feel that classifi­ cation is not what it was represented to be. The Hamilton county comm it sioners have asked Robert^Taft,. auth­ or o f the classification Jaw to defend it in a suit in that county, but Taft has declined saying he was too busy and was leaving’in August for a trip to Europe and turned down the re­ quest. With the larger counties fil­ ing suite, against the distribution o f this tax, it means counties, schools and-municipalities wifi not get any of this money very soon. There is much controversy and more speculation among business people as to the merits of the government “ Refinance Corporation” Men differ greatly in their views and from all outward appearances little^has been accomplished. The rail­ roads have been the recipientsWma^ny^illionsof_ dollars, or government credit, as some say. Some raiJi^dsTiaVe"profited- to a greater extent than others and this has caused much fric­ tion in financial circles where rail stocks and bonds are held, If one looks for the popular approval of what the govern­ ment corporation has accomplished it is not reflected in a rush" to buy rail stocks and bonds in the market. Official Washing­ ton is disturbed over the corporation or the outcome. There is more than speculation as to why Gen, Dawes resigned so hast­ ily.^ ■ "■■ .One thing is sure small banks and building and loans have not received much aid and this has disappointed, hundreds of thousands of depositors. Large financial institutions have re­ ceived most o f the aid. It is not. likely that any plan will have ' the approval of the government that will give direct aid to the smaller institutions. The result is just what'you read day by day in bank closings. • Life insurance companies hold more than 300 billion dol­ lars belonging to policy holders. Much of this is in railroad se­ curities. A life insurance policy is about the only thing, we have left that has a real value and if the railroads can be saved ,the Refinance Corporation may prove worthwhile. A LESSON IN BANK STATEMENT READING Every few days the-public gets a neyys report of a bank fail­ ure somewhere. There was a lull for a time and many thought things were brightening up but on came more reports, all of xWhieh only brings the exact economic condition home to the in­ dividual. Banks deal in money, directly or indirectly, for credit must have money in the background somewhere. When money gets “ tight” hanks that do not have large surplus and do riot remain “ liquid” are about like the depositor with ?20 in bank and trying to meet a ?50 account. ■ ' No" doubt many banks made serious mistakes during the inflation period. Banks that stayed away from the stockinar- ket, were conservative in their Joans, and* confined themselves to the legitimate field, are! no' in strong position. The same canybe said o f building and loans. The easy money period was just attempting to bankers as to citizens in general. There*were o f course many that were not led astray. . Having given the viewpoint of the banker something must be said oFthe ordinary-depositor and also the borrower. The depositor w&s not paying much attention to how strong or how weajc a bank was in those days. His attention was fixed on pil­ ing up his profits. He probably let. out objections when the banks put in force the monthly service fee on 850 accounts or under. Today that fqg system is no worry. People have come to realize that to get good service it must be paid for. The in­ stitution that was too libieral in making loans is now paying the penalty. One of the important rules o f a bank is to know when to say “yes” and went to say “ no” . * Both federal'and state laws require published statements as to how banks stand on certain days. These statements must come at least threel times a year froip national banks and four times a year from state banks, so far as Ohio Is concerned. The publication of a bank statement is for your enlightenment. No dpubt to many it is just a pile of figures, the average reader be­ ing interested in amount of deposits more than what the hank had as “ assets” or owned, than what’ it might “ owe” or repo as “ liabilities” , including deposits. Probably the public has been negligent in not knowing more about bank statements and being posted as to what each line meant. From now on. until we get into, another spending spree we imagine a bank state- ment.will be more carefully analyzed. It will be better for all bankers to know that the public is watching, digesting and dis­ cussing bank statements as never before. If you are not sure about what a bank statement contains, take the trouble to in­ vestigate but.get your information from one you think knows more about it than you do. Hotel Chittenden rodecouttd and remodeled * . - over in making the Hotel Chittenden the \fog the traveler. Heineof the “Purple • Shop. Large, comfortable room*— service. Rates from $1.70 upward. G ao . A W s y d lg , M an a g e r COLUMBUS, OHIO , ■ What became ,of the funds intrustec to the Spiingfield'banker't It now de* velopes that he had a secret account n an assumed name in a bucket shop '.n that city and that speculation in the stockmarket brought disaster^ and disgrace and to blot out his unfaith­ ful licte 7 _a-TevelveEjKas_ put in use, It has .not been so many jTearff-ago .'hat another banker in that same city Tied suicide after wrecking his bank, It is remarkable that, the same bucket ihop secured his stolen funds. And Springfield citizens took no steps or nade any effprt to close the bucket- shop that was operating in open de­ fiance o f the law. While hundreds of' innocent persons suffereed great loss through wrecking this bank, public sentiment was held in check. But these two once trusted heads of finan­ cial institutions were not the only persons that lost heavily in the buck­ et shop. Another trusted bookkeep er for private interests used several thousands o f 'pertained. bonds to play the market and he lost and has now left the city. All of this is not news to many people. It seems'to be .a com- mon every day occurance over the country. , But it does prove that Wall street gambling is costiy more often to the innocent than to those who invest their own money and loose. Recent exposures prove that owners Of cer­ tain stocks- in some o f our big indus­ trial content*'have ’ used the Wall Street plan to run down the voluoatof stocks in order that they can be pur­ chased at a great sacrifice to-those who desire to sell. Congress talks of such conditions as a crime yet no one can get Congress to pass a law to close the gambling market or at least place it under control. We have frequently in recent years referred to the fight made against dog tracks and that hind of gambling. We have also stressed the point, that too much attention was being placed oh such kinds o f gambling, not that we had any interest, in it, but that we all were overlooking other forms that were far more dangerous. We recall the. opening o f a dog track in this county* and the operation o f another in a neighboring county. Public sen­ timent was soon aroused against it and out it went but other forms of gambling far worse were not molest­ ed and are still going on. More mon ey -goes out of Greene county each year by the Sale o f race-horse pool than would be taken by the dog track route. Hundreds o f thousands of dollars vSre withdraw from our finan cial institutions and invested in Wall, Street, never to return and this was a loss to the institutions and did not aid in any way towards adding to the stability of the institution that held money belonging to hundreds that did not gamble in any form.’ Baabh Ceric H th* cork ba* fallen Into • bob 0* you wish to keep forJfuture use, P*or ooovgb household ammonia Into the bottle to float the cork. Let It stand « few day* and the cork will break Into floe pieces, allowing (t to •tide out of the mouth of tbe bottle with eat*. RHOMB C CALL........ a p P hmwab fcMNomcc Coiumbua.ottto IREENR COUNTY FBRttUfflB* Tel. S it, Xeaia, O, Prices Cut Deep — O R According to reports Chicago has had thirty-four bank failures during the present month, This would not indicate' much encouragement’ in the way of improvement, especially in ft-, nancial circles. It is generally ,con- ceeded the new revenue law to bal­ ance the budget has had a demoraliz­ ing effect on business. With business on the down grade and government taxes piled here and there, naturally ^rate-business, people in the “ dumps.’* It has been a costly Tesson to the na­ tion where an administration spends i billion more than its income in three years. Ohio hod a Myers Y. Cooper administration that left the state sev­ eral million poorer at the end o f his term but Ohioans at the recent pri­ mary did not care for a repetition and left the former governor, to. devote his time to his private interests. An attempt was made in congress a few days ago.to cut the salary list of the Federal Farm Board only four hundred thousand dollars when it was many times that amount. A t once a storm of protest was raised and-yet from ail comer* of the country we hear the. _agricultural .interests de­ manding salary reductions. While the Farm Board is pot altogether a farm organization, it is supposed to repre­ sent agriculture in the marketing o f crops. The average farmer is convin­ ced it has beena real detriment to farm Interests, hut the farm politi­ ciana,seem to bie in. control. It is go- . ng to be an interesting campaign. We can expect some lively debates over the use o f this board. It will be more -han interesting to hear Senator Fees before a group 'o f fanners trying to convince them how the Farm Board has. aided in getting them top prices for their product#. COAL t t Lowest Prices in Years “HERALDWANTANDSALEADSPAY” The dog track form had a double- headed opposition. Those opposed to it as a wrong against society and by those who' were interested in race horse gambling. The race horse in­ terests raised .thousands o f dollars to campaign against the dog tracks and part o f it came to Greene county. The dog track also gave the quack poli­ ticians a chance to play on public sen­ timent, As a result the “dog track** has had its day but the other forms still flourish—other than from what effect “ Old Man Depression” has been able to exert Over in Franklin coun­ ty certain interests, kept up a fight against a dog track In Madison coun |ty. The same interests owned a track J in that county that had both dog and race horse gambling. “Old Man De­ pression” says there must be no rac­ ing this summer in Franklin connty, and the ‘‘Old Man’s” word is law and gospel. The "Old Man'* would do a greater service i f he could impress on the public the inconsistency of our idea o f what kind o f gambling should and should not flourish. The new law increasing postage goes into effect on July fith and al­ ready business firms are finding ways to cut down and eliminate postage. Aa postal cards remain the same price there will be a greater, demand for them among business people. Many city governments will eliminate mail- No. 3. Pocahontas Coal Cash at the car. per ton Same CoalDeliveredand potin bin Cashper ton.; . . . . . . . • - 1 $ 5.25 Other Coals portion as to and Feed in pro- quality and .price A. E. Allen Cedarville has a pretty good stand­ ing with the public utility companies when it comes to meeting the bills for service each month. We were in­ formed several days ago by the man­ ager o f one o f -the companies that considering population,' Cedarville stood near the top o f the list. The present economic situation with bank rouble would naturally lead one believe collections would be a little slower than usual but such does not seem to be the case. This is a fine recommendation for a town and re­ flects the financial stability of the community even in the face of very unusual conditions.1-* With -many o f our staunch dry of­ fice holders and candidates coming out for resubmission, repeal and better beer, we may look for most anything during the coming months. The pro­ fessional “detective” that goes from county to county to be hired out to land bootleggers may soon he out of a job. We have never been very much in favor o f this type of law enforce­ ment due to the fact that most of these fellows have been or are yet criminals with prison records. It is reasonable to expect that-this type of citizenship would be employed when the head of a neighboring Anti Sa­ loon League district, has served a pen term and is without -standing in any community where it is known. Yet in many places churchts^ have admit­ ted this fellow probably not knowing his private life. Conscientious drys are now getting their eyes opened and have learned that much of the whole prohibition enforcement Is nothing more thanpolitical buncombe. Officials that have been loudest about prohibition have now turned to the wets, We may next expect to hear of a certain sheriff that has used cir­ cus stqnts in prohibition enforcement with press-agent reports colored to suit, urging reaubmission or repeal. With the return o f the open saloon at the conclusion o f his term he can Officials that have been lowdest about • Local • Telephone Service is NOT TAXED The II. S. Government tax on,LONG DISTANCE telephone culls costing 50c or. more became effective Jane 21, 1932* This tax does not apply to local service and affects only about 30% o f the long distance messages. Foil atilt can make tax-exempt out-of-town calls up to SO miles during the day and up to 'ISO miles after 8:30 p, m. when night rates apply* For instance, after 8:30 p. m. you can talk for three minutes between Cleveland and Columbus for 45c. * 9 Under this revenue act the telephone company is responsible for collecting these taxes and turning them over to the United States Collector o f Internal Revenue. TUB OHIO IH iU , TlXEI-IIOVK CO, SEE THEHERALDFOR GOM ERCIALPRINTING i