The Cedarville Herald, Volume 56, Numbers 27-51

THE CEDARVILLE HERALD JCASUB BUM. — — — EDITOR AND PUBLISHER I IQttBUK -X»U<j«aI gator!*! Assoc.; Ohio Kclra?artt Assoc. j Mtac:l Volley Press A-aoc. | Entered at the Poet Office, Cedgrville, Ohio, October 31, 1887, Jta second class matter, ’ FRIDAY, JUNE SOT 1933 THE 'BUILDING AND LOAN RACKET One of the worst rackets employed in Ohio and one equally aa detrimental to social and economical welfare of our people is the common practice of running down building and loan stocks by circulating reports that would frighten holders in selling their interest in these institutions at a great personal loss. When the depression began to make itself felt in most every quarter, those who saw the opportunity to make some easy money by way o f commissions began to work on the sympathy of shareholders to advise them to sell out. Of course the price quoted was rediculously low, the buyers oftimes holding the stocks and selling them later at a good profit. Thus the savings o f those who could be influenced to sell were greatly reduced and this only added to aid in reducing the purchasing power o f the people* It has been a trying time the past two years to guide any financial institution but it has been just as hard to keep the manufacturing business or even farm management on an even keel. There has been bad management in some building and loan associations in Ohio, this cannot be denied, but the same can be said o f many banks. There has been bad management in industry and numerous companies have gone to the wall. Bad management, aided by low prices, has put many a farm on the auction bloqk. As this deals particularly with building and loan institu­ tions it cannot be truthfully said that all of these associations have had bad management. Boards o f directors have been compelled to adopt some rules for operation that have not al­ ways pleased patrons but they were for the best interest of the institution, to preserve the assets, and time alone will convince stockholders that those in charge acted only in their interest. When the air has cleared and people once more get settled, with business on the upgrade, many a stockholder that sold his or her holdings at a great loss, will regret their act. The scalper that circulated the. reports has received his commission and of course, has no more interest in the stockholder. We have in mind a building and loan in an Ohio city that two'years ago was in the finest financial condition and did not have a dollar of borrowed money. It had been re reiving pay­ ments and paying out without restrictions. The scalpers saw their opportunity and began to circulate suspicious reports re­ flecting on this institution knowing that a ready market could be found for the stock. Todays quotations on this institution’s stock is but little above some others that are in trouble due to speculative management. The special point we wish tc make is that stockholders should make their own investigation before selling. If they wish to give their stock away, that is their own concern but to be influenced by broker’s, scalpers or agents, or some one who wishes to purchase on^the grounds that an institution is un­ sound, in order that another may get a big profit, is not only unwise business but a big loss to the holder who sells. By such methods the valu« of stock held by others is reduced in the open market, regardless of what the book value may be. So far as we know no effiQrt has bee* made by the legis­ lature to curb this evil. No law can be passed that would keep a shareholder from selling his interest bet there should be a law that no one could publically or privately solicit the sale oi either building and loan or bank Stocks. If the owner wants to sell let him make known to the public and deal directly with purchaser. In this way stocks would be sold nearer their actual value, and the end would come to well directed campaigns where people .are hired to go about to run down the price 61 stock, others unkhown are desirous of purchasing. CSDAKVII.L6 HERALD, FRIDAY, JUNE CO, 1933 REFERENDUM ON TWO STATE LAWS - Secretary of State George Myers announces that petitions containing S20,000 or more names have been filed calling for a referendum on recent laws enaeted to place the automobile license tag division under the Highway Department and another providing for so-called rural ^police. The latter provides for rural police under the direction of the Highway Department on .state roads only. The charge has been rightfully made that this rural police system is for nothing more than political purposes. Those who favor it say such is necessary to check up on the weight of trucks but the Public Service Commssion has hundreds of in­ spectors on the pay roll now for that purpose. Whether this board is enforcing the law we do not know other than reports come to us that trucks are in daily use on the roads that weigh from one to five tons more than the law permits. The cost of the rural police system will run into the mil­ lions and provide nothing but soft births for politicians to be paid out of the gasoline tax, thus reducing the amount of money that could be used in highway building or repair. It is safe to say that ninety-five per cent of the residents in the state, rural and urban, do not reside an state highways. These political appointed policemen riding on motorcycles or in automobiles owned by the state are not to be prohibition enforcement agents. They are not to run down chicken thieves for farmers or highwaymen that hold up banks. Their duties are to be directed by the State Highway Director. Secretary of State Myers has greatly impressed citizens of this state that he is a worthy successor to-Clarence J. Brown. He is attending to his own business as an official in the interest of the state. He has refused to let political bosses, even Gov. White, dictate his appointees or define the policies of his official staff. He has handled the motor license bureau satisfactory to the motoring public and it should be left where it has been since the first license law was passed. Both o f these laws should be opposed this fall and a “ No” vote cast on each proposition. One of the things we are anxious to see is Gov. White’s Milk Commission in operation. Increasing the price of milk to aid producers will be approved but satisfying the consumer and the middleman may be something else. Dollar wheat brings the announcement that big city bakers are to increase the price of bread to seven cents. The new industry bill provide? for regulation as to price and size of loaf. It has been reported it cost the big city bakers more to distri­ bute their bread'with the commission paid truck drivers than it did to pay for flpur, lard, and baking. Quality of flour and substitutes should also be regulated. The industry bill promises to create a new situation in this country as most everything goes under regulation. The chain grocery store must meet the independent store or the latter must meet the former. Which will it be? The big summer feature for outdoor exercise is swimming, ensouraged no doubt by the fact that President Roosevelt is an ardent believer in this sport. Thousands of drownings have been reported this summer, many more than usual. Exercise caution where you swim and what your physical condition is before you enter the water. The fire-cracker comes into its own Saturday and goes out July fifth. The Fourth is the big day in a boy’s life. The Ohio legislature lacking leadership is drifting day after day, taking Uncle George to the same unhappy hunting ground that received Myers Y, Cooper, The wets jubilent over sixteen straight victories now ask themselves, “ Is there one dry) state yet to vote?” Why worry about the heat? Wa thought we had too much ram in May. Remember, December is only six months away. IMPROVED UNIFORM INTERNATIONAL S UNDAY1 chool Lesson (By BEV. P. B. FITZWATJBR, D. D.. Mem­ ber of Faculty. Moody mbit InstltuL of Chicago.) 19S3, Ws.tsrn N.wtpapor.Ucloa, Lesson for July 2 JOSHUA LESSON TEXT— lo»hu» 1:1-1! *»:>, 4, 14. GOLDEN TEXT—Hav* not I com­ manded theej Be atrong and o f a good courage; be not afraid, neither be thou diamayed: for the Lord thy God la with thee whithersoever thou goast. Joshua 1:9. PRIMARY TOPIC—God Helping Joshua. JUNIOR TOPIC—A Captain Cou­ rageous, INTERMEDIATE AND SENIOR TOP­ IC—How Joshua Succeeded. YOUNG PEOPLE AND ADULT TOP­ IC—Tho Source of Joshua’s Strength. The book of Joshua, from which our lesson is taken, is a history of the con quest of the promised land and Its d! vision among the tribes of Israel. It takes Its nume from Its principal char* deter, Joshua. I.. Joshua, the New Leader of leraci L, His appointment (Num. 27118-20) The people were not to be left In doubl as to a leader when Moses waa gone The lender was to be appointed and to be given recognition before the people. During, the wilderness Journey Joshua was Moses' minister and the captain of bis army. When Moses was denied the privilege of going over the Jordan, Joshna was appointed to the leadership of Israel. 2. Joshua’s fitness for the leadership of Israel (Deut. 34 :9). a. He was full of the spirit of wis­ dom. Although not dependent upon human wisdom, God selects as his rep­ resentatives men whom be has en flowed .with the proper .wisdom. b. ■He was divinely ordained for the, work at the hand of Moses, for “Moses had laid his hands upon him.’’ This tie had done at the commandment of God (Num. 27:18). ' c. -The people owned him as their leader. For successful leadership, ja. ruler must have the Individual affec­ tion and allegiance of the people. II, Joshua Commanded to Take Charge (vv. 1, 2). Moses was dead, but God's work must go on ; therefore, God Issued the command for the new leader to as­ sume his duty. III. God Renews His Promise to Is­ rael Concerning the Land (w . 3, 4). This promise had .been given ato Abraham and renewed to Isaac, Jacob, and Moses. It is now renewed to Is­ rael as they were about to enter upon Its possession. The nearest this terri- lory was ever possessed was during the reign of David and Soiomon. This land still belongs to the Jews, and In God’s own time they will possess It The world will not be at peace nor the fullness of divine blessing come upon the world until Israel Is in this land. The present distressful condition hi Germany and other parts o f Europe may hasten the movement o f Israel to their own land.. As these notes are written, Grent Britain Is being advised to open Palestine to the Jews. IV. The Promise of the Divine Pret­ ence (v. 5). * • Joshua was entering upon a perilous and difficult enterprise. The difficul­ ties before Joshua were: 1. The Jordan river (v. 2). This river was now at Its flood (Josh. 3:1b), making fit Impossible for armies to cross. 2. People were living In walled cities (Num. 13:28). Notwithstanding this, God was ready to insure success a. “ I will not fall thee, nor forsake thee” (v. 5). b. “ There slmil not ny man be able to stand before thee” (v, 5). , c. “ As I was with Moses, so I will be with thee” (v, 5). Because of his conviction that God had been with his master he was willing and ready to cross the Jordan at Its flood tide'and courageously meet his enemies. V. Conditions of Blessing In the Land (vv. 0-9). 1, “Be strong and of good courage” (v. 0). His mission was to go In and conquer the land and then to divide It among the tribes for an inheritance. To do this required courage. 2. Unwavering obedience to the Word of God (v. 7), In all his work he must conform his life to the law of God. In order to accomplish this the law of tile Lord must be in his mouth continually, Joshna rendered prompt obedience. VI. Joshua's Retrospection (Josh. •-’3:3, 4. 14). As his life was now drawing to k dose, he summoned the people and rul­ ers and gave farewell counsel. 1. Rehearses God's goodness (v. 14). God had given rest to Israel from all their enemies.and had brought them into the land of plenty. 2. All that had been done for them was by the hand of the Lord (vv. 8, 4), God had fou ;ht for them. No one waa able to stand against them, MMMMNUI, . 1 The Vldon of Life This vision of life In the cross Is not a vision of despnlr but of confi­ dence and hope, because behind It there is the empty tomb, and the llg. tire with wounded hands outstretched to bless, ascending Into glory.—0. A. Studdert Kennedy, He Never Fell* “ If we never deslro anything but what God desires, we will nlwayi it- tain our object, because God’s will m never fall of accomplishment."—J :j $2.00 will start you out for fire and theft* wind storm and hail, and then a little over a penny per day will carry 100 per cent protection on your car. Let us take the chance. Motor­ ists Mutual Insurance Co. G. II. Hartman* Local Representative, For Snle:—Three door refrigerator in good condition. Plenty o f storage room, Priced reasonable. Inquire as where it can |>e seon and price at this office, knew about the eflictioo o f rh*um*t- 1ism, but there waa doubt in his mind It is amusing to read the columns o f comment on the result o f the House o f Morgan inquiry by the Senate and the exposure o f methods used to cir- \ cumvent the purpose o f the Jaw. The trend o f the comment is along moral lines, that Mr. Morgan or any o f his associates committed no great moral wrong* not even the letter o f the law. But we read no favorable comment that Mr. Morgan violated the spirit o f the law. There is a wide differ­ ence o f opinion these days as to what constitutes our code o f business morals and ethics. In most instances where there is a chance o f profit with­ out stepping on the first step o f state or federal prison, there is no moral law violated. The gambling spirit is so imbedded in our personal makeup that we have lost all sense o f the fundemental principles not only, of government but in our daily com­ mercial dealings. some place where it cost about 81' Harvard pronunciation, cents a bushel to produce wheat last! ——— year. The difference to him between^ We notice from some exchanges ever afterwards whether he had ever 81 cents and $1.00 must look like that hog cholera is showing itself,' drank liquor that might have been real profit because o f the twenty-five particularly ip Miami county. W ith ;used fo r foot wash, cent spread. But he did not take into continued dry weather this particular consideration that the fai’mer was not disease will develop and there is no getting the $1.00 fo r it costs some- control for it other than yaccination. No one charges Mr. Morgan with murder or even holding up any o f his patrons. He has loaned many hun­ dred o f millions o f dollars . to the government during the past adminis­ tration, that netted him big profits. By thoughtful action he no doubt through his representatives convinced the government that all federal se­ curities should be sold through the House o f Morgan. In this he com­ mitted no wrong. On the witness -stand he did not evade questions that meant exposure o f ■his business methods or the profits he took from the government. In fact it was plain that he followed his code of business ethics and morals, all within the law, to get the big profits, We all differ op what certain standards should be and thus Mr. Morgan had as much right to his views as we or others may have to theirs. thing like 1C cents to get it to the seaboard. Had the editor looked at his own market page he would have found that cash wheat in M b own community was only 83 cents the same day. The government is going ahead with its market stabalization program fo r wheat and cottom, regardless o f the fact that wheat has passed the dollar mark' and cotton is ten cents. The .government set out an average price o f 93 cents and it may not be necessary to enforce the $1.50 a barrel tax on flour to build up the guarantee fund. Wheat in all sections o f this country is either made or far enough along to estimate the future crop. Re­ ports indicate only about a fifty per cent crop for the year which can be consumed in this country along with the 300 million buBhel surplus carried over. Now it is Dr. Alfred E. Smith. Harverd handed the one-time presi­ dential candidate a degree several days ago that lifts him from the “ side walks o f New York." There is We have not heard o f any cholera in tins section but now and then other diseases, particular a western disease introduced with imported feeders causes feeders much trouble. Cholera in a lot o f feeling or stock hogs is like having the three pound frys stolen, all your work fo r nothing. Take vo chances and have the hogs vae- cisnated. Your physician can. if he desires write you a prescription for as much hard liquor as he thinks you should have. The time limit o f ten days and quantity has been dropped. With this piece o f daily news comes a story that the country is to run short on medical liquor. If this should happen those ill might have a long suffering until the aged liquor could again be placed on the market. It is our personal opinion the shortage story is greatly overdrawn. The geqferal health o f the nation should now be improved. Sixteen states have voted on pro­ hibition repeal and each state has given large majorities to ratify tho federal proposal to drop the Eigh­ teenth amendment. The dry leaders had great faith in Indiana but were disappointed. Then came the election .Tuesday in West Virginia, This state only a few years ago gave a dry ma­ jority o f more than 90,000 but re­ versed itself Tuesday and joins the wet parade, More disappointment fo r West Virginia is a border state and will have a great bearing on South­ ern states, Tennessee to vote July 20, and Alabama and Arkansas on July 18. The drys have all the odds against them in this campaign, the greatest o f which is indifference on the part o f all classes o f people. Com­ mercialism o f prohibition has been the millstone. The use o f medicinal liquor reminds us o f a local case back in local option days when a certain barber was plac­ ed on the carpet fo r handling liquor probably no more popular citizen to-jin violation o f the law. When his day than A1 Smith. He has grown ' place was raided two two gallon jugs since his defeat for the presidency Jwere found, well filled. During his and is in a commanding position in trial in mayor’s court’ the defendant the business world. He sits on van- was asked what he did with the liquor, ous boards with some of the leading j after denying the charge o f illegal statesmen and financiers. You say he ' sale. He testified that he kept it fo r >8 a product o f Tammany. True enough ’ medical use. How was it used follow- but in the Mayor .Walker investiga-|ed ? His testimony was that he turn- tion he joined with Gov. Franklin ,ed the liquor out in a tub and used it The criticism o f this practice falls to the head o f the out-going adminis­ tration, which was a costly experiment to the people o f this nation. The touted great engineer was anything but an executive. He could not or did not control his appointees. He permitted them to engage in business practices that- - would wreck any private concern. Moreover with the country enshrouded in the depression, he attempted to cure an economic sore at the expense o f the' lower and middle classes fo r the benefit o f the class # r . Morgan represents, His idea o f everything that the bigger a corporation was, the better it would 3e, regardless o f how many smaller companies would .have been put out o f business. Lacking, much as an exe­ cutive he lacked more o f the human element that would have kept him closer to the millions o f his citizens. It was such an administration that permitted the Morgans, Mellons, and others o f their class to milk not only Che nation but all competitors o f their resources and get a strangled hold on the business o f the country. Ameri­ can history will have one dark spot covering a four year period that will never be pointed to with pride. Mr. Morgan in his views o f how government BhoUld be operated and his standard o f business differs great­ ly from what you hear and expect from the commbn people such as Lincoln more than once expressed his admiration. A1 Capone had his views and carried on his business as he wished. Charles Mitchell took the same attitude in reference to switch­ ing stocks to his wife to escape the payment o f hundreds o f thousands in income tax. Mitchell was indicted but a jury has exonorated him, partly be­ cause the average citizen today be­ lieves that you may resort to most any method to defeat the government on any kind o f taxes, and be within your rights. Again Mitchell won be­ cause o f the weakness o f the income tax law, the laxity o f enforcement o f what we had and the favoritism practiced by the “noble experiment" administration. Men not only escap­ ed income taxes but were granted millions in refund for taxes that had been paid previously. In the eyes of the big tops that was proper but the little fellow or the small corporation was told to dig deep, There were no refunds for the small fry. Roosevelt in ousting the Mayor from office. Smith is a graduate of Tam­ many but he proved to be bigger than most people thought when he forced the organization to drop Walker. Since then he has' been offered the mayor- ship o f his city by Tammany but he de­ clines to serve. It is not likely that Smith with all his characteristics, to bath his feet each night for rheu­ matism. One o f the barber’s custom­ ers, was present at -the trial and he had made a purchase o f a half pint the night of the raid whjch had been turned out of one o f the two jugs, ! the one having an “X',’ cut on the side. While the barber’s testimony brought a good laugh and few be- Regulnr Price—10c Special, 2 boxes for 11c will drop his “ raddio” to' adopt the lieved what he said, /the cudtomeV Week End Special at Brown’s Drugs Ohio people should be interested in the investigation now being carried on in Detroit where two large financial institutions failed just before the bank holiday. The Detroit situation spread.to Cleveland where two o f tho largest banks were eventually closed. Scores o f other Ohio cities were soon caught in the drift and runs spread. Now it developes that Wall Street in­ terests squeezed the Detroit banks to reach the Ford Motor. Company and force it to come to the Street for financial aid. Ford came to the aid o f the stricken Detroit banks and was caught with thousands o f others but Wall Street could not reach the Ford Motor Company, Who has been the lord o f Wall street? The House of Morgan. For Rent— Good six-room cottage. Corner Bridge and North streets. 2- car garage. Phone 165 or see Mrs. -Vance Barba. Week'-End Specials BROWN’S DRUG STORE Uc 40c Fletcher’s Castoria - - 35c V ick ’s Salve - - - - : $1.35 Pierce’s Medicines - - - One Cent Soap Sale. Colgates Fine Toilet Soaps. Regular Price 10c. „ Special, 2 boxes for - - - - Fire Works—-Largest Assort­ ment in Town. Caps and Pistols Now on Sale. Ned Brown. Brown’s-Drugs. ROOF and BARN PAINT! ■ • T hese p a in t s a r e a b s o lu t e l y pure m a t e r ia l s a n d t h e be st YOU CAN BUY. IN LINE WITH OTHER MATERIALS PAINT PRICES WILL SURELY ADVANCE, SO IF YOU NEED PAINT YOU WILL NOT GO WRONG BY BUYING NOW. The head o f a very large bank is now being tried in New York City for causing false entries in the bank's books. The institution's closed never to opln again and depositors will get but a fraction o f their money, One treasury department employee testi­ fies that he reported his finding to the proper authorities but the “ noble ex­ periment administration" permitted it to go by unnoticed owing to the critical situation in the country a- mong banks, Hare again appears another standard o f business morals that did not even meet, the require­ ments o f a federal law. Is it any wonder that people have lost faith in our institutions and always question the acts o f those in official positions? 6 Gal. Cans—-Per Gal. 5 Gal. Cans— Per Gal. (Pure LINSEED OIL) S Gal. Cans—Per Gal. Gray Barn Paint S Gal. Cans—Per Gal (Pure LINSEED Oil) The editorial writer on one o f our larger daily papers sees the prospect of great prosperity among farmers with wheat at $1.06 a bushel, City editors like most native bom city people do not always get the proper viewpoint and such In the case in ref­ erence to the Wednesday price of ttheat. This editor recalled reading PAiNT-WALL PAPER-GLASS GRAHAM’ S 17 -19 So. Whiteman St. ----- - ESTABLISHED------- WHOLESALE and RETAIL Xenia, Ohio