The Fort Worth Press (Fort Worth, Tex.), Vol. 13, No. 291, Ed. 1 Thursday, September 6, 1934 Page: 1 of 14
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IBER 5,1934
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The Fort Worth Press
L 1IU L UI U W • UI UHI 000
Local Forecast: Cloudy and Cooler Tonight and Tomorrow.
HOME
EDITION
PRICE TWO CENTS
VOL. 13,. NO. 291
2
FORT WORTH, TEXAS, THURSDAY, SEPTEMBER6, 1934
The Coming American
EDITOR’S NOTE: Following is the first
n’stallmients
in which The Press will print the optimistic analysis of the
American business situation by Major Angas which is being read
eagerly by business leaders everywhere. Turn to the Editorial
Page for an editorial analysis of the series, under the .heading
“The Coming Boom". The first chapter, today, is entitled by
Major Angas: “Roosevelt’s Dollar Devaluation and Government
Borrowing Create Credit Inflation Thru Increased Deposits and
Cheap Money, Paving Way for Boom in Trade
installment I .
This century has witnessed fundamental revolutions
in several countries of our Western civilization. The Com-
munist revolution in Russia, the arbitrary seizing of su-
preme power by dictatorial parties in Italy and Germany,
and lastly, no less significant because it has not been ac-
companied by violence, the great, the little, understood,
American Experiment. All these bear witness to the deep-
rooted discontent and dislocation in the economy of mod-
ern civilization.
.To many, observers, the Roosevelt experiment ap-
1 pears to lack a cohesive and easily grasped theme. This is
possibly due to the fact that the motif of his refornis is
monetary. This subject is little understood even by
1 bankers, whose professional decisions concerning the size
of their loans and investments themselves affect the vol-
ume of credit currency outstanding and with it trade and
the price.level. On the surface, to an observer who sees
, from day to day only the disjointed and apparently un-
i predictable actions of the Administration, the whole ex-
Boom
periment is apt to appear as the muddled meddling of a
happy-go-lucky opportunist, whose disturbing tho well-
meant efforts are proving more a hindrance than a help
to recovery.
Roosevelt Experiment “Consistently Sound."
It is because I feel that this view is so widespread,
that I humbly offer this book as an attempt to explain and
justify the Roosevelt experiment, and to show how, it
steadfastly, pursued, it is bound to reach a successful con-
clusion. These chapters attempt to view the American
Experiment from a point above the surface, confusion and
muddle, and to pick from the seemingly disjointed and
make-shift actions of the Administration the underlying
theme, which in my belief is clear, consistent and funda-
mentally sound. : 0, ...
- A point I would emphasize is that general industrial
depression and revival are not a mere matter of chance,
dept nding on fortuitous waves of confidence; but are due
to definite economic forces which obey a definite series of
By Major Laurence L. B. Angas, English Analyst
exchange of goods and services, and in view of this many
people are inclined to regard it solely as a "medium of ex-
change," and no more or no less important than the lubri- | - . ----------—5 . : .
cating oil in an engine. But money is also-used as "a store by heavy borrowing froni the banks, is that it meets the
of "value," for which the public demand varies according
as they think it is likely to appreciate or depreciate in
value. If money is expected to appreciate, i. e. if general,
prices are expected to fall, owing, say, to loss of gold, a
strained banking position or bank credit contraction thru
nervousness, people tend to spend money less rapidly on
goods; whereas if money is expected to depreciate, owing,
say, to credit expansion, holders of money balances tend,
to spend them more rapidly on goods and industrial se-
curities. In this way factors relating to money itself,
and to changes in its quantity and in its expected future |
| value as compared with goods, may largely-influence its 1
- short-run flow and thus affect general business.
of prices and a volume of business many times that even
of the boom period of the late 1920‘s. The significance
of his enormous scheme of public works financed mainly
need not only for expanding the bank credit currency, but
also for forcing it rapidly into active circulation.
Many claim that in America "Inflation" has already
failed, the truth is that it has only just begun. It has, in
fact, taken a vear to prepare the groundwork for the great
and rnecessary expansion of credit which is now being
maneuvered. Tho a rise of say 10 per cent in the money
balances held by the public may not immediately prove ef-
fective, a rise of 25 per cent may, and of 50 per cent al-
most certainly will have the desired effect of forcing the
possessors of idle balances to spend them and thus start
the virtuous circle of rising’prices, rising wages and rising
profit margins, which constitute recovery. . *
The experiment may be compared to the boiling of a
liquid. . For some time the observer can detect no change
as he gazes upon the surface of the water. Just as he is
beginning to discredit the efficacy of the fire, the pot be-
gins to bubble and boil.
Inflation "Has Only Just Begun." "
• TTr crucial question with which, this book deals is
whether a government can, by deliberately fostering
changes in the supply of money, hasten the end of de-
pre sion? Can, in fact, an artificially created redundancy .
goods, variations in tastes, efficiency in production, vary- . of spending power in the pockets and pass books of the
: ing harvests and so on, are undoubtedly the cause of con- public terminate the present industrial stagnation? Such . . ......J. _ . . ..... .......
siderable: m inor fluctuations in t rade, but the g reat under- a pr lic is, I am convinced, the consistent underlying theme 1 policy even tho se me people venture t, say that he per-
ling causes of the big cyclical swings from prosperity to . of the Roosevelt Recovery Plan. By de-valuing and then
depression are undoubtedly purely monetary in.character. re-valuing the dollar he has widened the basis of credit
. In modern economy, money is interposed between every to an extent that would permit, were it fully used, a
laws and any statesman or economist worthy of the name
ought to know them and be able to state them precisely.
Non-monetary factors, such as a changing need for
This is what I venture to forecast is about to happen
with credit expansion in America.
The chief economic feature of Roosevelt’s recovery
sonally does not realize it.—is that since his government
borrowing-gives rise to bank credit-currency expansion it - - -
level . (Turn to Page 9). -
LEGAL DISTILLERY FOUR DIE IN
WILL OPEN HERE CRASH. FIFTH
ILL OTE AD FIGHTS DEATH
Chanosky t o Build
Plant Under U.S. ‘ r
Supervision .
PLANS DISTILLERY
rt Worthers. Out For
, Auto Ride. Didn’t
See Train _
Doctors at St Joseph’s Hospi-
Mrs J C Mayes, criti- *
y inkired’in list nishes train-
ter reporting a remarkable im-
ovement ii her condition thru-
ayes
ousness and i
vered-co
owing
her 0
ovm) Her firht teg atd
were fractured, and
* set ead:
not -
WRECKAGE OF AUTO IN WHICH FOUR MET DEATH
10 DIE, MANY HURT
INSTRIKE FIGHTS
METHVYN FACES
. CHARGES HERE
. Officials Confer On Re-
turning Suspect In
- Grapevine Murders
District-Attorney Jesse Martin
and Dallas officials who have
Labor Chief Says All
Mills M ust Close
Before Mediation
B UNITED EAss. ,
Industrial warfare spread like
wildfire thru textile strike areas
Revives Trade Mark .
bosky has revive I the tr
TX Company
Wort
busifi
6
l’Arizopa
used for strie
s and a gover
. MYERS PLANS
TO TELL ALL
Defendant In Campus Mur-
der Case to Take Stand
Late Today
chafe. Hr WIN have com by
€ gr will carry th
and even the owners will, ea
e WHlowed to carry away -a—4
o whisky or gin will be sor rett
if the Dean Law 7
led, we expect to have much
on aged he added “The ing
will include; besides a gov- I’n
ermment bonded warehouse, a spe-que
cial steam-beated warehouse for motherhood
apid aging - pect ed to « or
Much grain will be used itr. day
I yanosk € spects to arra nge with Clovelai d 4
livestock commission men top ebanber. a mi
.ceding cattle mash on his 00 and the ho
icre farm. The-mash. he said, was crowded
makes excellent feed. student
The concrete blocks and the Dr Hugh J.
Boilers already are on the build tian from the
E sitet
school, clir
% .
re the’girl die
citizens a
The local distillery will be the and its efforts to
only one in Texas and asiar as ground, by introducin
a the doctors
ins to. He for her
the only member
family not in the wreck. 1
The accident-ocetrred-ast wight-
nile north of Saginaw on the
off- to Haslet when Miss Gree- 1
Faye Mayes, 24, drove in front
1 oft Wort and-Denver passen-l •
- N . fro m Col ora do Here is she w n all that w as left of the auto w high ( arr le I four people to th.....leath last nig hi,
on the fracks of the Forth Worth & Denver a mile north of Saginaw. The car was hit by a pas-
Were Watcifing Fire. senger train travelling between 40 and 50 mile an hour
been working on thi case
fermed today about returning Hen
ry Methryn, que-time al of Clyde |
Barrow, to Fort Worth Tol inves-
Tation in 1
trotmen near the Grapevine high-
way last Easter Sunday. .
. e Dallas officials. Assistant
District Attorney Winter King
and Investigator M L... Miller, ar
today, leaving 10 dead and
scores wounded on Soutierp
battlegrounds. Strike € hairman
Francis J.’ Gorman said that
workers will agree to no arbi-
tration- until every mil in the
country inclosed: *.
Meanwhile, from Governor
John G. Winant of New Haipp-
shire, chairman of the strike
mediat ion : board,_came word
that the board will hold its
and Ye 985 ‘ ‘first session ‘ Tomorrow in
4 - 1001- • D— d wil » —H-astrington. * a
file charge against Met ar . Troops were rushed to dan-
1 in, Louisiana. : ger points ‘in North and South
€ ide 11 ( W al I int s, he said ‘ ( arolina- as the fifth day of the
Met W o was pardoned in
sr ctiotf Fin
Texas To giving information that
| d to the killing of the notorious
great walkout brought rioting,
sabotageand death.
1 United Press survey indi-
cated more than 361,000 textile
Ocr ants of the car on 1 a
ve werer wite ing a
ing baysta-k at the time of
e crash, and the train apparent
was not seenoby any of them
Nra Inez Mull 29, daughter of
E.’Mayes and the only other
ictured pelvis and a fractured
. E. Mayes 6%. 2508 Hee
, , Naves 32. 2320 Colum-
bus Avenue.
Nirecta F 430 Mayes, 21
daughter of 1 C. Mayes.
Frances Mayes 13, also •
daughter of T C. Mayes.
pg a was tray
elween 1 0. and 0 mile
an hour and the car was dragged
Racketeer Taking Hand In
Rocking Liberty’s Cradle
TAKE NEW
lyde I row and Bonnie I arker, workers werel out and the Strike
was arrested last night in Streve-
port, when he walked into the
erffl’s offier tolask for some
53 per cent effective in New
England and 60 per cent in the
* . ” rei
HOUSE OF OLD.
Hughe
Bouth..
Six strike pickets were shot
to death in the little mill town
Writer Finds Last Vestige of. Dean Law Vanished in Have You An old Qnc?
Historic San Antonio—and Nowhere Is There Bette Housing pel *
Mourning For Its Passing . better tousinelcaders:
. Want. It
EDITOR s NOTE Thi is the second of N Dous
of articles in which he describes conditions in South Tex
the Dean Lew i deand John BarlexeAEn Teat e
ter of Bonnie
pus hearing here
Nr Billie Mace
Parker, win was
eld in The killing Barne Fint
of Honea l’ath. S. ! today, in
— a fight to prevent workers from- -
entering the Chiquola Manu-
facturing Company plant, Fif-
teen others were wounded. Two:
were killed in a similar Ught
al Trion, Ga., yesterday. in-
other: was slain’at Greenville.
then police identification super
tendent testified that Methvyn S. € and a sixth died of in-
fingerprint were found on a whis , juries received at Aligusta Na.
housing leaders today ky bottle at the killing scene ‘ ‘ . ,
in old. dHapt........useTlie story of Clyde Barrow and By United Press.
is a model modernization Bonnid Parker,——published after HONEA PATH. S. C. Sept. 6.
... . By C. L. DOUGLAS • on a cent wn - (Turn to l’age, 3).Six union strike pickets were slair
- The city that rocked the crardle of Texas Liberty - i o sive 19 ne owr • here
about to tip it over; and if one can put credence in all romomna imieit worn,
one hears along the canals of the San Antonio River tl provement program ‘ 1
hand of the racketeer is helping with the rocking to transform it into a liny n
That’s why some among the .....• bungalow. >
FILE HOLDUP CHARGE : memas unde That
imerous property owners, w
e ew of moving an old str
reto a public tract for remi
5 yards down the track.
Fort Worth and. Denver Rail-
vay officials said today that
General Manager J D. Farring-
on would come from Wichita citizenry are beginning to call the
alls Saturday to investigate the old town the Little Chicago of
D E. Fallalret aid TexasStine Wentherred Recused - in
the City P Westbr.....- Robbery
ulthought that it Glorious Dead is wide-open would R.....ry charges were
would stop before attempting to be to express’ it all too mildly. Way against Stine Weathe
cross the tracks. When it Where shall we start on our Ju tice J. H Faulki r
sight-seelig four? Shall we go - eatherred was dentin
terday AS the bandit W
$140 from J. R. Wakefli
clerk at the Westbrook
July 9.
didn’Afop, he said that it was
impossible to avoid the crash.
Mr Gallaher was back on his
native and visit-the Quater MExi
cana, then drift with the hot-palloi
down to onerof the "Dime A-Tub”
chains operated by Max Gross-
man? Qr shall we start mith a
reatwoid-fashioned mint juep-tthy
Mr. Chanosky known, t only is zanS of the girl in support ol the run today .1 A
al plant west of the Mississippi state claim that even an ingypertThe bodies of thoselletiled and
River. T . enced youth like Myers could have the two injured women were
+ -pe rformed an abortion. Tuslie i to Fort Worth in am-
IDANM PAVIC DAI He examined the body after the bulances summoned by the train
FAWN JATLLr TAIL ----*-**-***=*=-*—-====——=
.ze Brown. fraternity house cook J E. Mayes has been employed
VETEDAN to ran and campirs confidante of Myer. as a salesman for the Adams Mat:
VIIENAN S UCAU The girl and boy had g.....there tressFactory in Riverside, and
PY - ly 9 o.s e could to . edicine this-brother • C Maye was a later into the modernistic and
legedly to bring about an abor (Turn to Page 2). 1 ,
Was Conductor on Train monct-anedtenintrument CLOUDY AND COOLER.
That Laid First Tracks 0= SAYS WEATHERMAN Couple Together Again After Youlli
tenk uloractonaue feltsoR-houim •. Temperature Win Go Lower t. • ‘Kidnaps® Bride on Downtown Street
tor for it he Texas and Pacirie laying a hand on the girl. She Weatherman Paul s. Cook pre-:
e ri T 1 1 # said he wanted to 1 r Niss diets cloudy skies, scattered show Breaking the barrier of paren- Gre n called police
thechome-otdis son. Dr. W ill R. Mills, oppose d an ape ration and , rs and ler weather tonight. tal opposition. Homer 1 ee Simms, Justice of the Peace ! H
" CEA NeT i 5 . der . akink ol miedicing ... 1 he temp e’r a ture. which 23-year-old bridegroom and his Faulkne t rele as d s imms alte r
of -rieetnen rodident fHn loved her 100 much.” she-dropped no lower than 71 last girl bride, are together again Henry Reeves, chief deputy court
might, is expected to range be- after a "kidnaping" in the down- clerk, testified-that he had signed
* tw een 60 and 15 for a minimum town district. an—affidavit—statinsthat—An*
HOME F TO PURE 0 Friday is to be mostly cloudy, the .. Young Simms was released on Green Howard, it bride, w 1 10
RUMIE RULE 10 FUPETU weatherman said. his own recognizance today, after years old, but had not e worn to it
TEMPER ANTI RES
Year A%A Yesterday tody swearing
the sedate and dignified bar (
the Menger Hptel, then join th
lively uptown crowd which flock
PRATHI R GETS 99 YI Vis
-----‘
P’rather, 23, of Houston. was giV
en a 99-year sentence this niorn
ing by a jury which heard testi
mony in his trial for laying Em-
met Walker, will" filling station
operator
of Fort Worth for 64 years and sobbed
as a conductor on the worl 1
lain thm laid the first Texas &
Pacific trackage into the city in
The tracks reached Port Worth First of Five Hearings on (harter
as 0 , of last work on the / It/(rabesine Sept
part of the section hands and a—me hem.
10 day filibuster in the State-Leg- The Home Rule Charter Com-
islature. Adjournment of the mission on Sept. 26 will pass to
Legislature meant the expiration the public the charter which it
of land grants for the right-of- drew up but declined to indorse
way. 1 unanimously.
Midnight
2 a. m.
..81
75.
a hearing on charges of
in connection
false The oath is not nece ■ sary
with Reeves said.
Mr
8
n.
m.
here today, ina savage battle with
textile operatives who armed
themselves in an effort to resist
thel walkbut "
At least 19 others were wound
* d two critically.
: SCHMIDT FACES :
LIQUOR CHARGE* * == c e-ilapc Eatocas
E Uull punUE 1 Chiquola Mar facturing Com •
th -pan y, mill a the day shift arrived
Poultry H-o+se Owner Is number WseTeNmately 600 ir — "
eling with campaign funds. Whet
completed, thehous would h
or at Auction
Burnett Pack. the T & P. Rer
ervation and the Montgomery
Ward lawn were being considered
as possible sites for the project
in Arlington Today.
Arrested, Raid Discloses
Run Cache. -Police Say
Non striking workers learner
last night that the pickets planned
to enforce closing. of the mill
which had been running at ca
|parity.-
After a brief council.
Evans and L T. Meacham 1
creta ry.
• The
Wai el Belmidt. for matiy years
in the wholesale poultry business charged the picket line,
al First and Jones Streets today swung clubs They were helpless
under the workers’ gunfire.
Two complaint • Etrans The pickets retired in confusion
portation and posse Asion of liquor, leaving dead and wounded
aged Dean Law violation charg
were inAT
addressed,‘are tin iq-lly lchelyfrieantof ipeacell
the Arlington
Club al noon
G. T Hubbard. Zone
man, will preside at
meetin tonight at •
Weatherford Street
Rotary Husticg J.,H. Tauimer after notice:
arrested Schmidt and searched his
13 chair- place Monday night.
a citizens’. The arrest was made by W. R.
the East King, plainclothesman of the city
Methodist vi.....squad, who said he overtook
Church, and, fI. L. Barber, 2489
cjate field manager, will speak.
w Alston Johnston, assistant
West Te dirakor, will addre
en ore Park N
morrow at € D m
The 1500 volunteer
yorkerA
Pickets
The
mil-closer
- Wounded were rushed to hos
pitals at Anderson 20 miles north-
west.**
Local authorities yesterday ‘ap-
peaked to Gov Ibra C. Blackwood
at Columbia for protection. Gov.
Sehmidr as he drove away from Blackwood replied that none was
-the establishment with, a case of available, but authorized the sher-
iff to deputize as -many men as
whisky in his trUCl
What Raid Netted
.Vice squad officers obtained a .
search warrant and. accompanied
by the owner went thru the poul-
will try house Reports in ‘Chief Hen
Monday ry Lewis office show that „the
mant ar The Recreation Building, raid netted: .
under the dile tion of Field Man- Twelve pints of Blue Bird gin, |
ager Clyde \ Penry 39 pints Kin Arthur whisky, 16
. proved loan af 1 2 si lend of Black Stag whisky, 1 8 of Two.
The banks reached $20,000 today. Naturals, Golden Rivers........T
- hmidu made $730 bond in
, house-to-house
ateh’ttreir
workers it
ca nva 88
lampaign
HOLD GARAGE OWNER .rach
veek.
case. The case probably wil
before the grand jury
(Turn to Page 2).
TWO WOUNDED IN
TEXAS GUN FIGHT
Deputy Sherifr. Jail Breaker im
. Hospital •
By United Press.
DALLAS, sept. 6. Au Oklaho- .
mha jail-breake and a Texas dep:
next Try sheriff were in a Dallas hos-
- Besidles-li son. Dr. Gayle, Mr. The first of five public hear-10 a
Gayle is survived by his widow, a ings will be at Grapevine on that 11 a
daughter, Mrs. Stanley G. H date, Jaties Liston, secretary, an-Noon
wick, 2528 Sixth Avenue, and tyro Chouneed •
grandchildren Frank B. Gayten ‘ Othe N Brings Wil be at Ai -
and , i race Gayle, bot h of Fort riinkton City Hall. Sept .28; in
Worth. / Arlington Heights, Oct. 1. Capps
. Funeral-services will be held atPark, Oct. 3, and Criminal Dis- I
10 a. m. tomorrow from his home. trict Courtroom, Oct. 5.
Worth.
1
. m.
4 p. m.
5 p. m.
6 p. m.
vital today with bullet wounds
a gun battle at a farm-
six miles from Edgewon.
Van Zandt County, Texas.
" Your honor, you have no case shooting Victim Testifies n -
or false awenring." Attorney Char-amining Ndal foro. 1 Njokeus, STEER’ AT KANSAS CITY iBuse
lie Mays told the judge. Young Justice J MA. Faulkner in an € .
3 released, subject to amining trial today Bound over to : *
the grand jury O % Roberts, gh- ‘ ommodere Squares Away to Per-
Tas other who is charged with 1 form Pouring Rites
in an attempt to murder J. T. wil- KANSAS CITY. Mo., Sept. 6.-
ustody of juvenile officials, only liams last Saturday in a blocked Commodore B. M. Hatfield, with
AT *a two-year growth of hair and * -
He drove by the father. - • Nr Williams tool the stand whiskers, stood off the port of .. The injured officer was Harlon
-Slipping away, she returned to. and denied threatening NT "Rob- Kansas City today in his scow, - " " .....".......
in ferts with his fre tonus as was the “Texas Steer. and prepared
—ent Mr. Rob-to pour some water from all the
Mrs. dreen ran screaming after placed hei in custody of the offi- erts gave to the district attorney great rivers of the Mid-West into
, couple but they escaped. Mrs cials, who kept her a das I Mr. Roberts made bond of *094, the Kaw River • +
- his marriage license. He vow
- ed to get his 16-year-old wife
13 away from her parents, MrsA+Li)-
1 lian Green and Roy Howard, now Simms w
-separated, but who united in op call by the krand jury.
1 posing his marriage. He was arrested last weel
1 1 The girl and mother laterwent The daughter was placed
into a furniture company in the custody of D’ventie officials, only liams last Saturday
200 block Main Street as Simms to be taken to the home of the driveway alte teation
* aited nearby He drove by the father Nt William too
“store and the bride dashied fo his Slipping a way, she r urned to. and denied threatening
a alto and leaped to the running wave at her hmsband, who was
board, i the county jail. The father again claimed in a statement
7 8
7 9
The Oklahoman was Millar
Bunch, 24, who, officers said, es. 5
caped with Red Marlor and Leon- * 1
and Blair from the .Shawnee
Okla., jail Aug., 26.
Burnett of Van Zandt County. He
the couple but they escaped. Mrs
was wounded by a machine gun
slug fired by Marlor, who for :
ltime held officers at bay from the
hayloft of a barn
2
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Sheldon, Seward R. The Fort Worth Press (Fort Worth, Tex.), Vol. 13, No. 291, Ed. 1 Thursday, September 6, 1934, newspaper, September 6, 1934; Fort Worth, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1685135/m1/1/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Fort Worth Public Library.