THE SALT LAKE TRIBUNE SUNDAY MORNING REVOLUTION IN U lasting NEWS Part SECTION— Third Page C 1 BOUNTY FAID ON ANTS' BARRA 'MANS A Brazil 0P — Mayo-war on big red ants which do con- - Many Notable Personages In Old Year’s’ Death of a cent) for thousand 10 ants or a dime vJ By MELVIN E COLEMAN The passing o I Calvin Cqolidge thirtieth president of the United States when the year was but five days old led the death list of 1633 Hipolito Yrigoyen of Argentina and Count Albert Apponyi octogenarian Hungarian statesman were other heads of governments who succumbed along with many leaders in politics education the arts and industry Among the chief deaths recorded during the year were: BYECONOMIST Re- MAIN BANKING SYSTEM IS PROSPECT S IDEA INDORSED forms National Organization Possible 1933 31 WORLD MONEY Past Year Marked By Great Changes Senate Investigations Portend DECEMBER Cold Standard Attacked DIESEL STATIONARY ASSOCIATES STAFF ENGINES IN STOCK Win9 Warren Plan Drastic changes have taken place in our banking system durol ing the past twelve months accompanied by such startling occurJanuary 5 Calvin Coolidjf Model TO and SO Diesel and 3S Gasoreformer hurst author clergyman the United States at Northampton Masi ences as a nationwide bank holiday abandoffm'ent of the old stand-fir- d Support line engines for yonr Inspection from porch when sleepfall killed by ft Vladimir de Pachman pianist Junuarv See the most powerful and ecoand the inauguration of a new and unorthodox monetary walking at Ventnor N J motor nomical on our display and composer at Rome Iowa not to mention the passage policy September 9— William 8 Kenyon floo U at senator 8 McM D senator Ooff at HORACE BtSH 8e United States Guy By January judge and wl?fch of laws designed to eliminate the tinued to decline after ba&co Me Thomasvllle Ga money The abandonment of the gold standLANDES TRACTOR & A 30 — James to return at only a slightly bampbell steel loss6s experienced bv the average citi-aJanuary 12 Charles W Morse promoter September manufacturer in at Youngstown Ohio 1933 ard the the United States— Me at Bath and by ren in his attempt to safely tare forsJerr?te than that at which it had EQUIPMENT CO George Moore Irish author at September 20— Annie Besant theosophlsl January : By last important nation to give up its prior to the holiday London at Madras India ft no West Sonth Temple Street he wealth Events prior to and end of May deposits stood at a sufO H P Belmont r January September 25— Dr Henry Suzzalo univerSalt Lake City Utah currency ratio— has prefragist in-- Prance without level comparable to that witnessed In cipitated gold eluding 1933 demonstrated at Seattle Wash president sity a tornado of amateur and au31 John Oalsworthyv£nthh January 25— humorist Lardner at Ring September The tHe on response thor at London part professional discussion of the future question that our financial system is January Southampton N Y February -F O Bonilla newspaper pub- September 20— Elbert H Baker newspaper arof the not satisfactory lht it on monetary lisher at Denvev -A publisher at Cleveland Ohio rangement Obviously the system has February 7 Coulrb Albert Apponyi Hun- October 8— Wallace R Farrington news-ly entitled to the compliment of declined tj 14 per cent of at Geneva statesman garian 18 worked in the past when it couldn’t H at Honolulu paper I publisher James J Corbett Februpry called a system and that further pacity the lowupoint of the year and do anything else but when other October Hlllqutt Socialist leader champion at New York at New York following week began to increase economic factors have become disand more drastic reforms must be Walsh U 8 senator October March 2 -- Thomas 11— Charles H Sabin banker at N C on train near Wilson New York located its inflexibility aggravates we oo 0 March 6 Anton J Cermak mayor of Chi- October 23— William N Doak FROM MAIN ST the situation and helps to precipitate cago at Miami Fla of wounds received uf lobtrt With any confidence to avoiding repe-o- f Philadelphia June stood at Su per cent of an attempt was made October 24 -- at February 15 alienPresident-elecwhat is known as deflation or a busiAnne Swynnerton British art to Franklin ass'vsslnatc of a series of events such as we pacity tist at Hayling Island England D Roosevelt depression October 25— Evlyn Briggs Baldwin Arctic Meanwhile the question arose as to ness have recently passed through ‘What March 11 Robert B Howell U S sena- of the great difficulties is that One killed by taxicab at Washingexplorer whether the the future will bring forth is uncer-- j Unted States was on or the gold standard is an archaic veston $400 a month—the firM $100 of siVnJSrw Thornton Ainert- - October By PROF WILLIAM B BAILEY 28- -E H Sothern tain but it is highly probable that arroff the gold standard The situation actor at New deIf Ne of dollars a are at executive railroad credit Insurance $400 Economist The Travelers Attractive Office system very large tige yourj primitive York increasing amount of attention will was simply that no official announce-b- veloped along a it 29 were mYolk lines month Paul $100 October Painleve French statesSpace at Moderate Rentals income only empirical purely Company 18 Thike ment Italian of Abrusrt had March the been in 1934 made to this the man at Parts development regard It is therefore not fitted to our regiven in tilupt—Room 301 to of them take Inquire would in all life has that Moadlshu provide at and sciential pxploipr proved Experience November 3— John B Kendrick of an United national banking with the result that we had not Or 8nmnl!lHm1 Afitpa foot ald clothing and other in a society which has surance States senator at Sheridan Wyo when its particularly Van author daily abandoned gold on a basis for quirements ED D SMITH & SONS I)r Dyke April - Edward Henry N of November manuof one life those Hurley the times since Every progressed materially derm-maatrPrlnceton N J Main and Excharige Place It is interesting to review the events) our currency but as its maintenance of facturer philanthropist at Chicago income jdoHars are jig dollars Homer and Virgil and as a result it fits are paid on a monthly April 13 General Adalbert Amea cDil aar December 1— R B Mellon banker at Wasatch 3221 Of the past year and see how the presupposes the free iriterchange of fails us exthe best protection against' eause if you did not have them you commander and atateaman at Ormond is Pittsburgh encouraging miserably by and paper money it was vir-usweeping changes in our financial December 3— Alexander Legge industrialist which eco- the not treme in the tilings you buy the of in powericould Grier maladjustments changes H)hbrn president purchasing )6John at Hinsdale Ill abandoned with the bank holdhave taken place Back in the Princeton university killed In automo- nomic system in the final stages of ally' needed lor yourself and your the dollar ing weeks of 1932 it was felt that theiday Officially the announcement was both ' hhe accident near Woodrldw 'N J family and depression 18 United prosperity in 'Mav Porter J McCumber the middle of April when it banking system had passed through P33de Values of all kinds have fluctuated! The second $100 a month are pretty States senator at Washington gold as a fixed the worst of its difficulties and was1 was stated that it was essential for re-- Most of us think of are not as Mav 19 Thomas J O’Brien diplomat at eco- but the one thing that has stood up important dollars to on our base which anchor They Grand Rapids Mich prepared to operate in normal fashion covery that commodity prices should nomic action — which is as cor- is life insurance H K Curtis The value of the big as the first $100 Those are the June 7 newspaper during an extended business recovery be brought back to more normal levels rect as the ancient belief just some of the comdollars that and marine publisher at Philadelphia in the flatbuy as was in future the it fluctuate of dollar may However the first month the year Coincidentally announced ness of 19— Clara Zetktn Oerman radical at June would forts and luxuries things you Gold fluctuates it has in the the world near Moscow Archan'ielskoye was barely over when it became ap- that congress would bfe asked for past but the policyholder of July - Hipolito Yrigoyen to devalue the dollar in an at- violently with other commodities but or his beneficiary is going to get back mus a lot if you didn't have them parent that such was not the case at Buenos Ab1 withcould but Argentina is of as fixed or get along value the you gold price N Haskell Bank failures began to increase in tempt ?to restore purchasing power first governor Julv in dollars that may vary in out things money of dollars second hundred imThat are all the law at Oklahoma Citv price changes of Oklahoma most startling fashion and contrary and prices to more normal levels The by value just as the dollars paid in predollars ORDERS EXECUTED IN ALL MARKETS your income are July "Anthony Hope" Hawkins to previous experience they began to response to this is well known prices posed on the value of the goods which miums also fluctuated in value British author at London of are The $100 third income case This the will your it being State-widJuW 12 Edwin Gould capitalist at Oyster A person pays his premium over a even c6me in bunches bank bank deposits and productive activity we face buy smaller dollars than the second the decision as to whether Bay N Y rose rapidly until the middle of July Members of years and some of these holidays were declared in - Gilbert N Haugen congressman go to buy comforts luxuries July to be enslaved by period more than the dollars They numbers under the leadership of However bank deposits and the bank- we shall continue dollars at Northweod Iowa buy and whirh extravagances you we known the have as standard petty gold L Burleson New nt Rev Hugh York Mining Exchange The Ohio As the movement spread the ing system failed to keep pace with paid at other times But if these but which vou would not great Au'ut it in Protstant Fnicoral bishop at Camp ments cover a period of 10 20 orPNenjov strain on the New York banks be- the industrial recovery and vnder the devise thea past or whether we shall n'1S-'UeiPin-toLake Stock Exchange Black Hills fl D Salt f you dld MOt have That J0jly will 'which currency plan influence ediof a continually declining 8 Lord newspaper came terrific will be found that the dolluigjr(j hundred are only Deposits of these dollars August dis- years it of a the for correction New at York California tor Stock Exchange provide dollar declined $900000000 in four deposits again declined as capup and the same is true with - Frederick Starr anthropologist August system average With Small Dollars Established mss if they are paid on the demand for ital was expatriated in an attempt to advantages of the monetary Of fires : In Japan weeks indicating the benefits Paying educator and policy to date - George T Marye diplomat Phone Wautch 4113 Stork Exrhange Buildlni funds from depositors in the holiday make a profit on an eventual further which we have used an income basis Some years the dol- - The fdurth $10fl ( our lncome are September at Washington Follow Other Nations states On March 5 a nation-widappreciation in foreign currencies in lars received in benefits buy more! en smaler dollarthan the thirdi Sentember 7 Viscount Grey of Fallodon British statesman at Chrialon Bank EnThe events of the past 12 months and some years they buy Iss but jjecause you have bought banking holiday was declared by the terms of American money everything gland dolnew administration and the crisis had latto in “Reserve Banks Cooperate taken a over the lend authority belief the entire period the a you needed and wanted very September 8 The Rev Dr Charles Park arrived The federal reserve banks cooperat- ter development although conserva- lars from life insurance benefits are much with the first $300 The fourth All Banks Closed to the have to tive same fundamental resistance average pur- hundred mightbe said to be made from the Reconstruction Finance corlikely any ed With the administration in its atchange promises to be both vocifer chasing power as those taken in pre- up of For ten days all banks remained dollars which you woulej poration to life insurance companies to secure industrial adtempt miums ous new and rabid When the recovery closed to withdrawals by depositors not greatly miss if you did not receive from 1929 to 1932 amounted to only If took stabilize ministration endeavors office last March to the nea the moderate through them When expansion of their except in limited amounts and for of one per cent of combuy a life insurance with two very purchasing power of the dollar should policy which you cessities In the meantime machin- holdings of government bonds The re- it was confronted provided for example panies’ assets In the same period clear-cu- t a would succeed be for The it alternatives in to correct the thing set great motion president month was for your widow in ease the comnames paid out six billion dol$100 a ery sult of this policy was to build up an could allow a continuance of the de- life insurance policy holders Then a of Immediate causes of the wholesale a month if you lars in benefits of which increasingly large reserve for the flation which was then under full person in his thirties for example liveyour death ator $100 of were withdrawal These 60 or 65 and last- went into the hands of policyholders closing age starting SINCERELY THANKS ALL AMERICA GENERALLY member banks a which them gives in- could arrange for a definite retirea allow of and reduction comswing form of in the as for live currency deposits you pay you During this past year between two powerfu1 incentive to put such re- debtedness to be effected through the ment income with a feeling of assur- ing as long AND THE bined with a demand for gold on the serves out of the and insurance third that half and three billion dollars to work by making loans to of ance that when he reached 60 or 65 fourth hundred- dollars a month of and abeen and reorganization part of foreign countries and individ- industry Tpat this program was mod- bankruptcy the life indistributed have by EMPIRE ESPECIALLY INTERMOUNTAIN most of the major industries in the years of age the income would buy uals in this country The combination income You pay for it in surance companies to policyholders successful is indicated by the country "untold approximately as much as it would at your and of events resulted in a decline in the erately accompanied by when dollars but the a is sum This and their beneficiaries fact that the trend of commercial FOR A COOPERATION THAT HAS MADE suffering and possible re- the time the policy was issued In benefits are payable-everdollar is which probably will exceed all fund? since the middle of March has hardships aLr!S”L volt This did not seem necessary a point below the legal limit l!°ans and dollars are needed rency have which and been upward (both public However toe commer- or advisable 1933 A WONDERFUL YEAR private The other alternative lars has varied greatly at different Corrective measures included em- cial loans As just one indication of the of the banks do not begin which was poured actually this year into adopted involved check- - times reof bargo on gold withdrawals cither for to tell the whole story of credit expanof forms and life as instituan various insurance enterprises bility Effective Hedge export to foreign countries or for do- sion during the past year The gov ing the deflationary forces by suftion it is interesting to note that loans! lief ficient stimulation of injection mestic holding1 Furthermore domes- ernment a In of the this part century early the Reconstruction inflation into the economic system family could live in comfort on an tic holders of gold were given a lim- Finance through has taken up the abandoning the gold standard in income of $15 or'$20 a week In 1920 ited length of time in which to sur- slack leftcorporation the recalcitrant bankers By by the and later gov- it would have banks the tb spring establishing render their gold holdings required more thanj and financed numerous projects dur- ernment control of the price of gold twice this income to provide an equal Finally machinery was set up which ing jhe year provided for the inspection of all banks By the end of August the decline in inflationary prices were set in mo- standard of living But even with the tion which definitely checked the de- variations in the to determine their condition During had apparently run its course cline in purchasing power of prices and industrial activ- the dollar which occurred in the past this period much of the country was deposits and under the stimulus of a more ity As a result business improved life insurance has proved a very ef- without cash for current needs and of government and accumulation prices rose rapidly and it was feetive hedge Suppose a man bought talk of the issue of scrip- was heard in rapid bonds the federal reserve banks by soon apparent th recovery was un- a policy in 1900 it matured in 1920 many communities and in several sec- loans began to increase somewhat der Most of more way and unemployment was de- for $100 a month 'During the first tions this was undertaken this time By rapidly production the stores allowed purchases on credit had years of that policy lie paid his preits peak for the year and creasing In adopting the monetary policy miums and in general the trials and tribula- retailpassed in dollars that had a very large were expanding — a normal sales Messrs Warren and purchasing power by tions of the period were borne with economic During the last between the sponsored adjustment Pearson folthe United was States surprising fortitude Possibly the pub- two phases of business activity year the purchasing power of the the of lead other continuous sick the of lowing a lic was little important dollars he paid in premiums had It was now apparent that funda- nations France andit shrunk to a marked extent During series of bank closings that had been the banking system had been necessary to modify theItaly found mentally content from over the three gold years experienced first year or two that his income 'Strengthened by the rise of the currency following the World 1930 to 1933 and were encouraged to eriormolsy 0f a m0nth was paid were m (he domestic value of gold brought war in order to check a deflation so jiqq that lt lett him wlthprices ee some definite action taken llule mar high about by the decline in the value of that to have disastrous promised RSolvent Banks Reopen gin for luxuries During the last few the dollar Gold reserves of the coun- esults if allowed to go unchecked On March 15 just ten days after the try amounted to about $4000000000 In 1931 Great Britain under the ne- years a man could live on an income of $100 a month declaration 'of the holiday it was an- and as this had appreciated about of avoiding a chaotic situaHad this man bought a $1000 bond it was apparent that gold cover- cessity nounced that all banks which could tion abandoned the gold standard for example he would have paid the of their sol- age for the currency in circulation and convince- - Washington a adopted managed currency of that bond in big dollars vency would be allowed to reopen if market values were taken as a The question remains as to whether full price The response to this was highly satis- basivWas approximately 100 per cent or not the nations will all resume Had that bond matured in 1920 he factory For one week deposits of the- With this situation existing the admin- the credit system which has worked would have received the full proceeds in small dollars and he would have New York City member banks con- istration in what may later be con- so poorly in the It is to be past actually received less than 50 per cent strued 8s the first move toward stathat not will Will and hoped of the purchasing power he paid for bilization announced a new monetary demonstrate they sufficient to intelligence policy designed to raise prices through recognize the necessity of adopting his bond In the case of life insur ance however he paid average dolthe open market purchases of gold a controllable You may have to make currency system as a lars for the period 1900 to 1920 and he through the Reconstruction Finance permanent policy 1s receiving in benefits aVerage dolcorporation at a price to be announced Change Needed lars for the period 1920 to 1933 sacrifices to attend the daily Fresh Decline In Deposit Many plans have been suggested Solves Investment Problem The immediate response was another ranging from the “commodity dollar"’ In times when there Is some questo the issue of "printing press” tion of decline in bank deposits as a result of future value of the dollar The latter is a temporary and a the a second flight of capital to other money man is wondering how best 1882 countries However this' was short- expedient and lacks the value of a to invest his money life insurance In this connection solves that plan lived and as soon as it became appar- long-teris life Not only problem ent that the new policy was to be the program now being carried out insurance- - one of the best hedges carried on conservatively deposits re- in the United Slates is far more sat- against variations in the purchasing isfactory as it provides for correc- power of the dollar but life insurance sumed their normal action It must be recognizedthat while we tion of future price changes both also possesses the power to convert and deflationary HowBut you will be glad of it: have made considerable progress dur- inflationary little dollars Into big ones This may ever lt’still permits of international seem unbelievable at first thought ing the year in establishing the bankunsettlement and as naas each long ing system on a firmer foundation but let'me explain Sound mental and spiritual much remains to be done before it can tion maintains or attempts to mainDid you ever stop to realize that w— tain its own currency system for there is a difference in the size of the training The courses you want be considered satisfactory Many banks internally and Internationally It dollar which you receive in income? are still closed throughout the coun260 C rW ML' lead to difficulties between na- For try tying up deposits of considerable will example suppose your Income is Cultural entertainment Opera amount Some plan for thawing these tions such as trade wars and even To correct if a return to the demonstrably unout is necessary dramas concerts lectures LEADLegislation passed world military conflicts this it has been suggested that wi satisfactory system of the past is efERSHIP WEEK January 29— in the emergency session of congress international currency be developed fected recurrent periods of intense was hurriedly devised and can only February 3 be considered as temporary Investi- which would be used by all nations inflation and deflation will continue in with one another Ibis to occur in all sections of the world dealing gations have' bfeen ‘carried on most of would be depositing the It is a little difficult to see' why we Exciting sports Championship the year by the senate committee In world’s golddone by with an interna- should have stuck to the gold standan attempt to provide a background supply basketball and wrestling Intrational as bank such Bank for ard as long as we have when ad 'the for permanent reform THOMAS F KEARNS DAVID KEITH mural athletics Settlements In this vances of social existence have been Perhaps the most satisfactory proce- International waTm Vice President international would naits so currency President dure would be to develop a truly original adoption great since of which all banks be set up which would provide a Why a "shield and buckler" curtional organization — 8 23 MARCH JANUARY W MONT FERRY M DAILEY would be compelled to b? members stable basis for carrying on of inter- rency in a machine-guage? This could The done fairly simply national trade without upsetting the and Managing Director Pres Vice General Manager through the existing federal reserve relationship through changes in one which has operated relative- nation’s international conditions in MEARLE G HEITZMAN system BRIGHAM YOUNG S B LAMKIN ' relation to another ly satisfactorily throughout the deGeneral Superintendent THE As far as internal monetary sysSecretary pression Perhaps this will be done tems are concerned we have had in At any rate it is highly probable that UNIVERSITY F FLANAGAN JAMES IVEKS a definite reorganization of our finan- the past four or five years an exffilTUAL LIFE of the disadvanis needed and will be at- cellent illustration Agent Purchasing cial system Treasurer ' Provo Utah of tying our dollar to a single tempted during the early months of the tage which itself has in no commodity next year INSURANCE CO real value Would it not be infiW MONT FERRY EDMUND J KEARNS nitely more intelligent to tie the of New York DAVID KEITH money unit to a group of' commodiJAY T HARRIS ties as say the bureau of labor's C ELLIS A statistics’ cost o$ living index In the WM HALL0RAN The newest and best polU ST Perhaps lt is some such InDAILEY people JAMES IVERS ternal plan that Italy was aiming at icy by the oldest Com-pan- y ADVANTAGE OF OUR when Mussolini recently effected a THOMAS F KEARNS in America reduction In the Italian cost of liv10 ing by per cent by fiat to conform with a similarly effected nationWe have facilities for ’ also wide salary -- reduction of the same men for young training arsuch an proportions Certainly and Delivery Service on Freight Free Pick-U- p Life Insurance Work rangement could not be less Shipments Let us help you make 1934 a Prosperous Year the use of the gold standard as we have known it in the past ROUTE YOUR CARLOADS VIA S L & U R R V BARRETT CHAS Mgr Whether or not this or some other t'lnh and Idaho long-terbe will plan currency W AIKER RANK BIDG 0 adopted by the world’s important Salt lakf Citv Utah tu commercial is nations impossible Service Same Rates Superior foresee It is certain however that By CAMBRIDGE 21- Insurance Called Hedge Against Changing Dollar rn-t- pre-wa- in-)- e tod:tvStit‘3Kct' 26-- p Payments and Policy Benefits Average Up Over Years Says Economist n 72 STEPS Ness Bldg e bfrne-ls’iee- r 10- 14- 100-ee- p actu-MT- y BARCLAY & CO CHILD Stock Brokers e g 18- 1 14- e KSL h two-third- s 40-re- 100-cc- - or-th- PROSPERITY IN 1934! - SILVER KING COALITION MINES COMPANY - one-thir- d Will Continue to Cooperate in Furthering the Industrial Progress of Utah Mines and Mills at Park City Summit County Utah? “Y” Gross production of gold silver copper lead and zinc from to Total ore mined approximately tons Total expenditures for operation maintenance and betterments — Returns to stockholders - - $25673000 $91600000 3225000 65760000 date Winter Quarter use-bot- Extent of underground workings miles Shares Listed on Salt Lake Stock Exchange OFFI CERS n J J directors BEST WISHES FOR THE NEW YEAR are taking thrifty J NEW LOW PASSENGER FARES Less-Carlo- MJ jp MAIN OFFICE ad satisfac-tory-tha- SALT LAKE & UTAH RAILROAD SILVER KING COALITION MINES COMPANY n S01-1- Tenth Floor Kearns Bldg Salt Lake City Utah 1 a