SAYS CREDIT SYSTEM
THREATENS HARD TIMES
Extravagant buying on the install
ment plan by laborers and salaried
with small incomes is responsible for
the prevailing conditions in the
States, says M. H. Kirsch.bauh, pip,
ueer Ketchikan merchant, who re
turned to that place recently from an
extended visit through the States.
Although bank deposits in institu
tions in the States are. high, mer
chants generally, and particularly
those in the clothing business, com
plain of a large decrease in buying.
Mr. Kirsehbuum told the Chronicle.
This was especially noticeable in Chi
cago, New York and other Eastern
cities. On the Pacific coast this con
dition was less prevalent, and in San
Francisco merchants reported busi
ness as very . good. Business condi
tions in San Francisco were better
than in any other city in which he
visited, Mr. Kirschbaum reports, al
though Seattle merchants were show
ing more optimism than earlier in the
year.
Business men everywhere that Mr.
Kirschbaum visited told him that they
believed a crisis is rapidly approach
ing, because of the extravagant; mode
of living now in vogue throughout the
country. Clerks and other salaried
men, whose monthly income is ap
proximately $200 per month, live in
apartments costing them $100 to $125
per month rental. They have expen
sive radio sets, automobiles, jewelry,
fur coats and clothing, all being paid
for on small weekly or monthly in
stallments. After the ink.ad splurge
retrenchment was in order, so now
they buy less clothing, spend their
nights at home listening in on radio
programs, ami their holidays on motor
trips. As long as they have the fa
cilities for entertainment they content
themselves with buying fewer com
modities, and the merchant dealing in
the ordinary staples is suffering in
consequence.
If the nation gets, through this year
and the next without a crash, the
merchants, par ticularlv, those who do
a large, credit business,, and most of
them permit . extensive credits. Mr.
Kirschbaura savs -helieve that a crisis
will be averted.. unless the present
extravagance increases.
The merchant and the purchaser, of
his wares are hath gambling, m
times being good with plenty of work
at the going wage. Should this con
dition be changed to any extent, that
is, should the labor market be glutted
and work harder to obtain, everyone
is going to suffer.
Alaska will be the last to feel it.
Mr. Kirschbaum believes, because it
has been his experience during the
years he has spent in the Northland
that any condition in the States is
not felt here materially for nearly a
year.
FATAL FIGHT IN
CANADIAN PRISON
Vancouver. B. C.—Charles Alfred
Moore, an inmate of the Okalla prison
farm, has been formally charged with
the murder of Henry Riggenbottom
another inmate.
The men engaged in a quarrel at
the prison on Monday, and in th«
course of the fight Moore is said tc
have struck the other man a fatal
blow on the head with a club..
1 McGrathj
i Pool Hall!
Fresh Fruits.
Candies
Tobaccos'
Pipes
Cigarettes".
Soft Drinks
Cigarette Holders |
Geo. Mutchler
Proprietor
SHIPPING LEADER TELLS LV-.
STRLUrttVE YARN: $10 SAVINGS
DEPOSIT GROWS TO $120,000.00
(C. R. Forbestlin-.Seattle Post-Intelli
ge ncer. f
A young woman opened a savings
bank, account with $10. Every month
she kept adding a little. How much
do you think this modest savings ac
t count amounts to today- Over SI20.
000.
A fairy tale, you say? Not the
truth. To convince you, here are the
facts, with chapter and verse, exactly
as received from the veteran Robert
Dollar, head of the Dollar ship lines,
the only American! company operal-l
ing ’round-the-world passenger and
freight service, as well as other fleets:
“I have just been reading your ar
ticle on extravagant- living When 1
got married f owed over $,'5,000,
through a business failurp; My wife
said to me, ‘Give- me. what yr>»i can
spare every month for household ex
penses and I will, make it do.’ The
first month she opened a postoffice
savings account with $10. Every
month thereafter a certain amount
was added to it. This was given up
about fifteen years ago. No money
was ever taken out of it, and the in
terest all went into it, so now that ac
i count amounts to over $120,000.
! “At that time my wages were S100
a month, and in a very few years I
. paid up all I owed and again engaged
in business for myself.
“All this only shows that Uy econ
i omical living, people working for
wages could in rime be independent.”
$10 Deposit e
I Total deposit .
Interest 4 per cent
Interest 5*'per cent
Interest 6 per cent ..
Interest 7 per cent
Total deposit__
Interest 4 per cent
Interest 5 perv.eent
j Interest 6 per cent
Interest 7 wr cent
Total deposit
Interest 4 per cent
Interest 5 per cent
Interest 6 per cent
Interest 7 per cent
Total deposit ..
Interest 4 per cent
Interest 5 per cent
Interest 6 per cent
Interest 7 per cent
10 Yrs.
___ $G,000
.....____ 7,289»
__ 7,662
. 8,061
. 8,484
*100 Deposited Monthly.
10 Yrs.
812,000
. 14,578
.. 15,327
.. 16,122
. 16,068
- A tier
20 Yrs.
82,400
3,624
4,044
4,524
5,073
10 Yrs.
. $1,200
_ 1,458
-. 1,532
. 1,612
. 1,697
$25 Deposited Monthly..
- After -
10 Yrs. 20 Yrs.
. $3,000 8 6,000
.. 3,645 9,060
.. 3,832 , 10,110
. 4,031 IT,310
. 4,242 12,683
$50 Deposited Monthly:.
- After -
20 Yrs.
$12,000
12,121
20,221
22,620
25,365
— After -
20 Yrs.
$24,000
36.241
40,442
45.241
50,730
40 Yrs.
4,800
11,626
14,903
19,282
25,158
40 Yrs.
$12,000
29,065
37,257
48,204
62,890
40 Yrs.
$24,000
58,132
74,015
96,409
125,792
40 Yrs.
$18,000
116,263
149,030
192,818
251,58 i
The charge often is made that
' Americans are extravagant. They are.
; It isn’t often stated that they are a
; nation of savers. Yet. they are—or
i are becoming so.
; How many savings bank accounts
' are there in this country, would you
I guess?
At the last date for which official
■ ,
The average worker in America to
day gets more than SI00 a month. Tire
latest Government report shows that
7,298,481 persons filed income tax
statements.
While everything is moving along
smoothly and a goodly of money com
ing in, many of us never stop to re
flect that perhaps the day may come
when our earning power and our in
come will diminish or stop. Yva make
no determined resolution to save
something every week, every month.
Often young men and young women
have said when dm subject, of s> s
tematic saving arose, Tt isn't worth
while, my starting a savings bank
account. 1 couldn't put in more- than
a few dollars.”
Mr. Dollar’s letter brings out more
forcibly than anything ever before
published how a savings bank ac
count started with less than 82.50 a
week can grow. Mrs. Dollar certainl;
could have said to herself that it was
no use starting a savings account,
seeing that her husband was getting
only $100 a month and had to use
quite a part of this to pay off his
debts, equal to his entire wages for
two and a half years. But she
showed sense.
Maybe it will encourage you to
give thought to this subject of saving
if you see with your own eyes how a
small sum saved regularly counts up
in course of years. Let us start with
a table based on only $10 deposited a
month and work up to a $100 a
month.
The following table shows what
these savings reach with interest
compounded semi annually:
tl Monthly.
figures were compiled1, June, 192o, the
total was 4.1,859,137.. This works out
at almost two savings i .tnk books in
each family. Kurely this is not a dis
creditable record.
The total thus saved exceeds
twenty-three thousand million dol
lars— $23,234,052,000. This shows the
average deposited to b< §534.
REINDEER HERDS MAY BE
BROUGHT ACROSS COUNTRY
(Anchorage Times.)
George Ashenfelter and fain family
left on yesterday’s train for Nenana,
where they will proceed dfrwrn the
river on their way to Nome, where
they have many herd of remoter.
Mr. Ashenfelter has i onsidered the
matter of moving sum* of .'the many
thousands of reindeer owned by him
self and the native herders of the
North to a place along the Alaska
Railroad or near the water, where
cheap transportation can be had. Near
Nome the herds are increasing witr
great rapidity, hut tin market is lim
: ited there, and with tin idea in mind
j that if the deer arc closer t6 regular
| steamer service to •flit '-fates a great
I market can eventually he worked up.
Mr. Ashenfelter expects to ■ interest
the herders in the m;u ter 'of moving
down many thousands of deer.
The Bureau of. Educ. dlfap has sev
eral thousands of deer m the same lo
cality, and the matter of giving Mr.
Ashenfelter a contract: td move them
to antwell is being considered’. Should
this contract be awarded; these gov
I eminent reindeer will’ un moved down
along with the herds owned by Mr.
Ashenfelter and other deer herders.
The scheme calls for the establish
.went of herds and camps at or near
Cantwell, as well as another some
where on the Kenai peninsula, on
Cook Inlet.
It is reported that there are in the
neighborhood of 125,000 reindeer in
the district near Norm, belonging to
private owners, which are sold for
fro tn$10 to $15, with very small
small market to draw from. It is
thought that if a subs! tial number
of these deer are moved to this lo
cality that great numbers of these
animals could be shipped to the
States for fresh meat
The proposed route of travel in
bringing these herds is over the reg
ular caribou lines of travel from the
North. The moving of these animals
would require the assistance of many
herders and a great deal of time.
Establisment of slaughter houses
and cold storage plants would have to
be provided for, with the inaugura
tion of a thriving business.
The idea is splendid, and will create
much business for this district and
tonnage for the railroad, and help de
velopment in this district of Alaska.
Through an arrangement between
the Juneau hospital and Dr. H. C. De
Vighnc, Territorial and city health of
ficer, 214 persons were vaccinated
against smallpox in that city recently.
The vaccinations were given free.
1 LENGTH OF GOWN
PUZZLES ENGLAND
i-l_ -
London.The Lord Chamberlain’s of
, (ice and fashionable modistes of the
: West End of London and in Paris are
i at great variance as to how long the
skirt of a fashionable gown should be
j “Four or live inches from the
ground,” is the edict of Queen Mary,
which has remained unchanged for
, several years, in spite of the exposed
knee which Paris designers have been
favoring.
Women presented at the Court of
St. James have been compelled to lis
ten to the dress regulations set forth
by the Lord Chamberlain’s olliee, and
j there is no indication that there will
be any modification in the rule about
skirt lengths.
Many dressmakers have made re
quests that the regulations be altered
to allow this year's court dresses to
be eight inches front the ground, but
their request lias been refused by the
I Queen, who thinks that enough con
sideration has been showrn to present 1
1 fashion by allowing trains to be IS
i incites long instead of the former reg
ulation length of four yards.
Notice to Pay School Tax
ToJAll Whom This May Concern:
In accord with Chapter 29, Session
Laws i f A'aska, li*10, and amendments
thereto, all male persons between the
ayes of twenty-one and fifty years, who
are sot “sailors in the United States
navy or revenue cutter service, volun
teer tiremen, paupers or insane per
sons,” are required to pay an annual
school tax of tive dollars flu).
This tax is due and payable after the
PROFESSIONAL
Mrs. Jean McLean
Notary Public
Tokotna, Alaska
i 1
; Du Rand’s •
! Cafe and ;
| Hotel !
! i
Flat City (
and deduct as herein specified within
first Monday in the month of April and
shall be paid be/ore the first day of
May, providing you are in the Terri
tory of Alaska mi said first date; if not,
tin; tax i> dtie within thirty days after
Vo ,r arrival in Alaska or within tt n
days after written or oral demand is
made upon von by the school tax col
let t,or. Taxes not paid in accordance
with the foregoing requirements shall
become delinquent, and each person de
1 it. sent shall be subject to a fine of
two dniliarsj
All pe rsons. rms and corporations
smploving labor rn Alaska shall fur
nish to collectors a list of all employes
■nli ' ‘ to tax and employers of labor
i„ above se‘ out are authorized by pro
. isions o. raid act to deduct amount of
lie tax from the wages of earth em
hi'ipc v*'ht) i, •.object thereto. If any
>t such employers shall fail to report
he period designated for payment of
'■cl the said employers of labor
dttill be guilty of a misdemeanor and
’ scl to a fine of from $.50 to $500.
All persons subject to, and refusing
>r neglecting pay, said tax. are sub
• ■■••• to a titic of $25, or imprisonment in
ail for period of one month; and all
inch employ (its of labor as herein set
Jet. who neglect or refuse to collect
laid tax from employees'niky be pro
■eeded against and shall pay the
miount of t-ar.h nnividual tax. and a
’arther penalty of $25 for each such'
ax.
Tax receipts will lie furnished by the
ax collectors.
Dated at Tukotna. Alaska, this ,'Slst
lay of May, Hl2b.
J. H. McLEAN,
Duly authorized and qualified
Alaska Territorial Schoel Tax
Collector for Tokotna District.
B. & E. Store
McGrath, Alaska
Groceries
Hardware
Miners’ Supplies
of All Kinds
Ladies’ Furnishings
Furs Bought and Sold
Moose Skin Mitts and Bo6ts
King Island Mukluks
Babeesh, or Sled Lashing
Voigt’s Dog Harness, the very
Best
FRESH GARDEN SEEDS
A. R. Eldridge
ALASKA RIVERS NAVIGATION !
COMPANY !
i
Operating Light Draught Steamers
On the Kiiskokwim. i
i
Capt. Wallace Langley, Manager. j
I
• •
J. H. McLEAN
Fresh Fruits
Fresh Vegetables
Plenty of Nuts
Choice Canned Goods
Meats
Fresh Garden Seeds
l
4