THE NOME DAILY NUGGET
GEO. S. MAYNARD. Editor
RUSSELL G MAYNARD. Manager.
Published every evening except Sunday by The Nome
Publishing Company, Nome, Alaska.
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Entered in the Post Office in Nome as 2nd Class Matter
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(CITY OFFICIAL NEWSPAPER)
COMPETITION NECESSARY
Reports of booming activity and profits in the dur
able goods industries presumably signify that the pres
ent depression is nearing its final stages. Economists
agree that this is the normal pattern of depressions,
which, regardless of all other factors, must last until the
reawakening of new capital investments revives in
turn the production of durable goods.
Since durable goods are in the main capital goods
and therefore are the tools by which society maintains
and increases its capacity to produce, this means that an
economic society like ours never can be static for very
long and enjoys “prosperity” only when moving ahead
toward better and better living standards. According
to one theory of what causes depressions, the alternate
occurrence of booms and slumps is the measure of our
economic progress. Booms carry us toward the millen
ium of adequate living standards for all, until progress
literally trips on itself and must begin .all over again.
The theory referred to is further elaborated in the
fourth and last volume of the Brookings Institution’s
great study of “The Distribution of Wealth and Income
in Relation to Economic Progress.”
In this volume is rounded out the story of how too
much capital comes to be accumulated during the per
iods of boom. Toward the climax, it is related, this
oversupply of savings slops over into foreign invest
ments—like the efforts of an American utility in the
1920’s to corner all the unused waterpowers in Brazil
—or into speculation—like the rush of funds into the
stock markets in 1928 and 1929.
Meanwhile an inadequate share of national earn
ings has been made available for consumption and this
has been drying up by degrees the opportunities for
profitable and useful investment of capital in new pro
ductive facilities. There is not enough buying power
for the goods that might be produced, yet prosperity
can not continue unless productive capacity continues
to move ahead. Presently the accumulated burden of
unemployed or ill-employed capital becomes too much
for the structure of prices and interest on which pros
perity is balanced, and the whole affair tumbles into
another period of depression.
It has taken the Brookings Institution five years
to complete this study, which, whatever its other merits,
certainly is the most elaborate factual study of the econ
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I I
omic cycle so far attempted. At the end of five years!
the Institution’s economists have hit on no better cor
rective for the cycle than to insist that competition-,
without which an adequate diversion of national in
come into consuming power can not be had, must be
maintained and strengthened.
Whether you like their theory or not, it surely will
be conceded that these economists are not ignoramuses
or dolts: neither are they, the staff of an independently!
endowed faculty, by any stretch of the imagination in!
thp pay of “Wall Street” or any interest, sinister or
otherwise.
Accordingly it seems to us that mere contempla
tion of the four volumes of their patient study should
bring a certain humility to those confident leaders of
public opinion who in an inspired moment have conceiv
ed full-blown their own theories of what ails the eco
nomic svstem and what to do about it.—Cordova Times.
Youthful Writer
Told Arctic Trip
Of North Star
(Continued From Page One)
Jones, or His Majesty’s Scribe;
and no less a personage than
Charles W. Hawkesworth, assist
ant chief of the B. I. F., served as
j master of ceremonies.
It was a great party. The cap-1
tain blew 13 bells for 13 initiates.'
We were dunked in a pail of ice*
water,crossed a rope line, danced
Eskimo style, and received the'
tatooed sign of the walrus, No.
111. All the neophytes were I
i
garbed in pajamas. Included in!
the refreshments were muktuk, j
popeye specials (pilot bread and
spinach sandwiches), and dried
salmon. Master Sergeant Stan- j
ley Morgan of Barrow took Para
mount movies of the event.
All the charter members of the j
| society,as well as the sourdoughs,:
nope tne iratemat order or Arc
tic Circle becomes a tradition in
the Northland. All ships pay
homage to Father Neptune when
they cross the Equator; why not
the Arctic Circle?
The North Star is covering 10,
000 miles in her four months’ voy
age from Seattle to Point Barrow
and return, via St. Lawrence,
King and Diomede Islands. She
is contacting some 50 Indian and
Eskimo villages between Metla
katla and Barrow.
Perhaps the most interesting
I phase of this trip is the cosmo
politan character of people we’ve
had aboard from time to time—
1 Mr. Hawkesworth, Mr. Lopp, Dr.
Hans Himmelheber, German eth
nologist, who is writing a book
on Eskimo art; Otto Giest, arch
aeologist from the University of
Alaska; a reindeer superinten
dent and unit manager; Biologi
cal Survey man, school teachers,
doctors, nurses, five missionaries,
a stenographer, an army officer,
I
a marshal's wife, two U. S. Sig
nal Corps operators, and now
Mr, Lipps and Mr. Paul, Wheeler
-Howard representatives in the
Territory.
We thought our Arctic Expedi
tion was as exciting as any, and
as educational as any book could
be. We are greatful to the Bur
eau for being aboard and for the
fine hospitality of the North, whi
ch many agree, surpasses any- j
thing to be found in the South.
FINAL CAMPAIGNING
i
(By The Associated Press)
TOPEKA, Kansas, Oct. 3, — |
Governor Alf M. Landon ener-'
I
getically prepared to swing into
the final stage of his campaign j
with the active support of both
1928 major party presidential!
nominees, A1 Smith and Herbert
Hoover.
i
Cavey’s Bakery
OPEN FROM 6 A.M. TO 1 A JR.
GOOD CUP OF COFFEE
BEST PASTRY IN NOME
Good Meals
CITY LAUNDRY
Harry Saito, Prop.
Opposite The Bank
Saits And Hats
Cleaned
Laundry Work At
Reasonable Prices
Baths For Men and Women
Phone MAin 149
The Nome Daily Nugget
Read by People in Every Town,
Village and Hamlet in the
Second Division.
THE NOME DAILY
NUGGET
IT GETS RESULTS
-—- 1
f
FOR NEW LOW RATES FROM
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WAY PORTS
CALL
ARCTIC AIRWAYS
MULTI ENGINED PLANE.
1 ■■■ •
—Mayfair Tavern—
(First Ave., and B Street)
BEER & SANDWICHES
Baths In Connection
— NO COVER CHARGE HERE —
THE BOARD OF TRADE
NEW LOCATION
(Opposite The Dream Theatre)
JUST RECEIVED
OLYMPIC AND SCHLITZ CANNED BEER.
Also Bulk Wines and Liquors. We Are Closing out
Our Entire line of Mens Furnishings Rubbers
Boots and Pacs.
NOME LIQUOR STORE
(Next Door To Fire Station)
ARCTIC BEER PARLOR
AND CARD ROOM
Between Pioneer Drug Store And Dream Theatre
Jack Solomon, Proo.
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