THE NOME DAILY NUGGET
GEO. S. MAYNARD, Editor
RUSSELL G MAYNARD, Manager.
Published every evening except Sunday by The Nome
Publishing Company, Nome, Alaska.
Subscription Rates Payable In Advance.
Delivered by carrier in Nome, Little Creek and Sunset
Creek, for $2.00 per month. By mail postage paid out
side of Nome and vicinity, $1.50 per month.
Entered in the Post Office in Nome as 2nd Class Matter
MEMBER OF ASSOCIATED PRESS
“The Crucible”
Unofficial bulletin for the
Nome Headquarters of the
Territorial Department of
Mines
Assayed by Aben Shallit
i_
12th Pouring
A priceless contribution to ec
onomic geology has been made by
■an Idaho woman. Having fallen
heir to a “gold mine”, she figur
ed out just have the gold was
deposited. “The gold is found at
the bottom of this quartzite which
is an old sandstone formed by
pressure and time into a coarse
grey quartz filled with holes.
Gold dust Alls these holes.” Sim
ple, isn’t it?
In Washington, D. C. gold is
handled more scientifically. H. N.
Laurie, formerly Economic Ad
viser to the United States Sen
ate Commission of Gold and Sil
ver Inquiry, and now a Consult
ing Economist, explains why the
price of gold will not be lower
ed. The following is an abstract
of part of his paper, “Gold Rum
ors".
“Monetary rumors during good
times disturb the course of busi
ness. In the present atmosphere
of uncertainty they would exert
a still more serious influence.
“There is a large amount of
foreign capital, some seven and
one-half billion dollars, invested
in American industrial securities.
A rapid withdrawal of these funds
would result in danger to our
domestic economy. In order to
forestall such a movement, both
the President and Secretary of
the Treasury have stated that no
change in the price of gold was
being considered.
The remainder of the world has
advanced further than has the
United States in economic recov
ery. Deflation and industrial stag
nation on a large scale, with an
increase of unemployment, would
result, if the price of gold were
F l .t T H E S T AMONG THE FURS in international
c«i ..on .i in New Vnra i ■ we » t us S2j,t#u , •
sc -oat and its wearer, .Miss Geraldine Novak. 21, crowned fur
Qa . over 26 rivals representing as many nations. Consuls of jach
country cast a vote. Miss Novak claims Iter ancestors, as well as tac
•>„ ‘ j sable’s, came from Siberia.
T
+ Northern Light & Power Co.
t AND
J Alaska Telephone & Telegraph Co.
* Second Avenue and Lane’s Way
I LIGHT. POWER AND ELECTRICAL SUPPLIES
| LOCAL AND LONG DISTANCE TELEPHONE SEE VICE
Our Aim—Satisfied Customers
BOILER, MARINE, TRACTOR, ACETLTNE AND
ELECTRIC WELDING
MATERIAL STOCKED: SHAFTING, STEEL, BRONZE,
BUSHING, BABBITT, ACCESSORIES.
Prompt Attention to Local and Ont of Town Work
Telephone Black lit
NOME MACHINE SHOP
W. L. SLACK AND SON, PROPRIETORS
WALTER W. JOHNSON CO.
351 California St., San F'ranciaco, California.
Builders of Gold Dredges, Prospecting Drills,
and Other Placer Mining Equipment
lowered. This reason alone should
be sufficient to keep the price up.
“As originally enacted the law
granted the President the author
ity to change the weight of the
gold dollar. Congress made a vi
tal change however when it pass
ed the Gold P.csrrvo Act of 1934.
Now it would be necessary to
pass an amendment to the Act
before the price of gold could be
reduced to $25 per ounce.
“The Administration has been
responsible for the agreement be
tween Great Britain, France and
the United States to stabilize cur
renev and remove trade barriers.
Great benefits have occurred sin
ce this currency accord was sign
ed. The United States would be
very reluctant to disturb the
monetary system, as reducing the
price of gold would do.
“A reduction in the price of
gold would automatically reduce
the monetary gold stock of the
United States Treasury. Whatev
er benefits have accrued to the
Treasury through the profits of
the 1934 devaluation, would be
largely dissipated by lowering
the price of gold, thus making the
budget far more difficult to bal
ance.
“In regards to the question of
controlling the production of
now gold on the basis that it is
an excess that causes inflation.
Laurie state that the rising costs
of gold production will tend to
limit the world’s output. As eq
uilibrium is established in world
economy the demand for gold
i will be greatly increased by the
: necessity of many nations to ex
pand their monetary gold reserv
es.’’
Mr. Laurie presents some very
sound arguments to support his
judgment. The entire gold min
ing industry hopes that he is
right. If he is wrong, we Nome
ites will have to give up our
marginal diggings and move up
‘/'pfldtu/
REDUCED PRICES ON ALL L,QU0RS
AT THE NOME LIQUOR STORE
into the Kougarok, where it is
rumored gold nuggets grow on
all tall trees.
Incidentally, some of the assays
from local prospects are interest
ing. To quote one of our well
known hard-rock men—"Some of
! the rock is spectacular; phenom
inal to say the least.’’
;__
Notice of Hearing and Settlement
of Final Account and Petition
for Distribution
No. 539
_
In the Probate Court for the
Cape Nome Precinct, Territory of
Alaska, Second Division.
In the matter of the Estate of
JOHN LEPRI, Deceased.
Notice is hereby given to whom
it may concern: That the under
signed administrator of the es
I tate of John Lepri, deceased, has,
filed in the said court his final
account and report and petition
for the distribution of said estate
and that the 15th day of January,
1938, at the hour of 11 o’clock
A. M. of said date in the court
room of said Court at Nome, Al
aska, has been fixed by the order
of said court as the time and
place for the hearing of the same
and objections thereto and the
settlement thereof and that at
said time and place the Co>urt
will adjudicate and determine
who are the heirs and distribu
tees of said deceased.
Dated, this the 12th day of
November 1937.
CHAS. ALEXANDER
Administrator of the Estate of
John Lepri, Deceased.
Publish: Nov. 12, 19, 26, Dec. 3,
1937. _i
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