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Show CACHE AMERICAN Paee Four ilLUt.lJ Jobs for Scholarship Winners I!-- ! As First Two Receive Degrees I; 4 UHi.AhtJ fif;T Men Business and Bankers' Agree in Objecting to Pol.ti-cControl Over Banks f& ,v AMENDMENTS sT 'V VsM ' WASHINGTON, ? ; ? I V" - j A V' - Both receive degrees this month. Fischer, who has been attending the University of Illinois, will join the research divisioa of General Motors. lie is seated at the left next to Guild President William A. Fisher. Secretary William S. McLean stands behind him with the other youth, who will begin work at the General Motors proving ground after obtaining his diploma from tho University of Michigan. Detroit for a CALLED to with officials of tho Fisher Body Craftsmans Guild, Albert W. Fincher, 22 years old, of I - Waukegan, 111., and Raymond S. Doerr, 23, of Battle Creek, Mich., 55,000 scholarship winners in the g competition initial sponsored by the educational foundation and the first of their select group to finish college, find that jobs await them upon graduation. coach-buildin- Feast the Family on Hot Breads 't, V ' ' ', 4 v ' v s f , A fl Banking A( t of 1935 have found common ( auso for ci itu ism in tlioi e provisions which limy agiee would create the means for undesirable political control over llie Federal Reserve System am! theieby over individual hanks thro, liout the United States. They have made the point that this undesirable condition would affect depositors in banks even more than the banks themselves. This view has been stressed in criticisms by the Chamber of Commerce of the United States, and the question of partisan control over banking was the central theme of a statement presented by R. S. Hccht, President of the American Bankers Association, who appeared before on Bankthe Senate ing and Currency hearings here. Mr. Hecht declared that his organization is actuated by a desire to be helpful to Congress In enacting effective and workablo banking legislation in the interest of ail our people." lie said in part: "If It is finally decided that it is necessary to carry this legislation through at this session, we are strongly of the opinion that special care should bo taken to keep our credit control and banking mechanism free from any soit of political considerations. "In making this statement 1 do not wish to appear to question the propriety of the Governments exciting a certain amount of control over banking operations so far as they affect the nations currency and general monetary policy. Nor do we object to broad powers of supervision over the operation of our banking institutions because of the responsibilities they carry. But when tt comes to such matters as the granting ociedit and the making of investments by our banks, these are questions of business policies that smely should not he under the sole contiol of a board so constituted ns to lie dependent upon paiti-sor political (i n uli latlom, under any ndminlbtint on semi-publi- c $ T Business Con-gros- ,J - D. C. Re- nuu and bunions .like who hue ap s ptaied befuie committee;, of to pu'atut 'ii "b rogaiding the r, i SUGGESTED Political Domination of Federal serve Board Declared to Be Undesirable for Depositors as Well as Their Banks. i fj A ' , y f t t ,o 1 S' V. cups sifted cake flour double-actinteaspoons baking powder teaspoon salt 4 taBespoons butter or other shortening 33 cup milk Melted butter 1 cup grated Ancricta Qoes Salt Pdprika J v the ' ,v v ' breakfast Is the SUNDAY morningbreakfast of tho week. Thi3 meal usually a substantial one affords a housewife an opportunity to prove that her hand ha3 not lost its cuuning in the making of hot breads. These Cheese Roulettes were just made to go with scrambled eggs and bacon. As for the wattles did you ever knew i affles to go begging? Cheese Roulettes 2 3 - . cheese evenly over dough. Sprinkle with salt and paprika. Cut in strips 6x Vi inches, roll each strip, and place in greased muffin pans. Or roll sheet as for jelly roll, cut in slices, and place slices on greased baking sheet. Bake in hot oven (425 F.) 15 to 20 minutes. Makes 2 dozen roulettes. Waffles cups sifted flour baKing teaspoons double-actin- g powder a teaspoon salt 3 ejg yolks, well beaten cups milk melted butter or 5 tablespoons other shortening 3 egg whites, stiffly beaten 2 3 m Sift flour once, measure, add baking powder and salt, and sift again. Combine egg yolks and milk; add gradually to flour, beating only until smooth. Add shortening. Fold in egg whites. Bake In hot waffle iron. Serve with butter and syrup. Makes four or five 4 section waffles. Sift flour once, measure, add baking powder and salt, and sift again. Cut In shortening; add milk all at once and stir carefully until all flour is dampened. Stir vigorously until mixture forms soft dough and Ham Waffles follows spoon around bowl. Turn out Immediately on slightly floured Use recipe for Waffles, sprinklboard and knead 30 seconds. Roll ing 14 cup finely cut boiled ham Into oblong sheet, Inch thick. over batter Just before closing Brush with melted blitter. Spread waffle Iron. maple-flavore- H0MECENTER Used Furniture Co. 26 East Center Phone 1552 M REPAIRING and Upholstering Call Us, and Well Call on You Dei, rahle Cl ar.:s ijib oi Sound V. uc-ti- u TELMING UMSUITEO 1 c Supreme Court of Ranking ihe paisage of the Fcdenl Reset ve Act over 20 years ago, opinion in Congress and among bankeis has bem stuvmg towards the ideal of making the Federal Reserve Board a body of such independence and prestige that it might be described as the Supreme Court of Finance and Banking. We believe the w 01 j condi- id. Greatest Difficulty I tbmk the greatest difficulty we have to overcome in America today is due to our impatience with the progress we aie making towards recovery. We must realize that while the Government can help by directing some measures for relief and re covery, we must help ourselves by doing our share to give impetus tc the Governments efforts. We have there is gieater need now than ever befoie lor realizing this ideal. Mr. Hecht emphasized that it is the genuine desire of the banking fraternity to be helpful and constructive in making suggestions in connection with this pending legislation. The changes we are urging are we believe essential to the continued independence of the Federal Reserve System. "We have made it clear that we do not object to a measure of public control in the national Intel est for proper cooidmation of our manifold credit operations," he said, "and we do not believe the sponsors of ihe icgl lotion dt sue any political di over these activities through our Fcdual Restive System. Under stall ncumstances we feel that our recommendations should be favoiubl acted upon because they would enable the leconstiucted Federal Reserve Board to function fiee-las a nonpolitical body actuated only by the dictates of sound financial and economic policies coni eived in the Intel est of all of our people. The adoption of our suggestions would both place operation of the Federal Reserve System wholly and distinctly apart fiom the fluctuations and vicissitudes or political conditions ami free from untlue influence by banking opinion only. Such a solution would thus have a stabilizing and confidence inspiring eflect on the entire business situation. y Banks Rapidly Reduce Debt Although the sum of $1,860,000,000 has been advanced to banks and trust companies by the Reconstruction Finance Corporation since it began opeiatious in February, 1932, down to April 30, 1935, these institutions have repaid no less than $1,340,000,000, or more than 72. This rate of repayment is reported as being considerably in excess of that made by any other type of borrower. Loans were authorized by the Reconstruction Finance Corporation to 7,396 banks and trust companies in an aggregate amount of $2,350,000,-000- , but of this sum $345,000,000 was withdraw-or cancelled and has not yet been taken out by the borrowers. $140,-000,0- Simplification of Bank Checks In a bulletin issued by the Bank Management Commis-sioof the American Bankers Association, plans are described for carrying on the simplification of bank checks, notes, drafts and similar instruments in respect to size and uniformity of arrangement of subject matter. Detailed recommendations for this end were formulated by the association about ten years ago, the bulletin says, and promulgated by the United States Department of Commerce among banks, business houses using large numbers of checks, commercial stationers and lithographers. As a result about So per cent adherence to the recommendations was brought about. The present bulletin, which describes the standard specifications in full. Is Issued to maintain this high level of adherence to the recommendations. New York a U.S. TO THE DISTRICT COURT OF DISJUDICIAL THE FIRST FOR THE IV AVD TRICT COUNTY OF CACHE, STATE OF UTAH. IV It Takes Serve Polities Rather Than Business Needs. Says 1 he R. S. HECHT A Would tions. Our at fans aie dose- ly Intel iciated not only withm the coniines of our own borders but extend to other countnes throughout "Suiie 0A1-- i foster public understand! n g of the bankers' pioblcms. W e aie living in an ace of complex and upset eco n 0 m SHERIFFS SALE EOVSiffirElT i Ires.tlcHt . mericc.n Battlers AySOi'oitoa There is a growing app cuation, both on the put of the pcoy'e and the Got ' mat nt of the earnest and sincere efforts bring made by nankcis to aid in lecovery. It is desirable that we miss no oppoitunity to CVietjI study by his orgnuati in, Mr. Iloclit said, had resulted m a number of suggestions for const! in the bill whuii he submitted to Congress. On the other hand, lie ib claud that many of the changes pioposed by the act iu existing laws Vie of a construi t.ve nature mid should have the support of bankeis, if the method of appointment and tenure of office of the membeis of the Federal Restive lioaid, in whose hands it is planned to coni initiate gieater power than ever Ik foie, could be so altcieil .3 to insure, as far as possible, the absolute imlcpcndi ure of the Bo.ud lrom partisan or political consider! turns He added. n ROBERT B nI Fridav, Tulv 5. 1935 Vice Iropest J 1 Credit Tho i cal conditions that create tho necessity for tho expansion or conlraction of ciidit arise from the needs of agriculture, industry and trade themselves, wholly independent of the admlnistuitive policies of the party which happens to be in power. We feel that the financial of the nations business constitute a continuing economic process that is not related to political changes. The fundamental principles of sound ( redit do not vary with variations in public thought. All experience teaches that the quality of credit is sound only so long as It is based purely on the requ of souud business. It is not sound when any other considerations or motives enter into its composition. "The Banking Act would centralize In the Federal Reserve Board at Washington means aimed to control the supply of money in the country, which term includes the sum total of currency in circulation and demand deposits in tho banks which become current through cheeks. The powers which it Is proposed to give the Board are intended to enable it to influence the quantity of this deposit money through open market operations, the discount rate and reserve requirements. The Need for Independence "That Is the reason why we are so strongly in favor of making the Federal Reserve Board a body of such independence and prestige that It would be definitely removed from all political thought, influence and dictation. Its members should be free to study and to act iu accordance with the needs and conditions of agriculture, industry and trade. The policies of the board should have no reference to the politics or the changes in politics of the national administration In our studies of the bank bill, we have been strongly impressed the fact that it would set up a situation under which the Federal Reserve Board and Its policies might be subject to control from the political administration of the country. In saying this I do not charge that it Is the intention of the present administration to bring about any undue control over the nations banking mechanism. The point is that If the bill passed as now proposed, opportunity for control would be there for the use of the present or whatever future administration might be In power. "Our criticisms of the bill are not aimed, therefore, at the motives of T S'T? TIE the p.csmt administration, but the y aie wlioly inipt anj n n .n liiu.. anil aie i lined iiitirely at tl.e s b..sit pi.iiup-involved. revi-uu- al LOGAN. CACHE COUNTY, I' Evil the same country and basically the same businesses, factories and peo pie we had prior to the depression, and business initiative must step forward if real recovery is to be achieved. The theory we often hear expressed that banks create business activity is wrong. Banking can only make a supplementary contribution to business activity. Bankers have the facilities and the desire to extend credit, but business must initiate activity by seeking the credit which is readily available to all worthy borrowers. Let It be said for business, however, that business men are as eager as bankers to contribute towards I think some of the trouble lies in the fait that too many iegis lative measuies have been proposeii for reform which leave an uncer tainty in the minds of business lead ers as to their eventual outcome and effect. Consequently, they hesitate to expand until the probable effects of such legislation are known. MAKING IT HARDER FIRST NATIONAL BANK OF less Hot LOGAN, a corporation. Plaintiff vs Water with ELIZABETH SHELTON, as adR. S. Hecht, Citing Previministratrix of the estate of H M. Shelton, Sr , also known as ous Experiences. a shower Henry M. Shelton, Sr., deceased, S Larsen Elizabeth Dora QUOTES PRESIDENT JACKSON Elizabeth Shelton, S. Anderson, Henry M Shelton, Jr, and Anna B. ShelExtent and D'verSity of This Coun ton, his wife, Verland F. Shelton, Let us Install a Shower Bath and Vera Shelton, his wife, Ves-stry Presents DiFercnt Situation Fixture in your Bath Room or S. Gibbs, Ethel S. Bullock, and Makes From Europe Basement. Lir.7y S. Larsen, Horace K. Shelton. and Lois Shelton, his wife, and Regional Banking T. H. Hum.pherys, Defendants. , Necessary. To be sold at sheriff s sale ou PLUMBING CO. WASHINGTON, D. C. A refutu the 29th day of July, 1935, at Phone 57 tion of aigunients in favor of a gov twelve o'clock noon of said riav, at prnment ov.ned centiul bank system the front doer of the Countv Court in ff wu t syys v for the United States is presented Ilou.ee m Logan, Cache County, Kj)ii,nttf J r in a statement by R. S. Hecht, Utah, the following described protowit: perty, President of the Anieutun Bankers w.yg mai3B3SGZE!aie3smea All of Lots 6 and 7, Block 7. ssociation, on tfie basis of exhausaltive studies of European central Plat A" Mendon City survey; Typewriter Repairing banks. He also points out the disas- so commencing at the Nortneast A For quick service call trous consequences of previous cen- comer of Lot 5, Block 7, Plat Mendon and running Telephone 235 Survey, City in America. bank tral experiments 10 rods; thence West thence South Re"Our present iegioual Federal 2 rods; thence North 10 rods; Everton And Sons serve System under private owner- thence 2 rods of the place of East ship is infinitely better tor this coun- beginning and containing 20 square We guarantee our work try than would be a government-owne- rods; also commencing at the Parts for all makes. and controlled central bank," Northeast corer of Lot 8, Block Mr. Hecht says. If history teaches 7, Plat A Mendon City Survey, us anything, it is that it is almost and running thence south 10 rods; certain that a central bank so owned thence west 15 rods; thence North .votild be run to meet the varying 5 lods; thence West 5 rods; thence Furniture or Pianos 5 rods; thence East 20 rods exigencies of the government in North to the Diace of beginning, containMoved comserve the to than rather power ing 175 square rods more or less. mercial needs of the country. all of that part of lots 1, Central banking has been tried 8, Also, and 7, Block 12, Plat A, Mentwice in the United States, but wrns don City Survey, described as folfinally abolished because the credit lows: Commencing at a point 6 exbanks central which the control lods and 11 feet west of the Southercised became objectionable and east comer of Lot 1, Black 12, From or to any point in Utah, and running thence West 13 rods also local moving and hauling. unpopular, he goes on to say. We Carry Cargo Insurance and 5'i feet; thence North 30 What Andrew Jackson Said rods; thence East 13 rods and "The continued existence of the 514 feet; thence South 30 rods Second Bank finally became a bitter to the point of beginning, conCab & Transfer taining 214 acres, more or less, alpolitical issue and President Jack-soPhone 314, Logan succeeded in abolishing it, Mr. so beginning at the southeast corof lot Hecht says. "Permit me to quote ner of the north one-hafrom his farewell address. The im- 3. Block 12, Plat A Mendon City mense capital and peculiar priv Gutvey, running thence West 7 rods; thence angling Northeasterileges bestowed upon it enabled it to ly aicng a bank to the exercise despotic sway over the boundary i of said lot to a point 10 ether banks in eveiy part of the 4 rods North of the Southeast country. From its superior strength coiner of said half lot; thence it could seriously injuie, if not de- south 10 4 rods to the place of stroy, tho business of any of them beginnng, containing 37'4 square which might incur its resentment. . . rods, more or less. Together with 24 shares of stock in the Men-noIf you had not conquered, the governYou cannof expect to make North Irrigation Co. ment would have passed fiom the friends socially or in business Parcel 3; Beginning at a print hands nf the many to the hands nt 144 West rods from Southeast the if you have halitosis (bad the few; and this organized money 1, Township n power, from its secret conclave, cutler of Section breath). Since you cannot de2 of West t the Salt orth, Range would have dictated the choice of Lake and Base it yourself, the one way and tect Meridian, your highest officers. . . . The forms North 80 rods, sure you do not of your government might, for a runningWest 8C of making thence rods; thence Soutn time, have iemamd but its living SO rods; fiu-toffend is to gargle often with East 80 i jk to spirit would have departed from the place of beginning, coiUm-m- g Listerine. It instantly destroys it " 40 acre? odors, improves mouth hygiene When the VI llson Admunsti atiou 1935 of 2nd Dated this July, dry ell Stow cons, deied banking icfoim it of ond checks infection. Lambert Jeff Sheriff Caiha kept away fio-- vesting centril Countv Utah Pharmacol Company, St. Louis, banking povviis li a sm ,,e l list t u Missouri. tion r.d instead iutioducnJ the regional idea by creitiug twelve Jta. .. serve banks located m different nomic and gengi.iphiinl sections of rep-- SAIE Weiner Pigs! CaiT 700 the couuliy, Mr. II'Klit says, a plan housethat lias vv oi keel evi eedingly well FOR RENT Two light keeping apartments Phone 970-because the sepal ate banks aie on der the guidance of men chosen oti Kills germs account of tlieir intimate acquaint ance with the problems and needs of Old Lawn Mowers their respective terntories. He adds; The gieat size and diversity of made to run like new America tends to make a central bank undesirable. The cential banks LOGAN BIKE SHOP of Euiope such as tile Banks of Eng54 West 1 No. Phone J80-land, France and Germany, cover areas not as large as some of our GOES THE PRICE OF slatts. A central bank in the United States on the other hand would bo called upon to administer the finanSHAVING cial policies of an area larger than all of Europe, In which there are TT quite a nun. her of central banks. ie BAUGH C. R. Johnson lf ITS SIMPLY INEXCUSABLE thc-nc- e FOR BANKJOTERS Mechanical Devices That Impede the Work of Bandits Described by Bankers As- sooiation Official The impediments winch the hard king bank robber now meets in plying his tiaile among small as well as huge banks ate described by James E. Baum. Deputy Manage! American Bankets Assaiation in charge of its Piotective Department, in an article in "Banking published by his organization. "Protective equipment will minimize if not prevent loss, Mr. Baum says, "such as the silent automatic type of alarm, approved tear gas sjs terns, several styles of bandit resist ing enclosures and timelocks, or sates equipped with timelocks, which can be set for intervals of a few minutes. "The silent automatic alarms op erate in the beginning of a holdup and through action carried out by the bank employees in obedience to the bandits' commands. They are adaptable to the smaller banks which continue to be easiest targets for bank robbery. Tear Gas Systems "Tear gas systems have their adprotective vantages as units where outside aid is inconvenient or too remote from the bank to be effective. One objection to the use of tear gas in preventing holdup is the need of pressing a lever or button to discharge it. Although this necessary action seems too much to expect of the victims, in a crisis where their lives are in jeopardy, the fact remains that tear gas systems have defeated bank robbery. Its deterrent value is also important "Different styles of bandit resist ing enclosures are available. The also produce lock manufacturers timelocks which can be set to open at Intervals of five minutes or longer. These locks are especially adap'ted for attachment to small safes or chests for safeguarding surplus funds while the bank is open for business. w 01 Agriculture and Industry Returns for the first quarter of 1935 for Industrial corporations publishing quarterly reports show net profits 21 per cent moie than for the same in 1934. The total farm value of all Important crops, exclusive of livestock, rose in 1934 to $4,782,423, 000, as compared with $4,114,265,000 In the previous year and $2,SS2,195, 000 in 1932. The newest central bank is that of Canada, which opened after an exhaustive study had been made of the experience of all nations with the result that the stock of the Bank of Canada is privately owned. e caie-f.ul- LISTS RBN1 ends halitosis 200,000,000 fQh COMFORT Washington Subservien' "Moreover, to Popular Demands history has proven that any banking system entirely owned and dominated by the government usually demonstrates much greater ability in aiding expansion of credit than in putting on the brakes at the right time to prevent undue Inflation by restraining and contracting credit. This is easy to understand because in times of depression everyone is urging the government to make money and credit easy and to encourage expansion. On the other hand, it always has been and always will be a difficult task for any government to call a halt in time of apparent prosperity because in the very nature of things the government would be very sensitive to public criticism and would hesitate to take any action which would tend to curtail business activity. It is such undue susceptibility to popular demands which makes government banking inherently weak. "Our studies show that of all the central banks at present existing there are only four whose stock is owned by the government." The American Bankers Association, Mr. Hecht says, is convinced that a central bank woulS not be in the interest of the public or the banks. Its position, he concludes, is well understood by the President and the leaders in his Administration, for we have been absolutely frank with them in all of our discussions and have missed no opportunity for emphasizing that In our opinion no banking system will, in the long run, be sound if it is dominated entirely by the political administrations. We should do all we can to keep our banking mechanism as far removed from partisan politics as possible. g News Made Understandable The vast amount of news emanating from the national capital today is apt to be confusing to the average reader. The rapidly changing scenes, the many new projects that are being undertaken, are difficult to follow. To help you to get a dear understanding of the events taking place in the capital we are providing for you each week the Washington Digest written by William Bruckart, noted capital correspondent Mr. Bruckarts clear interpretation of what is going on makes the Washington scene understandable, No matter what your political beliefs you will find Bruckarts column interesting and fair because it is always unbiased. Make a habit of reading this feature every week if you want to be well informed. ' Vs h Vjfd comfort bit an all in price with the a n no uncement of Probak Junior the r'markabie new doubleedge razor blade. Think of it! You get 25 keen, smooth-sharin- g blades, uniform in quality, SHAVING for only 59i. Youll wonder how such fine blades can be sold for so little money. Probak Junior is the product of unequalled manufacturing methods and matchless skill. This blade is automatically tempered, ground, honed and stropped gives you wonderful shavingsatisfaction.TryProbak Junior and see for yourself. Get them today from your dealer. of IMU1WJ Probak Junior fiti r.ll Gillette end Probak razors z PRGBAK JUNIOR fOXXOI Cache American ? MAOI m Ut A T M REG U S PAT OPF OTHER PATENTS PENDING |