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Show 1 Irl THURSDAY THURSDAY, JULY 19. HIE LEHI FREE PEhSS 1934 THE LEHI FREE PRESS REPORT Manifold Ways in Which the Published ' The Lehi FreebyPress Every Thursday H of condition of tt'e LEHI STATE BANK OF Banks Are Serving the Nation on June 30, S Lehi, Utah Handling Million of Transactions Daily for Individuals, Cor- ,.1. of business jog.; Loans and diounu, 407.M porations and State and National Governments The Overdrafts "r, Lnlted of Public Faith and by Deserving Structure Strengthened Securities guarantee George P. Price, Manager States Government as to Of fir. 32 West. Main Street MARION - 19.ii-B FRANCIS LAW, and principal idence, 2nd West and State, $10,000.00: President Americas Banker Association house, Banking Street, Lehi, Utan Furniture and Ftrtures, banks of the nation provide the terest rate ever been so low. Every Phone 8--W " e-t THE Entered at the postoffice at Lehi, Utah, as second class matter ADVERTISING RATES 30c per inch Disnlav 10c per line Readers Involving SUBSCRIPTION One year in advance. .... .$100 Want ads 10c Per Line for first insertion and 5c per line for each additional insertion. PHONE 8-- W If jon havt any newt of , terwt, aay advertising-- in an job printing or want anything la tin printing line. LOCAL ITEMS Mrs. Thomas Russon spent Saturday In Bountiful. , Mrs. Thomas Powell spent Friday In Pleasant Grove. Miss Lilian Knudsen assisted in cona program In the Lincoln Ward in Salt Lake City on Monday. ducting; Cleora Nye left for Logan Sunday where she will make her home with her sister, Mrs. Lela Bindrup and family. Mr. and Mrs. Earl Nya and Miss Cleora Nye attended a family reunion at Logan, Sunday. Bob Davis of Salt Lake City, spent the past week in Lehi with relatives and friends. Mrs. 1. R. Peck and son, Malan, and Milan Allred spent Saturday in Spain-l- sh Fork at the H. P. Hardy home. Misses Vola and Rinda Anderson art. spending the week in Provo with Mr. and Mrs. Cyril Anderson and Mr. and Mrs. Clifton Anderson. Miss Rinda Anderson and Ralph Miller of American Fork, were Sunday guests of Mr. and Mrs. Clifton Anderson of Provo. . Mrs. Ray Emmett and Miss Bernlece Moffett of Seatte, Washington, who have been guest at the J. W. Chilton home for the pat two weeks returned home Friday. Mr. and Mrs. Ward Chrlstofferson. Mrs. Noye Chrlstofferson, Grant Chrstofferson, were guests of Mr. and Mrs. Roy Harrs of Magna, Friday. Mr. and Miss LaRue Bushman of Salt Lake City, spent Sunday with her mother, Mrs. Rhea Bushman. Miss Bushman was enroute to California where she wll spend a two weeks vacation. W. W, Dlckerson, Mrs. E. R. Dick-ergo- n and daughters. Miss Lois Dicker-eo-n and Roger Price visited at the Veteran's Hospital in Salt Lake City. Sunday with E. R. Dlckerson who is receiving medical treatment there. Misses Fay Taylor and Elva Prest-wlc- h of Idaho Falls, Idaho, were Lehi visitors last week enroute home from a weeks tour of the World's Fair and other points of interest. .The trip was mads by auto. Bishop and Mrs. R. J. Whipple and Mrs. R. A. Goodwin spent Sunday at Ogden and Bountiful. They vUlted at Ogden with Mr. and Mrs. Jacob K easier and at Bountiful with Mrs. Susan Clayton and Mr. and Mrs. Joseph Tuttle. Mr. and Mrs. Elwln Knight and daughter, Betty, were Sunday guests of Mr. and Mrs. Fred Wanlasa and their eon. Bud, who has been a guest at the Wanlass home tor the past two weeks and Kenneth Wanlass accompanied them home. 1 through which pass dally many millions of checks and drafts, aggregat ing hundreds of millions of dollars. The banks are largely financing the Federal Government in its Program. greatest the peace- time expenditures ever known. Likewise the banks are largely F. M. LAW financing the cur rent credit needs of states, counties, cities, public schools and other politall of which have inical timately to do with the dally affairs of all of the people. Each day hanks throughout the country are making hundreds of thousands of new loans and they are renewing and extending old loans for the accommodation of a vast number of borrowers, these borrowers being individuals, and corporations and partnerships their loans being Incident to agriculture. Industry and trade in every community in the land. The banks, through their trust departments, are continuing the work which they have faithfully carried on throughout the depression and are protecting trust funds placed in their care against the worst shrinkage of values ever known. Included In this activity is the service the banks are performing In connection with administering the affairs of widows and orphans. The banks, through the medium of their savings and thrift deposit departments, are furnishing safety for the accumulations of many millions ot people and on this class of deposits reasonable interest is paid. Banks are providing a service tor the g of the and possessions, papers and securities of a very large number of people. The officers ot banks are unstintedly and unselfishly giving advice and counsel to the people ct tlelr communities, thereby to a considerable extent guiding their daily financial and fiscal affairs during this most difficult period of disturbance. safe-depos- it safe-keepin- The Banking Structure Strengthened The banking structure as it is today has been greatly strengthened and the process of strengthening still goes on. Banking is not a closed science. The banking system which we have had was not good enough, and I earnestly believe that an able and commission should be set up to make a study of our numerous banking laws to the end that a properly correlated banking system might be worked out and submitted tor consideration to the next Congress. A good system would include rigid requirements as to management, intelligent and lmpart'al supervision and. In due time, unification of supervision. Such a system, composed of banks adequately capitalized, capably managed and conscientiously supervised, would eliminate any possibility of a recurrence of what has happened in the past four years. The temporary Federal deposit insurance plan under which deposits in banks up to $2,500 for each account are insured has been in effect for six months Mid has proven a potent factor in restoring confidence. Only two small banks out of over fourteen thousand holding membership in the fund have failed during this six months' period. The temporary plan has been extended very wisely for a year, and the amount of the insured deposit has been increased to 15,000, thus insuring in full over 98 In number of the depositors In the country's banks. Hoarded money Is returning to the banks and deposits are showing a vast increase. Banks everywhere are super-liquimeaning that they have an unusually heavy proportion of their deposits in cash. There are two kinds ot unemployment In this country unemployment of men and unemployment ot dollars. These men and these dollars must be put to work. Banks in strong and highly liquid condition are prepared and determined to do their proper part in putting money to work. n Requisites for Grants of Bank Credit That brings me to the all important question of the granting of credit by banks. Two things are necessary to ' increase bank credit: 1st. The banks must be liquid and confident In their own strength. 2nd. Business men must further lay their tears and regain confidence to the point where they will dare to think and plan ahead. The first requisite Is accomplished. The second la In process. Bank credits will Increase and: money will go to work as soon as business men get over their disinclination to borrow and this will be when they begin to see profits within their reach. In past depressions the real movement ot the expansion In bank credit has always come after general business recovery got under way and not before. The number of good credit risks is Increasing daily. Not In my time have good borrowers been so warmly' welcome at batiks as they are today. Never before has there been such competition for good loans, nor has the in sound business in the country today can get what money it needs. A Return of Normal Lending Banks are badly needing loans tor revenue purposes, and now that confidence in banks has been largely restored they are naturally returning to a more lornial lending policy. Before the bank holiday the confidence of the people was shattered. The thought uppermost in the minds of depositors was the safety of their funds. Withdrawals from banks became increasingly heavy and general. Under such circumstances the banker, mindful of his primary responsibility to his depositors, was more concerned in the collection of loans than n the making ot new loans. The result was a severe contraction of credit For this the banker should not be blamed. He simply performed his manifest duty. Bankers at this time are very properly viewing the credit needs of business with serious and sympathetic consideration. Applicants for loans are not always familiar with the rules governing bank credit and constructive and Interested help on the part of the banker will bring about the making of many additional loans, without doing violence to any principle of good banking. Certainly no one would advocate the making of unsound lotnr by banks. The creation of a large volume of unsound loans would not only weaken the banks it would prolong the depression and wipe out some ot the gains already made. It is to be earnestly hoped that no banker will yield under the pressure ot his desire for earnings, or tor any other reason, and make loans of the wrong sort John Ottley of Atlanta, in a recent address, said "The plan of lending freely and hoping for the best has never proven wise." There are many needs for credit of kinds which are not within the province of commercial banks to meet Likewise there are many types of credit but there are also many types of credit facilities available enough, it would seem, to meet the requirements of all classes of worthy borrowers. The Duty of Every Banker It Is clearly the duty of every banker In the country to perform certain services. The most important are: 1. To afford perfect safety for deposits. 2. To grant credit to those who deserve it In the matter of credits the public must in fairness remember that commercial banks are not lending their own money, but the money of their depositors, represented very largely by the earnings and savings of the people. The l eople who own these deposits have accumulated them through years of labor and sacrifice, and in many cases the deposit represents their all These depositors have the right to call for their money at any time, or at most on short notice. Deposits constitute a sacred trust There are certain basic principles in sound banking that must be held onto even in this period of change, but the progressive banker must be responsive to changing conditions and he must be active in seeking proper opportunities to meet the sound needs of his cue tomers. In a recent message to Congress, the President said "1 am greatly hoping that repeated promises that private investment and private initiative to relieve the government In the immediate future of much of the burden which It has assumed will be fulfilled." Repeated assurance has been given by the Admlnietration that there is no desire on its part to continue government lending a moment longer than is necessary and that at the earliest possible time the government will gladly give way to the banks and other lend Ing Institutions. This, of course. Is as It should be and we are all earnestly looking forward to the time when private initiative and enterprise shall have recovered its vitality sufficiently te throw government crutches away. Numerous bank failures have ere ated in the minds of many a grossly exaggerated Idea as to the losses ot de positors in closed banks. The record indicates that depositors in banks which closed in the paet three years will realise on an average about 65c on the dollar. That would mean a loss It has been estimated that durof ing the depression the average value of Investments In stocks lost about bonds similarly declined approximately 60 and commodities 6E. Deposits In sound banks continued to be worth 100 throughout the deot 90 the bank deposits and pression of the country were not affected. tt 90; Bankers Deserve Confidence The country can have full confidence the Integrity and competence of the bankers of the country. Out ot the lea sons of the last tew years has come experience that will be valuable to the banker and to his community. He can be counted on to show a proper appreciation ot his responsibilities and ob ligations and to take hia place among those who are making earnest and un selfish effort to promote recovery. He ts not Infallible, but with every power that Ilea within him I believe be ma be depended upon to fulfill his duty as a custodian of the people's money, as a dispenser ot credit and as a God tearing American Citizen Imbued with sincere regard for the common good In fift - I VA Quick Turnover Means Increased Profit j Our Freight Service helps you make a quick turnover by providing FAST, FREQUENT SERVICE ON BOTH CARLOAD AND FREIGHT. j iLESS-CARLQA- D -- 35. IIMi Real estate owned other than 18,684.21 banking house Cash in vault and UOances 42.297.59 with other bants other and Outside check 301.10, cash items 8,115.61 Other Assets I? -- J220.S37.84 Total Assets LIABILITIES Demand deposits, except United States Government deposits, public funds and deposits of other banks jss.h.s Time deposit, except postal savings, public funds and deposits of other banks..- - 119,888.17 Public funds of States. counties, school district, or other subdivisions or 1,663.88 municipalities .... inDeposits of other banks, cluding cert ifed and cash 710.64 I em checks outstanding-Bi- lls None payable None Mrs. Virginia Goodwin was a week Rediscounts account: end visitor at the S. I. Goodwin home. Capital Common stock, 250 shares, par $100.00 per ' $25,000.00 share A. H. Broomhead returned home 15,000.00 Surplus Wednesday after a visit with his childUndivided profits ren In Salt Lake City and Idaho. 225.19 net 40,225.19 Total Capital Account I Its Economy is Unquestioned j Salt Lake & Utah Railroad TJsasjrsIIi88sKLIJSisriSi LOCAL ITEMS $220,837.84 MEMORANDUM: I.oans and Investments Pledged to Secure Liabilities: Total Liabilities United States Government securities Other bonds, stocks, and securities Loans and discounts . None None None S. I. GOODWTN. (Seal) Notary Public. My Commission will expire April 20. 1935. I State of Utah, Office of Bank Commissioner : I. John A. Malla. Bank Cnm of the State of Utah, do hereby certify innx hit-- lurnrmnE IS a frilA an nn.s.l copy of the statement of the above named company, filed In my office on July 11, 1934. JOHN A. MALTA. Bank Commissioner First Publication July 19, 1934. ASSESsTfcill Notice to the owners of the Sunday consolidated Mines in American Fork Canyon, 21 mining claims In Utah County, Utah, the annual assessment has been done for 1933 on the nine claims that was not exempt from assessment Is due and payable to W. T. Hlggs at Lehi. Utah, for the assess ment work if payment is not made by the first day of August. 1934, will revert to W. J. Hlggs for assessment work, only 12 claims is exempt from assessment amount due one cent per unit. Names of claims are Climax Climax 2 and 4, Shale. Sunday, Sunday 2, 3, 4 and 5. W. J. HJ.GGS, Manager. First Publication July 5, 1934. Last Publication July 26, 1934, , Miss Dora Adams Is spending weeks with relaives in Salt Lake Mr. and Mrs. Hyrum Monday in Provo. Gray c" JDeM Mr. and Mrs. Hyrum Gray and Mr and Mrs. William S. Gray were Sett Lake, visitors, Sunday. and daughter, Mr. and Mrs. George Goates and Mr Davis Nelda and spent Thurs- and Mrs. A. Phyllis, J. Phillips were buslnesl day in Salt Lake City. visitors to Salt Lake City, Monday, Mrs. Areva Armlstead Heber C. Iverson of Salt Lake City, was a caller at the T. A. Taylor home following stake conference. Sunday. Total Pledged (excluding None Miss Verla Thayne and Delbert rediscounts) Pledged: Thayne are spending two weeks in (a) Against United States GovernPocatejlo and Idaho Falls Idaho, with ment and postal savings relatives. . Nona deposits (b) Against public funds of States, Mrs. Ralph Hutchlngs and little counties, school districts, or other subdivisions or muniBonnie Jean, spent Friday in daughter, None cipalities Pleasant Grove guests of Mrs. Roy (c) Against deposits of trust None Fage. departments None (d) Against other deposits None (e) Against borrowings Mr. and Mrs. Lavel Smuin and son, (f) With State authorties to of Magna, spent the week-en- d Dick, of for exercise the qualify Mr. Smuin's father, James Smuin with None fiduciary powers None and other relatives. (g) For other purposes ' (h) Total Pledged None Capital structure of this bank Is supported by $25,000.00 in Debentures subrogated to the rights of depositors. State of Utah, County of Utah: E. L. Chlpman. being first duly sworn according to law, deposes and says, that he is Cashier of the above named bank and that the above and foregoing report contains a full, true and correct statement of the condtion of the said bank at the close of business on the 30th day of June, 1934. E. Ik CHTPMAN. Correct Attest: J. P. BRADS HAW, W. S. EVANS, EDWARD SOUTHWICK, Directors, Subscribed and sworn to before me this 7th day of July, 1934. Miss Olive Browning of oBin u guest of Mrs. M. A. Taylor this The Mothers Club met at a social atfernoon at the home of Mrs. J. Winn, Friday. Dainty refreshment were enjoyed by the guests. j Mr. and Mrs. W, 8. Gray receive word Monday of the death of a grand-eoJene Gray. 12, son of Mr. and Mrs. Jessie Gray of Rigby, Idaho. The boy had been 111 for sometime. Funeral tad burial took place a Rigby. n, Mr. and Mrs. W. A, Knight were guests of Mr. and Mrs. Fred Wanlaaj Monday., Fred and Keth Wanlass who have been guests of their grand parent for the past two weeks returned horn with them. Mr. and Lake City, with Mrs. Mrs. O. L. Mrs. Kay Kirkham of Salt Oj guests at the birthday spent two days of last week party given In honor of Mrs. It. A. Kirkham's parents, Mr. and Taylor Wednesday afternoon were: Mr, and Mrs Herbert Tayor and daughttr, Kittinger. Glenda, Mrs. Douglas Scalley, Mm Mm Cecil Johnson entertained a Chester Cushing of Salt Lake City; group of chldren Monday afternoon in Mrs. Paul Scalley ot South Dakota; honor of her son, Reg's twelveth birth- Mrs. Robert Cutler and son of Belling-haday aniversary. Outdoor games and Washington; Mr. and Mrs. Heber luncheon were enjoyed by the guests. Hart of Brigham City; Mr. and Mrs. Charles Taylor and daughter, Bethel, Miss Wanda Turner, daughter of Mr. Mr. and Mrs. J. S. Taylor and funHjr and Mrs. Charles Turner returned of Spanish Fork; Mrs. Agnes MeKee, home Friday following a two month Mr. and Mrs. Clifford Taylor and visit with her sister. Mrs. Elmo Diehl children of Sprlngvllle; Mr. and Mrs. of Mammoth. Marion Robinson and little daughter of Murray. Mr. and Mrs. James C. Gough, Mr. and Mrs. James W. Gough and family OREM MAN BITTEN and Mr. and Mrf. W. H, Johnson and BY WIDOW SPIDER family formed a party to American Fork Canyon, Sunday. Frank Feguson of Orem, who wai bitten by a black widow spider last Mrs. Mazel Erskine and family of week at Provo canyon, is reported to Salt Lake City were Sunday guests of be m a serious condition. Mr. and Mrs. William Trinnaman. Mr. Ferguan was bitten by the red Roy Erskine remained for a visit at the and back spider while he was worklnf Trinnaman home and Elva Trinaman at the Orem water system springs. acompanied the Erskie's home for a visit Mrs. A. E. Manning left SatunM sl night for a vacation in Nevada , Bishop and Mrs. S. I. Goodwin and California, daughter, LaPrtel ieft Monday morning for a trip to the World's Fair and Mil& Mr. and Mrs. Bert Kirkham and waukee. Miss Cleo Larsen will clerk Raymond. of "W. Levitt and Mrs. F. In Goodwin's Golden Rue during their Aberta, Canada, are guests of Mr. and absence. Mrs. Alvah Fitzgerald. Mr. and Mrs. Earl Strong who have been living in Salt Lake City, left Camp Williams. Thursday for Chicago, Illinois, where they will make their home. Verner (Bud) Christensen accompanied them to Chicago for an indefinite visit Mrs. Booth Sorenson entertained little tots at a birthday th party Thursday afternoon honorng daughter. fifth anniversary of .her Vervene. Games and refreshments were enjoyed by the chldren. twenty-fiv- e DON'T AOT WANT ADS GOOD ALFALFA HAY FOR SAL See Keith Lott 7s ,f You can't afford to take chances with ordinary or Cheap Plumbing. FOR SALE CHEAP Electric Washing Machine with Motor and Rotary Pump No. 1. See S. P. Abbott, 4th North and Center Street. You might save a few cents to start with but it will cost you dollars and dollars in trouble and expense later. 1 GRINDING Scissors, saw sharpen ed, sewing Machines Repaired. See William Osborne. n PAPER HANGING, Paper Cleaning, Caslomlnlng, etc. Prices reasonable! Ralph Hutchlngs, 2nd West and State, l First class film developing, printing' nu copy work or all kinds. Georga X. Bone, reasonably 1IW, Prices Phone tt LET US GIVE YOU ESTIMATES AND HELP YOU SOLVE THE PROBLEMS BtL S LdDTT PLUMBING and HEATING , STATE STREET PHONE 23 . LEHLTJTAH |