Show Pertinent Paragraphs Anent I Financing of Auto Industry BY FO FORMER GOV GOT E. E C. C STOKES OF NEW TEW JERSEY Mr Stokes is president of the Mechanics Mechanics' National bank of Trenton J X J. J and a member of the Federal Reserve System His views on the banking situation as as' it affects the thc automobile industry are aro worthy of the c consideration of eve every I dealer or distributor who is feeling the tho pinch of an m unfair ruling and of every banker who is crowding his clients who are dependent upon liberal banking arrangements f A C A S a banker int interested rested in the prosperity of the country and the neo neo- essay essary maintenance and development of an industry that furnishes employment m and wages and thus pro promotes otes the general welfare of the masses I be beg leave to call attention your to tho the reported action of some 1 i of tho the federal reserve banks b. in classing automobiles as nonessentials in the i extension of credit It might b be bo well Wen to call caIl the tho attention of ot the banking fraternity to 1 the importance of tho the aut automobile mobile not only as a n contributor b to one of the f largest of our industries and a promoter of the happiness and morals of I 1 9 It HIt is a mooted question whether the automobile industry industry- stands seef see sec f nid or third in tho If all 4 tho the tIle parts in connection therewith are are lp it ranks second cond What individual banker has a 8 right to say therefore that an nn industry which by the common judgment of the tho people of f this country has bas attained such proportions in our industrial life is a non nonessential Burke said you OU cannot indict a whole people No banking fraternity or government has a 8 right to say 1 r an industry of such SlIM size as ns the automobile industry based upon the needs and requirements of the public e is unnecessary and therefore unworthy of credit The automobile is of immense value to the nation as ns a n promoter of 1 the spirit of contentment and as an nn effective affective suppressor of the tho spirit of t unrest No owner of an automobile even though it bo be a 8 pleasure car who is able to enjoy its use uso for his family or his liis friends is likely to become a n i bolshevist or a 3 communist He Hc favors the tho continuation of things as ns they arc because he has a a. means menns of happiness in his own P possession session and there- there bare are is is' against any upheaval of the present social soron order Next t to the church there is no factor in Am American rican life that does so much for the morals o of tl the public as does the he automobile Formerly the pleasures of life divided tho the family The father lather had one avenue of recreation the mother another life flit children another Today our roadsides are crowded with family picnic pasties parties who carry their lunches with them land who take their outing as a unit Any device that brings tho the family together as a unit in their pursuit of pleasure is a promoter of good morals moraIs land md yields a beneficent influence that makes for the good of American civilization If every ery family in the tho land possessed an nn automobile family ties would be closer and many of the problems of social unrest would be happily happily hap hap- pity solved The banker who says saS that a devi device of this l land nd is a 3 nonessential nonessential nonessential non- non essential possesses a narrow vision and fails faHs to see the tho reaching far influence in influence in- in fluence hit it has for tor good Tho The automobile is one of the tho country's best i I r rp i Automobile 0 snob tle Cret Credits t s THE HE federal reserve bank liar lias issued its warning warning- against the financing of automobiles that arc used for pleasure The distinction between an nn automobile used f for r pleasure and one used for business is rather hard bard to define There is nothing in the appearance or the make of the different cars care that will seas sep as a 8 safe basis for discrimination between the motives and m purposes of pf their user It appears something like ike an an D. D order forbidding forbidding- people to rid ride on railway trains and street cars on pleasure missions which order might be easily ma made e but would bo be rather difficult of enforcement But regardless of the practicability of enforcing tho advice of the tho federal c b bank the is unable to register its full approval of such a precedent If automobile paper is bad or dangerous for the banks to handle Dandle t then en by byall all means tho the banks should be warned against such credits But Bat we vc are arc not clear dear to the tIle so as province of the federal bank to pass on the business or the pleasure of or the tho American people It smacks too much of paternalism Admitting the duty of or the tho federal reserve banks hanks to discourage any dangerous inflation of or bank credits it seems that thi this duty could be performed and should be performed by a general application of the tho powers of the reserve board and not by singling out certain commodities ties tics or industries that may appear unnecessary to tho the board If tho the federal federal federal fed fed- eral r reserve er e board boara has any such power the then it is a very danger dangerous ous power to 10 bo ho lodged in such a a. place It may be true that this ruling of of the board may be for the best in in- of the people on this occasion n. n bu but even this fact does docs not remove the fundamental objection to such a power If the b board ard can damn one ono industry of commodity it can surely favor another It is the public duty of the individual banker to foster and protect the worthy enterprises of his community but even this is not a Do legal duty but one that every banker must observe o at his own p peril ril and the gain or the loss of public patron patronage ge is the measure of his success or failure But no governmental board should be bc endowed with authority to regu- regu lato or restrict ct the business or the pleasure of the American citi citizen n except by laws and orders of general application so long as the citizen pursues I his this business or his pleasure in a t legal manner The pursuit of ot happiness is one of toe the inalienable rights that was woven into the tho Declaration of Independence and even though it may zip ap pear to some of us that a man engaged in in this pursuit foolishly yet so long a s a-s he remains within the law pays his debts and harms no one his conduct con con- duct luct should be free from the restrictive action of the federal board andall and andall andr r all nIl other governmental agencies This is a democracy N Nashville Nashville Teni Ten- Ten i 4 Warning Si Sign Signals ls s f r. r f AUTOMOBILE A drivers are arc frequently careless about arm signals The They y often signal to turn one wa and instead launch way out in the tho other direction Some give improper signals and others fail to signal at all An arm extended upward on the left side of a car means a turn to the right Tight The e arm straight out to the left is signal for a left turn The Tho arm ann extended downward to the left is indication that the machine is either to stop or start The signals are arc frequently mixed A left turn is often s signaled w when the driver intends swerving in the opposite direction Frequently b drivers slow down or leave curbs without warning to other m machines ch The practice of mixing or failing to si signal Dal al is dangerous dangerous dangerous-as as dance dangerous I to pedestrians as to other automobilists A pedestrian crossing an Intersection inter inter- section looks hooks for a warning from an n approaching driver If the arm is extended to to indicate a turn in another direction the pedestrian proceeds i and without further warning the car is rushing g toward him if the signal W was S mixed Other depend on signals for direction and wd movement of ma ma- chins chines They have no other way of or knowing the course If the tho warning is misleading or overlooked danger of a crash ic Is always imminent Oregon Oregon kurn Journal Pertinent and to the point particularly applicable to Salt SnIt Lake Lako City where the regulations permit turning at any pl place co in the block i A woman was crossing Second South and Main streets Friday y She w was as partly across when a lady that was apparently an old aid friend hailed her Arras Arms went out to each other and they clasped as though the last meeting bad Lad been several years distant Meantime traffic on the street was halted Fortunately all machines were under such control that they were able to stop before swelling welling the toll of injuries When old friends meet in the mi middle dle of th the street it would be advisable to delay ceremonies until they have removed themselves from the center of traffic Comes a cablegram that motors are arc now displacing camels in Egypt Well Vell why not not One thing they wont won't do however is is to go eight days without a a. drink as the camel does docs which failure goes double for the mo motor r rand and the tho motorman No use talking at the speed leather is going up it wi will ll soon be cheaper to buy a motor car than to walk Brass polish is like flattery to be applied sparingly and with skill ll J I then rubbed in in an and off American American Motorist oil I |