| Show U NEW YORK By J James mes I Pr Private Prate ate banks aware aware that future limitation of their activities is certain are are busy planning for the future While no definite decision has been made yet the weight of opinion in one of ot the most important houses favors fa a- a vors sticking to deposit banking banking- under such government regulations as may be prescribed prescribed and and throwing the investment business overboard ove This particular institution has a very pretty nucleus of deposits to start with The idea would be to build up commercial com corn mercial deposits deposit of th the highest Duality and to give investment Investment advice advice on the side This investment advice angle would keep the door deer open for pleasant profits from activities without running afoul of the law If the plan develops as indicated I partners who do not fit into the new picture will be politely Invited to find finda a new field for their talents S S The federal reserves reserve's slowness in getting started on its credit expansion program is puzzling a a lot of people The answer is ls hooked up with rith the public works bond issue Plenty of arguable details about that issue are still unsettled and the federal reserve wants to find out how much assistance assist assist- ance once it will have to give in that connection con con- before it does any large scale buying of outstanding issues Issue So far as authentic inflation is Js concerned con con- corned the federal reserve has actually actual actual- ly been sitting on the lid t to date All of its activities up up to now have been mildly but definitely deflationary That will be changed soon S S S There was a hot inside argument in federal reserve circles before publication tion of member bank loans lo-ans investments investments invest invest- ments and deposits was resumed last week One school of thought held that the figures figures' were were- too incomplete to mean anything Their opponents said the public would begin to suspect there w was something to hide i if 11 they didn't at le least t release th the figures they had Carl Snyder of the New York bank belonged to the second group and helped influence the final deci deci- sion slon Mortgage 2 comp companies les have been reprieved reprieved reprieved re re- re- re I from serious trouble by not being allowed to pay payout out more than I they receive But Dut that hasn't made them any liny more lenient toward their I debtors Several of them thesis are pushing foreclosures more aggressively than ever Moreover 1 in the rare cues cases where mortgage bondholders bondholder have agreed to a Ii reduction of interest the mortgage company has hs usually taken the benefit itself and refused to pass It on to the original mortgagor The situation has hu aroused plenty of resentment underneath and there may be a public shortly S S Influential New York educators have protested vigorously to the theNa- theNa National Na Education association against holding its s summer er mee meeting ng in Chi Chi- cago cage They maintain that Chicago has treated its teachers particularly badly and therefore does not deserve the benefits deriving from the teachers teachers teachers' teach teach- ers ers' convention The N N. E. E A. A officials In turn protested protest ed to Chicago officially and the recent part pa payment ent to Chicago teachers is attributed to this intervention The Century of ot Progress exhibition would suffer seriously from a teachers' teachers boycott boy bay cott There is very good evidence that the teachers are not through applying pressure The Chicago group is getting getting get get- ting sympathetic groups all aU over the thc country to adopt resolutions threaten threaten- ing tag to stay away f from om the exhibition and urging everyone else to do so S S Britain Britain's experts expert V view W the proposed partial payment of debt Instalments In fa sliver sUver as a fictitious saving They argue ur e that the sliver silver would have to tobe tobe tobe be purchased by gold rold and that Amerl- Amerl caff acceptance of silver at a premium of roughly third one would be offset by the fact that the pound Is at a discount of third one in relation to gold cold S as Informed New York hears that th thc French government Is 18 dismayed by bythe bythe bythe the lo loss of confidence in French banks British banks in France Franco are arc crowded crowde with depositors while the French ones one are empty Many French citizens evade taxes by hoarding their wealth In private safe deposit boxes in British banks bank They cannot legally be forced force to declare the contents Tax losses on money secreted 1 in orchards and vineyards throughout rural France is b estimated at halt half a billion dollars Tax dollars Tax cheating has hag risen rise to enormous proportions The report Ort is that only civil civi servants and a few fc i business men pay ay up |
