Show MINE INTERESTS ARE RECOGNIZED Assurance Given That Federal Federal Fed Fed- eral Reserve System Makes No Discrimination No discrimination against against I the mining II Industry or any other industry and absolute absolute lute luto fairness faress to all al is tho the policy poley of ot the i federal reserve system declared 3 J. J C. C Galbrath Galbraith Gal- Gal brath braith assistant manager of ot the Salt Lake LakeI branch of the Twelfth regional bank of ofSan ofSan ofSan I San Francisco at the tha regular weekly meeting and luncheon yesterday of the mines committee of the Commercial club and cham chamber er of commerce I K It n B. B Motherwell manager of the local reserve branch was o on 01 the program for fora a talk on the operations and business methods of the federal reserve system but butI buth I I h he was unexpectedly called caled from the city I and antI Mr Galbraith appeared on short noI no- no tico tco to represent his chief I Mr Galbraith's Galbralth's speech while extemporaneous extemporaneous and delivered In n a conversational I I manner described many of the details of the operations of the federal reserve tm tnt and the tho plans followed for providing the country with a sound d and elastic currency currency cur cur- I SOt i icare rency c cou ou and I insuring g the proper r e financial c care of all al the industries of the country He lie also related in n detail detal the thE plan of operating and cooperating with the vanous various various vari van ous member banks under the rediscount system and which he declared in connection con- con necton with wih the automatic expansion and andI I con contraction of the note circulation made I possible the Increased elasticity of the the- I currency of the country countr over that which I prevailed during the history of banking j in the United States previous to the adoption adoption tion ton of the federal federl reserve system At the conclusion of his remarks remark Mr Galbraith Invited the presentation of questions In response to one put by R. R J. J Evans president of the Salt Sal Lake stock I exchange as to loans sought by mining I I interests Mr Mn Galbraith Gaibraith explained that the federal reserve bank could not approve of loans sought by any Industry for capitalization capitalization cap cap- purposes or for the installation of permanent improvements He Ho declared that the federal reserve I board made no distinction in n favor of or against any legitimate industry including the tho mining industry and he expressed doubt as to the correctness of a report that the management e of t the San Francisco Francisco Fran Fran- I cisco regional r bank had do at t a ere recent t meeting meet meet- e lag ing decided not to recognize the mining I industry in the matter mater of loans At the conclusion of the meeting Mr Galbraith Galbrath was given a vote of thanks for his remarks A communication was wa received from Congressman Leatherwood stating that he would distribute to each member of the house of representatives a copy of the booklet recently issued by the Commercial club showing the mineral wealth of Utah The copies G General Secretary Rayburn stated would be forwarded at Ot once The meeting was presided over by Frank Fank B. B Cook president of the Columbia Trust company |