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Show THlAV.Jl-XE6- , 19:15 THE LEHI FREE PEESS 'leiimz w ai tiuD at her home Thursday. ICSALITEHS retuxaed home, 0 Mrf'Jnf her arentB with Mint 1 rt35t shsWT SmitB ana oany c u" or, 1. J t siePty. fse. - Fvans borne for the accompanied Mr. Thursday evening. for Mt. with her Mr. and Mrs. Oscar ireae Meiling left Tuesday for a visit jesti. PHINT11IG M if Sa!t Lake 01 i EKVELOPES FORM LETTERS I Ut?' T.ylor. were! Tuesday, Miss Pauline Grates returned home week from a visit at L,,gan with this mend. Mrs. Arthur Partridge returned home Sunday after a short visit wiih William Price and other Lehi relatives. Mr. and Mrs. CIRCULARS Ray Allsop and Mr. and Mrs. Clif. ton Allisop and baby of Murray; Mrs. daughter, Donna, LsDBILLS BUSINESS CARDS STATMENTS BUTI Glen Krksead and children were Sunday guests of Mr. and Mrs. T. A. Taylor and Miss Vrla Thayiif. Mr. and Mrs. F. J. Nielson of Mt. Pleasant, who have been guests of ER WRAPPERS the Thurman sisters returned home Tuesday. LEHI Set FREE PRESS- and y Lehl - Printed in Lehl Not Another Town Mr. and Mrs. J. N. Smith and son, Keith, arrived home this week from a visit in the northwest. They were guests, on the trip, of Mr. and Mrs. Wayne Smith of Springville. A more convenient time to make your calls out-of-to- wn Low night IN D Madjre, Mrs. John R. Bone, Mrs. Ruel Evans and Miss Arva Win? were among the Lehi people attending the B. Y. lT. Graduating exercises at Prove Sunday evening. BEHEADS CHANGES URGED IMbtn Ttiyne, ho Las Wea a guest of Mr. and Mrs. T. A. Taylor for the past week, returned to Salt Lake City, Saturday. - tyr- I rates now begin at 7 p. in. !,, B TO i 1 . vy, Mil!? ! 1w a ar. 7fl&& By EDWIN BALMER and PHILIP WYLIE fcWgWissTby Edwin Balm.r and PhlHP Wjrll..-W- NU S.rvic and is the amazing story of a band of men ... oiaen who had fled from a destroyed earth on a new planet, faced new perils . . . who, of remaining ahve, conquering the h Wd problem themselves confronting lust, ambition, hate in a world in which pos session as and woman belonged law, might right frthe man who could kill his rivaL K ... ... a most unusual story. Read It it appears serially In thU paper It is Starling Today Mrs. James Gray spent Monday and features Mary Bo 'and. Charlie Rug-gle- s. Tuesday in American Fork with her Royland Young, ZaSu Pitts and daughter, Mrs. Ben Buckwalter. Leila H yarns in support of Laugh ton. SIX-STA- R gs - r themselves. This view has been stressed in criticisms by the Chamber of Commerce of the United Suites, and the question of partisan control over banking was the central theme of a statement presented by It. S. Hecht. President of the American Bankers Association, who appeared before the Senate on Banking and Currency hearings here. Mr. Hecht declared that his organization is actuated by a desire to be helpful to Congress "in enacting effective and workable banking legislation in the interests of all our people." He said in part: "It 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 be taken to keep our credit control and banking mechanism free from any sort of political considerations. "In making this statement I do not wish to appear to question the propriety of the Government's exerting a certain amount of control over banking operations so far as they affect the na- tion's 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 it comes to such matters as the granting of credit and the making of Investments by our banks, these are questions of business policies that surely should not be under the sole control of a board so constituted as to be dependent upon partisan or political considerations under any administration. c The Basis of Sound Credit "The real conditions that create the necessity for the expansion or contraction of credit arise from the needs of agriculture, industry and trade themselves, wholly Independent of the, administrative pollcfei of tnS tarty which happens to be in power. We feel that the financial requirements of the nation's business constitute a continuing economic process that is not related to political changes. The fundamental principles of sound credit do not vary 'with variations in public thought All experience teaches that the quality of it ia credit is sound only so long based purely on the requirements of sound business. It is not sound when any other considerations or motives en- u i i BAU BILL clared that many of the changes proposed by the act la existing laws "are of a constructive nature and should have the support cf bankers, if the method of appointment and the ten a re of office cf the members of the Federal Reserve Board, ia whose hands It Is planned to concentrate greater power thau erer before, could be so altered as to insure, as far as possible, the absolute independence of the Board from partisan or political considerations." He added: "Rubles' adventures begin when Mr. and Mrs. Harold Beck and lithis titled master loses him to an Amtle daughter, Mr. and Mrs. Arthur erican tourist and his wife in a poker Paltridjre and son, Dan, of Salt Lake Business Men and Bankers game. On his first day in his new City, were Sunday dinner guests cf Agree Ruggles takfca his exuberant job, in Objecting to RMr. and Mrs. John - Bone- Political Conmaster out to view London's art trol Over Banks. galleries and winds up with him ia a CAST ACTS "RUGGLES", NOTED COMEDY drunken spree, Back to Red Gap, U.SA, a crude AMENDMENTS ARE SUGGESTED! but stimulating Western town of th. Supreme Court oi Banking The amusing account of what hap- 1900 s, goes "Ruggles" with hi. "Since the passage of the Federal Reto a perfect English butler-val- et pens Political Dominate of American serve Act employers- - And, when his over 10 In years ago. opinion Federal Reu hen he is exposed to American ideas master introduces him to th. society and Congress serve Board Declared bankers tuu among been to Be striving towards the Ideal of mskinf of Democracy, Is the plot and story of big-wiof Red Gap as a Colonel of Undesirable for Depositori the Federal Reserve Board a body of Paramounfs of Red the Army. "Ruggies" beGap," English "Raphes Well as Their Eankt. such independence and prestige that it which comes social comes thft favorite of the town. and to Friday Saturday wight be described as the Supreme the Royal Theatre with Charles master turns up former "Rugglts"' WASHINGTON. D. C. Business Court of Finance and Banking. We be- Laughton in the title rle. find a completely alterin to Red Gap men and bankers alike lieve there is greater need now than who have apThe picture, adapted from Harry ed butler whoTnginsers his lordship ever before for realizing this Ideal." peared before committees of ConLeon Wilson's famous story, first pub- into a romance with a lovely American gress to present views regarding the lished in the Saturday Evening Post, lady. Finally, "Ruggles" himself Banking Act of 1935 have found common cause for criticism in those provisions which they agree would create the means for undesirable political control over the Federal Reserve and thereby over individual System banks 1 throughout the United States. They have made the point that this undesirable coudition would affect depositors in banks even more than the banks semi-publi- ' JtXE 6. 133 THIR.SD.IY, -- ter 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 the banks which become current through checks. The powers which it li 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 Fedstrongly in favor of making the eral Reserve Board a body of such inwould dependence and prestige that it be definitely removed from all political thought, influence and dictation. IU members should be free to study and to act in 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 adchanges in politics of the national ministration. "In our studies of the bank bill, we have been strongly impressed with the unfact that It would set up a situation Board Reserve Federal the which der, to conand its policies might be subject trol from the political administration I not of the country. In saying this do of the intention the is it charge that to bring about administration present over the nation's any undue control is that banking mechanism. The point opif the bill passed as now proposed, would be there control for portunity whatever for the use of the present or be in might administration future P"Our criticisms of the bill are not motives of the aimed, therefore, at the but they are present administration, and impersonal wholly the basic and are rimed entirely at Involved." principles Desirable Changei Proposed Careful study by his organization. in a Mr Hecht said, bad resulted for construct th. bill which he submitted to Torres.. Oi th. other hand, b. V r THEATEE LEW'S AMUSEMENT CENTER WEEKLY PROGRAM MA R. S. HECHT Mr. Hecht emphasized that it is "the genuine desire of the banking Crater nlty 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 tb. Federal Reserve System." "We have made It clear that we do not object to a measure of public control in the national Interest for proper coordination of our manifold credit operations," he said, "and we do not believe the sponsors of the legislation desire any political domination over these activities through our Federal Reserve System. "Under such circumstances we feel that our recommendations should b. favorably acted upon because they would enable the reconstructed Federal Reserve Board to function freely as a nonpolltical body actuated only by th. dictates of sound financial and economic policies conceived In the Interest of all of our people. "Th. adoption of our suggestions would both place operation of tb. Federal Reserve System wholly and distinctly apart from th. fluctuations and vicissitudes of political condition! 1? i05i iS'tf toHSiS by banking opmffll onif. Such a solution would thus have a stabilizing and confidence Inspiring effect on the entire business situation." Banks Rapidly Reduce Debt Although the sum of fl,860,OOO,OOO has been advanced to banks and trust companies by the Reconstruction Finance Corporation since it began operations in February, 1932, down to April 30, 1935, these institutions bav. repaid no less than (1,340,000,000, or more than 72. This rate of rapayment 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 withdrawn or cancelled and $140,000,000 has not yet been taken out by the borrowers. Friday and Saturday, June 7 and 8 The greatest roundup of comedy stars ever corraled. CHARLES LAUGHTON, MARY BOLAND, CHARLIE RUGGLES and ZASU PITTS in , "Ruggles of Red Gap" A side-splitti- story of Ruggles the gentleman's gent from London, who suddenly discovered himself a ladies man in red gap. ONLY 10c and 15 ALSO GOOD SHORTS Sunday, Monday and Tuesday June 9, lOand 11 The thrill of good neighbors . . . tfao fragrance fresh apple hitter . the desk of the f srgS'' brook et love t!m$ , . V. These ere the price- -, .."'toe" lest VtV J) heart-thro- bs tirt Hood the soul with tunshhte ia this M wonderful Mctare swsssS'Ys? for people who live! ' - ' , 'V-- a a w GEN EM7X STRATTON- - (f O J f .3 PORTER'S 4 I W J f it ' I , A drama that dares to be simple and true. Simplification of Bank Checks New York. In a bulletin issued by the Bank Management Commission of 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 85 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. National Bank Notes Changes in oar money on the scale are now going on of national retirement the through bank notes. This is reflected in increasing deposits in the Treasury of lawful money to replace bonds held against outstanding notes which will require some time for withdrawal from oirMta-tion- . of about $800,000,000 The change In the currency will a considerable shift of bank funds In many cases, but It Is doubtful if so large a volume wf currency has ever been retired and replaced In any country with so littl disturbance. Also POPEYE and PATHE NEWS ONLY 10 and U DON'T MISS IT! Wed. and Thursday, June 12 and 13 ITS BARGAIN NIGHTS Action! BOY WHAT A SHOW! Thrills! Romance- - UOB STEEL Jrt Western Justice" An unusual and colorful western. Also Chapter No U of "LAW OF THE WILD" Only one more chapter and Chapter No. 1 of our New Serial ICALL OF THE SAVAGE." Chapters of daring adventure- With NOAH BEERY, JR. Let's Go! All Seats 10c COMING MARIETTA.1 SOON-"W- EST Watch for POINT OF THE AIR" and "NAUGHTY dat. . - ' st. ', w |