OCR Text |
Show THE HERALD, FRIDAY, JUNE 15, 1923. NATION REPRESENTED SERVICE OF A FAILURE THET .AT MANGE CAPiTiL j THE HERAtD WMTAPS A GOOD WAY TO UPSET PRICES BY J. H. PUELICHER , By FRANCIS H. SISSON President American" Bankers Chairman Public Relations Commit-cion- , Association American Bankers Association. Wbcs.Gov ' Financial New ernor Walton of Tork U peculiar Oklahoma signed ly representative recently the reof the whole na peal of the bank tion. All parts of deposit guaranty the country, the law in that. State, mail towns he performed an well as the bis economic service cities, have sup to the whole counthe greater plied try. I might even part of the man J. H. Pxielicher say that Okla F. H. Sisson powerand brain boma In passing power enabling It that law, enduring its evil to function as the nation's financial quences for fifteen years and then "capital. frankly casting it aside as a failure, to the A recent investigation .has performed an economic service to origin of one hundred leading execu.the nation. There could be no more tives In the New Tork financial disconvincing argument against the pastrict, showed that no less than sixty or similar laws m outer sta sage per cent were born outside Ne Tork .than Oklahoma's disastrous expert- State, that no less than twenty-eigh- t ' per cent were born In towns ot 6,000 The Oklahoma guaranty law was or less, and only twenty per cent were the first of its kind. It was enacted porn in New Tork City. in response to the panic of 1907. But The birthplaces of these men repexperience has only proved again that OhioMassacresented Pennsylvania, there la JMLSnhiUtuie for sound bSk- husetts, Connecticut, Michigan, Mislng. Relying on the fancied security souri," Illinois, Maryland, Delaware, of the guaranty law, people entrusted Vermont, Mississippi, Kentucky, Ten their banking to many who were un nessee, Minnesota?, Iowa, Florida, fit for the trust Bank failures nave Rhode Island, North Carolina, Indi heei so many that the fund, sup ana, Wisconsin, Georgia, California, posed to guarantee deposits, create Montana, MaineA West Virginia, New by assessments on banks, was long Jersey and the District of Columbia. ago depleted. ThA iimi iltnAtfnn fa trn nf th - It U estimate that with total liabil younger jmn particularly in the ities created under the law In the banks. This reflects more than mereform ot warrants and sums owing to ly the attraction of the big city for depositors amounting to f 12,000,000, ambitious young men. It U the result there are in the hands ot the Banking of the definite purpose of New Tork Board uncertain assets of nominally to banking equip itself to perform J15.000.000, ranging In value from most effectively its' worS tor all the sero to only thirty, or forty cents" on nation. the dollar, resulting in a deficit of A brief description of the mechan-- 4 many million dollars. Sound, well-maUrn ot the nation's banking system aged banks have been heavily taxed will make this clear. Many of the by assessments to the fund, and the New Tork hanks are bankers' banks. maximum amount- - that could be asThey are great reservoirs of credit la sessed on solvent banks Is Insufficient which banks throughout the countrv to cover the deficit deposit unemployed funds In New It has been well said that guaranty Tork. When crop needs In rural dis taws make for looseness in banking tricts or Industrial expansion In man' methods, and laddie on the comufacturtng centers Increase local re petent and honest the sins ot the quirements tor money these ' local and dishonest banks call In their funds from New bet us have only laws that raise . Tork and in addition may ask the big the standard of banking. Let us have no laws that debase it city banks tor loans. Country banks frequently deposit a! Ann nun 0 lAPlirlfw r)tA nnfna nt tomers, often secured, in turn, by farm NEED FOR UNIFORMITY capital 'such as ploughs, livestock and other possessions. The fifty thousand dollar note, for instance, of a country bank York bank may have attached, "is collateral security, fifty or a 'hundred small notes of a hundred dollars up to a thousand How Collection of Just Debts May or more; signed by local farmers and Be Prevented by Differing their wives. Into one of the biggeBt New York banks comes in this way tate Statutes.- rrom tne south each crop season a small note secured by a plough and a harrow and c mule named "Molly" An effort to bring about better co an Incident that has been aptly deordination and greater uniformity scribed as "The Minting of Molly." among state laws dealing with bus! It Is one among many securing a large jess and banking Is being mafle by the American jankers Association. Thus Is big banking In New York It is pointed out that, although the brought close- - to the plain people of the soil thus does It finance their country Is a unit commercially, and humble husbandry and thus haslt citizens of any one state may do bus! felt the need ot recruiting Its officers ness that reaches all over the coun- from among men familiar and sympamost laws governing business try, thetic w!Ur local" conditions able to are made by the differ transactions visualise the needs of the people there ent states, with application limited and pass sound Judgment on the to their own local jurisdictions and ' credit factors Involved. often in conflict with laws In other It Is due to the conditions thus plc- states. It Is held that state laws wiu urn auiuug me ouicers oi new York's banks will be found represenshould be uniform so that the same tatives from all parts of the nation. transaction will not be subject to They are the delegates of the per vie . different sets ot rules according as at the business capital state laws differ. To illustrate the disadvantages ot Why Group Fights Group conflicting laws, the following illustration Is given: Mr. Jones lives in America is suffering from k lack of New Tork where the statute ot limitaeconomic understanding. It Is, there-tore- , tions outlaws a note In six years. He that' we find group arrayed tails Into the error ot assuming that against group that we find the grpw-e- r the same rule prevails everywhere, at variance with the producer.ythe He visits Maryland and loans $1,000 producer with the consumer end both-witto his friend, Mr. Smith, taking a the 'carrier. It Is because of a lack of economic understanding that promissory note. As the note carries we find capital and labor frequently Interest Mr. Jones la In no hurry tor his money and he believes Smith to striving against each other. Yet each element Is vitally Interested In each be financially responsible. Finally at other for the final succaes of the .en-tr- e uie end of fourysars Jones concludes endeavor in the farmer growing he has loaned smith the money long a- prime crop and getting a fair reenough and seeks o collect the note from him. But Smith can deny liabil turn; In the canner packing a palatable crop and getting a fair return: In ity and point to the statute of Marythe carrier transporting without damland which Jones Is surprised to age or deterioration and" getting a "TTearn outlaws a note after three fair return; in the wholesaler making years. a wide distribution and getting a fair Changes Rscommended return: In the retailer satisfying his . . The particular subjects of legislacustomer and getting a fair return; tion recommended by the association in labor aiding each of the processes tor enactment by State legislatures and getting a fair return? In capital during 1923 Include' uniform acts on supplying the money and credit to make each process possible and getnegotlablelnstrumenta, bills of lading, warehouse receipts, stock transting a fair return, and In the confer, and fiduciaries. sumer receiving a pure, nourishing, Under the head of laws tor better dependable, wholesome health giving protection of banks In particular article at a fair price. There Is this transactions are propsWmeasures community of Interest In the dealing with limiting liability on cer.consumption of human tified check; Instruments based on that should prohibit requirements .gambling or usurious, considerations trite among, the producing and con time limit on stop payment; payment H. Puelicber. suming elements.-.-J- . a, Further Exposures ofrflow - FaiftoAid BUILDING AND LOAN WE8TERN makes easy Installments .loans. No watting for your turn. Bee Prove Consolidated Real Estate Co. Farmer. y Own Your Own Home sare d Fidelity Ba tiding & Loan Association tf at pro-duc- a rn - -- .' five-roo- A - n tf - J-- InterrMountain Life Insurance mny 8 . llth Impbrtant Lke Business and Professional Ot the people, fitting them Into niches . . . .I I r Mil' m k uurraiiiTaiic. care .Bantu! iiompvrti., j. pun ""its, oemstitching . it , ' tf li 1 -- ' Qompere en Socialism State socialism Is repugnant totheH American --mind for, a great ' many reasons. Americans generally prefer to carve out the future In freedom They are unwilling to accept the Idea ot an state. It is tho American Idea that' the people Shall order the state and shape Its course; ot that the state shall order the lives gold-rmune- d ;lr,. 9' . deposit; payment ot forged or raised check; deposits In two names; deposits In trust; competency of bank and corporation notaries; non-pameat of check through error; Saturday afternoon bank transactions, and forwarding check direct to payor. Under the Federal Reserve end foreign banking are recommended laws on membership ot state Instltu tlons In Federal Reserve System, and Penal laws pro foreign banking. posed deal with false statements foi credit; sunder and libel of bank h checks or drafts without funis, and btrf lary with explosives. . SaltietyftAhr-- lUUSINESLLAWSLs Assi J-1- - ' V HiiPfciiM Four-year-o- kl Our Own Money to Loan ew Homes v tf -- . v vui. r J-l- , ftgiQflnt An,6rlCaB or -- If -- aUon. Note,Womeh The way the Edison-ForHEMSTITCHING and PICOTING ity money" scheme, aimed to stabilise 230 W. Center. Work don right ROOM Phone 598-BOARD AND monetary values, would, have exactly Mrs. A. F. Ritchie- .the opposite effect. Is discussed In the t'OR RENT 10 acres of land and H. M. AYER8 WELDING CCv-O- xy. present article, which' is the second In water on Provo Bench. Can Provo acetylene voiding and enttlns. a series prepare by the American 688. Estate. Jon. Real Phone tf W iweld anything made of metal Bankers Association, reviewing the exwill irent the build when Why pay boy money Work guaranteed. First class servOhe plan rOR 8ALE3-roobrick bouse, your own home? posure of the weaknesses ice. 42 N. 4th W. Phone 68W. tf as presented by William T. Foster,' Di room two tor bulldlnga. large lot, a loortgaiTe ia crowdinj yo iiow--w- e'tt take eare of '"Barer; Crems ; Otl'soap coupons rector of the Pollack Foundation tor 387 N. 4th Wi sod save your money. mvf Economic Research. . FOR RENTr-S-roo- m modern house, plan Briefly stated, the Edison-ForMARRY IF LONELY; tor results, : furnished. Located at 414 East provides for Government warehousing. try me; best and most successful Center. Phone 261. OI Dasic commouiues, agaiusi wuita wiS advance money low rate of interest, on easy monthly "Home t' Makerf bandreds ' rich currency would be loaned to the f to halt the wish marriage soon;- - strictly; wnfV- without interest,-uJg- ; v MONEY TO LOAN on both city and payments." average value of the products for the 7 farmpreperty, at per cent; no -SbJs naiiuw-iwi- vi previous twentyflye ' years.: iiii.ivij-rience- : oegonpuoJseeraa--B SeeTrovo Con-waiting your-Tucessful Club " MrsNash, Box 658, currency would be- - cancelled as the i - solida'ed Co. Phoae 679-Real Estate ' For particulars telepnone Roy? Decker, or David Oakland, Calif. . 7 and commodities were withdrawn Dottble.8. passed Into trade. On the other half ofUpensnaw. 131-i- t. SRUG- CLEANED Wlthelectrle the value the producer would receive WANTED Tabie hoarders. 138 M-- 5 PROVO, UTAH. arpet washer, colon restored: ."equity certificates" which he could WY 340 . S. 1st work guaranteed. Phone) 442-sell or use for Dan loans, un tnese points Mr. Foster says: - - Upsetting Price Equilibrium BOARD AND ROOM for 2 or 3 gen"Steady price levels depend mainly LOST tlemen inmdQeTn honMfr49JTT Hgnt Uersey volume the balance between ,. on the cow. W4 185 . 1st 8. ? Center. Phone 662. 'of goods on the market and the vol ume ot money offered for goods. The Edison plan is designed express; A farmer de far to upset the balance. FOR RENT Furnished apt of 4 ' PAPERHANGINQ and kalsomlnlng. livers, say. two .thousand bushels of rooms, also one large room adinterior and exterior . painting. 306-wheat to the Goverment warehouse a bath. Phone joining House painting a specialty. Esti and; the Government delivers one '. NO COMMISSIONS mates cheerfully given. Smith. 113 thousand dollars la new money to the ' JJT-t- f W. 4$b, N. Phone 28-Nfarmer. When the farmer sells the DELAYS; NO wheat he repays the loan and the Gov FOR RENT-modern ernment destroys the money. Thus 7. PER CENT PER ANNUM. the "volume of, money Is increased house, 266 E. 1st S. Phone 25. Every Creme Oil soap coupon Is worth precisely when goods are stored; and mwt money. All papers kept in our own vaults. -- the volume of. money Is decreased precisely when these goods are marketed. In other words, each transaction beCall or write. FOUND Package containing pair FOR 8ALE OR RENT New fives-- , ' gins by placing in circulation goods man's overalls. Owner may reroom house. 420 S. 2nd W. l 7 without money to. match the goods ceive same by caRlng at 269 W. 4th es Jhe supDollar demand Js created N. and paying for this ed. 6 ply of goods Is withdrawn; the supBOARD AND ROOM for jady, 125 i ply of goods is created as dollar deper month. 124 W, 3rd N. L08T During ball-ga- me Satar-da- y, mand Is withdrawn. bor-to farmer the enable "Would it pair man's row more money on nis products glasses and case, under grandstand. FOR SALE Modern houseair 410 Floor, Boston Bldtv 4 than he can now borrow T When Mr. .mivw yimm, IWIUU U 1, a. XlVBl S. W. 3rd immediate possession. at Consolidated Realty. Co. and reEdison contends LUat farmers would Mrs. Elsie James, 633 W. 1st N- ceive reward. obtain larger loana. on. ,th0lr crops . j--u than they can now obtain from banks, he Is confronted by this dilemma OWENS REAL E8TATE Ca Either the banks are now refusing Ask your grocer for Creme Oil make sound loans, or, under the " ' Phone 8l FOR RENT Light housekeeping 214 W. Center St soap coupons. . mwt would Government the plan, Provo, Utah. rooms. 65 W. Phone 208-make unsound loans. 7 Divide 2nd N. our shipments watch brick, close in; only results. "Neither Mr. Edison nor Mr. Pord Two ladles' coats. Phone The. Sjiccess Market ot LOST 12400. Terms. 676-can consistently contend that banks or call J75 E. 6th & 8 Salt Is quoting prices regu1240-acr- e now refuse to make sound loans, for or cattle sheep on veal, hogs and poultry. It w w mm 'that Is the way banks make most of ranch, Qnmaln line. Of R.R. larly and Oncoln Highway, 60 miles you expect best results divide your their jirofltSt and Mr. Edison and Mr. Ford have no doubt that banks are from Salt Lake; fully equipped; tanipmonta do not sell all your conducted for profit It follows that abundance of water;' thousands goods to the same market We win give a smart finish to your the plan would yield larger loans to of acres of range; .hot springs remit daily. Mall us your name and Fourth of July dreae. ' Baby address and we will put 70a on our farmers only if the Government met on place; would make Ideal re clothes and household linens a soe- list mailing the risks of unsound banking. In that two sort; All work guaranteed. We good homes; clalty. case all that insolvent borrowers 100. head horses, some cattle. make BTJTTQNHQLES. Singer Sew SUCCESS MARKET , of rest the be would by" paid gained This is the best buy in Utah. P. O. Box 763. Salt Lake ing Machine Co, 97 N. University City, Utah. avenue. the population, which, to say the least. 15000 will handle it Balance 6 The Phone S99. j.7-t- f meat concern & BAKER BAKER Utah. In largest , Is not a fair deal, per cent, long time. tf Credit Farm Down Cutting live confectionery business In Attorneys and Counselors-a- t LOST Friday "Apparently, however, the Governgood town, doing $2000 per Law. evening, lady's ment Is not expected to run many black seal handbag containing wholesale and month, retail; Collections and Adjustments well FOR SALE Apples and vegetables. pair tortofaa risks, tor the farmer is aUowed to' " shall rimmed glaBson- equipped; good dance floor; ; H. H. Giles, 103( W. 4th S. Phone itewara. borrow an amount no greater than Everywhere. Return- - Jto . Berg Mor-good lease. Ask ns about one-hathe average value of his ' 5Jf. . We deliver. ' J-If you want to toary-PROVO, UTAH. . product' tor the previous twenty-fiv- e years. Bat prices have risen so high WANTED We ars in the market Employment. since 1896 that the farmer eould borfor all the.A-- veal and poultry row on most products much less than you can ship us. Also some real . MITevO Excellent opportunities half the present value of the products. uow available for industrious good hogs. Standard Market in It would be much less, therefore, tonnecMon with PIkIt Wlinlr. men, 25 to 59 years to make than the farmer could borrow directly profits aelllhg Bawlelgh'a Prodacta Provo. from the bants oil graded jroductai direct u- - consumers. Largest and on products not graded no Govern best selling line. Strongest com ment-loan- s would be made, for there pany. Gives most cooperation. would be ao way of determining the GRANDV1EW RABBITRY P. O. Furnished rooms; FOR RENT r 01 Lowest wholesale prices. No axner- price average, breeder Weeter, proprietor, S. 190 for sale. also furniture "However, the farmer, having obheavy weight Flemish Giants and lencj needed. We teach and con- -' 6th West tained the stipulated Government certificate New Zealand tlnue to assist yon.' Give age, oci golden a loan on his goods, could then offer his Reds. R. F. D. No, X. Box S10& cupation, references, w. T. Raw- lelgh Co Dept 2060, Freeport, m. equity certificate to a bank for an adtf FOR RENT Furnished rooms. Call " ditional loan. But the equity certifi" mwf 8 1.86-ABE W.TURNER cate Is virtually a Second mortgage, -WANTED For Sale or Trade, Boy about 15 to do and no bank would prefer a second GET your strawberries from Geo. . Attorney-at'Law- y ' chorea and odd lobs: countrv mortgage to a first mortgage. A. Harrison. Phone 7 boy preferred.-- 0J1 W. 4th ':it, 8 "Suppose the Old National . Bank J Room 7, . offer to music r Knight Bldg., Provo, FOR 8ALE-peci- al was willing to lend a farmer eight students: New piano, $365, $10 Utah. Phone 661-- 1. hundred dollars on one thousand AatomobOes SALE At sacrifice, good down and $10 per month. Taylor FOR bushels of wheat Suppose, however, " Maiirfarnv2S cows;- - all neces-Bros. Co. the farmer deposited the wh-- t In a ' CLARENCE RASMUSSEN sary implements; good home. Will r0B Federal warehouse and obtained five New wlre horns consider In or . property hundred dollars from, the Government FOR SALE '869-Slightly used gas Provo. Phone 184-wheels, Phone starter, etc Terms. MO Certainly the .bank would not lend range, only $35.00. Terms. ' Utah Ahlanjer Mfg. Co. J4 the farmer three hundred dollars on Special Representative v Power Light Ca A.. ,. f the equity certificate. The protecFOR. SALE Ford' touring ' FOR SALE Used gss ranges, is FOR SALE New mown alfalfa hay, THE BANKERS LIFE tion of the bank would be greater lf $100.00. :i5 N. Univ. Ave 5 the farmer relied on the bank tor the OF. DES MOINES JH perfect condition, at bargain , delivered. Pbone 393-entire loan; tor In that case the, bank prices. Bates Stores Co. could realise on Its security without One of the most xonserva-tivel- y FOR SALE Cheap, sewing- - ma being obliged to pay five hundred dollife Insurance managed chine, vlctrola, fruit Jars, child's Govern-lars to get the wheat out ot ' companies In America. bed, davenport, rocker, dining room ment storage. The farmer can now Information gladly furnish chairs, ice cream freeser, etc 45S borrow more money from a hank on ' MT ed without obligation. t v. N. 3rd E. farm products- thai standardised ' under the Edison plan." FOR 8 ALE Used 81-- 4 WSgOU, a bargain. 17 good condition; EIJTNG TOGETHER PR. H. F. CANNON 3. 6th E. d - - Miscellaneous Wants; - - Plan Would ey HERALD CLASSIFIED ADVERTISING. All advertisement printed in these columns ar payable in advagc& ten cents a line (about six words) far the first day? five, cents a line for each subsequent insertion of the same ad. Thirty cents the line for six issues daily and Sunday. Special rate by the month. Telephone 95, or call at The Herald office. Real Estate, Rooms, Board. Ed; laie M--- tf twenty-five-yea- 7 Mr-25-- jr-2- 0 781-R-- S. - sal -- J-l- er, J-1- tf 1 - ' no J-- "The earth and the fullness th'ere Is the primary source ot capital The tanner, therefore, Is the nation's greatest producer of wealth.. Farm lng and banking production and dls-- J tribution should go hand In hand The problems of the farmer are the problems of the banker. Both an vitally concerned til bringing about a proper adjustment of transportation and marketing costs. The increasing "tendency toward a more sympathetic understanding .of each other's rela ' I'ng 'o these, problems Is one of the i ry' tioeosrv- n. s'prns ot the times -d t in further advance res y V' ; tiia" Interests. Wsl ... vice President r 4 sociatloa. or T Scientific Eyesight Specialist Over Irvipe!sJ5jare. Phone 555. . Provo, Utah. W4 FOR SALE Second-han- cash register. office. PRbTO TYPEWRITER EXCHANGE E. Brattan, Manager. Typewriters Repaired, Bought Geo. and Sold. Repairing a Specialty. All Workuaranteed. Phone 207-- National d Bor 660 - Herald 7 FOR SALE Majestlo range and wardrobe. 40S W. Center. Phone 480. for Local or Long Distance Moving. Prices Cheerfully HardyMadsen'Transfer Co. ; xaa-t-t : Passenger Trips to All Resorts by Order! Farms and Gardens.', Toung team, weight wide tired wagon. and harness.: $57 B. 1st 8. v FOR SALE $200, Unequaled .Service:. range, almost new. Inquire Mrs. Joseph fiBater-Sprtogvl-lle. 9f ll-l-l- J-1-7 FOR STRAWBERRIES C H. Wests. , call 7W-i- J Jul ' y Prices Right. Service to Geneva Regular EVERY TUESDAY NIGHT . . . |