The Washington times., 1912-10-06

not improve. for the reason above stat
Cd. There was an Improvement In the
bond market SO far as activity was
some evidences Of good buying in Po-
iomac SIS, the first mortgage issue
These bonds have been very strong
and II may be In the plan TO retire the
issue. as they. are retirable at 1io at
lW and, would be selling with other
high grade issues but for this retire-
inept clause.
The business Of the city Of New York,
sssresatins billions daily is transacted
ments. To this extent has the clearing
house system reduced the actual daily
transfer OF money--the endless chain OF
one paying. another collecting and pay
ness and reducing effort through the
settlement Of debits via net payments
to net creditors.
The American Bankers Association
refused to give It's Endorsement to the
plan for currency reform advocated by
the currencuy reform commission. ad-
hitting that "the name OF Aldrich acts
on on shs s,,', people these days lii0e a red nag
II 10 a plain case OF loves labor lost. .
and in addition many rood dollars have
passed from Uncle Sam. account az
penses OF foreign tours while commis-
sioners were engaged In the study Of
me monetary systems OF foreign ma
And. without immediate prospects, Of
reform. the currency system OF the
most prosperous nation 10 today strained
broadcast scale. and At the Same time
move the bounty Of the harvests to the
centers OF consumption.
Because the Aldrich currency measure
has been sheived is no reason why the
to other national legislation.
Credit, not gold, is the life blood OF
modern trade" said David B. Forgan.
in Chicago, Continuing, he added:
Every Investment from Government
bonds to gold mining stocks In a form
Of credit All bank deposits and all
bank, bank loans o,ns.sa are credit Our mueh-dis.
what we loosely call money. and
| even large proportion of our so-cailed
| reserves, are credit. All the accounts
and bills receivable In the world are
moves and has Its being. Credit starts
enterprises. moves wheels, builds, rail-
| roads, wages wars, makes civilization.
Just as the blood pumped from the
tremity Of the body. carrying vital en-.
| ergy to every organ, every muscle and
| every nerve, SO credit, the heart OF
which is the banking system. permeates
every department and phase and detail
| OF modern business. II kept pure, clean
| and abundant. the result Is financial
health and strength, actual business
manifold opportunity, good times-in Z
word, general prosperity. II allowed tc
become vitiated. sluggish and curtailed
n volume. the result is unsightly erup.
tions, sluggish business, backward con.
ditons, and finally national DEATH
The report Of the treasurer of the
American Bankers Association, J.
Fletcher Farrell of Chicago is an ex.
| tremely Interesting one. The receipts
and expenditures were matters of rou.
tine but when the list Of investments
by the association were read conserya
| tive bankers expressed their keen salts.
faction.
1t is a list that one might recommend
to the widow and the orphan. uitrf
safe and sane but not especially profit.
able from inc standpoint of returns
II demonstrates the determination oi
the executive council not to be caliet
upon the carpet to account for invest
ments that have gone wrong.
The securities are as follows:
$1,000 C. b. a Q. Joint Is of 1891.
i 10000 Atchison, Topeka q Santa Fl
4 per cent bonds of 1895.
10000 Chicago, Burlington & Quincy
Illinois Division, 4 per cent bonds Of 194s
$4,000 New York City Registered Cor
| poration Stock, az per cent, due 1870.
Look at the list again.
1t illustrates In the items the fact tha
safety and not interest should be de
sired in the end.