New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1920-10-15

Virginia Bankers association, said
that while the system had served the
country remarkably well, it should be
remembered that it is still on trial"
Mr.. Plat further pointed out that the
system has never yet had a chance to
function normally and has only within
the last year begun to be a determin-
ing influence in the sterilization of
regulation of credit.
1t is obvious that regardless of how
the presidential election may urn out,
when congress recOnvenes the ques-
ton of making some changes In the
reserve act will come up for consid-
Grafton. The principal defense made
in behalf of the large percentage of
earnings by the reserve banks is that
the profits 90 to the government as a
franchise tax after a reserve bank
shall have established its surplus.
Members of the federal reserve board
say that the large earnings have been
due to the low rates Of discount and
that it is unfair to charge profiteer-
ing where 1t can be shown that
prices have been kept down.
Basis for Profteering Talk.
This charge of profteerlng made its
appearance recently following the
publication of the semiannual state
ment of the federal reserve board.
That statement showed that after the
II banks had charged $343,667 to
profit and loss, they had available for
dividends, surplus and franchise
taxes, a total of Sos. 926, 77S. During
that six months period the Chicago
bank, for example, earned S13,051 ,929,
while its expenses of operation were
S1,555,S50. The st. Louis bank earned
during the six months period $3,2S5,-
75S, and its operating expenses were
$3.50, 71S. The Chicago bank used the
money that came in during the six
months after paying operating eX-
penses by paying out S3S2,404 in divi-
dends, carrying S1,0G9,49S to profit
and loss, and carrying to surplus &c.
625,4S5.
The federal reserve act provides
that after all necessary expenses of a
federal reserve bank have been paid,
the stockholders shall be entitled to
receive an annual dividend of 6 per
cent on the paid-in capital stock. The
stockholders of a federal reserve bank,
it will be remembered, are the local
member banks. After the dividends
have been paid the earnings must be
used to build up the surplus until it
shall amount to 100 per cent of the
subscribed capital stock Of the bank.
After this surplus Is established all
earnings above the expenses and @
per e annual dividends go to the
federal government, except 10 per
cent annually. which Is to be added to
the 100 per cent surplus.
Women Talk Of War Memorial.
The general federation Of women's
clubs, which has a membership Of
some two million, will at its next
convention decide whether or not
and carlton here at the capital
Of the country as a national peace
monument to the soldiers. sailors and
marines of the World war. The pro-
p0sal that the membership of the fed
GRAFTON undertake to build this me-
mortal was made the other day at a
meeting of the board of directors of
the federation held here. An esti-
mate of the cost of the memorial was
submitted to the board for its guild
ance. 1t showed that "a bells of the
carlton would probably cost $l50,0O0,
and their installation probably $4,000,
while the cost of the tower would be
anywhere from 100000 to $1,00 900,
according to the size.
IL is the thought of the women who
would like to see the federation under
take this project that the tower build
ing could be used as a training school
for master carlton players and could
also be made a housing place for rel
les from the battlefields of France and
Belgium. Letters from both Governor
Cox and Senator Harding were sub
mltted to the meeting of the directors
Of the federation advocating that a
memorial of this sort be erected here.
Not Easy to Get Funds.
The national capital, 1t is reasona-
BILE to assume, will always be the me-
mortal center of the United States.
Congress has always been backward
about appropriating money for me-
MORALS, and efforts to raise funds for
this purpose through private subscrip-
lions have not as a rule been success
full. Two great memorials here are,
of course, the Washington monument
and the Lincoln memorial. The con-
struction of the monument proved to
be a heavy task. 1t will be recalled
that one section of it was built and
stood unfinished for many years wait
ing on congress to prOviue the money
for its completion. The Lincoln me-
mortal has Jared better. Congress
took hold of the project with a will
and has supplied ample money with
which to keep the work going. with
the exception that during the World
war work was suspended. This build
ing is now practically finished and
good progress is being made with the
interior decorations. The statue of
Lincoln, which is to be the principal
interior attraction, will be completed
and installed within the next year, 1t
Is believed. Meantime the work of
identifying the surrounding grounds
a. n-x--~ ---l~ L. .-Iz. rro