davidaulloa/AmericanStories huggingface dataset:
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-02-08
KIWANIS NOTES

ours has a long life TO look forward
10.
Even in kiwanis club. things oc
casionally become mixed; for in
stance a non-smoker, sometimes re-
Cetves box Of cigars That was the
luck of Geo. G. Lewis last week
Maybe a will receive his silent
boost OF a box of Ryzon Baking
Powder. -------
Bank street Will be widened II.
w. Darlington chairman of the COM
rllttee of public affairs. reports the
committee Is going after this strong.
Eighteen months since the first
Kewanis club was organized in the
Capitol District Of Virginia Now
four out of the six club in this dis
tfict are in Virginia Some graR tn
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-02-08
Japanese reforms" in
KoreaShown but Empty
She'll of All Her Promises

which to extend into mainland Asia
Japanese conquest.
NOT sELF-sUPPORTING.
But instead OF strengthening Japan.
Korea has weakened the empire. Ia
pan has been, unable to make Korea
self-supporting The people OF Korea
are united in their determination not
to be japanese and in the event OF war
instead OF having the help Of Korean
man power and resources Japan would
have to maintain strong military
force in Korea to keep this gatewHv
from being closed by revolt.
Further. the world vas shocked by
the disclosures last spring of the cruel
Ties OF Japanese rule over the Koreans
and the harharitfes with which her sol
diers suppressed the unarmed revolt.
These things have djscredited Japan
in the eyes of the world more than
anything else, and the Japanese know
IL
- two months are Japaneae lihsrala
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-02-08
IE WTTIFT dUUNs
A WAR WITHOUT AIMs.
RESERVE
BANK STATEMENT

The weekly statement Of the Fed
eral Reserve bank, just issued by Gov
ernor George j, Seay. shows a total
of resources at s27S.074, 600. OF which
the sum of sss251.o 900 is in gold re-
serve. The total amount of bills dis
counted and bought for the week end
Ing February s. was se4.s7o,o00. The
statement:
Gold coin and certificates. s 7,5es,0 900
Gold settlement fund-Fed-
erai Reserve Board $500. IS, 356,oe0
Gold with foreign agencies 5,s02,00e
Total gold held by bank s 44,3e7.ooo
Gold with federal reserve
agent --.*..-.-s.-...- ss,sl3 .ob'
Gold redemption fund 49,. 7,o11.0oe
Total gold reserves ......$ 1921, 900
Legal tender notes. silver,
etc. sas,ooo
Total reserves .....-. IS ss,47s,ooo
Bills discounted secured
by government war obli-
cations ........,. 7s,ts2.o0o
All other bills discounted. c4.s56.ooa
Bills bought in open market $4,000
Total bills on hand $3.50. s1o7, sos. 900
United states government
bonds ....,.........,, Less, 900
United States certificates OF
indebt edness a.. ....-..... 13.1S0.o00
Total earning assets ..s121. 100000
Bank premises ...: $4,000
Uncollected items and other
deductions from gross de-
posits ........4..,.., ss.533ooo
Five per cent redemption
fund against Federal Re-
serve Bank notes ........ 7ls,cco
All other resources ....-.. $4,000
Total resources .....-,. .$2TS, 0T4, 900
Liabilities.
Capital paid in .,.......t 4.3ss.too
Surplus ..,......-...... 5.s20.0oo
Total capital ..,.........s 1o,2ts.ooo
Due to members-reserye
count ................ 100000
Deferred availability items 5S,539,0 900
All other deposits including
or e s government
GREATS .t.'.... -..---.. D tSI.Uvo
Total gross deposits STA, $50. 900
Federal Reserve notes in
, actual circulation .....,. $50. 10000
Federal Reserve Bank notes
In circulation--net liabil-
ity Observation-Disclosures. 11,7s1.ooo
All other liabilities ..... $4,000
Total liabilities ,27so74ooo
Federal Reserve Notes.
Federal Reserve notes out
standing ....,....@.. s1s44ss.ooo
Federal Reserve notes held
BY bank ............... s.5s7.oos
-------------.
Federal Reserve notes in
circulation LAC, a06, 900
Total amount OF bills dis
counted and bought for
the week ending Febru-
airy s, 1920 ............-. s4,saooos
Due United States treasurer
by m IN r depositary
banks .,........,..... 4.sss.ooo
Contingent liability on bills
rediscounted or sold .. 5000 900
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-02-08

tCaiversal Service STAFF Correspondent. J
Toxic, Feb, 2.--Japan MS made a
miserable beginning with hr promised
reforms In Korea.
There Is no need to tax the testi-
mony OF Koreans and foeigners in
Korea for that. The statennts OF DR.
Midxuno, administrator OF ivil Affairs
in Korea in his recent conference with
missionaries, and later sttement to
the political committee of IL Seiyukai.
the political party In powerproye that
conclusively.
Korea Is a tremendous roblem for
japan. Conquest via a ~protdefate and
broken pledges and niilitarysower was
easy, but ruling the countryand max
ing the Koreans over into @panese is
difficult.
All the Japanese wantedkoreA to
make Japan safe from ifasion by
Russia through Korea. Th{militarist
poitctaa wanted Kore& -. AhAss 1reu
=x-S
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-02-08
eighteenth century and WIN. 10 FAR a.
be could learn, the only ex.stitie COPY.

We, together, started to search the
work and finally settled on the
hrase. Il trade" which We found
translated into the Chippewa Indian.
Nun Kee- wan-nis but owing to
the cumberson form. we decided to
eliminate the personal pronoun
nun" and retain only the word.
"keewa mis-" Further consideration
prompted the change OF the zee in
the first syllable, the m in the last.
as well as dropping the hyphen be-
tween the syllables. From this we
rade the present word 'kiwanis."
which reported at Il subsequent
rgeetirE of the Detroit members and
which was adopted as our name,
The present emblem, the only one
ever used by Kiwanis. / designed.
The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-02-08
HOW KIwAN1s GOT ITS NAME

tSy a. -. Browne
Much has been written in the past
four years OF the origin OF the name
"Kiwanis.
TT was in January Of 1915. that |
called the first meeting of the present
Kiwanis club in Detroit This meet
ing was held In the Office of a Mr..
Eyster, an attorney, and was attended
by Messrs. Eyster. Richardson,
France, Hammer and myself. |
Placed before these men the project
that has since developed into
"kiwanis;" they liked the idea and
agreed to become members, At this
time Mr.. France had paid in a~cheek
TO cover his membership, the others
had not An agreement was made
that / should organize the club and
was authorized TO select a name,
As lifelong resident OF Detroit
knew C. Nj. Burton, the city histo-
grapher. and called upon him the
next day for aid. Upon explaining
the purpose of my visit | was asked
tc return the following morning. At
this later call Mr.. Burton showed me
copy OF Bishop Braga's Lexicon Of
Indian words. informed me that it was
published in Montreal late in the
New-York tribune., 1920-12-31
Canadian Advisory Board
Named by National City

Intensive development of the Ca
madam investment market, resulting in
increased facility in the purchase and
distribution of Canadian securities. is
expected to follow the organization of
a purely Canadian advisory board to
cooperate with the National City Com
pany Ltd, the Canadian end Of the
National City Company of New York.
The board, as announced Yesterday,
will be headed by the Right Hon. Lord
Shaughnessy, of Montreal, chairman OF
the Canadian Pacific Railway and a
director of the Bank of Montreal, as
chairman. The other members will be
Sir Lomer Gouin, Of Montreal and
Quebec, former Premier of the Prov
lnce Of Quebec, and a director of the
Bank of Montreal, and the Laurentide
Company; Martial CAevalicr Of Mon
treal general manager of tho Credit
Foncier; Lieutenanc Colonel Herbert
Nelson, of Montreal. director Of the
Bank of Montreal and the ROYAL Trust
c. mpany; Sir John Aird Of Toronto.
vlce-prcsident and general manager Of
the Canadian Bank of Commerce. Ed
sou L. Pease, Of Montreal, MANAGING
director of the Royal Bank Of Canada,
and lately president Of the Canadian
Hankers' Association, W. N. Tilley. OF
Toronto, and Sir Augustus Nanton Of
winnipeg, vice-presldent Of the Do
mirion Bank and senior member Of the
ilrm of Osler, Hammond & Nanton Of
Winnipeg.
New-York tribune., 1920-12-31
21Olh% Earned
In Y ar by
Reserve Bank
Thirty-nine Million Dollars
Paid Into United States
Treasury as Governments
Share of the Profits;
Public Debt Cut Down
Drafts Against Export Ship
ments Closely Scrutinized;
Importers Cancel Orders

The Federal Reserve Bank of New
York. in the year ended day, earned
S51 100000 net on average paid-in capi-
tai Of S24,500,000, equivalent to 210lz
Fer cent, compared with 1877 per cent
earned in 1919. AS a result of the
large, earnings the bank, according
to the monthly review, issued by
pays into the United States Treasury
about $39,000,000, representing it's
earnings for the year after paying op-
Grating expenses, dividends of per
cent to the stockholding banks, and
r'aking additions of about S11 100000
to its surplus as provided by the Fed
cral Reserve act.
These earnings, the Reserve agent
says, are a direct measure of the credit
expansion Of imitation which war finan-
cling necesstated.
"They also are" the statement con-
t.nues, "a direct measure of the utility
of the Federal Reserve Bank in provid-
ing such credit as business conditions
necesstated The Federal Reserve Bank
is semi-public institution organized
and operated, not for the purpose of
making profits, but to stabilize credit
and keep it elastic, and to issue such
circulating notes as the business Of
the community requires. It's surplus
earnings, which are derived from the
eredit-making and note-issuing power
granted to it by the government, ac-
cordingly revert to the government.
Not Taxed by Government
"The reason why the Federal Reserve
Bank shows such large earnings IS be-
cause the government does not tax it,
but in lieu of taxes takes the major
part of it's earnings. governmental
grant of note-issuing power to any in
stitution or set of institutions, espe
cially when such notes are of an emer
gency nature, is quite usually accom-
panied by a heavy tax.
"Under the Aldrich-V -Vreeland act
which prior to the Federal Reserve
system provided emergency currency,
the government taxed the banks upon
notes issued under the terms of the act
at rates running from 5 per cent up
to 10 per cent. Under the Federal Re-
srve act the member banks, which bor-
row from the Federal Reserve banks
mainly to obtain currency, in effect
pay similar tax in the shape Of the
rate of discount charged upon their
borrowings. This rate, or tax, does not
go directly to .he government, but goes
to its note-issuing agency, the Federal
Reserve Bank, which after paying ex
penses and per cent dividends, turns
over to the government in the shape of
surplus earnings the discount it has
received.
But if the government were to
adopt the policy of directly taxing the
Federal Reserve banks upon the
amount of their notes in circulation,
less the 40 per cent gold cover and
were now to impose such tax upon
New-York tribune., 1920-12-31

more carefully drafts drawn against
export Shipments, and the purchase Of
gratis on some countries where ex-
change conditions are particularly un-
settled, such as Australasia and some
countries of South America. has been
practically suspended. Insufficency Of
Australian funds in London has caused
some banks which normally negotiate
their Australian bills through that
center now to deal directly with Aus
trailan concerns, with the understand
ing that If remittance from Australia
IS impossible the exporter viii refund
the amount of the draft. Foreign
banks doing business with South Africa
which have branches in New York
lately have increased the margin of
deposit required against South African
bills from 25 to so per cent.
one export firm prominent in the
markets just mentioned reports { at
orders now are about Is to 20 per cent
OF their recent volume Exporters are
advising their customers abroad 70
purchase as sparingly as possible until
conditions become more settled, and in
some cases are recalling their foreign
representatives..
Discussing The matter Of employ
ment the Reserve Bank shows that
there was decrease of 6 per cent in
the number of persons employed in in
dustrial establishments in this dis
trlct between November 20 and De-
cember 20. The number of workers
is now about 20 per cent below the
maximum reached last spring. In
Rochester 5000 clothing factor workers
and 5000 shoe factory employees are
IDLE. In Syracuse hundred factories
have laid off 1925.
New-York tribune., 1920-12-31
2 Prices Irregular
In Quiet Trading
On Outside Market
Goodyear Tire Issues Weak
on Publication of Report
Showing Deficit in Opera
ti0ns; Some Oils Decline

The market on the Broad Street
curb yesterday followed in general
way the trend of prices on the "big
board but there was a tendency in
certain issues toward irreguiarity.
Some of the oil stocks showed net
losses, including S:mms Petroleum,
Maracaibo Oil and Salt Creek Pro-
cucers, new. Ryan Gil sold down close
to the years low, al 10, but Gufey-
Cillepsie closed more than point
above Wednesdays closing quotation.
Goodyear Tire issues were weak, fol-
lowing publication cf the ccmpany's
'tement showing :. large deficit for
the year and the uncertainty surround
ng new financing Plans.
New-York tribune., 1920-12-31

the Federal Reserve Bank of New York
a az 'he same rate as it's discount rate.
per cent, the tax would amount to
acout $36 100000, or about the amount
Oh lts earnings. In this case the Fed
eral Reserve Bank would show practi-
cally no earnings above it's expenses
dividends and statutory additions to
surplus.
Federal Reserve Bank earnings when
transferred to the government. may be
used by it only to place additional
gold behind the greenbacks or to re-
tire government bonds. In this way
the earnings go directly toward cor
recting the imitation which called the
earnings into existence. Presumably
as imitation subsidies, the volume of
Federal Reserve notes required for
hand to hand currency will gradually
lessen and both the discounts and the
earnings of Federal Reserve Banks
will lessen spondingly."
Commodity Decline Slackens
Decline in commodity prices is show
ing signs of slackening, according to
the Reserve Bank. The index main
tained by the bank of the prices of
twelve such basic commodities, namely
cotton, hides, hogs, rubber copper
sugar, wheat, corn, iron, lead, petro-
lcum and lumber, shows the following
monthly decreases, expressed in per-
centages, since the peak in the mid
die of May:
New-York tribune., 1920-12-31

HS IiSb SlA NCIullOClIlcS NEIL
toned the bank says, ARE Low at or
near their pre-war prices. The fall has
been so abrupt that industries which
convert these materials into the kinds
of goods consumers buy, have had
little opportunity for readjustment
and consequently the decline in retail
and even in wholesale prices of manu-
factured goods has reflected only in
part the decline in raw material prices.
Rut the 22R per cent reduction in
wages which textile mills in the East
have generally inaugurated, and which
IS spreading gradually to other in
dnstries is an indication that we have
entered the usual second phase of post
war readjustment. In this phase, which
< slower than the first, retail prices
ere gradually lowered by means Of bet
ter organization and labor-saving ma
chnery, by greater productivity of the
wege earners and by wage reductions
corresponding roughly, but not al
WAYS synchronizing, with reductions in
actual living costs"
Reduction in Public Debt
A compilation made by the bank
shows that the public debt Of the United
States has been reduced approximately
$3.50, 100000, or 81 per cent from
total Indebtedness of the government
as the year ends is placed at s24 4,01o,-
100000. On January about $175,-
100000 Of certificates Of Indebtedness
fall due. The Treasury has purchased
for retirement about S20000,OOO, and
the remaining $155, 100000 will be paid
at maturity, presumably out of the
Treasury's present balance. No new
sale Of certificates is looked for before
the middle of next month.
Attention is called by the bank to
the fact that many foreign importers
are seeking to avoid or postpone the
loss involved in carrying through
transactions negotiated at more favor
able rates Of exchange by canceling
them. Banks here, in number OF
cases, it is said, have been requested
by both foreign and domestic Gus
toners to cancel their letters of credit
and in some cases the banks have ever
had to defend their refusal against
legal action.
"Ths uncertainty as to collec-
tions.' the statement adds. "is
causing American banks to scrutnize
New-York tribune., 1920-12-31
Britain Ready 70 Retire
Canadian Bank Advances

Plans for the retirement of Sl5O.0O0.
600 in credit advances made in Great
Britain during the war period by group
Of Canadian banks to finance the pur-
chase Of war materials in the Dominion
have been completed by the British
Treasury. Information obtained in
financial circles here yesterday indi-
Gated that the credits are being paid
of S5,0O0,0O0 month To date three
installments for IN aggregate of $l5,.
GOO 600 haYe heen naid
New-York tribune., 1920-12-31
Standard Oils
Other Oils

Sales. Open. High Low Last
so5SS 600 .4if1 [Aiiisd 05 oti 20 7s i 1,s d d
700 *Arll MAJ Gas. ia ~ 7st
$500 *BOone oil 49,. II. ~ IL
$500 "CArib Synd... ~ ~ 6x
200 tCit S y r Sh 20 20 20 %
400 ~Cosden s. Co. 5Hs 5ss 5N 5n
10000 *Cushing Pet e. "a
roo @Elk Basin p. ~, ~ ~ ~.
1900 Englneels Pc. 1is l1a IA X
1000 Federal Oil 90. l7s TX
500 *Fensland on. 1921 12ih l2la l2l5
1893 s"9 *Si,en9ofS +,;Ss@@Ss OH. OH "a z" II 2
igoO *Guf-Gil o c.. 20ia 2s 26La n
Continued on page seventeen)
New-York tribune., 1920-12-31
Bid and Asked

Following are the closing bid and
asked quotations OF stocks listed on the
Stock Echange in which there we're no
transactions yesterday:
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-11-14
BY DAVID f. HOUSTON.

Rapid and violent alterations OF
expansion and contraction have sub
jected our business fabric, our finaD
cial system, and especially II .
banks of the United States 10 tto
most severe test OF efficiency and
stability that can be imagined. They
have met this unprecedented test in
a way TO prove their solid strength
and the wisdom and fidelity OF those
who direct them.
The figures and facts must give
the American people and the world
increased confidence in the safety
and power Of the banking and bust
ness interests of this country.
The shrinkage in the value of our
principal commodities and articles
Of production during the fiscal year
ended oct. 81. 1920. is the greatest
i'm commercial history, not only in
amount but in the proportion of the
decline to former values. 1t amounts
10 many billions Of dollars. 1t was
preceded by leaping upward Of val
ues and prices from 1914 10 1919 al
most beyond the capacity Of figures
TO express Complementary
Banking Held Steady.
No six years in the history of the
world have brought commissions and
changes so tremendous or intense.
The manner in which our banks
have endured these ordeals is an inn
pressive indication that they were
not tempted from the ways of safety
and honesty by the excitement of in
nation. The policy OF wisdom and
fidelity TO trust and responsibility
that has kept us secure has been
generally uniform and has guided
the smallest and more remote banks
as we'll as the largest at the com
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-11-14
SMALL INSURANCE
COVERS FIRE LOSS
Oyerheased Furnace at Breth.
rem Church Causes Spec
tacular Blaze.

Al c-..~L....r r..--..-.. rf-r -q.,g-
s'''''t '"'"" AT lne FNs'
Brethren church. 1910 s. Michigan
ST.. Frfdav NIGHT .+ 1r.a0 o'clock
.,5 &C., t..-..-.- s.---.f,. Cor .r~os
HouFa' ieil eiif.f't .'t-7 t Iul'i7.
lsiI ai.ce o"fi-'a On '"r e. ....,5
'iu 'Ii ..'ail'l--+ or ''. -t.t-i.5 VIII
Hot lott. more Lhau Ea,0N'
~. .l' -.-. ..,
"'i .'.''t-.' '.' 'i.- quay '.'
- uaIEsL -i.4' .-..s nay -lli-
I
,n-L -a..y os5-i -u % me
7'l .Hs' "J 1Ht -il-
a'-e a.le
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-11-14

grown steadily and substantially. in
the midst Of them. During the past
fiscal year 361 charters were grant
ed for new national banks with cap
ital Of 31,077.5O0. and COS national
ban $ have increased their capital
a 20 al OF S104.618,100. The net in
crease OF authorized national bank
ing capital for the year. after sub
tracing all decreases by cOnsollda-
tons. voluntary liquidations. re-
ceiverships and reductions OF cap
ital is S11S.S1O.OOO. This is 80 per
cent more than the greatest increase
for any preceding year since 1855.
Instead Of the crash. and collapse,
and disappearance Of money into
hiding places which hitherto attend
ed conditions resembling but far less
severe than those through which we
have come. we find stability. healthy
and strong growth. and $118,81O,0 900
additional national banking capital
available for development Of the
country's business and for assistance
10 other countries.
Business Is Expanding.
There are now S,157 active ma
tional banks in operation. There
are pending and awaiting action by
the cOmptroller's office, 259 appli-
cations for charters for new ma
tional banks and 277 applications
for authority to increase capital.
Twenty applications for char
tiers for new national banks were re-
fused during the year. compared
with Is refusals the year before.
The latest reports of the earnings
OF the national banks, both gross
and net. covering the II months
ending June 80. 1920, which have
lust been compiled, exceed all pre-
vious records. The gross earnings
for these II months are reported at
S1.1O9116,000 as compared with
S515.624,OOO in 1914, an increase in
seven years of $500. 492 900, or lis
per cent. For the II months ending
June 80, 1920, the net earnings
amounted to s2S2,0S3,O00, which
compares with s149.270.000 in 1914.
an increase of $132, 900, or near
ly so per cent.
OF the 1.1O9 million dollars of
gross earnings reported by the ma
tional banks. 1912 millions were de-
rived from interest and discount; p
millions from exchange and collec-
ton charges and 20 million dollars
from miscellaneous sources.
II is noticeable that of the total
losses OF al k4nuS ClldIBtu OIL bg
all national banks which amounted
10 STA, 100000. only S31,2S4000
arose from losses from loans and
discounts. while the losses on bonds,
securities. etc, charged off amount
ed to s61.790,00O, other losses
amounted 10 81 million dollars
Taxes paid by national banks for
the IL months amounted 10 s79,-
] $4,000 Interest paid on deposits
amounted TO 1887, $4,000 and the
interest paid for borrowed money
! Every largely TO the federal reserve
| banks) aggregated SS2,72O.0O0. Sal
aries and wages paid by national
banks amounted to S175.452, 600.
The losses charged off on bonds
and securities" S61,79O,OOO were
equivalent TO about three and one
third per cent on the average
amount of bonds and securities
other than those of the United States
governm ent, held during the year;
while the percentage OF losses on
loans and discounts" charged off
I was scarcely one-fourth of zone per
cent, on the average amount of loans
and discounts outstanding, during
| the same period.
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-11-14
CHICAGO PREACHER
At GERMAN CHURCH

Rev J A. MuIdnger, D. d. district
superinter dent Of the Chicago dis
trict OF the German VI. +. church.
viii conduct the services at the To-
car ChU -ch Sunday.
The morning service will be held
IN the German language and the
doctor viii preach "a sermon in that
tongue. A communion s. rvice will
follow. At 1880 o'clock the quarter
ly conference viii convene
The evening service will begin at
. " clock At this meeting DIT Null
finger Will deliver a sermon I'm the
English language. Special music
10y the choir and male quartet viii
feature both services
South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-11-14
Blouses as Gifts

Surely there is acceptable gift than blouse Here
at your disposal we'll selected OF Georgettes
Crepe de Chimes Satins Voes Organdes and handmade
waists STYLES are more wonderful shan and the work
manhip of the highest type There broad range OF
prices.
$3.50 to $500