Evening star., 1922-08-18
SL|GHT|NCREASE
IN BANKS LOANS
Reports to Federal Reserve
Board Compared With
June %.

Statements Of leading banks that
make weekly reports to the Federal Re-
serve Board show a slight increase IN
loans compared with June 2S. The
total loans are now near their low
level. but since the latter part Of March
there have been indications that no
great decrease was in prospect.
For the first seven months Of 1922
average monthly decrease in loans
amounted to $57.o0o.o00: for the same
period last year. the average monthly
decrease was $233,000,000.
other than United States securities, have
expanded continuously since last Sep
tember. This expansion reflects. In
some measure. the purchase Of secur-
tiles by people who buy stocks for cash,
but borrow a part of the money from
banks to pay for their purchases. In
this class. Of course. are included brok-
ers, as well as the conservative in
vestor who buys stocks outright. but
borrows part Of the cash needed.
On September I. 1921, loans secured
by stocks and bonds, exclusive Of gov
ernment obligations, amounted to ST.
920. .597. .000 as these loans at present
total s3.505, ,2sS.000, the increase has
been 1854, ,395. 900 in eleven months.
Commercial loans have borne the
brunt of liquidation since defiation
started. and the shrinkage in these
ODilSatlOnS mas continued TlSnt up 10
the present time. though the end is
believed to be in sight.
Tribute to Bell.
Directors of the American Telephone
and Telegraph Company have passed
the following tribute to Alexander Gra-
ham Bell:
I'm the death of Alexander Graham
Bell the civilized world mourns for a
man who thought feariessly. worked
tirelessly and served generously to re-
lieve the unfortunate and to benefit
humanity
He was the inventor of the tele-
phone because his thoughts adventured
into new and untried fields of science.
because his enthusiasm for discovery
was sufficient to overcome all difficult
ties. because his practical mind de-
manded consummation Of his theories
in practical results. and because he was
inspired to contribute greatly to the
common good.
LAS an investigator he was intelli-
gent beyond the genius Of his age. In
the invention Of the telephone he found
ed the art Of transmitting speech cleo
trically. new and invaluable contri-
button to the humanizing Of mankind
He was one of the few in history
who lived to see the child Of his brain
developed into worldwide service. This
was the only reward he sought and
this reward was fully his"
Equine Phone Call.
This from the Wall Street Journal
Straws: Vice President r. f. NJ. Cowie
of the American Railway Express has
a long list of stories. Scotch stories
are his favorites, because the dialect
is natural to him but it was a
straight American joke that he told
at the Yale Club last Friday noon
during the recess of railroad execu-
tives. who sought half hours rest
between two very serious sessions.
A certain mans wife found a card
in one of his pockets with just Lily
on 1t.
why that's a horse 1 had some
money on in yesterdays race" the
man explained, a very clever answer,
he thought
A day or two later his wife greeted
him. when he returned home from
business. with:
ooh, dearie. You had an important
phone call today. That race horse
Lily-wanted you"