davidaulloa/AmericanStories huggingface dataset:
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07
Nos manifesto que Ell Sr. Gonzdlez Me-
no no solamente habia oplaudido Ell
manifesto, sino que aceptaba todas
SuS c0nSecuenciQs
"gesds-nOs Gohd sendO con n0sOOS CfO 10 que pdpfa
aenta en- persime1lO en- eI sentmertO de les hOnbeS
de Washington y safe que ALI 70 hay anbIele
para CeflOS radNaIEECS"

En- la tarde de aver, y una vez que
conocimos el importante manifesto de
los sefiores Barcel6 y Tous Soto, uno
de nuestros Redactores fu6 entrevis-
tarse con ell senior Barcel6, en- su resi-
dencia del Condado.
Estaba Ell ilustre hombre publico re-
cluido en- sus habitaciones privadas,
algo indispuesto por las molestias del
viaje, y hubo de recibirnos con su ha-
bitual cortesia.
Numerosos amigos y prominentes f.
guras del partido unionista rodeaban al
Jefe, cambiando con 6l impresiones
acerca de la labor realizada en- Wash
ington.
Aprovechamos un momento oportuno
y nos arriesganos preguntar al Sc
nor Barcel6 algo acerca de 10 que Sc
propone hacer su regreso la isla.
Ell seiior Barcelo Sc muestra salts
fecho del 6xito alcanzado y Ell optimis-
mo de que esta rcbosante Sc advierte
facilmente en- la satisfaction que Sc
evidencia en- su rostro alegre y SON.
riente.
-Ioue Sc propone usted hacer aho-
ra, senior BarcoI6?-le hemos pregun-
tado.
--vengo-nos contest6 rapidamente
-decidido llevar cabo 81 PROPOSE
to v las ideas lanzadas al pals en- Ell
Manifesto que he suscrito en- compa-
MIA del seior Tous Soto y ell cual, es-
toy SECURE, que todo portorriqueno
.amante de su pals que sepa colocar
por encima de sus propios intereses y
sus personales egoismos ell inter6s de
la patria, 10 sabra interpreter en- todo
su alcance comprender perfectainente
q. Ell camino trazado es Ell iinico seguir
para coronar la obra que le fuera en-
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07

comendada por la Legislature a la De-
legaci6n que fu6 a Washington plan
tear Ell problema de Puerto Rico.
IConffa usted en- que Ell pals respal-
dara actitud adoptada por ustedes
EN- el expresado Manifesto?
-Estoy seguro-nos dijo-que por
parte de la Union no habra dificultad
alguna para llevar feliz t6rmino tan
mobiles prop6sitos y estoy SECURE, ade-
mas, de que todas las que pudieran sur
cir serar0limadassy salvadas por ell pa
triotisino de sus hombres. La Union
siempre estuvo dispuesta a ser la pri-
mera en- presentar la palma de la Con-
cordia. Ademas esa fue la Ultima idea
que acariciara nuestro immortal lider
Luis Mufioz Rivera, y practicamen-
te aceptada entonces por nuestros ad-
versarios abrazados todos junto su
tumba en- Ell momento en- cue la tie
IRA cubria amorosamente sus sagrados
despojos. iRara coincidencia! Esto SUI
cedi6 en- los momentos en- que un Acta
del Congreso estaba va preparada pa
ra convertirse en- Ley, dando al pals
una mayor amplitud en- su gobierno
propio. Circunstancias especiales que
no hace al case mencionar ahora, hi
cieron fracasar aquel patri6tico movi-
miento que, de haberse efectuado. otro
hubiera sido Ell camino a seguir en- nues
ira politica al implantarse ell nuevo re-
gimen. Y otra rara coincidencia ha 81
do la de que, cumpliendose una profe-
cia Gle Muiioz Rivera, fu6 del Sur, de
Ponce, de donde vino en- aquella oca-
sion, una voz conciliadora, Y fu6 Tous
Soto, ell paladin de aquel acercamiento.
Y es ahora, como entonces, Tous Soto
el que en- las visperas de convertirse
(Ccntinda en- la psgina ~
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07

En- la tarde de aver tuvimos conoci-
miento de que en- esta capital Sc habia
recibido un cablegrama diciendo que
el Secretario de la Guerra habia COM
parecido en- el dia de aver ante Ell Co.
mite del senado oponerse al Proyec-
to de Autonomia para Puerto Rico v
manifestar que los portorriquefios no
estaban preparados aun para tener Ell
Gobernador elective.
En- confirmation a. estos informes ano
(Continha en- La pagIna %
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07
INCENIEROS CIVILES

Sc solicita los servicios de
dos tres para trabajo de cam
po en- compaiia azucarera. Pue
den dirigirse las soiicitudes in
dicando experiencia, sueIdo
que Sc pretende, etc. al aparta-
do 1869, San Juan, P. R.
Advt.
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07

WASHINGTON, MARIO g. FL pue-
bio americana consciente va de que ei
ruidoso escandaio del "Tea Pot Dome"
es algo mas cue una simple sospecha
que partidos politicos antag6nicos ira
tan de explotar como arma de conba-
te, espera ansioso ell desenlace final del
sensational proceso, que ha tornado un
nuevo gravisimo aspecto con las in
vestigaciones realizadas hey por el Co.
mite del senado. Arnbas Camaras CO.
siguen mostrando gran re-
y todo hace prever que 10
complicados en- este asunto ssran per-
seguidos encarnizadamente sin reparar
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07
Ia tertulasy eOrrlIS los republicaa0S COndenan
y deSaprueban aCerbamente Ia aCtitud de 81 llS-
tire Jefe. Manifestations de Martinez Nada.- que
nos dljO IOas SOto antes de partir para Ponce. :
IelegranaS de prOtesta. La reunion del COmit6
Territorial. -OhOS concentrates

Desde bien ternprano en- la madru-
gada de aver, las expectation publica
era jnmensa en- esta capital con Ell OBJ
jeto de esperar Ia llegada del Hon Co
bernador Towner y los miembros to-
dos de la Delegaci6n de la Legislatu-
ra que debian llegar a esa hora, a bor-
do del puerto Rico despues de ha-
.ber cumplido en- el Norte ell mandate
de la Resolution Conjunta de nuestra
Legislature cuyo texto es de sobra CO.
noc.do por nuestros' 1ectores.
A recibir las Comisi6n, fueron al
n1uelleo numerosas personalidades per-
tenecientes al Gobierno y a la Legisla
tura. InsRlav, entrq sass el Gobernador
INFERNO, Mr.. Coats, el Presidente In
terino de la Camara senior Hernandez
Lopez, el Alcalde de la Ciudad, Ell CO.
ronel Ross y una enorme multitud an
siosa de tributar un cumplido homemade
dc simpatia4 los distinguidos viaje-
ros.
La expontanea manifestation de afec
to que Sc le dispensara los miembros
todos de la Delegation, en- los momen-
tos de desembarcar, por la muchedum-
bre ALI congregada era sufciente para
nevar al amino de ellos la certeza de
que su labor y sus gestiones habian 81
do apreciadas en- su positive valor por
sus compatriotas de la isla.
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07

81 grande era Ia expectation que ha-
bia en- la ciudad en- los momentos en-
que Sc esperaba la llegada del vapor,
enorme fue el revuelo que Sc produjo
despnes de conocerse ell importante do
cumento, ell trascepdental Manifesto
que suscriben los dos ideres de los par
tidos principales del pals.
Entire los union;stas el Manifesto ha
sido recibido con verdadera satisfac-
cion y complacencia y tcdos compren-
den que es ese el tinico medic por Ell
(Continua en- la pag. Al
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07

nj su posici6n, nj su prestigio social, nj
Ell brillo de sus millonse.
COOLIDGE coMPLIcADo
La Ease mas culminante de- Ia inyos-
tigaci6n que Sc esta uevando a cabo
por eli Comit6 del Senado que preside
Ell senador Lenrot, fue dada a conocer
esta tarde cuando Sc dio lectura a un
telegrama que Ell presidente Coolidge
remiti6 al periodista Eduardo Mclean,
propietario del Post uno, de los
que mas complicados esta en- Ell ''at-
faire" del Tea Pot Dome.
Damos continuation los hechos con
cretos establecidos aver en- relacion con
seaEa6 sensaco1lal esc6nd aln: e 4 sF =
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07
ULTIMA -H0Rb

Ell SECRETARIO DE LA CUE
FRA ANTE Ell COMITE DEL
SENADO Sc OPONE AL PRO-
YECTO DEL SENADOR KING
Y DICE QUE LOS PORTORRI=
QUENOS NO ESTAN PREPA=
RADIOS PARA TENER Ell Co
BERNADOR ELECTIVO
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07
A Los SOCIOS De La CAMARA
De COMERCIO

Sc invita- cordialmente todos los
socios de la Camara de Comercio de
Puerto Rico a la Reception que, en- ho-
nor a la Delegation del Comercio de
Houston, Texas, Sc celebrara esta no
che de 9 a IL en- Ell Hotel Condado
Vanderbilt.
Ell CoMITE DE RECEPTION.
Advss
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07
la sido immense e revueR que ha pfOduGdO en- esa
capital el tfasadentd dO(urlento pOf6Co que slsGi-
ben los fddes Antonio R Bar40 y lose TOuS Soto
Ell Alcalde de San Juan, Sr.
Diez de Andino, contesta las
supuestaS acasaciOnes que
en- recientes escritos lie ha
hechO el Ider republicano,
don Roberto H. Todd

"iQue para quien escribO yo?'- pre-
gunta el sehOr Diez dc Ardino, al
mismo tempo. que cOntesta: "Pues
escribO para I'd. Sr. Todd, para
sus correligionarios y para el rue-
Bio de San Juan
A continuation publicamos la carta
que le dirigio aver Ell senior Diez de
Andino don Roberto H. Todd:
San Juan, Puerto Rico,
Mario 6, 1924.
Sr. Director de
''El Heraldo de Puerto Rico'',
San Juan, P. r.
Mi distlnguido amigo:
= Permitame ques mo airija usted en-
replica las manifestations hechas
por Ell senior Todd ex-Alcalde de esta
ciudad al distinguido amigo senior Mar
tinez Davila, va que el sefor Todd pa
rece enfadado conmigo por haberme
permitido refuSar las afrmaciones he
chas por el al expresado amigo sefior
Martinez Davila en- SUI carta de fecha
reciente z de febrero de 1924.
En- ella el senor Todd dice que ALA
por Ell mes de JUNO de 1922 escribi6
una serie de articulos en- ell peri6dico
"Ei Ticmpo" poniendo de manifesto
todas las irregularidades habidas
en- la operaci6n del Emprestito de
$3,S50,O00.o0 que realizamos, cuyos ar
ticulos tuvieron bien los actuales adj
ministradores del Municipio de San
Juan no contestarlos anunciandonos al
rnisnio tempo que ellos seran publica-
dos de nuevo para conocimiento pdbH-
CO.
En- relaci6n con estos hechos debo sig
nificar cue es la primera vez que ten
go eonocimiento de dichos articulos y
que me agradaria sumamente conocer-
los aun en- estos momentos en- que es-
tamos frente a la campaia electoral
Pudiera ser que ellos fueran tan i'm
portantes que ninguno de los hombres
que estamos hoy al frente de la Ad-
ministraci6n nos hayamos dado cuenta
de ellos o que tuvi6ramos necesidad de
invertir al tempo en- ell desarrolo de
nuestro programa administrative ofre-
cido al pueblo de San Juan como una
question para nosotros de mayor i'm
(Continda en- la pagina g.
El Mundo. [volume] (San Juan, P.R.) 1919-1990, 1924-03-07
ell S Ba los
6coy
Los CentOs poitiCOs de [stados Unidos Sc
estremeCen ante el heChO de que el Presi-
dente Coolidge Sc We envueItO en- d esCan-
dalosO asuntO de las COnCesiOnes petrOeras

Los dmos infOmes de Washington ecegdOs por aprea de
Nueya York. afnan que e Pfesdente ene ntencOn de re-
nuadar 81 alto CagolOs amigos de 6 aegan que 81 psen
Ia 81 dm6a Sera anO como eCOn0er que verdadramete
ha Obrado dA dtima bora e Presidnte expca su atiud
enO que respeda eganl que remi6 al peOdBta Me- Clean
Evening star., 1924-05-15
Beds Springs and Bedding

Engiander Bed and spring #. Ivory or
Mahogany, with cane panel. l............. $3.50
Englander Bed and spring, 4x6 Mahogany
finish heavy continuous posts ...... $3.50
Engiander Bed and spring, 8 #. Ivory
finish, cane panel. $500
Simmons Bed and spring. Ivory, Walnut
and Mahogany finishes; all sizes. ......$ .$1575
Simmons Crib in Ivory or Mahogany finishes $3.50
All metal Observation-Disclosures. cot. $3.50
Evening star., 1924-05-15
Bed Spreads
Cotton Sheets and Cases

Mohawk Cotton Sheets and Cas-
torn sizes before hemming.
46x86 Cases. Sale Price.
68x90 Sheets. Sale Price. ......,
81x99 Sheets. Sale Price. ........
9Ox108 Sheets. Sale Price.
Evening star., 1924-05-15
Odd Pieces I'm
Bedroom
Furniture

Wdinut Dresser .$S7. 90
Walnut Chiffonier. 90
Walnut Vantty~.>-. $500
Ivory Dresser .-.--. 1900
Ivory Dresser -.---. 600
Ivory ChfffoniM.-.~ 600
Full-size Ivory Vanity $500
Single or Double
Ivory Bed. -.--. 1900
Ivory Chifforobe. $500
Decorated Dresser. 600
Decorated Chtffonier. 400
Decorated full sixe
bed d.s.-->-...e- $3.50
Evening star., 1924-05-15

Grade "A" Mattress made of choice midd-
ing and cotton felt; full size, $4,000;
single ............ $500
Wool and Cotton-Feted Mattress; full size,
s27.00; single. Observation-Disclosures. s24.oO
Grade "B" Mattress, layer felt, Imperial
edge; full size, $17.O0; single. $500
Dixie Cotton Mattress made of resilient
white cotton; full size, $500; single. $1,000
Special fine quality, all feather pillow. $500
Evening star., 1924-05-15
Bedroom
f urniture

Lavender and Ivory
Bedroom suite,
eight pieces. 1880
Decorated cottage
Bedroom suite,
nine pieces. $4,000
Decorated cottage
Bedroom suite,
seven pieces. .....$325.0O
Parchment Bedroom
suite, seven pcs. $4,000
Evening star., 1924-05-15
Drapery
Department
Stenciled Crash

Seasonable materials, colors
and designs at prices
you cannot afford to over
look.
Evening star., 1924-05-15

| Art Lamp
| Dept.
\ Wrought hun Bridge Lamp
! adjustable arm: decor
/. ated parchment shade.
! Special, $3.76.
\ Gold carved Torchieres, 16-
! In. high. Regularly
\ $500. Special $118k.
4 Chinese Pottery Vases,
4 1879 inA high; suitable
| for making lamps; regu-
4 hriy $500 Sp eeial.
! $3.50.
Our entire stock Of tapestry
\ and velour, and Chinese
\ table scarfs.
I 1870 of Rec Price
\ Z lot Of suilad candles.
] Special. &c cash, Vassar,
] Colonial, A.nA Renais-
\ sance.
Bronze dgm0. tNo and
\ three nght2
\ 1870 of Res. Prise
\ Tsffeta Pillow, sound and
\ oblong.
4 1870 OF Reg. Price
Evening star., 1924-05-15
Curtains and Volonces
From Our Model Apart
n,ents Recently Redeco-
rated.

These Draperies were made of
best material and workmanship
in our own shops, some are of
light weight, Smfast, suitable
for the present season; others are
Of heavier material, as Rep and
Velour; one pair, two pairs and
three pairs in a lot, ut half
regular price Of material. No
charge for work Of making up.
Also, from our Regular Stock.
. large assortment of Lacez,
Panels, Madras, Voiles and Mar
ulIisettes,
Evening star., 1924-05-15
Couch Covers

$500 pair.
Couch Covers
Couch covers, regular price
$3.50, now $3.50 each.
Couch covers, regular price
$3.50, now $3.50 each.
50-in. round table covers,
regular price S2.65, now
SITS each.
36-in. round table covers,
regular price $500, now
$3.50 each.
36-in. square table covers,
regular price S1.60, now
$1.00 each.
24-in. round table covers,
regular price $1.00, now
&c each.
20x40-in. table runners,
regular price $3.50, now
500 each.
New rufhed scrim and mar
Quisette curtains, very
good values, 2A yards
long with tie-backs, regu-
lar price $1.75, now $1.25
pair.
Small lots regular lace cur
tains, panels, etc, at half
regular price, consist of
21s to S1a yard laces of
fine qualities and pat
terms.
Curtain materials by the
yard, SO to 45 ins. wide.
Quantities of scrim, mad
ras, net and marquisette
in white, crezm and ecru
at 15c to $1.O0 yard.
Cretunnes at savings that
are worth while, sold up to
60c, now Csc yard sold up
to 85c, now Soc yard; sold
up to $1.25, now 75c yard.
Light or dark grounds
with great variety Of de-
signs to choose from.
Evening star., 1924-05-15

MT. Vernon" Box Spring. choice of stripe
art ticking; full size, $780, single. $3.50
Moses Best" Box Spring rolled edge, hair
top, best grade cf stripe art ticking
full size, $4,000; single. le................$ $4,000
Simmons Ace' Spring, composed of SO
Columbia" Woven Wire Spring, all sizes. .$16.50
'Waysagless" Springs, all sizes. .$1150
Evening star., 1924-05-15

The Linen Shop
Offering a Wonderful Stock of Mer-
chandise at Unusual Prices.
Regular se75 Table Cloths, size 2x2 yds. Sale
Price NEUTRALITY-SUSPICIOUS.. $5.25
Regular $3.50 Table Cloths size 2x21S yds Sale
Price ....................... $3.50
Regular $1,000 Table Cloths, size 2xs yds. Sale
Regular 1925 Napkins size 22x22 in Sale Price. $s2s
Regular 5000 Table Cloths size 2x2 yds. Sale
Regular $500 Table Cloths, size 2x2is yds Sale ''
Regular s1425 Table Cloths size 2xs yds Sale ''''''
Regular Napkins size 22x22 in Sale price ss7S
Bed Spreads
Henned din1ty bed spreads require no ironing.
Regular 1925, size 63x90 inches Sale Price ~ S175
Regular $2.75, size 72x90 inches Sale Price $215
Regular So size 81x90 inches Sale Price. $235
Scalloped dity spreads with bolster sham to match
Regular $4OO spread, cutout corner for single
oeds. oaie Fr1ce. .$3.25 set
Regular $3.50 spread, cut-out corner for double
bed. Sale Price. ACKNOWLEDGEMENTS $3.50 set
Cotton Sheets and Cases
Mohawk Cotton Sheets and Cases. size mentioned are
torn sizes before hernmng.
46x86 Cases Sale Price ce..........-.... 42c ca
68x9O Sheets. Sale Price. $1.25
Slx99 SneetS Sale Price $lSO ea
9Ox1O8 Sheets. Sale Price. $215 ca
Evening star., 1924-05-15
Portieres

Portieres
Natural ground with rich
bird and flower designs,
regular price $500, now
$500 pair.
Evening star., 1924-05-15

Dining Room
Walnut 10-piece Din
ing Room Suite. $4S9
Walnut i0-piece Din
ing Room Suite. .$749
Walnut 10-piece Din
Ing Room Suite. 1897
The Kevin review. [volume] (Kevin, Mont.) 1922-1929, 1924-10-30
Helena. Mont. Oct. 4. Is


The real truth is tina the mining
industry pay more taxes and more
kind of taxes than any other in
dustry in the state.
1t is being urged by those in
favor of this @ production tax
measure, that only the big fell
lows" will have to pay it, and that
it does not hurt the small mine
n This is not true, and is
only another sample of the same
old campaign stuff going the
rounds. Even now I ana being held
down and hampered for want of
money to properly equip the mine
I am now operating in the Little
Rockies" in Phillips county, and
the reason given me by men with
money is, that they want to wait
and e whether this measure
passes. 1t if does, I can't get it.
My belief is that this gross pro-
duction tax is but a f~ore-runner
and the entering wedge for the
gross production principle of tax
alton and that within this decade
attempts will be made to fasten it
upon farming. stockraising and
other industries.
Yours very truly,
CHAS WHITCOMB.
The Kevin review. [volume] (Kevin, Mont.) 1922-1929, 1924-10-30
STRAIGHT TALKS
WITH AUNT EMMY
ON BEING A SMALL INVESTOR

at seems to me, Aunt Emmy" said
Jane, that it is rather silly for us to
be talking about investments when all
we can save is about $500 a year after
all our expenses and life insurance
are paid"
You're wrong there. If you save
$500 a year you are doing very well
indeed, and remember that the insur-
ance you speak of is in the nature of
an investment itself"
well, l know, Aunty, but somehow
investments always seem to mean
dealing in lots of money. thousands
and thousands Of dollars. There GER
tainly can't be many good securities
which people with SO little money as
we nave could buy"
Indeed. there are a number of good
investments for the small investor"
said Aunt Emmy. Even if you could
only set aside five or ten dollars a
month you car be sure of one invest
ment that you can safely make IN
your own responsibility and hat Is
putting your money in a savings bank,
the SdltSL Gnu nlOSt SOhoCl Fdl1f0 way
Of making it work for you. Even
though the interest will be moderate,
you will feel safe. Then there are
other securities you can buy, but don't
buy any before getting sound advice
from some trust company or bank.
These investments are real estate
mortgages, industrial corporation Sc
curities, public utility corporation Sc
curities, government securities-any
one of these securities may be bought
on the installment plan. You may pay
as little as five dollars a month for
them or as much as you want to in
vest.
"Of course you can never be actual
ly positive that an investment will
turn out well. Human affairs are I'M
certain at best. When you invest
money, what you really do is entrust
your money to business men to use in
a paying business. II your bank gives
a good account of the corporation
whose securities you desire to buy you
comparatively safe. But never use
a cent of your capital for speculation
No matter who comes to you and tells
you that a certain stock is going up,
that it is a sure thing, don't speculate
on it. Specializing in stocks is not for
our kind. You'd lever believe it, but
some people who are supposed to have
common sense will mortgage their
homes and ruin themselves in wild
speculations. The best thing for you
IS to buy securities on monthly pay
"Can you do that, Aunt Emmy?"
Certainly, and if you start to do 1t
you'll soon find hat you'll be willing
% do without lots of little c~atch-penny
Kings for the sake Of owning a nice
comfortable bond."-Anne B. Aymes.
The Kevin review. [volume] (Kevin, Mont.) 1922-1929, 1924-10-30
PHILIPsBURG MINING COMPANY
MANGANESE ORES
rHILirssvRe. MONTANA.
Sentemher %. 1924.

September 23, 1924.
The effect of adoption by the
people in the coming election Of
the initiative measure for the i'm
position of a gross value license
tax on the mining industry,
would operate as an increase OF
81 per cent over the present
metalliferous mines license tax Of
u concern.
We believe the proposed license
tax would prove very burdensome
to the industry, and in many in
stances, practically confiscatory.
No good will come to the state
by gripping the industry in this
manner as in our Judgment, it
will greatly limit production in
the state and decrease present
revenues by destroying subjects Of
taxation.
Mines are already paying one
and one-half per cen metalli-
ferrous mines license tax, and one
per cent corporation license tax,
both based on net proceeds; also
the full "a on one hundred per
cent assessment of net proceeds
the highest assessment on any
species OF property, also n tax
on mining claims, as well as sur
face improvements and machinery,
in addition to heavy taxes paid
to the government.
If n more inventions, or de-
vices, under the guise of license
taxes, are added to the burden
borne by the mining industry, it
will be a sorry day for Montana.
Very truly yours,
r. S. BLITZ,
The Kevin review. [volume] (Kevin, Mont.) 1922-1929, 1924-10-30
STRENGTH IN RESERVE
Nations Financial Resources
Modified for General Good
When Need Comes.

There are more than thirty thous
sand banks in the United States,
largely owned by residents of the
cities, towns and villages in which
they operate. They receive deposits
of coin, currency or credits for the
current use of business and for safe
keeping, and they loan out these
funds at interest to proper and profit
able business enterprises, agricul-
tural, industrial or commercial, al
ways bearing in mind the necessity Of
having on hand, or quickly available,
sufficient funds to meet the demands
of such customers as desire to make
Withdrawals.
To meet the demands of such GUS
toners and others upon the funds in
their care bankers must maintain re-
serves-in their vaults, on deposit
with other banks, invested in securi-
ties which command a ready market,
or it may be in the form of call loans,
payment of which they can demand at
will.
Before the establishment of the
Federal Reserve System-in 1907, in
1896, in 1873 and many times before
the banks of the nation were Unable
to assist each other when panic
threatened. There was no provision
for effective leadership, and co-opera-
tive action was out of the question.
Bank reserves, carried with other
banks which were no less embarrass-
ed, were least available when they
were needed most
Every country bank had reserves
in one or more Of the larger cities in
its section as well as in the great CEN
ters of population, and since the cor
respondent banks paid interest on
such deposits they were compelled to
loan them out, usually at call. When
ever panic or the growing fear of it
led any bank to draw upon its re-
serves-and panic usually led every
bank to do so-the correspondent, in
order to meet such demands, was
compelled to withdraw the money
from active service and the thousands
of such Withdrawals, aggregating
many millions of dollars, only made
the general situation worse by re-
stricting essential business operations
and in many cases compelling the sale
of securities, perhaps at grievous loss.
The direct result in more than me
was a complete breakdown
of the country's banking machinery
and a prolonged period of resultant
depression in industry and commerce.
The great achievement of the Fed
O.a1 D1-@-v Cxr,f@- 100 ho~- TIM
massing of the nations monetary
BY this mean it has render
ed financial panic impossible in Amer
lea and has eliminated the worst fear
lures of business depression.