davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
EARNINGS SEEN
HIGHER IN 1885
Representative Firms May
Show 61-2 Per Cent
Gain Over 1884.
BIZ Times Npecinl

By Tunes Special
NEW YORK, Feb. 22.-Estimates
based upon operations to date and
projections for the next six weeks
indicate that first quarter earnings
of representative corporations will
amount to approximately 612 per
cent above those of the correspond
ing period of 1884. it was announced
today by the Standard Statistics Co.
On an absolute basis, results will
be smaller than those for either the
second quarter of 1884 or the third
quarter of 1888. With adjustment
for seasonal variations, however,
they will be the best for any three
months since the June quarter of
1881.
Industrial companies, it is esti-
mated, will show earnings % per
cent larger than for the first 1884
quarter. Estimates for the 100 COM
panies under consideration give a
total of $118,O29,OO0 as compared
with $53,667000 in the preceding
three months, with sos, TAG, 900 in the
initial period of last year Corrected
for the seasonal factor, such a
showing would be the best thus far
in the recovery period; the best
since the final quarter of 1880, when
industrial production was measur-
ably above current levels.
Results of individual industrial
groups will vary widely. Aggregate
earnings of automobile companies,
for instance, are likely to be some
what smaller than a year ago, re-
f1ecting a decline by a leading pro-
Queer, although the minor COM
panies will almost uniformly report
improvement. Oil company profits
are expected to be virtually I'M
changed from year ago. Food COM
panies as a group may show Slight
drop.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22


change Commission to fresh zeal.
Gold rushes Of the past are re-
called in glittering phrases that tell
of new finds in deserted mines.
officials Of the SEC are fully
aware thai some sWindles are afoot
and are taking every means to pro-
tect not only the luckless investor
but also the bona f1de mining in
terestS which are injured by the
fakes.
The comm. isSion is Fastening eS-
tablishment of branch Offices in the
West, particularly at San Francisco
and Denver. where gold and silver
mine experts will be stationed to
investigate claims broadcast about
new mining ventures.
Complaints Received
Several hundred complaints have
been received by the commission. 1t
has issued 80 stop orders on the
ground of fraud, and carried other
cases to the courts.
Promoters are emphasizing to
their prospects the increase in the
price of gold under dollar devalua-
ton and the various aids by the Re-
construction Finance Corp. and
other government agencies to min
ing.
The Securities Act does not re-
rscf1- Of
were put out before the act became
effective, and some promoters have
taken advantage of this by calling
new stock continuation" of an old
issue. The SEC can impose stop
orders only on companies whose
stock is registered, but against those
not registered it employs its punt
tive powers of injunction on the
ground of fraud.
Congressman Aid Promoters
Companies capitalized at less than
500 900, and in some conditions I'M
der 100000, are exempt from regis
tration under modification of the
original act obtained about a year
ago by a group of western congress-
men. In modifying the act, how
ever, Congress threw safeguards
about the exemptions to protect the
investor by holding the promoter
liable for inflated issues.
The SEC still finds itself under
fire from some western congress-
men to whom promoters have ap-
pealed aaginst actions of the COM
mission.
Some stock has been offered for
sale as low as l cent a share, and a
good deal of it is on the market at
10 cents. These prices attract many
investors.
At the outset, the SEC was both
cred by the sale of gold mine stock
through the mails over the Cana
dian border. Those who sold it
never left Canada and could not be
reached. Cooperation of the Ca
madam government, which has Sc
curities act of its own, has cut down
this type of business.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
Produce Markets

Delivered in Indianapolis prices: Heavy
breed hens lac; Leghorn hens, &c; col
horn Stays, &c; old ROSTERS, &c: ducks,
full feathered and fat. 10c; geese. full
feathered and fat. &c; all classes Of
run eggs loss of. 21c. Each full case must
weigh IS lbs. gross, a deduction of 1oc a
pound for each pound under IS lbs. wiz
Be made Butter-No. l 39N40c: butter
fat, 35c Quoted by the wadley Co.
(Ry United Press
CLEVELAND. Feb. -Butter-Market,
weak: extra $50 standards, 33c. Eggs
Market, weak; extra white. 25izc; current
receipts, Csc Poultry-Market, firm; fowls.
2OG pic. Leghorn fowls, 17di oc: ducks,
old. l9d2Ic: ducks. young, 24625c; tur-
keys young, pc. Potatoes-Maine, sl.f5
ALPS per 100 To- bag; Ohio mostly s0d
s5c per 100 ID. bag; Michigan, S0GS5c
per 100 h. bag
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
INDIANA JOBS
FOR JANUARY
MOVE UPWARD
Index at Close of Month
1908, Compared With
96.7 a Year AGO.

Reports from representative firms
indicate that total Indiana employ
ment gained 81 per cent during
January and compared favorably
with the corresponding periods in
the last four years, but was well I'M
der January, 1880, according to the
monthly review issued today by the
Bureau of Business Research Of In
diana University.
During the month, the bureau re-
ported, there was another small
gain in the proportion of employees
on full-time schedules.
Representative manufacturers of
automobiles and auto parts reported
their total employment 38 per cent
above a month ago and 70 per cent
under year ago. Coal mines we're
more active than during any other
January since 1880, probably a con-
cession to the intense cold in other
sections Of the country.
Textile Plants Active
Employment in representative
plants manufacturing textile prod
ucts were al per cent above a
month ago and per cent above a
year ago. Substantial gains were re-
ported in some divisions Of the steel
industry with total pay rolls in the
| industry we'll above a month ago
and a year ago. Activity in the
building stone industry was at a
new low level. Furniture factories
were less active than during Janu-
airy, 1884.
Data compiled by the U. s
Bureau Ct Labor Statistics indicate
that retail tood costs at Indianap-
oils increased 81 per cent during
the last half O. December and %
per cent during The month of Janu-
airy. On Jan. g retail food costs
here were 1873 per cent above a year
ago and G36 per cent above two
years ago, put 26.4 per cent under
five years ago.
With 1913 as a base of 100, the
Jan. % index of food prices in the
United States stood at 1893. This
compares with 1858 a year ago and
1854 five years ago.
Store Sales Quiet
Department store trade was rela-
lively quiet during the first three
weeks of January, the bureau re-
ported. Many consumers, it is said,
were using large part of their in-
come to pay obligations incurred as
a result of heavy purchases during
the holiday season. Warm weather
during this period was another fac
tor that retarded sales
There was a noticeable improve
ment in department. store sales dur
ing the last 10 days of January.
Colder weather caused consumers to
take more interest in sales designed
to reduce stocks of winter wearing
apparel. Cor sumers as a whole were
in position &c use larger portion of
their current income to make new
purchases.
Incomplete data indicate that to-
tai January sales we're a little above
the like period a year ago. Gains
over a year &go in some cities were
more than sufficient to offset the
experience Of the stores in which
sales were under January, 1884.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22

will open a formal membership
campaign to unhorse the unions
conservative leadership.
Incidentally, the campaign may
cut the few remaining ties between
William Green, president of the A,
F. of L., and an unwieldly liberal
group ready to break away from his
leadership.
Leaders Of the opposing amaIga-
mated factions have staked every
thing on winning tomorrow's cam
paign.
Hearty cid Mike Tighe, keen
minded, despite his rs years, cllngs
to his strategic advantage as presl-
dent of the Amalgmated. That is
almost all he has left-his outer
forts have been crushed between a
flank attack by some of his superlors
in washington, and what he has
called a traitor" majority IN MS
own union.
Mr.. Tighe's lifetime experience as
a union leader taught him to call
members my boys" attend funerals
and to take an affectionate interest
in babies. An engaging Irish grin
and frank blue eyes-a bit faded
now-have endeared "old Mike" to
thousands of his boys"
But two years of poverty and
sometimes gripping hunger have
convinced most of his boys" that
the good old gentleman is doing very
little for them. They remember,
too, that he is paid $4,000 a year
plus expenses, and occasionally they
wonder why.
The embittered faction has
turned to a 37-year- zealot to
lead them to the promised land OF
a full weeks pay. william j. Spang,
of Duuuesne. who is commander in
chief of tomorrow's campaign, re-
fleets in his own life the misery
which has turned thousands Of steel
workers against Mike Tighe.
Spang, who weighs 200 pounds, is
painfully sincere. He remembers,
sometimes, that his wife and six
children live in a humble rear apart
ment. Because of i'll health, he has
drawn no pay in almost year.
But his dark eyes burn when he
talks, and the steel workers trust
him. They like the way his chin
stays up, the way he losses his gray
ing hair, and the way he points to
nillion-do steel profit figures
and says we'll win"
Mr.. Tighe frankly says he will
never call a steel strike. With equal
candor, he is as friendly with steel
magnateS as with his boys" He
believes in that method of promot-
ing union welfare.
Mr.. Spang knows that only a
strike will satisfy the militant rank
and file. He believes, too, that a
strike will help to unionize the in
dustry's 100000 active workmen.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
Other Livestock


CHICAGO, Feb. %: = Hogs = Receipts.
II 900 including 5000 directs active, strong
TO iOc higher than Thursday; Weighs
si S0Es bs ais H I4ol8o 0P bs s8a8So
s8.25Gs. 40; light lights, l4O-l6o lbs. 81: 90
n 1860: light weight 10000 lbs, good and
choice, sS.S5G 8 95; medium weights, 200 2e
$50 lbs. good and choice. S9s0d9O5i
heavy weights 25O-S5O lbs, good and nd
choice s8.sOas.O5: packing soTs' s6 25S3S 90
Slaughter pigs. lOo-l4o lbs. good ana
choice. s6d8i5 Cattle-Receipts, 5000;
active; steady to strong; bulls slow about
steady; comparatively few vell-nnlsneo
steers and yearlings in run; best 1924
ID. steers. sl3; good yearlings. sl2; bulk
lower grades, s8dl1; strong weight cut
ter cows. s425; few weighty sausage bulls
s525; selected veaiers S8.50M9; bulk, sou
550-9oo lbs. good and choice, sg ,5o@I3;
90O-ll00 lbs, good and choice, So. 5gl3. %;
lloo-l30O lbs. good and choice SO .2Sg -:
l3oo-I5OO lbs. good and choice $40 no.; BOG 5 Il;
1850: heifers. 55O-75O lbs. good and
choice. SO 25Gll.5O: common and medium,
4S@s2S COWS 5 g99ds o s00 oT cutter a3d
cutter, .ssq 4.25: bulls yearlings excluded
good beef, s5g7; cutter, common an G
MEDIUM s5S vsslg6s sC sH a and
common. sS.5oa5.5o; stocker and feeder
cattle: steers 550-l05O lbs. good ana
s5ae'2s. sheep~Receipts. 10000; slaugh;;
ter lambs opening slow; initial bids and
few sales i6GI5c and more lower; gen
Ts qs sb d9y 5c s bsgf S eseP sTade
lambs held ss75 upward; initial bids.
So so and below, getting little action;
shshss s5ou9 sfaus6teF Sheep ana LAMBS
lambs 90 ID. down. good and choice. s6G
SIS: common and medium. s6.50Gs.l0
ssS so S sRS s s snS S snd Choice ssoa
so: all weights common and medium SO
"a so: feeding lambs, 50-75 lbs. good and
choice. $6.50G750.
FT. WAYNE, Feb. "a ogs as sao to
i6O-lso lbs. So so: l5O-ieO lbs. So %: l4o-
$50 lbs. sT.75: l3o-l4o lbs. $3.50; l2o-lsO
ssss s5 go2 caR YES ri lam nGSsH Sass
CBy Times Specially
LOUISVILLE. Feb. 2-Cattle-Receipts
ESQ: supply slaughter cattle. very light,
part Of run Stockers and feeders and
S5s aensno f GF0e s1ea t9T s BUZZ coo5
to medium steers and heifers. s5.7598;
few better light yearlings to SO, and good
siS fdt S Seef coNs aFG good
weighty kinds and smooth heifer types
eligible IS or better; most low cutters and
S. down: bulk desirable beef type stock
.alves. S6.5od75o: inferior to common
southern dairybreds. $3.50 down. Calves
So so: vealers. steady. bulk better grades,
s76s; medium and lower grades. S. 50
down to around SO. Hogs-Receipts 500;
Is0-2So lbs. SO: 1858 lbs up. sass 1867
IT'S lbs ss.45; 14o-l55 lbs, s7s5; l2o-ls5
lbs. 81. sows. S7.25. Sheep-Receipts. 100;
81 adv. mostly s7d6. for medium TO good
lambs choice ouotable higher common
ligbs throvouts Sc and most fat ewes. So so
dom. Receipts Thursday-Cattle 206
cal rs 500. hog Sic, sheep 20, Shipments
ThI rSday-HOgs l7l.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
ADVERTISING LINEAGE
MOUNTS DURING 1884

Gains 81 Per Cent in January,
1895, Over Same Month Last Year.
By Times Special
CHICAGO, Feb. 22.-Retail ad-
vertising in newspapers has ma
terially increased during the last
year, according to an analysis by
Advertising Age of January line
age figures of newspapers in 80
cities.
Retail lineage rose from 60, 900
lines in January, 1884, to 72,344,OOO
lines in the first month of 1885, a
gain of 81 per cent. This was the
largest increase registered by any
advertising classification in jan
uary, and was chiefly responsible
for the net gain of 5.4 per cent in
total lineage, which was 120,912,O0O
lines, a gain of 6,660,000 lines for
the month.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
H. S. MAGILL SPEAKS
Doctor AurlS Reai5Shell at State
Socialism in Address.
By Ti"fs Special

Eu IfwIrs special
CHICAGO. Feb. 22.-In an ad-
dress before the Chicago Association
Of Commerce Dr. Hugh S. Magill.
head Of the American Federation OF
U-ility Investors. this week hurled
4 bOmbshell at state Socialism" as
exempiifed by proposed Federal
legislation 10 kill utility holding
companies and further such projects
as the Tennessee Valley Authority.
Speaking on the subject Of Gov
eminent Competition in Private ~
duStry." he emphasized that the
program OF the Federal administra-
ton sucks the life-blood from pm
vate industry through taxation. the
proceeds Of which go 10 finance the
Federal undertakings which are in
direct competition with the indus
tries taxed
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
SURVEY SHOWS NEED
OF WORKS PROJECTS
Potential Demand for $4,000, 600, 900
Program Is Reported
BIZ Tim es Special

By Times Special
WASHINGTON, Feb. ga pre-
liminary survey which has just oeen
completed by the Public Works Ad-
ministration in washington, has I'M
covered approximately $4,000, 600, 600
worth of new potential public works
projects, Harold L. Ickes, public
works administrator, has announced.
In the survey 20 state PWA en-
gineers listed 1o,7O0 specific projects
totaling $1,000, 100000, Mr. Ickes
stated. Remaining states have until
March l to file their PWA invento-
rieS.
PWA projects now pending, Mr..
Ickes stated, is $1,000 100000 in fed
eral and 2,OO00O0,OOO in non-fed-
eral projects filed with PWA prior
to Feb. %, 1894. No details were
given of specific projects listed in
the $4,000, 600. 600.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
PWA PROJECT PLANNED
1O-Mile Tunnel Through Siskiyou
Range on Coast Is Sought.


MEDFORD, Ore, Feb. GA mil
lion dollar-a-mile tunnel through
the Siskiyou Mountains that separ-
ate Oregon and California is the
proposal laid before the Public
Works Administration.
The tunnel, ten miles long, would
handle both rail and highway traf-
fic. Three hours would be cut from
Portland-San Francisco railroad
time and one hour from automobile
time, completely eliminating the
highway that makes % complete cir
cles in distance of 10 miles.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
On Commission ROLU

prices being offered to buyers by local
commission dealers.
Fruits-Bananas,. Sc lb., Apples In
diana Jonathans, $1.65; Golden Delicious,
S1.75@1.85. Lemons. Sunkist, 260s, $4.25
Grapefruit, Texas, seedless, So; Arizona,
half crates. $3.50, Ayocados, Florida. box,
$3.50. Strawberries Florida, pint 1910
14c; Sept crate, $3.50. Apricots So crate.
Vegeta bIes-Cabbage Northern Danish
50-lh. bag, SIPS; red 50-lb. box. SIPS;
New Texas cabbage, large crate, 1878
Onions. ddaho. sweet spanish. large: So
Esft9Tn ybte Sob beg ST. Mchigan
100-lb. bag, 81; Ohios, 10o-lb. bag. 50;
Florida Tri9mphs, bushel. s2.25 Sweet po-
Tennessee Nancy Halls. bashei si.s5. Beans
round stringless, hamper. S1.7512.50; fat
$275. Celery, Florida, S4.25 crate; Califor-
mia, 81 CRATE: medium, dozen, Coo: jumbo,
81 40; 2 dozen box, 50 so. Endive. California
sa25 doaen Rae bushe &c. lettuce hot
house, 15-lb. basket, S1.50; Arizona Ice
berg head lettuce. S3.75. Manages. Florida.
crate. s8, Mint bunch, l5c. Parsley
Texas, bushei. $I.s5 Radishes dozen 500 75c.
Tomatoes 10-Ib. carton, $3.50; Florida
original. s2;75 Turnips bushel. 75c. Pars-
nps 6ushel sl35 o.. Bets een, nushei $l25
Mushrooms. lb.. 3O635c.
All quotations subject to change I'D or
down.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
NATIONAL TEA EARNS
go CENTS A SHARE
Net Profit Reported at S462.752 for
Year Ended Dec. 81, 1884.

b. Tfwrs special
CHICAGO. Feb. 22.-Consoidated
net income Of the National Tea Co.
for the wear ended Dec. 81. 1884.
amounted to S462. 752 after all
charges. equivalent TO so cents
share on $4,000 common shares
outstanding. excluding 10000 treas
ury shares and after allowance for
preferred dividends. according to
the annual statement released to-
day.
The total figures compare with a
net income Of Sl1SO.39O. or which
was equivalent to $40 a share on
644.5e3 shares at the same period
in the previous year. Sales Of the
company for the entire year Of 1884
were reported at $50. 7Se, $50. COM
pared with sales Of SOS. 1855 in
1858.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
GOODYEAR INCOME OFF
Consolidated Net Profits Total S4,-
553.964 in 1884.
. Tires Special

By Iil7es Speci1I
AKRON. Feb. 22.-Consolidated
net income of the Goodyear Tire
and Rubber Co. for 1884 amounted
TO S4.553 .964. equal TO 500 a share
on 81 no par value first preferred
stock. it was announced today.
This compared with a net profit
% S6.O2I .5S5 or equivalent to Al cents
a share on common stock after pre-
ferred dividends recorded during
1888. Net sales during 1884. the re-
port stated. amounted TO Sl36,800, =
764. compared with sl0e,655, $50 in
the preceding year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
INDIANA LIMESTONE
CORP. REPORTS LOSS
Consolidated Report Shows Drop of
SS25,995 for 1884.


Consolidated net loss of the In
diana Limestone Corp. during the
fiscal year ended Nov. 80, 1884,
amounted to 1925 .995. compared with
s3826l7 in the preceding IL months,
it was announced today. The loss is
before depression on idle plant of
1886. 156 in 1884 and S277,245 in 1858,
which was changed to a special re-
serve. the report stated.
A decrease of approximately
s2.l17.161 was reported in net work.
ing capital for the year ended Nov.
80. 1884. compared with a decrease
Of s2.480610 in the corresponding
month of 1888. Profit and loss def
cit, exclusive of idle plant deprecia-
ton. amounted to S1,208,612 at the
close Of the recent year.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22

American Chicle was incorporated
in 1899 in New Jersey. The stock
is listed on the New York Stock Ex-
change. At current price of
around 697s. it sells to yield about
Az per cent and at Is times its
earnings.
(All Rights Reserved. Winchester Institute
of Finance. Winchester. Mass.(
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
Hides and Skins

Hides-Green country cows ana steers
&c hat; green country bulls and CLUES.
21zc fat; green country calf hides. 41zc
horse hides With full heads. shanks.
names and tails. s2.50; medium size. So
All No grade horse nioes, soc less; CLUES
tallow, 4Iz 65c; No 2 at value. Yellow
grease. 464I2c; dark grease. 3la63%c.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
Wall St.
Unbiased Monetary
Authority Aimed
in New Bill.
BY RALPH HENDERSHOT-
Times special Writer

NEW YORK. Feb. PA bill
4 = calling for a Supreme Court"
monetary authority in the United
states viii be introduced in Con-
rress shortly. according to we'll
grounded reports. Such a bill IS
now being framed. it is said. The
idea VIII be to take the monetary
policy Of the country out Of the
hands Of the bankers and the poll
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
Stock Studies

The American Chicle Co. is one
of the three large manufacturers of
chewing gum in the United States.
Because of large expenditures for
national advertising for many years
the company has built up wide
distribution of it's products through
out the United States and parts of
Canada and Mexico.
Progress has been rapid during the
last 10 years as result of careful
and efficient management. Man
ufacturing operations are largely
concentrated in Long Island City
and San Francisco The company
also owns and operates plant in
Toronto and another in Mexico City.
FINANCIAL DATA
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22

A monetary au-
th0uty Of this
sort IS greatly 10
be desired Money
and credit are
much TOO impor-
tant in their eco
nonic effect TO be
supervised by any
but wholly unbi-
a s q d officials.
Neither bankers
nor politicians are
in that position.
Their Judgments
are hound 10 be
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
SEC Starts Gold Rush
Ito Nip Fake Strikes
Establishment of Offices in West fastened to InveSti-
gate Claims of New Finds.
BY THOMAS L. STOKES
Times Special Writer

WASHINGTON Feb 22Seductive tales of bonanzas the
big thumb and gold that
stock-seng literature
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
LOCAL CASH MARKET

City grain elevators are paying 80 cents
for No soft red wheat. Other grades
on their merits. Cash corn No. yellow
g. cents and oats 40 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
Steel Union Liberals to
Open Fight for Control
Battle Against Old Mike Tghe May Split A. F. of l. Into
Two Hostile Camps Experts Say.


PITTSBURGH ga finish battle at dawn tomorrow 1or
which
Labor hostile camps
meetings impatient and lie
Steel workers
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-02-22
Points to Defects

Among the defects that should be
corrected but which are not even
mentioned are:
ID We now have 40 sets of bank
ing laws. No suggestion is made
that these should be displaced with
one single banking code.
% We still have two banking sys-
tems-a Federal Reserve system,
which includes all National Banks
and some state banks, and nom
member banks of the reserve system.
It would be a step forward to inte-
crate these banks into one system;
TO make it compulsory for all banks
to Join the Federal Reserve.
30 We now have approximately
$4,000 banks in this country. 1t
seems inconceivable that we should
have that many good" bankers. A
sound system of branch banking,
which would reduce the total num-
Der of banks substantially, is a
much-needed contribution which the
new bill overloOks entirely.
"a A complete severance of the
reserve system from politics. The
proposed bill suggests just the re-
verse. It provides that the largest
borrower, namely the Treasury,
should also dictate the lending poi
icies Of the people from whom it
must borrow. Obviously this is not
severing banking from politics.
The adoption of the above meas
ures in place of those suggested in
the proposed bill would help elimi-
nate the basic defects in our pres
ent banking structure and would
enable the banks to play a con-
structive role in the future.