tenes
RADICAL CHANGES
TRANSFORM BANKING
National Commission Sees
Changing Opinion on Branch
Banking Issue—Studies Group
and Chain Banks.
fo 0 —
NEW YORK.—Modification of the at-
titude of bankers on the long disputed
pranch banking question is forecast in
a review and report covering rapid
changes going on in banking issued
here by the Economic Policy Commis-
sion of the American Bankers Asso-
clation. The report, however, after
referring to recent proposals that ns-
tional banks be given branch banking
powers withia the business territory
surrounding their location, declares
that “we do not believe that so-called
“rade-area’ branch banking is likely
to gain the support of any large per
gentage of the banking fraternity.”
The commission says that the “most
jmportant development that has af-
fected American banking in recent
years involves the rapid growth of |
multiple banking organizations in the
form of group, chain and branch bank-
ing systems,” and adds that “we pre-
sent this report as an unprejudiced
economic study and have no theories
or policies to urge at this time.” The
statement says that the commission's
information indicates there are now
£69 group or chain bank systems,
which control 1922 banks and $15,285,
000,000 in aggregate resources, and
that there are only six states and the
District of Columbia where it does not
find any group organizations.
The Commission's Investigation
managers of many important bank
groups,” the report says. “Aside from
the obvious economies of centralized
operation and control a number of
these organization heads very frankly
tell us that they do not feel that the
system has been in operation and
tested long enough to justify them in
making positive or sweeping state-
ments as to its advantages or disad-
vantages compared to unit banking.
«The Banking and Currency Com
mittee of the House, which is con-
ducting an investigation Tato banking
developments, has called a number
of operating heads of some of the great
group systems. These men declared
that they found, under certain condi
tions, definite operating and economic
advantage in both group and branch
banking over independent unit bank-
ing. Some thought group banking was
only a transitional stage, that branch
banking was preferable and if it were
permitted on an extensive enough
scale they would change their groups
over to branch systems. Others held
that group banking was preferable.
«ome held that the ideal plan was
a4 combination of the two with group
bank units for localities strong enough
to support complete banking institu-
tions and with branch offices extend:
ing further into the smaller places
requiring] banking services but not
jarge enough to support complete
banks. Several of these who advocated
multiple banking declared that never-
theless they believed there would al-
ways be room for vigorous indepen-
dent unit bank competitors.
Government Officials Express Views
«phe Comptroller of the Currency
~ecommended that national banks be
given branch banking powers within
“trade-areas.’ The Governor of the
Federal Reserve Board appeared to be
in general agreement with the Comp-
troller. He said there were 24,645
banks and 3,547 branches, 2 total of
28,192 banking offices; that in this
total, 6,353 offices were either branches
or bank members of groups, Or both,
leaving 21,839 banking institutions
that might be definitely termed inde-
pendent unit banks, having no
branches and in no way connected
with group affiliations. He said all
the banks had total loans and invest-
ments of $58,500,000,000, of which the
group and branch systems held $30,
000,000,000, or more than half.
“He opposed nation-wide branch
panking at present but said that ulti
mately if bankers became trained and
experienced in the larger technique
of ‘trade-area’ banking he thought it
would in time evolve nation-wide
branch banking under control of rel-
atively few banks, but he did not be-
lieve this would mean monopoly or
lack of competition. He favored
branch over group banking which,
however, he said represented an eeo-
nomic development along ‘trade-area’
jines and would spread unless some-
thing else were substituted and thought
‘trade-area’ branch banking would
serve this purpose.
“It is the intention of the Commis
sion to develop its own studies in
these questions, watch carefully every
move that is made and every bit of
information that may develop in this
connection and keep itself prepared
to give an unbiased and accurate
statement of the facts of the case
whenever that is desired,” the report
concludes.
abi
Federal Reserve Pays Government
In the fifteen years since its estab-
lishment in 1914, aggregate net earn-
ings of the Federal Reserve System’s
twelve regional banis have amounted
to $515,216,000, of which $90,672,000
has been paid to the member banks as
dividends, representing 6 per cent an-
nually on their contributions of eapi-
tal to the reserve banks, while $277,
434,000 has been added to the surplus
of the reserve banks and $147,110,000
has heen paid over.to the Federal
Goveramentsas a franchise tax
“Run-Off”’ After Rainfall
Affects Water Power
In the study of the matter of rain-
fall, it has been gradually realized
that the “run-off” calls for just as
much investigation as the precipita-
tion. In fact, it has been found that
the “run-off” is even more variable
than the rainfall, The “pun-off” is
that part of rainfall which finds its
way to the streams and is available
for generating hydroelectrical power.
This “run-off” is not a fixed percent- |
age. When the ground is very dry it
absorbs all the rainfall and there is
no “run-off.” When the earth is satu-
rated practically every drop of rain-
fall runs off. Thus, when a severe
drought strikes an area usually well
watered, the drop in «pun-off” is much
more pronounced than the shrinkage
in precipitation. All of this has been
known in a general way, but it has
taken a prolonged dry spell to make
it really appreciated, and water power
plants that were planned from rain-
fall records without proper allowance
for the still greater fluctuations ir .
“pun-off” have suffered.
The recognition of this relationship |
will undoubtedly save the industry
many millions of dollars in unprofit-
able investsments and will safeguard
the consumer because of greater re-
gerves that will be provided hereafter
Wright Brothers Showed
Genius in Early Years
According to the first biography of
the inventors, “The Wright Brothers :
Fathers of Flight,” by John R. Mec-
Mahon, they showed their inventive
was ten and Wilbur fourteen they
constructed a wood-turning lathe out
. of lumber from the wood pile, parts
from an old buggy and marbles for
| ball bearings. Its power plant was a
“We have been in touch with the
foot treadle long enough to accomme-
date the feet of six boys. When Or-
ville was seventeen and Wilbur twen-
ty-one they built a printing press with
a second-hand tombstone as the flat
bed. Their first revolutionary discov- |
ery was made from a cardboard box |
from which Wilbur had just sold a |
bicycle inner tube. Orville had pre- ,
viously concluded that lateral bal- |
ance would be necessary to success- |
ful flight. As his brother twisted the
gides of the box he evolved the very !
principle they had been seeking. This |
became the warp which, in its present !
form of aileron, is essential to the |
sidewise balance of airplanes.
|
i
|
|
|
minds at an early age. When Orville |
|
|
|
1
|
|
MILE-A-MINUTE MARTY
Decker Chevrolet Co., Bellefonte, Pa.
WONCER WHY THEY
caLL TooAY WLARO
OLY - wHeN
EVERY (R0DY
KNOCKS OFF
Ford Touring
THE ROAD,
MARTY
THERE'S
SOME ONE
REETINGS, AND HOW -(VE BEEN
RR THIS
€er3 ROVER TO
SAY! -1'D RATHER GIVE YOU A Tow
DECKE
CHEVROLET
oe KIND OF USED —
a THERE THAT TAKE wo le
THE LABOR out Ln
LABOR DAY /
THEY'VE
1923 Ford Touring ........ $ 15.00 1924 Oldsmobile Sedan.
1925 Dodge Roadster ....... $ 25.00 GENEROUS | in fine condition.$ 150.00
1925 Ford COUPE ..owriwrovooone $ 35.00 PAYMENT TE AUB 1928 Chevrolet Coach ......$ 325.00
1925 Buick Roadster $ 175.00 1929 Chevrolet Coach
aininiede y ARRANGED evrole ch ......5 425.00
1927 Ford Coupe .........----- $ 65.00 es 1923 Dodge Touring ........... $ 20.00
1925 Chevrolet Coach ........ $ 100.00 AY “1926 Oakland Landau
1926 Chevrolet Imperial 1928 Model “A” Ford Sedan 250.00
Sedan $ 175.00 Business Coupe .$ 325.00 1026 Chevrolet Imperial :
TT y 1928 Essex Sedan or Cheyto = perial
1927 Chevrolet Truck ...... $ 175.00 Oech. ~-each ..8 325.00 Sedan ..........- $ 150.00
1025 Chevioler Soe § 5odo 1927 Hupmobile Sedan ...§ 315.00 19:4 gr Coupe... 18500
evrolet Coach ........ $ 35.00 1925 Oldsmobile Coupe ...$ 1926 Ga
. pe ard) ..... $ 175.00
DECKER 'CHEVROLET CO.
Phone 405 ...... BELLEFONTE, PA.
Use of Ducking
Stool
Common in Old Times
The ducking stool was never in the
New England colonies very common.
It was used more extensively in the
Southern colonies, especially Virginia.
But wherever it was used it was
reserved for one purpose; to reprove
scolding women. In New England
there were not many places where the
ducking stool was especially favored,
though it may be that the magistrate
who ordered a woman ducked, “when
the weather became more seasonable,”
may have given a hint as to the
reason.
There is a record of a woman who
was unfortunately drowned while be-
ing ducked. The ordinary practice in
ducking was to submerge the duckee
for about a half minute. She was
then brought to the surface for air
and asked if she repented; if she be-
gan again where she was when she
was interrupted, she was dropped into
the pond again, and this process was
kent up until she promised to be good.
Frequently it was surprising how
i much water was necessary to quench
| the fire of feminine tempers. The
ee ———————————————
Insect Resembles Leaf |
The walking leaf, an insect species |
the female in which has disguised her-
gelf to resemble vegetative life prob-
ably more cleverly than any other,
comes originally from the island of
Ceylon, but has been raised in Europe, |
whence eggs have been imported to :
America. When the young emerge
from the eggs they are very active
and a bright red in color, says Nature
Magazine. They do much walking
about, but do not begin to eat until
they are about one week old. A week
later they have begun to turn brown
and by the time a fortnight has passed
the females are green, which color
they maintain until they perish. The '
older and larger they get—and they
grow to be four inches long—the more
do they resemble a leaf. In their na-
tive country they feed on tea leaves
and leaves of certain species of lemon
trees.
ee ————————————————
Planned Great Memorial
Nearly 80 years ago a Santo Domin-
ican, Don Antonio Delmonte y Tejada,
conceived the idea of a fitting memori-
al to Columbus. His proposal was:
«I,et us erect in the most visible and
notable place in America, in a central
point and where it may be visited by
travelers as they approach her shores,
the statue that his greatness and re-
membrance demand. Let this statue
be a colossus like that of Rhodes, and
Jet it be designed by the best sculptor :
available and with funds raised by
popular subscription in all the cities
of Europe and America, and let this
statue have its arms extended and
pointing to one and the other of the
American continents.”
————————————————
Prickings of Conscience
fhe first eontribution to the na-
tional conscience fund was made in
1811. Money received for this fund is
not carried on the books of the Treas-
ury department as such, but is listed
as miscellaneous rece pts. The amounts
gent in range from two cents for a
person who failed to put a stamp on
a letter when mailed, to several thou-
gand dollars from persons who smug-
gled goods into the United States with-
out paying import duty. Usually the
sums sent are small. The total amount
sent in now amounts to about $578,000.
ee ——————————
A Prompt Suggestion
«What can I do,” roared the fiery
orator during a demonstration, “when
1 see my country going to ruin, when
1 see our oppressors’ hands at our
throats, strangling us, and the black
clouds of hopelessness and despair
gathering on the horizon to obliterate
the golden gun of prosperity? What.
I ask you, What can Ido?’
«git down!” shouted the audience.
—Toronto &lobe.
Salmon Fisheries Blessed
Carrying out an aneient ritual, a
"church of England clergyman blesses
the, River Tweed salmon ishing indus-
try in England at the beginning of the
goason.® Homes are also “asperged”
with holy water and services held in
government offices to increase the
plety and efficiency of the employees.
| woman who wag drowned had been
ducked several times and finally her
unaccountable silence inspired the
duckers to investigate, whereupon she
was found to be dead. This was con
sidered to be unfortunate but her own
fault.—Boston Herald.
Claim Definite Proof
of Mother Earth’s Age
Halley, of comet fame, tried to find
out the earth's age by calculating the
time it took the rains and rivers to
wash the salts from the lands into the |
oceans. Geologists likewise calculated
the time it took for rivers to deposit
their deltas, for the Niagara to gouge
out its gorge and for the geological
strata to be laid down. But all such |
methods were defective.
glasses, neither the rivers nor the
sands ran uniformly.
Like hour- |
' and the detail was not so delicate as
that of New England.
In uranium physicists claim to have |
at last found a reliable self-recording
clock, says the Los Angeles Times. :
Disintegrating, it gives oft gases and
the final residue is lead, the rate of |
disintegration being definitely known.
After three billion years an ounce of |
uranium would not weigh an ounce;
nearly one-third of an ounce would
be represented by lead. As uranium
is always found associated with
per cent of its own weight in-lead, it
is easy to calculate that some three
billion years have elapsed since the
first lead was formed.
——————————————————
Registering Trade Marks
306 |
. @ingerbread Man?”
Trade marks were first registered |
under laws of the United States in
1870, under the act of July 8, 1870.
During 1870 there were 121 registra-
tions under that law, the first thereof |
(No.1) under date of October 25, 1870, |
by Averill Chemical Paint company |
of such law protection was sought to
be secured in a few instances through
taking out patents for designs for |
trade marks.
The act of July 8, 1870, |
within a few years was declared void
by the United States Supreme court
(trade mark cases)
3, 1881, was superseded by the act of
as unconstitu-
tional. The subsequent act of March | flag at present is about 28 by 34 feet
' jn size, and in accordance with the
February 20, 1905, which was supple- i
mented by the acts of May 4, 1906, |
and March 19, 1920, all of these three !
now in force.
Pedant Ridiculed
Sir James Mackintosh (1765-1832),
eminent statesman and historian, had
such a pedantic outlook on things that
Sydney Smith (1771-1845), contem- |
orary divine and wit, said that a :
ackintosh dissertation on pepper
would probably run after this fashion:
“pepper may philosophically be de
scribed as a dusty and highly pulver- |
ized seed of an oriental fruit, an ar- |
ticle rather of condiment than diet,
| that chooses yeu.”
which, dispersed lightly over the sur-
face of food, with no other rule than
the caprice of the consumer, com-
municates pleasure rather than. af- |
fords nutrition, and by adding a trop- |
ical flavor to the gross and succulent i
viands of the North, approximates the
different regions of the earth, explains |
the objects-of commerce, and justifies
the indpstry of man.”—Exchange.
ee ee eee
—Read the Watchman.
|
|
|
|
|
1
|
i
|
|
of New York. Prior to the enactment . Scott Key to write “The Star Spangled
| Banner,” is in the National museum
' in Washington. It- was preserved by
Salt Important Part
in “ites of Sacrifice
The first accredited mention of salt
appears in the first books of Moses,
where it is referred to as an essential
part in many of the sacrifices of the
Jews. The most familiar Bible refer-
ence to salt is In Genesis ix, 26, in
which Lot's wife was turned into a
pillar of that valuable commodity—
probably to the great enjoyment of
the goats, sheep and cattle of that
district. i
The next most familiar Bible refer-
ence to salt is that in Matthew v, 18—
«If the salt has lost his savor, where-
with shall it be salted?” Other ref-
erences in the New Testament are
Mark ix, 49-50, and Colossians iv, 6.
Homer, 800 years before Christ,
speaks of salt in the Greek sacrificial
rites; no sacrifice was complete with-
out it. Herodotus, who was born in
484 B. C., says the Egyptians ate
salted food, including raw fish that
was first steeped in brine and then
sun-dried. They must have been ex-
actly like the Gloucester salt fish of
today, or the Provincetown scull-joes.
The Bgyptians also ate raw duck and
quail, salted in similar fashion.—Bos-
ton Globe.
——————————————————
Colonial Architecture
When speaking of Colonial build-
ings, none should be included of a date
later than 1776. In New England most
of the buildings of Colonial times were
of wood and were built by caspenters
who were also shipbuilders. These
artisans developed a style that had a
flavor of its own, and differed in many
respects as to detail from that done in
New York, where the settlers had a
Dutch background, which was again
different from the English background
of New England. The Colonial
style of Pennsylvania is characterized
py sturdiness and solidity. Most of
the buildings were of brick or stone
————————————————
Buffalo Bill Preferred
Warren accompanied his parents on
a visit to his grandmother's house.
After dinner he wished to go outside
and play with Shep, a big dog belong-
ing to the family next door. However,
when his grandmother asked whether
he would like her to tell him some
stories, he eagerly agreed.
“Now,” said his grandmother, “do
you want me to tell you about Little :
Red Riding Hood or Cinderella or the
Warren moved uneasily in wis chair
and then replied: “Well, grandma, if
you don’t know any stories about Buf-
falo Bill, I think I'd rather play with
Shep.”
Historic American Flag
The flag which floated over Fort
McHenry in 1814 and inspired Francis
Col. George Armistead, the commander
of the fort during the bombardment,
and was bequeathed to his daughter,
Georgianna, and presented by her son,
Eben Appleton, to the museum. The
regulation design of the United states
flag during the War of 1812-14 has 15
stars and 15 stripes.
Bible and the Ballot Box
An amusing election incident Is re-
ported from Gablonz. In Czechoslov-
akia there is compulsory ‘voting. The
drawback is that it deprives citizens
of the opportunity of expressing bys
abstention their indifference to the
candidates. One voter, however, ‘wrote
across his paper: “Isaiah xli., 24.” The
authorities consulted a Bible and read:
«Behold, ye are of nothing, and your
work of nought: an abomination is he
Discouraged
Martha Anne, a first grade pupil,
came home from school a little tired
and vexed.. Things had not gone to
suit her, for this is what she told her
mother: Y
“well, if. 1 had my life to live over,
1 certainly’ wouldn't go to school.”
~ Will you save,
or speculate ?
A savings account is not a quick rich
road to wealth.
But it is a sure road.
Which one will be ahead in ten years?
The man who saves - or
The man who speculates.
There is not much doubt about the
answer.
Methodical, persistent saving will win.
Tug FIRST NATIONAL BANK
BELLEFONTE, PA.
URUELELESUSUELL US SUE SUR RR ERR
fe you'd find that more Stetson hats
i are worn by the men of America
= than any other make regardless
o of price.
23 This overwhelming verdict in
= favor of Stetsons is based on a
A BYR RR RERERN,
LE)
n
Li
po
— We will: do your job work right.
THE “JURY SYSTEM”
APPLIED TO HATS
Ir you could see the inside of ev-
ery hat you passed on the street,
sixty-five year record of distin-
guished service.
When you choose a Stetson this
FALL you may be sure you'll get
style, extra wear, added satisfac-
tion.
You can now buy a Stetson for
28.00, only at
FAUBLE'S
a
Look at your Hat--Everyone else does!