1935
JUNE 5th, 1935
CHANGES URGED
IN BANKING BILL
WEDNESDAY,

clared that many of the changes pro-
posed by the act in existing laws “are
of a constructive nature and should
have the support of bankers, if the
method of appointment and the tenure
of office of the members of the Federal
THE MOUNT JOY BULLETIN, MOUNT JOY, LANCASTER CO., PA.
World’s Biggest Bells
Are Prcperty of Moscow
Moscow's monster bell, known as th
“Tsar Kolokol,” emperor of bells
Our Heartiest
Congratulations
Thin the Vegetables
One of most common faults of
gardeners is to sow small-seeded veg
etable too thickly and then fail to
thin the seedlings out properly after
weighs as much as 200 dray horse
Reserve Board, in whose hands it 18 | and is of such tremendous proportion they are above ground. Thinnings
planned to concentrate greater power, | that it is actually used as a chape of lettuce and spinach may be used
Business Men and Bankers Agree | than ever before, could be so altered as | There are various stories about its an to each of |for food, as also may beets and tur-
.. ve pe to insure, as far as possible, the abso- | origin, notes a writer in Tit-Bits Maca | the fo owing for aving reached | nips.
in Objecting to Polit'cal Con- lute independence of the Board from | zine. One is that it was cast in 1733 | another birthday:
trol Over Banks.
AMENDMENTS ARE SUGGESTED

“Since the passage of the Federal Re- | wall in the Kremlin. The bell is about
5 : serve Act over 20 years ago, opinion in | 19 feet high, 60 feet 9 inches in cir Saturday, June 1st
Political Domination of Federal Re: | congress and among bankers has been cumference, and its sides have a thick Miss Anna Henry, R. D. 2, Man-
serve Board Declared to Be striving towards the ideal of making | ness of 2 feet. heim.
Undesirable for Depositors the Federal Reserve Board a body of There is also a story to the effect NH
as Well as Their Banks, Sen injepshiencs a prowie that it | that it was originally hung on beams Grow Good Teeth
might be described as the Supreme | which later were destrove Are : i !
Court of Finance and Banking. We be- causing hie Se hi By A ire An adequate diet’ will help the THE BULLETIN {
WASHINGTON, D. C. — Business
men and bankers alike who have ap-
peared before committees of Con-
gress to present views regarding the
Banking Act of 1935 have found com:
mon cause for criticism in those pro-
visions which they agree would create
the means for undesirable political con-
trol over the Federal Reserve System
and thereby over individual banks
throughout the United States. They
have made the point that this undesir-
able condition would affect depositors
in banks even more than the banks
themselves.
This view has been stressed in criti-
cisms by the Chamber of Commerce of
the United States, and the question of
partisan control over banking was the
central theme of a statement presented
by R. S. Hecht, President of the Amer:
ican Bankers Association, who ap-
peared before the ®Benate Sub-Commit-
partisan or political considerations.”
He added:
Supreme Court of Banking
lieve there is greater need now than
ever before for realizing this ideal.”
|

by order of Empress Anne and that it
remained on the earth 103 vears, being
finally raised in 1836 by Emperor Nich-
olas and placed upon a small circular
other story that this crack oc-
curred in the furnace and that the bell
was never actually hung or rung.
The second largest bell in the world.
and the largest in actual use, is said to
be the one that hangs in the cathedral
at Moscow and which is estimated to
weigh about 125 tons. It is rung twice
a year. The “Great Bell of China,” in
Peking, weighs about 60 tons, and there
is a bell in the Monastery at Chi-On,
in Kioto, Japan, which is said to weigh
between 80 and 90 tons.
says

Origin of Chocolate Is
Credited to Old Mexico
Do you know the difference be
tween chocolate, cocoa and cacao? The
tropical tree which 1s the source of
chocolate is called the cacao, states a
writer in the Detroit Free Press.

Friday, May 31
Ruth Arlene Sollenberger,
Springs.
child to have good teeth and will re-
duce and prevent tooth decay.
Donegal

Stimulate your business by advertis-
ing in the Bulletin.

MOUNT JOY, PA.

off 10 the movies in a

Jiffy—
: hk to
the
Service

Before The Tide Turns
“Time and tide wait for no man.”
Nor are the low prices of today and the tum
of the tide toward higher prices going to
tee on Banking and Currency hearings In its leathery, cucumberlike fruit i 3 isi
¥. t wa th
here. Mr. Hecht declared that his or are cacao pods which contain cacao it for De Who Liaven’t the Vision Sou
ganization is actuated by a desire to be beans. But when the beans are roast- age and foresight lo buy when prices are at
helpful to Congress “in enacting effec:
tive and workable banking legislation
in the interests of all our people.” He
said in part:
“If it is finally decided that it is nec-
essary to carry this legislation through
at this session, we are strongly of the
opinion that special care should be
taken to keep our credit control and
banking mechanism free from any sort
of political considerations.
“In making this statement I do not
wish to appear to question the pro-
priety of the Government's exerting a
certain amount of control over banking
operations so far as they affect the na
tion’s currency and general monetary
policy. Nor do we object to broad pow-
ers of supervision over the operation of
our banking institutions because of the
semi-public responsibilities they carry.
But when it comes to such matters as
the granting of credit and the making
of investments by our banks, these are
questions of business policies that sure-
ly should not be under the sole control
of a board so constituted as to be de-
nonpolitical body actuated only by the | could attend, and so warm was the evening's free for pleasure J
pendent upon partisan or political con- | dictates of sound financial and eco- | response that his drawing room was MOUNT 0Y, PENNA.
siderations under any administration. | nomic policies conceived in the inter | soon too small for the congregation At our low rate for this type of service,
The Basis of Sound Credit
“The real conditions that create the

R. S. HECHT
Mr. Hecht emphasized that it is “the
genuine desire of the banking frater-
nity to be helpful and constructive in
making suggestions in connection with
this pending legislation. The changes
we are urging are we believe essential
to the continued independence of the
Federal Reserve System.”
“We have made it clear that we do
not object to a measure of public con-
trol in the national interest for proper
coordination of our manifold credit
operations,” he said, “and we do not
believe the sponsors of the legislation
desire any political domination over
these activities through our Federal
Reserve System.
“Under such circumstances we feel
that our recommendations should be
favorably acted upon because they
would enable the reconstructed Federal
Reserve Board to function freely as a
est of all of our people.
“The adoption of our suggestions
would both place operation of the Fed-

ed and ground and much of the fat is
pressed out the remaining brown sub-
stance, ground to a dry powder, Is
cocoa. If the fat is not pressed out,
the darker substance is chocolate.
Credit for the manufacture of cho-
colate from the hidden seed of an
obscure fruit belongs to the original
inhabitants of Mexico. In 1519, when
Hernando Cortez invaded that coun-
try, he discovered that the cacao tree
was widely cultivated.
The natives made a drink called
“chocolat]” or “cacahnatl,” from which
have come the names “chocolate” and
“cocoa.” Frothing pitchers of choco-
late were served by Montezuma when
he entertained Cortez,

Cowshed Church
One of the queerest churches in Eng
land is a converted cowshed at Bor-
don, Hants. A Colonel Rich originate
the idea of holding services on Wednes
days that people of all denominations
So a cowshed was fitted with central
heating, electric lighting. Another
strange church stands in a vineyard at

SAYS——
dishes.
of everyone.

AUTOMATIC HOT WATER
READY KILOWATT
No more evenings ruined wasting prec-
ious time waiting for hot water for the
With the Automatic Water Heater,
turn the tap and there it is steaming hot!
The dishes are done in a jffy
Automatic Hot Water is within the reach
and
Economy
0
and the

the lowest ebb in 15 years.
And this changing of the tide as applied to
prices is more than a mere simile . . . it'sa
certainty . . . price tides change as surely
as ocean tides.
Today’s prices on food, clothing, furniture,
furs, cars and other things are from 40% to
100% lower than they have been in years
and lower than they will be before the turn
of another season.
Don’t be caught off your guard when it’s so
important that your savings be guarded.
Tue BULLETIN

necessity for the expansion or contrac- | eral Reserve System wholly and dis- | Asti, Calif. It is built entirely of wine \
tion of credit arise from the needs of | tinctly apart from the fluctuations and | casks and was used once as a wine
. agriculture, industry and trade them- | vicissitudes of political conditions and | store. Stranger still is the smallest Pennsylvania
selves, wholly independent of the ad- , free from undue influence by banking | chureh in Euro e, at Les Vaubelets. ®
ministrative policies of the party which | opinion only. Such a solution would | Guernsey, ap: constructed entire- Power & Light Company ———— | h Bull t
happens to be in power. We feel that | thus have a stabilizing and confidence ly of sea-shells, stones, broken plates ea e e mn
the financial requirements of the na- | inspiring effect on the entire business | 514 glass. The ancient Rock church. And Your Local Dealer
tion’s business constitute a continuing | situation.” at Haute Isle, France, was dug out
soem has gs rglaisd ® of solid rock by the townspeople.—Tit-
politica changes. e undamenta i . TT
tf principles of sound credit do not vary Banks Rapidly Reduce Debt Bite
— with variations in public thought. All
experience teaches that the quality of Although the sum of $1,860,000,000
credit is sound only so long as it iS | yas heen advanced to banks and trust
based purely on the requirements of | companies by the Reconstruction
sound business. It is not sound when | pinance Corporation since it began op-
any other considerations or motives en- | grations in February, 1932, down to
ter into its composition. April 30, 1935, these institutions have
The Banking Act would centralize | repaid no less than $1,340,000,000, or
—

1 1
I
in the Federal Reserve Board at Wash-
ington means aimed to control the sup-
ply of money in the country, which
term includes the sum total of currency
in circulation and demand deposits in
the banks which become current
through checks. The powers whic it is
proposed to give the Board are intend-
ed to enable it to influence the quantity
of this deposit money through open
market operations, the discount rate
and reserve requirements.
The Need for Independence
“That is the reason why we are so
strongly in favor of making the Fed-
eral Reserve Board a body of such in-
dependence and prestige that it would
be definitely removed from all politi-
cal thought, influence and dictation. Its
members should be free to study and to
act in accordance with the needs and
conditions of agriculture, industry and
trade. The policies of the board should
have no reference to the politics or the
changes in politics of the national ad-
ministration.
“In our studies of the bank bill, we
have been strongly impressed with the
fact that it would set up a situation un-
der, which the Federal Reserve Board
and its policies might be subject to con-
trol from the political administration
of the country. In saying this I do not
charge that it is the intention of the
present administration to bring about
any undue control over the nation’s
banking mechanism. The point is that
if the bill passed as now proposed, op-
portunity for control would be there
for the use of the present or whatever
future administration might be In
power.
“Our criticisms of the bill are not
aimed, therefore, at the motives of the
present administration, but they are
wholly impersonal and non-political
and are aimed entirely at the basic
principles involved.”
Desirable Changes Proposed
Careful study by his organization.
Mr. Hecht said, had resulted in a num-
ber of suggestions for constructive re-
visions in the bill which he submitted
to Congress. On the other hand, he de

Like Sweet Corn
Sweet corn is one of the most po-
more than 729. This rate of repayment
is reported as being considerably in ex-
cess of that made by any other type of
borrower.
Loans were authorized by the Recon-
struction Finance Corporation to 7,396
banks and trust companies in an aggre-
gate amount of $2,350,000,000, but of
this sum $345,000,000 was withdrawn or
cancelled and $140,000,000 has not yet
been taken out by the borrowers.

Simplification of Bank Checks

New York.—In a bulletin issued by
the Bank Management Commission of
the American Bankers Association,
plans are described for carrying on the
simplification of bank checks, notes.
drafts and similar instruments in re
spect to size and uniformity of arrange-
ment of subject matter.
Detailed recommendations for this
end were formulated by the associa
tion about ten years ago, the bulletin
says, and promulgated by the United
States Department of Commerce among
banks, business houses using large
numbers of checks, commercial station
ers and lithographers. As a result about
85 per cent adherence to the recom-
mendations was brought about. The
present bulletin, which describes the
standard specifications in full, is issued
to maintain this high level of adher-
ence to the recommendations.

National Bank Notes

Changes in our money on the scale
of about $800,000,000 are now going on
through the retirement of national
bank notes. This is reflected in increas-
ing deposits in the Treasury of lawfu)
money to replace bonds held against
outstanding notes which will require
some time for withdrawal from circula-
tion.
The change in the currency will re-
quire a considerable shift of bank funds
in many cases, but it is doubtful if so
large a volume of currency has ever
been retired and replaced in any coun-
try with so little disturbance.
A QB ress
Soil Erosion Causes Loss
Everybody loses from soil erosion.

RADIATOR
MOTOR
CLUTCH
| REAR AXLE
| STEERING
BRAKES
STARTING
LIGHTING
n has been carefully checked
and reconditioned as shown
by (v) marks below
2 Serial Number :
Number
AV {HORN
BATTERY
7 BODY
TRANSMISSION |,” | GLASS
FENDERS
FINISH
TIRES
UPHOLSTERY
FLOOR MATS
LUBRICATION (V/|

munity have learned that
the way to get a better
used car is to visit this or-
ganization and buy a car
with the “OK” that counts.
rigid, systematic inspection
before it is awarded our
Guaranteed “OK” tag.
All features are carefully
checked by factory-trained
mechanics—brakes are ad-
justed, upholstery cleaned,
the car made to look like
new,
parts reconditioned to pro-
vide the finest and most
dependable performance.
guaranteed OK used cars—
today! Not only will you
, get a better used car value
but you will also get a
better deal on your old car
in trade.
SEE US FOR
REAT numbers of
people in this com-
Every car must pass a
and all mechanical
See our fine stock of
i CARS

Have You, The
“Can’t Afford It”
Habit?
HE use of that phase does not suggest
the inability to buy so much as the de-
sire to practice rigid economy . . . to save
. . . to deny yourself needed and necessary
commodities.

But Man, oh Man, and you, too Madam, how
better and more effectively can you practice
economy and thrift than to buy when prices
are at their lowest ebb in years?
How more certainly can you insure economy
than to replace worn or out-of-date furniture
than when new is selling for one-third of
what it sold for 15 years ago? Or to stock
up on food products when they are 40% less
than at any time since the war? Or clothing
when $53 today will buy you what you paid
$100 for in 1912?
What you really cannot afford to do is not
buy because you cannot afford to miss to-
day’s low levels . . . prices that are an ac-
tual boon to reduced incomes . . . to the
practice of sensible, far-sighted economy.

H. S. NEWCOMER & SON
(Incorporated)
Not only does the farmer lose his
soil but public works must be built
to handle floods and reserviors must
be cleaned more frequently.
Ce.
pular vegetables grown in Pennsyl-
vania. Local markets appreciate es-
pecially the high quality and fresh-
ness of the home-grown product.
The very early and late crops usual-
ly command the highest prices.
rte A Ann
Tue BULLETIN
MOUNT JOY, PENNA.

Pop Corn to .Grow
Japanese Hulless, White Rice, Que-
en Golden, and South American are
among the important varieties of pop
corn grown.
WW OOYE
You can get all the news of this
locality for less than three cents a
week thru The Bulletin.

East Main Street MOUNT 40%, =
GE em Ea