Historical Society
St. Johns is Calling You
la second in number of Industries.
I seventh in population.
Cars to Cortland every 6 min,
I las navigable water on 3 sitics.
Mm fine.it gas ni.l electricity.
Has two strong banks.
Has five large acliool houaea.
I las abundance of purest water.
Mas hard surface streets.
Mas extensive sewerage system.
Mas fine, modern brick, city bull.
Mas payroll of fW.OOO montlily.
Ships monthly 2,000 cars freight.
All railroads have access to it.
Is gateway to Portland harbor.
Climate ideal nnd healthful.
St. Johns is Calling You
Mas seven churches.
Mas a most promising future.
Distinctively n manufacturing city
Adjoins the city of Portland,
I las nearly 6,000 population.
1 las n public library.
Taxable property, 4,500.000.
I las largo dry docks, saw mills
Woolen mills, iron works,
Stove works, asbestos factory,
Ship building plant,
Veneer nnd excelsior plant,
Flour mill, planing mill,
Box factory, and others.
More industries commit.
St. Johns is the place for YOU,
ST. JOHNS REVIEW
Devoted to thn Interests of the Peninsula, (he Manufacturing Center of the Northwest
VOL. 10
ST. JOHNS, OREGON, FRIDAY, NOVUM BUR 23. 1913.
NO. 3
A BOY KILLED
And Two Injured By a
Cavein Sunday
Roy Mugrow. 12 years old.
died under tons of sand, and two
other boys were rescued Sunday
morning only by tho work of a
man and a woman who rapidly
dug with bare huiuw in the nam
of a cut of the 0. W. 11. nnd N.
Company near the Cochran farm
ut North at. Johns. Tho tragedy
was due to the caving in of the
roof of a 'robbers' den four boys
hud dug in the sand.
The Magrew boy, Olin Haynes,
lii years old, son ol U. b. Haynes,
of 8311 North Leonard street:
01 in's little brother, Albert, and
Clarence Ford, the 15 year old son
of G. W. Ford, of 837 North
Leonard street, dug tho cave.
. They Intended to play "robber"
Mind incidentally to shelter them--selves
from u misty rain which
was falling.
Albert Haynes, the youngest
of the four, was outside when he
heard the sand cave in. He
turned about to find Ills play
mates buried. For five minutes
he tried with his hands to dig
thorn out. Then he ran to the top
of the lull and called Mr. and
Mrs. Robert Hoslowski, who
live at 1022 North Edison street.
They did not understand his
oxeitcd words, but ran with
him to the cavein. There the
boy mad j them understand, and
they started to dig with their
hands. The first boy uncovered
was Clarence Ford, whoso face
was black and who almost iiad
ceased breathing.
With tho little Haynes boy
crying at his shoulder that the
lad found was not his brother
and that his brother was still in
tho drift, Mr. and Mrs. Rostowski
wor.ke.d over tho Ford boy until
ho revived. '"
In the meantime the little
Haynes boy had uncovered a part
of his brother's clothing, and all
three dug him out. He was
severely bruised about tho back
and was unable to stand.
He was taken home, and Mr.
and Mrs. Hostowski hurried up
the hill and got 0. Larson of
1010 North Edison streot to
bring two shovels to the scene.
With tht'so they searched for Roy
Mngrew, and finally uncovered
liiB body. Twenty minutes had
passed Wore it was found.
The boy evidently had died a
few seconds after lie was buried,
for his mouth was open and filled
with sand. Tho Postowkis and
others who had gathered tried in
vain to restoro respiration. Tho
body was taken to the homo of
John Messner, near by, and later
was taken to tho undertaking
establishment of Dunning and
McEntee, Portland, by what is
said to bo an arbitrary order
without tho consent of tho par
ents, Tho body was later re
moved to Blackburn's Undertak
ing Parlors here, where tho fu
neral took place Tuesday morn
ing at 11 o'clock; interment in
Columbia cemetery.
The parents of the dead boy
are in destitute circumstances
and a subscription paper was
circulated and funds raised to
pay the funeral expenses.
W. R. C. Progressing
The Gen. Compson W. R. C.
of St. Johns was organized in
October, 190G, with just enough
members to fill tho chairs, and
for several years it just barely
existed, but is now in a very se
cure position - - Soventy-three
members whoso ambition is to
help the old soldiers and make
them a little happier while they
live, aiuhlook after their families
when they are gone.
The last year has been an un
usually" harmonious one. All
business meetings have been well
attended and the semi-monthly
socials have united the members
closer in the bonds of friendship.
Their birthday parties have been
especially enjoyable ; that of their
adopted child, James Chaney,
surpassing all previous occasions.
James, though ony four years
old, realizes that he is not only
loved for his mother's sake, but
for his own sake.
The first regular meeting the
first Saturday in December is
election day, and it is hoped that
every member will be present
and vote for the ones they think
will make the best officers.
Press Cor,
OUNCIL MEET!
Matters of Importance
Receive Attention
All members were present at
the regular meeting of the city
council Tuesday evening, witii
Mayor Brodeson presiding.
A petition for an arc light at
the corner of Oswego street and
Smith avenue was referred to the
water and light committee.
1 he same committee was also
instructed to consider tho ndvis
ibility of placing an arc light at
the public library at the corner
of Kellogg and Charleston
streets, upon suggestion of tho
mayor.
The owner of tho Peninsula
National Dank building asked
for permission to erect a glass
awning over the doorway at the
Dank entrance, which was refer
red to the street committee.
Mrs. Nnnc.v Canlcs remonstrat
ed against being assessed for
payment of corrugated iron gut
ters on the Polk streot improve
ment, which was referred to the
city engineer.
J. Halm asked for an exten
sion of (10 days' time on the im
provement of Crawford street,
and was granted 30 days.
A communication from P. II.
Edlofson, manager of the water
company, asked that all com-
)lamts of the lire dcimrlmonl
concerning hydrants that needed
attention come to tho company
direct in order to eliminate de
ny on what might prove to be a
soripus matter in case of fire.
Mr. Edlofsen also agreed to put
n pipes and valves necessary lor
converting water direct from the
mmps in case of fire, increas
ng the pressure about 3d pounds.
provided the improvement of
Willamette boulevard by side
walk nnd erode butween Rich
mond and -Ihlriiilgton-Htreets-bc
made.
The committee appointed to
ntorviow the county commis
sioners with reference to ascer
taining how much the county
was willing to donate toward
the improvement of Columbia
boulevard, which is a county
oad. reported that tho commis
sioners dosirod further informa
tion of a definite nature beforo
they would commit themselves
to any specified amount. Tho
city attorney and engineer woro
directed to furnish tho dosirod
data.
Tho improvement of Tyler
streot petitioned for last week
was hold up, owing to tho fact
that a clear titlo to this streot
iad not yet been obtained by the
city.
An ordinance establishing the
grade of Willametto boulevard
batwoon Burlington street and
St. Johns avenue was passed.
The council practically decided
that all petitions for street im
provements hereafter must con
tain the signatures of not loss
than one third of tho property
owners interested ueiore tney
would be considered by the coun
cil.
An ordinance assessing tho
cost of improving Burlington
street between Jersey and Con
trol avenuo passed first and sec
ond readings.
Air. Hunter objected to the
proposed removal of an arc light
from Jersey and Trumbull streets
to. northwest of Catlin street on
ellogg. stating that such a
move was contrary to the wishes
of the people in that neighbor-
lood. It was finally decided to
lave the light removed to Kellogg
street one block east of Trum-
iuill.
A rosolution directing tho city
engineer to prepare tho neces
sary data for the improvement
of Hartman street between Cen
tral avenue and Myers by side
walk and grade was adopted.
D. C. Lewis urged that a sys
tem of sewers be constructed in
the southwest portion of the
city, and a resolution directing
the engineer to prepare plans
for same was ordered drafted.
A representative of A. G.Long
of Portland stated that a demon
stration of their fire 'trucks
would take place in St. Johns
Saturday afternoon at 2 o'clock.
Tho following bills were allow
ed and ordered paid: George
Skaar, street work and inspect
ing, $10.50; Bert Olin, street
work and inspecting, $10.50;
E. 0. Gensman, wiring city
dock, $17.05; total, $50.05.
CurrinSays: The one BEST
gift is a Kodak. Kodaks and
Brownies, $1.00 and up. adv. -
THE LIBRARY
Interesting Notes for the
Library Patrons
Hours 1 to 5:30 and 7 to 9 p. m.
About 200 people listened to
the opening program at tho new
library. Saturday evenimr. Dur
ing the afternoon over 250 child
ren were entertained with stories
told by Miss Gatch of the Cen
tral library.
Monday, the first day that tho
new library opened for regular
business 237 books were given
out. Of these M2 wore adult
and 95 juvenile. Tho attendance
was 313.
The now library building on
West Charleston and Kellogg
streets was thrown open to the
inspection of the public Saturday
afternoon, when a Inriro number,
of people visited the building. I
Story hours were held in the
afternoon at 3 o'clock for small
children and at 1 for the larger
children.
At 8 o'clock a public reception
was hold in the library, which
was largely attended. There was
a short program of addresses.
it r c.i.: i.i-.i i
iv. u. ouum piuaiiicu, mm con
gratulated the people of St. Johns
on the completion of the fine
branch library.
Robert Holman. county com
missioner, spoke of tho work of
the county department in es
tablishing branch libraries in the
county, where they would bring
the advantages of tho central
library close to the people. Mayor
Brodeson, Prof. C. A. Fry and
others spoke briefly.
Tho now public library build
ing is a magnificent structure,
and an ornament as well as im
portant adjunct to the city of St.
Johns. It is centrally situated
Tmjiits. The ground was donated
by M. L. Holbrook, the money
for construction came from the
Carnegie fund, nnd it will bo
maintained by the county of
Multnomah. The main part at
the front entrance, which is a
particularly largo, well lighted
and attractively finished room,
is devoted to the library and li
brarian's desk. Tables for read
ing purposes aro conveniently
placed around in the room, and
tho numerous shelves are well
filled with books of almost every
variety and description. An
other principal room is tho aud
itorium, with a rostrum and
seating capacity of 75 or more.
It is the purpose of tho library
iissociation that this room be
used for meetings of all kinds,
and Miss Rundall, the faithful
and proficient librarian, gives
tho assuranco that public meet
ings of almost any naturo thoro
in will bo most hoartily welcom
ed. It is most conveniently ar
ranged and fitted for tho purpose,
A neat and most attractive little
kitchenette with gas appliances,
dishes, etc., for tho serving of
tea for small partios is an inter
esting featuro of tho structure.
A private room for consultations
of a business naturo is another
convenience. Lavatories ore pro
vided, and a commodious base
ment lies underneath the build
ing. Tho structure throughout
is well lighted, well planned and
skilfully constructed of brick,
costing $15,000. It is something
tho city may well feel proud of.
Bit Off Her Nose
Biting otf tho end of her nose
is the novel revenge at Paris by
an Italian, Gretano Sangiori, on
a young woman who had jilted
him.
The girl incautiously accepted
an invitation from the young man
to take dinner at a restaurant
and there ho pleaded his suit
the last time. As she remained
adamantine, he threw his arms
around her and drew her to him
as if to kiss her. She did not
resist. But instead of pressing
his lips against hers, he sudden
ly bit off the tip of her nose.
bangion has just been sentenc
ed to a year's imprisonment for
his barbarous act.
Who is your prescription com
pounder? Have you used care
in his selection? Remember
we use one kind of drugs and
give you ono kind of service in
this departmentTHE BEST.
Get it at Currins. adv.
Start Something!
CURRENCY
BILL,
Interesting Discussion by
John N. Edlefsen
Th i following address on the
most momentous subject of the
day, the currency question, was
delivered by J. N. Edlefsen of
tho Peninsula National Bank be
fore tho Commercial ,Club at its
monthly meeting on Wednesday
levelling. Mr. Udioison goes
'deep into tho subject and dis
cusses it in its various phases in
a logical, concise and instruc
I tivo manner. It shows earnest
thought and nroioumi study on
the part of tho speaker, and im
parts a volume of information
on this important subject that
should be carefully read and
deeply appreciated by every
citizen. It follows:
I Mr. President and members of
tho Commercial Club:
In my address tonight 1 am
supposed to talk to you on the
proposed Currency Bill which
has already passed the House,
and is now under consideration
in the Senate.
Undoubtedly you have all fol
lowed the press reports and know
more or less about this question;
at least you will know that the
bankers of this country aro try
ing to get hold of all the loose
etirrency. so that the people will
have none at all. This is also
according to some press reports
and some politicians, but rather
deviating from the truth.
1 shall endeavor to present to
you a few facts in as clear a man
ner as possible, so you may un
derstand more fully the underly
ing principles of currency re
form. The subject ifl, however,
of such magnitude and of such
economic importance, that I do
not Jeel able to do full justice to
Banfo. 'Some 6f our biggest men
in brains and finance have
studied this problem for years,
and have written books on it. A
few years ago a monetary com
mission wnsfcreatcd by Congress.
This Commssion studied banking
conditions at home and also the
methods of banking of tho lead
ing countries of Europe, and I
understand they have written in
tho neighborhood of 30 volumes
on lliis subject, and nut of their
findings the nv.'ch talked of Aid
rich plan was born.
For your pacification I will
state that 1 have not written as
many volumes for fear tho read
ing of them would tiro you.
When wo speak of Curroncy, tho
first question we are apt to ask
oursolves is what is Currency?
Webster s definition is as fol
lows: "Currency is that which
is in circulation. or is given and
taken as having value, or as rep.
resenting value."
You will observe that Curroncy
may have value in itself, as il
lustrated by our gold coin or may
only represont value, as is illus
trated by our Gold Certificates
and bank notes.
Our Currency consists of tho
following things:
First: Gold Coin, which is
generally accepted and has actual
value.
Second: Gold Certificates,
which aro generally acceptod,
but have no actual value.
Third: All subsidiary coins,'
including tho silver dollar.
Fourth: Silver Certificates.
Fifth: United States notes.
Sixth: National Bank notes.
The foregoing is our currency
system and it has been pro
nounced the poorest currency
system in the world, if you in
clude the leading commercial
nations.
In round figures the United
States has one billion eight hun
dred million in gold; seven hun
dred ten million in silver pieces;
three hundred fifty million U. S.
notes; seven hundred fifty mil
lion in National Bank notes. I
shall refer later on to the Na
tional Bank notes more particu
larly. The chief fault which has been
found with our banking and cur
rency system is that in times of
stringency, caused either by un
usual activities in commercial
and industrial life and heavy
crops as well as in times of a
depression, it has been too
rigid and not elastic so it would
expand and' contract with tho
activities of the country. This
has frequently been demonstrat
ed and not later than during the
year of 1907.
There are in the United States
about 25, 000 banks, National and
State combined. According to
their location they are required
by law to carry a certain per cent
of their deposits in their vaults,
and with approved reserve
agents.
Tho National Bank Act re
quires that National Banks, lo
cated in reserve cities, shall
carry 2o per cent, and banks lo
cated outside such cities shall
carry 15 per cent in cash against
their demand ob titrations.
In most of the states the State
Banks have a very sum bar roiru
lation. You will clearly see tiiat
inasmuch as you Iiavo 25,000
Banks you will have 25,000 re
serves.
In times of unusual aclivity in
4;i icuiLiuv, cuiumurciiii unci in
dustrial life, it has been found
till III M . t
mat tne credit ot tho country is
being severely strained and the
demands for sucli credits at the
banks is far greater than they
win uipiy, owing to inu rigidly
of our bank reserves.
Or, let us say a time of de
pression or re-adjustment come
along, people losing confidence
and wanting their money; we
have another side of it. Per
haps in some locality the strain
on some banks in so great that
their reserves aro exhausted, so
that they will either have to call
in their loans in which event
the situation only grows worse
in that particular locality-or
else sell sonic of its assets to other
banks in order to satisfy the de
mands of its depositors, or else
close its doors. Now that in
stitution may be absolutely sound
and still be forced to suspend
business, and consequently have
a deadening effect on the busi
ness in general in the community,
all by reason of our banking
laws. Where such a condition
arises in a local community, a
well managed and sound bank
can usually obtain all necessary
help from its correspondent
banks, but in time of universal
depression or high activity near
ly all the banks in tho country
are protecting their own ends, as
for instance, in the year of 1907.
During such a time you will find
that every bank in the country
is not only trying to maintain
its legal reserve, but to build it
up and fortify itself, so to speak,
and when 25,000 banks all prac
tically do the same thing, caus
ing by so doing a contraction in
credit instead of expansion, it
is not difficult to figure out the
effect it will have on the bus
iness of tho country.
i wish to state right here that
believe, taking the banks as a
body, they have done their 'it-
most in complying with the de
mands made and to preserve the
business of the country, but thoy
can only go so far, for thoro is a
limit. They must, under tho
law, keep so much cash on hand,
come what may. If they do not,
they stand a good chance of hav
ing their charters forfeited.
ihoro you have tho spoctac e of
25,000 banks in tho country hold-
ing millions ot gold in their
vaults, lying there absolutely
useless and dormant, and the
country in tho moantimo crying
for holp, You havo a very simi
lar condition almost annually
during tho groat crop season, bo
it cotton or gram. Right hero
in our Northwest it is a task of no
small dimensions to finance the
wheat crop yearly, Thoro is not
sufficient money to handle these
crops properly; tho result is that
money is sought wherevor thoro
Is a chance of obtaining it, lead
ing toexcossivo high rates of in
terest, winch is a burdon to tho
farmer, and must in tho oik bo
a burden to tho consumer.
Tho same condition prevails in
tho South during tho cotton
season, or in the corn bolt states
during tho corn harvest. Horo
it is where a true bank note and
an elastic currency systom could
make itself useful, and here it is
where a mobilization of bank
reserves would work wonder.
Supposing we had a Central
Bank. I simply call it such for
convenience sake, supposing
all the banks, or a majority of
them, had a part of their re
serves in ono great institution,
would it not pile up an immonso
amount of coin? Ten per cont
reservo on all deposits of the
National banks.only would create
a fund of over $700,000,000, in
addition to which it would have
the Government deposits and the
cash capital of this great institu
tion, and in further addition
could be brought into play the
note issuing power of this same
institution.
Supposing that tho banks in
one section or other having un
usual demands by reason of crops
or other causes should find thorn
selves running low in thoir re
serve could take out of thoir port
folios papers and sccuritioa'and
go to this big central institution
and rediscount these papers and
immediately receive ensh for
same, there would hardly bo any
more trouble in moving our crops
and in satisfying the legitimate
wants of our commerce and in
dustries. Does it not follow that
such organization could im
mediately restore public con
fidence where it had been shak
en? When I speak of redis-
counting I take it as matter of
course that the rediscounting may become a member of a Fed
bank would have to be sound and oral reserve bank, providing it
its paper good, as otherwise it! complies with llle r0KUlations
would not receive the privilege .prescribed for National Banks,
from tho central, organization, land subjects itself to the same
Such an organization could bring regulations and supervisions
help and relief wherever needed , which is exercised over National
by reason of its immense reserve ' Bapks.
fund and nolo issuing power, i All government deposits and
juai, ii uiuau biiMiu niaiiiuumiH
uriii ruuui in ine leaning imi-
ropoan countries, and where real
.... - j ..I i i
money panics are practically un
known. When the monetary
commission was in France it
visited one of the great banking
institutions, i believe it was
tho Credit Ir LyonniHsc. If I re
member correctly, this instuti
Lion had liabilities somewhere
around 300.000.000 francs. Ono
of the Commission, in question
ing the managing officer about
French banking methods, in
quired how much reserve his
bank kept airatnst such amount
of liabilities. The officer at first
did not quite understand what
he meant by keening a reserve
until it was explained to him
that what tho commission desir
ed to know was how much cash
n their vaults his bank kept to
satisfy the demands that might
be made by the clients of the
bank. "Why," he exclaimed,
we simply keep enough money
on hand to run our daily bus-
ness, till money, so to sneak.
and if any unusual demand should
be made. I can take anv amount
of my assets and go to the Hank
of I-ranee and receive cash for
same. Our people know this.
and we never havo such unusual
demands."
As you know, a similar oriran-
Izaton is- now-proposed for-thia.
country. In fact, the bill pro-
idingfor I'cdernl reserve banks
ii this country has passed the
louse, and is now in the Senate
Currency Committee.
Ihoro seems to lie an impres
sion among a good many people
that tho banks of the country are
strenuously opposing this bill,
and I want to say riglit here, they
are not. As n body they are
favoring it. In fact, they have
kept this question before the
public and various administra
tions for many veal's. They are
chiefly responsible that Currency!
legislation is being considered
at this time. But while we are
making Curroncy laws the bank
ers are deeply interested that we
receive a workable system, some
thing which experience has
shown us we must have, some
thing which other great nations
have used for many years, and
aro using today. There are some
features in the House bill which
are considered unsound and un
scientific, and which business
men, bankers and thinking peo
ple in general wish to huve rec
tified before the bill becomes a
law. For my part, 1 want to say
that if the lull should become a
law as it stands today, although
there is no likelihood that it
will, I would consider it a great
improvement over our present
system, but I also believe, since
wo aro about to make a new cur
roncy law, lot us have the best
that can possibly be had. You
are, no doubt, more or less fami
lar witli the provisions of the
House Bill. Some of the import
ant features which are: The
creation of 12 Federal reserve
banks to be located in different
cities of tho country, not to
have a capital of less than
$5,000,000 each, which shall be
furnished by the National banks
of a given district up to 20 per
cent of their paid-in capital, ten
per cent of which to be paid as
soon as tho law is in effect.
Every Federal reserve bank shall
be organized and conducted under
tho oversight and control of a
board of directors, consisting of
nine members and divided into
three classes- A, B and C.
Class A shall consist of throe
members, who shall be chosen
by the stock holding bunks.
Class B shall consist of three
members who shall boreprosont
ativo of the industrial and ag
ricultural interests of tho reserve
district.
Class C shall consist of three
members who shall be designated
by the Federal. resorve ooard.
Of this board I shall speak later.
The stock holding banks cannot
rocoivo more than five per cont
return on thoir shares in tho
Fedora! reserve bank, after all
expenses, etc., have boon paid,
and thoy may receive loss. All
excess earnings shall go into
surplus fund until the same is
equal to 20 per cent of the paid
in capital of the respective re
servo bank, nnd after that all
excess goes to the Government.
Tho shares of the Federal ro
sorve bank carry no voting pow
er, and neither are thoy assign
able. It is further provided that
any state bank or Trust Comnanv
' nil money belonging to the gov
ornmcnt s in be denos tei
tited with
i . i ... . .
the Federal reserve bank. It
shall havo the power to issue
treasury notes, but they shall bo
the obligation of the United
States. It shall have power to
rediscount upon endorsement of
a member bank notes and bills of
exchange arising out of com
mercial transaction. That is,
notes and bills of exchange drawn
for agricultural, industrial or
commercial purposes of not more
than 15 days maturity. Tho
Federal Reserve Board to deter
mine or define the character of
the paper thus eligible for dis
count. There are various other pro
visions as to rediscounts, in a
way guarding against inllation,
but lime will not permit me to
go too much into details.
The bill provides, further, for
the refunding of two per cent
bonds, which the National Banks
now hold, for three per cent bonds
within 20 yelp's, in which timu
the National Bank notes shall bo
entirely eliminated.
All member banks shall carry
a certain per cent of their legal
reserves with the Federal Re
serve Hank of their district on
which they shall receive no in
terest, and henceforth this pro
vision will mean a loss to the
mum bcRKtbo nlcsssl tf ur t h cvxpro ..
vidosfor loans or, farm lands, for
the establishment of foreign
branches, for bank examination.
supervision and so on.
The most imixirtant feature of
tliis bill, however, is the crea
tion of the "Federal Reserve
Board of seven members, which
will include the Secretary of the
1 reasury, the Secretary ot Air-
rk'ulture and the Comptroller of
tho Currency, the remaining
four to be apiaiinted by the
President of the United States.
You. will notice that the thro
first named will lie members of
the President's
receiving their
poinlment, and
oflieial family,
office by nj.
the bill
pro
shall vidos that the other four
also be appointed by the Presi
dent, and henceforth the entire
board, witli its great powers, is
appointed by the President. By
the terms oi tins mil one, only
one, oi this board shall have
wide experience in banking, hi
other words, the so owners of
the Federal Reserve Bank, from
the right of representation, nr
excluded from any iwrticipation
in tho deliberations of the
Board. This is regarded at a
moat revolutionary measure and
apt to place the whole system
of banking under the control of
a political board.
1 have no fear that none but
high class men of knowledge ami
honor will be appointed to these
o:Tices, but nevertheless the dsn
ger exists, and it looks to mo
like a big railway system em
ploying, say, merchants drug
gists, printers, etc., for the head
of its departments and deli her-
atoly excluding experienced rail
way men. while the former
may be very able in their linos
in which thoy have experience
and honorable beyond a doubt, I
cannot conceive, however, how
such a railway system could b
very successful, even though
thoy were permitted to have one
real railway man amongst them.
You will remember it is made
obligatory upon the National
Banks to become subscribers to
tho Federal Reserve Banks; they
will be compelled to subscribe
two hundred million dollars.
One half or ono hundred million
dollars which thoy will have to
in cash and in addition they
in accordance with the re.
will
servo requirements be compelled
to carry somewhere around five
hundred and fifty million dollars
of thoir reservo with the Federal
Reserve Banks, over which the
Fedoral Reserve Board would
oxercise a controlling power.
Some of the powers or the Fedor
al Rosorvo Board are as follows:
Tho power to suspend further
operations of any or nil of the
Federal Reserve Banks.
Concluded on Inst page.