Richmond Palladium (Daily), Volume 44, Number 190, 23 May 1919 — Page 12
PAGE TWELVE
THE RICHMOND PALLADIUM AND SUN-TELEGRAM FRIDAY, MAY 23, 1919.
Treatise on Federal Reserve Banking System by High School Pupil . "I : '.Evokes Favorable Comment From Experts in Financial Affairs
Th (oIIawIbv tTMtiM the Federal banks, and from other reserve banks, yieaerre Baakia eyatem ,ra- -wrttte I (j,) They must honor checks and Uea. n. limtt. while m lumbrr of ; member banks and from other re-
poplla ' have dome exceettoaally good ; serve banks.
work tola article by on Murray la keld by aeraoaa eoaveraaat with the Federal Reeerve ' Baaklas ayatem aa being remarkable and a trtbate to the yoata'a aaderataadlna; of the aeheme. , The Federal Reserve Act was the
result 4of various attempts at banking reform. The National Banking Act of 1863 provided, briefly, for government
supervision of banks Issuing notes "ThiB supervision -was vested in a bu
reau "of the. Treasury Department, un
der, the direction of the Comptroller of .the "Currency." The Act provided
for. the granting of charters, minimum i capital, requirements of boards of di
rectors and of stockholders; and it gave to 'the national banks the power (1) to receive deposits, (2) to issue - notes, Aty to-lend credit on personal security, (4) to discount notes. In order to become a member of the system a bank liad to: deposit with the United States ..Treasury, government bonds, equal to ; one-fourth of its capital, if tt was below. two hundred thousand dollars, or. fifty thousand dollars f the capital was over twa hundred thousand -dollars,-. In return for this, the bank might' Issue national bank notes up to the' value of the deposited bonds. Any bank that chose to issue these notes' had to maintain in the treasury a redemption fund equal to
five per- cent, of these outstanding
notes. The national banking system
bad faults, being, among others, lack of unity in the system, lack of control
over the money market, and inelasticity. A perfect currency must be elastic, that is, capable of expansion and
tontractlon to meet the varying needs
of business. Notes really could be
issued and retired, but the process Was so slow and formal that when the chajiga. was .effected, .the need was
past. Aldrlch-Vreeland Act
The Aldrich-Vreeland Act. which became effective May -SO, 1908, and was to expire - Jane -20, 1914, provided for the formation of currency associations, and for the issue of emergency circu-
, lailon. This act, which was extended
to June 30, 1915,. by a provision in the
"Federal Reserve Act. proved extreme
ly valuable In the financial crisis of -1914 caused by the outbreak of the
-:war. --'--.-.
In 1912 the attention of the public
was drawn to banking reform by the
' - report of- the National Monetary Com
fimisslon whldJ planned to establish a
banking"; association with a central
r-bank tatTWashinston. The result of
-ithls agitatioirwas the Federal Reserve
- Act of December 23, 1913. It provides
: for a system of twelve co-ordinate banks under the control of the Federal
Reserve Board. The United States is divided into twelve Federal Reserve Districts, in each of which there Is a Federal Reserve City containing a . Federal Reserve Bank. These cities onH th Rprlnl iiiimliprn nf thpir r(-
"spectlve banks are: (1) Boston, (2) New York, (3) Philadelphia. (4) Cleveland, (5) Richmond, (6) Atlanta, (7) Chicago, -(8) St. Louis. (9) Minneapolis. (10) Kansas City. (11) Dallas, : (12) San Francisco. Every national bank must subscribe an aniount equal -f to six per cent of its capital and surplus to the capital stock of Its reserve bank. State banks which elect to join under certain conditions must subscribe the same percent. The earnings of the reserve banks are distributed as follows: (1) after payment jot expenses the stockholders receive -' a. six-per cent dividend; (2) one-half of the remainder goes to a surplus
i fund until it shall amount to forty per cent of the capital; (3) the remainder
goes to the government. ,' Each Bank Has Board
Each reserve bank is under the
, control of a board of nine directors, di
"vided Into three classes. Class A is .- composed of three men representing
. the member banks; Class B, three men
'; representing commerce, agriculture or
:. other business; Class C, three men
jTepresentlng the Federal Reserve Board. Classes A and B are chosen
by the member banks. Class C Is ap
pointed by the Federal Reserve Board
One member of Class C is desig
nated as Federal Reserve Agent and
Jr. chairman of the board of directors
Each reserve bank has a governor who
is the active manager.
General supervision and control of the system is vested in the Federal Reserve Board, consisting of seven
members. The Secretary of the Treas
. ury and .the Comptroller of the Cur
rency are ex-offlcio members. The
. .' other five are appointed by the President with the consent of the Senate. '. . The Secretary of the Treasury is chairman of the board. The Comptroller of : the Currency receives annually seven , thousand dollars in addition to his ; . regular salary. The five appointed . members receive twelve thousand dollars each annually and they serve ten I ' years, one retiring every other year. ;Two of these five are designated as I governor and deputy governor. The , 4 governor is the active executive officer ; of the board. : . Twelve men, one elected by each reserve bank, compose the Federal Advisory Council, which can confer with
the reserve board about financial matters and can make general recommendations. The action of the council is advisory only, for it has no actual control. Comptroller On Board The Comptroller of the Currency, who has charse of enforcing the Na- ' tional Banking Act, is also a member - of the board. This makes a connect- : ing link between the Federal Reserve System and the National Bank SysI Jem. The chairmanship of the Sec- ; retary of the Treasury insures close ' tooperation between the Federal Re- ' ; serve System and the Treasury De- : partmcnt. None of the Secretary's power within his own department has ' been surrendered, and, in case of a
: conflict between the Secretary and the " ; board, the former prevails. There is a Bureau of Audit and Ex- ' amination whose work is as its name . Implies. Its chief duty is to examine . the reserve banks and the state banks : which are members. The Division of ; Reports and Statistics complies infor- ; ' roation and has charge of the weekly reports made by each reserve bank. The operation' of the system is ef- , fected through the twelve regional banks. They are really banks for 4 bankers, since they have no business relations with Individuals. Their chief , duties and powers are mentioned be-
; (a) They can' accept only deposits : from the government, from member
(c) They can open accounts with other reserve banks and can establish in foreign countries, with the permission of the reserve board. (d) Branch banks may be estab
lished in each district. At present there are branch banks at Cincinnati, Pittsburgh,' Baltimore, New, Orleans, Birmingham, Jacksonville, Detroit, Louisville, Omaha; Denver, El Paso, Seattle, Spokane, Portland, Ore., and Salt Lake City. . May Rediscount (e) They may rediscount, 1. e. pur
chase, commercial notes, drafts and bills of exchange sent in by member banks.
(f ) They can make fifteen day loans
secured by pledges of bonds or other
commercial paper.
(g) . Subject to review by tne re
serve board, the reserve banks may
establish rates of discount.
(h) They may issue Federal Reserve
bank notes.
(i) They may issue Federal Reserve
notes.
j) They can buy and sell in the open
market, at home or abroad, cable
transfers, banker's acceptances and
bills of exchange.
(k) They may deal In gold com or
bullion, at homo or abroad.
(1) They may deal in government
or municipal bonds.
(ml They may buy bills of ex
change, from member banks, and sell
them. .
The Federal Reserve Board has al
most unlimited power over the member banks. The principal powers and duties are:
(a) To levy assessments on the re
serve banks to pay the expenses of the board.
(b) To make an annual report to congress. (c) To examine member banks, and to publish a weekly statement of the condition of the reserve banks. (d) To require one reserve bank to aid another in need of cash. (e( To suspend any reserve require
ment for thirty days, and to renew suspension for fifteen day periods. (f) To regulate issue and retirement ol reserve notes. (g) To classify reserve and central reserve cities. (h) To suspend and remove any officer of a reserve bank. (1) To require the removal of worthless assets from the books of reserve banks. Other Powers (j) To suspend, abolish or reorganize a reserve bank for due cause. (k) To require bonds of Federal Reserve Agents and to take other precautions. (1) To permit national banks to act as executors, trustees, registrars, etc. (m) To employ necessary assistants, etc. (n) To act as a clearing house or to
require reserve banks to do so.
(o) To define character of paper
that may be rediscounted.
(p) To fix rates of interest on re-j
serve notes. No interest is charged at present. . .
(q) To fix thetsalarles of bank ex
aminers.
(r)To exercise general supervision
over reserve banks.
This clause lit the act grants pow
er not specifically provided for other
wise.
The Federal Reserve Act gives' to
national banks certain privileges not
enjoyed under the-National Banking
Act. With permission of the reserve
board, any national bank with capital
and surplus of a million dollars or
more may establish branches abroad;
or, two or more DanKS may com Dine and establish branches in foreign countries. Member banks may make
acceptances based upon foreign and domestic shipments of goods and upon warehouse receipts, providing the
total does not exceed one half of the bank's capital and surplus. National banks In towns of less than five thousand population may act as insurance agents under regulations prescribed by the Comptroller of the Curency. Greater freedom in making loans was an advantage which the state banks had over v national banks under the National Banking Act. The Federal Reserve Act allows national banks outside of the central reserve cities to make loans not to exceed five years on farm land, within a hundred miles of the bank; or to make loans in restricted amounts not to exceed one year on
real estate other than farm land, within the same distance.
Under the National Reserve Act, national banks in central reserve
cities (New York, Chicago and St. Louis) and reserve cities had to car
ry a twenty-five per cent reserve against time and demand deposits,
and country banks, that is, banks outside of reserve and central reserve cities, had to carry a fifteen per cent reserve. As a part of the required reserve, banks might count the five per cent redemption fund deposited in the treasury agaist outstanding circulation. Now all banks
must maintain a reserve of only five per cent against time deposits. Time deposits are those which are subject to not less than thirty day's notice before payment. All other deposits are called demand deposits. Central reserve cities must keep an eighteen per cent reserve against demand deposits. Of this amount, one-third must be in their own vaults, seveneightentha in the Federal Reserve Bank of that district, and the remainder in either of the above. Reserve city banks must keep a fifteen per cent reserve: one-third in their own vaults, two-fifths in the reserve bank, and the remainder in either of the
above. Country banks must keep a
twelve per cent reserve: one-third In
their own vaultB, five-twelfths in the
reserve bank, and the remainder in
either of the above. By authority of an amendment of September 7, 1916, member banks, by permission of the
reserve board, may carry In the re
serve banks the reserves which they
ordinarily must keep in their own
vaults. Must Carry Reserve
The reserves thus held in the twelve
reserve banks form the banking reserves of the country and are under the control of the reserve board. Reserve banks must carry a thirty-five per cent reserve in lawful money against these deposits. In case the reserves of one 'bank fall to the danber point, the reserve board can re
quire some other reserve bank to rediscount some paper for such bank and thus build up its reserves. The board may' also fix the discount rates for the various banks. This, of course, will raise a protest from the reserve banks discriminated against, but the board must exercise its power wisely for the best interests
of the country as a whole.
The reserve banks have two metn-
ods of controlling the market rates of
interest; by raising or lowering tne
rates of rediscount, and buying or selling securities and commercial par per. If they lower the rediscount
rates, the market rates must necessarily fall. If, on the other hand, they raise the rediscount rates, the market rates will be forced up If the banks are actually rediacounting. If the banks
have ample resources and are thus able to ignore the new rates, then recourse must be had to the second method. When the reserve banks sell their securities and commercial paper, the amount of money available for loans is diminished. It the reserve banks have enough paper to sell, they can force the banks to rediscount at the raised rates. By the regulation of the market rates of interest, the inflow and outflow of gold can be controlled. - Two Kinds of Notes Under the Federal Reserve Act, the
reserve banks can issue two kinds of j notes. One kind is Federal Reserve
Bank notes, which are issued under! practically the same conditions as national bank notes. The other kind is Federal Reserve notes, which are elastic. This characteristic eliminates the chief objection to the old national banking system. Reserve banks will exchange these notes for commercial paper presented by the member banks, thus making the notes capable of expansion. The reserve notes are obligations not only of the reserve banks, but also of the government. Each reserve bank must deposit with its Federal Reserve Agent commercial paper equal to the outstanding notes. The secretary of the treasury requires each bank to keep in the treasury enough
gold for the redemption of outstanding notes, in no case less than five percent of the notes' value. The contraction of reserve notes is not so well provided for as the expansion. Re-
MMME SUCCESS MS JEER!
MIME! 1
MM
FACTS ABOUT TANLAC Twelve million bottles sold Fn four year. At present rate of tales grand total will reach 15,000,000 bottles by end of present year. " . ... . Large and modern laboratories at Dayton, Ohio, occupy 60,000 square feet of floor space. , Capacity of plant recently doubled to take care of rapidly Increasing business. Present capacity 36,000 bottles dally. Branch plant recently established In Canada with a capacity of 8,000 bottles daily. Demand for preparation has broken all world's records for same length of time and Is constantly Increasing. Publicly Indorsed through dally press by men of prominence throughout the United States and Canada, Including supreme court judges, mayors of leading cities, lawyers, doctors, bankers, state and government officials, prominent educators and well-known ministers of the gospel. . Now sold from coast to coast and from gulf to Great Lakes, throughout the United States and Canada. Tanlac is purely vegetable and Is composed of the most beneficial roots and herbs known to science. Formula complies with all National and State pure food and health laws of United States and Canada. Absolute merit responsible for unprecedented success. -
LEADING DRUG FIRMS OF AMERICA TELL OF SALES Keifer-Stewart Co. Receives Communications From Prominent Dealers All Over America Telling of Unprecedented Success.
The following are extracts from letters and telegrams from prominent . etitoo snit Canada toiit- .
dpalers all over the unueu - .x1U5 ia piain, com figures of the remarkable growth and development of Tanlac throughout America.
Memphis, Tenn.
serve notes coming into the treasury Keifer-Stewart Co.,
or into the reserve banks are retired
immediately,- but those in business may be outstanding many months. A method is for the reserve board to force the redemption of the collateral deposited for security, by refusing to accept new collateral from the reserve banks, in place of that maturing. Each reserve bank must maintain a forty percent gold reserve against reserve notes outstanding. However, the redemption fund deposited in the Federal Treasury may be counted in
TnUnnaDolis, Ind. .
handled Tanlac our
BaresTave amounted to 359,564 bottle Inril was our twelfth month and we April was ... that month
sold five carioaua alone. TC, Trri ro.
Nashville, Tenn.
Keifer-Stewart Co...
Indianapolis, inu.
hnnka show tnai
on this. This and the thirty-five per- bought and disposed of over cent reserve against demand deposits carloads of Tanlac (180.000 do"ib
may be suspended in extreme cases in this immediate lerrjiorj, by the reserve board, by imposing a record as the largest sale oyns in deficiency tax. given time of any PrPrltar?nmea
-r- I -1 j m ii.. j . I . . ii hiatArr nT iiui iiuoiin...'
froviBiou is inuutj lor iub grauuai i cine in iuc u""."' j --- , . B.
retirement of national bank notes. At These sales were maue whu
any time before December 23, 1935, fort on our part ana wnauut any national bank may retire Its notes, complaint from any of our patrons or
The reserve banks may be compelled sub-agencies
we have
by the reserve board to buy the bonds
thus released. That part of the Nat
ional Banking Act which required national banks to purchase a certain
amount of United States bonds is repealed, A national bank now does not have to purchase bonds, unless it de
sires to issue notes. Act As Clearing House
The reserve banks also act as clearing houses, where all checks against
member banks are accepted at par.
This feature abolishes the old custom
of charging an "exchange" on the re
demption of checks. The actual cost
of clearing is assessed against the
member banks in proportion to the
number of items cleared. Member banks, by depositing checks against
other banks, by shipping currency or
CTJTTPT.OCK-NEAL CO.,
; C. S. MARTIN, Vive President and Gen'l Mgr. Knoxvllle, Tenn.
Keifer-Stewart Co.,
Indianapolis, ma. mprience with Tanlac most satis
. . . j ,x mA woo ra
1"-IU,J . v 1
onri have sold over nu,i" uun.o
since taking the agency.
KUHLMAN-CHAMBLISS CO. Dallas, Tex
Keifer-Stewart Co.,
- Indianapolis, Ind.
w hnv handled Tanlac since Jan
uary 1, anu "
196.408 bottleB. uur aeanngs wim mi,
by rediacounting. can maintain in
their reserve banks funds out of which Willis highly satisfactory.
to pay their checks. The advantages of the clearing plan are: (1) prompt
presentation of checks, (2) reduction in the expense of collection, (4) the
release of the large balances which had to be maintained In the large
cities by the smaller banks In order
GREINER-KELLY DRUG CO.
Jacksonville, Fla.
Keifer-Stewart Co., Indianapolis, Ind. Uav been handlinjr Tanlac sixteen
monthts and have sold at retail In our
to receive par collection. The disad- two Jacksonville stores approximately
vantages are: (1) loss of exchange
by the smaller banks, which exchange they have deducted in remitting checks on themselves, (2) revision
and termination of the reciprocal re
lations which have existed between the smaller banks and their correspondents in the large cities. Considering the' question from a business standpoint, the advantages greatly outweigh the disadvantages. The reserve board acts as a clearing house for the reserve banks. Each reserve bank must maintain a million dollar
gold settlement fund under the control of the reserve board. Weekly reports are made to the reserve board, show
ing what each reserve bank owes ev
ery other reserve . bank, and the
amounts are entered on the books of
the gold settlement fund.
The Federal Reserve System makes
us a panic-proof nation, because anv
member banker, anticipating a run on his bank, can obtain immediately any amount of money necessary to tide him over the crisis. The vaiue of the Federal Reserve System In., meeting the Industrial demands of our wartime prosperity has been tremendous. It will see us safely through the chang
ing demands of reconstruction. As it has helped us in the past, so will It stand by us in the future. The Federal Reserve Act has nobly lived up to its reputation of being "the most important piece of Federal legislation since the Civil war."
20.000 bottles. Account very satisiactory in every respect. Cannot speak too highly of proprietors. BETTES PHARMACY, INC.
Houston, Tex. Keifer-Stewart Co.,
Indianapolis, Ind. Wa hpe-an handline Tanlac Novem
ber. 1916, and have disposed of -about
167,040 bottles. Has been a most satisfactroy account and we are enthusiastic in our support.
SOUTHERN DRUG CO.
Tit 'WftTVi T
zrie o. ' . " " -"t
icucf-oiewart uo..
Indianapolis, Ind. We have boueht and dictrihiitod
177,492 botles of Tanlac and find it the greatest seller we have ever handled
or had anything to do with.
MAXWELL-CLARK DRUG CO. San Antonln Tex
Keifer-Stewart Co.,
Indianapolis, Ind. Our dealings with Tanlac
ly satisfactory. Sales at retail since
October, 1916, 70,000 bottles.
H. L. WAGNER DRUG CO. Atlanta. Oa.
Keifer-Stewart Co.,
Indianapolis, Ind-
We gladly givo our exoerlence with
Tanlac. We took the agency in October, 1915, and have sold to date 162,444 bottles at wholesale. Account very
sausractory.
LAMAR-RANKIN DRUG CO. Birmingham, Ala. Keifer-Stewart Co., Indianapolis, Ind.
Since we began handling Tanlac we
nave sold 170,472 bottles in our territory.
We have found it the largest seller
we nave In proprietory medicines.
DOSTER-NORTHINGTON DRUG CO
Seattle, Wash. Keifer-Stewart Co., Indianapolis, Ind.
Since we accepted the wholesale distributing agency for Tanlac in this
territory on March 14, 1918, we have
sold 78,624 bottles of the preparation.
STEWART & HOLMES DRUG CO. Toronto, Ont., Can.
Keirer-Stewart Co., Indianapolis, Ind.
We have sold 146,328 bottles of Tan
lac since accepting the agency.
This shows an average of six thou
sand bottles per month. LYMAN BROTHERS. Salt Lake City, Utah. Keifer-Stewart Co., Indianapolis, Ind.
Tanlac campaign proceeding much better than we expected. Sales at present in excess of three thousand bottles per month and we are greatly pleased. SCRAMM-JOHNSON DRUG CO.
TANLAC, the Celebrated Medicine Wnich Has Been Accom
plishing Remarkable Results m the United States and Canada, Will Be Sold in Richmond by Clem Thistlethwaite's Drug Stores. Remarkable Sales Record ol Twelve Million Bottles Phenomenal and Unprecedented. Tanlac, the celebrated medicine which has been accomplishing such remarkable results throughout the United States and Canada and which has been having a phenomenal sale in leading cities of the East and South, will now be sold in Richmond by Clem Thistlethwaite's Drug Stores and distributed throughout Indiana by the Keifer-Stewart Co., the well known wholesale druggists. The amazing success achieved by this medicine in only four years time is not only phenomenal but unprecedented. The discovery of Tanlac, the beginning of its. manufacture, the establishment of the large and modern laboratories at Dayton,
Ohio, occupying more than 60,000 feet of floor space, read more
like fiction than facts from latter-day commercial history. -
TWELVE MILLION BOTTLES SOLD IN FOUR YEARS
Although placed on the market but little more than four years
ago, over twelve million bottles have been sold and its sales record probably has never been equaled in the history of the drug trade
ixi America. From coast to coast and from gulf to the Great Lakes, Tanlac is known and honored. Millions have taken it and have pronounced it the greatest medicine of all time. No matter where you go throughout the United States, whether east, west, north or south, Tanlac is a household word and is now unquestionably the mostwidely talked of medicine in the world today. Briefly, this is the record of the truly marvelous medicine which will now be placed within the reach of everyone. In only a few weeks' time it will be placed on sale in practically every large city, town, village and hamlet throughout the entire Northwest. The fame of Tanlac and the remarkable results it has accomplished have become a subject of wide discussion all over the United States and Canada. In fact, this celebrated medicine has become the sensation of the drug trade everywhere. But few people realize what a really remarkable record this medicine has made. Indeed, If It were not for the unquestionable facts and figures given out by the best known firms of the country, whose statements can not be doubted, to say nothing of the thousands of testimonials from well-known men and
i women which have appeared in the daily press, the storv of the success of
Tanlac would be hard to believe. . - .
Denver Jobber Sells
75,648 Bottles in 8 Mo.
PROMINENT MEN
OF THE COUNTRY OUT FORTANLAG
Mayors, Judges, Lawyers,
Doctors, Editors, Educators Ministers Indorse It
PRESIDENT OF ALABAMA STATE BOARD INDORSES
Dr. Wm. E. Bingham Says
Tanlac is Producing Remarkable Results.
If H air's VbuR Proe
Denver, Colo. I find upon reference to our re
cords that since we became distributors for Tanlac in this territory last April, we have sold to the agents 75,648 bottles of Tanlac, and this is in a section long on territory and short on population.
I must coniess that the story of the
success with Tanlac In otner rieias.
when it first came to us, would have
sounded something like a fairy tale but for the fact that we had some advance Information about what had been done in other territory and we
otherwise would have been exceed
ingly skeptical.
Mr. Willis has made good on all he
promised to do in this territory and them some. At all times he has been reasonable and fair In his methods and can be depended upon to carry out any verbal or written contract he may
make.
I consider that no dealer will make
a mistake n itaking on the Tanlac agency this territory.
lours very sincerely, W. A. HpVER & CO. Per W. A. Hover.
AppLicATi oris At 8&fr W' A. G. Luken & Co., Special Agent
Oklahoma City, Okla. Gentlemen Since taking the Tanlac
agency in this section, nearly a year ago, we have sold at wholesale 99,384 bottles, and the only difflcluty we
have had is in securing sufficient goods
to supply the demand. ALEXANDER DRUG CO.
Retails 700 Bottles of Tanlac in One Day Atlanta, Ga. Mr. F. G. Willis.
Fourth National Bank Bldg., Atlanta," Ga. Dear Sir: Replying to your Inquiry
we are pleased to advise that we are
now selling Tanlac at tho rate of con
siderably more than 2,000 bottles per week. On one Saturday alone we sold
through our eleven Atlanta stores ap
proximately 700 bottles at retail direct to customers. Have had the exclusive egency since September, 1915, and have sold over 75,000 bottles. JACOBS PHARMACY CO.
One of the most striking and note
worthy features in connection with the introduction of Tanlac throughout the United States and Canada is the large number of prominent men who
have unhesitatingly and voluntarily
come forward and given it. their un
qualified endorsement.
These well known men of affairs
represent practically every branch of professional and commercial life and included in the list appear names of distinguished supreme court Judges,
mayors of our leading cities, promt
nent state and county officials, bank
ers, lawyers, doctors, editors, leading
educators, government officials and
even ministers of the gospel.
These men have deemed it their duty to come forward and tell the people what this medicine has done for
them, for they have recognized In Tan
lac a new discovery and a scientific
triumpn m tne medical worm, it is a
well known fact that these splendid
indorsements have been given Tanlac
time and time again and they will con
tinue to be given just as often as new
tests of its powers are made. It must
be borne In mind, however, that the published testimonials represent only one in a thousand of those who have been benefited by its use. Among the large number of prominent men whose indorsements have appeared in the public press within
the last few months are the names of such well known and distinguished men as the following: Hon. Fank V. Evans, former mayor of Birmingham, Ala., and at one time editor of the Birmingham Age-Herald. Dr. G. W. De La Perriere, of Winder, Ga., one of the best known physicians and capitalists in the state of Georgia. Rev. W. C. Norton, pastor of the Wesley Memorial church. 523 Estell street, Jacksonville, Fla.
Hon. C. W. Mangum, of Atlanta,
sheriff of Fulton county, Georgia.
Mr. C. C. Cooper, president of the
Georgia Home Cotton OH Co., Law-
reneeville. Ga.
Dr. W. H. Brown, founder and presi
dent of the Tennessee Protestant
Home for girls.
An many others too numerous to
mention.
The following letter from Dr. Wm.
F. Bingham, president of the state board of pharmacy of Alabama, is probably the first indorsement ever
given a proprietory medicine by an
official of this department of a state
government and the same is sufficient answer to any one who "doubts the
"'6" 111 milieu XitlUilU IS IieiU D
lAHrf .1 M.n.n-lHn . T 1
Bingham's letter follows: . Tuscaloosa, Ala. Mr. G. F. Willis. Atlanta, Ga. Dear Mr. Willis: In reply to yours of recent date I am pleased to advise the the Bingham Drug Company has never handled any thing that even approached Tanlac in popularity. We have sold 1,100 bottles since securing the agency, and it is going here at the rate of 300 bottles per month. Everyone here who has used Tanlac speaks of It in the very highest terms and the repeat orders from those who have used it are remarkably numerous and show conclusively that it is giving great satisfaction. It is the talk of the town, and everybody seems anxious to recommend it to his neighbors. I have been interested in it as a
medicine and have observed the satis
factory use of Tanlac in a number of local cases of chronic disorders. Tou could get some excellent testimonials
here, for it has produced remarkable results in a number of cases.
We value our agency highly, and can say that we have never handled any
thing that gives as much general satis
faction as Tanlac. Our sales are increasing continually and I desire to thank you for the splendid co-operation you have accorded us. Very truly yours, BINGHAM DRUG COMPANY. Per Wm. E. Bingham.
Ten Carloads Sold by Macon Jobber - Macon, Ga. Mr. G. F. Willis. Fourth Nat'l Bank Bldg. Atlanta, Ga. Dear Sir: In reply to your letter requesting an expression of our experience with Tanlac we are pleased to advise that to date we have bought and sold 125,000 bottles of Tanlac over ten car loads. There has been and continues to be a marvelous demand for the praparation. Yours very truly, LAMAR, TAYLOR & RILEY DRUG CO.
We have had the best sale, on Tanlac that I ever had on any single preparation in my 16 years' experience in
this town in the drug business. J. Z.
Roberson, Kisslmmee, Fla.
WORLD'S RECORD IS
BROKEN BY TANLAC
desire to thank you at this time
for the privilege and pleasure of being a Tanlac dealer. Our great sales are running far beyond expectations and the indiations are that they are just beginning. John H. Reed, Dyersburg,
Tenn. , .
"For two years before taking Tanlac I had rheumatism so bad I couldnt raise my left hand to my head. I now feel like a new man." J. B. Woodward, Lexington, Ky.
"I wouldn't take a hundred acres of the best land in Georgia for the good Tanlac has done me." Z. T. Moody, Greensboro, Ga,
"I would certainly like to shake the hand of the man who discovered Tanlac and tell him the good It has done my wife." R. L. Winter, Macon, Ga.
"We have' sold 1,180 bottles of Tanlac and have never-had a dissatisfied customer." Smiser Drug Co., Columbia, Tenn.
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Tanlac has brought a new romance
to the commercial world. It is the story of an acceptance and appreciation of merit never before attained by a proprietary medicine. Staid business men to whom the actual figures of the production of Tanlac have been
presented have scouted them until the proof was shown. The production of . Tanlac now stands at the rate of almost four million bottles per yer. The exact figures are 3,992,800. The sale of a million bottles in the first nine months, which far exceeded any record ever made by a proprietary medicine, now seems insignificant. "One firm alone," said Mr. G. F. Willis, the international distributor of Tanlac, "has given orders for a total of 156,000 bottles within eighteen months time. The firm I refer to is the Spurlock-Neal Co., of Nashville, Tenn. Mr. C. S. Martin, president of this great firm, who is also president of the Southern Drug Jobbers' association, will verify this statement. "Tanlac is the result of many years
of arduous study by Mr. Cooper and his principal chemist. In fact, the two of them have carefully watched its development from the beginning of the experimental stage to its present state of efficiency. So remarkable have been the results obtained from this medicine that I doubt seriously it either of these men realize the immensity of their success. Like many other great discoveries, it has required time to
prove Its iar-reacnmg effects. Adv.
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