Richmond Palladium (Daily), Volume 92, Number 154, 29 June 1922 — Page 3
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THE RICHMOND PALLADIUM AND SUN-TELEGRAM, RICHMOND, IND., THURSDAY, JUNE 29, 1922.
PAGE THREE
Get-Rich-Quick Bubbles That Have Burst By HARLEY MATTHEWS RELIGION and BANKING, A BUBBLE REPUTATION
merely went to the Bank's till for it This had been going on for many
i In this etory, it was not so much 'a project as a reputation that was the bubble, though men's hope of gain helped to blow It and kept it floating for all Its many years. Who in the year 1852 would distrust the Banking firm of Strahan. Paul and Bates, London? It wa&jrstabltshed in the year 1620. The only time it had ever had trouble in meeting Its obligations was when King Charles II wanted some money for his lavish en
tertainments, and seized all the spare
cash in its vaults.
Moreover, Mr. Strahan had just In
herited a fortune of $1,000,000; Sir John Paul was a man noted for his religious works, and Mr. Bates was a shrewd business man. Therefore, when it became known that the Bank was going to finance Gandell, the contractor, to undertake some railway works in France and Italy, none of the customers became alarmed, though railway investments were not popular lately. Instead, ev
eryone thought that this must be an exceptionally profitable venture forj the Bank to change its practice of not, lending on what was regarded as a hazardous undertaking. Nor was there any surprise when the Bank bean de veloping a coal mine on Lord Mostyn's estate. Instead of , withdrawals, people came with their money so that they too might share in the .harvest. For the Bank promised to pay a higher interest than any other institution in London. So time went on. Mr. Strahan appeared in society, attracting all by his personality; Sir John became a member of every new church society or philanthropic body. And both brought r customers to the Bank from their activities in the outside world. . Mr. Strahan got the accounts, ot all weal
thy visitors to London; through Sir
John the Bank became treasurer of all the church bodies and societies. So ereat was the customers' faith
in their Bankers that often they asked I them to make purchases of securities,! and lodge them in the vaults of the in- j stitutlon for safe keeping. One ofj these was the Revd. D. Griffiths, who:
asked Sir. John to purchase him $120,000 worth of Dutch bonds. Whispers went around that the Bank was offering its paper for cash at 4 higher than the maiket rate for good paper- Still no suspicion. It was thought that the Bank had in view a proposition that was too good to lose, and therefore wanted the money Jo a hurry. Then it became known that the Bank was financing a project to drain Lake Copestang.
What good the draining would do, no!
one. enquired. It was enough If Messrs. Strahan, - Paul and Bates thought enough of the venture to finance it. Of course the partners spent money, but not extravagantly just so much, people agreed, as became their station in life. Nothing was heard of the railway ventures on the Continent, but Gan- ,. dell kept calling for more money, so they must Tie progressing. Then some- ' how, the public grew suspicious of the Bank's stability. One morning a line of depositors waited outside its doors. All day was occupied in paying them the $180,000 they demanded. The Bank opened the next day, but not for long. In an hour it had run
years even in the time when their
; fathers were partners, i Thus, in the year 1816, Mr. Strahan's ! and Sir John's parents had helped themselves to $200,000. Ten years ; later, Mr. Strahan's father borrowed
out of money, and. what was worse. fiTHT the city. For a time, Mr. Strahan's "other, of $2o0,000. friends would not believe that his j Instead of trying to pay their debts Bank had failed; Sir John's fellow 'off, the new partners borrowed more.
There was an agitation by his friend3
that he should be freed, the sentence being too severe for so religious a man. But it ended in nothing and the next bubble reputation Sir John was achieving was among his fellow convicts. f
FIND BOCCACCIO'S BONES; ADMIRERS THRONG TO SEE FLORENCE, Italy, June 29. Bones believed to be tnose of Giovanni Boccaccio, the great Italian Fourteenth
century novelist and poet, have been
churchman denied that such a thing perhans thev thou ?ht thev did well In! found in the house at Certaldo in
could happen. j following tfae example of King charle3 which he lived
men came a greater snocK man , v,i., .otr.mors' rstsh
without permission. But they took more than the king did. As soon as they needed more cash, they fell on their customers'
any. The three partners had been arrested at the instigation of the Revd. D. Griffiths, who alleged that they had sold his securities left for
safe keeping. Sir John was arrested j securities. . When they couldn't borat his home while reading the family! row money on them they sold them,
prayers. It was too late ror mm to , taking what they could get.
be taken to London that night and he
was escorted to the train next morn
The Revd. Griffith's bonds had been
sold for half their worth to another
ing. They entered a carriage, slammed i churchman. It was for this offer that
the door in the face of the arresting officers, and the train went on without
them. Other stations along the line were warned to look out for the fugitive, but the day passed without him be-
they were sent for trial,
The trial was the year's sensation
for London. Entry to the court was by Sheriff's ticket, yet somehow then it was soon crowded out. Sir John was taunted with being a religious
The bones were sol
emnly removed to Florence Thursday
by a well-known archeologist, accom
panied by various Boccaccio admirers
Farming was the occupation of more than half the population of France before the war.
EXPECT ACCEPTANCE OF HUGHES PROPOSAL
(By Associated Press) WASHINGTON, June 29. Although Peru had not yet accepted It finally, steps were taken today to reduce to writing the compromise plan suggested by the United States for arbitration of the Chilean-Peruvian dispute over Tacna-Arica. In Peruvian quarters it was said
a decision by the Lima government was expected momentarily and there appeared to be every confidence that the reply would be an acceptance of the American plan. Chile having already accepted tht delegates on both sides sought to ex
pedite details by drafting In advance the exact phraseology of the compra mise formula. The task was one which did not appear to present many difficulties and the belief was expressed generally that a wording could be agreed to promptly once both sides found themselves in accord on principles. Secretary Hughes in outlining his plan to both sides has refrained: from putting it into definite language and has indicated that he would . prefer that that feature of the agreement be
worked out among the Chileans and Peruvians themselves: ' - - ' ;
ing apprehended. Then, that night he j man to help his own selfish ends. He walked quietly in to Bow Street Po-jsaid nothing all through, only gazing lice Station, and surrendered. at the Revd. Griffith with a reproachThere was no doubt of the Revd. f ul look. Griffith's bonds being sold, as thej The sentence for each of the pristrial showed. And $500,000 of other j oners was 14 years transportation people's securities had also changed j across the seas. Here again it seemhands. - ' ed, Sir John's piety 'would help him. Where had all the money gone? Tt ! -
developed that the partners had been
induced to lend Gandell money, without security, and had kept on advancing because they feared they would lose all otherwise. Instead of it being an Investment, It had been only an effort to recover a bad debt an effort that cost the customers $3,000,000. But that was not all. The Bank had been insolvent for years. Whenever the partners needed money they
CHEVROLET ?Sru"Sn?S $200.00 Down Balance $35.50 per month E. W. Steinhart Co. 10th & Sailor Sts. Phone 2955
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PRISONER DURING WAR IN SERIOUS CONDITION ENGLISH, Ind.. June 29. Charles Sturgeon of near, EngllslCone of two -Crawford county '. soldiers who were held in German prisons during the World war, is in a critical condition. His two legs are paralyzed, thought to have been caused by gas. Sturgeon was captured in July, 1918. He was held a prisoner until alter the sle-nlnsr
I of the armistice. : ' T-d
At Kennedy's
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VIGR AN'S l9 s Stock Reduction Sale Specials for Friday and Saturday
COATS Ladies' and Misses' Sport Coats, all shades, newest styles, Jjr tf sale price
SUITS
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DRESSES Sample Canton Crepe Dresses, all shades, values to $30; (Jin ff sale price vJ-U.UU
BLOUSES DRESSES
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Crepe de Chine and Georgette Blouses and Overblouses, $5
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75 Dotted Swiss, Organdy, French Ginghams and Rating Dresses, $15 values, (jQ Qf sale price dD
Specials for Dollar Day Chambray Gingham Bungalow Aprons. QJ 00
2 for $1.00
Embroidery and lace trimmed cloth Gowns, $1.00 values
Crepe Bloomers, all shades, printed and plain
2 for $1.00
WASH SATIX CAMISOLES All beautifully trimmed, regular $2.00 values; spe- ' QQs cial at 0C
TRICOLETTE SWEATERS & OVERBLOUSES, all colors, regular $10 values, dQ QP special iJjO.Ut)
ONE LOT of BEAUTIFUL WASH DRESSES (-1 A r of fine materials, worth to $5.00, special
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- X If you should gain the impression that the Hanes Cord Tire is 4 'just another new tire," we should have only ourselves to blame, for failing to make you properly acquainted with its record and with what its name stands for. The truth is that it is now five years oldr It was born in 1917, and has possessed itself since then of enviable records in territory after territory where it has been sold and used. The Hanes Cord Tire is made in Winston-Salem, North Carolina by the Hanes family. This is important because it is a saying of no mean standing that quality is a Hanes family tradition. For generations the Hanes family have been identified with solid, reliable manufacturing enterprises. We tell you about them frankly, simply to the end that you may better judge of the character of a tire which is permitted to bear their name. . . You see, the Hanes family from long experience knew all there was to be known about cotton and cotton quality. And cotton, as you observe, is the most important element in cord tires. So it was only natural that Hanes should consider themselves as logical tire manufacturers. When they finally decided to go into it, they did not hurry. They guarded purposely against the pitfalls bf overhaste, both in manufacturing and in distributing, and made no splurge in any direction. This was wisdom on their part, because now when they enter a territory like this, they do not come with a new, untried tire, but with a tested and proved tire that, though new perhaps to you in name, is actually old in experience. Ride on one and prove for yourself this truth that Hanes represents the high water mark in tire-making skill.
E W. Steinhart Companies
14 NORTH TENTH STREET
hellwhJfhferMark inliremaJiing$Iiill
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