The Syracuse Journal, Volume 24, Number 1, Syracuse, Kosciusko County, 30 April 1931 — Page 5

FUNDS FOR HOMES SUPPLIED BY BANKS By ROME C. STEPHENSON President American Bankers Association A LARGE portion of" the funds required in home building always has been furnished by banks. They

have shown constantly a deep interest in the performance of this feature of national development. Upon it rests much of our country’s future stability, ahd any contribution to its advancement redounds to the advantage of all. So banking has never permitted

R. C. STEPHENSON

Its co-operative attitude toward bomb building to lessen. Practically ail banks now accept savings deposits which can well be turned to the advantage of the home builders. The construction of individual dwellings requires a large amount of financing and is a thoroughly commendablo enterprise. Necessarily, the aid given to home builders is governed by the sound banking rules which have grown out of the years of experience and tho constant studies of bank practices. All of the efforts made to secure broader real estate loan privileges, to adjust resources to make it possible to lend larger sums for long terms, the standardization of mortgage loan formulas. and the actual lending of vast sums on mortgage )notes evidence the desire ,of banks tp contribute a full measure of support to the home-bulld-ing movement. This is true of all classes of bunks, but even in a more marked degree of those whose deposits are largely in the form of) savings and whoso loans are primarily for building or home i purposes. Both Side*;Protected The process through which bank loans are made <>n real estate >. as simple as the nature of such an imj portant transaction will’ permit. When money Is advanced , the Mender must know that repayment will be made the specified time. Likewise the borrower wants to be assured that, after he has figured the loan, on the basis of ’his conservatively anticipated ability to • pay, he will not be required to do more, that he will not be disturbed in his efforts to work out of his obligations under those terms. Whether his agreement b to repay the entire loan in three or five years, or on) a monthly or. yearly basis, he wants the assurance that no additional burdens will be imposed upon him. All of this is settled definitely in advance. There is no mystery about any of the details, and when t£e negotiations are complete the boijrowor knows just what he may expect and what he will be required to do to meet his obligations. Loans made to persons who wish to acquire homes are not necessarily building loans. One may wish to purchase a home already constructed. In this form of transaction bank loans are used very fyeely because It is the only kind of a real estate loan some classes of banks may make. Others of course, may lend upon real estate with improvements uncompleted and advance funds as the construction progresses. Different styles in home financing have developed in° the various states, and banks have tried to adapt their facilities to the needs. Whatever character of assistance is required in any particular Instance usually can be found in some bank In the local community. Among banks and borrowers for •Same acquisition purposes a long established and thoroughly tested relationship exists. (Banks are not the only agencies through which such funds are available; they do not embody all the spirit of helpfulness which abounds. However, through the yeani of their co-operation their hid has .been of unquestioned vhlue to the home builders whose efforts to establish a permanence for themselves have received constant encouragement Bankers everywhere are ready to counsel with their customers about their home-building plans and to assist to the extent of their ability. . This is being done constantly and the many advantages of it are not without recognition; .

Sauerkraut Everywhere •• r • J""] il l ire. '’l' '

Or) ETTER cabbage makes better ill kraut. This is the principle on which canners are working in every held of the industry in order that, the housewife may have the best foods possible. It was for this purpose of securing the best possible raw products to go into cans that a Canner’s Conference was held recently in the Horticulture and Forestry Budding of the Ohio State University, Columbus, Ohio. Limelight on Kraut One of the interesting discussions at the conference was concerned with growing kraut cabbage. With the limelight focused on sauerkraut as never before, acclaimed by physicians and health-authorities, served on famous restaurant menus as well as in homes everywhere, and with kraut juice popular as a drink in K-tels and on railroad dining-cars all over the country, it jg unpor-

Farm Service by a Bank A farm service department was inaugurated a year ago by a bank in Olympia, Washington, and a farm advisor appointed. Close cooperation has been maintained with the state college extension service. Work in dairying is carried on in conjunction with the • Dairy Herd Improvement Association. Also a pasture contest was held in cooperation with the folir banks in the county which offered prizes amounting to SIOO. Work in poultry was carried on in cooperation with the Co-Operative Poultjry Association and assistance was given in organizing an economic conference for the benefit of berry growers. The farm advisor of the bank is active in the Agricultural Council of the county composed of farm and other organizations interested in agricultural development, and also in- the Farmers’ Market. Six hundred farm business analysis blanks were distributed while farm account books and poultry record books were also provided to farmers and have been helpful in starting many formers s in keeping business records. J" IT Sticking Type ‘ is one thing ana A rtiatically Designed Advertising is another. We specialize in the latter — the kind that will make your letterheads, stationery and advertising matter a credit to your* business Q See us the next time you need W sometlung in the hne. fe It Pays to /. dvertise In the Journal—Try It! Hints For Homemcikers By Jane Ropers p re : ■p- • .T gSgw’fiWiM Y—-4l j q Z H ' FJR the best .toast you have c-.cr tasted, lay the slices of bread in the open oven for a few minutes re toasting them. In addition to improving the flavor it makes the toast more digestible, and it browns much more evenly. In providing for your family's health during the summer, remember that iced beverages are bj no means a luxury: that on the contrary thev are as healthful as they are delicious. The fruit juices furnish vitamins., the sugar is a much needed source of quick energy. while the beverage as a whole replenishes in the body the liquid lost in the form of perspiration.

tant that perfect cabbages go into the vats. -ewiv-5 want q--.il:". ■.c--’ed foods, it was generally agreed at tiii.-i cunferenw. It d *es i'-t require I. gh pressure sajc.-nunslnp to. sell the best in canned feuds'. But qual::y raw pro«!ucH are r*. produce quality canned foods, arid for this reason leaders in the canning industry conferred with the nations leading horticultural authorities. Two of the most popular and healthful drinks that have acquired a vogue in recent ye airs are sauerkraut juice and tomato juice. Here is away of comb'-ini; them both: S’attfrimut and Tomato Cock fail z Mix together with crack.-d ice in a cocktail shaker, one part juice from tanned sauerkraut and one part juice from canned tomatoes, salt and paprika, and shake until very cold and foamy. Serve at once in small glasses,* v ;

EDS COMPETITION HITS RAILROADS Bankers Association President: Asks If Unfair Aid Is Given Motorized Transport— For Rail Mergers. KTEW YORK.—Fair treatment for the •N railroads in respect to highway motor competition was called for by Rome C. Stephenson, President American Bankers Association, in a recent address here. He also strongly endorsed "sound economic railway consolidation” and praised President Hpo-1 ver tor his initiative In this respect. “I am very strongly of the opinion that one of the measures which would help materially to put back business where it ought to be is the Eastern , four-system plan of railroad consoli- ) dation as announced recently following negotiations instituted by President Hoover,” said Mr. Stephenson. "Its adoption by the Interstate Commerce Commission would tend to stabilize the transportation industry, facilitate operation and exert a favorable 1 Influence on business in general. “It is a fact well known to business leaders that our railroads are now sac- , ijxg a crisis. Not only do they need I protective laws to meet competitive ; si:tmtions arising from increased use of our highways and waterways by other carriers, but they need unification Such as the proposed four-system plan provides. Our President has acted wisely in assuming a leadership in this respect and his move deserves the support of every clear-thinking •citizcm” " . \ I Mr. Stephenson declared that the railroads have served this country “so superlatively well that we are prone in our public affairs to overlook our dependence upon them and oar obligations to them. The past, present and I United States is I in cpazaTTy bound up with their wel- I fare. In neglecting just consideration : for them we are even more neglectful of the public's best economic interests. A Question of Public Interest “Wo are confronted with the question as to how much more the public i economic interest will stand an invasion of the welfare of the railroads by forces and difficulties not of their own j creating ahd not within the scope of their own unaided powers to combat,” said Mr. Stephenson. "I refer especially to new competitions that are undermining the hard-earned positiqp of the rail- : not only with the aid of-natural I economic forces but also through the? aid of government policies which, posi- j lively or negatively, tend to give these competitors undue advantages over the ! railyoads. ’Tt goes without saying that the rail- ) roads have no right, nor claim any, so | tar as I have been able to discern, to complain at legitimate competition in i the field of transportation, for the pub- 1 lie is entitled to the best possible trans- I portation at the lowest practical cost. ’ But equally does it go without saying that this cannot be fairly brought about by using, or by failing to use, the taxing powers of government to enable competitive methods of transportation to do things they could not otherwise do as unaided private enterprises, particularly when such action impairs the invested rights held in good faith by great masses of our people in estab* lished enterprises that are serving the public well.” Mr. Stephenson said it was not his purpose to arguo against such competitive transportation as the highway ■passenger motorbus and motor truck as such, when conducted under proper conditions and in keeping with public welfare and benefit. He declared, however, there is need for serious consideration whether such competition is being developed under conditions that are unfair to the railroads, because either the outright or obscure aid of government policy is the deciding economic factor in that competition. Would Investigate Bus Traffic Railroad rights sos way, he declared, represent tremendous capitai investments, on which the railroads have also heavy current costs to meet. "They pay every day a million dollars ) in taxes and most of this is on their rights of wafcr,” he said. “Also they r spend daily over two million dollars additional for the proper maintenance of way.'*' He asserted that the motorbuses have not had to pay for their rights of way in any sense that the railroads paid for theirs. “They have simply taken possession of public highways built by public funds, both state and national.” he continued. “and they have extensively made those highways vastly less comfortable, leps safe and less serviceable for private motorists and others who are contributing chiefly to their greation and maintenance.” • Mr. Stephenson declared that all these matters-should be thoroughly inquired into by competent public bodies, both state and national, with a view of determining the equities and basic public economic interests involved, “particularly in respect to their effects npon the nation's railroads. “I venture to say," he added, “that ■ such inquiries would show whether it \ is to the public interest to let things ) remain as they are, whether the situation calls for a new basis of motorbus and truck taxes to satisfy the equities of the case or whether it would call for such drastic action as the exclusion of Jlhls traffic from our public general highways, and the requirement that, events the railways, It provide as a part of its capital investment its own rights of way and for its own maintenance of way out of operating income.**

■: Putting it off today ; :• won't get it done :• tomorrow. An ;• advertisement in I; this paper today :: will bring business :: tomorrow. |_[ |Q| a

THE SYRACUSE JOURNAL

Invite Local Merchants to First Anniversary in Merchandise Mart \X - r 'SmlinriniiuHm I \ J®* •> ■i, I, '.MiF Jj L I \ •Claude A. Welles J > A \\XN\S Il gfeoO KE® JJfrrT f W 11 ■ •j i 1 | tfWaSnSr\ • < 711 The Old Way—Walks All Over Town in ' On e Mart

140,000 Retailers and Buyers From 17 States Asked to Visit Displays of 2,000 Manufac- . turers and Wholesalers at Spring Opening of Great Central Market in W orld’s Biggest Building, Chicago, April 13-14.

LOCAL, retail merchants here'are included io the list of 140.000 retailers and buyers from seventeen states who have been invited to the first co-operative sale in the Chicago Merchandise Mart, the world's biggest building, since its opening's year azo. according to announcement reaching here from W. C. Owen, president of the Chicago Merchandise Mart Chamber of Commerce. This first anniversary sale in this "Wholesale City Under One Roof will be held April 18 and 14, and will dis* play the merchandise of 2.0'0 manufacturers and wholesalers. The number of buyers asked to view this spring opening may reach more than 200,000, as in the case of department stores the buyers in all the various departments are invited. All the manufacturers and wholesalers, according to Mr. Owen, will present some “special” at this market that in Itself will be Worth the trip to Chicago. It is estimated that there will be 10,000 tables of these “specials” of May and June merchandise. The states from which this great army ot retail merchants is expected are Colorado, Illinois, Indiana. lowa, Kansas, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, North Dakota, South. Dakota. Ohio, Tennessee, Wisconsin and Kentucky. Retailers in other states will be wel-. corned. • The great advantages to the local merchant of this concentrated market, all under one roof, with 4,000,000 square feet of display space, are explained In a statement received from Claude A. Welles, general manager of the Mart. Big Aid to Local Merchant. “In this gigantic structure is a veritable city of wholesale firms.” shid 'ilr. Welles. “Under one roof more lines, more houses and more merchandise to select from are assembled than in any similar, institution Ln the world. The Mart embodies the modem ideas of a’concentrated market of bringing the merchant to the market Instead of attempting to inadquately take the market to the merchant. The arrangement of the display floors has been worked out with the object of conserving the buyer's time and energy to the utmosv. providing every necessary aid to expedite his examination of 'goods and for his convenience and comfort while In the market. “The local merchant is enabled by coming to this great central market under one roof to take advantage of these mammoth special sales of high grade merchandise, whereby he can take home to his local market the latest styles and designs of superior values and to give his customers the advantage of price and quality he is able to secure. ,A , “By coming to the market the local merchant not only gets the most up-to-date merchandise as soon as It is on the market, but great price advantage Army of Buyers Coming. “This occasion on the 13th and l’4th of April will bring to Chicago the greatest army of retail merchantsand

SOYBEANS GOOD AS OIL < MEAL FOR DAIRY CALVES PURDUE TESTS INDICATE LAFAYETTE, Ind.—lt is not absolutely necessary for the Indiana dairyman to buy high priced protein feeds to keep his calves growing nicely from three months of age until they become yearlings. A crop of , soybeans will give him all the ’ protein supplement he needs for the grain ration fed to his calves J. W. Wilbur, of Purdue University

buyers that ever visited a single market, and it will mark tlie first ev-op erative concentrated sale held in the I Mart since the opening of the world's ) biggest building a year ago. The buyer can enter the Mart in the morning, attend to all his business and per sonal affairs without leaving the shel ter of one roof until bedtime. He can do everything except sleep In the Mart. This is a Department Store for Stores, -’. . . “Each of the display floors has sales corridors GSO feet long, a display space of five acres on each floor, veritable business boulevards. This great space, a total of about 100 acres in the entire building, has made it possible to house the selling and display activities of many allied concerns on a single floor, with related groups on adjoining floors.” Among tlte lines which will be givf en special emphasis in this anniver- • sary sale are infants' and children’ ) wearr.rijgs and floor coverings, art- - ware.; gilts find novelties, house furnishings, drug store sundries, interi- ) or decorations, hardware, men's and ) boys’ clothing, men's furnishings and I hats, .women’s wear and practically i all other lines carried by dry goods | and department stores. Merchantsand buyers in all these lines are expected, covering the territory from Pittsburgh to the Rocky Mountains. Message for the Merchants. Every facility for the convenience and entertainment of the visiting merchants and buyers has been arranged for by Joseph Weidenfeld, chairman of the Chamber of Commerce market committee. On the eve nlng of April 13th, the opening day of the spring market, the merchants and buyers will be guests at a ban quet held in, the world's biggest restaurant tn the Mart. An outstanding speaker of national repute will discuss business conditions and the outlook for 1931, giving the visitors a message to take home that will be to their material advantage. Probably no building in the world has such facilities for receiving and shipping merchandise. The entire ground level below the street floor is utilized as a modern freight station. Private tracks for Incoming and outgoing freight extend under the center of the building. The Chicago & North Western Railroad operates the freight station which connects with all other roads through its hew Proviso Yards. The merchandise as it comes into this mammoth freight station is loaded into high speed conveyors and transported tafthe exact floor of the tenant for wnom it is intended. A river dock for vessels connects with the south freight elevators of the building. Week's Work In Two Days. One of the great advantages for the buyer who does his trading in the Merchandise Mart is the fact that he does not have to tramp all over the city visiting various concerns in scattered sections. He saves time and energy by being able to do a week’s work in two days under one roof, and this makes it possible to make more frequent trips to the central market at no greater total expense.

dairy staff. , Feeding trials conducted at Purdue for two years on two different lots of calves indicate that grdund soybeans are as satisfactory as linseed oilmeal for growing calves, when fed in combination with corn, oats, wheapL bran and alfalfa hay. Calves fed this ration with the addition of soybeans, gained just as much in weight and were just as high at the withers at the end of the feeding 'trial as calves fed the same ration with linseed oilmeal replacing the soybeans. This grain ration for young calves

The Merchandise Mart is located in the center of. the area which, contains within a night's journey by rail and four hours by air, 47 per cent of the, country's population, 70 per cent of its wholesale sales and 65 per cent of its retail outlets. According to the last distribution census there were 9.317 wholesale outlets in Chicago doing a total business ofe almost a year—a turnover of merchandise at wholesale equaled by no other marketing center tn the world. ” Easy to Reach Market. .. Chicago is within fifty miles of the nation's center of manufacturers, within 170 miles of the center of population of the United States, 270 miles from the center of agriculture and <">80 miles east of the geographical center. Located as it is, so near to the center of population, the Merchandise Mart .can he reached more quickly by the average buyer, and merchandise can be shipped more economically from Chicago than from any other: large city in the country. For the retail merchants the Merchandise Mart means increased economy and efficiency in merchandise buying because of its logical location at the travel-traffic center of the nation. It places a great primary marker many hours closer to the average merchant buyer. The Mart is an important building because it represents a tangible solution of the economic needs of the day -—concentration of buying and selling activities, conservation of energy, cooperation in industry, elimination of abuses and an improved, code of ethics in -trade. It is the culmination of a century of merchandising in Chicago, which has made itself the great central market of the West, and represents the beginning of a new. era in merchandising in which it will be as natural for the merchant to do his buying at .' great centra) market as it now is for the consumer to visit a department store. It will nutka for better merchants and for higher standards of merchandising,, for it will save for selling a considerable portion of the time the merchant has heretofore devoted to buying, and will ultimately benefit the consumer by cutting manufacturer s selling costs. Give Buyers Every Facility. For the service of the visiting buyer, nothing has been overlooked. The Mart houses the world's biggest restaurant that feeds 10,000 people a day. The buyer can go direct to the Mart from his train with his baggage- Here his hotel reservatioßS will be taken care of, his baggage transported to bis hotel and placed in his room. He will have the facilities of one of the biggest barber shops in the cquntry, and complete valet service, a branch, post office, telegraph office, public stenographers, drug store, candy and floral shops. In fact, every personal and business need is taken care of on ■the main floor of the building. In the tower is the *orld’s biggest radio broadcasting studio, that bt the National Broadcasting Company. The second floor of the gigantic structure, -which cost $35,000,000, is used in part for trade shows and exhibitions. The grand lobby, as one enters from the main entrance on the banks of the Chicago River, is beautified by nineteen striking murals representing the market places of the world. This panorama of the world’s commerce and industry has been effected in a series of soft harmonizing pastel shades applied by the skilled palette knife of the noted artist, Jules Guerin.

should be fed only after the calf has been weaned from milk feeding at the comparatively early age of three months, according to Mr. Wilbur. In order to obtain good growth in calves before this age a ration containing skimmilk, or calf meals in gruels or dry form together with good quality hay should pe fed in sections where a saving off-whole milk is desired. Castors- added to the kitchen table and the wood box often save time and effort especially when the floor is mopped or during canning season.

THURSDAY, APRIL 30, 1931.

DUAL BANK SYSTEM FAVORED BY BANKER State and National Institutions Supplement Each Other in Serving Country’s Varied Financial Needs = RECENT suggestions that all banks in the United States be under Feeral jurisdiction, doing away with the chartering of banks by the various states recalls the opposition to this plan presented at the recent convention of the American Bankers Association by R. S. Hecht of New Orleans, Chairman of its'Economic Policy Coml mission. Mr. Hecht said: “There are just as good reasons why there should be state as well as national banks, as that there should be state as well as a national government. I do not think that analogy is farfetched. The states should not sur-' render all political jurisdiction to the central government, and the local business life of the states should not be ;made to surrender all control over financial functions to national financial instrumentalities. There are many vainations of business conditions from state to state and there are special fisqjl requirements of the various states. "It is entirely logical, therefore, that the states should retain the right to charter banks so as to mold and direct their affairs in accordance with the states’ governmental and business requirements au’d keep them adapted to localized sentiment and conditions. "The argument is sometimes advanced that the dual system jeopardizes the life of the Federal Reserve System because under it there is a large group of banks that are free to riniain out pt or to withdraw from the system. Facts and figures prove that this is a specious argument. "It is true that there has been some shifting from national to state charters especially in capes of mergers of large national banks with banks operating’under state charters. However, the Federal Reserve System was not weakened in this process because the merged institutions almost universally retained their membership in the system on a voluntary basis. Moreover, the records show that state bank members are just as good members of tho system as national banks and the ratio of state bank resources in the Federal ) Reserve System is constantly growing. In 1922, national banks held about 05 per cent of the resources of reserve members, and state banks about 35 per cent, while' in 1929, the nationals held only 6U per cent and state banks 40 per cent. Banking Systems Help Each Other “Reciprocally the state and national banks systems have helped each other. If the national banking law has served in some respects as something of a model code toward which state banking laws more and more have approached year by year, so have the 1 state codes developed valuable reforms: which have suggested improvements Ipr the'natiofial laws. A great many undesirable • competitive inequalities) have ibeen wiped out by this mutual evolutionary process and further progress along the line of uniformity so far as is desirable is anticipated. “However, I do not believe that it is a disadvantage to have two banking codes that differ in some respects. It is quite probable that the state banking code in many instances represents a closer adjustment to local conditions than could be had under, the national banking laws, and this is a situation that should be retained. There should, however, not be competition between the two banking codes. Competition ehould be between . banks themselves and not between the laws under which they operate. The effort to offer too great allurements in one code as against the other could lead only to, weak banking laws. But I do think that there should be the alternativeopportunities that now exist 'which banking institutions' and local business interests may choose, so that they can function or, conduct their business i)elationships under that banking code which best meets the conditions of the times-and of the place as they see them. “This has been illustrated in both directions. In states where such unsound measures as the guarantee of deposits were operative state batiks had the opportunity to escape the baleful effect of such laws. On the other hand, when a court decision was handed down -in Worcester, Massachusetts, which rendered uncertain the position of trust assets acquired by a national bank through a merger with a state bank, it was a real advantage for national banks affected to take-out and operate under a state charter, either on a temporary or a jiermanent basis, as circumstances make expedient. “In my opinion, bankers, national as well as state, should combat tho thought that conceives of depriving us of the vitalizing benefits of our dual system.” Finance Fights Erosion Farm, terracing to stop erosion is of major importance in Noble County, Oklahoma, the county agent said, and bo one of the county’s national banks bought five farm levels to be loaned to farmers without charge. The machines were immediately put tp use ~ end the farmers are showing keen ln-~ terest in terracing. Two terracing schools were started tor adults and 4-H Club Boys. , J'

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