New Britain Herald Newspaper, June 1, 1928, Page 7

imals tened, s the - once rs of foxen r ofts over. ) ADS WA NN N #, \ NN NN N 7 STAGGERING SUN OF BANK CAPITAL Finances Various Wall Street Operations New York, June 1.—#P—Nearly two score banks, locadsd within @ 1adius of three blocks of the New York Stock Exchange, aid in fina ing the heavy trading in securitic Their capital exceeds $300,000,- 000, their deposits $8,000,000,000, and they probably represent the &reatest concontration of wealth in the world. Wall Street has ne vast resources, for the Strect is be- ginning to talk in terms of billions, With brokers' loans approaching a $5,000,000,000 total, $12,000,000,000 bond issues listed in the market and daily sales of stocks and bonds in the organized markets alone ap. proximating $425,000,000, millions have lost somewhat in signiticance. It is only in recent years that such immense funds have been ac- cumulated. The largest of the banks, the National City, capits ized at $90,000,000, with dep its above $1,275,000,000, had a capital of only $1.000,000 in 1901, Chase National, capitalized at $60,000,000, and Guaranty Trust, with capstal of 40,000,000, whose deposits approx- imate $750,000,000 each, have shown |erable of a figure down in San almost as remarkable growth. d of their| 11 publicanism and that's why he was ' ghosen 10 make the Hoover speceh at the con John McNab, like Hoover, be- longs to the west's pioncer tradi- tion. The only one of five sous of a Scotch immigrant to be born on American soil—a matter e says he arranged to save fare — he| comes of virile stock. The five Me: Nab boys all grew up on the Me-| Nab sheep and cattle runch, and | all have achieved of fame. The late who became California’s leading | financial lawyer and Democratic | “boss,” was one of Woodrow Wil- son's wisest counscllors. James| began as a truck-driver and ended | as a millionaire. Charles organ- izcd the first big chain of drug| stores in the northwest. Arthur | lis a wealthy altor here. John ! considers his greatest honor will | come to him when lLe makes the h at Kansas City, ) . Cal, John now ow and operates the ancestral ranch of 10,000 acres, a retreat of rugged beauty very unlike Hoover's fat productive acres in San Joaquin | lley. Here McNab began his typically American career. He w educated in the public schools. , At 18 he was corral hoss and t country’s champion sheep dipper. He could dip 1000 sheep a day. But {he had other ambitions. In 1867 his father's main lug- gage across the Panama isthm had been a well-stocked library, and John was avidly consuming it. He Accided to become a lawyer. Big Broter Gavin was consid- aucisco, 8o John wrote Gavin, Danks with capital ranging from |asking how to become a lawye 310,000,000 to $30,000,000 and de- | posits of $500,000,000 up arc nu- merous. Many of the banks have subsidi- aries doing a lucrative business in underwriting and distributing securities, the capital of the sub- sidiary often comparing favorably with that of tle purent bank. I're- quently the income of the subs diary is sufficient to pay dividends for the hank, thus geleasing for busineas use still addftional sun 1. upon some almost incogce ble occasion, the hanks and their subsidiaries should be unable to ac- commodate the demand for funds, | horrowers have only to step just over the three-block radius and draw upon the $ 000 reserve of the Federal Teserve Bank of New York. About half this sum is kept on hand in the form of gold and gold eegtificates in vaults of the bank of the United States Sub- Treasury Deapite the growth in individual resources of these institutions, thelr number s increasing in the area surrounding the Stock Ix- change. Their loans to any on Lorrower are limited by law to 10 per cent of their available re- | sources and as the horrowers have increased as rapidly as the horrow- irgs, there appears to be plenty of business for all and for the addi- tional institutions to come. This | ia true_ especially since the legal list of ‘investments for banks has | been extended and banks have be- | come partners in industries as wall as in their own parlicular field, The potentiality of such a sum s the $8,000,000,000 represented by deposits in these few banks rather taxes comprehension. Reduced to cash, the deposits would pay off the total national debt of every Central and South American republic and leave nearly enough to perform the same service Denmark, sthon Finland, “Read Blackstone 12 times” wrote Gavin. “The only other book yow'll need is Webster's U abridged.” John took the advies literally. With his back against an apple tree, Rlackstone on ene knee and Webster on the other, I went through the ordeal an even dozen times. Then he applicd for admission to the California bar. Beaten by Demoerat MeNab o was saved from a politi- leiun’s career of office-holding by being roundly beaten by a Demo erat in a race for the assembly. In an Trancisco he became 8o prom- inent, however, as a party leader | that Taft persuaded him to aceept the only political job he ever held that of U. & district aforney for Northern California. Suave as e is, his one vear federal prosecutor proved him a fighter. He Jed two fanious pros- entions, 1hat of the he of 1 Western FFuel “combine,” seyeral of whom he landed in prison for de- franding the et of hun- dreds of thousa of dollars through false-weight frands and tariff dodging, and the Diggs-Cami- netti prosceution under the Mann govern | Act 1t was when Ve found powerful friends of young Anthony Cami- netti, whose father was immigra- tion commissioner under Wilson pulling wires at Washington that MeNab resigned, His resignation letter was a classic and d col- umns of editorial comment all over the mation, Albert Shaw's Review of Reviews declared that the writer of that letter showed himself to I intimate with the writings of Fd mund Burke. The joke was on him.” langhs McNab, “T nover read DBurke in my life.” Greece, Hungary, Latvla, Lithuani Norway, Poland, Swoden and Swi zerland. | Removed 1o the Far Bust, the sum would lust two yvarm without | further income, in operating she | complete governmental activitics of | Australia, China, Dutch s. | India, Japan and New Z d. Tt would pay national defense bills for | two years for the United States, Great Britain, TRussia, China and Trance, leaders of the world in ex- tent of expenditures for defense purposes. Or it would pay for all tha exports and imports of the Inited Sta for 24 months, on the basis of 1927 husiness, MNAB'S GAREER IS INTERESTING ONE Educated Himsell on His Father's Ranch San Francisco, June 1.——"Mi ter-rer-r Chairmun-n-n - and laa- dees and gentlemen of the Repub- lican national convention, 1 now | place in nomination the name of the greatest of America’s economic asscts—Herbert Hoove The band will strike up In a noisy blars, Coatless delegates will lcap to their feet and yelll A tossing, mixed-up parade of men waving fall standards, on which arc written the names of states, will surge madly through the crowded aisles of 1 big auditorium shouting and che ngz. The galleries will pespond with A mighty roar. The musde, the nojse, the bedlam will continuc for many minutes—possibly, for several hours. | And thus the carefully planned ! “Hoover demonstration” at the Kansag City convention will be un- der wa The orator who has just nomi- nated the sceretary of commerce for the Republican candidate for the presidency, probabiy, will finger his wilted collar, take a sip of watcr and smile as he views the enthusiasm he has created. Every- thing is already planned. It re- mains only to introduce the man who will do the nominating — the orator who will place Hoover's name bhefore the delegates, 1s Republican Power s, is John L. MeNab'of Cali- fornia . lawyer, farmer, ora- tor and scif-made man of &f one of the Republican party's most powerful leaders in the west. Always more or less of a “reg- nlar,” yet a staunch supporter of | Senator Hiram Johnson, McNab has served as something of a bal- ance wheel hetween the two fac- Hons of the party in California Therefore he is considered an ideal spokeaman for California Re- Here's the Answer! gotting less than , it is unnecessary L big dent in your pay cheek any week you hap- pen to need clothes It you You Can Settle Your Whole Clothes Proble By Layin Aside $3.00 a Week. 2.00 a week for vour suits, overcoats, hats, shirts, sweaters, ete., and $1.00 a week for your shoes, under- wear, neckwear, ete, THINK IT OVER! The -Payment-Plan is srowing by leaps and bounds hecause the American public has learned to pay out a litile EACH W K instead of hold- after week just they didn't have the Figuring vican man is Now Enfoying Life and Wearing Better Clothes Beeause He is Budgeting His Expensest 413 MAIN ST., NEW BRITAIN Near E. Main pection With Any Other Store In Conmecticut No By the Way— Come in and see our new 100¢; Pure Wool Suits that we are selling at only $2850. Every suit guaranteed with a money-hick guarantee it not completely satisfied. No references or recom- mendations needed to get ecasy-payment-terms - here4-as long as you live within 50 miles of New Britain, Come, get acquainted! 1t won't cost you a cent o ¢ in and See the Kind of Clothes We Sellt GULD ‘.Mustard . EW BRITAIN DAILY HEKRALD, it 1VAL, JU e ey = T MeNah has Known more or less ‘ 'u.ml aml ix of particular interest has a definite anterior and posterior ' the shape and compoeition of thenllunlty to enjoy the best kind of familiarly MeKinley, Taft, Wilson, {to science s one of the simplest end, but each cell acts as a unit hav- eyes Dirccting sunlight into them | outdoor sports. tion, ‘H.u’xlmg. Coolulge. 4 8, a friend s ays will be “the first president of ted States to hail from «al It s his pride of 11 forms of Jife, Each cell in i Volvoy, [ing virtually ull of the functions of from diffcrent angles and studying e man e | Dr. Tuttle says that in a single nuinbering trom 200 to 2200, is {the group, this form of life being so the reflected rays and spots of col- | day he has treated patients suffer. F g l J F canipy ith om them ranging | simple that specialization of differ- or, he has established that they con. | ing from 25 different complaints. Jfr QUILINGE, vow o w0 milimeters 40 ent parts has not developed sist of a cup-shaped pigmented | These diversified linesses, he points diniicter aid working independently | gpout one-thirticth of cach cell s Structure, with a lens at the mouth | out, permit him te expand his. prac- v occupicd by eye. which is not ©f the cup and” photosensitive sub- ' tice o that he is constantly better- SOml A]‘e 3'000 Times S}na“fll‘ w‘f b (\\".'il.y; : e . oy I;]:.!‘ “?f" cauipped to deteet i stance within it. ing himself in his profession. He is 1 do. but scrves 1o — not restricted to any one disease or 5 table or th kingdows, 118 | and seprosnting of the 5 e |complaint and in this respect, he Than Pinbead gr6an. phlor Rural DO.(‘lOI Finds His Lot Is Pleasant spccianst. towsid 4 conunon ol s as human thod of ob- 4y .¢ o nital to the colons: says. is often better off than a sizing starch apparently are connecte ining B e nd suzar from wats b . ” : e L ¢ i g ter, ’_]‘?"v'“t" closely with the o, Alion, N. H.. June 1. (—While = o inore. Md., June 1—@—The 1 w0l Hght are plant character- | 1o long, hair-like pic leaders of the medical protession| AR NAVIGATION CLASSES iR e hL G e e s Hs hehavior and move- | oxtend trom oact striving o0 induce physicians o' Iaris, June 1. (P—Air navigation up practice in rural communi- is being taught for the first time in sied by a pinhead have It s deserilied by Dr. Mast as be- or away from the source of | 5 ntry doctor is not the ular classes here. Every passen- N ascertained after years of ing itifully symmetrical” in at the time cause it to roll over | pitiful eharacter many make him plane must carry a licensed with \ study by Dr. 8, 0. Mast. professor of fori. The eclis, loosely connected |and over on its longitudinal wais, out to be, says Dr. Ralph W. Tut- tor beginning next year. ogy at the Johns Hopkins univer- with o network of living fibers, are By applying the principles of re- sit group-l eround the surface of & flection and refraction of light 1y are the eyes of the Volvox. a sliglily clongated sphere of gelati- utilizing optical instrumonts w minute grecuish organisii which nous material about one millimeter magnified them 1,500 1o @ flourlshes near the surfuce of still in diameter. The drganism as a whole Dr. Mast has heen able to asecrtam all that 3,000 would not fill the * re those of aaimals, unison, propel the On the contrary, he declares, he Ttaly is electrifying 330 miles of vlvantages not within the scope | railwa d soon will have more city physician, together with than 1,000 miles supplied with eur- and an oppor- | rent, ¥ fair imncom _HERRUP'S nsational Offe: Console Table and Mirror The Console Table i3 finished in mahogany—the mirror has & Fama e 89,75 Chippendale Mirror A eharming Chippendals design {rame of genuine mahogany ang fine plate mirrorl Goldsn COMPLETE 12-PIECE _ OUTFIT 4-Poster Finished in mahogany—a beau- :::l“l okion #A e . You will recognize the high quality of every pleoe Colontal! ......... $14.75 1m this outfit when you see it! Each plece is essen- tial for the charm and complcteness of the modern Uving room! The price is reduced considerably for 3 & fow days enly! 12 Fine Pieces At a Sensationally Low Price The large Davenport—Wing Chair and Club Chair are upholstered in fine velour! Each has spring 0Odd Pieces 0dd Be left from backs, arms, cushions and seats] Alio included are B e D . various finighes! the Bridge Lamp and Shade—Davenport Table—End Table—Table Lamp and Shade—Table Scarf—3 Book $1.50 WEEKLY Endst U | w“}f I v‘w 1'5 i | ey s Refrigerator 3-door, side fcing model— finished In oak! Au unusua! Cedar Ches.t Genuine Tennesses Red Cedar Wow v Sl OK et ooy .. 9,75 b g T An Amazing Value! 10-Pc. Dining Outfit # 12 9 All 10 pleces included in this suite—the extension Table—Buffet—China Cabinet—Host Chair and & $1.50 WEEKLY Bide Chairsl Each piece 18 finished In WALNUT! Beautiful 7-Pc. Linen Set and Buffet Mirror Free! Herrup's are always on 41> alert 0 ,give values that mean absolute savings! Consider the beautiful WALNUT finish—the handsome lines of this Dining Outfit—and you will see that this is actually the fin- est offering in Hartford! Card Table Folds easily, and compactly— to be sold while the present supply lasts! Come early sl for this . Also we have included & 7-pe. Linen Set—consisting of the Table Cloth and 6 Napkins to match! and the Day Bed Buffet Mirror! Couch model Day Bed—ere- i Soncyomy-. 915,50 June Brides Home Cutfits! ‘These complete home outfits are @specially arranged for the needs and eomfarts of the young couple! Spe- cial reductions now—a small deposit holds any outfit until wanted! Complete 4 Rooms ‘This outfit includes complete Liv- ing Room—Bedroom—Dining Room and Kitchenette, including all neces- 1t Complete 4 Rooms ‘This outfit Ancludes the complete Room Living — Bedroom — Dining Room and_Kitchenette with meny T, Taven . $359.00 Complete 3 Rooms LTl outft includes the complete iving Room—Bedroom and Kitchen- A fiber suite con be used for the living room, sun parlor or porch! This one— ctte with al necessary pieces! A com- wita colorful cretonne covered backs and comforiable seats! The finely woven fortable and cozy apartment fiber is strong—legs are well braced! Only Herrup's could offer this suite for $29 for out- ' $295.00 ALL 3 PIECES fit ... GUARANTEED LOWEST PRICES AND EASIEST CREDIT TERMS ARE OFFERED WITHOUT EXTRA CHARGE LLDKNER MAIN AND MORGAN STS.~ OPEN SATIRDAY NIGHTS Settee, v Rocker and Chair Finished in Walnut— the Bed—Dresser and ghest of Drawers! Also 50 the Bpring—Mattres: and - 3 Pillows included! An . exceptional valuz a! this i low_price! ; i $1.00 WEEKLY If You Prefer An Evening Appointment Phone 2-7922 100 e . 91D §2.50 ik Fa R 500 sl Weekly r-,u:e-m - & sl,m up to ..