The evening world. Newspaper, September 10, 1920, Page 8

ff Dothing to betp the housing | L._ Clarke, ‘Prostdent > Med Exehangs National “Ga OF UL FINDS BLANED ON EDERAL RESERVE inkers Urge aichasibe 3 in Law u Which Bars System From Mortgage Field, S ALL THE CASH.” San Back All Commercial Deals, but Is Unable to Aid Housing Now. Tn yesterday's Evening World a s bank President and a title fompany mortgage specialist ex- ined how big estates have with- from the mortaage market, banker, aasked where the fs to come from to build , taid all the money had van- and promised to demonstrate with a $10 dill. By Stanley Mitchell. ; Danker pointed to the worls eral. Reserve Note” printed ons the top of the $10 bill. hat's where the money has gone,” said. “The only real money Is ‘We used to have gold treasury representing actual gold that Jocked up in the Treasury, You d take them to the Sub-Treasury got gold coin for them. Stop and to remember when you last saw ow $10 bill. They have all been m in to form the reserve for the nt banking system. in place of money we have Federal rve notes, These are promises to , imsued against 40 per cent. of and 60 per cent. of commercial per, or promises to pay secured by chandise in the course of a trade ction, When the merchandise ‘disposed of to the ultimate con- the Federal Reserve notes nat it are paid off and cancelled. fovaree this i# not done in each in- CHANCE FOR A 6 PER CENT. MORTGAGE ON A HOUSE, among National he pa oo do in é appears Jaw a National bank one of the best informed ane | fo the country, sald he could no way in which building funds ty be provided from this souree, ue Glstincsy prohibits Nes lending money on real ite," Mr. Clarke sald. if West 42nd Street Cordovan. $3.50 and $3.75 Medium weight; _ only, Regularly $3: It ts con- Substantial Price Concessions will prevail” . PURE SILK STOCKINGS— Black, Cordovan, Negre, Beaver Superior quality; Black; and Giey; extra reinforced. silk extra reinforced tops and tops and soles, Bogelaly 2.95 soles; heavyweight. Reg- ” 3.25 Pasian THE EVENING WORLD, FRIDAY, _ SEPTEMBER 10, 1920, i sidered necessary to keep the fundsajing plan themscives regard tt in the National banking system in| desperate expedient. These coatly ang} LONDON, Bept. 16 / more or leas liquid shape so that any| doubtful experiments can be avolded |ateamer Siboney 1s aground in th emergency may be met. If there were]! taney for building loans is forth- in arbor of Vigo, Spain, according co fA pudden call for mobilization of re- | Coit" s Lioyd'ateopateh filed In that clty yea ’ sources, money tied up in long-term writen, erent bg yg Me gnats 41 re part of the veanal I Diamonds, Watch well real estate securities would not be Kips nd v) Forks, and, It ie feared ai ai 5, Je elr, available. It te the function of the|to ease the situat! P i pe y {t to Meht The B commercial banks to keep the bust- erformed a wblic hess of the country moving. “Great cate Is exercined to soe that banks do not abuse the use of the Federal Reserve to make oyerloans to Wall Street, If commercial loans ro down and Wall Btrect loans go up ‘na bank statement, the bank Is called upon to get back to what the Federal Reserve Roard conaiders a pring it about it will earn the tude of every one In New Y proper level. Reporte are made to the Federal Reserve Rank every day by every member bank. FEDERAL RESERVE IN REAL ES- TATE FIELD CONTRARY TO SYSTEM. “The safety of the Federal Reserve currency depends upon its short term. Each isaue ls made on the theory that it is self-lquidating and that the merchandise under it will have reached the consumer and be paid for by the time the joan falls due, No stocks, bonds or other securities, ex- cept Liberty Loan bonds, are eligible for rediscount by the Federal Ro- nerve. Congress permitted Liberty Loan bonds to be Included In the ne- fotiable clase, so the Federal Reserve could carry them for the banks that were carrying them while the inves tors were paying for thom. “To attempt to put the Federal Re- nerve into the real estate investing fiold would be contrary to all tho theory upon which the system ts bared.” From an official of the Federal Re- serve jt was learned that the Liberty Loan bonds carried are being reduced rapidly, He explained that although currency may be Issued against prod- ucts In storage, the utmost care ts taken to prevent louns on commodities being held for any purpose other than legitimate seasonal needs. If an egg dealer 18 gathering his usual reserve for storage against the winter months, fit ie regarded as legitimate, If he ts trying to corner the egg market, or hoard commodities for higher prices, the Federal Reserve notifies his bank that his loan is not desired. So I went back to Randall Satiabury, mortgage expert for the Title Guar- antee and Trust Company, to tell him that the Federal Reserve system does not permit the Issue of currency on real estate eecurity and to learn if he had thought up any more places from which money may come to keep roofs over the heads of thousands of New Yorkers faced with the Jows of their homes, LEGALIZATION OF MORTGAGE LOANS NOW A NECESSITY. Bizes 6 to 8, 6% toll, 11% to 2, Gun Meta! Population as any commodities,” Mr. Pp Brows and Salisbury eaid. “If the banking law does not contemplate faanci: ‘The security back of New York's real estate loans is the soundest possible, I have seen mortguge money prac- | tically begeing in New York and put out at ridiculously low interest rates. ‘The peculiar situation in the money market that makes it hard just now to get mortgage money has not im- paired the value of the security back bullt, and econ, There ia School Shoes For Thousands of Little Feet Fyvery good style for boys and girls—including the famous Blyn-Plan Nature Shoes—ready in tae children’s Big Departments of All Blya Stores, Prices are low—but quality and value the best. For Boys and Girls €Bunzay The shoe that “feels Tan Russia Calf |’ Sizes 2)4 to? 4& White Nu-buck Bizos and White 6 4. % to 11, | Button 50 “Houses are just as necessary to the |[P Little Men's oes | Sizes 834 to 11......3.00 factory is famou. Smeg. Say oe ei ane a ig Biack Caifaes 400] Dis.arded rin ‘: matched and set in ly set im one exoaller is site Wie EA “| Sines 1114 to 8... ..3.50 and other pistnums 0 pop: ofthe most favored — monds, artistically H West Bide Stores: East Side Stores STATE wally pe M4 Li ea Oy pend styles of hand: clustered, H factory onthe vantage. Real made rings. $1,275 EH premises. platinum. $310.00 $950.00 as q|Stenmer Sthoney Amround ‘anes! “tl nig, are “oeing landed, Sho ew York Aug. 14 for and of Aug. 21 was at Ton- Third Avenue, Corner 58th Street Diamond Engagement Rings - could announce it. When the diamond is pure Sumi A such a ring is justifiable. Lambert Brothers solitaire Hee eee ote ote Phied my al thet Basa Fine Diarrond Fine Diamond Renee Rew Reonst Ring, Eeoresy Kine Diamond Rings ‘These rings have platinum mountings, and are all choice hand products in Lamberts best style, All hand made in the Lambert factory above the store. No middleman to pa . The small diamonds are carefully matched and are #0 ppily disposed around the larger stones that the effect is most rich and pleasing. A feature of Lamberts work is the secureness bs which stones are set. Danger of droppit a is speci: eliminated, The rings shown below are ‘of beauty. The small stones are all pure and cleverly rmatehed, while the large diamonds are of extraordinary brilliance. They fit the finger most becomingly and are nothing on” 4.50 | Brown Calf 5.00 | and | 7.00 5.50 |Gun Metal 1 Calt. | Parent Colt to®, 4) Nu-buck, 00 ‘Bogt!st test and and Children ci? Thre: fine dia monds set in hand. made platinum, jerced and em tgaved ring, $850 ious lrg bein quise shaped dia Lambert Brothers Diamond, 14 mond, 26 smaller aMGRIWAAPOTATNL! 2444 Futon By, Bed, Hon 6 Bitten Se eae ‘Greene Avents, Seamless Wedding Rings And the luck continues with the wedding ring, the simple band of gold or platinum, of any size for any finger. inn gaan rae nara WEDDING BINGS WEDDING RINGS WEDDING RINGS WEDDING RINGS real estate city emban ing on any scheme, This is en- The Store A helping hand for the cook and the housewife MADE IN U. 8. A. [At Grocers and Delicatessen Stores E. Pritchard, 327 Spring St. N.Y. to-morrow (Saturday) at 12 Noon Madison Averue - Fifth Avene 34th and 35th Streets Nem York = 222 Ul TBckarat, $5.75 up MBkarat, $7.50 up U8karat, $8.50up POMPE, (18) French Seal Coats, $275 Value... $124.50 Tita tt. AWkarat, $6.50 up 2ekarat, $8.50up _22karat, $10.50 up 5 op (11) Holiander Seal Coats, $300 Value... $145.59 , (21) Seal Dolmans, $400 Value... $200.00 Watches to Suit Everyone (7) Squirrel Coats, \ $700Vatue... $300.00 7 f 12) Hudson Seal Coats, $500 Value... $250.00 will be closed is) Marmot Coats, _ $300 Value... $150.00 (17) Jap Mink Coats, $550 Value... $275.00 Genuine Skunk Scarfs, regular $50 value $25 Hudson Seal 300 "a0 value $70, now 14x72; value $60 value $20, now 1¢-karat green gold Wrist Watch Stern Brothers (Between 5th and 6th Avenues) West 43rd Street Saturday in a Sale of WOMEN’S SILK HOSIERY High-Grade Qualities taken from our Regular Stock and now offered considerably below the regular prices. WOMEN’S PURE SILK STOCKINGS Full fashioned; Black, Navy Blue, White or Regularly sold at $2.95. . $1.95 ALL SILK STOCKINGS— ularly $3.95 . » GLOVE SILK STOCKINGS— BLACK SILK STOCKINGS— Black All silk; choice open work 95.» 2.85 designs, Regularly $5.95, 3.85 Oo} a ox- mteel 01 00 rt Gof Credit } | } | polished acourate timekeeper, and ribbon Dracelet with 14-karat gold snap. 855.00 Bimilar atyle, gold filled case. .823,50 up which the wearer gets. that prevails at the time you buy is evident in all your dealings at Hygrade, You will find our Credit Plan unusually generous. Sant SEH nines LAMBERT BROTHERS NY GRADE Diamonds, Watches, Jewelry 1 WEST 125! ST | . eters 1} Third Avenue, Corner 58th Street Near Ann Street Turn This Way. That's right. Now you have the view re 58 J4-karat green gold Wrist Watch, round, g2 =| ‘Le fs g'= Store open daily 9 A. M. to ; 6 P. M., including Saturdays Fe jeces, consisting of DRESSER, CHIFFO- ROBE, TOILET TABLE, bags in full size; as MUaebeOR Gis Ci sicaes ass dc tah oakabes cages teouseasan Classified Advatiliess d HS Important! P : Foci Floriicks Pageant | i 1 Malted Milk The Eun Worta shotld be To 4 f ‘ ? Ons or poy Friday Preceding Publication copy receives ference when, arg has tobe omitted, adve: fy omitted for With handsom: ahogany finished frames F worn on the ring finger of the left‘hand a solitaire diamond A) ‘ RS hop | ring announces an engagement more prettily thap ager white and has the quality of Lambert diamonds, pride in i ARS. Fifth Ave. ‘the dret ti jamond engagement rings are lucky. Prices, $25.00 to $2,500 ; Continual ot 173. Broad WwW ay New York’s Biggest Fur Offer! /ALL FUR COATS HALF OFF, IF BOUGHT NOW! Values—REAL values—in furs such as you never saw before—SUCH AS NO OTHRR STORE IN’ NEW YORK CAN OFFER! Our September Sales comprise over $500,0U0 worth of the finest selected furs ever brought from Alaska and Canada! All have been made up in our own immense factories, and will, now be sold to gou DIRECT—cutting out the dealers’ profit and saving you FULLY ONE-HALF on the most beautiful and fashion- . A able fur coats you can buy! DON’T BUY A FUR COAT Boys’ | For excellent examples of hand wrought — mountings. UNL YOU HAVE EXAMINED THE MAGNIFI- Shoes | Misses The rings must be seen to be appreciate: CENT SPECIMENS OFFERED IN THIS SALE—IN BOTH OUR STORES—AT HALF REGULAR PRICES, Deposit Will Hold Till Wanten We Specialize in Fur Coats for Large Women All Sizes Up to 64 Bust Measurement Brown Fox Scarfs, Hudson Seal Muffs, OPEN SATURDAY EVENINGS Our Liberal Credit Terms Apply to Long Island, New Jersey and Connecticut. MOTOR TRUCK DELIVERIES 86th St. Crosstown Cars Two Blocks Away Ath St. **L"? Station at our Loor 3d Ave, Street Cars Pass Our Door ALL GOODS MARKED IN PLAIN FIGURES 4-Piece Colonial Period Suite in American Walnut 3-Piece High-Grade Period Living Room and Parlor Suite ~~ $35 $10.50 369"