1.1..
. aumlnml‘
1 pm/
ofiuvu'
Enq ‘7
Cup; 3f
the De
Geo rgc
case is
llslmull IN ,
“lull CASE
ll \l:'l'l"llllll. March fit—Tho trial of tits-
~~'.mu»l A. llt-rman. \Vinstod law-. Jud“...
\\ Mn N (-hurgvd with pe-rjnry. was ;
:mw-l in tiw Superior Vourt here
lu-t‘urt- Judge Ave-r):
I'v lllli 1‘. Htoddurd.‘ who is serv-
» _. alumn- in \Vo-llwrstivitl on his
vlllllt‘SleU ot’ pvrjury. was tho
“Hm-m9 inning lwvn culh‘d to the
l lm‘ u continuation of cross-ex-
was next
'. l.‘,'\‘
“"“m' “3 lunnard J' Nick‘TSOH' question was being decidod. Judgelrangz- (:leOle;lllfikn(l)l‘:ls incorporated on
4 7:4: tor .‘zlr. lll'rlmun. Stoddard Aw,” excluded m0 question. u", (lo-la" all“ )1: f) “.1“. - . ' f
"1 ”Mt ”w ".’"“““.‘“‘ (‘UY'SHOH,.‘ rump winning the point. up] .ludgv‘n .519 0th.;s uucct Sowpultyug‘
‘1 x" 3"" "W” ”mt amuust hun- 'ltill was excused as a witness. ! .“ gem? as mo”??? 1 S can
wd l'..’ll'll|':v' was \vhr-the-r the tim—P . _lrom $100-0l’0 t0 34-)“.000-
l.ltl ln'v‘ll
|ion he) had then
clerk.
Albert
.lilll pructicvd law for thirtydivc yours.
Mr. Alcorn if he had been cullvd on by
llarnvs. and tho
qucstion was immcdlatcly ob-jcctcd to
by wounsvl
on tht' admission 0: tho question on-
nuv‘d. tho jury being r-xcusvd while thr-
M r.
e-d in
C. llill. who said he!
called. He was asked by Inco
The
admission of the
for Herman. A wrangcl
The
ion: vs..Dek1hé:-y use :00. cm: lic- ’
A second trial of the civil action of
Jacob W. Kata. of Newark. N. J.. vs.
was chun in the Superior court. in
llanhury. yestcrday forcnoon.
of the following panel: Clinton Jones.
lrooklicld;
Joyce. New Fairl‘wld \\"illimn W. Peck.
Newtowa‘: Clark M.
William H. Hill. Refilling; Clift‘ord A.
Seymour. Ri Seymour. Ilidgcfield: Ar-
thur C. Bradley. James Smith. \Vcst-
_ on: \Villiam S. Knapp. David VVinton.
“W ear} \Vilton; George F. llrnnett. Bethcl.
y V Judge Samuel A. Davis. l)unhury.i _
° . and Attorney Jncoh ll. Klein. of.
the. Public. 5.
Bridgeport. ”present Mr. Katz. \Vil-§
vliam H. Cable. 01' Dunbury. and Judge :
William H.
_ given the words ‘infrcprcse-nt the i)('i0hl“ry Hat Co.
full for timhcr" had not hccn written,action is om- .
,nt ths- timc the) check was prepared. ‘Mr. Kutz claims is (int him through '
Lucius l‘. l<‘nllcr.vn§slst‘ant clerk of”””‘ ‘h'f‘fld‘mt company
tho Hupvrinr (hurt, idcntiiiv-d a photo-
grahpit- copy of a. rcccipt from
.Hmmnn for tho chock givcn by Stod—
ulurd to \lech which were In the tiles claims that the
quality
:shipment of fur in .
was tried to jury last full and result-j
IkCORPORATION PETITIONS.
ford yesterday include the following:
field Realty corpor: {ion of Bridgeport
has incorporated with a.
‘SBUJIOO.
M— I 4'
non Being 'PrierL
lohery Mat (70.. ot’ llaxibury,
‘ Judge '
h. Hinman presiding. The
being tried to a jury composed
Arthur t‘lmse.
Joel E.
PARIS.
a.
“Fink-h Search (hummus-—
Many [amfiflcd .
March‘ 31.—Nearly
. , ‘beaunc‘f
Whom
,in .
Argonne Proves Natural When-1m g
tounccs of
two about twelve ounces of carbor to re—
hundrcd bodies of American soldiers place the waste. the
have been discovered. more than two three pounds of 'bread.
years after the armistice hidden in re- '
cesses of the Argonne forest.
I
, «ct-the—«wfimns.
treat for bodie- that are still
Ordinarily we consume about thirt
oxygen daily.
oquivu lcnt
Try a Sentinel \Vant Ad.
rcquiring
of
null-
y'.
l
Ely. Norwalk;
Comll-v. of llritigcport.§
The _
involving $6.000 which,
returning a‘
1918. The cascf
a disagrpcment. The defense
fur was not oi: the
ordered from Mr. Katz.
rporution pupcrs tiled at Hart-
\Valdcn Brothers and Nusscn-
of
capital
l‘nitcd Slati-s Trucking com-
pnrchusml from Mrs.
.: lump sum of SLUUH ,or for
H1. wns question-r
’l llll'
. Tlll‘ll>.lil|l trot.
. ' iv-nu'l‘.) w “guard in testimony,
‘ l.im-.ll' and othcrs in the
v M H mm lp-nrd lml'orn- .llllif—‘SP,
‘l .‘ l.' s, .ll‘ll [n.lrth nlur'lv lit'lll‘lni',‘ mi?
.z, 4 IIIll\t'l‘:-.lll0l‘.S leldzlld was
m. ,l.l\l' lml Willi :svuv'l'nl pv rsuns o
\.‘n t.-.~liliwl :lt tlu- lll‘t‘ViOllS trial. in
\ '.ll'll Stoddard was rlvc'lul'wl to have
i -l lhvtn hr- purl-husml llll‘ illilllit‘l‘
:' =\ ‘i lhowunll. and it]! pt‘ whinlx
.‘ <14»le liml tit-illt'rl.
l‘liltn: r lvsttlnnnj. infirmiucwl
(mm mm: thv payment at" :1 (luck of
\‘. ii 3:
m"! In Alvin-w .l. \Vl lch for pay-
‘zl ml llm'm‘r. S'ai-l'lnrll suit] ille-
i . -».-k “:1 Hill l'ltll puvl'u n? for t'nn
tw-il't r. ilnll "win-n liill‘llPS gnvc tlw
wk “us in full pnwuwwl Xvi“ ll-t'
l \\’wl<'h rtzrrrul to this in tln- prws-
! nl‘ Bind-lard.
l‘ltllt‘i'lt'k .\. l‘u:‘ti<:4.
ll'ill‘lll .' ill ’llt‘l
ll'-~ .\uli.i1ll Sf‘llllnl. w. v-llml
' wiurillHL: 31« ill! llllliul tilt|
l‘?.:nl..l:w‘l:1v0'.l l.‘ lili'l lthltlntl l‘) in
tin cull action. and \i'rls- hf ll‘w upvw
llurtl'nrli.
:llitl l‘l
ul‘
iztl‘nn S’lrnli
m :15 :l
4\;.: w.
73 NORTH MAIN ST.
with. Poi-{Sued i
uuLuscl‘NiHEAo .
M UTE! R
The Nash is exceptionally roomy—It. has the fine feat
ur‘es of great power, beauty and
formance. '
‘ _ \ngw- 'm.» x.
K /"
—'
AprilVictor Records
. .On Sale -
Tomorrow
OUAL/i’)’ HICHEJT' 'RIVCEJTLOWEST
. _.
l
l
5
“79 take great
this vicinity with
dependability of per-
S. L. BENEDICT
1
SOUTH NOR‘VALK i
The April Victor Records '
Will Be On Sale Tomorrow
‘ HEAR THEM AT
The Hamilton" Shop
49 Wall Street,
Norwalk
CRE
Phones
that we have just completed our .11 i -
cated at? 16 to 30 Shippan Ave, 5' : wlmx
. . _ , .~ at
Conn., and, begmmng' h'londay, my "-
16-30 Shipprth Ave.
. . ,“1 .. 1’:
pleasure 111 mm. wit u
11 lg.
ll
' Will be ready to serve all our cushy m»: ‘
Stagfnrd. f
3207 and 3208.
; Try a Sentinel A”
\
.—
By FRANCIS H. SlSSON,
President Guaranty Trust
Company of New ‘.’ork.,/
ll may arrive at a Let-
tl-r understanding of
the problcns proscn‘u
oil by tho prvscut
stringent credit situation perhaps it‘
We rccull Some of the important
factors that have crl-utl-d present
conditions. The tremendous losses
caused by the Wurld War, of
course, were primarily rOSponslble.
To meet the cmcrgcncics of war the
,people of this country sent billions
of dollars In food, fuel, munitions
‘und loans to Europe.
Production and distribution in the
_ United States, it is estimated, has
bcen increased from 15 to 20 per
cent since 191-1. Commodity prices
generally increased 1-10 per cent
from 1914 to the peak In February,
1920, and they have fallen only 25
per cent since. Consequently a
tremendous and unparalleled de-
mand for capital was created.
I‘Vhere a bank, for instance, bad
lent $1,000 to a business concern in
1914 it became necessary in 1919 to
lend $2,400 to perform the same
business service.
While deposits in the banks in-
creased from about eighteen billion
dollars in 1914 to thirty-eight bli-
lion dollars in 1920, loans and dis.
‘counts increased from fifteen bil-
fllon dollars in 1914 to thirty-one
billion dollars in 1920. The Federal
Reserve banks in 1915 discounted
Vice
bills for member banks to the
amount of one hundred and sixty-
one million dollars. In 1919 the
amount of bills discounted by the
Federal Reserve Banks aggregated
peventy-nlne billions of dollars.
. The period of unusually active
business and rising prices following
the war was characterized by a
I va 0: extravagant buying by" do-
mestic consumers. Speculation was
Rampant. Capital expenditures in
preparation for meeting the un-
usual demand on the part or. the
mug for goods naturally tended
lobe Wye in many instances.
In the first ten monthsofJQZO in-
with an nzzrogntc of more thnn'two
lwllllnn dollars in bonds, notes and
Stocks.
This pcrlod was also chnrnctcr-
lzcd by c:\'lr:lnrrlinnry demands ‘on
the part of foreign countries for
Ambrlcun growls. it was to be ex-
pected. however. that with the pro-
gressive industrial recuperation of
the recently belligerent countries
there would he a reduced demand
eventually for American floods in
those malkcts. And domestic buy-
ing could not be expected to con-
tinue indefinitely on an extravagant
scale, Accordingly, in order to fore-
stall the possibility of an extremely
dangerous lndnstrlnl situation in
this country, it became necessary to
check the further expansion of
credit in general.
The logical corrective for threat-
ening over-expansion was the rais-
ing of discount rates by the Federal
Reserve Banks, accompanied by a
purpose to restrict credit accommo-
dation to those borrowers whose
collateral'gave promise of retaining
safe margins of value under condi-
tions of probable commodity price
recessions. The application of
these means has helped to bring
about a more normal business activ-
ity without on intervening period
of widespread and sustained de-
pression. .
Yet, despite the emendous in-
crease ln commp'd ' prices and
wages, it is noteworthy that the
cost of money has increased, on the
~average. less‘than twenty-five per
cent. In tho. face of greatly in-
creased operating eXDenses and
losses, inevitable in business reac-
tion, the bankers have been ultra-
conservative in fixing rates. Money
ha} been the cheapest element In
business enterprise.
It istherunctlonotthe banksto
vitallza credit by productive PM
essesandmakoltotmtothe
community. one first and highest
duty 01 banker. in to put-"1W0
credit in cubic tom and to dio-
tribute and apportion it ‘0! a“
good 61 the whole communltl- 1'1
discharging this duty Dubr- m
A UN'T lN TNE NEW
- AHERlCAN MERCHANT
\ MARmEvzllS lMDOR-
mm men out: EXDCDT
WADE 9.: FOSTEDED
m passenvs om
oomesmonosormry
\
.m'mmflm
always give heed to the condition
or their reserves.
It must be recognized, 01 com
that geneml reduction in com-
~modlty prim cannot be attached
without hardship to many elements
of the business community. Any
business carrying on hand stocks of
raw materials or finished goods
generally incur: the risk of depre-
ciating values. When prices are
rising, profits are in part the to
suit of appreciation In the values of
such holdings, and conversely, in a
period or declining values the risk
of monetary ion is incurred. In a
period at rising price! tho credit de-
mands arc progressive and bond, I!
met. to stimulate further prion Id-
vances. Accordingly. tho bunk
must necessarily exercise restraint
exam-a was: and
enlisévoonv mixer. new m. AGREAT
a muovrmc CENTW‘.
”030%“ F090 PR'CESu
quires.
unhindered.
mistrial financing latch on m
RAH. NOT on“ THE
323%: AS aoomowm.
TRANSPORTATION FxsunEs
ARE DGOVOOED THE CREDlT
SITUATION WELL {:TEADlLY .
inVE. :
clan of prices which the state of
production and consumption re-
The fact that the inevitable re-
adjustment: have thus far been ef-
fected without? really serious dlm~
cultles gives promise that there
'will be further gradual readjust-
ment! with a more prompt resump-
tion or normal prosperity than
would have been possible had the
at credit expansion been
The speed with which approximate
stabilization in business is to be
brought about will depend large-
ly upon development: thread, par-
ticularly in Euro!»- Industrial :0-
5.
A
.“
This condition is a fundamental
factor affecting our foreign trade.
In: much as our productive ca-
pac ty in general is greater than
is required for domestic needs. it
is extremely important that our 03:-
port trade be fostereddurlng thr‘
remainder of the transition period.
The financing of our export oper-
ations, in fact, will continue {or
some time one of the chief Coll-
ce‘r’fl of American bunkers.
The banks as a whole are in a
sound condition and the necessary
machinery and organization are at
hand to provide for the continua-
tion of an orderly domestic busi-
ness readjustment in a period of
declining prices.
The Federal Reserve System was
established in November, 1914, but
not until June, 1917, shortly after
r fuflLlJC‘hiS N
‘2‘ ///_/ GOLD 35.5““
///1/’/ pguul Hi. fa" \
NEW VC (‘- “ ' '
/,//// Teensvfi" '
,the rcqztlrml rcsvrx—n: nrrnith dc-
po<il :aml ill-iv lis.‘ loath):
$2270 ”3:110 u!‘ fl‘l‘t‘ cold (free gold
('nhsinls (if guld holdings in cxccss
of the 40 per cent rl-qulrcd as rc<
M-ru} for outstanding Ft‘dcrill RC-
swrw nt-trs. 3 per «:rnt rcsvri'c
against chernl llcserve lunit
moms, and the amount, which, with
other cnyh holdings, equals thirty-
iive pcr cr-lzt of the not dcposits,
rtquirnd as rotor“? for such de<
posits 'mdn the l-‘wlvral Ilcscrvc
act). Not dcpnsits und note liabili—
ties totalled $3.131,23l3.000, repre-
senting a crcdit structure about
{lurce times the gold holdings. other
than free gold, or about 2.7 times
the total reserves, other than free
gold. If all the free gold should
serve to support additional mem-
bers' reserve deposits in amount 2.?
Film:
our declaration or war, was there
adopted the present requirement
that all legally prescribed reserves
of member banks should be kept in
.Beserve bank-s. The real strength
of the credit position or the banks
depends. of course. upon the char-
acter of the paper they hold. its
liquidity and intrinsic worth.
Through the operation of the Fed-
eral Reset-v. 8‘ however, a
large part or the paper held by
member banks has been, given a
liquidity which was formerly un-
known. .
The went strength or the re-
am position of the Federal Re-
serve System is indicated by the
potential, but unused. capacity for
tin-elm: credit expansion by tho
Federal Belem bank! through
«m
times the free gold, m bers’ de-
posits would increase b $753,548,-
805.
According to the report of the
condition of 825 member banks as
of November 12, 1920. their aggre-
gate net deposits were about 10.2
times their reserve balances with
Federal reserve banks. It a 10 to
1 ratio of deposits to reserve bal-
ance: is assumed for all member
banks, the potential increase of
753,548,805 in members' reserve
deposits represents a potential in-
crease in deposits held by members
of about 37.535.000.000. ’
It is not suggested, however, that
any such expansion 0: the credit
structure on the basic 0: the ex-
isting flee gold in tho Federal Re-
serve banks should occur. The
their members. .
93W
till! h
cnl mnxlnv‘n‘ llrnlt.
prcsmltml lm :‘t-ly tn
smwuthm \\ll‘l \vlm
ni' hunk (‘rrdlls is in
n .
in \‘ivw of our
snnnd «r-wlil p ~ttl2
Would Fl‘t‘lll lidtl \. ‘
of prll-vc :It llt".\'
brim: cm: .sliwl‘rn 1
hot. And :wt mull tw
nu‘tli has lll‘l‘ll (‘zlrzie'l
Int, nnd priv
tick; suwh n< Kl4'i‘l
" “l" lip T.
:l"
and w-‘nvrul 2" tall 1'
1r.“ l1*\'t“‘-. (:11; \V\'
5»i;,;"f~.: p.
l‘ml \ . 1
l .~'l \ , l‘, , .
www.41- l1 win.
in «rlfnr slur
in ii.” lulvliv- :‘
i“ \l'w '-u,\'ll 2’.
lili\:"*"..
Ii (.1
Ii‘nllol 1.,
Elm-H I .-~‘ .21 ink «mm '
ol . e. l
x ..
,.
. ..r-l:f the 'r. :Jd a»;
. l lw‘u-Inu will!!! <-.‘ :
pun I'm 5:115 rnwor let'-
(‘un hum tn rrwwl‘ :1
And the willhnlrling (it
ill” TL‘ili'lei. :15 Well :1:
ownry alloy in nmrl
lv~"<e llS llll‘ nl'ailulllQ
cl‘wlil by “t‘rcnztinsr” thn
mfirl‘wl to carry the Quill! :1
nrn sold. Sn, n'M. do 1; U"
sfl‘Ekt‘F i'v‘“'.'1‘:ll l'l‘l‘tlll. :1! k
trl‘t'vl'c with prmhzclhll
\Vu :lf‘lli!‘\’0 ll
lil't‘x‘it‘ll .Slzlllilix:.liun o.
('1 l‘llllillns null
chants who are consul
prom-pl prnllm and form
tmnpurary gains "my nw '
hunt lnFscS lntcl' on ml},
solves to the ”find of thl
ccnse ()llllt'ul‘ol‘lllg to su-
opcration of ecunmulc lav
But, while the rvndjns“
rind through which we n:
lr‘. nocosmrily puiivfnl, ti
is wholesome and lwnoflvl“:
l‘unrlumvnlally, vcnlmz_ x ~ V
in the United States ‘
sound.
The crop?! this you
bountiful. Our trnns'
cllitics have been vas
ed through incrcasod‘
under private cnutr
has been equivalent
600,000 freight cars to
road snrvlce. , \ ...
Anotherixt‘rcmelylmpm’w “rm-
tor that is gradually but nu. «My
effecting a bettermcut in out «"23-
trlal situation is increased cf . , [xv
per mun among wr laborer , 'I he
droncs are being llrivcn fr” wur
industrial beohlvcs. As a w "*-
quence, we are bezlnnlng l' 31'
Chi; lll‘tl
lllnst' l
"r:'
crease our production at "P
costs, which, as I have point!" l'.
is absolutely essential to m,
our export trade and pm, ‘3‘
prosperity. ‘
In view of all these fochTl‘v ”
would seem probable that m.
movement in credit conditions “5“
mark the early pm 0 1%}. 9.3“
that a new and tom ,b bail:
for business in pro ’ W3
should plan accordl l . l.“ ‘
next twelve month! Wit Viola 1‘
courage—vision to Ice r933. 95
com-m to gun that lull " i
W
. , , ‘Ir
‘X 4 "b ‘3' ‘IL—‘i‘t' ) V v "
Hu ber’s Ice Cream
I,
I .i.‘
‘ .
‘2.“ .
Norwalk Chronicler