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people's money have been invested in the enterprise. So far, however, no American business man has been impressed with the idea that it aft-- fords opportunity for the safe in-- vestment of private capital. There is little doubt but that in another eight years there will be just as good an excuse for another ten mil-- lion appropriation as is being used "One of the stock arguments of those who are socialistically--minded is that there are some things the people need very Dbadiy that would cost more than private investors can supply. This assumption is abso-- lutely groundless. There is ample since the corporation was established and many millions of dollars of the provide whatever the people need. Indeed, it is waiting and anxious for investment but it quite naturally in-- sists that it have at least a reason-- able chance, under wise and econ-- omic management, to earn a fair re-- turn. It is not ready for invest-- ments that give no promise, in the very nature of things, of success. "Under the laws of this country the Interstate Commerce Commis-- slion is instructed to treat both rail and water transportation fairly, with a view to developing each. Special l&ynuthepn-odmmzoput government into either branch of the business. It would, therefore, appear to be nothing more than fair i# we are to subsidize one class of transportation to extend the same courtesy to the other. It is the privilege of the American people to undertake the development of any or" four propositions, each calling for the expenditure of millions of dol-- lars, some of which are likely to be enacted into law. Stripped of their deceptive dress each of these meas-- ures stands boldly forth as a social-- istic enterprise, with which the American people would have nothing whatever to do did they thoroughly understand it. "At the time the Inland Water-- ways Corporation was established the people were told that the sole purpose in view was to demonstrate that river transportation is a sound investment for private capital and the same sort of an excuse for the present appropriation is being broad-- the people must depend. "I submit that our governmental investments in water transportation have never proven profitable from a financial standpoint. We under-- take at times to make it appear that they are profitable but, in order to do so. we must resort to such meth-- ods of accounting as will not stand the scrutiny of investigation. Some of our reports make it appear that the Inland Waterways Corporation operates with a profit, but to make it, so appear we take no account of capital investment, taxes or main-- tenance of roadbed. and until this mind the fact that we cannot safely expend the money of all the people for the development of an enterprise that, in the very nature of things. can be helpful to but a small portion of them, and then only by . doing great injury to the other branch of the same industry upon which all can business men, who are well known to be in strong opposition to government ownership and operation of any industry." continued the speaker. "Indeed, it is high time we begin looking this proposition squarely in the face. To longer de-- ceive ourselves by calling govern-- ment ownership by some other name would be the rankest folly. "Notwithstanding the obvious tmtht?t.huestawment.sthegov- ernment is being continually urged to extend and expand the policy of public ownership, upon which policy it has already wasted hundreds of millions of.dollars. Before the pres-- ation of ten million dollars to in-- crease the capital and extend. the service of the Inland Waterways Corporation is an effort to have the United States embark upon the un-- scertain sea of government owner-- ship and operation of water trans-- portation," said C. D. Morris, of the Western Railways' committee on public relations, Chicago, in an ad-- dress before the Real Estate board here last night. "This fact ought to be thoroughly understood by Amer:-- but the very genius of our govern-- INLAND WATER PLAN STUDY IS -- URGED IN TALK provided for, there can be no hope of interesting private capital in its "Grant that the peopile are en-- titled to the very best transportation service possible, by the development of any agency that may be devised, it wili at the sam> time be admitted that it would be worse than foolish to cripple the railroads, which are already serving t!e people adequate-- ly and economically, by subsidizing another agency, the record of which affords no definite promise that it can ever take the place of the steam railroads. which are operated with-- out a dollar of cost to the tax payer." --"It should be distinetly understood that the action of the lower house of Congress in authorizing an appropri-- I$ GUARDIAN OF VETERANS ' WASHINGTON. D. C.. May 24.-- There is an exclusive clan in Wach-- ington--and it is not a bridge--play-- O C ts x _ C AMMKEein:: sns achec t ing. _ tea--drinking, . politico--social, climbing clan, either. It is composed of young men who PAGE SIX their association with the wile Of TIdaho's senator than the tea drink-- ers and bridge players are of their membergshin in Washington's exclu-- that in Emphasizing the importance of sound, intelligent bank management, Craig B. Hazlewood, vice president of the Union Trust Company, Chicago, and first vice president of the Amer-- ican Bankers Association, laid down some fundamental principles to guide bank officers and directors, in an address delivered here today be-- fore the annual convention of the Kansas Bankers Association. --_"We must recognize that we are past the pioneer period in business," said Mr. Hazlewood, "and that we are in a new era in which the suc-- cess of business and banking will be in direct proportion to the ability of its management. We must .vigor-- ously develop and apply the science of management in the banking field. The time is ripe for bankers to crys-- tallize more definitely than ever be-- fore the principles of bank manage-- "While I lay no claim to the pre-- dirtive powers of a prophet, I ven-- ture to say that within the mext five years we shall find scientific bank management laying down basic prin-- ciples, averages, and percentages for the guidance ofbankers in the sound and safe investment of the funds en-- trusted to their care." m Speaking of the basic principles which should guide banks, Mr. Haz-- lewood said: "We should place in the hands of state banking boards and gomptrollers the power to curb over--chartering and , under--capital-- ization. Let those who wish a new bank charter definitely prove the need for another bank. SOUND BANKING NEEDS ARE TOLD Kept Supplied With Fags Several tobacco firms and candy manufacturers, who know of her ac-- tivities, keep her supplieg regularly with their products And on the days when she isn't at the hospital Mrs. Borah-- makes from one to a half dozen calls at government bu-- reaus, attending to her "boys" busi-- ness with Uncle Sam. She finds time, also, to accompany the senator to state dinners and re-- ceptions and to entertain frequently in her own home: Washington's proud of "the :ady from Idaho," who, before her mar-- riage, in 1895, was Miss Mamie Mc-- Connell. of Boise. Idaho "Let us often repeat to outselves." asserted Mr. Hazlewood. "that, the job of bank managemert is to con-- duct a bhank so that it is safe and profitable. Unless it is liquid and shows a profit, it cannot be of maxi-- mum service to its community. The volume of business means nothing if it "is not linked with safety and prof-- "We are all familiar these days with the financial statements of business concerns which show a low-- er gross and a higher net profit.© The meaning of this trend is plain. Man-- agement is entering in more effec-- tively than ever before. The more direct gzx: economical way of doing e required in business as well as eliminating everything nor-- essential, is being more and more scientifically determined. The same overhead is being spread to . cover greater volume. Expense items are being tabulated, sub--classified, re-- duced to graphics, and ironed out and down." 153 Mr. Hazlewood sent out a ques-- tionnaire to Kansas bankers to as-- certain the standards for the in-- vestment of funds and also to de-- termine the administrative policies which are followed in Kansas banks. Referring to the results of the ques-- tionnaire, he said: "Strange as it may seem, the answers indicated a complete lack of agreement regard-- ing the percentage of the banks' availablé funds to be placed in suc'h broad classifications as secondary re-- serves, bonds, and local loans. But that lack of agreement is not con-- fined to Kansas. It is nation--wide. "Among other things developed in the questionnaire," Mr. Hazlewood continued, "was the fact that 98 per cent of the banks which replied stat-- club. She is one of the leaders of that select organization of senaturs wives known as "Ladies of the Senate." but her "boys" at Walter Reed, at Alta Vista, and at St. Elizabeth's see much more of ner than the men and women of social officialdom. * "Although she is not well and should conserve her strength, she finds happiness in giving of her time to the soldier boys. Archaeologists and _ gold--diggers have one thing in common. Both are interested in fossils. No nooch--hound would trust a stranger if he were buying oil to put in his motor. "It isn't any burden," she soys. with a smile. "It is a source of iun-- ending pléasure and gratification It is I rather than they who derive the gathers magazines, cigarectes and candy from her friends, hires a car or borrows a friend's (having m herself) and goes out for a t with her "bovs." . Hospital officials say that tre-- quently some personage in Washing-- ton decides she must do something for the disabled veterans. of whom there are several thousand at he capital She rushes out to a hospi-- tal. gushes over "poor boys." cra-- barrasses them,. leaves a couple of cartons of cigarettes, and goes ner way, forgetting about them for six months Not so Mrs. Borah. Re-- gardless of weather, social engage-- ments. or politics, she passes thiee days a' week at the hospitals. statements for all happiness. You see, 1 have beeon with them so much that we have be-- of $500 or more. The bankers Of Kansas are to be commended for their conservatism in this «regard. The practice of obtaining statements is in line with the best credit policy and should apply without exception to manufacturers and other com-- mercial and individual customers, including stockholders and directors. "Important and necessary as out-- side supervision is, the burden. of bank management in the final an-- alysis must rest upon the officers and directors of the individual in-- stitutions," G@eclared Mr. Hazlewood. "The managethnent of a bank can-- not be delegated outside. Too often in the past, men unfamiliar with good banking practice have become officers and directors of banks. With loans s of "It is generally recognized that a bank's capital and surplus should be maintained at not less than ten per cent of its total deposit liabilities. Experience," asserted Mr. Hazelwood, '"has shown the ten to dn ratio to be necessary for the proper protection of the depositors. Generally accepted as these figures are, you have only to check through the statements of banks in various communities to note the wide divergence from this stand-- ard. 8 and automatically supply its direc-- tors with such essential information as a comparative asset and liability statement, a classification of assets ::owing liquidity and risk assumed, d other information having to do with various legal, new business, cost and profit phases of bank operation, :&ere should be a standardized meth-- by which the bank will regularly progressive and well managed banks where the directors have nothing to do with the loaning operations. Di-- rectors should more and more be selected for broad experience and sound business judgment, as well as valuable contacts and a cooperative spirit. Too often the directors have known nothing of banking and have failed to realize their full responsi-- bilities in the supervision of the bank. Perhaps, equally often, the bank officers have failed to give the directors the information necessary for intelligest supervision. EC they --furnished their directors with information daily regarding the bank and 17 per cent provided weekly in-- formation; 56 per cent monthly; and 13 per cent quarterly, which I believe good bankers generally agree is not often enough. There is a genuine ne-- cessity for the instruction of bank directors in the key points of bank management. They should have read-- ily accessible information which will give them a simple but comprehen-- sive viewpoint in the main causes of bank failure, the analysis cof state-- ments, the relationship of safety and profits, the maintenance of secondary reserves, credit control, the develop-- ment of new business, :and all of the recognized standards of sound bank-- wood, "require somewhat of the same knowledge of the essentials of good bank management as bank officers. --"Of the banks answering the ques-- tionnaire 14 per cent reported that "And when this has been done, THE LAKE COUNTY REGISTER, WEDNESDAY, MAY 30, 19283. o Kotchisky of Waukegsgn, and booked on driving drunk charges. His friends were charged with drunkenness and released in $10 bonds while Christen-- sen put up a $200 bond. Policemen Latz and Brean made the arrests on Eheridan road near Broadway. Lawrence Redmond of Everett was arrested Saturday by Policeman Brean in North Chicago on charges of driv-- ing while drunk and leaving the scene of an accident. Redmond crashed inuto another machine driven by Art Bittner of North m& Twenty-- second street and road. Ac-- and Minerals Coal on fort." ;. _/ the month mxhed'lw nomr t firs a little more than five times ory of produced during the month of April TY one year ago. -- ° ' ' The report shows _ eighty--five| _ Unusu mines in operation for some peried | blamed during the month, with the employes j State he working an average of twelve days| able hea during the month. " «_ | resulted Four Fatal Accidents : | mortalit Four fatalities were reported. in | Spring i the mines of the state during the| season month of A&Hl. These occurred in | Said, an Franklin, ontgomery, St. Clair| three or and Washington counties. -- During | always the same period 216 accidents were|time ex: reported which resulted in loss of | demic w time from employment, an average in 1918. mond was driving south on Sheridan road on the wrong side of the street while Bittner was traveling north. Redmond, with his brother, Charles, who was in the car with him, was taken to the police station and later released in bonds. Charles Redmond was booked on drunk charges and his hearing set for the same date as his brother's. © C. Christensen of Prairie View, an-- octher alleged drunken driver, was ar-- rested with two companions, Peter Swanson of Chicago and Charles Springfield, _ III.:--Approximately 20,000 miners were employed in the coal mines of Illinois during month of April, according to repc ARRESTED FOR _ DRIVING DRUNK 20,000 MINERS DIGGING COAL _ --Route 42, Section 113--B, JLake coun-- ty bridge to Widell Company of Man-- kato, Minn. This is a bridge job in Highland Park, near the Moraine ho-- tel. The contract price is $33,274.15. Route 42, Lake county bridge to Widell Company. This is a bridge job in Lake Forest, directly east of the North Western depot in Lake Forest. The contract price is $2,161.07. blamed by Dr. Isaac D. Rawlings, state hea.ith director, for ' unfavor-- able health conditions in April that resulted in a 'general rise in the mortality rate for that month. Spring is the least healthful of any season of the year. Dr. Rawlings said, and the mortality for the first three or four months of the year is From the days . when tilemakers fought to produce their wares, of the present business prosperity of the industry which has placed Illi-- nois first in the nation in the manu-- facture of brick and tile, the his-- tory of the industry was recounted. SPRINGFIELD, I!l., May 26. --The division of highways today announced the awarding of the following con-- Fifty years of clay manufacturing in llinois was~celebrated at Cham-- paign--Urbana recently when repre-- sentatives of Illinois .assembeld at their fiftieth annual convention at the University of Illinois. BRIDGE JOBS ARE AWARDED a fallinf off jof more than 6,-- 000 tons from the corresponding pe of 1927, when a tonnage of 26,247,000 was reported. Semi--official information received during the present month by the Department of" Mines and Minerals shows a steady increase in the num-- ber of miners working and it is in-- dicated the number at present is practically double that shown in the report for the month of April. of a little over one accident for present year therd has been pro-- duced 19,868,902 _t_:ig of coal in gl]i- Unusual iner employed eb a Oe For the first four months of the weather conditions are The judges, John Philip Sousa. famous bandmaster, Edwin Franko Goldman and Capt. Charles O'Neil, also nationally known bandmasters, did not reach their decision: until early Sunday morning. Secod place was awarded to Senn High school of Chicago; third to Modesto, Cal.: fourth to Gary, Ind.; fifth to Ham-- Citizens of Joliet enthusiastically honored their high school band Sun-- day for its third consecutive vic-- tory in the national high school band contest. Having been first in the three contests held, Joliet now is entitled to keep~in its permanent possession the $1,000 trophy awarded by the National Bureau for the Ad-- vancement of Mudic. JOLIET WINS BAND CONTEST CU)"" _ :"\U's' ht * *4 : y '-'f'_J w# . Z"'- {a(////k' :\ s 5335 S N . \*.~*~ P P TV 9- ""\!s'.'." 'a\ MOTHER:-- Fletcher's 4 y y Castoria is especially pre-- " > i pared to relieve Infants in arms and Children all ages of Constipation, Flatulency, Wind W \J pared to relieve Infants in arms and Children all ages of s ue Constipation, Flatulency, Wind f Colic and Diarrhea; allaying Feverishness arising therefrom, and, by regulating the Stomach and..Bowels., aids the assimilation of Food; givihg natural sleep. (hild jare 1 MA Cly for py unless he is making someone else unhappy. ® cational school, Lansing, Mich., sec-- ond; Princeton, Cal., third, and Ver-- milion, S, D., fourth. A little nonsene now and then makes news about the best of men. bands, those of schgl:n having an enrollment of less 400, St. Mary's Industrial school of Balti-- Still -- another thing becoming scarce in this country is a girl who thinks it is more important to put on clothes than it is te put on paint. -- If there is anything on earth less useless than the appendix it's the Libertyville man vygo is never hap-- mond, Ind., and sixth to Council Bluffs, Ia. Two thousand students ! took part in the contest, repment-l ing 27 high schools from fifteen In the competition among class B Libertyville Sho Store Kaiser Building Peters' Good--Wear See '4"* your plumbing's Be on rd both da o. ml" 3y and MORE discomfort and illness creeps into the " house through ba;i plumbing than any other way. Let us inspect your plumbing and correct its faults. Charles Jordan *! Libertyville, NL : First Class Shoe Shoe