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WHAT ARE FEDERAL RESERVE NOTES? Way in Which Currency Is In creased or Decreased Accord ing to Business Needs. Tedrral reserve notes are direct ob Mgsllons of the United States and are iTMH.!vabIe by all national banks and member banks and by Federal reserve bant s, and for all taxes, customs and iother public dues, but they are not l«fral tender for private debts. These note* are redeemable in gold upon the demand of the bolder at the Treas OI ~ , ,J'. >el î* rtr ? ent ° f f he States in W ashington or In gold or lawful verve notes are issued and the securl ty behind them is of considerable ln I crest Any Federal reserve bank ^r«r' C Ä 'represents r the Federal Retarve Board. lor each amounts as 1 may require accompanying 8 app ca . on . y , render of co lateral equal to the uBosnl of notes applied for This _ . , , , . trilateral consists of notes or bills Bcuutred either by rediscount from aember banks or by purchase In ine »pen market, or gold or gold certlfl «■tea Against It* Federal reserve notes that are in active circulation a Fed aral reserve bank Is required to hold a gold reserve of 40 per cent. But any gold deposited with the Federal reserve agent as collateral may be canted aa part of this required re e. In order to redeem Its notes ta gold when presented at the United States Treasury each reserv i bank DBstt carry a gold fund with the treas srer of the United States of at least & per cent of its outstanding notes ■at covered by gold collateral, but tbi* redumption fund counts as part of the required reserve of 40 per cent Federal reserve Dotes, then, are se rated as follows: (1) they are a di rect promise or obligation of the United States and of the issuing Fed eral reserve bank; (2) they have col taîeraî behind them of at least 100 F-y cent consisting of eligible paper ■at cold. (3) a geld reserve of 40 per Brat is required; (4) they are a first ften on the assets of the Issuing Fed oral reserve bank One o< the prime reasons for pro rîdf-ng for the issuance of Federal re «*rve notes was to secure an elastic anrrency—that is. a currency that would expand and contract with the of business This was accorn ptiaked by permitting the Issue of t'assse notes largely against commer slat paper For example, when mem bev banks are being called on heavily Unas they rediscount with their Federal reserve bank some of their - lactMe notes The reserve bank In tara deposits this paper with the Fed ■etaJ reserve agent, receiving f, om him a like amount of Federal reserve xa&M which may be turned over to taKfcnhcr banks In return for the notes ;® has rediscounted, or circulated In sKKDK other way j Cootraction Is practically automat itt. If the needs of business diminish täunv is less need for currency .md bra* harrow ng at the memb. r b-.nlta. These lo turn reduce their rediscounts «* their reserve banks by turning over | ta M funds received from the repay ment of loans and from deposits In tw» of declining bushi s It la usual ; tar tbe member bunks to ropav much -** the hr borrowing with Federal re- S term notes deposited with them by Sheds customers ? STRAIGHT TALKS WITH AUNT EMMY ra MÄlflWr CAUIBIPO CACV IDN mAAINli oAVIniuS LAST j I IW c b met Annt Emmy on the "Where are you going. isntjt May I come, too?" she asked. "W roarae you may. dear I'm Just to the savings bank with my Hk. Aoaly, I didn't know yon saved "Anybody can who really wants ' tat" Mdd Annt Emmy dryly "It's ■ray enough tf you have some system X doesn't seem at all Interest | /go to the bank once a week ]mrt no much," Helen said "titan sb no fun In saving that way " , "Maneeoae!" replied Aunt Emmy, "IT* good Inn,to see your Interest But if you as Interesting way to save I'll •*e*l yon one. You and Maud do It You put away a cent for i mmtA day of the month. Suppose you tagta today This ts the sixth All Tb&l. then, you each put six cents tato a Utile box. Tomorrow you put cents and so on up to the kterty-ftrst of the month Then you begin again with one cent. The most ]M will have to put away any one day I* thirty one cents, and you know tew «amity that goes tor candy or other useless trash." "Tea. but how much would we save ky the end rf the year. Aunty?" "Ittnoegh to pay for a nice little va «atIon or to make a flue Christmas— ■bowl nlxty dollars, without knowing b ahnoM," Aunt Emmy said "Wfcjr. Aunty that Is a great plan 1 ateB tall Maud tonight." Helen said "tf *■• dw tt right along at the end of The jresw »a shall have more than we I X ■ ragdtarty. I wish l could." ttr tSfim XMwVted up on the book. ted |g oar lives all at once " "RatacUy—but remember, the main Id rsgdlarlty—until finally sav wm tta ta» ft hahlL" Aunt Emmy B. Aym«i STRAIGHT TALKS WITH AUNT EMMY ON PLAUSIBLE YOUNG MEN "Isn't it dreadful about poor Mrs. Fuller, Auut Emmy!" exclaimed "That company she bought bonds In has failed and she bus lo6l nwir , y every cellt sllt . ba<1 ." "Do you know bow it happened ?" asked Auut Emmy. "She sot a leb ter from some öu called luvoatment j bouse' she knew nothing about. She I answered It and they sent u plausible 1 y ounK man t0 ber aud be p ergua( i,-d Uer ltiat ttje compauy was selling m * 'vnii*teaching I hav(J t0 h(3r ba n k asked (or rl u ub , e ln formatlon and saved her = F A »y hank has or can get the Lfthefr tndÄ H "d ."hTh^hi boU( , B Jn u cümpuay that the facu showed had been meeting Its obltga for arg h a , u# . , . . ® . ( and good business prospects, she i . . . f . . , I would not be In trouble today. In j stead, she took the word of that j plausible man who was either do j eelved himself, or who willfully de j eelved her. or at least was not so i much Interested In protecting her as j In selling bonds to her. There Is really very little excuse for the Mrs. Fullers of today because reliable In formation on Financial matters may be bad so easily." ! "If she only hadn't put so much I m<jUe * , ln Ul . use bouds!" commented "rtuputhetlc Molly. Ihuts another thing It Is unwise j tp du ' / eplled Aunt "It 1* always foolish to carry all your eggs ; In one baskeL Now If she had put only part of her money In those bonds j Instead of all she had, she could have stood the loss. As It Is there Is no | telling what straits the poor little wouian has got herself into. Like every one else Mrs. Fuller was too greatly tempted by the promise of a high rate of interest on her Invest ment. Her extreme ignorance of i finance coupled with the desire for b ^ b Interest caused all her trouble, There- are few things more dan gerous than thiukiug you cun do j something you know nothing about as i well as somebody who knows all '»bout it. How foolish that sounds ! i ual t0 8a J' R! Mrs. Fuller may bo j ab * e t0 8° t0 the butcher and because j °I her judgment of cuts of meat, gel i the very best and most for her mouoy | hut that is uo sign that she cun judge | securities. Buying bonds is no Uif forent from buying moat. You simply i must understand your subject. You i must know how to select good bouds, j , an< I y°u must know when to sell and i when to buy. The only way you can ( d 0 this Is to take the advice of °no whose business it la to study the bond market. Any bank large small will gladly discuss Investments w ith Its depositors. 1 Millie -.r Vvhen you have learned enough to depend somewhat on your own judgment make own decision us to what to buy,— then talk it over with your banker to make sure. Should he say. 'Don't buy,' abide by his decision." "Mrs. Fuller's case has taught me a lesson. Aunty." said Molly. 'Til never take any chances like she did." — Annk B. Aymls. your THE REWARD The individu' 1 banker should be i much more jhan a mere lender of j money, much more than u mere col- \ lector of interest. Mora than any ) man In his community, he has the op ! portunity to guide the farmer along j lines of safe progress and toward i 8ubaUntlal achievement The banker In an agricultural district must know agriculture If he Is to loan money to farmers and upon agricultural secur Ity. In addition to that, tbe banker ■ I* *" touch with the activities of the business world. He ha* correspond eQ l banka In the larger cities; be must of necessity tor tbe protection of hi* own buslnest, look beyond the borixon of his Immediate vicinity in order to foresee Imminent changer In business conditions. The banker has the opportunity to be the point of contact between tbe farmer and these many other activities of the business world with which the farmer's busl ness Is so closely connected. Tbe . field Is wide, the opportunity is great, i the reward of confidence of one's patrons and neighbors--gained by service In their b.hulf—Is worth the j effort. -Walter W. Head, President American Bankers Association. According to the 1920 census fig- j ures, $721,9*18,639 worth of farm prod ucl * was ^o'd through cooperative marketing associations. The great 681 growth In co-operative marketing has come since that time, so that tt 1* safe to assume that much more uct8 ® r e 8 »ld co-operatively at tbe shows that the larger co-operatives * n f rult ar® handling nearly $200.000.- j 000 worth of business annually. The l a rg® scale milk co-operatives do a total business of about $150.000.000 annually, while the tobacco group Is doing a combined business of mote than $100.000,000 annually. Tbe cot ton group has also passed the $100, i CO-OPS SELL A BILLION'S WORTH | than a billion dollars worth of prod present time. A general survey M0.UUU mark. Four Warren County, nitnots, banks I have offered ■ total of $200 In prises 1 for tbe beat cattle club In that county Methodist Episcopal Church i oq.u 1 L '■ 11 " 1 Rc-si - Rev. F. C. Fulfo pastor. dence 14th and Hauser streets. Phone 133-R. Services for Sunday, as follows; Sunday school at 10 o'clock a. tn. Dr. F. W. Sehwin, superintendent. ent last Sun day, let us make it one hundred anti twenty .f ive next Sunday. Our school Kra(led it has now thc most effi ' , Icient staff of officers and teachers . 11 In our spacious new About one hundred pre. jits history. church we have every convenience and comfort With a progressive outlook, it is easily the biggest church sth ° o1 •" Carbon County. Morning Worship at 11 o'clock u. n . Sermon by the P Pastor. Subject; " The Unt °" ched Cr ° 88 " organized adult choir, m. Evening Service at 8:00 o'clock p. m. Sermon by the pastor. Subject: chorus, A welcome as big as the Spirit of Montana can make it, invites you to come and worship with us. _ Congregational Church , Epworth League at 7:00 o'clock p. Special music, by a large and newly 'A Tall Peak in our Experience." Special music, by a large Girl's I dren's Story, "The Little Loaf, Let's be I ! ,, Young People s Meeting- 6:45 | ■ Church School 9:45 a. m. there in full force, Sunday. Church Worship—11 Chil a. m. Morning Sermon—"The Goal of the Church." Special music. REPUBLICAN BALL Thursday, Oct. 2 ' at 8:00 p. m 1 F Is I :.Vj I l I V. COV. JOSEPH M. DIXON Gov. Joseph rVI. Dixon Will Speak on National and State Issues at the BEARTOOTH THEATRE ^ Red Lodge, Montana. I Pulitiqal Advertising Paid for by the County Republican Central committee, John G. Skinner, Chairman. Sunday evening We need forty young people, Sunday night. Let's go. Sunday, September 28th, from the hours of 2 to « P . m. the Every Mem her Canvass for the new year will bei — j The following is the church budget for the year beginning Oct. l J25: I'astor s Salary $2000.00 Coal and Light and Janitor .... 245.001 150.00 made. [Missions Debt on Furnace . 140.00 . 100.00 . 50.00 .. 60.00 Advertising . ^ oung People s Society .. Miscellaneous Insurance on Church and 1 arsonag'e . 42.50 !*• ' V 'U c °st 32c an hour and $7.67 day to fulfill the obligations of this 5 cents a day throughout the year can meet these net,|s ', The P rice of «ne ™ Vle " week wil! pay for one hour «{j" » H ° W MUCH ^CLYOUGIVE. Total $2,777.50 a (Special to The Chronicle) Mr. and Mrs. J. S. Pogue mortered t0 Billings Thursd *y afternoon at tending the Midland Fair returning home Sunday. Although there We are asking nil the members of the church and the contributors to the church to stay at home Sunday af ternoon to wait on the canvassers. GUY WINSTON CHURCHILL, Minister. Telephone 289-W. LUTHER ITEMS no snow ' n Billings it rained quite hard Friday, making the road bad for auto driving. Thc Woman's Federated Club held their regular meeting at the home of! Mrs. Preston Clapper September 24,1 at 2:00 p. m. The Ladies Aid will serve a Harvest was Dinner at the Methodist church Satur I day afternoon and evening. Septera j her 27, for the benefit of the church, : The Aid was entertained at the home of Mrs Thus Stewart who after their business meeting served a j luncheon. The next regular meeting ! wil1 be held at the -home of Mrs. Wm. Dell, Wednesday, October 1. ' delicious Mrs. Thomas Stewart's mother who has been visiting her the past month has been quite sick but is now greatly improved. Representative and Mrs. Wm. Dell were Red Lodge visitors Friday. Mrs. J. M. Burnett met Mr. Burnett in Red Lodge Thursday on his return from Chicago where he had gone the previous week with his cattle which Jar Mr. and Mrs. James Scilley parents of Wm. Scilley after a week's visit with his family at the Scilley ranch re turned to their home in Twin Bridges, Idaho. Messrs. Harry and Reed Crawford and Stade Luther were in Billings Thursday and Friday visiting the Mid land Pair. Stade Luther remained over until Sunday returning home with Mr. and Mrs. James Pague. Mrs. Robt. Craig after a short visit on her Volney Creek ranch returned last Wednesday to her son Clarence's home in Wyoming. Miss Muriel McFarland accompan ied b y friend8 to Billings Thursday, attending the Midland Fair. Miss Flora Crane was among those from this vicinity who visited the Fair Friday, Englerls Thrashing outfit threshed over 5000 bushels of grain at Chas. Vincent's, just before the snow Friday night and over 3000 bushels for Otis Hash. Mrs Hattie Brown left Red Lodge on the train Wednesday for Billings. she will visited relatives there and at tended the fair. v : V ' ■' RED LODGE SHEET METAL WORKS ■AVWW ON PARADE SEPTEMBER 23-27 HELENA HELENA 6 Glorious Days— 5 Big Nights A Thousand and One Education al Features at Tl: s Big Show of the "Pacific Northwest" Montana Farm Products Show For 20 Years the Leading Dis play Show of the Country KINGS AND QUEENS You'll see Them all at the Mon tana State Fair This Year— the Prize Livestock of the Northwest Montana Babies Lead tho World Enter Yo'tr Daby In the Baby Health Contest Dally Examination and Show In the Pavilion at 11 a. m. SURE We Are Proud of Our State and WeTe All Going to the Dig State Fair There'll Be Lobs of Fun for Everybody You are Invited to bring your entire family and meet your friends and their friends at the Big State Show. Knoek Off-Hold up your work a few dnys—take a vacation and be "one of ns." All Roads Lead to This Great Exposition It's Too Big to See It All In One Day! * Stay All Week and Camp In Tcntrd City +4-++-F+** 4- ***++***+*++************+«*+**+4>**<H-**^♦+++♦♦ * MUSICAL INSTRUCTION I v Music Classes will be started in Red Lodge and Bearcreek about Sep tember 1st and instruction will be given % X :■ t PIANO SAXAPHONE AND VOICE :• i BY Miss Nellie Gleason and Mr. Ralph P. George « X ? Graduates of the McPhail School of Music For Further Information pho-s or write Mrs. Richardson, Bearcreek. Montana. i T t ♦ +* + * + + ++++ + + + + + + +++ + + + ++++++++4-5-+*+4"K-F + + + + +*+++++*-> + +**+*+++*****+*+*******+****++4-*++**+****+***b***+++*» 4* A GOOD ARTICLE ♦ * ♦ v + t ♦ Does NOT lose it's Value by being bought at a REASONABLE Price Sstrictly up-to-date jewelry at prices that will suit your pocket book as well as your most discriminating taste. First Class Watch and Jewelry repairing : % ♦ i , X t ■■■ ! I f i « < < * v I * V ♦ RYDEBERG, THE JEWELER # ■> > i+4-4-+4"»"H"M"î"»"î"î'4'4'4"l"M-F4'+<''M"»'+*+'î"*'++'M' +*•*•+++♦++♦++♦++♦♦ -, t BUSY BEE CAFE ? A t d> t V Try Our MERCHANTS LUNCH An excellent Noonday Meal for 40c We Specialize in Delicious Luncheons for After-Theatre and After-Dance Parties. : f t - t t * y i X > You Will (ike Our Delicious Coffee • t ^ F'crlhcrn Pacific !s First Choice A, Abrrde-n Traveler Pay» Tribut**. To Di ning Cai Servie* Ar'-;in>rp\ iw« 11 A'tv .■a . f fh wl h* Vorth» I* la ill. lininu »luff ill Wii h. th<* fo.Kl mmI in a «*m\ ta in«» from patronat expressed ast-tt »«'•• of 1 ha out-in#* hi*» orlc-a n VI ill. 1 T :.r •tire I »InH |p»«rf;ihl» lit to » r Hu» iiiHirn«** tfirlr nil«* fort la SnCTVr IM* who th«»r W hllr m I ! uf (ir il> i-nj i •» In* I !»«• Hruatl . Patine al d m»n|* of tha V« uie rnlot -&f I»*.*. Mi J I ' M * Itfr.g fnollll Thin t harb*>i mil »ule of iho% he »lr.tr* t A Ih I.« rut trip »I l* tll Oct 3k_ inn Iftr Agent Adk hi ** ■ ,<v. BATTERY SERVICE We re-charge and repair all makes of storage batteries and We do the work the way it should be done. Your battery is the most important factor of your Automobile. TAKE GOOD CARE OF YOUR BATTERY h f RED LODGE ELECTRIC CO.