Before going to bed bathe your arms and hands with water and a good soap. On your elbows and the ends of your fingers use a nail brush. Scrub these parts gently with the nail brush so as to get them thoroughly clean without irritating them. Now apply a thin coating of Ingram's Milkweed Cream. and leave it on all night. Learn how to use Ingram's Milkweed Cream. With each jar of Ingram's Milkweed Cream come full instructions. Women write us daily telling how they improved .their skins by following these instructions. So that you, too, may give your skin treatments basically right, go today to your druggist and buy a jar of Ingram's Milkweed Cream. 50c the jar-$1 size more economical-Theatrical size $1.75.. Frederick F. Ingram Co., Est. 1885, 391 Tenth Street, Detroit, Mich., also Windsor, Ont., Canada. JEFFERSONIAN and the Companion Volume PRINCIPLES Selected and Edited BY JAMES TRUSLOW ADAMS These volumes together form an unusual exposition of the minds of two Americans, and great of two important streams of political belief. The extracts are intended to. illustrate "the mind and not the life" of the subject. The editor's "History of New England" (three volumes) has established his reputation as a historian of marked authority and great sympathy with the common man. EACH $2.00 ON SALE AT ALL BOOKSELLERS ? IN YOUR OWN COMMUNITY THEY KNOW YOUR BANK Probably you've picked it rather carefully. But what do people away from home know of the standing of your bank? Often the only tangible impression they receive is the check you sign and put in the mail. A small matter? Perhaps. But the fact remains that a check made on National Safety Paper does carry weight. It looks as if it were issued on a soundly established bank drawing its clientèle from the better type of business men You can tell it by its characteristic wavy lines. La Monte Safety Paper is the recognized standard check paper of the country and is used by 60 per cent of the banks of New York, Boston, Philadelphia, Chicago, St. Louis, Detroit, Cleveland and San Francisco. It is dignified, distinctive, substantial. And safe as any paper can be-protected on both sides. Open your check book now and see whether your bank is giving you this service. George La Monte & Son, 61 Broadway, New York. LA MONTE NATIONAL SAFETY PAPER IS INFLATION AHEAD? BY DAVID FRIDAY DURING the past two months the financial journals have been discussing the possibility of inflation. In the European press the headline 'Inflation in America' has appeared repeatedly. At home hardly a day passes without some comment on the possible danger which is presaged by the expansion of our bank credit. The Federal Reserve situation and the policy of the Federal Reserve System stand at the centre of this discussion. "The Federal Reserve is losing gold.' 'The member banks of the system are increasing their rediscounts.' "The reserve banks themselves are selling government securities and raising their rates.' Thus runs the com ment. Brokers' loans are still expanding at the middle of May. Early in the year it had seemed as though February, or at the latest March, would see a marked decline in their level. This situation has brought loud accusations against the Federal Reserve System. The average citizen reads and wonders whether we are really rushing down the road to inflation, that nightmare of post-war finance. One of the difficulties in answering this question for the layman is the lack of agreement as to the meaning of the term. It used to be assumed that a stable or declining price level for commodities was the best evidence that no inflation existed. 42 If in addition there were ample reserves of gold behind the credit structure, then surely it was absent. Evidently many people no longer accept this as a satisfactory test, for commodity prices have declined rather than risen during the past five years. Our gold reserves are still much larger than the mandates of law or the dictates of prudence call for. Perhaps the most helpful treatment of the problem is to set forth the present condition of the reserve banks, and to contrast it with one that was clearly recognized as inflation, and with another that was as clearly deflation. Then the reader may judge for himself whether the banks are dangerously close to the former. We have witnessed one period of inflation during the past decade. It came in 1920, and the echoes of the crash which followed in its wake are still reverberating. At that time, surely, we had an inflated credit structure. The gold holdings of the Federal Reserve System were down to less than two billion dollars. The rediscounts of the member banks were up to two and one-half billion; and the total bills and securities the earning assets, as they are commonly called of the twelve Federal Reserve banks totaled more than three billion dollars. The Federal Reserve notes in circulation, which constituted the great bulk of paper money in the purses The CITY of a HUNDRED TOWNS over a vast area. In this fashion the Middle West Utilities Company's subsidiaries have brought ample and cheap power to widespread sections of thirty states, in some cases replacing uneconomical local plants, in other cases bringing electric service for the first time. This widely diffused power supply enables industry to occupy non-metropolitan territories, avoiding big-city congestion and high costs and gaining lower costs and more pleasant working conditions, while contributing to the greater economic progress of the small towns. Middle West Utilities Company SERVING 3389 COMMUNITIES IN 30 STATES |