Decatur Daily Democrat, Volume 31, Number 4, Decatur, Adams County, 5 January 1933 — Page 6

Page Six

PROPOSE NEW i FINANCE LAW Study Commission For State Financial Institutions Reports Bloomington. Ind.. Jan. 5. — (Special)—Modernization of laws governing Indiana* financial institutions to provide increased safety and stability is proposed in the 174 page printed report released; here today by the Study Commission tor Indiana Financial Insti tutions authorized by the 1931 legislature. Printed reports are being distributed from the Indiana University research headquarters of the commission. The commission during the past 18 months has made an intensive, nationwide and world wide study of laws relating to financial institutions. It has searched the records of bank failures and has analyzed the principal causes of failure. Its recommendations for what it believes would provide Indiana with the most up to date laws of any state in many particulars include the following major proposals: 1. Establishment of a bi-pgr-tisan, non-salaried commission of tour members to administer a Department of Financial Institutions, with broad powers for the regulation of banks, trust companies. building and loan associations, credit unions, mortgage guaranty companies, and petty loan businesses. 2. Placing the administration of insolvent financial institutions in the hands of the new commission and thus doing away with the appointment of receivers. Recourse to local courts will be provided on appeal from the rulings of the commission. 3. Regulation of the organization of banks and trust companies in line with provisions of thei General Corporation Act of 1929. I '

4. Limitation of classes of in-| 1 vestments and amount of loans < which banks and trust companies; | may make ! 1 5. . Closer supervision of admin- ’ i istration of trusts and sharper! < supervision over the making of in-1 vestments for trust estates. 6. Larger responsibility requirj ed of directors of financial insti l i tutions, including periodical aud-'i iting and reports by directors.! i which will indicate their familiar- a ity with the condition of (heir institutions. 7. Better protection to the pub- i lie through requirement of more i simplified and better publicized : reports of financial condition of banks and other financial institu- 1 tions. 8. Restrictions upon holding ' companies to protect public < agafnst holding company control i of financial institutions. 9. Restrictions covering the re-i latlon of bank and trust compan-l! ie» to affiliated companies, the | latter to he subject to examinu-l tion and control of the new de-1 ' pai tment. 10. Re-drafting of the laws re-1

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Texas Witch-Doctors Held in "Devil Murder ’ * * * * * * Painted Fanatics of Backwoods Strangled Sufferer from Infantile Paralysis Trying to "‘Drive Out Devils.” Victim’s Father Also Held. * —* JI ® F If uel i i - - J f .• Ms? n Hr? Shew «f>s>rC payton : Br Oakvev ~.. Wtx \xX AwW r lflfi115 <o.«xWU* at ’< \ <>* *•'' rCoy Oakvey Tks Claytok Shack Qfo Their clothes in ribbons and their faces daubed with paint in the manner of Indian witch doctors, the brothers, Paul and Coy Oakley, religious fanatics of the Texas backwoods, calmly admitted choking the life out of 3-year old Bernice Clayton, who lived with her parents near Linden, I exas. in an attempt to drive out the devil,” which they believed had caused the child to become afflicted with infantile paralysis. The death of the child climaxed a religious orgy during which Paul Oakley knelt on the body of the little sufferer and strangled her with his hands, while the father, Sherman Clayton, looked on, praying and singing hymns. Clayton is also held, for according to the story told by the brothers, he assisted at the rites that ended in the death of his child. The strangest angle of the ghastly case is the manner in which the Oakley brothers regard the predicament they are in. Charged with murder, Paul Oakley avers that what he did was under divine guidance. ‘‘God told me to cure her. he said, ‘ but the devil got into me when I saw him in Clayton’s eyes. Paul also insists that be was not born and that he is immortal. During the preliminary hearing at Cass County courthouse, the three defendants were heavily guarded against a possible attempt at lynching, as the crime has aroused burning indignation throughout the countryside. <• . I A ..,. .. u-.. 4 ...

lating to building and" loan associations, credit unions, mortgage, guaranty companies and petty; loan businesses to prevent fly-by-night operations and to enable; closer state supervision The report flatly rejects all. proposals for state guaranty of I bank deposits and cites reports I of failure in all states and in var-| ious countries where the experi-. ment has been tried. Such guaranty merely holds out false promises of safety, leads to unsound banking practice, and breaks dovH under the strain of financial crises, the study commission reports. In recommending liquidation of failed institutions by the proposed! new department of financial insti-j tutions. the study commission' cites a study showing the eost of i receiverships to have been nearly 11 per cent of total resources; whereas, the cost of liquidation handled by the present State Banking department lias been only about two and one-half percent, The report cites one case where the cost of receivership and attorneys' fees has amounted to

$36,000 to collect $76,000 over a period of 18 months. The proposed commission which would administer the new Department ot' Financial Institutions would be appointed by the Governor as follows, one member from four proposed by the Indiana Bankers Association, one member from four proposed by the Indiana Savings and Loan League, and two members at large. Only two members could be of the same political faith, and rigid restrictions would be imposed covering a member's affiliations with financial institutions subject to the new department's supervision. A director would be chosen by the commission. Expenses of the department, including those of examiners and all other expenses of administration. would be met from examination and license fees charged directly to the institutions. Flexibility in employment of department examiners and others is proposed, according to the needs of the situation, with provision that any excess funds automatically go into the state general fund. o INDIANA FACES FIRST DEFICIT IN MANY YEARS

i (CONTINUED FROM PARE ONE) 1 atives. Lieutenant-Governor Edgar D. ; ' Bush. Salem, who will retire with I other Republican state officials Jan. l 9, called the senate to order. Fol- | .lowing the roll call. Judge Michael I ,L. Fansler, Logansport, of the Supreme court, administered the oath! of office to the newly elected senators. ! The senate then formally elected Sen. C. Anderson Ketchum, Greensburg. as president pro tem. a selection already made at a caucus It also appointed Dick Heller. Decalur, Its secretary: Clyde Snobby, Bloomington, senate postmaster: and James Morrissey, Peru, as chief doorkeeper, all of whom were! selected at a Democratic caucus' ;last night. . I Frank Mayr, Jr. secretary of: 'state, called the house to order nt! Id o'clock. Chiel Judge Walter E. | Treanor, Bloomington, of the Su-| .preme court, then gave the oath of | office to the representatives. Earl Crawford*, Milton, then was; formerly elected speaker of the i , house, following his selection by i the Democratic majority a few weeks ago. Major appointees, named at a! Democratic caucus Wednesday night were chosen formally. They were John Ryan. Lafayette, clerk; Eddie Beggs, Terre Haute, assistant clerk, and Matt Leach, Gary, .chief doorkeeper. I After hearing the governor's message, the house canvassed the vote of the November election and declared Governor-elect Paul V. McNutt, Bloomington, and Lieuten-ant-Governor-elect Clifford Town- ■ send. Marion, as elected. : McNutt will deliver his message to the two houses Tuesday forenoon. Introduction of bills will start either Monday or Tuesday afternoon. Thus, the two houses will igo to work in earnest next week.

DECATUR DAILY DEMOCRAT THURSDAY, JANUARY 5. 1933.

The first note of economy of the ; session was sounded Wednesday : night at the Democratic senate caucus. Townsend appointed the senate patronage committee and urged that it ordered no employes I ito report to work until Monday, ex;cept a few of the most needed, to 1 save payroll costs. He estimated I ithat SI,OOO could be saved that I way. He named to the patronage committee Senators John B. Webb, In-1 [dianapolis; Fred A. Egan, Gary, and Ketchum. Townsend also will I serve with the committee. Slight friction, interpreted to be between the Democratic "regulars" and supporters of Mayr, marred !the Democratic caucus. Sen. Chest-' ler A. Perkins. South Bend, also i Mayr's home, objected to a motion; |to close the nominations after Hel-1 lier had been nominated for senate- ; secretary. The motion to close i carried, however, 26 to 13. The | : two other senate appointees, how- ' ever, were named by acclamation. Two of the three job appoint-1 ments made by the house majority ;at its caucus were contested. Ry;an was opposed by former Rep. i Nathan Combs. Mulberry, the forI mer winning. 68 to 14. Lee Mci Cleary, Tipton county, was nomil nated to oppose Beggs for the assistant clerkship but lost, 58 to 29. 1 ; Leach was unopposed. The seven Republican members | lof the senate and the nine in the | i house held their minority caucuses I late yesterday.

THE CORT - Last Time Tonight - “THE THREE HOT SHOTS’’ WOWO radio stars in nerson Fun, Music and Merriment, “CARELESS LADY” with John Boles and Joan Bennett. A wealth of romance—plus a fortune of gorgeous gowns. i Added—Comedv and Cartoon 10c -25 c FRI. & SAT.—Tim McCoy In “THE WESTERN CODE" - . . THE ADAMS - FINAL TONIGHT - . 10c -25 c ROB’T. MONTGOMERY and TALLULAH BANKHEAD in “FAITHLESS” -•AddedMack Sennett comedv. FRIDAY & SAT.— ‘ 'MADISON . SQUARE GARDEN” with Jack | Oakie, Thos. Meighan, Marian ,; Nixon. Zazu Pitts, Wm. Boyd, . Lew Cody. Another Big Hit! I SUN. to WED. — Marie Dressier . and Polly Moran in I “PROSPERITY.”

WIFE DISCOVERED BODY IN BED ROOM OF HOME TODAY CONTINUED from pagm.one, non-exacting exi.stance. A greater part of the summer was spent at the Coolidge ancestral homestead at Plymouth, Vermont. where he first took the oath of office while his father, Colonel John Coolidge held the Bible. Calvin Coolidge, a rugged, wiry example of New England poli-

tics, with a heritage of centuries behind him, rose to the presidency through a series of fortuitous circumstances. He was born on Independence Day in Plymouth, Vermont, and his early life was spent on his father's farm in the heart of the Green mountains. There was nothing in this en vironment to lead the boy to dream of greatness but like other farm boys he made it his ambition to go to college after years of hard work in which the philosophy of a difficult struggle for a living became ingrained in him. He succeeded in reaching Amhurst College to graduate with distinction if not with honors. Until his graduation from college there is nothing to indicate that Coolidge | had any political ambitions what-1

REAL "CLOTHINfi SALE Sale Starts 1 |%|ft ODCDIAI C 4 Salc Starls ■ January 7 4 BIG SILuIALO 4 January 7 B ~ I 1/ PDIPI7 I ANY HEAVY OVERCOAT IN OUR v PPIPJ? 72 i | STORE FOR 1-2 REGULAR PRICE. | 1/ DDIPI7 I BOYS SUITS —AGE sto 17 y/ DDI/pl? 72 1 KRX. I 1-2 REGULAR PRICE. /2 1 DDIPC 1 75 MENS AND YOUNG MENS SUITS- . DDIpC I 72 I Kivt I 1-2 REGULAR PRICE. 72 i KIVL -OK • ee I TWENTY OVERCOATS, YOUTHS SIZES, . 7 ■ Choice ss l io to 17- Choice $5 » SHEEP LINED BOYS LEATHERETTE SUEDE ZIPPER ■ CORDUROY COAT SHEEP LINED gg W SUEDE BUTTON JACKET | LEATHERETTE SHEEP LINED COAT CLOTH ZIPPER $4.50 - V encn r (PH TC CLOTH ZIPPER $ 3.50 for $2.75 $3.00 for oo ■ DRESS SHIRTS ODD PANTS » SI.OO Shirts, 75c, or 3 for $2.00 ?2>50 Pants for sl9’ | $1.50 Shirts, sl.lO, or 3 for $3.00 53.50 Pants f0r ........... «2 U I $1.95 Shirts, $1.50, or 3 for $4.00 $ 5 - 00 Paats for $3 75 ' ■ 20 15 7 5 11 He av y S h awl Heavy V Neck Sport J a ckets Butli Robes ■ Collar Sweaters Sweaters Blue or Red Heavy and Light jB ■ / n . i weight I '/i % l h PRICE p RICE PRICE ; K “ JI HATS and CAI’S All Regular 65c J 25% WORK SHIRTS S Slicker Raincoats ■ Off Regular Si2eS 6 to 16 for Prke 50c $1.50 I WE HAVE BIG REDUCTIONS ON ALL OTHER ARTICIFS THAT urv rxrn 0 1 BOYS WEAR. WEINVITE YOU TO COME IN AND LET u™ HOW YOU I Teeple & Peterson 3T | DECATUR, INDIANA I

1. I I ever Biit, after his admission to| l,he state bar and the beginningl of a modest legal practice in; Northhampton. Mass., in the office of Hammond and Field he became ; town clerk, the first step in al long political career. - Coolidge quickly became popu-l lar with the townspeople of North- > ampton and in 1899 was elected to - the city council although he had > not sought the office. At the same time he w'as made citv | r solicitor. The post gave hini| - much experience in law. _ . I,naorribil I

Six years later he married; Grace Goodhue of Burlington. I Vermont, a young Northampton school teacher Coolidge's rise in politics was steady after bis iirst public post. He was elected to a number of; offices and finally became mayor.; Then in 1911 he entered state polities when he was elected to| the state senate. Os his four! years service in that body he' spent two as presiding officer. At the end of his senate term; Tie was elected Lieutenant-Gover-nor of Massachusetts, under Gov. I Samuel McCall. In 1918 he was elected Cover-; nor of the commonwealth and re-; elected in 1919. It was in lhi>; post ho first gained national at tention. The Boston police strike of 1911*1

7 was ti: that commend-d ! less of what, might come, won In. ; 1 commendation in ail quarters. . When Republican leaders m the, .'1990 convention -ought a running ! plrtW ill. J Massachusetts governor for the logical man. i as vice-president, Coolidge presided aloof over the senate and aid not become intimate with an.

did not oecoiu of its members. H< did not play ! poker or golf. In > he Harding | cabinet he said little, preferring i io listen to opinions ot ulhets. TWO KILLED NEAR KOKOMO I CONTINUED ‘ | in the automobile which was diivi en by Morris. Howard Klein. 22. Kokomo, driver ot the other ear. and Minor I Borden. Peru, his passenger, i escaped with cuts and bruises. Wreckage of the Morris autonio- ! bile caught fire when a passing motorist dropped a cigaret in | spilled gasoline. The tire made it difficult to | extricate victims from tile wreck-

I age. I Backus was stunned by the 1 1 lision and wandered a quarter isl i mile north in a daze until l gained his senses. | •Borden was thrown from Kiel I car anti knocked uneonseJ ■ ! Klein, tlfb only one not stunm j hurt, sped to Kokomo for u.J anee. | Morris and bis friends were I ' turning to Ixrgansport from J veston. I Mr and Mrs. Murray also hl ' at Logansport, | ■I o I

FARMER STRIKE IS THREATENS CONTINUEDPAGE ON J iof the Farmers Holiday A- J I tion area, an attempt to foi..i,j a farm yesterday precipitated | near riot. An attorney was <lrJ ■ i ged down a long flight of coJ ' house steps when he bid less i the property than the amount i the mortgage against it. Lynd r Ing was discussed. , Although the Le Mars imidq had its inception in a demamt th ; the insurance company holding r mortgage on John A. Johnsot i farm bid as much for the proper las the amount of the mortyas ) the farmers’ demands soon . -I ftanded.