Indianapolis Times, Volume 44, Number 53, Indianapolis, Marion County, 12 July 1932 — Page 3

JULY 12, 1032

BANKS REOPEN THROUGH HELP OF DEPOSITORS Three Closed Institutions in Youngstown Saved by Co-Operation. toy Scrippg.Howard X r.xcspnprr Ulinnce YOUNGSTOWN, O, July 12 —On Oct. 14. 1931, Youngstown's three largest banks, with deposits of $60,000,000, failed to open. By Thursday of this week all these banks will have been reopened. Back of these facts, believed to constitute something of a record in bank recovery, is a story of community effort and co-operation. On the morning of Oct. 14, 1931, Youngstown awakened to find that only two of its five large banks were doing business. Both together ■were about the size of any one of the three closed institutions. The larger of tihe two remaining banks, the Mahoning National, was in good condition. Persons acquainted with the banking situation knew' that the other, the Commercial National, was tottering and that, its failure probably would be only a matter of days or weeks. Strain Ton Great Tt was the same story that had been told in many other communities. Building and loan associations had ceased paying money to depositors. Bank depositors rapidly were withdrawing their funds. The banks could not stand the strain. before the day was over, plans were under way for bank reopenings. Depositors’ meetings were held in various sections of the community. Work was started first on the First National bank, third oldest national bank in America. Stockholders and depositors got together. Federal bank examiners added their co-operation. Stockholders took big losses. New stock was sold. Some large deposits were promised. The Commercial National was absorbed and depositors In that institution saved. Anew bank known as the Union National was chartered and opened in the banking rooms df the old First National. A federal bank examines was made president. Depositors did not lose a penny. Depositors Give Help The problem of the other two banks was more difficult. It was necessary there ,t,o tie up some deposits over a period of time. To do this, it was necessary to obtain consent of the depositors. These two banks, the Dollar and the City, were state banks with thousands of small depositors. The task of obtaining depositors’ consents for the reopening of the Dollar and the City was conducted like a Community Chest drive. Teams were appointed. Depositors were called on by volunteer solicitors, through the mails and newspapers. This task consumed months, but It, went ahead .sfeadily and Successfully. In each instance, ap-

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‘Siamese Twins’ Common Among Michigan Fish

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—Science Service Photograph. Many Abnormal Members of Finny Tribe Found in Hatcheries. £./ Science Service LANSING, Mich., July 12. “Siamese twins’’ among fish are a common occurrence in Michigan. The state fish division reports that probably no other living species produces more abnormalities than fish. In the state hatcheries, twoheaded fish are not unusual, and instances have been noted of five perfect heads to a single body and tail. While these fish do not generally live past the stage when artificial feeding becomes necessary, they occasionally do liVe to the adult stage. A few years ago a legal sized perch having two heads was caught in a lake near Cadillac. proximately 90 per cent of the depositors signed the agreements. The final boost was given by the Reconstruction Finance Corporation. which made loans to both of the banks. But without community co-operation and months of work, neither could have been reopened. The Dollar bank reopened two months ago, freeing all checking accounts and part of the savings accounts. The City bank will open July 14, freeing part of its checking accounts and part of its savings accounts. The remainder of these ! accounts will be freed gradually as conditions warrant. There will be no losses to any depositor, although in each instance stockholders have sustained heavy losses.

CITY UTILITIES RULE IS MADE EASIER BY BILL Measure in Senate Enables Municipality to Retire Bonds With Profits. Removal of barriers to municipal ownership of utilities is the objective of a senate bill presented by Senator C. Herman Pell (Rep.), Carbon. Under its provisions, a utility may ,be purchased by a municipality 1 through a bond issue and the bonds retired from operation profits. Heretofore, with the exception of water plants, a city has had to bond itself to make such purchases and often was barred by the 2 per cent constitutional restriction on bonded indebtedness. Bills requiring the same utility valuation to be used for tax assessments and rate making have been introduced in both houses. A house bill to take jurisdiction over municipally-owned utilities away from the public service commission and place it in the hands of local city councils or boards of trustees also has been introduced. Backed by State League The measure is backed by the Municipal Rights League of Indiana. First bill introduction challenged I in either house of the legislature ! was a measure introduced in the | senate Monday afternoon calling for repeal of the 1931 statute requiring the use of Indiana coal in all state public institutions. The bill was presented by Senator Frank S. Southworth (Rep.), Plymouth, and challenged by Senator William B. Hoadley <Rep.), Bloomington, on the grounds that its purpose was not a matter of special session action. A roll call vote obtained the bill’s admission, but Hoadley had it referred to the committee on mines and mining, where he expects it to be killed. Grocers Fight Bill Township trustees would be enabled to abandon high schools upon petitions signed by one-half of the legal voters of the township, if a bill introduced by Representative William E. Wilson <Dem.>, Greenfield, is enacted. Authority is given trustees to send children attending high schools to similar schools within or outside the township lines at his discretion. Wilson declared this to be an economy measure where the number of high school students is too small to make worthwhile the upkeep of a separate high school. Opposition to the commissary plan of distribution of poor relief, as provided in a house bill, was voiced Monday night by the Indianapolis Retail Grocers’ Association. The association met at 927 North Meridian street. It also was decided to fight the proposed 10 cents a pound tax on oleomargarine. Files Suit to Bar Willie Rogers OKLAHOMA CITY, July 12.—E. B. Howard today appealed to the state supreme court in an effort to bar William Cornelius Rogers from appearing on the Democratic runoff

THE INDIANAPOLIS TIMES

Just a Star! When Is the Law the Law? And Is an Assessor an Officer?

Twinkltl Twinkle: little *tr. In the back of McCloskey's ear. Von can park where e’er you are And play the speed laws over par. To a Miss Lizzie on the Loose.” a a a NOW listen my children and you shall hear of the daily antics of little Twinkle! Twinkle! Twinkle Star is on the back of a Ford sedan, owned by the county commissioners, and driven by John C. McCloskey, Cer.ter'township assessor, and his appraisers. The car license says “65-746*.” That is, the car’s license says “65-746*” if you're a good fifty feet away, but gather closer children for your first lesson in astronomy of license plates. At near-sighted focal point you see that the car’s license is actually “65-746” and that the star is a separate “icky-bicky" plate, children, and has been affixed to : the regular license. nan NOW turn the page, children to your second lesson. “Stars on auto license,” says the great big “policemen" at the statehouse, “are no longer in use to designate law enforcement officers. ] Any one using a star rqight bear--1 rested for impersonating an officer.” Now get this, children, stars are not in use but one might be arrested for impersonating an officer for using oneCounty commissioners say they can’t understand why McCloskey’s car carries a “star,” unless it is to enable his appraisers to “overtime park” while they scrutinize a piece of real estate. tt tt tt NOW that’ll be all today, children who pay taxes. For your home-work you will please look into the heavens at ThreeStar Hennessey and see if you can find the answer to: “Is a township assessor a law’ enforcement officer?” PROEIE TEACHER OUSTER Firing of Texas Educator Investigated by Professors’ Association. by United Press LUBBOCK. Te*., July 12. Charge of Dr. John C. Granbery that he was dismissed from his Texas Technological college teaching position because of “religious fanaticism and bigotry,” today brought investigation by the American Association of University Professors. Dr. Albert P. Brogan, member of the University of Texas faculty, has been appointed by the professors’ association to investigate. Fred Kubeck Taken to Prison Unable to provide appeal bond, Fred Kubeck, aleged Muncie bootlegger, sentenced to serve eighteen months in the Muncie liquor conspiracy case in federal court, was taken to Leavenworth penitentiary Monday to begin serving his term. He made the trip with Frank A. Holmes, deputy United States marshal.

LOUIS HAMILTON POINTED OUT AS JACKSON KILLER Son of Slain Grocery Head Names Defendant as One Who Fired Shot. Bfi Time* Special LEBANON. Ind.. July 12.—Rising to his feet frem the witness stand in Boone circuit court today Chester Jackson pointed out Louis E. Hamilton as the man who fatally wounded his father, Lafayette A. Jackson. Indianapolis chain grocery owner, in an attempted robbefy of his main store, May 27, 1931. The state is expected to rest early this afternoon in the trial of Hamil-

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ton, who is charged with first-de-gree murder. Plan of Prosecutor Herbert E. Wilson and his aids to complete evidence Monday was delayed by a legal fight over admissibility of Hamilton's purported confession to police. The state was victorious in getting the alleged confession before th; jury, but the defense succeeded in keeping it out of the court record. Police detailed the account of Hamilton's arrest and his alleged story of the Jackson slaying. They said Hamilton was questioned at police headquarters seventeen hours before he signed a confession. Hamilton took the witness stand, and testified that police used force to make him confess the crime. On cross-examination, the state scored another victory by bringing out facts regarding Hamilton's prison record. It was disclosed that he served five months in the Kansas industrial school at Hutchinson for attempted manslaughter at 17, and served five years in the Kansas

penitentiary for automobile theft. Police denied Hamilton was subjected to duress or abuse. The state is to call, as a rebuttal; witness. Miss Sue Sawyer, invalid neighbor of Hamilton's family in ' lola, Kan. Her testimony will at- j tack Hamilton's alibi that he was in lola at the time of the Jackson murder. HAY FEVER AND ASTHMA TREATMENT ON FREE TRIAL Dk J. Lane, a druggist at 1413 Lane Building, St. Mary's Kan.. manufacturers a treatment for Asthma and Hay Fever in which he has so much confidence that he sends a $1.25 bottle by mail to anyone who will write him for it. His offer is that he is to be paid for this bottle after you are completely satisfied and the one taking the treatment to be the judge. Send your name and address today, stating which trouble you have.—Advertisement.

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