Indianapolis Times, Volume 44, Number 211, Indianapolis, Marion County, 12 January 1933 — Page 3

.TAN. 12. 1933.

STRONGER BANK! STRUCTURE IS j GLASS BILL AIM Greater Solidity Proposed; Seeks Extension of Federal Regulation. Thi It nnf of a neries of articles by j Rnv Turkrr. disrussinr the Olatt hanking j bill now before the l nited Stair* srnatr. j BY RAY TUCKER Timr* Staff Writer WASHINGTON, Jan. 12.Strengthening of the nation’s banking structure, in the hope of preventing a recurrence of the bank failures of the past decade, is the central feature of the Glass banking bill, before the senate. Whereas some sections of the bill seek to curb the banks, part in an inflationary movement like that which marked the boom days, thus to stabilize general conditions, other provisions are designed to give greater solidity to financial institutions. The mortality among banks since 1921, especially the small ones, has shown the need for reform. A total of 10,484 banks failed from the end of 1920 to November, 1932. They had total deposits of $4,882,421.000 — i a sum much greater than France’s debt to this country. In explanation of Senator Carter Glass’ attempt to draw as many banks as possible under federal regulation, it may be noted that. only 1,571 national banks failed.

Discourage Group Banking There were 8,913 suspensions of state and private banks. Deposits ! affected were, respectively, $1,143,-: 857.000 and $3,738,000,000. The personal suffering, the contraction of credit and the diminution of purchasing power resulting from those financial fatalities emphasize the need for a “new deal" in banking. The bill seeks to discourage group ; and chain banking by furnishing definite encouragement to exten- j tion of national banks. Changed j conditions have rise to de- j velopment of chains and groups of banks, and to excited controversy j over their effect. Roughly, a chain or group is a j system dominated by one large institution, by a holding company or by one person or a group. Except for the dominant personality or corporation, the members of chains or groups are mere appendages—their managers only employes. Dangerous, Glass Thinks Some banking experts contend that they make for safety of deposits, economy of operation and efficiency of management. But another school, in which Senator Glass, treasury officials and reserve officials are found, maintain they are dangerous, because they extend the range and repercussion of possible failure. They think experience has taught that such systems are apt to endanger all the banks involved, and thus affect a large expanse of people and territory. Led by Senator Peter Norbeck (Rep., S. D.), chairman of the banking and currency committee, another faction opposes all forms of group, chain and branch banking. They say that they make for centralization of credit in places far from where the deposits are made, and loans needed. They eliminate, in their belief, the old-fashioned, community feeling between banker and borrower, and the arrangement under which a man's character and industry were regarded as good collateral. Bill Hits at Situation But the chief difference is that group and chain banks are not subject to complete federal regulation, even though they include national banks, whereas a system of national branch banks can be con-

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New Legislators Brazil Member of Legislature Favors Pension

Clay and Parke counties sent to the 1933 state senate a legislator

who favors an adjusted old age pension law. William H. Rupert. Brazil, was born Feb. 18. 1867, near Washington Courthouse, 0., and spent the early years of life on a farm. He came to Indiana in 1888 to work on a bridge gang on the St. L. & K C. railr o ad, commonly known as the Clover Leaf, and

Rupert

followed railroad work until 1895. Rupert was married in 1896 and then engaged in farming. He has been a lifelong Democrat, casting his first vote for Grover Cleveland in 1888—and losing it. Defeated for-county commissioner four years ago in the primary. Family consists of two daughters, both of whom are married and have families. In addition to the old age pension law, he is interested in tax legislation and road laws and any statute affecting county and township business.

trolled as if it were only one institution. There is another important difference in the case of chains or I groups controlled by holding com- | panies which are not banks themselves. Since the holding company has no j assets except the stock of banks it i owns, it is impossible to enforce the ! provisions that stockholders of failed banks shall be liable for double the amount of deposits involved. Extends National Bank Field The bill hits this situation in several ways. On 6 of the valuable prerogatives of holding companies is the right to vote national bank stock in the election of officers and directors. In some cases, Senator Glass charges, they have dominated the election. The right to vote this stock is, therefore, definitely restricted by the bill. The stock oan not be voted to any real extent unless banks controlled by holding companies agree (1) to undertake examination by the federal reserve board, (2) to divest themselves of ownership of stock and bond financing concerns, (3) to comply with regulations designed to insure ownership of sufficient free assets to ! satisfy the double liability clause in | case of failure. The bill also extends the field for ! national banks. It permits them jto open branches in states w’hic'n Ido not specifically forbid branch j banking.

Eighteen States Forbid Branches At present federal law prohibits this except for certain metropolitan areas. It is hoped by this to fores many state and private banks to join up. This specific move, however, will draw heavy fire from Norbeck and his followers. Only eighteen states now have law’s forbidding branch banking, as follows: Alabama, Arkansas, Colorado, Connecticut, Florida, Idaho, Illinois, Kansas, Minnesota, Missouri. Nebraska, Nevada, New Mexico. Oregon, Texas. Utah. Washington and West Virginia. The others have no legislation at all on the subject, or permit branch banking in state-wide or more limited fashion. In the Air Weather condition at 9 a. m.: Southwest wind, 11 miles-an hour; temperature, 20; barometric pressure, 30.37 at sea level; general condition, clear; ceiling, unlimited; visibility, 8 miles; field, good.

WIFE MURDER PLOT LAID TO HEROOF WAR Ex-California U. Football Star Fell Into Trap, Detective Says. Ry L'nitrtt Pro* LOS ANGELES, Jan. 12.—Police today held Gerald < Jerry) Craig. 39, former University of Southern California football captain and World war hero, on a charge of plotting the death of his socially prominent wife. Ethel, in order to collect $90,000 in community property. Craig denied the charge. Police said Craig fell victim of a police trap in which a detective, masquerading as a Toledo gun man, was hired to kill Mrs. Craig. Craig was accused of attempted murder. Detective Lieutenant Tom Bryan engineered the trap, after police said they received information of the plot. Affecting the dress and speech of an underworld mobsman, Bryan said he visited Craig in the garage where he is employed as a foreman. “I’m Buckeye Bryan of Toldeo, 0., and I want to go back east,” the operative said he introduced himself. “I understand you want a job done, and I’m your man.” From Saturday until Wednesday, Bryan said they discussed the plot and bickered over a fee. Finally, he said, he agreed to accept S3OO, S2OO of which was to be paid before the I killing and SIOO after Mrs. Craig was dead. The detective said he was directed jto strip a valuable diamond ring from Mrs. Craig’s hand, The rest of her jewelry was to be tossed on top of a chandelier, according to Bryan. All details were complete, he said. He w r as given the keys to the house, and told where he could find

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THE INDIANAPOLIS TIMES .

! a heavy bar and a revolver which I were to be used for the execution, Bryan charged. Bryan said they then separated, ! agreeing to meet again in the after- , noon. Bryan and other detectives j then went to Craig's home and arrested him. "I don't know' what this is all about,” he remarked at police j headquarters. “I was the most sur- | prised man in the world when they j arrested me.” He flatly denied the ' plot, declaring he only knew- Bryan as a panhandler whom he had befriended. Mrs. Craig, who is 40, was shocked. “I can’t understand it,” she said brokenly. “I simply can't believe it. Gerald was so w-ell-mannered, a quiet, considerate husband.” I Police said Craig's father, the late 1 Allan Craig, wealthy pioneer oil driller of Chico, Cal., had left $250.000 to his widow- w-ho died recently, bequeathing her estate to her two sons, Gerald and Rolland, and their wives. Craig captained the University of Southern California football team in 1916.

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DIPLOMA MILL SUSPECTFREED Police Drive on Swedish Massage Parlors Seems Blocked. Police drive to stamp out alleged fake Swedish massage parlors apparently was blocked today following dismissal Wednesday by Municipal Judge William H. SheafTer of a I charge of vagrancy against William H. Thomas, 317 North Pennsylvania street, alleged diploma mill operator. ! Thomas, native of Los Angeles, Cal., is accused by police of selling diplomas to prospective operators of massage parlors, a number of which have been operated in the city. He was arrested after Sergeant Edwin Kruse and patrolman Kenneth Downs charged they were sold

an elaborately decorated diploma which qualified them as specialists in “physio therapy.” Helen Henley, 1723 North Meridian street, arrested w ith Thomas, was freed last week by SheafTer. HEALTH POST IS FILLED Miss Mildred Reynolds Name Secretary of County Board. Appointment of Miss Mildred Reynolds as secretary of the county health board, was announced today by county commissioners. She succeeds Mrs. Bertha Bush whose resignation becomes effective Jan. 31.

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TRY A WANT AD IN THE TIMES. THEY WILL BRING RESULTS.

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