Indianapolis Times, Volume 44, Number 212, Indianapolis, Marion County, 13 January 1933 — Page 6

PAGE 6

BILL RELEASES FUNDS TIED IN CLOSED BANKS Depositors Would Be Paid Off Promptly Under Glass Measure. Thu in the Anal article in a aerie* bv Rav Tucker, diacutaing the Glaaa banking bill, now before the aenate. BV RAY TUCKER Edited I’rraa Staff Correspondent WASHINGTON. Jan. 13. The interest of the depositors in thousands of closed banks in the Glass banking bill, being debated in the senate today, lies in the fact that it sets up a federal liquidating corporation for prompt payment of such depositors. As Senator Carter Glass tDem., Va.), the bill’s author, points out in his majority report to the senate, about $2,500,000,000 of deposits are now tied up in suspended banks. The record shows that approximately JO per cent of these assets eventually is recovered, but the process of liquidation under present conditions Ls slow and painful. Vast amounts of credit and purchasing power are frozen over a long period. The projected liquidating corporation would have capital stock of about $63,500,000 contributed by reserve banks to the extent of onequarter of their present surplus. Member banks shall subscribe to 'i of 1 per cent of their total outstanding time ad demand deposits. In addition, the government shall contribute $125,000,000 of paid-in surplus, and the corporation shall have authority to issue notes, bonds, etc., to a sum not more than twice the capital and government-ap-propriated money. Provides Larger Reserves The corporation is to be managed by the controller of the currency, a federal reserve board member and three individuals chosen annually by the governors of the twelve reserve banks. Although this proposal falls short of the bill guaranteeing deposits that has passed the house, it has drawn heavy fire. Western seators fear it may lead to lax management that will cost the taxpayers a great deal of money, while large banking interests say it will have a deflationary effect by increasing the gold reserve. Another provision designed to strengthen the banks' position requires that larger reserves be held against deposits. The present law provides that 3 per cent reserves shall be held against time deposits by member banks, and 13 per cent against demand deposits by the central banks in New York and Chicago. The bill’s figure is 10 per cent for banks in reserve cities and 7 per cent for country banks. Criticised as Deflationary As demand deposits move in and out of the vaults with greater velocity than time deposits, the reserve against the former class is made higher. A study has convinced the committee, however, that some banks evade this safeguard by classifying demand deposits as time deposits, thus lowering the reserve requirements. The bill meets this by providing a gradual increase in reserve requirements so that by 1938 the ratio of reserves to both classes of deposits shall be the same. They will become 7, 10 and 13 per cent, respectively, in country banks, institutions in reserve cities and in those in New York and Chicago. The latter two are known as central reserve banks. The federal reserve board fears this provision wil contract credit without regard for business conditions. It is criticised as deflationary on the ground it will increase reserve requirements by $660,000,000 and add $230,000,000 to the gold requirements of federal reserve banks. But the bill's sponsors contend it is necessary to safeguard depositors and keep the banks in liquid condition. Remove Treasury Secretary In a far-reaching step the measure gives the board control over relationships between American and foreign banljs. There has been considerable criticism of alleged secret conferences between officers of New York reserve banks and representatives of central banks broad., with the charge that American interests have boon sacrificed to those of the continent. Tire measure gives the board supervision over such meetings. None may be held without federal permission, a board member may be present, and a written report of the transaction must be filed here. With the board's authority extended and strengthened, the bill's framers thought it necessary to remove it further from outside influence. It often has been charged that recent secretaries of the treasury has dictated decisions because of practical or political considerations. So the secretary of the treasury is removed as an ex-officio member. RUINS STILL SMOKING Crawfordsville Merchants to Get $400,000 from Insurance Firms. By Timex Special CRAWFORDSVILLE, Ind., Jan. 13. —property owners and merchants whose buildings were destroyed in the disastrous fire here Tuesday will receive approximately $400,000 from insurance companies, it was estimated today. The loss is expected to exceed $750,000. Ruins of the six buildings still were smouldering today and firemen continued to ply streams of water. Council Head Ends Life By Times Special FRANKLIN, Jnd. 13.—William J. Luter, 54, president of the Johnson county council, committed suicide Thursday with a shotgun. He was said to have been despondent because of illness. t

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Roller Polo Is Held No Great Peril to Players

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I Christ Hahn, Ft. Wayhe roller polo goalie, who at 58, plays a fast game.

Strain on Heart Muscles Relatively Small, In View of Dr. Morgan. Spectators at local roller polo matches are on the wrong track when they marvel at the agility of the veteran contestants, according to Dr. Herman G. Morgan, secretary of the city board of health. “Roller skating is not nearly such violent exercise as it looks,” Dr. Morgan declared. “While the players may seem to be going through the most arduous sort of exertion, the strain on their heart muscles is relatively small.” Dr. Morgan’s comment was brought out by the recent revival of roller polo in Indianapolis and surrounding cities, and the advanced age, athletically speaking, of the players.

THRILLING AIR FEATS PICTURED IN FILM Sensations of Miami Meet in Universal Reel. Thrill scenes of the all-American air meet at Miami, Fla., and the sensational air-acrobatics performed there by army, navy and expert civilian fliers, are shown in the current issue of The Indianapolis Times Universal news reel. Graham McNamee, ace of radio announcers and the screen’s talking reporter, graphically describes the events. An amazing bombing demonstration by marine corps birdmen, with an exceptionally high rating for “hits” is one of the features. Another is a parachute “gang” leap, in which nine army men hop from one plane in the space of a few seconds. Speed flying by civilian pilots, with Roy Ligett, in a Cessna plane, winning the Greey trophy race, provides still another.

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Members of the Indianapolis team are known old-timers, all of whom find about fifty candles on their birthday cakes. Christ Hahn, goal tender of the Ft. Wayne team, which tangles with the Indianapolis quintet Sunday in Tomlinson hall, is 58. “Any kid knows that roller skating is an exercise scarcely more tiring than walking,” Morgan said. “Os course, some of those rapidfire skirmishes around the goal may finish with some of the players panting a little from the load placed on the heart muscle, but those are infrequent. They get plenty of rest in between. “But, on the other hand, the players should not get the idea that they can do everything they could when they were younger. Many athletes have thought that, but mighty few of them ever have proved it.” Dr. Morgan said no research has been made in the effects of the skating sport on the heart. "But it should be an interesting study,” he said. A survey of tuberculosis in college students reveals so serious a condition thta the surveying committee advocates X-raying of all students’ lungs before admission to college.

THE INDIANAPOLIS TIMES

TRAP, SHOOTING, KIDNAPING-ALL ONE BIG PUZZLE Pretty Girl in Pajamas, Taxi Driver, and the Victim Try to Explain. By l 'vited Press CHICAGO, Jan. 13.—A man with a bullet wound in his back, a pretty red-headed girl dressed in pajamas nd their story of a hallway trap, a shooting and an automobile ride with two gangsters, provided county highway police with a mystery today. The man is Edward Morrissey, 36, former soft-drink parlor owner, and the girl is Jean O'Hara. 23, Detroit, who said she is an actress. Until early today, they never had met. Then. . . but here are the stories told police: Morrissey—l received a telephone call at my hotel room to come to an address on Fullerton avenue. I thought the caller was a friend and took a taxi. In the hallway I met two men. They started questioning me: ’Who did I work for, where did I get my ‘stuff,’ where was my last joint.?” Guy Gaberocino. Taxi Driver— After Morrissey paid ms, I heard shots from the hallway. Two men came out, dragging another man, and put him into an automobile. I went away fast. Miss O'Hara—l put a coat over my pajamas and went out after a newspaper. A man was coming up the stairs and two others appeared. One put his hands over my mouth and eyes, and I fainted. Morrissey—After shooting me, the men put me and the girl into their automobile. I played dead. Miss O’Hara—They drove and drove. Then they threw Morrissey into the road, gave me five $1 bills ‘‘for taxi fare,” and put me out, too. Miss O'Hara helped Morrissey into a barbecue stand, where two other men offered assistance. They took Morrissey to the Highland Park hospital and drove Miss O’Hara to tell her story to county highway police. The latter believed Morrissey a victim of mistaken identity. Later further mystery was added when police said Miss O’Hara was really Jean Clark, who came here from Lexington, Ky., about a month ago, and that, despite her denials, she was acquainted with Morrissey.

NATIONAL WANT AD WEEK IS OBSERVED 600 Newspapers Unite for Important Event. Announcement of the start of National Want Ad week was made today by more than six hundred newspapers. Aim is the stressing of the importance which want ads play in domestic and commercial life. It commences Monday and continues through to Saturday, Jan. 21. The average family takes the importance and existence of want ads as a matter of course. An analysis of the part that want ads play in social, domestic and commercial life is hard to visualize. These ads, grouped together and classified according to the wants advertised, are an important part of every daily newspaper. Millions of dollars’ worth of business are transacted daily through this medium of advertising. Their popularity can be traced to the low cost, which enables every family to take advantage of their uses, and the reader interest which is to be found in the offerings contained in the want ad columns. The Times want ad department is keeping its office open one hour later, until 10 o'clock, to assist those who may have ads to place or may be interested in obtaining information on ads in the paper.

Unlucky Friday Is Just Another Day in Lifetime of ‘Thirteens’ for Attorney

FRIDAY. January the Thirteenth. 1933—today—may mean ducking jHp,' / f, black cats, handling mirrors with kid gloves, and steering shy of \ outspread ladders to you, but to Charles E. Bebinger, attorney, 4233 1 ' Graceland avenue, life has been just, one thirteen after another and it A Just take today. It's Bebinger’s birthday, his fortieth, for he was born Friday. Jan. 13 1893. and despite the reminder that f irty years MS ; .... sMßSmSffik ago he was yelling for a bottle he has no more worry about bad luck Mfvy '. ‘ \ omens than he did the day his eyes received their first swabbing. \ address Clias E. Bebinger. 4233 Bebinger. his mother, Laura Beb- * # Graceland avenue. Thirteen let- inger. Count them! '*'* ’ ' ' • ' Thirteen letters and numerals in He was ‘ June 22, 1921, */;.• " • . his address. and the year adds it. v ’ * ,

FRIDAY, January the Thirteenth, 1933—today—may mean ducking black cats, handling mirrors with kid gloves, and steering shy of outspread ladders to you, but to Charles E. Bebinger, attorney, 4233 Graceland avenue, life has been just one thirteen after another and it has not shoved him into the gutter of bad luck. Just take today. It's Bebinger’s birthday, his fortieth, for he was born Friday, Jan. 13 1893, and despite the reminder that forty years ago he was yelling for a bottle he has no more worry about bad luck omens than he did the day his eyes received their first swabbing.

Then glance at his name and address Chas. E. Bebinger. 4233 Graceland avenue. Thirteen letters in the way he signs his name. Thirteen letters and numerals in his address. His middle name is Edward, and add that to his first name. Charles, and up bobs another thirteen. Check his occupation, attorney-at-law, and you get another thirteen. a a it A ND here are the other “thirteeners” in his life: His father’s name was Perry

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Bebinger, his mother, Laura Bebinger. Count them! He was married June 22, 1921, and the year adds it. When he was 26, twice thirteen, he joined Elks lodge No. 13. When he was 13 years old he carried the Indianapolis Sun. now The Indianapolis Times. He was thirteen days going to and from France during the World war. He was probate clerk 1927 to 1930 under George Hutsell, county

clerk, and Hutsell’s name adds the correct figure. st n n BEBINGER laughs thirteen times at any suggestion that he's a marked man and due for a life of navigating shoals and rocks of adversity with, “I’m a good Presbyterian, you see, and it’s all pre-ordained.”

JAN. 13, 1933

“I’ve driven cars for years and never had a wreck. And about the worst luck I’ve had is Hoover prosperity and aren't we all even though the majority weren’t born on Friday, the Thirteenth?’’ he concludes as he waves an airy hand at the day and demands that it do its worst if it can.