Indianapolis Times, Volume 44, Number 257, Indianapolis, Marion County, 7 March 1933 — Page 1

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CONFIDENCE IS FIRST BIG AIM OF ROOSEVELT President Sets Fast Pace • for Advisers in Rounding Out Program. CALLS PARLEYS TODAY Brief. Comprehensive Plan Outlined to Governors at Conference. RV FREDERICK A. STORM, I nilrrt Pr** staff f ,'orrespondrnt WASHINGTON. March 7.~ Backed bv ihe Governors of almost every .state. President Roosevelt moved today to restore, the confidence of the neoplr as the first step toward success of his sweeping program for economic and financial recovery. He planned to renter his attention today on conferences with cabinet ministers and banking experts in rounding out the proposals that will he submitted to congress when it meets Thursday in extraordinary session. The President was hopeful that the public would react, swiftly to his plan to open new bank accounts which can be drawn upon at. once. Money put in such accounts must ,bc kept available by the banks, deposited in the federal reserve banks or invested in government bonds. Tells Plan to Governors Mr. Roosevelt outlined this brief., hut comprehensive plan to the Governors and representatives from thirty-one states who gathered at the White House at his call. "Recognized government bonds.” he told the state executives, "are as safe as government currency. They have the same credit back of them. And. therefore, if we persuade people all through the country when their salary checks come in, to deposit them in new accounts, which new accounts will be held in trust, and the money kept in one of the new forms I have mentioned, we have made progress.” He praised the states for their action in the banking crisis, afterward explaining that ‘ we want, if possible. to have a general banking situation, that is to say, covering national banks and state banks, as uniform as possible throughout the country j and at the same time we want, to eo-operate with all the states in bringing about that uniformity. No Desire to Centralize *1 have no desire to have this matter centralized down here in Washington any more jjjm help.’’ Mr. Roosevelt also expressed the conviction that the public would accept the plan calling for issuance of scrip until conditions return to normal through a return of the currency that now is being hoarded. ' The President, who set a burning pace during his first thirty-six hours in office in an effort to meet the financial emergency, was expected to show' no let-up until his program is completed. Although a moratorium on politics , was declared until the financial situation has been clarified. Mr. Roosevelt took lime nut to appoint Pro- i fesosr Rexforri Guy Tugwell of New 1 York as assistant secretary of agriculture. Tugwell was a member of the famed "brain trust” that formulated the Roosevelt campaign policies. JAPANESE WILL BUILD RAILROAD INTO JEHOL Seeks to Extend Colonial Trade by I.ink of Lines in Manchuria. fin t nitrti Prfit* TOKTO. March 7. Japan will extend its colonial trade to conquered Jehol province bv constructing a rail line across the mountains from Tungliao. Manchuria, to Chengtehfu. provincial capital city, it was reported today. Engineers for (he Japanes?rontrolled South Manchurian railway area already are preparing for the Nipponese to consolidate their position in Jehol. reports said. Only last week the South ManHnirian carrier was vested with management o fthe entire rail system in Manchuria. The new line would connect the important key cities of Taonan. Kailu. Chifeng and cross the rugged Jehol mountains to Chengtehfu. PEANUT TAKEN FROM LUNG OF 4-YEAR-OLD Bov I* Recovering at Kitov Hospital. I* Report of Doctors. Albert Lechner. 4-year-old son of Mr. and Mrs. Albert F, Lechner. !M9 Hoyt avenue, was reported recovering today in the James Whitcomb Riley hospital for children, following a successful operation Monday for removal of a peanut from a lung Dr. E. T. Thompson, administrator ot the Indiana university school of medicine, said that the child had been placed in an oxygen tent to facilittate healing tissues of the tunc

Awards Friday Winners in The Times Choose a Cabinet contest will be announced Friday and prizes mailed to the victors. More than 3,000 answers were received by the contest editor and these have been sifted to 100 for the final judging. Despite the fact that death removed Senator Thomas J. Walsh from the cabinet, even before he beßan his service, his choice as, attorney-general will be considered correct in making the awards Watch for the awards Friday.

The Indianapolis Times Cloudy with showers tonight and probably Wednesday morning, fallowed by fair; not much change in temperature.

VOLUME 44—NUMBER 257 % •

Men who were close to Woodrow' Wilson in the } days of his early administration and during the j World war, have been giving the benefit of their ; experience to President Roosevelt in conferences on | the banking crisis. Among them are three former secretaries of the i

Will R. Wood Dies at Friend’s Home in New York Veteran Indiana Congressman Was Defeated for ReElection After Serving Nine Straight Terms. (Picture of Will R. Wood on Page Ten) /> </ Ia Hr,l Pirn* WASHINGTON. March 7. Associates of former Representative Will R. Wood of Indiana were notified here today of his death in New' York City, The announcement, was made by Miss Jessie P. Lovell, his former secretary. Miss Lovell said Wood died at the home of a friend, James sW-eman, at about n a.,m. today.

Wood, defeated for re-election to the new' congress, had been one of the veteran Republican leaders of the house. Up to the time of his recent retirement he had served nine consecutive terms, representing the Tenth Indiana district. For many years he was chairman of the powerful house appropriations committee and largely was responsible for shaping the budgetary policies of ihe government during the Coolidge and Hoover administrations. Shock to Party Leaders Will R. Wood, who was 72. ended eighteen years of service as an Indiana congressman Saturday when the Seventy-second congress adjourned. He was elected from the former Tenth district in 1914. He was returned to Washington at each election until the last campaign, when he was a victim of the Democratic landslide. He, likewise, served four terms in the Indiana senate, to which he first was elected in 1896 from Tippecanoe county. Twice he was president pro iem. of the senate and was the dean of the Republican side. His death came s a shock to Republican leaders and old acquaintances. He had planned a Mediterranean cruise as a relief from poor health. During the lasi, congress he was chairman of tha appropriations (Turn to Page Ninel SKIES TO CLEAR HERE. IS WEATHER FORECAST General Temperature Rise Is Na-tion-Wide, Says Armington. Spring appeared to be not far distant today as light rains and moderate temperatures prevailed in the city and state. Prospects are for fair weather and normal mercury readings Wednesday, according to a forecast of J. H. Armington. meteorologist With a total of .24 inch of rain Monday night, deficiency for the month in the city is .47, Armington said. The rainy condition is extending eastward from the Missippi river, in eluding the South Atlantic states. General temperature rise was felt over the entire nation in the last twenty-four hours. COUNTY ’TRADE’ DOWN Business Cut 90 Per Cent in Office*. Says Clerk. Banking restrictions have reduced business at the county clerks office 90 per cent, Charles K. Ettinger. deputy clerk, said. Receipts at the office Monday totaled SI 00 as compared with $25,000 for an average day s business. However, the public co-operated and made no demands for payment of court judgments, according to Ettinger. Numerous taxpayers are calling at the treasurer s office this week to get spring tax bills, but few are paying taxes. May 1 is deadline for payment of the spring installment. "Tax collections are 50 per cent less than at this time lat tear.” Fay Wright, deputy treasurer, stated.

WOODROW WILSON'S ADVISERS AID ROOSEVELT

BUILD UP NAVY, IS URGED BY SWANSON Wants Fleet Boosted to Full Limit of Treaty. tty I nih il Crr** WASHINGTON. March 7, Navy Secretary Claude A. Swanson declared today the United States navy should be built up immediately to limits provided in the London treaty. "We should make every effort to build up our fleet as soon as possible," he said. “The ratios drawn up at the London conference should be respected, and we should have those ratios.” Hourly Ternpteratures 6 a. m 41 10 a. m 41 7 a. m 43 11 a. m 41 8 a. m 44 12 < noon >.. 40 9a. m..... 43 Ip. m 41

Thousands of Indianapolis residents today want to know' what tfieir hank will do for them and what, the latest is on the situation in this city, the state and the nation. Again The Times comes to the fore w'ith public service, and. throughout the day, will supply this information. If you have any question, call Riley 5551, and ask for The Times bank information department. Any question is eligible. The bankers of the city are co-op-erating with The Times in supplying information.

Sing Hi-Lc, Hi-Lo, There’s Plenty of Dough in Miami; Bankers Gasp as They Watch Betting Ring at Hialeah

BY JOE WILLIAMS Times Staff Writer MIAMI. March 7.—Despite current banking conditions, there was enough of what the boys call fresh money around in this gayest of American winter resorts for the hoss players to stick $133,966 in cash in the totalizer at. Hialeah Monday, the totalizer being a machine which records the day s betting. This must hr written down as phenomenal, in view of the fact that anybody around here with as much as $lO in cash is looked upon as a very wealthy person indeed. Where the money came from and what prompted the hoss players to feed it to the voracious totalizer must remain a mystery. All that is known for a fact is that the money was real. Somber-looking financiers, forced to inactivity by the four-day national moratorium, stood around and watched, with frank astonishment. the spectacle of people with bills and silver fighting their way to the betting windows. Possibly this is a better-business than banking.' one of them remarked.

treasury, William Gibbs McAdoo (It, Carter Glass <2i, and David F. Houston <4>. Other advisers of Roosevelt u'ho w T cre close to Wilson include Cordell Hull, secretary of state <s>, Bernard Baruch, banker •3'. and Norman H. Davis, diplomat and banker (6).

Here's Help

INDIANAPOLIS, TUESDAY, MARCH 7, 1033

QERMAK KILLER TRIAL DELAYED Every Step Will Be Taken to Give Zangara Fair Hearing, Says Judge. ! tty I vilril Crr** MIAMI, Fla., March 7. Arraignment, of Giuseppi Zangara. slayer of Mayor Anton J. Cermak of Chicago in a bungled attempt to assassinate Franklin D. Roosevelt here Feb. 15, w'as postponed today until March 9 on motion of defense counsel. Request for delay w'as based upon . desire of appointed counsel for Zan- | gara to confer with the defendant I and to determine what his plea to ; a charge of first degree murder shall be. Judge W. O. Thompson ordered ; the postponement at the conclusion jof a seven-minute court session i opening at, noon. Zangara was from Ihe courtj room, still maintaining his air of > contemptuous disdain of his possible penalty of death in the electric chair. “ ‘Me no sorry,’—the diminutive Italian bricklayer was quoted by prison guards as declaring repeatedly before the short court proceedings while Zangara’s only comment in court was "same three” w'hen asked whom he preferred as counsel. He referred to Lewis M. Twyman, James M. McCaskell and Albert E. Raia. Miami attorneys who defended him on his earlier arraignment on charges of attempting to assassinate four others, as a result of W'hich he w'as sentenced to eighty years in prison. Judge Thompson said he w'ould take every appropriate step to assure Zangara a fair trial. STRUCK BY FIRE TRUCK Medical Student Suffers Dislocated Shoulder Bone: Sent to Hospital. Struck by a fire department sup- j I ply truck as he dismounted from ! a trackless trolley today at Tenth i j street and Indiana avenue. How'ard j Byrn, 47, of 2611 West Michigan j j street, a medical student, suffered j a dislocated shoulder bone. He was treated at city hospital. \ Ed J. McCann. 35, of 2243 North Pennsylvania street, was driver of i the truck.

While the day’s play w'as not up to average, it w'as not off a great deal. Earlier in the day Ihe track management, had announced that the meeting would be continued, no matter what happened. This followed word that tracks at New’ Orleans and Agua Caliente had suspended operations, awaiting more favorable conditions. Nobody in the executive family of the track had any idea what the day would bring forth. "We can t tell whether the people will bet a dollar,” commented Joseph Widener. principal owner of the track, "but- we are determined to complete the meet as per schedule just the same." On the day the moratorium was put into effect—Saturday—the totalizer handled $218,000, as against an anticipated average Saturday handle of $300,000. This was a revelation, but even so it was not quite so remarkable as the “handle” of Monday, when the full significance of the situation was appreciated generally. This eitv is peculiarly susceptible to the vagaries of the money market.

INDIANAPOLIS BANKS TO DEFER RENEWAL OF BUSINESS UNTIL FEDERAL RESERVE REOPENING

Issuance of Scrip Will Be Started Throughout Nation Friday. RESTRICTION IS EASED Arrangements Are Made to Clear Checks Drawn Before Holiday. BY RAYMOND CLAPPER United Press Staff Correspondent WASHINGTON, March 7. —Orders authorizing issue of scrip by clearing houses throughout the country beginning Friday were issued today. Some localities may be allowed to start issuing scrip earlier, but only by special direct authorization from the secretary of treasury. Banks were authorized to reopen today to finance shipments of food, accept new deposits which will be subject to withdrawal on demand, and perform other limited functions. The Roosevelt administration, assured the nation's loyal co-opera-tion, was acting with war-time speed to relax the four-day modified banking holiday as much as consistent with safety of the financial structure. Wood in Issues Orders Woodin's orders provided that: Scrip may be issued by clearing houses and other authorized associations against sound assets of banking institutions. Scrip may be delivered by each institution to its creditors and depositors on a pro rata basis. This was understood to mean that depositors probably Mould be given a percentage of scrip against their deposits rather than the full amount, depending upon the judgment of clearing house authorities in each instance. For the moment there was no authoritative word as to whether New York would be permitted to go ahead at once with its scrip which now is physically ready for issue. "Wait until 4 p. m.,” said treasury officials. Woodin's next press conference is at. that hour. Courage of the American people in meeting the emergency was praised by Secretary Woodin. 'T doubt if any other nation in the world would have faced the situation in the same spirit.” he said. Indications that former officials were collaborating with the administration was seen in the fact that the two highest treasury officials of the Hoover regime were with Woodin today—former secretary of Treasury Ogden L. Mills former Undersecretary Arthur Ballantine. Throughout the emergency, regulations issued in rapid-fire order were designed to adopt the rigors of the enforced holiday to the needs and convenience of the public. Clean Up Cheecks Arrangements were made to permit cleaning up of checks written before the holiday, provided no outlay of cash was involved. Throughout, however, emphatic orders were maintained forbidden payment of gold or gold certificates. Banks also were authorized to resume their functions as trustees of estates and other trust funds, provided that no currency is paid out. Secretary Woodin ordered that where settlements for checks charged by drawee institutions to the drawer's accounts on its books | on or before March 4 are incomplete, settlement may be completed; where this does not involve payment; of money or currency. That is. a check written by a per- j son up to Saturday midnight now j will go through the banking chan- j nels as usual, provided that at the j end of the process no cash has to be paid out. As an example, suppose a person wrote a check to pay his grocer last Saturday. The grocer deposited the ) check in his account that day. So long as the grocer does not insist

It is essentially a resort. Free spenders come here to have their fling. The opportunities for action are many and varied. There are hoss tracks and dog tracks, night clubs, and wine spots A few miles out in the country there is open gambling. Ardently interested in the civic and social affairs of the nation, your agent felt obligated to tour the city Monday night and gather first hand information on the situation. None of the hot spots were closed. Most of them were doing capacity business. There seemed to bs a sufficiency of money on all sides. If you werq a regular, it didn't matter whether you had cash or not. The gentlemen in charge would take your I. O. U. This even applied to the gambling halls outside the county. It was a rare spectacle to see hardened wheel players hand a scribbled note to the courpier and get back a mess of chip*. Maybe th*- gentlemen in charge knew they couldn't lose much, anyhow.

Marching Orders

Roy W. Howard, chairman of the hoard of the. Senpps-Howord newspapers, telegraphed The Indianapolis Times yesterday a broad outline of policy to hr followed during the hanking crisis. While if is unusual to print intra-officc communications, the editor derided to take the public into his confidence, so readers may understand clearly this newspaper’s aims. Mr. Howard's message in full follows: * * * "To Taleott Powell, Editor, and Earl D. Baker, Business Manager, of The Indianapolis Times: “There is every indication today that Roosevelt’s speech Saturday and the new administration’s aggressive action Sunday have smashed the llindenburg line of the depression. The war is not over. There may be further heavy casualties and severe local or sectional reverses, all of which should be stated frankly in editorials and news coverage. “But the main thing to stress is that the counter attack is under way. The new government has recovered the offensive. “American journalism this week will have the greatest opportunity for public service offered in a generation. Newspapers never were so necessary as they are today. “We must not fail either the public or the government. Ours will be a glorious part if we keep our chins up and our heads clear. The wealth of America is not sealed in Wall Street banks. It is tn the courage and resourcefulness of odr citizens everywhere. “Be sure you do your part to advance your sector. Feature every humanitarian and public-spirited action. Pillory every selfish one. (live your readers the best newspapers you ever produced. Be sure that your editorials sound a note of leadership and smiling courae.P •• “ROT W. HOWARD.”

on drawing cash for the check, it is passed along and deducted from the book balance ot the bank depositor who wu'ote the check. Since much of the nation's business is done by check, without ever a dollar of actual money changing hands, it is expected that this order will tend to clean up a large percentage of checks w’hich were caught in the sudden holiday. It does not, of course, mean that checks may continue to be written. Its effect is to clean up check matters pending up to midnight last Saturday, insofar as this may be done without actually paying out cash. It is, in other words, a nation-wide attempt to cancel off checks against each other and get the check system down to bed rock ready for a fresh start. President Roosevelt expressed confidence that the public w'ould accept the scrip readily. With business men showing a disposition to help the public through the emergency with as little inconvenience as possible, it w'as believed (Turn to rage Three)

Courage! The nation is riding out one of the w'orst storms in its history—successfully. Thee tempest was brought about by a very simple cause—people stopped trusting one another. The Times today asks for a renewal of trust and faith among the American people. We need courage and confidence. In the lead editorial today, on Page 4. The Times makes its declaration of faith and asks your earnest consideration of the creed there w'ritten.

Many business houses ran conspicuous advertisements in the local newspapers advising visitors they would take checks. One of the department stores featured an “on the cuff” bargain day sale. The tw'o telegraph companies had a brisk day. A line two blocks long formed in front of the payoff of the American Express Company, and all money orders were accepted. F. C. Rcmfh. president of the First National bank of Miami, implied caustic bewilderment at the existence of a situation which compelled the closing down of institutions which were not only solvent but fully equipped to handle a normal run of business. Nevertheless, Mr. Romfh’s bank and the other banks here will remain closed. Meanwhile, many of the tourists who had planned to tarry around for another fortnight are taking stock of their funds and p r eparing to return home, the feeling being that they can nurse their problems with more comfort at the family fireside than at the seashore, a thousand miles away.

Eli tern! m Second i:ia*s Mailer at I’ostoftice. < mi irtim polls

‘MAD SNIPER’ TOLL NOW IS FIVE DEAD Eleven Shot by Maniac on Shooting Rampage. tty l nilrtl Pir** CLEVELAND. March 7. The death toll in a gun battle between police and a maniacal gunman on a, busy west side street mounted to five today w'ith the deaths of Albert Marquis, 67, and Joseph Sapko, 22, innocent victims of the "mad sniper.” Herman Klink. 40, the gunman, shot eleven persons before he w'as slain by police bullets. Police have been unable to advance a reason for the man’s wild shooting rampage. BLADES IS NEW PILOT Former Big Leaguer Named Manager at Columhtis. tty I niled Pern* COLUMBUS. 0.. March 7 Ray F. Bladps. coach and outfielder of the St. Louis Cardinals in 1932, today was appointed manager of the Columbus baseball club of the American Association. L. S. MacPhail, president, of the Columbus Club, announced that Blades would play an outfield position in addition to his managerial duties. ROAD COSTS SIOOFOOT Most Expensive Federal Operation Is Along Oregon Coast. tty I nileil Per** MARSHFIELD. Ore.. March 7. The most expensive road ever built by the federal bureau of roads is along the Oregon coast highway south of here. A high bridge, tunnel, and a cut through solid rock boosted the cost to mot'’ than $-500,000. or SIOO a foot.

Let’s Swap ‘What Nots’ If you arc short of cash, don't worry. Yon surely have sonic article that you no longer need, tuu.li as an old chest of drawers, radio, tied. etc., that you can swap for articles that vou need. .4 Times Want Ad i ihe cheapest, medium in Jnd' anapnlis through a-hc h tn -wap your articles (The Timet offers (he lowest Want Ad rate ~f %nv Indianapolis newspaper three cents a word, t Times uv Want .if* a Word Ads 10% Discount on All Cash Ads. n a tt Place your next Want Ad at Times Want Ad Headquarters, 214 West Maryland street. Ri. 5551. Ad Accepted Until 10 Each Evening.

HOME EDITION PRICE TWO CENTS Outside Marion County. 3 Cents

Clearing House Decides to Continue Holiday for ‘Time Being.’ UNCERTAIN ON SCRIP Inability to Clear Checks Another Reason for Delaying Resumption. RANKING SERVICE FOR YOU Here are the banking services available for Indianapolis citizens today: Safety deposit box departments are open for deposits and withdrawals. Postal money orders may be cashed and also purchased to use in lieu of checks. Postal savings deposits are being accepted and withdrawals permitted. Facilities for obtaining change are being offered by banks. Checks are being accepted, subject to collection, in payment of money orders. The usual credit is hemg extended for necessities by business firms to customers with good credit rating. Some, public utilities are accepting checks, pending clearance, in payment of current accounts. Some department stores recommend use of charge accounts. BY LOWELL NUSSBAUM Indianapolis banks will remain dosed for the time being, pending reopening of the Chicago federal reserve bank, it was announced this afternoon, following a meeting of the Indianapolis Clearing House Association. Clearing house members decided to continue to observe the banking holiday proclaimed by President Franklin D. RTisevelt rather than elect to open for restricted business, as permitted under the latest order issued by Treasury Secretary William H. Woodin. Woodin's order would permit banks to pay, on demand, funds deposited last week in segregated accounts, and to accept for deposit, in new segregated accounts, funds which must be kept liquid for withdrawals. Await Action on Scrip No definite action for issuance of scrip has been taken by local bankers, because of lack of definite information on procedure. It was stated the banks were undetermined as to the feasibility of adopting such plan here. Statement of the treasury secretary today authorized issuance of scrip, but made it optional with localities. It was stated the clearing house was deciding on its course of action for the present only, and further developments, nationally, will guide the next moves in the local situation. Decision of the clearing house not to take immediate advantage of the opportunity tq open for restricted business, was based on confusion caused by inability to clear checks through banks in other cities. Checks Tied Up With the Chicago federal reserve bank remianing closed, no checks issued by local depositors to persons in other cities could reach here and local banks find it impossible to determine the exact balance of depositors’ accounts. It was reported that bundles of checks sent to the Chicago Federal Reserve bank for clearing late last week were returned here Monday, unopened. At present a large percentage of several million dollars placed in segregated acounts last week are in the form of checks on banks in other cities, which cannot be cleared now, according to Elmer W. Stout, Clearing House president. In the meantime, the local situation was relieved somewhat by renewal of full operations of postal savings department of the postofficc and the money order section. Open to New Deposits Issuance and cashing of mon°v orders is unlimited, and the ban on withdrawal of postal savings funds has been lifted by order of the postoffice department, Postmaster Leslie D. Clancy said today. The banks Monday were authorized to grant patrons access to their safety deposit boxes. Luther F. Symons, state banking commissioner, said that he had received telephone calls today front bankers in a number of Indiana cities announcing they planned to open for business this morning on she new- basi= Those cities included Anderson. Fiench Lick, Windfall and others. Change Situation Relieved One of the inconveniences hampering business operations as result of the bank moratorium, that of obtaining change for business transactions, was relieved late Monday, when the treasury department authorized banks to open one window each for the purpose of making change. Since the limitation order was issued. most citizens have retained in their possession much larger amounts of ca*h than usual, fearing (Turn to Page Three)

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