Indianapolis Times, Volume 44, Number 257, Indianapolis, Marion County, 7 March 1933 — Page 3

MARCH 7, 1033

CONGRESS LEADERS BACK ROOSEVELT’S ‘RULE OF IRON’

ISSUE OF SCRIP TO START FRIDAY; RESTRICTIONS ARE EASED ON COUNTRY'S BANKS Woodin Speeds Program to Restore Business; Roosevelt Counts on Full Co-operation of Nation. (( ontinurd From Page One) the scrip would be as acceptable as greenbacks at the corner grocery store, filling station, or movie house. The scrip will be backed by the full assets of the banks which issue it. In form, it will be a piece of paper about the size of regular currency and probably in the same denominations. It will be a promise of the bank to pay. As soon as the financial strain eases, it will be redeemed in United States currency.

The scrip will be put into circulation this way: Suppose you work for John Smith * Cos. The Smith company has plenty of money in the bank, but under the banking moratorium it ran not, get any of this money to pay you. You Spend Your Scrip The company goes to its bank, or to the city clearing house. There, it obtains the amount of scrip needed to meet its payroll. The scrip is handed out to you and your fellow workers. You spend it, and as it finds its way back to the clearing houses the amount is charged off against the company’s bank balance. Whether the government should issue nation scrip is one of the questions still being debated by treasury officials in their increasing rounds of conferences with bankers, economists, and legislators. The Democratic senate leader, Joseph T. Robinson, said this w'as one. of the problems congress w'ould ponder when it meets in special session Thursday. Advocates of national scrip believe it would assure unhampered interchange of the emergency money between communities and guarantee its acceptance at full value. New Deposits Accepted It has not been decided whether the government, will accept local scrip in payment for income taxes and postage stamps. The postoffice department, however, has directed postoffices to accept checks in payment for postage bills, although it can not, cash the checks during the banking holiday. Postal savings banks are remaining open. Most important of the functions which banks were permitted to resume today was to accept new' deposits w'hich the depositor may withdraw at. any time by check or in any form of cash except gold or gold certificates. Banks are required to keep such deposits separately in cash, in government. securities, or in special accounts with the federal reserve banks. Treasury officials believed opening of these new' accounts w'ould facilitate the return to normal banking operations and bring much money out of hoarding. This authorization also applies to similar special unrestricted deposits accepted by banks under state holidays before the national modified moratorium was declared. Can Pay on Demand Under the treasury order, banks now may pay out such deposits on demand. All regular deposits made before the holiday remain impounded. Banks also were directed to carry on all operations necessary to finance shipments and deliveries of food without delay. The interstate commerce commission gave further asistance by ordering that freight bills do not have to be paid during the banking holiday. Other functions where banks were permitted to resume today were: Make change; give free access to safety deposit boxes; cash checks drawn on the federal government; accept payment on obligations due them; return intact, without restriction, all cash, checks and other items received for deposit or collection after the last closing hours and not entered on the books. In all cases, however, the ban on payments in gold or gold certificates remained in force. HEN LAYS HUGE EGG Pit 1 nitrd Press DK POE BAY. Ore, March 7. A six-months-old Barred Plymouth Rock pullPt, owned by W. N. Preston. laid an egg fiL by 9 inches in circumference, weighing four ounces.

Everybody Helps Everybody Else When Checks Are Barred and Funds Run Low

The “guy" with a "grand” tied up. in a bank, and the fellow with a grand piano in hock, ate lunch together today in Indianapolis. The Butler university “co-ed," with a pockctbook greenback bulge, opened it to her sorority sister and said. ‘Take what you need." Business men aided other business men with change, and banks, in turn, aided them in changing big bills. Human kindness didn't turn to buttermilk, with high prices in commodities. due to the restricted banking. One restaurant had a sign, ' Back again—eggs and bacon. 10 cents.'' The only profiteering was in helpfulness of each other and in turn, accepting aid. Hoosier spirit swung into the second day of money stringency with only the “voocher" in areaways of stores meeting rebuffs. "You cant bum the lick off a postage stamp." snarled one tattered man. The truism ol his remark could be seen in the Penny cafeteria. Delaware and Washington streets, where four merchants, caught by closed checking accounts, were eating on the dollar meal ticket books they had puchased to dole out to panhandlers. "This is an emergency and. although we're established primarily to serve the unemployed and the clerk with small means, we'll welcome patronage of those who can not pay full price (or thri: said F. C. Carrier, pastor of the South Side Seventh Day Adventist

REOPENING OF BANKS DELAYED City Financial Leaders to Await Federal Reserve Resumption. (Continued From Page One) additional cash might not be available for some time. The bank holiday found Indianapolis citizens possessing more actual money than in any other period in i the city's history, bankers said, i Safety deposit boxes were opened j Monday. Hundreds of hoarders withdrew ! large amounts of money several weeks ago, this action tending to ( bring on the limitation of withdrawals order issued locally Feb. 25. It was said more money was paid out by local banks in the last two w'eeks than ordinarily w'ould be paid out in six months. Hidden in Homes Some of this money went into safety deposit boxes, but most of it was hidden about homes. Once started, the hoarding instinct has grown. Some persons, fearing a shortage of change, have made many small purchases and tendered $5, $lO and S2O bills in payment to obtain the change. Others have gone so far as to purchase sufficient imperishable foodstuffs to last .several days. Local representatives of life insurance companies were to meet this afternoon in the offices of the American Central Life Insurance Company, on Fall Creek boulevard, to discuss leniency to policyholders and methods of carrying on business. Many companies have aided pol- : icy holders to prevent lapses by accepting checks on banks conditional with collection. Possibility of a grace period on policies may be taken up at the meeting. Operation of the tow'nship trustees relief office has not been hampered. It will continue its distribution of aid to the needy, it was announced. Adequate provisions have been made for supplies and there w'ill be no curtailment in relief activities, officials said. Find Problem Serious Although the situation has added , no appreciable demand on agencies |of the Indianapolis Community ; Fund, inability of donors to meet ! pledges is presenting a serious prob- | lem, fund officials said. Unless it Is possible for contributors to meet their subscription pledges within the next week or ten days, difficulty will be encountered in making regular monthly allotments j to agencies, it was said. Organizations supported by the ; fund usually receive their monthly I alowances on the fifteenth of each ; month, it was explained. Receipts to date were termed “far below' normal,” at. the fund offices. Municipal courts continued to imi pose fines on traffic, liquor and other i law violators. Municipal Judge William H. | Sheaffer fined sixteen persons in i forty-eight cases Monday. Fines and , costs collected totaled $54, better than the daily average court re- ! ceipts since March -1, it was said. 1 Fines and costs were suspended in | five cases, while sixteen other defendant were sentenced. Only one fine of sls. including I costs, was exacted from defendants lin the court of Municipal Judge Clifton R. Cameron Monday. Five were placed on probation and nine went to jail.

church, and manager of the cafeteria. Carrier proffered merchants his SI meal tickets of twenty meals as use for food "scrip" to pay employes if they so desired. Professional bondsmen on the Alabama street row were unlocking jail doors for friends on a credit basis. ' All you can do is trust them,” said Bill Mussmann of the Sam Farb bond firm. "I vas born in the 1907 depression and the next week after my birth my father was thrown out of his house. Maybe that'll happen to me but at least I can go on giving a guy a break." A "cheerio" is sent to the outside world by the 270 inmates of the Marion county jail with: “Well, we ain't so bad off. Were eating regular and sleeping." "But listen. Baby." added a feminine inmate of the jail." just you let me out of here between meals and I'll be back for breakfast, supper, and a bed. Liberty's all I crave." Prisoners are conserving their scanty supply of funds, but an affluent one always is "good for the makings." Students at Indiana Central College and Butler university were stretching friendships willing friendships—by borrowing from one another until "I hear from home.” Both schools reported many collegians had checks which they couid not cash. Credit was being extended for food e::d lc ging in both schools and no closing o der was being considered by directors.

IT'S A QUIET DAY ON WALL STREET

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World-famous Wall Street's narrow pavements as they appeared, eompartively deserted, at the start of the hanking holidays. At extreme left: the sub-treasury building; the statue of George Washington surveys the unfamiliar scene. At extreme right: the House of Morgans, symbolic of high finance.

Bank Crisis Forces Halt in City Social Functions Meetings Are Canceled, Dinners and Parties Postponed Indefinitely by Leaders. Indianapolis society leaders have canceled many engagements for parties, dances, and social gatherings for the week because of the banking situation. The Indianapolis Council of Women called off the monthly meeting, to have been held today. This action was taken by Mrs. Edna Pauley, president, when reservations which were expected to total 125 had reached only twenty-five Monday. Many cancellations were made of previ-

ous reservations. The council is an organization of more than ninety civic, patriotic, literary, and church clubs. The membership dinner of the Women's Athletic Club, which was to have been held March 14, in the Hoosier Athletic Club, has been postponed indefinitely. Practically all sorority events for the week have been cancelled including the state luncheon and dance of the Kappa Alpha Theta sorority slated for March 11. Parties Called Off Parties planned for the Pi Beta Phi pledges, and for the Scarf Club, for Saturday of last week, were crllcd off. The annual state luncheon and dance of the Phi Mu sorority, planned for Saturday, at the Claypool, will not be held. Plays by the Players Club, which were to have been given at the Civic theater, March 18, and which usually are preceded by a number of dinner parties, have been postponed. The event usually is followed by a dance. A dance for pledges of Pi Beta Phi sorority also has been canceled. Tickets Still on Sale Other sorority and fraternity social events at Butler university, scheduled for next week, later may be deferred if reservations and ticket sales are not increased. Tickets for the Freshman Rose dance, to be given Friday by the

City pawnshops refused to loan money on articles. In one "three-ball” shop a fellow who wanted to redeem two rings w-s met with everything but a birthday cake and a brass band. Dimmed store lights, in many instances. clarioned the merchant’s desire to do business on a small scale and to offer every means cf credit extension and aid to customers. “If the government will back the banks. ... If scrip comes. . . . It's the first time we’ve ever found out where we're going—and now it's up. Yes! give her credit, she's always been fair with us. . .” ran the roundelay of comment in stores. And if the city has its percentage of safety deposit box hoarders, they were not abroad in the grav rain today. “Just the usual day's business.” said banks, with reopening of vaults. Anew sightseer is born in the

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THE INDIANAPOLIS TIMES

freshmen at Butler university, still are being offered for sale. If the sales do not increase by Wednesday, the dance will be postponed. Events which have not been affected by the economic situation are the Founders’ day dinner, to be given Friday night by Jobs’ Daughters, the Columbia Club luncheonbridge. scheduled for Wednesday; and the St. Patrick’s luncheonbridge, to be given at the Indianapolis Athletic Club Wednesday. LOAN MINUS INTEREST IS OFFERED BY FIRM Lincoln Jewelry Cos. to Give Help for 30-Day Period. The Lincoln Jewelry and Loan Company, Capitol avenue and Washington street, announced today that interest-exempt loans, up to $lO for thirty days will be made to persons needing clothing, food, or coal. The loans are ' being made on anything of value and, at the end of thirty-day period, the collateral will be returned to its owner for the amount of cash obtained at the time of the loan. “This is made possible,” the firm stated, “because we escaped having our money tied up in the banks when they started on the 5 per cent basis.”

city of the bank holiday. Bankers call him the “peeker.” He hasn't any money in the bank. He is the fellow who sits out boresome trials in the courthouse just to have something to hear or see and now he has turned to bank lobbies for his •peeking.” Monday’s problems of changing larger bills vanished today. “We can cash anything within reason,” merchants said. At the city soup-line the quip of “every one's in the same boat” was said without rancor and with added hope. “Maybe something will happen now. Maybe we're going somewhere. Maybe—jobs will come back. And the guy with the useless “grand" in the bank and the fellow with the hocked grand piano felt the same way as they lunched and went back to work.

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PRESIDENT TO GET FULL SWAY ON BANK PLANS Caucus Gag Sanctioned by Senate: House Will Act Wednesday. BY LYLE C. WILSON 1 nited Press Staff Correspondent WASHINGTON. March 7.—-Major powers of goverment today were being concecntrated in control of a handful of men. Caucus rules to gag party opposition will bind working Democratic majorities in senate and house in the extraordinary session of congress. President Roosevelt is closing strong fingers on the federal helm. Senate Democrats authorized the caucus gag Monday by a vote of 50 to 3. House Democrats act Wednesday. “What President Roosevelt wants will be enacted,” promised Representative Henry T. Rainey (Dem.. 111.), who will be Speaker of the house. Convenes Thursday Congress convenes at noon Thursday, twelve hours before the modified financial holiday is scheduled to end. If banking measures are not ready for consideration then, it may provide for extension of the holiday, complete its organization, and adjourn for tw'o or three- days. The administration hopes the legislation will be ready and congress will act so quickly that no extension will be necessary. Precedent for what amounts to a group dictatorship on major presidential policy is found in the Wilson administration, when the Democrats were last in power. Three dissenting Democrats were lost Monday in a landslide approval of caucus rules for the senate. The three were Costigan (Colo.), Long <L&.) and McGill (Kan.i. Many others were reluctant to arm senate majority leader Joseph T. Robinson with the pitiless party lash, but they did so. Opposed, But Agrees “I am against caucus rule,” said Senator Thomas (Dem., Okla.). “I voted for it only because these are war conditions. It makes virtual dictators of tw ; o or three men in the government.” Senator Caraway (Dem., Ark.), lone woman member of the senate! refused to vote either way. She explained, T just hate to bind myself. I think I will be pretty regular Everybody will have to be.” Although dissenting. Long told the United Press that he probably would “go along better than a lot of those fellows who voted the caucus. But if there is anything w'e don't like, there will be plenty of opposition.” Opposition will be difficult to maintain, however, undercircumstances created by the vote which enables Robinson to summon a caucus on any proposal submitted by the President. The caucus is Robinson s alternative to more stringent cloture rules w'hich he drafted during Long’s bank bill filibuster last session. Speaker Rainey and House Majority Leader Byrns intend to manage their unwieldy majority by strict caucus rules. With VicePresident Garner. Robinson and advisory committees to be selected, they w'ill possess pow'ers to ram through congress whatever maj be sought by Mr. Roosevelt. It is expected they will act ruthlessly, although individuals may escape the caucus rule by pleading conscientious objections—a term reminiscent of the w'ar. BROTHER-IN-LAW HELD FOR FARM SHOOTING Hoosier Seriously Wounded; Kin Said to Have Confessed. By United Pres* FT. WAYNE, Ind., March 7. Shotgun slugs fired through the wnndow of his farm home near Hamilton seriously wounded Leo Cameron, 50, Monday night. William Parks, 55, his brother-in-law', was arrested and was said to have confessed shooting Cameron. He refused to reveal a motive. Cameron was sitting in his home when he aws shot. He is expected to recover.

STOPS SON’S COUGH “Let ME tell mothers “ My son had a severe cough. We tried all kinds of cough medicine but he found she writes gratefully no relief - Having heard the announce- “ J J ment over the radio about Smith Brothers’ Cough Syrup, I got a bottle. After the fhircf dose my son’s cough was greatly iPillw'V relieved. Soon it stopped completely. . .. M Y’d k' a d to tell mothers about Smith --aa,-jp Brothers’ Cough Syrup.” Mrs. Ida ju Jr Schlosser,6922BertholdAve.,St.Louis,Mo. W% m JfB SMITH brothers Cough Syrup 35f CONTAINS NO NARCOTICS

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Postmasters to Speed

THE SHOW GOES ON!

“The show must go on” . . . and Lupe Velez (above) sings and dances for uncommonly tired business men in a Broadway show that opened despite the banking heiiday.

HELD CAPTIVE FOR 17 HOURS BY TRIO City Man Released After All-Day Drive. After being held prisoner in an automobile by three men for seventeen hours Monday, Roliin Sage, 1802 Tallman avenue, was released Monday night at Ohio street and Senate avenue, he told police. Sage said he was en route to work when he was accosted by the men on Roosevelt avenue between Eighteenth street and Tallman avenue. One of the men j-umped from the car and forced Sage to enter at point of a revolver. The men drove around the city all day, according to Sage. Shortly before his release he was searched by the men, but 45 cents, all the money he had, was not taken. Sage said.

Gone, but Not Forgotten

Automobiles reported to police as stolen bplong to: Rov Roudebush. 2321 North New Jersey street. Chevrolet sedan. 122-266 1 32 1 , from in front of 2321 North New Jersey street. W. B. Miller, Vincennes Ind., Chrysler coach. 163-909 1 33*. from Vincennes. Ind. A. J. Cecil, 1739 West Washington street. Oakland coach. 749-043 i32i, from rear of 1739 West Washington street. BACK HOME AGAIN Stolen automobiles recovered by police belong to: Walter Beck. Shelbyville, Ind., Dodge sedan, found at Southeastern avenue and Pennsylvania railroad. wrecked. Nicholas Dobbins. Ft. Harrison, Willys roadster, found at Thirty-first street and Emerson avenue.

Get Help Withdrawals Money Can Be Drawn Out of Banks If Funds Run Short. WASHINGTON. March 7.—The postoffice department today advised postmasters in need of cash for payment of money orders, postal savings certificates, or “other postal expenditures" that they may draw on banks in their territory. 104 INCHES OF SNOW! In Seven Days, Report From Crater Lake Park. Ore. MEDFORD. Ore.. March 7.—One hundred and four inches of snow fell in seven days in Crater Lake National park, bringing the snowfall for the year—on Jan. 28—to 38 feet 4 inches.

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NO HIKE IN FOOD PRICES AT PRESENT Meats Only Exceptions, as Packers Boost. Indianapolis housewives were assured today by the four leading grocery chains that staple food prices would not advance for the next few days. Meats were an exception one chain reporting a slight upturn in its retail prices to take care of higher quotations from the packers. Until the present stocks of groceries run low. today's prices will prevail, subject to later fluctuations of the different wholesale and jobber markets. Failure of automobile drivers to use good judgment and good manners is the real cause of the majority of smash-ups, says a University of Toledo professor who has been studying road accidents.