Indianapolis Times, Volume 44, Number 258, Indianapolis, Marion County, 8 March 1933 — Page 1

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CONGRESS TO ACT SWIFTLY ON BANK LAWS AND RECESS Roosevelt to Demand Speedy Action to Relieve Financial Emergency; Ready to Ask Dictator’s Powers. PARLEY IS CALLED WITH LEADERS Measures to Be Drafted for Complete Rebuilding of Banking Structure, After More Thorough Study. WASHINGTON, March B.—President Roosevelt will ask congress at its special session Thursday to concentrate on immediate legislation affecting' the present financial emergency, it was indicated today in sources close to the President. Mr. Roosevelt was expected to request, through congressional leaders, that both houses recess immediately after swift passage of emergency legislation, to study and draft measures for a complete rebuilding of the nation’s banking

structure. Friends of Mr. Roosevelt. indicated he was hopeful that j his recommendations would l>e sufficient to take care of the present situation. It was indicated, however, that, should this not be the case, Mr. Roosevelt was prepared to take the leadership again as he did in issuing the proclamation for a national banking holiday. Will Ask Broad Towers In his message to congress, the President is expected to request that he be given broader executive powers, that would enable him to meet all phases of the banking situation, in changing developments day by day. It was pointed out that such powers were necessary. It was stated by advisers that it could not be expected that a permanent banking act could be written in three days and that powers akin to that of dictatorship would be essential if the banking situation was to be clarified. Mr. Roosevelt will see congressional leaders this afternoon to discuss with them details concerning the extraordinary session and to urge upon them the necessity of the utmost speed in carrying out his program. Holds Press Conference The course that Mr. Roosevelt and his associates will pursue in the banking situation after the holiday ends Thursday night was said to be cutirely dependent upon congress. Mr. Roosevelt held his first press conference today in the executive office. More than 100 correspondents filed in. To each one the President extended a wwd of greeting as he shook their hands when they filed by his desk. At the height of this activity, and as the newspaper men were ranging themselves about him, Mrs. Roosevelt entered the room, attractively garbed in red. She leaned over and whispered something in the President's car. Son Says Good-By Immediately thereafter. Elliott Roosevelt, the President's second son, accompanied by a friend, entered the room to say good-by to his father. Elliott is on his way to Arizona, where he hopes to purchase a ranch. In the doorway stood another member of the Roosevelt family, James, the eldest son of the President, who took an active part in his campaign. Mr. Roosevelt was expected to wait until the banking situation was out of the way before going ahead with other plans concerning general legislation. although it was indicated bv some that he might send a second message to congress on these matters for its guidance in drafting a program in the recess which is expected to follow passage of the banking legislation. SEXTON LOSES BATTLE Law Taring Treasurer’s Fees Is Upheld by Judge Kern. Timothy P. Sexton, county treasurer. today lost his court fight to test constitutionality of delinquent tax laws passed last year in the special session of the legislature. Sustaining a demurrer of defendants in Sexton's suit, Superior Judge John W. Kern, held as valid, the special session laws paring treasurer's fees and reducing delinquency penalties from 10 to 3 per cent. Defendants were Marion county officials and officials of all other counties in the state. Kern's ruling affects favorably more than 50.000 taxpayers whose accounts are delinquent, and prohibits Sexton from employing additional deputies to collect late tax payments. No appeal was indicated. Ammerman in Play K. V. Ammerman, principal of Broad Ripple high school, Monday night played the role of a school board member in an entertainment and playlet, “School Daze," presented at the Northwood Christian church. Hourly Temperatures 6a. m 35 10 a. m 47 7a. m 36 11 a. m 49 Ba. m 39 12 (noon).. 50 8 a. m 42 1 p. m 52

The Indianapolis T iiu ;s Cloudy and colder with probably light rain turning to snow flurries tonight; Thursday partly cloudy and considerably colder.

VOLUME 44—NUMBER 258

ACTS TO SPEED FARM RELIEF Wallace Works on Plan That Will Affect Crop This Year. By United Press WASHINGTON, March B.—Agriculture Secretary Henry A. Wallace announced today that he would meet Friday with representatives of leading farm organiations to “see whether it is possible to reach an immediate agreements on a farm program that will affect this year’s crops.” Wallace said he expected to present a program of agricultural relief to the special session of congress immediately. COLDER WEATHER IS FORECAST FOR CITY Snow Flurries Also Expected Here Thursday, Says Bureau. Colder weather and snow flurries are expected for the city and state by Thursday morning. Although the temperature drop is not expected to be of cold wave proportions the mercury will drop below the freezing mark, according to a weather bureau forecast. Lower Canada and the northwest states are in grip of cold area moving eastward toward the central west, the bureau said. Light rains late this afternoon or tonight will turn to snow as temperatures fall, it is predicted. LAUNDRY IS RAIDED; SPEAKIEJS CHARGE Chinese Owner Is Placed on SSOO Bond in Court. Dong Wing, Chinese laundryman, today waived arraignment after his arrest by federal agents for alleged violation of the prohibition law. Appearing before Howard S. Young, United States commissioner, Wing and a companion, John Shaw, were placed on bonds of SSOO each. Agents who conducted a raid on Wing's alleged “laundry'’ at 241 East Eleventh street, reported finding 169 quarts of bottled beer and a large amount of brew. The front room was equipped to resemble the traditional Chinese laundry, they aaid, but behind the partition is a room where customers were served, and a third room, farther back, was used for manufacturing beer, it was charged. All laundry work taken in at the I rooms was transferred to a laundry operated by Wing at Ft. Wayne avenue and St. Clair street for washing. the agents said. Wing was represented before the commissioner by James A. Collins, former criminal court judge.

SIO,OOO Damage Is Estimated as Toll of Fire in Maple Road Apartment Building Firh rtf imrlotAwminn/l m 1 _ :.. _ 1 _ e o.i • . .. .

Fire of undetermined origin in the attic of the Chateau apartments 1501 East Maple Road boulevard, caused damage to the building and household goods estimated at SIO,OOO today. Flames were confined to the attice and third floor apartments of the building, but water damage resulted in all apartments of the building's west wing. A second alarm was sounded after the fire was discovered by an occupant of the building. Nine lines of hose were laid. Members of the salvage corps succeeded in covering furniture and fixtures in first and second floor apartments, but all occupants reported serious damage from water. A large crowd was attracted to the scene as fire equipment and two ambulances from city hospital responded to the alarm. Fireaaen I

Why Worry? 101 -Year-Old Man Says He's Seen “Money Tight Before.’

By 1 nitrrl Press CHICAGO. March B. — Kirby Jackson, who claims to be the oldest living railroad engineer, didn't find the banking crisis exciting today as he celebrated his 101st birthday anniversary. “I’ve seen money scarce before,” he said. “I don't worry. I suppose that's why I’ve lived so long.” Neighbors from his former home town of Ft. Wayne, Ind., visited him today. Jackson retired in the early 1900s, after forty-four years of sendee.

DEATH CLAIMS MONT LMUNN Ex-Nebraska U. Athletic Star Was Resident of City Two Years. After an illness of only a few days, Mont Lee (Monte) Munn, 32, of 1509 East Maple road, died suddenly at his home today of heart trouble. Known in athletic and political circles as Monte Munn, he came to Indianapolis two years ago as local manager of the Binkley Coal Company, after an athletic career at the University of Nebraska and in professional boxing. During his career at the university, from which he was graduated in 1922, Mr. Munn was one of the school’s outstanding athletes, winning letters for varsity participation in football, track and basketball. In the November political campaign, Mr. Munn was Republican candidate for state senator, and was active throughout the campaign. Following his graduation, he practiced law in Nebraska and served as a member of the state legislature there. He was born in Fairbury, Neb., Nov. 4, 1900. Survivors include the widow, Mrs. Irene Streed Munn; two brothers, Glenn Munn, Piketon, 0., and Wayne Munn of Lincoln, Neb., and a sister, Miss Elizabeth Munn, a student at the University of Oregon. Arrangements for the funeral, which will be held at Planner & Buchanan mortuary, have not been made.

CHINESE EXECUTE GOVERNOR OF JEHOL Defeated Ruler Slain on Orders of Superiors. By United Press CHINGCHOW, Manchuria, March B.—Tang Yu-Lin, defeated Chinese governor of Jshol province, was executed at Hisfongkou today on orders of Chinese superior officers, dispatches received here said. JANET GAYNOR FILES SUIT FOR DIVORCE Husband “Suspicious,” She Charges in Los Angeles Case. By United Press LOS ANGELES, March B.—The so-called “suspicious attitude” of Lydell Peck toward his wife, Janet Gaynor, motion picture star, has resulted in the young actress filing suit for divorce. Miss Gaynor separated frfom Peck several weeks ago. FRANCE CHOOSES NEW AMBASSADOR TO U. S. Paul Claudel Goes to Brussels; Louis de la Boulaye Is Named. By United Press PARIS. March 3.—The French foreign office today announced the definite appointment of Louis Andre Lefebvre de la Boulaye to succeed Paul Claudel as French ambassador to Washington. Claudel will be transferred to the Brussels embassy. M'NUTT SPIKES RUMOR Denies Skip-Election Bill Will Not Be Signed. Governor Paul V. McNutt today spiked the report that he might not sign the bill postponing municipal elections until 1934. It now is being studied by Attor-ney-General Philip Lutz Jr., and will be signed as soon as declared constitutional and in proper form, the Governor said.

in charge of Chief Harry E. Voshell were equipped with gas masks when it appeared that occupants might be trapped within the building. Mrs. R. L. McOuat, occupying Apartment 14 with her husband, discovered smoke from the attic directly above her apartment. Apartments occupied by the MeOuats, Mr. and Mrs. L. H. McMurray, No. 15, and W. P. Swisher, No. 19, were damaged seriously as the flames broke through the ceiling and swept over walls and furniture A vacant apartment, into which Talicott Powell, editor of The Times, planned to move today, also was swept by the flames, although there was no furniture in the rooms. * Mrs. McMurray was giving a bath to her dog and fled into the street with the dog. wrapped in a tow-el in her arms, stopping only long enough to snatch insurance papers from a in ding place.

INDIANAPOLIS, WEDNESDAY, MARCH 8, 1933

CERMAK BORNE BACK HOMETO SADDENED CITY 50.000 at Chicago Station Pay Impressive Tribute to Martyred Mayor. BODY TO LIE IN STATE "With Deepest Sympathy,’ Is Note With Fiowers From President. BY ROBERT T. LOUGHRAN United Press Staff Correspondent CHICAGO, March 8. Under somber skies, Mayor Anton Joseph Cermak was brought home to the city of his lusty youth and triumphant manhood today, in a casket on a funeral train. The Illinois Central train bearing the solid bronze casket, and members of the family and associates, arrived at 10 a. m. Massed wraith-like in the fogstilled streets encompassing the Twelfth street station were at least 50,000 persons. Many had stood in the chill morning air for hours. Aboard the train were members of the family and associates who had been with the mayor most of the time during his courageous battle against death since he was shot by Giuseppi Zangara near the automobile bearing Franklin D. Roosevelt through Miami the evening of Feb. 15. Daughters in Collapse Seldom has Chicago seen such a concourse of people as gathered to pay tribute to their fallen leader. The crowd massed about the station. People were lined ten deep up Michigan boulevard, and overflowed into Grant park. As the train pulled to a stop, lamentations of those in the Pullmans was audible in the big train shed. The first to detrain were two daughters of Cermak, Mrs. Richey Graham and Mrs. Helen Kenlay. Both were in collapse and had to be borne by their husbands. Next came the mayor’s favorite granddaughter, Vivian Graham. She cried out between sobs: “Oh, Grandpa. Don’t take me away from him.” Then from the baggage car in which the casket lay, attendants brought Fagin, Cermak's pet bulldog. Pet Coaxed Into Auto As the dog was pulled from the car it whined disconsolately. Plans to place Fagin in a box had to be abandoned, and he was coaxed into a friend’s automobile. Sixteen Chicago aldermen bore the heavy casket through an honor cordon of soldiers, sailors and American Legionnaires. The casket was draped in an American flag and bunting. A single floral piece of Easter lilies was placed in the hearse. Two fire trucks followed with the flowers taken from the funeral car. Among those standing about the train was Policeman Thomas Flaherty, who helped arrest the assassin Prendergast who shot Mayor Carter Harrison Sr. to death in 1893. As the casket was borne past, tears came to his eyes. “Aye,” he said, “and why must we have such freaks that kill good men?” Another was James Cermak, the brother who was unable to go to Miami. He gave way to grief and fled from the crowd to a deserted room in the station. Body to Lie in State Cermak’s body will remain at the home until 8:30 a. m. Thursday, when it will be taken to the city hall to lie in state for twenty-four hours. Thereafter, in a cortege of probably 50.000 persons, the way will lead Friday to the Chicago Stadium for public, nonsectarian funeral services, to be followed by burial in the Bohemian National cemetery. Evidence of a city in mourning fluttered in the flags at half-staff in the purple and black bunting that draped the city hall. Many on the streets wore lapel buttons bearing Cermak's picture, surmounted by a mourning wreath. Floral tributes filled the Cermak home and the mayor's office at city hall. They came from many parts of the country. A floral piece of calla lilies bore two cards. One was engraved, “The President.” The other bore the name “Mrs. Franklin D. Roosevelt,” and on it was penned “with deepest sympathy.”

rs. McOuat told firemen that several thousand dollars worth of jewelry was hidden in furniture in her apartment, but firemen were unable to reach the rooms immediately. Water damage resulted in apartment occupied by Mr. and Mrs. Charleston Carter, Apartment 8; Mr. and Mrs. R. H. Hartman. Apartment 7, on the second floor, and L. W. Warner, Apartment 3; Mr. and Mrs. Otto W. Eisenlohr, Apartment 2, and Mrs. O. B. Ent, Apartment 1, manager of the building, on the first floor. Custodian’s quarters also were damaged as water flooded down the stairs and through the floors. Estimate of the loss to building and household goods was placed at SIO,OOO by Bruce Ent, son of the manager, who said the building is owned by a Dr. Herold of Marion.

GIRL HUNT SPURRED

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Patricia Pearl Tripp

NAB EX-SHERIFF IN KIDNAP QUIZ Eight Persons Are Held for Questioning in Child Abduction. By United Press GARY, Ind., March B—The arrest of Harry A. Rouse, former sheriff of Jasper county, brought to eight today the number of persons held in connection with the kidnaping of Patricia Pearl Tripp, 4, from the home of her foster parents near Rensselaer last November. Rouse was taken into custody at Rensselaer and brought here by Sheriff Kanne of Jasper county. His trial will be held in Lake county. Authorties said they were expecting word at any time that the little girl had been located. They understood she had been removed from Gary and might be in Tampa, Fla. A roughly dressed man abducted Patricia after calling at the home of her foster parents, Mr. and Mrs. Hamlin Smith, on the pretense of buying eggs. Those under arrest are Mrs. Bessie Tripp, Gary, a grandmother of Patricia; Mr. and Mrs. August Johnson, Hebron farmers, and uncle and aunt of the child; Roy Smith, 52, Gary, and his wife Italy, 40: Rudolph Lahlein, 42, Gary, and his wife-Myra, 41. Officials said the kidnaping was an outgrowth over several family disputes over custody of Patricia, whose parents died two years ago. She was awarded to the Smiths by the courts.

SUICIDE ATTEMPTED BY ‘JAZZ AGE' GIRL Dorothy Ellingson Is Found in Gas-Filled Room. By United Press SAN FRANCISCO, March 8. Dorothy Ellingson, tragic figure of the American “jazz age,” whose efforts to rehabilitate herself were disrupted by a grand theft charge, was removed from a gas-filled room to an emergency hospital late Tuesday. Physicians said she would recover. A girl of 16, she was convicted of killing her mother eight years ago to silence parental rebukes. After serving her term to the last full day, she was released a year ago. She sought work and after anxious months, obtained employment, and led a normal life. Abruptly, she was accused of stealing clothing and jewelry from Mary Ellis, with whom she had roomed. The case was continued, and she was freed on bail. Late Tuesday neighbors noticed the ordor of gas coming from her apartment. Physicians, called at once, said promp;, discovery saved her life.

RENTED Two Houses From 4-Day Ad GRACELAXD, 3313—5-room semimodern double, garage; water paid. Ta. 43-g. The ten-word ad reproduced above appeared in the Times room column four days at a cost of SI cents. It rented two houses for Mrs. F. Duckwall Sr., 3109 Graceland. Save money on your rental advertising. Used Low Cost Times Rental ads. The cost is only 3 cents a word (the lowest want ad rate in the city). Call RI.-5551 or Bring Your Want Ad to The Times Want Ad Headquarters, 214 West Maryland Street. Want Ads Accepted Until 10 Each Eveninc TEN PER CENT DISCOUNT ON ALL CASH ADS.

CITY BANKERS MARK TIME ON CERTIFICATES No Point in Acting Now, Says Stout, on Receipt of Woodin Edict. AWAIT FEDERAL MOVES Policy of Stores Varies; Postal Savings Rush Is Abated. Proposals for issuance of scrip or clearing house certificates were halted today by Indianapolis bankers, with the national announcement that currency will be thrown into the breach of the bank holiday. Elmer W. Stout, president of the Indianapolis Clearing House Association, asserted that the edict would mean that “Indianapolis must await further national action.” “There would be no point in taking other steps,” he said. Several local printing companies, it was learned, had printed scrip for approval by Indianapolis banks or by individual companies, if it was needed. Meeting Is Deferred Clearing house members said they will not meet again on the Indianapolis setup until the Roosevelt administration plan for handling the currency issue is outlined. As soon as the program is revealed, members will determine methods of local distribution. The currency probably would come to Indianapolis banks through federal banking units in Chicago. Until it is possible to clear checks through the federal reserve banks, it would be hopeless, local bankers said, for them to attempt to reopen institutions, even on the limited basis permitted by Treasury Secretary William H. Woodin in his order Tuesday. Governor Paul V. McNutt, following a study of the present situation, issued a statement asking support of the state to the national program. McNutt declared that the state’s policy will continue in line with the national action in regard to the bank moratorium. He expressed confidence in efforts being made to solve the problem and praised Hoosier bankers and the citizenry generally for their conduct during the crisis. Improvement Is Seen “I believe that the whole situation has shown definite improvement.” McNutt declared. Luther F. Symons, state banking commissioner, saw little encouragement for Indiana banks in announcement that federal reserve banks would be authorized to release enough money to members to issue pay roll checks. Besides national banks, only eight state banks, out of a total of more than 500, are members of the federal reserve system and could benefit, he said. Local banks would benefit little from the currency released by federal reserve banks, local financiers said, because inability to clear checks makes it impossible to determine amount of balances in local accounts. Money Held Here Bankers made it clear that money on deposit in local banks is being kept here. The financial tieup has resulted in slight increases in the prices of food commodities, particularly meat, merchants reported. City restaurant operators were threatening a ‘meat strike” today as wholesale prices increased and packers were demanding cash on delivery, according to one operator. It was said that operators are planning to exhaust stock on hand and cease purchases until agreement can be reached. One operator of a restaurant in the 1300 block, North Illinois street, said several restaurant men have expressed indignation over the fact that farmers are being paid in paper by packers, but that cash is demanded of the store owner. Postal Savings Slump Noted One building and loan company which opened a window Tuesday to receive payments on accounts due reported that more than SI,OOO in currency was paid in during the day. Postal savings and money order business at the postoffice had dropped off greatly today, Post(Turn to Page Two)

Woodcock Orders End to Agents’ Speakeasies War

By United Press WASHINGTON, March B.—Prohibition Dictator Amos W. W. Woodcock announced today that the prohibition bureau immediately would shift concentration of its activities from speakeasies to sources of supply. Woodcock said that this did not mean, however, that prohibition agents would cease raids upon speakeasies. The change in policy was adopted, he said, in compliance with provisions of the bureau’s appropriation, which omitted funds for the purchase of evidence. Congress expressly requested that the purchase of evidence by agents be halted. Although the appropriation is for the fiscal year beginning July 1,

Entrred as Second Class Matter at Post office. Indianapolis

NATION WILL GET CURRENCY; SCRIP PLAN IS DROPPED Money Will Be Freed Through Federal Reserve Bank; No Certificates to Be Authorized, Says Woodin. TREASURY CHIEF IS OPTIMISTIC Flow of Pay Roll Funds Starts; Guarantee of Deposits on Limited Scale Seen as Certain to Come. BANK SITUATION AT A GLANCE Government drops scrip plan; currency to he issued. Federal reserve banks ordered to “loosen” currency. Roosevelt to ask for broad powers in dealing with crisis. Government will not prohibit or exercise jurisdiction over local issuance of scrip, despite its own dropping of plan. Governor McNutt issues proclamation asking citizens to support President in crisis. City clearing house marks time, awaiting national action. By United Picks WASHINGTON, March B.—Currency instead of scrip will be used to tide the nation over the present banking emergency, Secretary of Treasury William H. Woodin said today, in making an announcement that no scrip issues would be authorized. It was indicated at the same time that President Roosevelt is prepared to assume dictatorial powers in dealing with the situation if no other solution appears feasible.

M’NUTT CALLS FORUJYALTY Support of All Citizens Is Asked for President in Emergency. Governor Paul V. McNutt today called upon Indiana residents to cooperate with the President in the present emergency, in the following proclamation: “Whereas, the greatest peacetime emergency in the history of the republic now exists in the affairs of the government of the United States of America and of its people; and “Whereas, the decisive and courageous action of the President of the United States of America is restoring public confidence in the government and in the financial institutions of our state and country; and “Whereas, the President of the United States of America has called a special session of congress to convene on March 9, to consider the public welfare and to pass such legislation as will relieve the conditions of our people in the present emergency; “Now, therefore, I call upon and appeal to the loyalty and patriotism of all citizens of Indiana to support a n d uphold the actions of the President and the congress to the end that the institutions of Indiana promptly may resume their normal activities and that the prosperity of our people may be restored speedily.” HULL PREPARES FOR ECONOMIC PARLEY Bank Crisis Not to Alter Plans, He Says. By United Prc> is WASHINGTON, March B.—Secretary of State Cordell Hull indicated today, in reply to questions, that the banking crisis in the United States would not be allowed to effect American participation in or in preparations for the world economic conference. Nor could he see any reason w-hy the United States’ position in the conference would be radically altered.

Woodcock said he believed the new policy should be effective at once. “The great bulk of complaints which reach this office and reach the field offices are in regard to speakeasies,’’ the director said. “In the future, the officials of this bureau must refer such complainants, in the main, to the local authorities.’’ Reduction in the prohibition bureau force also is contemplated as a result of the new plans of operation, Woodcock said. He txpects to effect this reduction after July 1. Woodcock said that the bureau under restrictions of the reduced appropriations would be forced to confine its activities almost entirely to manufacturers and transporters of liquor.

HOME EDITION PRICE TWO CENTS Outside Marion County, 3 Cents

The currency necessary to pump new vigor into channels of business and trade is being loosened through the twelve federal reserve banks, all of which have been instructed to co-operate with m ember banks in easing the situation. Woodin, smiling and appearing refreshed, despite his long hours of conferences, also sent a cheering message to the nation when he said: “We see light here. Things aren’t going to pieces.” Defers Message Draft With the administration decision to attempt a banking remedy through currency instead of scrip, there was coupled word from sources close to President Roosevelt that he will demand that congress concentrate on a banking program for the immediate future and let a complete rebuilding of banking regulations go over until a comprehensive plan of legislation can be | formulated. With congress reconvening Thursday, President Roosevelt is waiting until the last moment to draft his short, but direct message. Conditions are changing hourly and decision may have to be suspended until almost noon Thursday. The administration has decided to rely for additional currency chiefly on the regular elastic privileges of the federal reserve system. These are far from being stretched to the limit and there still is room for expansion to meet the current shortage of cash. Rigid Form of Expansion This apparently can be considered a rigid form of currency expansion. Officials are wary of labeling their nour-to-hour moves during the emergency. Details of these latest moves are trickling out slowly. Best information is that the government now contemplates addiI tional currency chiefly of the kind hitherto issued by federal reserve | banks. Regular federal reserve notes al- ' ways have been issued against comI mercial paper and the gold reserve. I There still is ample margin for in- | creasing the volume of this paper I money by about $2,000,000,000. Maintains Gold Backing In issuing these notes the federal j reserve system must maintain at least 40 per cent of gold behind I them. Actually the gold backing I now is 62 per cent. Again there is ample margin. Federal reserve notes in actual circulation on March 2 totaled $3,579,522,000. The gold reserve was $2,268,462,000. In the matter of gold backing lor their notes, some reserve districts naturally are in better shape than others. It will be possible to shift back and forth so that the supportI ing gold will be sufficient in all | parts of the country, i Furthermore, the Glass-Borah rider to the home loan act may be resorted to if need arises. This bill allows banks to deposit government bonds with the treasury as ' collateral for national bank notes. At present $875,000,000 more bank notes could be issued under this law. Relies on Federal Reserve In the hour of crisis, the adminj istration, after fully canvassing the field, has fallen back chiefly on the 1 federal reserve act as its mainstay. It was conceived for just such times—when actual cash can not be j obtained. Basically, the federal re- ! serve system permits banks to take commercial paper, notes given by business men in the course of making wholesale purchases, and other ; similar evidences of credit, and deposit them with the federal reserve bank of their district and obtain paper money—federal reserve notes. The purpose was to permit banks to get amounts of paper money (Turn to Page Two)