Indianapolis Times, Volume 44, Number 260, Indianapolis, Marion County, 10 March 1933 — Page 13

Second Section

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Earl Derr Bigger* Many times this department has been asked Tor a collection of good detective and mystery stories in one volume. BohbsMcrrill has solved that problem by just publishing five successful novels in one volume by Earl Derr Riggers. They are published under the volume title of “Celebrated Cases of Charlie Chan" and includes “The House Without a Key,” “The Chinese Parrot,” “Behind That Curtain,” ' The Black Camel” and “Charlie Chan Carries On.” The volume sells for $'2.50. BY WALTER I). HICKMAN 'T'HERE was a time in many -1 homes that the books of Havelock Ehis was treated in a bootleg manner, but those days have passed. I have before me a copy of “Psychology of Sex,” by Havelock F.llis, and published by Rav Long and Richard R. Smith, and sells for $5. This book of 377 pages covers the main topics of discussion that this expert included in the ( original seven volumes on “The Psychology of Sex.” The subject matter as well as his experiments and conclusions have been brought up to date. Personally. I am glad that this book has been edited with the viewpoint that it is for the general public. Do not get the impression that this book is a yellow edition of the sex subject done in a cheap manner that is not scientific. The fact is some of the novels that have been in the greatest demand have handled sex _ problems so cheaply and so brazenly that they were disgusting to me and many of them I have thrown on the ash heap. Not so with this Ellis book. It is true that the subject manner may seem startling to many but judges, social workers and leaders in thought today are turning more and more to a scientific and healthful consideration of these problems. Probably our grandparents would have considered this book impious, but today as the author states in his introduction—“ Sexual psychology, normal and abnormal, as well as sexual hygiene, nowdays attracts a general interest and attention which before the present century was undreamed of.” One of the outstanding features of this Ellis book is the listing of hundreds of authorities on the subjects considered but one will always find the conclusions and opinions of the author stated. Two chapters which have been intellegentlv handled and in an exceptional way are "Marriage” and “The Art of Love.” O tt tt

Bern as’.cd for a list of five “good books" to react. liwe is my idea. Take it so. what it is worth to you. The list—" Van Loon's Geography,” by Htndrik Van Loon; “Ann Vickers," by Sinclair Lewis; "Life Bogins at Forty,” by Walter B. Pitkin; •'How to Be Happy on Nothing a Year." by Charles A. David, and “Design tor Living." a play by Noel Coward. a a a "I'll Tell You Everything." by J. B. Priestly and Gerald Bullett is a British mystery with a lot of humor. Understand that Henry Ford figures in Grand Duke Alexander's new book now in the process of being published. The book is called "Always a Grand Duke" and concerns the experiences of the former member of the czar's household trying to maintain some sort of a position in today's society. an a Os course they are talking about H. G. Wells' new book. Its title is “The Bulpington of Blup” and concerns the growth of an average English boy. The word "bulpington" is one Wells’ best. a a a I knew that Richard Halliburton would take to the clouds because he told me seven years ago that that was the cnly way to get over some mountains. And so his latest story of adventure is in the ouds and his winged horse is an airplane. The title of Dick's latest is "The Flying Carpet," published by BobbsMerrill. Halliburton has been presented with many strange things, but he tells us in this story of receiving from Chief Koh of Borneo a collection of six human heads as a token of friendship. And Dick in turn staged a trip for the chief in the air and when the plane landed Koh had "become almost a deity." I like 'The Flying Carpet" even better than I did Halliburton's first. “The Royal Road to Romance" and that is saying a lot. Commencement Speaker Named Commencement exercise addresses for the graduating classes of the Patricksburg high school in Owen county. April 20, and the Arcadia high school in Hamilton county, April 26. will be delivered by M. E. Foley, Indianapolis attorney and former secretary of the board of trustees of the Indiana state prison.

Full Leased Wlra Service of the United i’rc ** Association

16,878 STATE SERVICE MEN HIT BY ORDER Radical Change to Be Made in Allowance and Disability Plans. OPPOSITION IS VOICED Veterans of Foreign Wars Leader Wires Protest to Washington. Proposed readjustments In veterans compensation, planned by; President Roosevelt as part of his j national economy program, will af- j feet 16,878 Indiana veteran.-, who j :cccived a total of $2,838,083 yearly, according to local records. Under the President's plan, presented to congress early today in Washington, a reduction of between $330,000,000 and $400,000,000 will be accomplished in the allowance paid to veterans for permanent and partial disabilities received out of service. No mention was made of the compensation paid veterans whose injuries were traceable to actual wartime service. 17,109 Active C laims Paid Opposition to the program was voiced today by Frank S. Clark, department commander of the Veterans of Foreign Wars, who declared that “it is an imposition to take ■ away the allowances without a minute's warning.” “I have traveled through the state and I know that these allowances are all the boys have to live on,” Clark declared. “They are out of work and have no means of supporting themselves or families.*' Clark wired Senators Frederick Van Nuys and Arthur R. Robinson and Congressmen Louis Ludlow and William Larrabee, asking them to “use every effort and agency to preserve and protect the more than 20.000 veterans and their dependents in Indiana.” The wire urged opposition “to any legislation that will deprive them of their rights.” Protest Is Wired Clark said commanders of the seventy-six posts in the state will be instructed to send protests to their representatives. According to records at the Veterans’ hospital here, w'hich serves the Indiana region, consisting of seventy-fcve counties, 17,109 active claims are being paid for out-of-service disability. Approximate monthly expenditure on these claims is $258,000, it was said. Included in this amount is allowance of S4O monthly paid to 558 permanent and totally disabled veterans. A report for the year ended June 30, 1932, on file.at American Legion headquarters here, shows a total of $29,694,717 paid into Indiana to veterans in all classes. $2,838,083 for Non-Service Os this amount, $2,838,083 was paid for non-service disabilities, and $933,484 on death claims and pensions to dependents, the report states. Also included in the payments which are to be readjusted is $275.517 paid during the fiscal year to 150 disabled officers eligible under the emergency officers' retirement act. These men served during the war as officers, and later resigned. They are classed on the retired lists, ! instead of receiving direct compenI sation.

John H. Ale, veterans’ administration regional manager, said that veterans are divided into four classes, who receive non-service connected disability allowances as follows: Twelve dollars a month for 25 per cent disability: $lB monthly for 50 per cent disability: $24 monthly for 75 per cent disability, and the S4O monthly payment for total disability. At present there are 145 veterans in tlre hospital. Ale said, although a number are receiving treatment for temporary injuries. According to veteran administration regulations, any honorably discharged veteran may receive treatment at the veterans’ hospital for injuries, regardless of their source. Legion Defers Statement Officials at national American Legion headquarters here were attempting this morning to reach Louis Johnson, national commander, who is in the cast to arrange a conference on the legion's policy toward the President's plan. Until they are in communication with Johnson, no statement will be issued, officials here declared. Stimulus to plans for constructing a $1,500,000 addition to the Indianapolis federal building is expected to be provided by Mr. Roosevelt's plan to provide employment on public construction projects. Plans and specifications for the addition are being prepared by the Indianapolis firm of McGuire & Shook, and it had been expected that work might be started late this year or early next year. However, the President's plan of < cutting United States employes' pay and compensation for war veterans, and his proposal for a half billion dollar bond issue for public improvements. may speed the building. Postmaster Leslie D. Clancy said the proposed pay cut would mean an additional $5 000 from pay checks of Indianapolis postal employes semi-monthly. HOOVER URGES SUPPORT Back President Roosevelt, Is Pica to Nation. By I'nilcd Prcsi NEW YORK. March 10.—Former President Herbert Hoover urged full support of President Roosevelt s emergency measures, in a statement Thursday night. “There is just one thing to do.” Hoover said, “that is to support the P@ssident's proposal.”

The Indianapolis Times

WILD BANK RUNS MARKED 1907 PANIC

New York Gripped by Hysteria for Weeks; Blame Laid on 7. R.

In 1901—unlike 1933—the currency eri*i* nan accompanied by and induced Klark panic. In today'* article of the *erie*. Forre't Davis reviews the course of Panic Week, 1901. BY FORREST DAVIS, Times Staff Writer '“P'HE chilling spectacle of bank A runs has been spared New York during this money stringency. Not so in 1907. In the last parallel emergency, occurring twenty-five years ago last October, the streets were crowded with anxious depositors and spectators drawn by New York’s inveterate curiosity to the scenes of dread. Bank runs were for one week the most conspicuous feature in the town’s life. The clergy sermonized; wits derided the people’s fearfulness. Almost as abruptly as panic descended it lifted. Resolute cooperation between the government and bankers helped essentially sound institutions weather the storm. Confidence returned. Only nine banks went down during the dark week. Os the nine only one—the Knickerbock Trust —stood in the upper tier of the metropolis’ banks. Its failure, which was due to special circumstances, brought on the panic. The siock market strain during the preceding week had affected nearly all the banks. But the Knickerbocker, fun and a mentally, was weak. Its president, Charles T. Barney, rich, respectable, an art collector and typical nabob of his day, had overextended the bank in real estate speculations. When the storm broke far too large a share of the Knickerbocker’s assets were frozen in real estate. The story of the Knickerbocker failure, from the midnight salvage party at Sherry’s the night before the run to Barney’s violent death three weeks afterward, is of high dramatic content. a an USHERING in the panic week of Oct. 20, the National Bank of Commerce unexpectedly announced its refusal to clear for the Knickerbocker. That meant, as every one knew, that the National Bank of Commerce, convinced that the trust company had reached a state of insolvency, no longer would sponsor its checks with the clearing house. A The announcement, symbolizing doom, came late in the day. It heightened and justified the apprehensions which had grown over the week-end while the clearing house directors were straightening out the affairs of the Morse and Heine banks. Barney resigned at once. A. Foster Higgins, a director not associated, as had been Barney, with Morse, took his place. Wall Street, accurately sensing the consequences, closed ranks. The remaining directors of the Knickerbocker, searching for means of saving the bank, capped a troublesome day with a foolish decision. They voted to dine at Sherry’s then, as now, a resort of mag-

Don 7 Sell at a Discount to ‘Getlt While You Can’ Better Business Bureau Warns Against Deals Sprung by Slick Salesmen During Crisis. BY JAMES A. CARVIN’ Beware of the smooth-tongued gentleman who paints a dark picture of the future and seeks to purchase savings accounts or building and loan stock at a discount. And be prudent in business dealings with the salesman who offers to accept your securities in exchange for some of his own, which he claims are paying dividends and are better investments.

These were the warnings sounded today by T. M. Overley, manager of the Better Business Bureau. Several cases have come to the attention of the local bureau in which unnecessary sacrifices have been accepted by bank depositors who have listened to glib arguments that they would “better get it while you can.” Bank deposits and building and loan stock have been reported sold at discounts as great as 50 per cent. “The money obtained from such unfortunate liquidations usually is placed in a safe’ deposit box, or hidden around the house.” Overley said. “Then the ‘hoarder’ is easy prey to the salesman who offers a 'sound, foolproof investment.’ And, in the end. the would-be ‘hoarder’ loses all his money.” Bulletins and radio announcements from the bureau periodically warn against “stock-trading schemes." Overley said. “We ask owners of securities not to allow themselves to be stampeded into exchanging their good securities for inferior investments, or worse still, absolutely worthless stocks,” Overley declared. “There was an instance not long ago in which an elderly woman was induced to invest $2,000 received from matured government bonds in what were claimed to be real estate securities Overley said. “It later was learned that instead of the stock being secured by the building itself, which is valuable, the paper was issued on a lease, which became valueless when the lessee went into receivership. “Another local woman, a school teacher, recently permitted a sales-

Seven Issues of Paper Money Still in Circulation

"VrOU’VE handled paper money all your life, and probably never given it a second look. A dollar bill was a dollar bill, and that was that. Now people are beginning to look at their money, and are surprised to find there are seven kinds. Only five kinds are issued in the present small size, but the *ank moratorium has brought out of hiding quite a volume of the old larger-sized money which had been hoarfted at least since 1929,

INDIANAPOLIS, FRIDAY, MARCH 10, 1933

J. Pierpont Morgan and (upper), right) Willy K. Vanderbilt. ' nates. A group of trust comnan.y officers and other downtown bankers gathered also at Sherry’s. As the evening wore along the two tense conferences becartf.e known to other diners, and through them to such of tlie moneyed classes as happened to be abroad that night in the Broadway theaters and lobster palanes. “Galsworthy, among the moderns, might perhaps be credited with that night’s scene,” wtrote Anna Robison Burr in her life of James Stillman, “which has come down to us as lacking no element of dramatic contrast;. “A fashionable restaurant on an autumn evening, filled with leisurely groups, laughing, and talking, hearing beyond their laughter the familiar souind of the crowd that ceaselessly si,reams by along the glittering stneets. “But, behind those doora; Ruin stalked about and grinned. Ten millions of cash lay in the Knickerbocker vaults, but. whajt were ten millions in the event of a run? “Men got to thier feet, argued, protested, recriminated, sat down again, advised closing the doors before morning; others were unwilling.” a a THE outside bankersj, appealed to. talked about raising a $15,000,000 fund—slo,ooo,ooo from other trust companies;, $5,000,000 through J. Pierpont Mtorgan—but no definite commitments were made. Morning brought the blast. Soon after daybreak early risers began

man to persuade her to sign over sound securities for stock in anew company, wh.ch to date has not paid dividends, and probably never will. “The swindlers make their profit in such deals either from the commissions earned in the transfer or in disposing of the more valuable stock. “There is another type which follows activities that really are criminal. A farmer and his wife came to our offices and told of turning over investment trust certificates amounting to several thousand dollars to a salesman who was to examine them and make a recommendation for a better investment. “All they have now is a receipt, signed by the salesman, who has disappeared, with police of several cities looking for him.” IDENTIFY CRASH VICTIMS Accident Occurs at Scene of 21 Deaths in 9 Y’ears. By United Prets PLAINFIELD, Ind., March 10.— Three persons killed when an interurban struck an automobile near here late Thursday have been identified as E. W. Smiser, Butler, Mo.; William M. Dale, Eldorado. Mo., and Rose E. Dale, Eldorado Mo. The accident occurred at a crossing one-half mile west of Plainfield, where twenty-one persons have been killed in interurbanautomobile crashes during the last nine years.

when the new size began to be printed and the old retired. The seven issues of paper money are: Silver Certificates The most common dollar bill, though issued in denominations up to SIOO. Backed dollar for dollar by silver dollars in the United States treasury, and redeemable in silver dollars there. Gold Certificates Denominations $lO and up tp SIO,OOO. Re-

‘The Man Who Rocked the Boat”—Cartoon by W. A. Rogers in Harper's Weekly for Nov. 9. 1907.

to form in line outside the Knickerbocker’s pillared entrance. The first in line was a runner from the Day and Night bank with a thick bundle of checks. One of these, for $960,000, bore the signature of Oakleigh Thorne, president of the Trust Company of America. He had been present at the Sherry session. Within a matter of hours his own bank, the largest trust company in town, would also lay under a siege which he, with the help of government and bankers, would withstand. Crowds gathered along the curb before the old Waldorf-Astoria to watch the enlarging queue. At noon a vice-president read in a loud voice an announcement made by George I. Skinner, acting superintendent of banking, that the Knickerbocker still had $5,182,§9O in its surplus and was solvent. The depositors grinned jeeringly at this assurance. “Meantime clerks and messen-

Hoosier Bird Official State Selection Is Given Approval by Governor. r T"'HE red bird was made the official state bird Thursday when Governor Paul V. McNutt signed the bill providing for such a rating. Animals also received executive attention. For the Governor signed the measure forbidding eviction of raccoons from tree trunks and holes in the ground. - STE EL ORDERS SLUMP 44,444-Ton Decrease Shown in Report of Corporation. By United Prr** NEW YORK. March 10.—Unfilled orders of the United States Steel Corporation in February decreased 44.444 tons to 1.854.200 tons on Feb. 28, the corporation announced today.

Legal Beer on Program for Early Congress Action

By Scripps-Hoicard Xeictpaper Alliance WASHINGTON. March 10. Modification of the Volstead act to legalize and tax beer definitely is on the Democratic congressional program for early action in this special session, it was learned today. The only question seems to be whether a beer bill shall be brought up early in the session, while banking matters are occupying the congress, or wait until after the prospective short recess.

deemable in gold coin at the treasury. Used to be called “yellowbacks.” The new size has its seal in yellow. Federal Reserve Notes by Federal Reserve bank to member banks on deposit by that bank of security as defined by the Federal Reserve act of 1913. Gold reserve must include 40 per cent of the amount of notes, and other collateral, including gold certificates and commercial paper. Redeemable in gold at the treasury.

gers from the Knickerbocker Trust Cos., were scurrying about town in automobiles wherever it was possible,” Harper’s Weekly reported. “But the money market was arid as the desert. No matter what securities were offered no cash could be raised. The $15,000,000 backing alleged

They Sit on Billion in Bullion at Assay Office Hoarders Change Their Minds and Bring Back Gold for Exchange as Grip Tightens. BY WILLIAM ENGLE Times Staff Writer NEW YORK, March 10.—They are not fretting over gold down in the big stone building at Old Slip and South street, for there they are sitting on a billion in bullion. So in general, behind the great steel-barred windows that look upon the East river, the United States assay office went about its usual,

esoteric ways toaay. They bought gold there and paid for it by check or cash, though not with gold certificates. Their electric furnaces sizzled under the crucibles, and they melted gold. They molded it into bars and piled it up like cord wood. ( “Gold receipts always vary day to day,” Nils R. Becker, superintendent, said. "They've continued about as usual up to now. Some of the hoarders even are changing their minds and bring gold back.” They paid, as always, $20.67 an ounce for it, and that is what they get. One man, said Becker, went in a while ago and got $5,000 in gold bars. Wednesday he brought back S7OO worth of it and asked for cash. But the President’s proclamation, of course, obliges the office to stop putting out gold, and so some commercial users feel the pinch. Manufacturers, depending on the office for supplies of gold, have been awaiting a ruling that would remove the restriction so far as applying to them. Their customers, too. are affected. There are. for example, the graduating class that this week did not know whether it would get its gold pins or not. The manufacturer didn't know either.

Some house and senate leaders contemplate including the beer bill in the early budget-balancing program. The Democratic majority is pledged in its platform to modify the Volstead act, and many leaders of the party in congress think the psychological effect of legalizing beer now will be of tremendous benefit.

United States Notes The old 1 “greenbacks” in circulation since the Civil war. Redeemable in gold at the treasury and protected by a gold reserve of about $153,000.000. Issued in the small size only in $2 and $5 denominations (with red seal>, but formerly in nearly all denominations. National Bank Notes—lssued by national banks on deposit with the treasury of certain government bonds, amount not to ex--1 ceed capital of the bank. Bank

Second Section

Kntpml a* Second Class Matter at postoffice. Indianapolis

to have been promised the night before by two groups of bankers j was nowhere in sight.” The great bronze doors were swung to at 1:30 p. m. a a a DOWNTOWN a Similar scene was spread before Wall street and lower Broadway. The Trust Company of America and the Lincoln Trust Company, with their branches, bore the brunt. And in the house of Morgan. J. Pierpont, hat on the back of his head, smoking one dusky cigar after another, growled at associates and stared into the fireplace. Earlier, before he left the house of a son-in-law for the bank, he had refused point blank to save the Knickerbocker. President Higgins and two directors called on Morgan. They begged for support until he cut them short. “I can’t go on being everybody’s goat,” he was quoted as saying. ■ “I've got to stop somewhere.” That was that. But with the j Knickerbocker closed, the NaI tional Bank of America suspended and the terrifying queues outside the Trust Company of America, every one in Wall Street knew that only drastic action would avert a collapse. Alexander Dana Noyes, eminent economist, in his “Forty Years of American Finance,” calculated that the runs started that day “were such as have probably never been witnessed in the history of banking.” Meanwhile, fear spread momentarily into every banking house. The bankers for a moment neglected to blame the trust-busting Roosevelt for the business troubles of the moment. But, as the panic passed and faith in the banks returned, the outcry against Roosevelt’s threatened prosecutions of the “malefactors of great wealth” was revived. The indefatigable George Harvey, editor of Harper's Weekly, asserted: “No one but Mr. Roosevelt denies that he is at least somewhat responsible for the recent panic and even he is shown in his Nashville speech as in doubt.” And William Sumner, at Yale, author of the “forgotten man” phrase, gravely chimed in, saying: “I think the actions of President Roosevelt are largely responsible for the present difficulties. His continued warring against corporate interests has upset public confidence.” t In the next article the measures taken to preserve the credit structure during panic week will be recounted.

Usually it is as easy to buy gold at this headquarters of treasure as it is elsewhere to buy paying blocks, if you have the money. The bars come, Becker pointed out today, in sizes to fit your convenience, from the little five-ounce SIOO slabs up to the SB,OOO ones that are called export bars. The big ones are bigger than bricks and almost too heavy for one hand to hold. No danger of their being stolen. Behind the massive entrance flanked by tall lanterns, armed guards stand. The corridors are under constant patrol, but it is steel and stone and electric network that makes this an impregnable fortress. The whole region once was river bed. Old Slip was a channel where the craft of Dutch skippers used to be moored. South street itself is man-made land and Front street, back of the assay office, as its name hints, was on the wharf front. The office rests on hundreds of steel piles driven down to the bedrock of Manhattan. The mighty vault, 31 by 70 feet, rises two stories into the building, its shell protected by a web of electrically charged wires which would report the slightest touch. There didn't seem much chance of getting gold there if they don’t want you to have it. ACTON WOMAN, 93, DIES Funeral Services for Mrs. Martha Butler to Be Held Saturday. Funeral services so” Mrs. Martha Butler, 93, a resident of Acton for fourteen years, will be held at 2 Saturday in her home in Acton. Burial will be in the cemetery there. Mrs. Butler was born in Johnson county and moved to Shaker Village, near Hamilton, 0., when a child. She lived there forty-five years. She then moved to Arkansas and after ten years there, moved to Acton. she died in her home, Thursday noon.

must maintain, in addition to * their security, a redemption of 5 per cent in the trer: -,ury. The new small size bears a brown seal. Federal Reserve F-nnk Notes— None issued since 1923; you won't see them in the small size; few are outstanding. Treasury Notes of 1890—Not issued any more, but still redeemable in gold or silver dollars at the treasury. Orginally issued to pay for silver bullion bought by the treasury under the Sherman purchase ae*" -I 1890. Jlare.

DRAMA MARKS ACM U.S. BANKING LAW Extraordinary Speed Puts Measure Through on Introduction Day. LONG AND GLASS CLASH House Stamps Approval on Bill in Forty Minutes: Senate Slower. BY RAY TUCKER 1 imes Staff \\ riter WASHINGTON. March 10.—Despite indefinite extension of the partial bank holiday by President Roosevelt, the nation today was nearing another act in the greatest domestic drama since the fall of Ft. Su inter. Asa result of the extraordinary speed shown by congress and the President in enacting legislation to expand the currency by billions of dollars, officials believe banks w ill be functioning normally fairly soon. They hope that the prospect of plenty of money for old and new depositors will restore confidence, and strengthen banks by thawing out hitherto frozen reserves. The delay in calling off the holiday was necessary so that President Roosevelt and his aids may frame regulations setting forth what banks may open, and upon what terms. Will Keep Rigid Control Before issuing currency to applicant institutions, it is desired to have a greater check on their status, although the preliminary work virtually has been completed by national bank examiners. What really is sought is a check on expansion, or, as official spokesmen put it, rigid control. It is the administration’s aim to make the currency flexible, but manageable at the same time. Despite the postponement, there is an air of hope at the capital. Conservatives and progressives on both sides of the aisle believe that the crisis that began on inauguration day has passed its worst stage. It is pointed out that the new measure should lead to the fairly immediate reopening of 5.000 of the 5,900 member banks of the federal reserve system. It is expected that they will look after the needs of most non-mem-ber state banks possessing commercial paper or government obligations that can be passed on for rediscount r.t a federal reserve bank. State Banks to Be Aided Hitherto a member bank could not afford to extend such service, but now it can, and at a small profit. With many senators fearing for the fate of 14,000 state banks under the new far-reaching act, an amendment or regulation providing them with prompt access to reserve facilities may be framed. Although the amount of currency that may be issued runs into unestimated billions, administration spokesmen express the hope it soon will result in restriction. If confidence is restored, and cash comes out of the old sock, they feel the bill’s provisions for “controlled expansion” will have chiefly a psychological effect, and that outstanding currency now placed at $6,500,000,000 will drop. Despite general recognition that the bill was drawn hastily, and may have faults, both chambers passed it in record time. It was introduced in the house at 2:55 p. m. and signed by the President at 8:37 p. m.. * Scenes attending its frantic rush through the legislative machine were reminiscent of war days. House Works Fast While the senate indulged in heated debate on the committee’s report, the house adopted it after forty minutes’ discussion and without a roll call. The senatorial excitement was precipitated by Senator Huey Long’s demand that state banks be permitted to join the federal reserve, to take advantage of the bill’s provisions and reserve facilities. The “Kingfish" and Senator Carter Glass CDem., Va.), had several brisk encounters. At one time the Virginian broke into a “dammit” while Mr. Long charged that Mr. Glass was “misrepresenting” the meaning of his amendment. Mr. Glas uttered several characteristic denunciations of the bankers, declaring they had “not lifted a finger to help themselves." He expressed some contempt for a “gold reserve that can't be used when needed.” The galleries, relaxing from the strain, laughed so hard they had to be admonished. Even smiles, too, were frozen assets for the day. Rushed to White House At 7:30 the senate passed the measure by 73 to 7, and the permanent tissue-covered parchment bill, which had been prepared in advance, because of assurance of favorable action, was signed by Speaker Henry T. Rainey and VicePresident John N. Garner. It was put in a taxi and sent to the White House. There, Mr. Roosevvelt collected Secretary William H. Woodin and a few old friends in the oval r oom at the rear of the second floor. Ho sat at a desk in the midst of a room that showed signs of only recent occupancy. As he fingered the pen in a pose for the “stills,” a fuse blew out, and delay ensued while Mrs. Roosevelt found another. Again he pretended to sign, but she called out: “Franklin. fix your hair!” He obeyed, like a good husband, and then signed himself into a banking dictatorship. He expressed thanks for the unity of action and co-operation congress had exhibited. The bill designed to send a silver stream flowing through trade and banking channels was signed with a $1.50 fountain pen belonging to Miss Nancy Cook, who runs Mrs. Roosevelt’s furniture shop. Gazing at the pen in wonderment. Miss Cook said: “and to think my cheap little pen signed that bill. It's been a great day.” When offered a quarter for it, she said she wouldn't sell for $5,000.