Indianapolis Times, Volume 44, Number 277, Indianapolis, Marion County, 30 March 1933 — Page 5

MARCH 30, 1933.

NEW LAWS TO MAKE BANKERS PUBLIC GUARDS Mere ‘Merchants of Money’ to Become ‘Trustees’ for Depositors. (Continued From Page One) whose disclosures produced this program, the nation's leading financiers testified almost boastfully that they regarded themselves “simply as me rchants of money." Heads of small, inland banks testified they bought securities on the word and guarantee of "the merchants of money." Regulate Stock Exchange New York financiers, including the biggest, conceded that their judgment of stocks and bonds during boom times was bad, but blamed it on the natural inability to "see into the heavens." It is this system the Roosevelt program is designed to end or alleviate. Resides the present bill requiring public reports to the federal trade commission on all issues, including even the underwriting houses’ ro m m issl on s, President Roosevelt's advisors are preparing a measure for regulation of the sale and machinery of distribution that will extend to the stock exchange itself. Another will require that bankers and issuers of stock comply with qualifications now demanded of ’’fiduciary trustees.” Heavy penalties for violation also wil be provided, ranging from $5,000 fine to five years in jail. Seek Permanent Reforms The program’s framers say it will hot hinder legitimate business, recalling also that Insull. Kreuger and Toll, and other defaulted issues once were listed under that heading. They point out that investment houses may issue securities for untried, speculative ventures so long as the advertisement makes clear its speculative nature. One provision arouses interest in that it may induce certain nations and corporations in default to try to pay up. Under the bill all future advertisements must set forth whether the issuing entity has ever defaulted on principal and interest. This would close the American investing market to numerous nations and corporations which have not honored their bonds in the last decade. The permanent bank reform program probably will be included in the later measures. Supervise Private Banks One major phase of banking reform was revived as a subject of administration discussion today through the federal reserve board's publication of a long opinion by its general counsel, Walter Wyatt, upholding constitutionality of federal measures aimed to unify all commercial banking of the country'. Wyatt suggested this would legally be accomplished by a measure prohibiting the deposit of money in checking Accounts in other than federal banks, and prohibiting the federally-organized banks from doing business with other banks. Other means suggested as legal were to forbid deposit of United States funds in other banks, and exemption of United States banks from taxes. Such legislation is possible under the commerce clause of the Constitution, the opinion argued. The measure still being prepared also would bring the large private banks under supervision. Throw light on Merger These provisions will throw light on the mergers, stock splitups, new financing, formation of holding, managing and investment companies and the structure of interlocking directorates built up in recent years. This picture still is incomplete, despito the federal trade commission's public utility inquiry. Sixteen private New York banks, which include J. P. Morgan & Cos.. Kuhn, Locb & Cos., Dillon-Reed A: Cos., and J. and W. Seligman, have partners holding seventy-one directorships in the leading commercial banks of New York, with 996 additional directorships in the largest public utility, insurance, transportation and manufacturing corporations in the land. All these powerful institutions would be brought under federal scrutiny and supervision.

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PLAY THE GAME OF PRESIDENTS; WIN CASH OR THEATER TICKETS

A fascinating game has been devised by The Times for its readers. It's new. It s timely. It's big. It is called the Game of Presidents. Including President Roosevelt, this nation has known thirty-one chief executives. George Washing-

Contract Bridge

BY W. E. IVIKENNEY Srrrrtarv American Bridge League While in Albany, N. Y.. recently arranging for the northeastern New York championship bridge tournament of the American Bridge League, I found in the following hand in a rubber game an interesting point. Giving your oponents a chance to make a mistake will win you almost as many games as the cards themselves. South, the dealer, has two major suits. However, the heart suit is five cards in length and should be bid first. The opening bid should be one heart. West is not quite strong enough to make a sound overcall, and should pass. North’s proper bid is two hearts. He holds two doubletons, normal trump support and a five-card suit. East overcalls with two spades. South debates whether to double two spades or to proceed with hearts and finally decides to bid for game at hearts, so the final contract became four hearts. THE PLAY West opened the queen of spades —the top of his partner's suit. The three was played from dummy and East played the seven, his lowest spade.

A4-3 V Q-10-7-2 ♦ K-3 •* Q-J-8-6-2 AQ-5 Wm AK _ 10 _ V 8-4 j* > 9-8-7 ♦ Q-10- (f> 2 v9 ' s 8-5 H 1 4A-J-6-*A-9-5- Dealer 4 4-3 SOUTH *lO-7 A A-J-6-2 VA-K-J-6-3 ♦ 9-7-2 *K so

Should the declarer win this first trick with the ace? Before playing to the trick, let us count up the losing cards.. Declarer has two possible diamond losers, one club loser, and a sure spade loser. What chance has he to gain the extra trick needed for game? East has played the seven of spades. Ordinarily, this is considFORMER RESIDENT DEAD Funeral Services to Be held Here for Frank C. Smith. Funeral services for Frank C. Smith, former resident, of Indianapolis, who died Tuesday in San Antonio, Tex., will be heid at 9:30 Friday in the Feeney <Si Feeney undertaking establishment, 2339 North Meridian street. Services also will be held at 10 in the St. Francis de Sales church. Burial will be in Holy Cross cemetery.

ton was the first one. Can you name them? If you can’t don’t worry. The Times will name them for you. Beginning teday, we publish the pictures of six former presidents. Friday, six others will be published, and so on until all have appeared. Complete identification, including

jered an encouraging card and asks j the original leader to read this as the lowest card he has. Declarer decided that the best I possible way to gain the extra trick was to drop the six of spades on | the first trick, concealing the deuce, | and in this way try to entice West tc continue the spades. Jack Wins While some .players might think to shift to a diamond, West can ; not be blamed for continuing with the five of spades. This the declarer wins with the jack, and now takes 1 two rounds of trump, picking up the outstanding trump, j He next plays his ace of spades, ! discarding the three of diamonds from dummy. A small spade is then trumped in dummy with the ! ten of hearts. The deuce of clubs is returned j from dummy, declarer plays his I king, and West wins the trick with the ace. He now leads a diamond, and though East wins the trick with the ace, declarer can lose no further tricks, as he has a good heart in dummy with which to trump a diamond, if West now were to continue with diamonds. Os course, if East returns a club, declarer will discard his two diamonds on the two good clubs. This play of refusing to win the first trick when holding ace-jack ! is termed a Bath coup and often presents itself at the bridge table. (Copyright. 1933. by NEA Service, Inc.)

GIVE YOUR f STOMACH J ONE HOUR'S HELP

That “lump” you feel an hour or so after eating, is a symptom of slow stomach. This very common condition can he remedied. Instead of taking soda, or anything else you must take the rest of your life, try some diapepsin. Each tablet saves half an hour’s digestion time. If your stomach is one hour slow in emptying, just take two tablets of diapepsin and all that gas, sourness, and distress after meals will be gone. One box of Pape’s Diapepsin

THE INDIANAPOLIS TIMES

names and dates of office, will be given. Save these clippings. When you have them all, clip them out anti paste the Presidents up in the order of their service, beginning with Washington and ending with Roosevelt. When you have done this, writp a letter of not more than 100 words telling which President you believe is the greatest and why you believe so. These letters and clippings of the Presidents should be mailed or brought to the Presidents’ Game Editor, care of The Times. Appropriately enough, a singularly original story is coming to the screen at Loew’s Palace Friday. It is called “Gabriel Over the White House,” starring Walter Huston and featuring the lovely Karen Morley. This picture gives a graphic picture of the presidency and points out the real significance of that high office. To the writers of the best twen-ty-five letters, The Times will award twenty-five pairs of guest tickets to Loew’s. These tickets will entitle winners to see Walter Huston in the sensational new picture of the presidency—" Gabriel Over the White House.” The letter earning first consideration will receive, in addition, a cash award of $lO. Second prize will be $5 in cash, and the third letter will be awarded $2.50 in cash. Make these letters attractive. Tell which President you believe is the greatest, and why you believe so. Get these letters in as early as possible, but be certain that you have numbered the Presidents in the right order. This is the first important step and if you miss here your letter will not receive recognition. There are numerous places where this information may be obtained. Look in the family almanac. Or try the public library.

will test your stomach and correct your digestion time. Then eat anything you like, and it will digest like crackers and milk! Keep on with diapepsin a few days, until the stomach is doing its work without need of help. When it slows down, take diapepsin again; it’s good for the digestive system and can’t hurt you. Pape’s Diapepsin may end al! your “stomach trouble” and is certainly worth trying!

OIL‘DICTATOR’ LAWJWOSED Way Out for Industry Suggested to President; Soon to Act. By Rcrippe-llownnl Xctctpaprr Alliance WASHINGTON, March 30.—A way out for the oil industry, involving the closing of practically all wells for fifteen days, the appoint-1

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ment of a federal “dictator" to help states curb production, and the passage of a federal law prohibiting interstate shipment of iliicit petroleum. has been proposed formally to President Roosevelt. And he is expected to act soon. If oil-producing states co-operate, the result may be the long-sought increase in domestic prices of petroleum. curtailment of imports, and stabilization of a fourteen-billion dollar industry employing more than a million and a quarter men. Each rental ad appearing four or more consecutive times will be listed in The Times Rental Guide at no additional charge. Only 3 cents a word (regular rateL Ri. 5551.

RECEIVER SUIT MOTIVE RAPPED Malice Charged by Head of Insurance Company to Plaintiffs. Receiver for the Indiana Liberty Mutual Insurance Company. 412 Guaranty building, is requested in a suit on file in circuit court. ! The complaint was filed by John

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Morgan. 701 South Meridian street, !in behalf of policy holders of the company. Charge is made that the company is in "imminent danger” of insolvency and it is stated that on March 17 officers of the company voted to levy against policy holders in an amount equivalent to the yearly premium on each policy. The suit was termed "malicious” | by John Rynerson. president of the company, who declared that a receivership suit in circuit court had been dismissed last week A California surgeon uses a microphone and loud speaker while he is operating, so that he may describe the procedure to students.