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Mason City Globe Gazette Newspaper Archive: March 4, 1933 - Page 1

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Publication: Mason City Globe Gazette

Location: Mason City, Iowa

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   Mason City Globe-Gazette (Newspaper) - March 4, 1933, Mason City, Iowa                                ROOSEVELT WILL ACT QUICKLY jf j North Iowas Edited for the Home VOL XXXIX FIVE CENTS A COPY ASSOCIATED PRESS LEABED W1IUS SERVICE KEWSPAPM THAI MAKES OJ uogm NEIOHBOHS MASON CITY IOWA SATURDAY MABCHTm HOME EDITION THIS PAPER CONSISTS OF TWO SECTIONS SECTION ONE n i AxEfv iiLrrtajh IB Ji 1 WU BUUTlUNS k T ONE 129 STUDY U S BANK DEPOSIT GUARANTEE PRESIDENT PLANS WARTIME POWERS IF HE NEEDS THEM Newly Inaugurated Executive Says He Will Cal Congress in Special Session to Carry Out Planned Attack on Crisis TEXT ON PAGE 7 WASHINGTON March 4 Roosevelt in a momentous inaugural address immediately after taking his oath today told the nation he would ask for wartime powers if necessary to meet the national emergency The newly inaugurated president said he would call the new congress into special session to carry out his planned attack on the crisis saying we must act and act quickly but he did not reveal when the session would be called Among the policies outlined by the nations new leader was that there must be provision for an adequate but sound cur rency Well Over 100000 People Standing in front of the capitol before a throng of well over 100000 pepple Mr Roosevelt solemnly pledged himself to as sume theJeadership of greafarrny of our Ineoble dedicjatid to adisciplined It is to be hoped that the normal balance of executive and legislative authority may be wholly adequate to meet the un precedented task before us President Roosevelt said Kut it may be that an unprecedented demand and need for undelayed action may call for temporary departure from that normal balance of public procedure Seeks Speedy Action I am prepared under my con stitutional duty to recommend the measure that a stricken nation in the midst of a stricken world may ft CABINET CONFIRMED WASHINGTON March 4 The senate late today confirmed all members of the Roosevelt cab iniit The ten cabinet officers are Secretary of state Cordel Hull of Tennessee Secretary of the treasury Wil liam H Woodin of New York Postmaster general James A Farley of New York Attorney general Homer S Cum mings of Connecticut Sscretary of war George H Bern of Utah Secretary of the navy Claude A Swanson of Virginia Secretary of commerce Daniel C Roper of South Carolina Secretary of interior Harold L Ickes of Illinois Secretary of labor Frances Per kins of New York Secretary of Agriculture Henry A Wallace of Iowa requireThese measures or such other measures as the congress may build out of its experience and wis dom I shall seek within my con Ttim In PdRc Column 3 KJ m ft w m AUNT MET By Robert Quillen I couldnt be no social leader I just cant keep grinnin till the last guest leaves when my feet are kill in me INAUGURAL DAY DRAWS CROWD Thousands Cheer Roosevelt as He Takes His Oath to Presidency By BYRON PKICE WASHINGTON March 4 Franklin D Roosevelt becaume president today in a setting vi brant with the gravity of national responsibilities and declared in his inaugural address he was prepared to submit a program of drastic remedies to cure the nations eco nomic ills Cheered by thousands as he pro nounced the words of his faith from the north steps of the capitol the new president added that if con gress did not help to carry this program into fulfillment lie would ask that wartime powers be vested in the presidency He outlined only in general terms the program he had in mind but named among his objectives new safeguards for bankingand against speculation Inaugural High Spot His Induction into office was the high moment of an old time in augural to which one of the largest crowds in history had come Vice President Garner had taken the oath of office nearly an hour before his chief in a short cere mony in the senate chamber A mammoth inaugural parade start ing immediately after the presi dential address and reviewed by Mr Roosevelt from a white house stand brought the great pageant to an end Before starting the journey to the capitol for the inauguration cere mony President Roosevelt stopped at St Johns Episcopal church across the square from the white house for a brief prayer service Color Guards March Color guards marched before the inaugural stand on the plaza im mediately after the ceremonies in the senate were ended A hush fell 3 great crowd Nearly everyone stood There was applause when Vice President Garner and former Vine f cat were escorted to their seats on the high platform Garner walked to the rail and smiled to the crowd Then he pit on his high silk hat which he almost never leaned against ROOSEVELT ON HIS WAY TO PRESIDENCY New Congress Prepares for TakingAction Bank Holidays Prevail in Nearly Every State WASHINGTON March 4 republican administration senator to have been seriously discussed by President Hoover and President elect Roosevelt to aid the emer gency economic situation Meanwhile it was freely predict ed on capitol hill a special session would be called for Monday or Tuesday to enact bonking legisla democratic senate Tnrn lo z Column 5 No Choice but to Close Declaring that they were left without any course excepc to close under the termsof a mandatory pro clamation issued early Saturday morning by the highest state officials following the action of the federal re serve board of Chicago in announcing that it would ob serve a threeday bank holiday officers of Mason Citys two local banks issued a statement at 9 oclock Satur day forenoon which appears below LOCAL STATEMENT With no choice before us but to conform to the man datory proclamation of the governor and the action of the federal reserve authorities the First National and the North west Savings banks will of necessity observe the hoJiday un til released The New York and Chicago shutdown of all banking facilities which under present plans will extend into the mid dle of next week necessarily governs our action in the prem ises The Mason City institutions will put forth every en deavor to clearthe general situation in order that they mav resume normal banking activities and take care of the de mands of their depositors and the business of the community which they are amply ableto meet when released from the present mandatory regulations placed upon them by the state and by the situation nationally Every depositor in the two Mason City banks can rest assured that there is no local necessity for the holiday hut the executives of both institutions cannot hold them open when the federal reserve bank of Chicago our official reserve depository under the federal laws takes such action and an nounces the holiday obsrvance Signed E H WAGNER Chairman of Board Northwest Savings Bank C O AVTLKINSON President Northwest Savings The announcement from the federal reserve bank n Chicago was as follows In compliance with the proclamation of the gov rnor of Illinois we will observe March 4 6 and 7 as ublic holidays FEDERALRESERVE BANK Just before the regular time for opening Saturday morning local banks and presumably all banks of the state received the following wire from L A Andrew superintendent of public banking for Iowa Due to holiday of all New York and Chicago banks the governor proclaims mandatory holiday of all state national and private Iowa banks JANFOBD MacNIDEK Chairman of the Board First National Bank V G C BAGLEY President First National Bank Governor Shuts Down Oklahoma Oil Fields OKLAHOMA CITY March 4 JFi Immediate military shutdown of the Oklahoma City oil field wan ordered today by Governor W H Murray Recover Bodies After Puerto Rican Floods SAN JUAN Puerto Rico March 4 than a score of bodies were recovered today In the vicinity of Mayaguez on the west coast which was flooded last night USUAL SLOGAN Mason City Merchants and Businessmen Make Plans Business as usual or at least aa near lo the orderly and customary basis as possible was the slogan of an informal group of Mason City businessmen from all walks of in dustry and trade which gathered at fhe directors room of the First Na tional bank Saturday morning A resolution setting forth the eelinjr ot tnu gaihenng was passec reading as follows Continues is Usual U ts recommended that dur ing tiio present temporary emergency nil business should continue ns usual Owing to the restricted nmomu of currency avHlIablc some limitations will necessarily follow in returning change in excess of sales but local checks Issued ly those known to he responsible should He freely accepted for pur chases or payments on account Discussion followed of the possi bility of organizing a clearint louse certificate plan or something of that sort in Mason City and n committee was appointed with in atruotlona to watch the situation carefully and later suggest action f action seems necessary It was pointed out that the present emer is a national one and that in ill likelihood national action look ng toward opening of the banks or the substitution of some form of emergency exchange was probable n a day or two in which event no ocal steps would be required Members of Committee Members of this committee are E S Selby chairman W G Bagley president of the Chamber f Commerce H L Campbell pres dent of the Retail Merchants asso iation E H Wagner Garfield E 3reese J A Van Nesa and Lee P The meetingwas called informal y and hurriedly but comprised some 0 of Mason Citys most represen and professional ative business nen Comimity Confident Offered the facilities of radio sta on WMT for a speaker to present le situation as it is in Mason City fayor E S Selby wired the radio tatiou management as follows While we are not prepared to ccept your kind offer making vaiable the facilities of WMT for M scuasion of our local situation us ffccted by the closing of the banks do sincerely appreciate and hank you for the spirit in which the ffer s made In my opinion the feeling gen rally in this community is one of Turn lo 3 Column S tion The Robinson of news papermen a banking relief program was being prepared and action would be expedited in the special session to be called by Roosevelt The impression prevailed that Mr Roosevelt was ready to act at what he considered the proper time Banking Nearly Stopped Banking in trie United States neared complete stoppage at the close of business hours today a states moved to protect deposits One itate Delaware remains of sev eral others denied the presence 6 BANKS AT A GLANCE By Tlio Associated Press Open without restrictions Delaware Open with restrictions on with drawals Mississippi Wyoming Kentucky Indiana Ohio West Virginia Kansas Florida 8 Al so District of Columbia Restrictions limited 0 few banks South Carolina Virginia North Carolina 3 Closed Washington Montana Oregon California Idaho Ne vada Utah Arizona New Mex ico Nebraska Oklahoma Texas Minnesota Iowa Missouri Louisiana Wisconsin Illinois Michigan Tennessee Alabama Georgia New York Pennsyl vania Maryland New Jersey Connecticut Massachusetts Ver mont Rhode Island New Hamp shire Maine South Dakota North Dakota Colorado Arkan sas 3G alarm as they declared holidays most of them finding their action necessitated by the situation in neighboring sovereignties National officials both incoming ind outgoing moved toward casing of the situation from several angles Stock and commodity exchanges n New York Chicago and other points voted to for the dura ion of the holidays in their respcc ive states Canadian exchangee re mained open The London exchange suspender ranaactions in foreign currency as did Brussels and Amsterdam For Various Periods Banking was suspended or viii ousperiods in 36 states In 8 oth ers a limit of D per cent was placed on all withdrawals and in 2 restric ions were confined to only a few anks In isolated case banks remained open despite declared holidays not ably in Pittsburgh At Enid Okla a detachment of national guards vag sent to close the First Nation al bank which had refused to rec gnlze Governor Murrays manda ory holiday States marched swiftly toward inlform closing after holidays vere declared during the early lorning hours in New York and nations banking cen ers A new angle was introduced in North Dakota when Gov William Danger not only declared a tem orary banking holiday but also a emporary moratorium on Indebted ess of all kinds Holiday in New York New York banking heart of the ountry went into a two day holi ay early Saturday by proclama KRASCHEL GALLS IOWA MANDATORY BANKING HOLIDAY Lieutenant Governor Says Procedure Necessary Because of Clearing House Arrangement With Banks in Chicago and New York DES MOINES March 4 banks in Iowa were closed today under a mandatory banking holiday proclaimed by Lieut Gov Nelson Kraschel The lieutenant governors proclamation followed shortly alter the announcement of similar moratoriums in Illinois and New York and said It is deemed for the best interest of depositors of Iowa banks to declare a temporary holiday for all Iowa banks Ine lieutenant governors orders emerged after a confer ence lasting nearly all night and were issued in the absence of Gov Clyde L Herring who is in Washington at the inaugura tion Duration of Holiday Not Given Kraschels proclamation said nothing definite about the length of time the holiday would be in effect declaring a tem porary banking holiday mandatory for all Iowa tanks savings banks and trust companies state national and further proclamation Referring to the action in New York and Illinois the pro clamation said further that a great many of the banks of Iowa utilize the services of New York amf Chicago banks for OFFICIAL PROCLAMATION The proclamation follows Whereas a banking holiday has been declared in New lork and Illinois and Whereas a great many of the banks of Iowa utilize the services of New York and Chicago banks for clearing purposes and their ability to serve their customers would b impaired by reasoji of said holiday and Whereas it is deemed for the best interests of deposi tors of Iowa banks to declare a temporary holiday for all Iowa banks Now Therefore T N G Kraschel lieutenant governor of Iowa acting in the absence from Iowa of Governor Clyde L Herring hy virtue of authority in me vested do hereby declare a temporary banking holiday mandatory for all Iowa banks savings banks and trust companies state national or private until further proclamation In witness whereof I N G Kraschel have caused the foregoing proclamation to be signed and sealed with the great seal of the state of Iowa at the capitol in Des Moines Iowa on this 4th day of March 1933 N G KRASCHEL NEW SERIAL STORY Be Found on Page 12 leaving purposes and their ability to serve their customers vould be impaired by the holidays in those states Action General Among States As Iowa banks were closed by executive order the stale ook its place among many others who had been on holidays or which went on last night or early today At 7 a m today nearly all of the 48 states had proclaimed bank moratoriums and similar action was expected of others The Iowa holiday was announced following a conference between Kraschel State Superintendent of Banking L A An drew Deputy Superintendent of Banking D WBates and bankers and businessmen Bankers and representatives of he Turn to Page 2 Column 2 HOOVERS LEAVE FOR NEW YORK Former President and First Lady Visibly Affected by Cheers of Crowd WASHINGTON March 4 private citizen again after four years of arduous public service in the nations highest post Herbert Hoover and the former first lady of the land left the capital this aft ernoon for New York amid the plaudits of a cheering crowd From their four car special train they waved farewell amid cheers that almost drowned out the puff of locomotives Both the former president and Mrs Hoover were visibly affected They smiled and seemed pleased W IOWA WEATHER Cloudy snow In extreme wcsl portion Saturday night and be ginning Saturday night or Sunday In cast and central por tions somewhat colder In ivest central portions Sunday LOCAL STATISTICS GlobeGazette weather figures for 24 hour period ending at fi oclock Saturday morning Maximum Frilny 4 Minimum in Night so At 8 A M jg WEEKLY FORECAST CHICAGO March 4 er outlook for the week beginning Monday March 6 For the Upper Mississippi and lower Missouri val leys and the northern and central great fair weather Temperatures near or slightly be low normal   

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