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Mason City Globe Gazette: Thursday, March 9, 1933 - Page 1

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   Mason City Globe-Gazette (Newspaper) - March 9, 1933, Mason City, Iowa                                1 I tv I 8 1 J W n North Iowas Edited for the Home EDITION THE XEHSPAPEK THAT ALL NORTH IOWAXS NEIGHBOUR VOL XXXIX FIVE CENTS A COPY ASSOCIATED PRESS LEASED WIRE SERVICE MASON CITY IOWA THURSDAY MARCH 9 1933 THIS PAPER CONSISTS OF TWO SECTIONS SECTION ONE NO 133 HOUSE PASSES BANKING BILL a Congress Drafts Bill in Accord With Roosevelts Message PRESIDENT URGES CLEAR NECESSITY FOR QUICK ACTION Tells Congress He Will Request Two Other to Give Power to Cut Costs and Start Public Works WASHINGTON March 9 Koosevelt in his message to congress today proposed immediate opening of all sound banks and provisions for currency expansion during the banking reorganization I cannot too strongly urge upon the congress the clear necessity for immediate action he declared He will request of congress at an early moment two other measures which he regards of immediate urgency Power to Cut Costs It was understood in capitol quarters that these would refer to grant ing him power to out federal expenses drastically including those for veterans and also for getting to work on a huge public building pro gram to provide employment It is my belief the president told congress in a message of 500 words that this legislation banking legislation will not only lift im mediately all unwarranted doubts and suspicions in regards to banks which are 100 per cent sound but will also mark the beginning of a new relationship between the banks and the people of this country TEXT OF MESSAGE To the seriateand house rep resentatives On March 3 banking operations in the United States ceased To re view at this time the causes of this failure of our banking system is unnecessary Suffice it to say that the government has been com pelled to step in for the protection of depositors and the business of the nation Our first task is to reopen all sound banks This is aa essential preliminary to subsequent legisla tion directed against speculation with the funds of depositors and other violations of position of trust Asks Immediate Act In order that the first objective opening of banks for the re sumption of be ac complished I ask of the congress the immediate enactment of legis lation giving to the executive branch of the government control over banks for the protection of depositors authority forthwith to open such banks as have already been ascertained to be in sound con dition and other such banks as rap1 idly as possible and authority to reorganize and reopen such banks as may be found to require reor ganization to put them on a sound basis I ask amendments to the federal reserve act to provide for such ad ditional currency adequately se cured aa it may become necessary to issue to meet all demands for currency and at the same time to achieve this end without increasing the unsecured indebtedness of the government of the United States Necessity for Action I cannot too strongly urge upon the congress the clear necessity for immediate action A continuation of the strangulation of bonking facili ties is unthinkable The passage of the proposed legislation will end this condition and I trust within a short space of time will result in a resumption of business activities In addition it is my belief that this legislation will not only lift immediately all unwarranted doubts and suspicions in regards to bonks which are 100 per cent sound but will also mark the beginning of a new relationship between the banks and the people of this country The members of the new con gress will realize I am confident the grave responsibility which lies upon me and upon them Accomplish First Step In the short space of five days it is impossible for us to formulate completed measures to prevent the recurrence of the evils of the past This does not and should not how ever justify and delay in accom plishing this first step At an early moment I shall re quest of the congress two other measures which I regard as of im mediate urgency With action taken thereon we can proceed to the con sideration of a rounded program of national restoration FRANKLIN D ROOSEVELT The White House March 9 1033 GUTS RATE ON SMALL LOANS Iowa Senate Approves S Day Marriage Law Repeal by 3514 Vote DES MOINES March 9 The house by a vote of 92 to 8 passed a measure reducing the interest on small loans from to 2 per cent a month The bill sponsored by Represen tatives Hopp and Hanson of Lyon originally called for a reduction to per cent a month applicable to loans up to made by small loan companies After more than an hours de bate action was deferred until to morrow on the FuesterMcKinnon Wenig bill which would give a debtor until March 1 1935 to re deem property in mortgage fore closure in which a decree has been entered but the redemption period has not expired This action was taken to permit an amendment which would require the appoint ment of a receiver during the re demption period to safeguard the property Amendments Opposed Attempts to amend the small loan bill met with vigorous opposi tion A voluminous amendment sub mitted by Representatives Fabritz Mitchell and McCreery went down before a 35 to 65 vote The amend ment was in the nature of a sub stitute to the original bill and would have provided for a loan rate making advisory council which would have authority to fix the rate of interest from time to time de pending on conditions The amendment also provided that the interest rate would remain 3 per cent a month until 10 days after a change by the advisory coun cil Proponents of the amendment said that few members knew any thing about the small loan busines arid that it should be put in the hands of a qualified group It alsi was declared such regulation needec to protect the small borrower from the loan shark Legalizes Oppression Opponents to the amendment cen tered their fire on the interest rate it was declared the amendmen legalized oppression by legalizing a prr cent a month rate and wa not framed by persons with interes in the borrower On the mortgage redemption bill its advocates declared passage nee essary to save the equity of th people in their homes and farmers It also was declared necessary fo farm relief Representatives Johnson and Stig er questioned the constitutionality of the measure unless it carried a provision for appointment of a re celver during the redemption period Representative McKlnnon coau thor of the bill agreed with him Seek Finn Action The measure will be taken up to morrow morning for final action Tarn lo Page Column 4 Summary of Banking Situation By THE ASSOCIATED PBESS Seventythird congress was called extraordinary session at noon Thursday to enact legislation to re ieve immediately the banking iituation Federal reserve banks C2ll upon member banks for names or all per ons who have withdrawn gold n the past two years and who have not redeposited it before March 3 hint that names of gold hoard ers will be made public is seen in action Thursday is the last of national ank holiday under President Roosevelts proclamation Will Start Operations President Roosevelt issues early morning statement following con erence at white house saying the measure before congress will at once start banking operations throughout the country Plan for national scrip abandoned as bureau of engraving works in hree shifts turning out additional federal reserve currency which aelieved to be basis of proposed legislation The new currency will not have gold backing but is to be issued on the same basis as treasury notes which are backed by government bonds Chairman Steagall of house committee believes na tioual banks will be open with state banks following Can Issue Scrip Secretary Woodin authorizes lo cal clearing houses throughout country to issue scrip if needed Treasury department prohibits execution of plan of Governor Leh man New York to issue scrip through a statewide corporation of which Alfred E Smith had been named chairman Many banks open throughout country with functions limited un der holiday order Appeal for national unity is made in simultaneous proclama tions issued by the governors of the states Steps taken in Nebraska toward declaring an insurance moratorium An estimated million dollars worth of scrip circulates freely in Nashville Tenn on first day of is suance Issue New Currency State banks of Minnesota are permitted to extend operations by use of scrip Laws already on statute books permit issuance of new currency to the amount of three billion dollars A bill for a moratorium on all debts public and private for 90 days is killed in Arkansas senate In general foodstuffs prices re mained about the same pork prices dropped in Chicago Wednesday aft er earlier rise President Roosevelt said early Thursday I am gratified at the outlook PLEADS GUILTY TO MURDER OF MAYOR CERMAK Zangara Says I Want to Kill All Kings and Presidents MIAMI Fla March 9 Giuaeppe Zangara today pleaded guilty to charges of murdering Mayor Anton J Cermak of Chi cago when his mad attempt to as sassinate Presi dent here failed Zangaras plea was entered by Louis F Twy man chief of the counsel appoint ed for him after Zangara himself had said in re Roosevelt Feb 15 sponse to As query as to guilt by State Attor ney N Vernon Hawthorne I want to kill the president I want to kill all kings and presi dents Zangara apparently start ed on a lengthy discourse b u GOLD HOARDERS FACING TROUBLE Time Covered in Report of Withdrawals Broadened to Two Years WASHINGTON March 9 The time to be covered in the re port of withdrawals by gold hoard ers was broadened by the federal reserve today to extend to the past two years While treasury officials were workingout the plans that will be followed after the passage of the emergency measure sent by Presi dent Roosevelt to congress today word went from the federal reserve to its member banks calling for the report The time originally designated to be covered in the report of gold withdrawals had been from Feb 1 to March 13 The use to be made of the names had not been disclosed but the compilation would put of ficials in position either to publish them or take more drastic action A tax on withdrawals has been sug gested by some Another worry put before the treasury today was the manner in which foreign diplomats may ob tain funds for the conduct of their embassies A request to see what could be done about it was trans mitted by the state department to the treasury SCansmru was halted by Twyman The latter said his client would plead guilty to the first count of an indictment returned Monday by a special convened grand jury if the second count was dropped Premeditated Murder The first count charged Zangara with killing Mayor Cermak as he tried to kill the president The sec ond charge premeditated murder of Mr Cermak Tom Armour of Miami was called as the first witness as Judge Thompson heard evidence accord ing to Florida law before passing sentence on the assassin Zangara already has been sent enced to 80 years imprisonment on his plea of guilty to charges of at tempting to murder the president and three of the persons his bullets struck Fired Five Times Armour told his story of attempt ing to divert Zangaras aim when the latter fired his pistol five times in Bay Front park The second witness Miss Dixie Herlong a court reporter testified about taking Zangaras statement delivered she said in a reasonably calm way the night of the shoot ing Zangara said Miss Herlong testi fied that he attempted to kil President Roosevelt because he didnt like presidents and capital ists Sheriff Describes Affair Sheriff Dan Hardie Dade coun ty described the shooting and Zan garas capture and said the latter stated he wanted to kill President Roosevelt because he was a mem ber of the capitalistic class The sheriff identified a newspaper clipping showing a picture of Pros ident Roosevelt The clipping was taken from Zangaras pocket after the shooting I believe he had no connection with any criminal gangin the shoot Ing the sheriff said Ottumwa Man Testifies H L Edmondson Ottumwa Iowa testified he saw Zangara before and after the shooting Dr R C Woodard superintend ent of Jackson Memorial hospital described treatment of Mayor Cer mak up to his death and said the bullet wound caused his death Dr E S Nichol one of the phy sicians who attended the mayor alsc testified death resulted from th bullet wound as did Dr Ji W Snyder another attending physi cian Zangara on Stand Zangara himself took the stan after the state closed its cose Im 33 he testified born in Italy I came here first Septembe 10 years ago and live in New Jersey I live here three four July I want to kill all capitalist Be cause of capitalist people get bread Thats important money I feel this way since I 1 years old I go to work when I sis year Turn lo Page 1 Column i 40 and 8 Leads Winners in Gold Contest Heavy Vote Final Day T A St Methodists Also Get Prizes Voiture No 66 of the 40 and 8 vhicb had entered the contest to aise money for its school childrens milk fund won the 5300 sweep takes prize iu the Retail Merchants iSOO gold competition iL was an nounced Thursday morning by the udges Winners of the other three prizes n the Mason City section of the ontesl and the gold prizes awarded ach are First Monroe P a r e n tTeachers Washington association Josephs High School Athletic association Methodist in dies Aid The organizations outside of Ma son City winning prizes are L u k c Band Mothers club ch u r c h Nora Springs While the awarding of the pri7es is being temporarily held up by the banking holiday t jthe sponsors of the contest formulated plans Thursday to make the various awards avail able for the six winning organiza tions at the earliest possible mo ment The Legionnaires who captured the 300 sweepstakes prize sup plied the sensation of the contest by rising from fourth and fifth place in the last few days of the competition Spurred by the need of funds to continue the distribu tion of milk to more than 400 needy children in the Mason City schools he voiture members staged a city wide campaign that brought in huge blocks of votes the last days of the enormous contest More thnn a million votes were polled in behalf of the 40 and 8 th last day of the contest Tuesday The MonroeWashington Parent Teachers association and the St Josephs Athletic association scored almost a million each while the Methodists brought in almost a half million votes Supported Legion Other Mason City organizations In the contest scored material gains ilthough not to be compared with the big four Harmony guild which had been one of the big vote get ters of the contest and held fifth place threw the main part of its voting strength in support of the Lfegion organization the last few days as did also a number of othei contestants The contest which opened Jan 17 came to a close Tuesday eve ning Wednesday was spent in counting the last installment oi votes and Thursday morning the judges made their final cxamina Tnm o rncn H Column i DICTATOR RULES OVER AUSTRIANS VIENNA March 9 loads of soldiers with fixed bayo nets rumbled into Vienna in the di rection of parliament building this evening while the cripplcc diet shelved when Chancellor Doll Iuss assumed dictatorial powers argued doggedly for its existence IOWA WEATHER Slightly Colder south portion Thursday night and Friday slowly rising tempcraturcH and north central portions LOCAL STATISTICS American Beet Sugar company weather figures for 21 hour period ending at 8 oclock Thursday morn ing Maximum Wednesday 41 Minimum in Night fi At 8 A M Thursday 7 The mercury sank 35 degree from the warmest temperatur Wednesday to the coldest in th night MRS WALKER SUES MIAMI Flu March Mrs Janet Alien Walker today sued James J Walker former mayor of Yorlc City for divorce iu the circuit court of Dado county She alleged de sertion Airs Walker has ticca spending the winter in Miami Josephus Daniels Expected to Head New U S Board Shipping Board I C C and Other Groups Would Be Consolidated WASHINGTON March 9 losephus Daniels of North Carolina secretary of the navy during the Wilson administration was under stood in informed circles today to slated for chairmanship of a new government group to include the interstate commerce commission the shipping board and the aero nautics branch of the commerce de partment Such a consolidation would bring together the major transportation agencies of the federal government It lias been indicated for some time that something of the sort was con templated by President Roosevelt Intimate of lloosevelt Daniels publisher of the Raleigh News and Observer was secretary of the navy while Franklin D Roosevelt was assistant secretary They have been intimately associ ated ever since Although efforts are being pusli ed to complete a governmental re organization plan as soon as pos sible for presentation to congress there is little expectation that the complete program will be set up until the special session to be called in two or three weeks Indorsed by State Meanwhile another North Caro linian C Leroy Shuping of Greens boro was indorsed today for com missioner of internal revenue by the states delegation in the house of representatives Pending the consolidation of the transportation agencies indications have been that Daniels would be appointed chairman of the shipping board in itself one of the smaller organizations in the combine Wall Street Bankers Much Encouraged by Roosevelts Message NEW YORK March street banking authorities were en couraged by President Roosevelts ines5fge to congress today and were preparing for early resumption of normal banking activity which some thought might be expected on Mon day tf not earlier While the majority of the New York banks were ready to resume business on a moments notice it was pointed out that new regula tions promulgated by the treasury might make It necessary to continue on th3 present restricted basis for a few days in order that the vari ous hanking situations throughout the country could be coordinated MEASURE TO OPEN SOUND BANKS AND ISSUE NEW MONEY Senate Adjourns for Two Hours While Bank ing Committee Concludes Work on Measure Plan Bank Opening on Friday BULLETIN WASHINGTON March 9 house of representatives at p m to day passed the Roosevelt emergency banking bill and sent it to the senate WASHINGTON March 9 senate recessed at p m until p m to permit its banking committee to conclude work on the emergency banking program The administrations drastic banking revision bill was in troduced in the senate at p m by Senator Fletcher D new chairman of the banking committee The measure providing for a controlled expansion of the currency and for approval of all of President Roosevelts orders taken during the banking holiday was referred immediately to the banking committee Text Not Released The original text of the bill was not released for publica tion because as introduced it containedmany revisions Senator Glass of Virginia who redrafted the bill in conference with Chairman Steagall of the house banking committee and treasury officials said some of the changres were very important Glass hurried to the senate floor with the completed draft and handed it to Chairman Fletcher of the banking committee to introduce As Fletcher moved to refer the bill to the committee Senator Norbeck R S who has been chairman under the republican regime said he would not object to the action but that he deemed rushinga banking bill through unwise FIRST NATIONAL GASHING CHECKS Operations Limited to Pay rolls Deposits Being Taken The First National bank Ma son City Thursday put Into practice a policy of limited cashing of pay roll checks and taking deposits of cash or payroll checks in conform ity with authorization received from the secretary of the treasury through the federal reserve bank at Chicago The First National bank also was informed that customers may make other limited withdrawals from their own accounts for necessities upon certification of actual need These withdrawals are being made on receipts and not on checks In Separate Account New money deposited in the bank is being kept in separate accounts entirely segregated from the ac counts that existed when the bank holiday started Payroll checks cashed must be drawn on the banks cashing them and must be stamped payroll checks the instructions stated This situation however may be changed by the developments later in the day bankers stated as they awaiind hourly the results of the meeting of the national congress Received Telegram The Northwest Savings bank al though having also received a tele gram from the federal reserve bank regarding limited services to the public was still continuing under the stringent instructions of the Iowa banking department C O Wilkin son president announced only making change and giving access to deposit boxes Moron City banks have been asked to compile lists of those who have withdrawn gold or gold certif icates one list containing the names of those who withdrew gold before Feb 1 and the other who made withdrawals after that date Cullen Plans to Push Action on Beer Bil WASHINGTON March 9 Representative Cullen of New York assistant democratic leader an nounced today he would introduc immediately and prcsn for actio the bill to legalize and tax 32 per cent beer which died in the senate last session nt Once Will you meet tomorrow he isked Fletcher Were goingLo meet today and ight now Fletcher replied adding We ought to be through in about n hour It would permit only sound anks to reopen at once those un ble to show conclusively their oundness being administered during by government con ervutors The stockholders and the comp rollov of the currency would have o join in approving the reorgan ation before the bank could be urneJ back to its board of direc ors Tlie bill would authorize issuance t ntw currency against govern ment bonds notes drafts bills oC xchange and bankers acceptances Scout Formalities Only the most scant formalities vcre carried through in senate and louse Representative Rainey of Illinois vas formally elevated to the speak rship with the vote on party lines Senator Key Pittman of Nevada was elected president pro tempore of the senate Pay In all Gold The bill Robinson said rati fies the orders and proclamations heretofore issued by the president and secretary of the treasury pen alizes hoarding requires member banks to pay to the federal reserve bank gold bullion or gold certifi cates owned by such member banks and to receive therefore coin or cur fTiiru lu 1age 2 Column 1 AUNT HET By Robert Quillen Comin back from the graveyard Jims widow said hed finally achieved his am bition to quit smokin but I kind o had my doubts   

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