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Mason City Globe Gazette: Thursday, April 27, 1933 - Page 1

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   Mason City Globe-Gazette (Newspaper) - April 27, 1933, Mason City, Iowa                                North Iowas Edited for the Home VOL XXXIX FIVE CENTS A COPY ASSOCIATED PRESS LEASED W1RS SERVICE THE NEWSPAPER THAT MAKES ALL NORTH IQWANS NEIGHBORS MASON CITY APRTT 27 HOME EDITION Banks Place Is Outlined Views of Its Duty Held by Federal Reserve Board By CHABLES P STEWART ASHINGTON April 27 CPA bank is its communitys f i Jiancial sun an swered the econ omist at the fed eral reserve boards research bureau to whom I had put my query Scientif ically speaking what is a banks raison detre anyway I know of no good reason for JUUO THIS PAPER CONSISTS OF TWO SECTIONS DEFENSE ASKS DIRECTED VERDICT Herriot the sun he that would accumulate green and breed malaria and re turns it m the form of refreshimV rain to the whole ad pautage a bank absorbs monev stagnation releases it where it will do most St if s Iuncton that is what it DENY PRESIDENT HAS MADE OFFER OF DEBTS DELAY Will Consider War Debt Revision Following London Meet A banks duty to its depositors as interpreted by the reserve board consists m keeping their funds safe ly subject to immediate surrender ther t0 the Depositors n f 4 a3 may des nate to provide them n y with a convenient method of ef fecting business transactions Commercial Interest As the board sees it this service constitutes an adequate return to the depositors for the banks use of their money It recognizes no obli gation upon the bank to pay inter est on commercial accounts except of course as per supplementary agreement which it is recognized most American banks are in the habit of a competitive frowned on experts either rights reserve board author ities insist an interestyielding de posit should be regarded as a sav ings an investment on which expositor and banker share the profit and in which the depos itor participates to some extent In whatever risk may be involved Straight Banking Returning however to a consid eration of straight commercial banking In tlic matter of its responsibility toward the public upon which it de pends to utilize the capital it is Turn to ruse 17 Column 11 Her their BURNS HOMES OF Who Falsely Claimed to Be Officer Sought at Council Bluffs COUNCIL BLUFFS April 27 tJP Thomas Tacy Blufis attorney today planned legal action against a man who falsely represented hira self as a Douglas county Neb deputy sheriff and yesterday burned the homes of seven squat ters living on Iowa land on the Nebraska side of the Missouri river Tacy said that A W Taylor 61 and Frank Fruits 79 two ot the men whose homes were burned had identified the man Taylor and Fruits he said asserted they had Jeased the land on which their homes stood from the owner of the property The cabins they said weie burned after the false deputy sheriff had forced them from the Jane with a gun They lost all their personal belongings in the fire Pottawattamie county officials are investigating the matter WASHINGTON April 27 President Roosevelt and M riot French envoy resumed conversations this afternoon Accompanying M Herriot to the white house was the French am bassador and Undersecretary Phil lips who are working out the arma mants plans now uppermost in the FrenchAmerican negotiations President Roosevelt and Prime Minister Bennett of Canada after a conference early today stated they had found the exchange of views very helpful In Joint Statement The joint statement said The prime minister of Canada and the president have discussed further the program of the work economic conference and related questions of trade policy in which these two neighboring governments have an important and immediate concern They have found this exchange of views very helpful Present also was the Canadian minister the secretary of state and assistant secretary of state Ray mond Motey Willing to Consider td consider war Cetit revision aftSr Ithe world it was emphasized authoritatively to day at the white house that he has entered into no agreement for post ponement of the June 15 payments or laid down any plan of debt settlement Simultaneously at the state de partment Secretary Hull indicated to reporters that a world truce on tariffs pending convening of the London conference in June is under consideration and that the United States is favorably inclined toward it As for future war debt revision hints were dropped at the white house that this subject might be French Premier Prepares to Pay Debt Installment U S May Get Money Right After Return of Herriot PARIS April 27 Edouard Daladier was said by his friends today to be actively prepar ing to pay the defaulted debt in stallment due the United States He is known to consider assur ance of a moratorium on the June 15 payment by President Roosevelt as satisfactory and may decide to pay the defaulted installment im mediately after former Premier Hernots return from Washington Approve Interest It is more likely however that he will ask the chamber of dep uties to approve the 519000000 in terest which was due last Dec 15 when that body convenes May 16 Approval of the chamber never was necessary for payments on the debt but such action has been pre ferred by the government President Roosevelts receptive ness to a consultative pact for the security of peace and general dis position to work with Europe has strongly impressed the government Distinct Evolution An official spokesman said it was distinct evolution in American pol icy of the greatest importance This attitude combined with friend liness over the debt matter has cre ated a new atmosphere he said The premier has withheld his ap proval in previous attempts to ob tain payment recalling the fate that befell former Premier Her riots cabinet when he domanded it SUCCEEDS MNIDER AUNT HET By Robert Quillen You can tell she aint educated much When she quotes the Bible she dont never credit it to Shakes peare gone into considerably at the con clusion of the world economic par ley which convenes June 12 Expects Payments Meanwhile it was said the pres ident still expects the June 15 pay ments to be made Of course after further conversa tions with the debtor nations now in progress some adjustment may be worked out for the June 15 dues but that stage has not been reached Secretary Hull said in answer to questions that he did not think MliiMl Bllfo Ifl Traders Who Sold Short on London Exchange Hurry to Cover LONDON April 27 dol lar which was left to look after itself when America went off the gold standard appears to be com ing back in favor now that the VfacDonaldRoosevelt conversations have been closed in favorable cir cumslancet1 Speculators who sold the dollar short some time ago are hurriedly covering as a result of the proposed increase in Britains exchange equalization fund They along with other purchasers were in the mar ket today and the quotation appre ciated 5 cents closing at 5371 A to the pound The franc also improved It was believed this resulted from opera tions of the exchange equalization fund although no official newg was available regarding those opera tions WASIHNGTON April 27 m Warren Deluno Kobhlns above is definitely slated to be minister to Canada but his Ii ointment 1ms not been sent to the senate President Koosnvelt has been described as unwill ing to let Uolibiiis his cousin chlcl of the state departments protocol division go to Ottawa while tlio rtlscussions with for statesmen are their ranging1 the formal reception and entertainment of the dis tinguished visitors He will suc ceed Col Hnnford MacNider of Mason City as minister Norman II Davis President Roose T rp veils special ambassador abroad 1lOWEl i emperatlireS had received instructions to propose I that a tariff truce be called for on Saturday when Ihe formal invita Turn In Faff 17 Cnllimn fil SITUATION AT GLANCE By THE ASSOCIATED PRESS 1 President Roosevelt it is understood will ask congress for power to postpone war debt pay ments until after economic con ference administration alsoplans to seek wide authority to adjust tariffs 2 Tariffs take primary place in presidents conferences with Edouard Herriot French emis sary and Prime Minister Bennett of Canada 3 French emissaries express belief American willingness to agree to consultative pact makes it easier for France to enter arms reductions agreement Foreign Minister Bonnet of Paris says France must spare no effort to help stabilize other countrys currencies Experts see France heading toward pact with U S and Britain for this pur pose 5 France expected to pay overdue debt to U S provided moratorium on June 15 payment is granted 6 Premier MacDonald sails for home expressing satisfaction with Washington conversations and leaving behind a plea for AngloAmerican cooperation 7 Democrats seek to bring administration inflation hill now containing provision for free coin age of silver to final vote in sen ate by nightfall limit placed on debate 8 The dollar improves sharply on London exchange after steady Q Hit Freezing Point DBS MOINES April 27 Freezing temperatures were gen eral in Iowa last night except in the extreme southwest portion of the state No damage was believed to have occurred however Boons reported 21 the coldest Clarinda with 64 was the warmest point in the state yesterday Contrast She was just a poor telephone operator helping maintain her family in a cheap Brooklyn flat He was a millionaires son with all that wealth and a great family name could give But there wag an uncov ered link between them so strong as to affect the lives of all those around them and make the plot for a great new ttory FIVE OCLOCK GIRL By EDNA HOBB WEBSTER Begins Saturday April 29 In The GlobeGazette MacDonald Sails for Home Leaving Message of Hope Pleads for Americans am British to CoOperate for Recovery NEW YORK April 27 Prime Minister J Ramsay MacDon ald of Great Britain sailed home ward today leaving behind him a solemn plea to the American and British peoples to pull together in the struggle back to prosperity Addressing a gathering of the pil grims of the United States Mac Donald expressed the hope last night that the two English speaking nations will sit on the same side of the table at the international economic conference He called for a joint effort to de feat what he termed the influence of disruption rampant in the world He was asking no alliance he emphasized Alliance Is Bargain An alliance is a bargain he said Of what use is a bargain ex cept for hampering purposes when two hearts are beating in har mony Afterward the prime minister with his daughter Ishbel boarded the liner Berengaria thus closing the mission on which he came to tiie United States to discuss with President Roosevelt plans for re habilitating the world He expressed satisfaction with the results of the visit Peering intcrthe future the pre mier expressed a fervent hope that the statesmen of today might so abor thai their grandchildren might experience golden years He paid high tribute to the American president Old and Firm Friend When I arrived at the white house he said I shook hands with a host that happened to be your president as a guest who happened to be the prime minister of Great Britain When I left I shook hands with a host and president who in the brief interval of a long week end had come to be regarded by me as an old and firm friend Before the Berengaria departed late at night the prime minister sent a message to President Roose velt thanking him for his hospital ity Miss MacDonnld fresh and smil ing as she ascended the gangplank said that her busy round of en gagements in America had not tired her at all It was almost a perfect rest j she said TRADE GAINS IN MANY SECTIONS BUILD UP HOPES Industry Shows One of Greatest Revivals in Recent Years By CLAUDE A IAGGER Associated Press Financial Editor Copyright 1333 by Tle Associated Iress NEW YORK April 27 merce and industry in the past month have experienced one of the most striking revivals of recerit years Sharp percentage gains reflect of course the rebound from the ex tremely low levels of the March banking crisis Nevertheless some lines are approaching or have actu ally crossed the levels of this period last year Much of the improve ment has been against normal sea sonal trends The false upturns experienced previously in the depression have taught business executives to ex amine such bulges as the current one critically Reports from many parts of the country however in dicate a pronounced rebirth of con fidence together with fattening ord er books Gain Over April Automobile production for April according to present indications may show a gain over April last year After falling tp some 90000 T shouldcarry it above the produced in April 1932 Steel production has risen to the jest levels in more than a year Operations are estimated by Iron for this week at 25 per cent ot capacity The average for April House Faces Test Vote on Bonus Issue Senator Reed Modifies Bis Motion on Gold Content WASHINGTON April 27 One bonus move was deferred in the house and another sprang up there today as the senate talked its way toward a vote on the gold content section of the inflation bill as a preliminary to action on the veterans payment proposal Representative Patman D author of the bonus measure in the house agreed to withhold a petition for a democratic caucus pending a vote in the senate on the amend ment of Senator Robinson R Ind calling for payment of tile bonus out of the 53000000000 of treas ury notes the inflation bill would authorize the president to issue Almost Immediately Representa tive Lundeen FL Minn an nounced he was not concerned about whether the president would be embarrassed by the issue and filed a petition to force a vote in the house Senator Reed R Pa late to day modified his motion designed to strike out the gold content sec tion of the inflation measure so as to leave the optional power for the president to order free coinage of silver in the measure regardless of whether the senate approves or re jects the gold content section A limitation on debate was to go Into effect on the measure in mid afternoon and leaders expected to hold the senate in aessiion until the tipn measure hasStsrenVatfached is pu out of the way BUSINESS GOES UP From Wall street where stocks have perked up to the Pacific northwest where the lumber mans ax is swinging more busily better business and re employment are reported in many sections of the nation Chicago reports an encourag ing showing in electrical con sumption Detroit in shopping North Carolina in textile pro duction Miami in real estate deals Buffalo in flour milling Seattle in shipping and so down the line Herewith the Associated Piess presents some conservative hieh lights of the situation last year was just under that and lor the full month of last March less than 16 per cent Steel pro duction usually reaches its season al peak in March Freight carloadings have gained steadily in April contrary to the seasonal trend which usually car ries them to a peak in March the average thus far this month has been 490000 cars against 460 000 in March and 489000 in February Production of Power Last weeks production of electric power in the United States as es timated by the Edison Electric in stitute was only 26 per cent under the like week of last year the smallest such divergence in 21 months It was up lC per cent over the previous week although the normal trend for the season is downward The figures indicated a pronounced increase In the use of industrial power Latest mercantile reviews report a sustained volume of retail trade The usual pronounced slump after Easier seems to have failed to ma terialize The moderate rise in commodity prices coincident to inflationary psychology has evidently stimu lated buying With domestic cop per prices rising from 5 cents a pound to one of the largest producers reports the biggest sales in more than a year Scrap Steel Prices Scrap steel prices at Pittsburgh lave advanced from an average of 713 a ton on March 30 to 5869 and the steel trade is talking of ilgher prices for finished materials At this time of year many busi ness lines normally begin to pre pare for the usual summer slump April is usually the peak month or Hutomobile manufacturers al hough trade reports now Indicate higher schedules in May A seasonal peak In May sometimes occurs in his Industry as it did last year Many business executives express he hope that the belated seasonal Tarn to rase 17 Column 5 MORTGAGE AID LAW ATTACKED Attorneys for 7 Insurance Companies Claim Acts Retroactive LE MARS April 27 ments in cases brought by attor neys for seven insurance companies attacking two of Iowas farm mort gage foreclosure relief laws were heard thi3 afternoon by Judge Bradley The statutes whose constitution ality is questioned are house file 193 suspending proceedings in fore closure actions and house file 350 extending the redemption period on foreclosed mortgages until March 1 1S35 Attorneys claim the laws are re troactive and violate the rights of the creditor TELLS OF KISSES MAXINE LATHAM Conway Should Have Stayed in Jail but Mother Got Him Out MADISON Wis April 27 It would have been better if William Conway had stayed in jail but his mother appeared before Superior Judge Proctor and pleaded for his release The judge listened Her story seemed reasonable enough William she said wouldnt drive the car any more He has been sentenced to 10 days for speeding So he was released in time to meet a motor car acci dent Will Rogers BEVERLY HILLS Cal April labor woman Perkins looks like she is not only going to do something for labor but Is going to be a real contribution to women in politics She has put common sense ahead of lip rouge and the petticoat See where the newspaper con vention In New York they are always holding a convention of some sort some place Lord knows when they ever have time to write or read Well the rascals regardless of poli tics all were unanimous In nay ing there was a better feeling Well a better feeling is all you wont If you feel better ycfu are not going to die Yours WILL ROGERS mnpyrlBhl 1033 McNaught Syndicate Chinese Defense Stiffens Blocks Japanese Attack Evacuation of North Coast Area Laid to Trouble With Russia PEIPING China April 27 The Chinese and Japanese armies were fighting a sanguinary battle today near Mantienmen to the south of Kupeikow a greal wall pass northeast of Peiping Japanese artillery and aiv bomb ers were pounding the Chinese pos itions with slight effect The Chi nese dug in and succeeded in halting the Japanese infantry Itappeared that the Chinese were puttingup the stirfesfc resistance the army of Japan has encounterec south of the great wall of China Leave Lwan District Japanese and Mancliukuoan troops evacuating the Lwan river district in tlie coastal area of North China were rushing1 to bolster the Japanese below Kupekow Chinese sources asserted They declared that n the area of the great wall pass there were 30000 Japanese soldiers Todays heavy fightinp followed a ul in the hostilities yesterday As a trophy of the recent fighting n the vicinity of the Lwan river the Chinese brought to Peiping a Japanese airplane brought down at Anshan The sudden withdrawal of Japa nese troops from the coastal area of nortii China was attributed by Chinese leaders to trouble brewing between Japan and Russia in Man churia Ilan Kullwiiv Seizure MOSCOW April27 mA soviet dispatch from Khabarovsk Siberia was published today asserting that competent sources disclosed that the Japanese army in Manchuria has approved a plan to seize the Chinese Eastern rnilway from Rus sia This followed close upon another published report from China that such a plan was being formulated Richmond Convicted on Robbery Charge by Ottumwa Court OTTUMWA April 27 rick Sam Richmond 34 was con victed late last night in Wapello county district court on a charge of robbery with aggravation Richmond who has liypd in Ot tuma Waterloo and Davenport MAXINE LATHAM TAKES STAND IN TRIAL OF HINCH 19 Year Old Brunet Tells of Kisses and Joke Marriage Proposal As the state rested at 2 p m rhursday in the trial of Paul Hindi charged with the murder of hia wife he defense moved for a directed on grounds the evidence vas insufficient that there was not sufficient evidence of corpus de icti that the evidence showed Mrs linch jumped to her death and that no crime was committed and that vidence of the stato was wholly ircumstantial and not strong nough to warrant a verdict of con iction Attorneys for both sides gathered aw books and arguments on the natter started Supplied Motive Maxine Latham whose charms the state alleges supplied the mo wo for Hinch to want to jret is wife out of the way took the vltness stand Thursday In behalf f the state The beautiful 19 yeav old brunet who admitted Hinch often kissed ler and once jokingly asked her o marry him was one of the final vitnesses of the state in its effort o prove that Hinch murdered his wife Marion Hinch while they vere in an automobile on the gravel highway a mile south ot Cartera ville on Dec 28 Stuto Rests Case The state rested its case Thurs day afternoon after also getting into the record the story of Bow Hinch changed his version ot taa tragedy as presented Cress former sheriff Lofieerri Gordo county The defense1 how ever used Cress to build up theory of the incident On cross examination Cress said the pool of blood on the highway was such us could have been produced by a per son lying down It was his opinion that the injury to Mrs Hinch could not have been inflicted in the car as alleged by the state Cress also dentified rocks that wero taken rom the area of the spot of blood Miss Latham clothed in black made a striking appearance There was a rustle in the courtroom as she entered There was no appar ent sign of emotion on the defend ants face Knew Him a 1ciir I have known Hinch since a year ago she said admittingthat she went to parties and dances with Hinch both when Mrs Hinch was along and when the wife was not along On several occasions had jone with Hugh Coyle and Hinch to dances and shows the girl testi fied Were you and Paul together alone on several occasions was naked Yes She then told of several occa sions in which she said they wenL o shows and dances together with out the presence of others Kissed Her Goodnight That makes four times you ami Paul went out together alone doesnt it asked the county at torney Yes Did he on these occasions pnl liia arm around you An objection to this as lending and suggestive was sustained Did he ever kiss you Yes Did lie kiss you goodnight Yes Luma Waterloo and Davenport Dld Paul Hincn ever lo was arrested at Waterloo Jan li him following a holdup of a local res1 cs ln a way taurant the previous night by three Accompanied Hindi As preliminary to Introducing Harry Hall and Harry Haus both of Kansas Citypleader guilty to robbery charges two months ago and were sentenced to 25 year terms in Fort Madison penitentiary Gibson Transferred to Rio de Janeiro BRUSSELS Belgium April 27 Hugh S Gibson of the United States has been trans ferred to Rio de Janeiro by the Roosevelt administration it was re ported today Payless Teacher in Chicago Kills Self CHICAGO April 27 pressed by failing health and these payless days rf Chicago school Paul Schneider 44 teach er of manual training at a west Hide school shot himself fatally to day in the basement of his home Miss Latham to the jurors the state produced several witnesses who tes tified that Hinch on a number of occasions went with the 19 year old girl to dances without the prescnct Turn to 17 Column 1 IOWA WEATHER Somewluit unsettled Thursday night and Friday possibly Khotrers northeast portion slightly warmer Thursday night null In extreme southeast por tion Friday cooler Friday in northwest and north central portions LOCAL STATISTICS GlobeGazette weather figures for 21 hour period ending at 8 oclock Thursday morning Mavlnmm WndneKduy Minimum In Night At 8 A   

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