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Newspaper
New York Times
Location
New York, New York, United States of America
Date
Jun 29, 1913
Page
3
The currency bill debate in Washington moves ahead with Senator Owen aiming for simultaneous House discussion. He expects to report the measure soon and seeks bank input as hearings begin next week. He defends rediscount terms, urges short term paper growth, and clarifies reserve bank requirements amid Southern and regional banker reactions.
Readers across states express broad opposition to a federal reserve proposal. Faced with debate in Congress, critics urge quicker action and cite potential impacts on inflation, banking, and borrowing costs. Supporters argue stability and growth justify the plan amid economic uncertainty.
The Times telegraphic canvass of country banks yields sixty six replies. Results on the bill as a whole show opposition and favorable views with some doubt. On surrender of national charters the count records fourteen responses in a mixed balance.
State and local banks from small centers respond to The Times inquiry on the proposed currency bill. They say the rediscount privilege offers little benefit due to scarce short term paper and oppose the 20 percent capital subscription and reserve deposit limits. A few New England banks favor the bill citing Wilson Administration hopes but still denounce rediscount requirements as nullifying benefits.
Ed ward Echols of National Valley Bank in Staunton says he has not digested the bill but sees no threat to a national charter. M M Lowrie of Americas National Bank endorses the currency plan and urges longer lead time for banks. J H Pray of Citizens' First National Bank warns Southern interior banks may struggle under a national charter if requirements are strict.
In Burlington North Carolina on June 28 the FIRST NATIONAL BANK voices doubt that the proposed currency law would help them and suggests they would likely obtain a State charter if enacted.
Co. J. Shannon Jr, president of the First National Bank in Camden, voices little benefit for country banks from the proposed currency law. He objects to the plan requiring twenty percent of bank capital be invested in Reserve Banks and notes rediscount facilities as insufficient compensation.
A collection of telegrams from Missouri bankers and officials discusses the administration currency bill. Davis A. Glynn from Columbia doubts free opinion while WR Price of Boone County National Bank supports the bill with amendments. Sedalia’s W H Powell argues for a bill benefiting country banks, enabling issuance on quick maturing paper.
Carthage Missouri June 28. Robert Moore of the Carthage National Bank says he is not familiar with the proposed currency law and is not prepared to express an opinion on the subject.
Abilene Texas June 28 quote from GEO L Paxton warns that a proposed currency law forcing 20 percent subscription to Reserve Banks and restricting rediscounting to forty five days would force him to quit business or seek a state charter.
Phoenix financial note states the National Bank of Arizona will continue operations under the National Bank act despite any future laws. The brief statement signals compliance with federal banking framework amid potential regulatory changes.
In Las Cruces on June 28 a local speaker stated opposition to a proposed currency law. They argued it would not benefit to use the discount privilege and would instead impose a disadvantage.
In Durango and Visalia on June 28, bank officials weighed currency policy. John L. McNeil of First National Bank said country banks should use commercial paper for discounts and would need three months or longer terms and borrowing from correspondents. B Mitchell expressed a wish to review the bill before commenting.
J H Albert president of Central National Bank in Salem writes that reports on the Currency bill are meager and conjectural. He notes diverse farming, a lack of stringency, and loans heavily tied to gold coin with banks operating mainly on checks and cash. He warns that definite answers require more detail from the bill.
Colfax Washington dispatch notes that the paper offered for rediscount would run longer than forty five days but wheat exporters require a different arrangement. The brief suggests banking and agricultural finance concerns of the period.
The Vanguard of Union and Confederate veterans gather in Gettysburg for the fiftieth anniversary celebration. Thousands arrive as Long Lane hosts the North and South camps, with 41 states represented and the city buzzing with ceremonies, heat, and security.
Cr L Mackenzie vice president of Colfax National Bank states that any measures easing fed discounts during the crop movement period would be welcomed though he is not sufficiently advised on the merits of the ramp. He notes hesitation in forming conclusions while signaling openness to policy changes.
M S Browning of Ogden Utah voices strong opposition to the newly proposed Currency bill. He warns that unless objectionable features are removed national banks could lose their charters and rediscount provisions offer little benefit to local banks.
In Auamie Wyoming on June 28 the Albany County National Bank doubts the proposed currency law benefits country banks due to a forty five day rediscount limit. It questions the 20 percent capital reserve requirement and offers no firm view on national versus state charters at this time.
In Bozeman Montana on June 28 the Commercial National Bank states the proposed currency law would be detrimental to country banks. It argues the rediscourt privilege offers little benefit and that a State charter would be preferable.
In Benton Harbor on June 28 John President of the American National Bank argues subscriptions to reserve banks should not exceed 10 percent of capital and rediscount time must be at least ninety days. In Ann Arbor on June 28 E D Kinn questions proposed law and the wisdom of conditional change to a State charter.
Brattleboro banker G Estey questions a proposed currency law, arguing it would not benefit the nation’s banks compared with the current law. The note appears in the June 28 dispatch from Brattleboro.
The Gettysburg encampment prepares for the anniversary with 75 bakers 1200 kitchen helpers and 3600 eggs daily. State police prepare for crowds up to 400 feet telephone reach and a large flag at eighty foot high. The Red Cross plans 70 nurses 10 physicians while Confederate veteran John Francis Key aged 182 travels on foot as publicity funds transport arrives.
James Spenglein riding a meat delivery bicycle on Irving Avenue near Bushwick Hospital had his right leg broken and possibly a fractured skull after a car struck him. A bystander reported the license plate 9079 to police. Charles Koerner denied loaning the car and his chauffeur Charles Trieve of Willow Street was arrested for driving another's vehicle without authority.
Miss Adeline Clawson of 1142 Flatbush Avenue Brooklyn defied a department store detective in Greeley Square causing a crowd disturbance. She was accused of taking an umbrella and other items, later taken to Night Court where Magistrate Murphy set bail at 500 dollars for Special Sessions.
Washington June 28 officials warn celery eaters to wash and scrub celery stalks before eating and to avoid the leaves due to dried Bordeaux mixture pesticide residue. The advisory stresses thorough cleaning to remove spray residue and ensure safe consumption.
Justice Tompkins ordered a commission to take testimony from Edward Leaming of Manati Porto Rico and Edward Marshall of Barcelonita Porto Rico in the divorce action filed by Mrs. Mary Wallace Tyler of Mamaroneck against Dr. Nathan P. Tyler of Manati. Dr. Tyler, formerly in New Rochelle, left for Porto Rico to run an orange plantation about six years ago. Mrs. Tyler is represented by Congressman Benjamin I. Taylor of Harrison.
Judge Holt in Federal District Court set aside the six cent libel verdict won by Philadelphia lawyer Thomas B. Harned against International Magazine Co for statements in Cosmopolitan headlined The Tragedies of the Sugar Trust. A new trial was ordered as the judge cited injustice to the plaintiff and the need for fairer consideration.
Romanian journalist S Mikolasy and A Herzog plan a July 1 walk from this city to San Francisco as a leg of Mikolasy’s globe spanning journey. He began in Romania in February 1911 and claims to have traversed Europe on foot, aided by many who supported his ambition.
A touring car with four occupants veered from the road in Athenia and crashed into Morris Liptak’s house on Van Houten Avenue. Gasoline tanks ruptured, spreading fire to the porch before Athenia volunteers extinguished it. The car occupants then left for the city after promising to cover the damage.
Charles H. Jackson of the Bronx was arraigned before Magistrate Barlow in the Tombs Court on a charge of giving a bottle of morphine to a prisoner. Bail set at $590 for Monday examination. The accusation arose after Hamilton Turner was seen delivering morphine to prisoner Frederick C. Whitis. Jackson pled not guilty and spoke only through counsel.
The Openers and Peckers' Association of the Appraisers Stores held their annual outing yesterday at New Dorp. Matt Maloney, once a noted marathon runner and now in training, spoke at the event.
Capt. J. B. Greenhut, president of the Greenhut Siegel Cooper Company, will attend the fiftieth anniversary ceremonies at the Gettysburg battlefield. He represents Illinois as Gov appointed. Greenhut served in the Civil War and distinguished himself at Gettysburg on July 2.
A government press notice shows 7,530 postal appointments in four months under Postmaster General Burleson, with 1,111 Presidential Postmasters confirmed and 471 presidential posts still unfilled. New Jersey and nearby states report dozens of vacancies, some filled by examinations, others by inspector recommendations.
Mrs Woodrow Wilson and Miss Eleanor Wilson arrived at Harlakende House in Cornish for the summer. They took possession and hope the President will join them soon after traveling from Windsor. The party traveled by car from the Windsor station. Special to The New York Times, Washington, June 28.
Leading citizens of Queens pledged support for Borough President Connolly in his fight against former Democratic leader Josephina Halloran. District Attorney Smith will resume Grand Jury inquiries tomorrow in Long Island City, with the aim of probing public and private life allegations amid a broad coalition of Queens political figures.
Charles Pope Caldwell counsel for Borough President Maurice E. Connolly met with Gov. Sulzer at the Executive Chamber to address charges against Connolly and the involvement of District Attorney Matthew J. Smith and to seek a fair outcome. Caldwell aimed to have the Attorney General appoint a temporary DA for Queens if needed. Gov. Sulzer declined to reveal potential actions or disclose details of the discussion.
Franklin, first Vice President and Director of the International Mercantile Marine Company, sailed yesterday on the Atlantic Transport Minnewaska with his wife for a month long trip. He plans to return from Southampton.
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