Ames Daily Tribune from Ames, Iowa on September 6, 1933 · Page 5
Get access to this page with a Free Trial

Ames Daily Tribune from Ames, Iowa · Page 5

Publication:
Location:
Ames, Iowa
Issue Date:
Wednesday, September 6, 1933
Page:
Page 5
Start Free Trial
Cancel

Sign Up With NRA tfnty. Vow bete n MOW. MllJlMM of IM* IMJT mffcr &!• wta- tor tf in* May. Ames Tribune Times STORY OUNTY'S DAILY portiuaa W< *» ftwtfe cooler. VOLUME LXVH Official Amea and ttory County Paptr AMES, IOWA, WEDNESDAY. SEPTEMBER 6, 1933. Unlttd WJr* HO. HERRING ASKS FARM PRICE PEGGING SPECTACULAR NRA TEST IN CASE OF FORD SEEMS NEAR Public Encouraged To Swing Club of Opinion By RAYMONB CLAPPER United Pres* Staff Correspondent (Copyright, 1933, by United Press) WASHINGTON OJ-E) — Challenged by the passive resistance of Henry Ford, the administration appeared Wednesday to be moving towar^ a spectacular test to determine whether public opinion will swing an effective club to enforce the national recovery pro' tram. There are large teeth in the recovery act. But the administration knows that in the final showdown, its program stands or falls upon the measure of popular support behind it Unless President Roosevelt should unexpectedly reverse General Johnson there will be no attempt to invoke official measures DETROIT <&£> —Henry Ford remained honorary chairman of the Dearborn unit of the NRA Wednesday despite his unwillingness to sign the automobile code. The manufacturer was named honorary chairman a month ago and directors of the Dearborn NRA committee decided Tuesday night not to remove him. "We are convinced," aCspar B. Hughes, chairman said, "that Ford and the NRA will reach a. compromise within a few days." She May Check Sleep Malady Discoveries made by Dr. Margaret G. Smith, above, assistant pathologist at Washington university. It. Louis, may provide a means !or checking the mysterious epidemic of sleeping sickness which has ravaged St. Louis and other communities. Dr. Smith's research ndicates that the virus which causes the malady resides in the kidneys. Russian Seeks Stratosphere »tain»t the pioneer of mi** produc- -? thm and ilils* w*l«fe jQftieial* c" > '* Ofr Haul to JBa$« a martyr of Ford, itather the public will be encouraged to PMB by talesmen whose ears bear no blue eagle. Some have ; urged General Johneon to- make an example of Ford and map NBA's teeth on this prominent industrial figure who has chosen to go it alone. The automobile code is in effect and Ford has not signed, therefore, under the law, the president could draw up a 'code and impose it on Ford. Against Strong-Arming But sensing the danger of stirring up sympathy for a manufacturer whose high wages and short hours have been a trade-mark in industry for 20 years, administration opinion here appears set against any strong-arm action which might be construed as persecution in behalf of a technicality. As the situation stood Wednesday Johnson was resting on Ms statement that the next move was up to Ford and that the government would do notLinr; unless Ford violated provisions of the code. .Johnson said the only penalty was that Ford would not get the blue eagle, that the government would buy no equipment from a concern which did not come under the eagle, and that he believed the; public would feel the same way. Now the case is before the-court' of public opinion. If Ford can go on selling his cars, t!?.e public pressure upon which the government Is relying will have failed in a crucial test. Many here would in that case k ~ expect the NRA movement to lose much of its force. Ford sales will be closely watched by every indus- tialist who has chafed at the NRA requirements. Difficulty of disciplining Ford arises out of the fact that there is no complaint against his wages and hours, chiefly at stake is the principle of whether he shall be forced to sign on the dotted line and thus come into the cooperative administration enterprise. Johnson insists it is just as important that an employer sign up and join in the cooperative movement as it is that (Continued on Page Eight) Repeal Carries in Vermont by Vote of 2 to 1 ^MOttTPELIER, Vt. OLE) —Wets carried this traditionally dry state by a majority greater" than 2 to 1, complete returns from Tuesday's election which made Ver- month the twenty-fifth successive state to approve ratification of the twenty-first (repeal) amendment, showed Wednesday. Complete returns from Vermont's eight cities and 240 towns showed: For repeal 41,916. Against repeal 20,633. Repealists now need only the approval of 11 states to elimin- ite the eighteenth amendment from the constitution. Thirteen states voting by Nov. 7 are expected to end national prohibition Maine votes next Monday and the following day, Maryland, Colorado and Minnesota vote. All of Vermont's cities were wet, and many of the towns and villages where drys had expected majorities, were in the wet column. Winooski was 25 to 1 wet; Newport 2 to 1. Plymouth, birthplace of Calvin Coolidge where drys had been certain of victory, gave 28 votes for repeal and 10 OVER 100 KILLED AS STORM STRIKES against. Only two of the state's 14 counties — Orleans and LaMoille — were dry. Addison county, stronghold of former Gov. John E. Weeks, who headed the dry slate of delegates, was solidly wet The wet victory was generally predicted on the basis of the large majorities in both houses of the state legislature legalizing- 3.2 beer. The state convention at which the twenty-first amendment will be formally ratified will be held within 20 or 30 days. A state commission is now studying what Vermont will do about the liquor problem when prohibition is repealed. The state has a dry law, modeled after the Volstead act. Damage Ten Millions in Mexico and Texas EDINBURG, Texas OTJE)—Troops were rushed into the devastated lower Rio Grande valley Wednesday, flooded in the wake of a hurricane which killed 100 perwras and caused damage of more than 110,000,000 in Texas and Mexico. > The towns -of Brownsville, San Benito, and Harlingen were under martial law. W\th communication still impaired to many points, reports of death and destruction came here from scores of towns in the p*ath of the hurricane which had disappeared inland Wedjiesday. Thirty persons were reported dead in Matamoros, Mexico, across the Rio Grande from Brownsville. A Matamoros cathedral collapsed. Twenty others were reported dead in other section* of the Mexican border city where many adobe houses were melted by the rain and rising water. Ten were reported dead without confirmation on the Brownsville side of the river. Three were reported dead at San Benito, famous as a citrus shipping center. Two hundred were reported injured at Mercedes. Forty were hurt at Weslaco and 20 at San Juan. Hit By How*«« Many of the Injured were so seriously hurt by collapsing houses that .they were expected to die. In Harlingen, two were killed and 53 were injured. The causeway connecting Corpus Christi with lowlands across the bay was washed out McAHen was without water or lights Tuesday night" Water also was cut off in Harlingen, San Benito and Brownsville. Eye Witness Relates Story of Confusion and Horror at scene of Binghampton-Train Wreck Copyright 1933 by United Pr«« BINGHAMTON. N. Y-, (HE)— Patrolman Maurice Foley of Binghamton police, one of the first on the scene of the train disaster here Tuesday night give the fol- owing eye witness story to a United Press correspondent. "I was several blocks from the scene and heard a terrific crash, followed by a crashing, grinding sound. People started running by, shouting there had been a train wreck. "I ' jumped down the embankment to the railroad right-of-way. The lights of the milk train still burned brightly and illuminated a scene of wild desolation. The en- gine had cut thru the steel observation coach of the passenger train for a distance of fight feet, just like someone ramming his fist thru a newspaper. The next steel coach was raiianed thru the one in front of it, as though someone had picked it up and dropped it. "At first, there was not a sound. It was an awful silence because I realized there must be dozens of dead and injured persons in that wreck. Then from far up the passenger train, from one of the coaches that was on the rail and not hurt, a woman screamed. It gave me the shivers. Then I heard someone crying. It sounded like a child. I was running toward the wreckage all this time, and I could hear people groaning. "The light from the engine was thrown slightly upward and the ground around the mangled and tangled coaches was dark and I was constantly tripping. As I was running forward,: passengers from the farward coaches were running back. Some were screaming and rarving. j guess they were hysterical. Others were calm. One was a big man with blue eyes. He began giving orders like a top sergeant. I saw fire burning in his eyes and I jumped. "By this time firemen and po- (Continued on Page Eifeht) Salute Men Who Gave Lives to the Air Mail Service CHICAGO (ED— Over the spot in Grant Park where Max Miller landed 15 years ago Wednesday. completing the, first regular airmail flight, hundreds of planes planned to dip in salute Wednesday to the men who gave their lives in building the airmail. Capt. LrOn Yancey. a trans-Atlan- tic flyer, will bring an autogyro plane on almost the exact Now it's a Soviet balloonist, Pilot Fedosseenko, who .wants to find out how high is up," Here's Fedos- seenko, . who is preparing for a stratosphere flight from Moscow soon. Kansan Is New Lawyers' Head Test Your Knowledge Can you answer seven t«st questions? Tur. to for the answers. 1. Where are lakes? these the Caledonian 2. In what year did the Boston Tea party occur? S. Who wrote the collection of Starts Action on Two Projects The city council met in a brief session Tuesday night to allpw current bills and fix a date for opening of bids on two municipal projects which have been pending^!! summer. .The cpuncil will meet Thursday, Sept 21, to open bids for construction of an addition to the sewage disposal plant and for construction of a new storm sewer in Thirteenth street from Clark avenue to the Skunk river. Applications for federal aid -on both of these projects have been filed with the state public works board, and Administrator P. F. Hopkins has assured Ames city officials that these stand an excellent chance of approval. The city is asking for a contribution of 30 per cent of the cost from federal public "works funds. The council approved sending City Manager J. H. Ames to the twentieth annual conference of the International City Manager's association, in Chicago, Sept 18-20. as the city's official representative. Mr. Ames will give special attention to conferences on federal administration of public works and to public wel fare administration. Mr. Ames will read a paper on this subject covering the experience of Ames in public welfare and relief. spot where Miller landed after a flight from New York. He will bear a wreath in tribute to martyrs of the airmail service. The first pursuit squadron from Selfridge Field, Mich., was to come for the ceremonies. A few moments after the army planes dip over Grant Park an aerial demonstration by. all commercial lines was planned, to be followed by mass flight of scores of ships. Among famous pilots planning to participate in the ceremonies were Jimmy Dooltttle, jimmie Haizlip and Col. Roscoe Turner, all noted speed pilots, and Capt. Eddie Rickenbacker and Jimmy 'airports' were Hooded In a wWe*area. Pat .Nolan, Pan American Airways flier, flew on to San Antonio when he arrived over the flooded area from, Mexico City and found the Brownsville airport under water. , -. Nolan estimated that five per cent of the buildings in Brownsville had been destroyed, but said the destruction appeared much greater in flooded Harlingen. High waters isolated several trains. The Southern Pacific Houston-Brownsville passenger train •was stopped here. Another train was marooned near Corpus Christi. Two special trains rushed south. ward from San Antonio. One bore the Fort Gam Houston troops under command of eight officers to join the soldiers already on duty from Fort Brown at Brownsville. It carried Pullmans for the transportation of injured back to San Antonio. Roosevelt to make Sepf. 6 a day for national observance of the historic event 16 Meet Death When N. York Trains Collide MADGE CRELLY TO LEAVE STORY CO Accepts State Socia Work Post Miss Madge Crelly, for 20 month assistant secretary of the Stor County Social Service league in charge of the work in the east hal of the county, Tuesday announcec her resignation' from this position to accept a position on the field stal of the state emergency relief board Miss Crelly's resignation will be ef fective as soon as acted upon by th league's board of directors. Miss Helen Crawford, executiv secretary, was out of the cit Wednesday and could not be reache for a statement on selection of successor. The new position is a distinct pro motion for Miss Crelly. She wil serve as substitute for social work ers in various counties, and will.d special work under the state board Her first assignment'is to be in Har din county at Iowa Falls, where sh Mattern. - -;; will relieve a worker who is ill. i-ch*re« of ...JWiss Crelly's home is^ at Craw .-;--• U...V t--"*i-^?-*—.=38*T^~ ~~~—--*" **»**>-&P'^«y** jr"-""- i.V ' ; . *-.*/ " J • ' ~ • '"T: *-£"*<• the •> pronoun.;~>«sk-«i,f ,p r eBldeBtp or d srllle i Iowa. She .was.appoints to the Story county social servic staff to succeed Miss'Doris Lewison who left ^to accept a position in Min nesota, assuming her duties early In January, 1932. She previously had spent six year teaching,-three years' in grade\schoo work .and three :years as deputy county superintendent at' LeMars Iowa. While completing special so cial studies at the University of Ne- baska in 1931, she was secretary o the Nebraska state conference of so BINGHAMPTrw TJ " v fTTW cial work, and received special so iUWtrHAMPTON, NY. (HE)— cial work training with Family We an ^^tL,, 0 f e da M~ (**«* society of imcoln. "*"" by rai j_ j Her work in this county has been r i SW the Confederate Richmond, poems called "Voices of Night? 4. What famous prison was located Va? 5. In what country Is the Kiwi T>irrt native? 6. For whom was Lick Ob:.;, vatory named? ?. In what year was the French Revolutionary calendar institute,]? 8. is water a mineral? ft. Nanip the largest river in Russia? in. in what year was the war Spain fought? Earle W. Evans, above, of Wichita, Kan., an attorney for 40 years, is the new president of the American Bar association. Evans was elected at the annual convention at Grand Rapids, Mich. 21 Per cent of . Iowa Corn Safe From Freezing DES MOINES (U.E) — Twenty- one per cent, of Iowa's corn is now safe from frost and with normal weather most of the crop will be safe by Oct. 5, date of the average first killing frost, Federal Meteorologist Charles D. Reed said Wednesday. Despite trie fact that in one-third °f the state, more rain fell in the last week than during the rest of the^ entire- cro'p season, rainfall Is *Iuiicient in some sections, said in his regular weekly crop report.. ., T , h , e , result is a tendency toward nubbins." and chaffy corn ears, ia a good n;any counties. The corn crop is much more m«nir« than usual the rirei in S<-pt,?rnber. Some is being cut for foddflr, Deer Makes Its Own Escape Out of Watkins Glen WATKINS GLEN, N. Y. (L r .E)~ The deer which a small army of men have tried vainly to rescue from a natural prison on a rocky ledge, Wednesday essayed its own escape and scampered off into the safety of the forest. At dawn Wednesday park guards were lowered to the ledge from the cliff above. It was their purpose to frighten the deer over a narrow bridge -which had been constructed to give it. a path to freedom. Carefully they maneuvered the deer into position at the bridge, fearing that a false move would cause it to make a frantic leap, into the chasm and death. Instead the deer raced along the edge of the ledge, picked out the place where the drop to the stream bed was the least, a,ncl slid safely down, its forefeet braced against the soft embankment. It was a 35-foot slide and the deer landed on its feet, unharmed. Army Flier*., Observe '. Rep. Richard Kleberg at Corpus Christi predicted a death toll greater than 100 upon the basis of reports of arm. aviators who flew over parts of the district. Major General Edwin B. Winans of Fort Sam Houston ordered 150 soldiers into the flood area at the request of Governor Miriam Fergu. son. .'•... They penetrated the region on a special train accompanied by doctors and nurses to set up an emergency hospital and relief station at Harlingen. The storm was the most destructive of the year. Some houses at Harlingen were tossed a quarter of a mile, according to Deputy Sheriff J. D. Boren who made his way here. "I saw houses .explode as the wind struck them," Boren said. "In a few cases the wind whipped the four walls up, leaving the furniture and flood intact Many roofs were blown off with the four walls collapsing and pinning occupants. "In Weslaco, houses were pitched like- cards. One was lifted from Its foundations and pitched end over (Continued on Page Seven) •_«.«.} «*>• • -» *rtt •, i . ' . I fXGl TTUJLR. 1U 1.1113 tUU.ULJ' JJLttS LWCJ road _ officials Wednesday for the M hly commcnded by her superio l? Ck °l th £ /*«*• Atta?tic ex-! an8d b * y county officers. She-servec Er,e^,. ai iroad s _ fa.st jas the juvenile investigation office of the juvenile court under Judge J. Y. Luke, this work falling unde the duties of the social service league as organized in this county Miss Crelly has won many friends over t'.e county, and has provec her ability as-a social worker. Her promotion is the result of her un killed 16 passengers, and injured .25. An eight car milk train plowed into the rear end of the passenger train, which had stopped on the main, Erie track within the 1 Binghamton city limits at .8:30 o'clock Tuesday night in response to an. usua l success here. ATTEMPT ESCAPE MATTEAWAN, N. Y. OLE) — Four criminal madmen who "wanted to go home." attempted to shoot tlvjir way out of the Matteawan insane hospital Wednesday with a toy pistol. One was killed. One was wounded. The other two wore subdued nfter a pas bombardment that lasted four hours, BRIGHTON, Eng. OUR) — The British trade unions congress, in session here, Tuesday adopted a resolution urging that England follow President Roosevelt's NRA so. lution of unemployment. "The* American plan is perhaps the' greatest experiment in human history," R. A. Taylor, of the Shop Assistants' union, declared in urging adoption of the resolution. "If successful, it might be of as great importance in the development of civilization as the Russian revolution, itself." The resolution demanded "action on the part of the British government to deal with unemployment on board and comprehensive lines, similar to those laid down in the bill prenented to the United States congress by President Roosevelt" It set forth the opinion that "this bill definitely marks Uie breakdown automatic block- signal. Th heavy locomotive plunged eigh feet' Into the steel observation coach. The next coach, a stee pullman, was telescoped into a wooden day coach directly ahea< of it. Almost all of the dead anc injured were in the wooden coad -.The signal that stopped .the passenger train automatically se a caution signal at the block behind where the passenger train had stopped, and this should have halted the oncoming milk train Flagman A. C. Morris of the pas senger train set dynamite caps on the rails after his train halted and.tried to signal with a lantern M. H. Kingi engineer of the milk train, immediately reported to railroad officials. He was no hurt, nor was any member of hii crew. D. H. Shea, his conductor said he did not see the signals until it was too late to stop his train. Two investigations, one by Erie officials and the other by representatives of the interstate commerce commission, got under way immediately. Before all of the bodies could be removed from the crumpled day coach a crane had to be brought up to lift the heavy pullman which had plowed thru two-thirds of its length. The track was not cleared for five hours. The wooden coach was added to the crack train at Binghampton and carried passengers bound for (Continued on Page Two) Child Killed When Auto Turns Over VINTON (U.P>—Jacqueline Troxel, 4-year-old Harrington. Ia., girl was killed and her mother and aunt seriously injured in an automobile accident near here Tuesday night. Mrs. Laura Troxel, the child's aunt, was at the wheel of the car when it skidded from the highway, overturned four times and was badly wrecker!. Mrs. George Troxel. the victim's mother, and the automobiles driver were rushed to a hospital here. The trio was on route to V!rf- of the capitalistic system in Aaier- i ton to visit City Councilman E. 101* » * 1 TV Trn-vAl .«,! ,,'Hfl lea. Jl><» Troxel and wife. Jewish Session Is Broken Up By Stink Bomb GENEVA (U.D—The session of the Jewish conference, wag interrupted Tuesday night whe,n someone tossed a stink-bomb thru a window. The delegates assembling for the evening session hastily left the hall until the police had time to air the building. Rabbi Stephen S. Wise of New York at the. afternoon session issued a stirring appeal to the Jews of the world to end their internal quarreling and unite. "There is no unity, coherence of common action." Dr. Wise complained bitterly. He urged the formation of a world Jewish parliament where all Jewish problems could be pre sented for the world's consideration. "Hitler is appallingly powerful," Dr. Wise said. "We face the mightiest, most monstrous force that Jewry has ever had to face, and Jewry is not united. We cannot even unite to form relief service, but v:e do not consider it hopeless to try to unite the Jews thru the means of a world parliament." ! Commends City For Success of Electric Plant The city of Ames was highly commended for* its good management of financial affairs and of its electric utility by C. B. Murtagh, state comptroller, in a letter accompanying approval of the city's application for transfer of $40,000 from light plant funds to the general fund in lieu of taxes, for next year. The letter was received by City Clerk A. B. Maxwell. Mr. Murtagb said: "The council members should be commended for their good management In operating the public utilities in a profitable manner, which permits them to substitute earnings for direct taxation. Taxpayers should appreciate this relief when they are finding it so difficult to pay taxes oh property, much of which is not earning any income." This is the thin: year the city has given a direct relief from tax burdens thru transfer of light plant surpluses to the city's general treasury. Last yea./, a total of more than $75,000 was contributed by the light plant to the city's generaj use in lieu of taiftfcn* j. JTljjg -••-'•&>eluded the'^MOjOOO "traB8|e-r^tQ -the- general fund, $30,000 \transfer«d for the purpose of purchasing immature city bonds, and $5,500 to complete payment of the new fire truck*.':" : :;.: : : ••'•:-.: '•.'.' ' •'•;-\ Of the $30,000 set aside for bond purchases; Jess than $10.006 was spent, Ames municipal bonds are choice securities, and holders refused to sell them even at a good premium. 101 GOVERNOR WIRES APPEAL TO ROOSEVELT Says Farmers Unable to Participate in NRA DBS MOINES, OLE)—Gov. Clyde •L. Herring Wednesday sent * 300- word telegram to' President Roosevelt suggesting that farm prieet be "immediately and arbitrarily" pegged at the 1910-14 levels. Calling attention to the thprt crop of farm products this year, which he said would b« 'less than. any year since 1875," the governor told Mr. Roosevelt that he had conducted a careful survey whicli showed that while mercantile and labor prices were rising, firm commodity returns were dropping lower. "Extreme measures," Herring said, were necessary to force farm prices to a parity with those of other industrial lines. "There exists a feeling thmout the farm belt," the telegram read, "that the 'buy now' campaign cannot realize its full strength so long as the farmers' purchasing power is restrained by lagging prices for farm products. "End of Procwion" "Crops are short Prices must advance in time because of thi« shortage. But so long as they'lai behind the general upward trend, the farmer is in serious difficulty and is unable to participate in th« NRA program. " "I have made a careful survey of the farmers' attitude and I find that the farm populace is considerably, troubled by the fact that farm produce prices have .faltered as contrasted with advancing mercantile and labor prices. Th« farmer is just now viewing'the disparity in' price scales and wondering when-his turn is coming. H« has faith and has not lost hop* but he recalls that many times ia the past he-has been left at th« end ofjthe Jkepnomic procession. urge-'Jmmeiftate ROOSEVELT 1RSH1PS TO CUBA DBS MOINES (uP>—Spreading oat over interior Iowa, a strike of more than 3,000 soft coal miners became critical Wednesday as 250 workers from Colfax, la. mines joined in the wal'cout. ; Two dozen mines in six counties are now closed with union leaders announcing the miners will not return to work until operators sign NRA codes and guarantee a 30- hour week, $5 a day scale.- The Jasper county strike Wednesday added the forces of union^ miners to colleagues iff' Polk,' Lit cas. Monroe, Boone and. Marion counties. At Williamson, near Chariton in Lucas county, the strike started last Friday, spread Saturday to Polk county and Tuesday branched out to two Boone county fields, one each in Monroe and Marion counties, and an additional half dozen mines in Polk county. Bankers Ask That Provisions of '33 Act Be postponed CHICAGO (U.P)—Thousands of America banks must close their doors next Jan. 1 if the banking act of 1933 is placed in effect, the American bankers association con- ended iu a resolution adopted Wednesday. The resolution pleaded for post- >onement of the guaranty deposit rovision of the Glass-Steagall aw. The resolution pointed out that more than 2.700 banks are now op- rating on a restricted basis and hat practically all of them would e forced to suspend because of leir inability to qualify under the gorous terms ' required for de osit insurance. Radical Intellectuals Seize Power WASHINGTON OLE) — President Roosevelt Wednesday ordered a wir«" ship concentration in Cuban waters, concentration of United States marines at Quantico, Va., base and instructed Secretary of Navy Swansea to proceed at once to Havana. Swanson announced at the whit* house that he would sail (for Havana at 4 p. m. aboard the" .lO.OOO' ton, eight-inch-gun cruiser Indian^ apolis, now at Annapolis. Admiral William Standley, chid? of naval operations, said six to eight warships',.including; the four ordered to Cuba Tuesday, would be in Cuban- waters by Thursday noon. Marines were concentrating at Quantico all day to form the seventa regiment, which would become an expeditionary force of 1,108 .men if intervention in Cuba were ordered. President Roosevelt Issued abrupt orders for all these preparations but he assured questioners that intervention was not contemplated, that it was the last thing in his mind. New Government Sits Unsteadily HAVANA OIE)—Cuba's new revolutionary government sat unsteadily in the seat of power Wednesday, its fate stiil to be determined. &, United States destroyer rode at anchor in the barber and two mor« *• warships steamed swiftly to join it The destroyer in the harbor wa« the McFarland. At Santiago was th« destroyer Sturtevant En route her« were the cruiser Richmond, from the Panama canal, and the destroyer Bainbridge. That four warships were ordered to Cuba was an indication of th« (Continued on Page Two) Predicts Banks May Withdraw From Federal Reserve System CHICAGO (U.E>—Warning that un- ess an assessment liability limit is cftd In the guaranty deposits lause of the new banking act mem- er banks may leave the federal re- erve system was sounded Wednes- ay by George V. McLaughlln to the ankers of America. McLauKhlin, president of the New ork State Bankers' association, as- nllod the Glafs-Stpngall act. aa un- ound and unfair to larger banks In ddressins the convention of the merlcnn Bankers' association. "As soon as the public realizes," e said, "that the Olaas-Steagoll act oca pot mean that the government guarantees bank deposits, but merely that the banks insure each other, its value as a builder of confidence will be seriously impaired, if not destroyed." He referred to the banking act as a "curious mixture of good and evil." "Altho there is no legal limit to assessments on solvent member banks to replenish the deposit Insurance fund," McLanghlin explained, "th«r<> ia certainly a prarti cnl limit, because the stockholders of a solvent, bank may be counted on !f> object to assessments that (Continued on Pft*« fire) AUNT LINDY SAYS- Some enjoy life by tl. ways doinp the nic« little things while a few swm to gtt their pleasure by doing only the "little" things.

What members have found on this page

Get access to Newspapers.com

  • The largest online newspaper archive
  • 11,100+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Try it free