Ames Daily Tribune from Ames, Iowa on September 13, 1933 · Page 7
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Ames Daily Tribune from Ames, Iowa · Page 7

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Ames, Iowa
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Wednesday, September 13, 1933
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Page 7
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"BUT BCTTW Of Aim* AKlf DAILY TBXBtmi TUttf. AMTf IOWA, WtDKMDAT, SKFTXHBSX 15,IMS Arkansas Starts Refund of Road Bonds Under Authorization Act Holders of $146,000,000 in Obligations Show Little Disposition to Cooperate Ay BOYDEN UKDERWOOD United Press Staff Corrtipondent LITTLE BOCK, Ark. (U.P.)— Arkansas has started to issue refunding bonds for $146,000,000 of highway bonds and jbli- gations as authorized under the Ellis refunding act passed by the 1933 legislature. Bondholders of the greatest part of this amount, however, have displayed no inclination to offer their bonds for refunding. To date only about $2,000,000 \vorth have been turned in for the 3 per cent refunding bonds. Million In Default Payments aggregating over eight million dollars are in defau,t now. This constitutes interest, paying charges and maturity amounts on the original Issues. Gov Junius Marion Futrell has indicated that the administration is willing to negotiate further with holders of the bonds subject to refunding providing that one committee can speak authoritatively for holders of all or a majority of the bonds. Gov. Futrell has repeatedly stated that he does not wish to see the obligations repudiated and has reiterated his fctand that Arkansas is willing to pay all that she can after an adequate amount is set aside for road maintenance. However, he has said that if the legislature is called in special session to further consideration of the problem, there is a strong possibility that- the members might override the veto of repudiation with a two-thirds vote. Holders Have Three Gourmet Holders of the bonds are left with three different courses of action : 1—They may comply with the terms of the refunding act; 2—Confer with the administration until a new solution is reached; 3—Or, depend upon the state finally meeting the payments of the original bonds. The latter is very improbable due to the fact that the present state revenue will not support both highway maintenance and the payment due; and this administration was elected on a platform That would not increase, but would r.ttempt reducing taxes. In fact, the automobile license fees have been cut 50 per cent on new cars and 75 per cent on automobiles four or more years old. Griffin Smith, state comptroller and member of the refunding boards, agrees with Gov. Futrell in that all the bonds should be grouped together on a parity, and suggests as an alternative that a conference can be held by the bondholders arid the administration. Payment Over 50 Yean His plan would stretch the payment over 40 or 50 years wit'i three per cent interest and one P?r «ent .of tie-.principal paid annually. This would be referred to the citizenry of -Arkansas at the next general election and. if approved, would assure the bondholders of their pay. Under the present law. payment on bond issues are subject to the appropriation action of each biennial session of the legislature. The refunding act has been declared constitutional by the state supreme court; the new bond forms have been printed and are ready, and a bond refunding staff has been in officr four months "setting up machinery for putting the Ellis bill into operation." $20,146 Cash to be Paid Of the amount already turned in for refunding there are road improvement district bonds; direct highway bonds, high-way warrants: approved claims against fhl highway department for old contracts. Due to terms of the act which provides for payment in rash of all warrants less than S100 or odd amounts over multiples *~f ?100, $20.146.53 cash will be paid on old highway warrants now held by the refunding board. 'Holders of large blocks of the $54,000.000 of direct highway and toll bridge bonds are giving every, indication that they will not offer their bonds for refunding. Apparently they desire a more satisfactory settlement than is granted in the refunding act An Arkansas Bondholders' committee has been formed to collect these bonds and hold them in the Chase National bank in New York City. A representative of this commit, tee. which then held ?35,000,000 of the bonds, implied to a member of the refunding board that they were not going to offer their bonds for refunding under the present arrangement. Also, an- appreciable sum of the bonds tied up as collateral can not be offered now for the new low-interest bonds. Obiect to Low Interest Holders of these direct highway «nd toll bridge bonds are basing their objection on the lowered interest rate and the placing of Road Improvement district and other miscellaneous obligations on a parity -with their bonds. Originally, those bonds ($84.000,0001 $7,500.000 highway revenue each year for payments due. The interest rate on the old bonds ranges from four and one-half to six per cent; it is lhree Der cent on the refunding issue. In addition, the last lejHslafurP appropriated $2,000,000 for hieh way maintenance to precede in terest payments. Starting j an 1934. a sinking fund of $250000 quarterly has been appropriated for retirement of the new bonds The success of this refunding measure lies, apparently, with holders of the original bonds. The administration maintains that the state Is desirous of paying its obligations to the limits of the xvailablfl income and is willing to rtoal with the bondholders on that basis. MURDERER SUICIDES OHlfAGO (I T .R)—Twisting a pil- Inw-raso Into on Improvised rope, T>eter Kowalyrhyn, 42, who two flays^iigo killed his bride and slop- '"r with ,in axe, hanted in thf- county jnll here night. used them as "bra^s to beat Tinrmons over FALSE TEETH IN DUAL ROLEJ OMAHA, Neb. (UU) — O s c a r Fischer's false teeth served a dual purpose when he tangled with Park Policeman Mike Timmons. First he th£ head. Re-inserting them when the officer got him down he bit him on the leg. Two truck drivers and two policemen together with Timmons. finally subdued the 140- pound landscape gardener who admitted one drink too many; PLUNGES TO DEATH SAN FRANCISCO OLE*—Robert C. Reid, vice president of the Balfour-Guthrie company, international sales organization, Tuesday plunged 14 stories to his death from the top of; the Balfour building here. Ready for Second Polar Expedition In the hope of discovering and claiming for the United States a new continent larger than North America, Rear Admiral Richard E. Byrd will lead a second expedition to the South Pole. Her* the noted explorer Is pictured drawing up plans in New York fol- .owing announcement of the new Irish Face Civil War; Blueshirts Defy Commands of De Valera By W. 0. QUMENBEBEY United PttM faff Correspondent (Cowrrlfht, W33, by U. P.) DUBLIN (U.P.)—A middle-aged man of soldierly bearing, with penetrating blue eyes arid a determined mouth, strode into the crowded Metropole ballroom on O'Connell street. Abruptly the music ceased, and hundreds of right hands went aloft in the fascist salute. Then a great cheer broke over the hall as the blue-shirted legions of Europe's newest private army—and their womenfolk wearing the cornflower insignia of, its auxiliary—greeted their leader. General Eoin (Owen) 0'Duffy, who earned the name of "Give-'em-the-lead" O'Duffy in the civil war of 1921, acknowledged the salute. He nodded to several former cabinet ministers, dressed in their new blu^ shirts to ex-President Cosgrave, to King George's outste~d governor general, James McNeill, and others of Dublin's Asocial elite. The music and dancing resumed. Stones Shatter Windows Suddenly a fusillade of stones shattered the plate glass windows of the ballroom. Women dancers screamed. Their escorts rushed forward to find a howling ragged mob outside. Breaking thru the police cordon, it smashed the automobiles of the dancers, attacked and stunned several Blueshirts. who ventured outside, And gleefully kept the dancers imprisoned in the ballroom until Civic Guard reinforcements arrived. "Up de Valera!" the mob shouted as it dispersed. That incident, which occured Aug. 8. only two weeks after formation of the Blueshirts, Is only a taste of what wfll come if th* Fascist movement thrives half as well on the Irish scene as In Italy and Germany. De Valera Against Bluethirts President d< Valera does not mean to let it thrive. Civil war- words that fill with dread the heart of every Irishman who lived thru the bloody days of 192122—is inescapable, he warns, if the rival armies of the Blueshirts and the Republican extremists are not restricted. The Blueshirts, which have adopted the somewaat misleading name National Guards, so far claim to have enrolled 25,000 men. They aim to be 100,000 strong by the end of the year. Wearing blue tunics, black Mcktiea aid black benets, they «iclude J«w* from their ranks, and appear to have adopted many of Hitler's ideas. Their leader* com* from th« wealthier class, the Cosgrave regime and others sympathetic to Republican ideals. Their bitter—and stronger—rivals of the Irish Republican Army have drawn their strength from Ireland's proletariat and the small, almost poverty-stricken farmers and fishermen. Forty thousand strong, and with that'many more in the boys' and womeifs auxiliaries, they have large supplies of arms and ammunition, including machine guns, hidden thru the lonely Irish countryside. Britain's Last Garrison The Irish Republican Army regards the Blueshirts as "Britain's last garrison" In, the Free State. Increasingly impatient -with their former chief, de Valera, these men demand he stop "pandering to the Imperialists" and drive out «very vestige of British Influence. Thus de Valera stands between two fires. H« could, most agree, ignore the newly-formed FascistI but for one factor. That is their leader, one of th» sternest, most fearless .'men to emerge from the bloodsteed of the Easter Rebellion and civil war— "Give-'em-the-lead'' O'Duffy. Between these two men who dominate the troubled Irish scene of to day is a vendetta. And O'Duffy, who smashed de Valera's power in 1922, now has another score to settle with his old enemy. READ THE WANTS IOWA U. TO DEFEND ITS DEBAIG TITLE IOWA CITY —Defense of its Western conference debate championship will be made by the University of Iowa against Michigan, Illinois, Northwestern, and Pur due. Only one of the contests, the Michigan debate of Dec. 14, will occur on the Iowa platform. On the same date the Hawkeyes will meet Illinois at Urbana, with the question for both debates being the strengthening of the United States president's powers. Northwestern and Purdue will be met in Chicago Mar. 15, but tfc* question for argiuMt a** not yet beta «ecMed. low* completed th« coherence tche4«k of 1911 wit a- out defeat. Prof. A. C. Baird, director of debate, will amiable rarsity candidates sooi after th* beginning of university classes Sett. ZS aof will conduct tryouti for th* fadk» debate with Bates college, which decides the east-west title, and the international conflict with Cambridge university of England. These debates will occur before Nov. 15. JgOME concerns are slow to take r- 7 advantage of innovations, but I the modern beauty shop alwayi I profits by the latest wrinkle. Use Champlin Products PROVED—10% more milei per gallon on our new "Presto" gas. Try it! Have your car scientifically checked for gai consumption—a FREE SERVICE for our ctutomeri. * SAVE—Buy Champlin Oil in 2- or 5-gallon lots. I gallon cans .... $1.U <g£ SgaUonlots $2,75 jj». Champlin Refining Co, Agent Maxwell T. Smith Fifth & Burnett ^CHEVROLET f — '_; ;— • ~-\ i ^ roil our W iTH President Roosevelt's acceptance of the NRA Automobile Code, Chevrolet, the world's largest builder of motor car6, officially begins operations in accordance with the administration's recovery program. Although the official code was signed only a few days ago, it will be of interest to Chevrolet's many friends to learn that the Chevrolet Motor Company started to carry out the spirit of today's recovery program over three years ago! At that time, we put into operation a "share-the-work" plan, whereby our workmen cooperated in spreading the work to give more men jobs. By means of this plan, as well as by regulating hours of work per week to meet retail demand, and by building up parts stocks in lean seasons, it was possible to carry 33,000 men on our payroll through the depression. For eleven months of each year since 1929, we have kept our employment within 10 per cent of this average. Wo are justly proud of that record. We are also proud to say that Chevrolet workmen did not, at any time during the depression, become a burden on public welfare departments. On August 1st of this year, Chevrolet announced a blanket wage increase as well as the adoption of a 7H-hour, 5-day week and the employment of 12,000 addi* tional men. This wage increase was the second in the last 4 months, Chevrolet having been among the first to put a blanket wage increase into effect* We feel that the President's recovery program deserves the whole-hearted support of every citizen and manufacturer in America. It is a bold, swift, courageous plan to start the ball rolling toward economic recovery. Its sincerity is unquestioned. Its objectives are admirable. And the direct, forceful steps the President and hi* associates are taking to make it a success, should stir the pride and admiration of every American. We are proud and glad to do our part. And we are deeply grateful to the American people for the patronage that has enabled us to anticipate the present recovery program and to play our part today. After all, the immense number of men employed by Chevrolet is a direct result of the continued preference America has shown for Chevrolet, ' CHEVROLET MOTOR COMPANY. DETROIT, MICHIGAN, Division of General Motor* CHEVROLET

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