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.TAN. 12. 1933.
STRONGER BANK! STRUCTURE IS j GLASS BILL AIM Greater Solidity Proposed; Seeks Extension of Fed eral Regulation. Thi It nnf of a neries of articles by j Rnv Turkrr. disrussinr the Olatt hanking j bill now before the l nited Stair* srnatr. j BY RAY TUCKER Timr* Staff Writer WASHINGTON, Jan. 12.- Strengthening of the nation’s banking structure, in the hope of preventing a recurrence of the bank failures of the past decade, is the central feature of the Glass bank ing bill, before the senate. Whereas some sections of the bill seek to curb the banks, part in an inflationary movement like that which marked the boom days, thus to stabilize general conditions, other provisions are designed to give greater solidity to financial in stitutions. The mortality among banks since 1921, especially the small ones, has shown the need for reform. A total of 10,484 banks failed from the end of 1920 to November, 1932. They had total deposits of $4,882,421.000 — i a sum much greater than France’s debt to this country. In explanation of Senator Carter Glass’ attempt to draw as many banks as possible under federal regulation, it may be noted that. only 1,571 national banks failed. Discourage Group Banking There were 8,913 suspensions of state and private banks. Deposits ! affected were, respectively, $1,143,-: 857.000 and $3,738,000,000. The personal suffering, the con traction of credit and the diminu tion of purchasing power resulting from those financial fatalities em phasize the need for a “new deal" in banking. The bill seeks to discourage group ; and chain banking by furnishing definite encouragement to exten- j tion of national banks. Changed j conditions have rise to de- j velopment of chains and groups of banks, and to excited controversy j over their effect. Roughly, a chain or group is a j system dominated by one large in stitution, by a holding company or by one person or a group. Except for the dominant personality or cor poration, the members of chains or groups are mere appendages—their managers only employes. Dangerous, Glass Thinks Some banking experts contend that they make for safety of depos its, economy of operation and effi ciency of management. But another school, in which Sen ator Glass, treasury officials and reserve officials are found, maintain they are dangerous, because they extend the range and repercussion of possible failure. They think ex perience has taught that such sys tems are apt to endanger all the banks involved, and thus affect a large expanse of people and terri tory. Led by Senator Peter Norbeck (Rep., S. D.), chairman of the bank ing and currency committee, an other faction opposes all forms of group, chain and branch banking. They say that they make for cen tralization of credit in places far from where the deposits are made, and loans needed. They eliminate, in their belief, the old-fashioned, community feel ing between banker and borrower, and the arrangement under which a man's character and industry were regarded as good collateral. Bill Hits at Situation But the chief difference is that group and chain banks are not subject to complete federal regula tion, even though they include na tional banks, whereas a system of national branch banks can be con- — * (tua SIXTY MEN'LOOK'TO FAGgTdTcHIEfN s II ~1 ■-/ WmMZ&mm iw**** [SHOWS THEY’RE NOT GETTING IT! J SPOTS IN FRONT - --=== v of my eyes, my fijXjßOyT MY JOB -1 JUST) EXECUTIVES ARE LIKE YOU—H M f THAT PLAN AND THE WAY YOU 1 l&il P/^ E TOO BUSY TO DEVELOP REGULAR LIVING %f| PUT IT UP TO THEM CERTAINLY f MT-V iI VE SIMPLY GOT TO SEE] • 1 HABITS .SLUGGISH INTESTINES GET CLOGGED, : fij WENT OVER BIG.. , ZS yHE DOCTOR ' f POISONS SPREAD INTO THE SYSTEM Wi CONGRATULATIONS/ r vi V s 'TRt? 4 YOU FEEL RUN DOWN. CATHARTICS ON LY N j * ( roFAr/ / Si *fet M 8 " L THE CHIEF CALLED ME IN TODAY-SAID V —\ a—itiHMISSIS A Gt6clt DOCtOt S3yS — MY NEW PROMOTION PLAN WAS CLICKING PPMjgpipM V " 1 JB) AND THE MEN ENTHUSIASTIC.FLEISCHMANN’S rr/ (yeast SURE PUT ME BACK ON MY FEET y 1 HHBHHR na “ate,: “Fresh yeast i 7 NOTICED HOW IT HAS CLEARED MY SKIN?) ■ 1 L;/sSrft ' " -■ !l z ■ 1 ■ 5 ml *ddßr-d.i* New Legislators Brazil Member of Legislature Favors Pension Clay and Parke counties sent to the 1933 state senate a legislator who favors an ad justed old age pen sion law. William H. Rupert. Brazil, was born Feb. 18. 1867, near Washington Court house, 0., and spent the early years of life on a farm. He came to Indiana in 1888 to work on a bridge gang on the St. L. & K C. rail r o ad, commonly known as the Clover Leaf, and Rupert followed railroad work until 1895. Rupert was married in 1896 and then engaged in farming. He has been a lifelong Democrat, casting his first vote for Grover Cleveland in 1888—and losing it. Defeated for-county commissioner four years ago in the primary. Family consists of two daughters, both of whom are married and have families. In addition to the old age pension law, he is interested in tax legislation and road laws and any statute affecting county and town ship business. trolled as if it were only one in stitution. There is another important dif ference in the case of chains or I groups controlled by holding com- | panies which are not banks them selves. Since the holding company has no j assets except the stock of banks it i owns, it is impossible to enforce the ! provisions that stockholders of failed banks shall be liable for double the amount of deposits in volved. Extends National Bank Field The bill hits this situation in several ways. On 6 of the valuable prerogatives of holding companies is the right to vote national bank stock in the election of officers and directors. In some cases, Senator Glass charges, they have dominated the election. The right to vote this stock is, therefore, definitely restricted by the bill. The stock oan not be voted to any real extent unless banks controlled by holding com panies agree (1) to undertake ex amination by the federal reserve board, (2) to divest themselves of ownership of stock and bond financing concerns, (3) to comply with regulations designed to insure ownership of sufficient free assets to ! satisfy the double liability clause in | case of failure. The bill also extends the field for ! national banks. It permits them jto open branches in states w’hic'n Ido not specifically forbid branch j banking. Eighteen States Forbid Branches At present federal law prohibits this except for certain metropolitan areas. It is hoped by this to fores many state and private banks to join up. This specific move, how ever, will draw heavy fire from Nor beck and his followers. Only eighteen states now have law’s forbidding branch banking, as follows: Alabama, Arkansas, Colo rado, Connecticut, Florida, Idaho, Illinois, Kansas, Minnesota, Mis souri. Nebraska, Nevada, New Mex ico. Oregon, Texas. Utah. Washing ton and West Virginia. The others have no legislation at all on the subject, or permit branch banking in state-wide or more limited fash ion. In the Air Weather condition at 9 a. m.: Southwest wind, 11 miles-an hour; temperature, 20; barometric pres sure, 30.37 at sea level; general con dition, clear; ceiling, unlimited; visi bility, 8 miles; field, good. WIFE MURDER PLOT LAID TO HEROOF WAR Ex-California U. Football Star Fell Into Trap, Detective Says. Ry L'nitrtt Pro* LOS ANGELES, Jan. 12.—Police today held Gerald < Jerry) Craig. 39, former University of Southern California football captain and World war hero, on a charge of plotting the death of his socially prominent wife. Ethel, in order to collect $90,000 in community prop erty. Craig denied the charge. Police said Craig fell victim of a police trap in which a detective, masquerading as a Toledo gun man, was hired to kill Mrs. Craig. Craig was accused of attempted murder. Detective Lieutenant Tom Bryan engineered the trap, after police said they received information of the plot. Affecting the dress and speech of an underworld mobsman, Bryan said he visited Craig in the garage where he is employed as a foreman. “I’m Buckeye Bryan of Toldeo, 0., and I want to go back east,” the operative said he introduced himself. “I understand you want a job done, and I’m your man.” From Saturday until Wednesday, Bryan said they discussed the plot and bickered over a fee. Finally, he said, he agreed to accept S3OO, S2OO of which was to be paid before the I killing and SIOO after Mrs. Craig was dead. The detective said he was directed jto strip a valuable diamond ring from Mrs. Craig’s hand, The rest of her jewelry was to be tossed on top of a chandelier, according to Bryan. All details were complete, he said. He w r as given the keys to the house, and told where he could find Nervous Women “For woman ’s trouble, worn-out nerves and a gen leral breakdown in health, nothing is ■ quite so good as Dr. ’Pierce’s Favorite (Prescription,” said Mrs. Mildred Vard anian of 232 W. 4th St., Michigan City, Ind. “About four Ft “ J; a Mary Elizabeth Vardanian years ago my health failed. My | nervous system was shattered, I hardly knew what a good night's : rest was, and suffered from nervous headaches and great pain every j month. After taking only two bot tles of the ‘Prescription’ I was en joying the best of health.” —Adver- tisement. Effective NOW —to nearly all principal citioa. St. I.nuis $ 4.00 Chicaeo $ 3.00 Cincinnati ... 2."> Detroit 5.00 New York. .. 14.00 Toledo 4.00 Cleveland ... 0.00 Dayton 3.00 Pittsburgh ... 5.00 Columbus . .. 4.50 Washington... 12.00 Louisville .... 2.50 Jacksonville .. 15.00 Philadelphia.. 12.00 Los Angeles... 36.50 Boston 16.00 Traction Terminal Bus Depot. Illinois and Market Sts. Tel. Rilev 4501. Denison Hotel. Tel. Lincoln 2222. Cor. Ohio and Pennsylvania Sts. Other Offices: Fletcher Savings and Trust Comapny Bankers Trust Company THE INDIANAPOLIS TIMES . ! a heavy bar and a revolver which I were to be used for the execution, Bryan charged. Bryan said they then separated, ! agreeing to meet again in the after , noon. Bryan and other detectives j then went to Craig's home and arrested him. "I don't know' what this is all about,” he remarked at police j headquarters. “I was the most sur | prised man in the world when they j arrested me.” He flatly denied the ' plot, declaring he only knew- Bryan as a panhandler whom he had be friended. Mrs. Craig, who is 40, was shocked. “I can’t understand it,” she said brokenly. “I simply can't believe it. Gerald was so w-ell-mannered, a quiet, considerate husband.” I Police said Craig's father, the late 1 Allan Craig, wealthy pioneer oil driller of Chico, Cal., had left $250.- 000 to his widow- w-ho died recently, bequeathing her estate to her two sons, Gerald and Rolland, and their wives. Craig captained the University of Southern California football team in 1916. —IN OUR Two Ninety-Eight DRESS SHOP (ENTIRE 3rd FLOOR) * Morrisons 26-28 W. Washington St. DIPLOMA MILL SUSPECTFREED Police Drive on Swedish Massage Parlors Seems Blocked. Police drive to stamp out alleged fake Swedish massage parlors ap parently was blocked today follow ing dismissal Wednesday by Munici pal Judge William H. SheafTer of a I charge of vagrancy against William H. Thomas, 317 North Pennsylvania street, alleged diploma mill operator. ! Thomas, native of Los Angeles, Cal., is accused by police of selling diplomas to prospective operators of massage parlors, a number of which have been operated in the city. He was arrested after Sergeant Edwin Kruse and patrolman Ken neth Downs charged they were sold an elaborately decorated diploma which qualified them as specialists in “physio therapy.” Helen Henley, 1723 North Merid ian street, arrested w ith Thomas, was freed last week by SheafTer. HEALTH POST IS FILLED Miss Mildred Reynolds Name Secre tary of County Board. Appointment of Miss Mildred Rey nolds as secretary of the county health board, was announced today by county commissioners. She succeeds Mrs. Bertha Bush whose resignation becomes effective Jan. 31. $195 Part Wool Singl* Haiti Sateen bound BL lull bleat bod -light- fun ly imperfect _ _ •_ ton plaid blan blankets- WEST WASHINGTON ST. k.t,. THEY GO ON SALE FRIDAY! I,OOOFRESH, NEW 1933 WASH DRESSES We Selected the New 1933 Fashion Points of $1.49 and $1.95 Wash Dresses and Had Them Put Into These Dresses — <i?i my The New snh ° u - Dresses for /ffiH j ***9l ettes, Broad House ' AgESg ~7iH| Shoulders, New | Street, Shop- /JmSM / 111 fl Waistlines, P'"g and /SBfi Wk / 58.43* Puff Sleeves, Utility Wear j /jjff HTj Short Sleeves 1 I JHF and Many Other \9 19 v ——— Lv f All Guaranteed Fast Colors f&M Fashioned of Prints, Pongees and Broadcloth Stripes, Polka Dots, Vv Floral Designs and Prints 'There's a treat in store for you when you come / t° this sale! Better pick up an armful . . . j2A they’re marvelous for the money. Dozens of ' . Women's Knit Bovs’ Ri 49c BOYS ’ FLANNELETTE BLOOMERS Chinchilla PAJAMAS Good warm knit a OVERCOATS Warm, cozy flan- A a bloomers, flesh *1 §1 ** " LKLUAIa nelette Pajamas, Q color, regular g gig With Helmet fr o g trimmed. £ Jig £ j s * zes * * to Match V* IIP Sizes 2to 6 yrs. sl - 00 amd 49c I] BOYS' LINED | Women’s Beltsll aMB 3Vllllf KNICKERS Suedes, Patents and jS®B gjP JHH Good service- jflK H other leathers. AU 1% gl sVh™. kni"kcrs il|J colors. W P Well made. J n neat pat 'dfaW l, B warm roats for hoys m —sizes 2to 8 years. || Women's SI.OO I “ 111 * SI.OO LACE HANDBAGS I B, eached PANELS Smart styles, mm I PIIIOW Tubing Beautiful lace ■■ A n l°!r J* oe O. /Pi n ’ ce smooth fin* JH panels, with fa sis. HI e | \ 4c ;.x*.v s oo c Women’s “Non-Run” k" MEN’S 10 Yds. 12y 2 c Bleached k Rayon Undiesl * h . MUSLIN -Bloomers, 0 1 B JLtlStl &CKS } ., no W()Ven p* gm. Dances ettes, SB Wt \\ arm, bea v y BBSI HR , , 3L. II H a.; 1 ilc|"' e "*'■": / blta ' ht,l 3ml sizes. P V J her jacks. All# # Q muslin. sk s * zes - ■ # WOMEN'S B. Cones" 79C RAYON KID GLOVES Work Shirts prints Smart si.p on A for men< coat Ptk A Ver > smart Amm styles in capesk.n, s tvle blue cham- "j Q printed rayon 3 ¥ b ack or brown bray shir ts. C fabric in color- M £ gio\es. All sizes. Sizes 14 to 17. ful patterns. ■ B Men’s Shaker UNBLEACHED | Knit SWEATERS MUSLIN I.aige shawl col- jrn Good quality 0^ lar shaker knit C unbleached ■J I . sweaters. All * I muslin. While M l/ 0 pi sizes. I WOMEN’S Rayon Damask WHITE silk hose Overdrapes outing Pure silk to top. re- gjj F me Ce soft nap, mforced lisle at all I I t Quality , . . wearing points. All I SJCrS®#!#* OQ I outin ?t 2 i sizcs - ■ mmit * inches wide— \M a'wWtff * Dark or Light h MiWL me'i SttipC OUtittg [ | jCjßfen these Rayon Good hea V V SSfcggjWH Damask Over- , drap !f “ com * quality in de- Q| Hfc-j pJ colors. wanU sired colors. R Soothes While You Shave Only fntienra Shaving Cream contains the emollient properties of Cntienra which id heal the skin while you shave, doing h the necessity of using lotions. And •ondcjful after-shave feeling! A skin 100th, cool, refreshed and invigorated. ■our dealers or sent postpaid on receipt of 35c. j3.- Cuticura Laboratories. Malden. Mass. TRY A WANT AD IN THE TIMES. THEY WILL BRING RESULTS. PAGE 3