The Bismarck Tribune Newspaper, July 8, 1933, Page 3

SS YE eee _— a a Ee ee eer ial ro US Ue OE Bia © 605 € BF Om &€ MERABR FRCP INOe SC Tate & TO F TOm PrReaat th ee GA TR @4 TS 29 *harh THA ri. THE BISMARCK TRIBUNE, SATURDAY, JULY 8, 1938 NEW BANKING BILL DESIGNED T0 CURB STOCK SPECULATORS ‘Aim Is to Keep Credit Available For Ordinary Commercial Business Washington, July 8—(7)—A main objective of the Glass-Steagall bank reform law is to make more bank credit available for business loans at home and less for speculation. It empowers the federal reserve oard to control the uses to which panks put credit they derive from membership in the reserve system. Senator Glass says this will help pre- vent stock market booms and crash- es like that of 1929; he contends too much bank credit went to Wall Street to build up that boom. The federal reserve system was created in 1913 to help banks combine their strength to supply business with the capital it needed. ‘The banks that joined as members had the right to discount commercial paper with the federal reserve bank of their district. That meant that, after lending most of the money in their vaults to merchants, contractors, etc., so these could pay their bills without waiting to collect from cus- | SIDE GLANCES - - - By George Clark |ISLOPE MEN DISCUSS tomers, banks could get more cash by selling the notes of these merchants and contractors to the reserve bank. ‘The new cash was generally supposed to go into the community for normal operation and growth. Many Loaned to Brokers Instead, in boom times, many bank- ers were said by advocates of the law to have been attracted by high rates of interest which brokers offered to get enough cash to carry the big transactions of speculators, and they sent much of the money to New York. The local grocer could not borrow and, to keep up with his bills, had to buy from hand to mouth. ‘The contractor, it was argued, had to cut wages and stall off bills to keep from going broke. Business suffered. So, under the new law, the reserve board in Washington will watch what member banks do with their credit. If it is not being used rightly the hoard may suspend the offending banks from further use of reserve dis- int facilities. Also, by vote of six members, the ‘board may fix the proportion of loans | on stocks and bonds held by the banks of each reserve district. It may order all member banks not to increase such Joans for any period up to ® year. It may, if officers of a bank per- | tion. sist in practices regarded unsound, order them ousted. Gotham Promoters Engage in Tussle New York, July 8—(?)—Tim Mara, engaged in a hot promotorial tussle with Madison Square Garden, has come up with two championship fights, including the coveted return hattle between Barney Ross and Tony Canzoneri for the lightweight crown. Mara announced Friday he had signed Ross and Canzoneri for a 15- round title match at the Polo grounds Sept. 13. Mara also said he had signed Ben Jeby, recognized in New York state as world’s middleweight champion, to defend his title against Lou Brouillard, Worcester, Mass., in a 15-rounder at the Polo grounds July 26. ” The garden, in the meantime, an- nounced Maxey Rosenbloom would defend his light heavyweight cham- pionship against Mickey Walker at the garden July 20, despite the fact that Walker took a beating from Brouillard at Boston recently. | Studying Survey of N. D. Game Condition Thoralf Swenson, state game and fish commissioner, is poring over a survey of the conditions of wild life in North Dakota with a view to de- termining the best means of protect- ing it. ‘The survey was obtained through a conference of district game wardens | 5272), with the commissioner at Devils Lake, held to map out a plan of coopera- |g; tion through which the game and fish department and its representatives may render the greatest possible service to the people of the state in this line of work, Swenson said. District deputy game wardens, N.| C. Stark, deputy commissioner, and; Fred J. Argast, chief game warden, delved into problems of the open sea- son and condition of migratory wa- terfowl, number of deer, fox, beaver, its, partridge, and other pro- tected.birds and animals in the var- ious portions of the state and the ad- visability of open seasons on deer and pheasants in certain localities. Swenson stressed the importance of protecting wild life, pointing out that approximately 350 special deputy game wardens scattered over the state | ¢, are working in line with this program. He said additional special deputies have been taken on from time to time. Williams County Is Seeking Improvement Zmioops, Williston, N. D., July 8—(AP)— Articles of incorporation for the Wil- liams County Park association have been adopted and temporary direc- tors chosen for the enterprise which is sponsoring creation of a large ar- tificial lake on the Little Muddy, 14 miles north of Williston. According to plans outlined at the begenization meeting, the committee ill take steps to complete incorpor- ation of the organization and pro- ceed with the campaign for funds with which to buy the land that will be necessary for the project. Options covering between 500 and 600 acres have been taken. Efforts are being made to secure control of other tracts which make up the 900 acres that will be flooded, and the parts of tracts adjoining the lake. of the Great- est Attractions of the Season. “Don’t be cross with me, lady. I don’t like selling brooms.” NRW BUILDING PLAN IN MEETING FRIDAY How to Go About Securing Fed- eral Advances Explained By Speakers How to go about securing federal advances for public works construc- tion projects was explained in a ser- ies of speeches here Friday afternoon to nearly 200 representatives of Mis- sourl Slope counties, school boards, and communities. Speakers included Supreme Court Justice A. M. Christianson, member of the state emergency relief commit- tee who attended the president’s con- ference on relief in Washington; My- ron H. Atkinson, secretary of the North Dakota League of Municipal- ittes; J. A. Gray of the state tax com- missioner’s office; Roy G. Arntson, deputy commissioner of agriculture and labor; and R. A. Kinzer, secre- tary of the state emergency relief committee. : The meeting was principally con- cerned with public buildings, water and Sewage systems, since dam and road construction fall under other féderal relief measures, At the outset it was explained that $30,000,000 for new construction will be available to North Dakota under the public works bill. To a commun- ity launching an approved building project the federal government: will make an outright gift of 30 per cent of the total. The government will loan the other 70 per cent at approximate- Weather Report —— "OO FORECAST : caning’ ithawsy lightly warmer cret cloudiness, ly warmer tonight; possibly showers Sunday. For North Da- kota: Increasing cloudiness, slight- ly warmer east and central por- tions tonight; scattered showers junday. For South Da- kota: cloudy, night; Sunday Sioned Sreat port ion jowers Wes! Ny For Montana: Local showers and thunderstorms tonight, cooler east of diyide; Sunday unsettled, showers and thunderstorms and cooler east por- Cloudy For Minnesota: Generally fair to- night and Sunday; slightly warmer Sunday. IND. IS ALLOTTED ly three and one-half per cent in- terest, to be repaid in 40 years or less. Must Be Approved Such projects must be approved as to feasibility by the government. No community or district which cannot show the government it will be able 5 to pay back the 70 per cent will re. ceive an advance. Judge Christianson gave a general State Has Made Application outline of the bill and Atkinson gave a detailed description of the steps For $500,000 Up to Oct. which must be taken to secure the 1, Kinzer Says loans. “Any community getting a loan must be able to show how its budget will be balanced,” Atkinson said . North Dakota Saturday had been} In most cases, he said, bond issues allotted $93,461 for relief work un-| will be necessary to pay back the gov- der the new federal relief set-up, ac-|ernment its 70 per cent. cording to R. A. Kinzer, secretary of the state emergency relief com- These must ! Patent Bureau Has New Chief Conway P. Coe, above, is the Roosevelt administration’s new- jy appointed patent_ commis- sioner, be approved by voters, he explained. | __Arntson said the labor situation in | North Dakota is growing “acute” and | said the public works measure prom- ises great relief in that it will put jocal men to work at home. This will be especially advantageous to married men who find it unprofitable to travel to get work at small remun- eration, he said. | Gray explained in what an advan- tageous position North Dakota is, say- ing that for every $1 North Dakota pays in federal taxes the government spends $16 in this state., Kinzer gave a review of the trem- endous expenditures which have been made for poor relief in North Dakota jduring the depression. $582,333 from R. F. C. Up to June 1, he said, North Da- |Kota had received a total of $582,333 from the Reconstruction Finance Corporation. This was paid back by’ deductions from the state's federal highway aid allotment. j, Since June 1 an additional $93,461 has been received for relief as an outright gift from the federal govern- ment, he said. | In addition the American Red Cross spent $249,959.50 for flour last year and $66,602.43 for clothing and other necessities. In April, the peak relief month, 13,598 families in 31 counties were ireceiving relief. Twenty-nine counties which have mittee. Friday evening an advance to North Dakota of $50,000 was ap- Charter No. 13398 kins, federal emergency relief ad- ministrator. These advances are outright gifts to the state and will not be paid back i to the government, Kinzer said. Un-| Loans and discounts . Reserve District No. 9] REPORT OF CONDITION OF THE proved in Washington by H. L. Hop-| DAKOTA NATIONAL BANK & TRUST CO. OF BISMARCK IN THE STATE OF NORTH DAKOTA AT THE CLOSE OF BUSINESS ON JUNE 30, 1933 ssets --$ 340,118.55 reported to Kinzer so far reported|change Bank and Trust company |car was taken by witnesses and turn- that they spent $335,716 for poor re-|branch at Broadway and 110th street |ed over to police. Five police automo- lief from their general funds, $43,166 |shortly before 9 a. m. Saturday, seized |biles were immediately dispatched to for mothers’ pensions, $77,166 in Red |between $20,000 and $30,000 in cash |the New York entrance to the Holland Cross work, $33,587 for hospitalization and escaped in an automobile with'vehicular tunnel under the Hudson and $57,697 for private charity work. {two confederates. ' |river to New Jersey to wateh for the The meeting was arranged by a Bis-| The license number of the robbers’ jholdup men there. marck-Mandan committee headed by H R. A. Ritterbush of Bismarck to ac-| Pa quaint representatives of the Slope area with the new recovery act. Each address was followed by a | question-and-answer discussion. Ritterbush said similar meetings are planned in the future. i Scouts Will Go to Chan Owapi Sunday i} More than two-score Bismarck Boy | Scouts will go to Camp Chan Owapi, on Wildwood Lake between Wilton and Washburn, Sunday afternoon for | @& week's encampment. | Forty scouts had registered for the camp Saturday forenoon and others were instructed to make registrations | at the Shoe Mart. The campers will leave scout head- quarters at 2 o'clock Sunday for the trip to camp. Robert A. Ritterbush will be camp director. In charge of work at the camp will be Robert Byrne, activities; Melvin Munger, waterfront; James Hyland, Ernest McCall, Ralph Rand, Richard Schmidt and Howard Byrne,| Junior officers. 5 Members of the camp committee are | H. O. Saxvik, R. Worth Lumry and George Janda. A new feature of the camp this year will be a portable radio set es- tablished at the camp by Byrne, Sh which will bring him in contact with || [R¥NO)Ce) |@ similar amateur station in Bismarck Picture for the purpose of relaying messages from camp to city and back. The camp will end with a court of honor program: | New York Bank Is Raided by Bandits New York, July 8. — (#) — Three robbers, one of whom wore a police- man’s uniform, held up the Corn Ex- _ TOO LATE TO CLASSIFY The California Wave Nook, 102 Third Street, Bismarck, specializes in com- bination permanents at $3.50, $4.00 25e Admission RISTOPHER ” The personal story of a million tughters With HEPBURN COLIN CLIVE BILLIE BURKE Also Laurel-Hardy Comedy Fable — Curiosity and $5.00 complete. Our patrons Tonight - _Send their friends. Phone 782. Cc API T Ol Daily YOUR HAIR, comes down dripping and 2:30-7-9 wet, from a REAL STEAM SUPER- = =>— y CURLINE PERMANENT. Every Monday WHS wave an oil wave. Special to Sep- tember Ist, $3.50 Harrington's. Phone 130. US. Pusuic DeBr (PER CAPITA) BY FISCAL YEARS TO JULY | LIVESTOCK LOANS 6 PER CENT No Stock Purchase Required FIRE, TORNADO AND AUTOMOBILE INSURANCE Rural Credit Co. GENERAL CONDITIONS atic aeteceeatAoitbaiatea | eens coer ae sae by ire yy deductions from the states " iti 7 . Barometric. pressure is low this|foderal highway aid allotment. U.S. govt, securities owned .............. 133,039.95 Bismarck, N. D. Room 3, Opposite Postoffice—South morning over the district with the| Kinzer said North Dakota has re-| Other bonds, stocks, and securities owned ....... 254,364.85 center, in the north es Tiat high, quested a total of $500,000 for relief] Banking house, $76,400.00. Furniture and 1918-19 1931-32, 198235 er over the upper Lake region. There | work up to Oct. 1. This request will fixtures, $10,444.35 ..... era eT aOR +. 86,844.35 & have been scattered thundrshowers |not be acted on, however, until Kin-| Rea] estate owned other than banking house ... 3,007.55 from Nevada into the Lake region.|zer presents a report on conditions R is ith Federal Reserve Bank Pais 38,040.51 Temperatures are again above the|in each county. To date 29 of North| “*eserve wi ere coer ve ank.- pUaer P seasonal normal over the entire re-| Dakota’s 53 counties have submitted| Cash and due from banks ...... Sam 272,808.86 fon with tises in temperature trom) reports and he expects the remaining| Outside checks and other cash items 839.43 ° North Dakota westward an \24 to submit theirs in the near fu- ‘Redemption fund with U. S. Treasurer and 1/4 Wd OU 00. fA a Missouri river stage at 7 a. m. 4.0) ture. ‘i ° due from U. S. Treasurer ..... is 5,000.00 ft. 24 hour change, -0.3 ft. _ At present 37 counties are receiv- Oth 7 es ‘Bismarck station’ barameter, inches: |ing relief funds and three others— er assets ...... . eee 3,981. 28.19. Reduced to sea level, 29.94. Bichiaagh Benson and peace ye ————_ ° y applied for money. ose already Bisse Sues eslaiy cee mee anes susie sb alesis aie 1.59 PRECIPITATION REPORT receiving relief, according to Kinzer, romp Liabilities SLMS DOTS : For Bismarck station: are Adams, Barnes, Bottineau, Bow-| ,. . 7 Total this month to date ...... man, Burke, Burleigh, Cass, Cavalier,| Circulating notes outstanding ....... --$ 100,000.00 oe e Normal this month to date ..-+ 134 | Dickey, Divide, Golden Valley, Grand| Demand deposits 305,626.62 Normal January Ist to ‘date Forks, Grant, Hettinger, Kidder, Lo-| Time deposits enh ieee ete 890,164.93 Accumulated deficiency to dat gen, McHenry, Mcintosh, McKensic,) United States Gover S -. 10,000.00 ORTH DAKOTA POINTS Ramsey, Ransom, Renville, Rolette,| Due to banks, including certified and cashiers Coming, going, standing at the curb x ich Low- _|Sargent, Sheridan, Sioux, Slope, checks outstanding ...............05 . 166,182.54 thy East's cis asa aa LGR ar teboa est est Pet.|Stark, Steele, Stutsman, Towner,| Interest, taxes, and other expenses accrued a anyway yo Aes clear .... a 61 a Ward and Williams. and unpaid . oe 4,035.09 new Oldsmobile is the Style Leader Carrington, clear :..... 81 00 Other liabilities .... eee 822.87 a4 . Grosby, clear 3 Camouflage Helps Capital account: Common stock, 1000 of America’s motor cars. It’s the first Pe see 8 In Bandit Getaway 3 shares, par $100 per share. 26100/000.00 time in history that Style Leadership Drake, clear .. BING) isicls ceiesis cis acs 5 i A Dunn Center, clear -... 90 St. Paul, July 8—(P)}—Camouflage, | Undivided profits—net 1) 15,182'50 has come to a car priced so low — and Ce tee in the form of long cane fishing Poles| Reserves for contingencies .......... 6,087.04 171,219.54 @lasmobile cales chowshow America is Jamestown, fogg: Kenmare, clear Lisbon, clear . janish, clear . Williston, pcld; Wishek, clear OUT OF STATE POINTS High. Amarillo, Tex., clear .. na icine Hat, A., peldy. 62 Miles City, piel, peldy. 12 2, , clear cl Spokane, Wash, peldy.” 92 62 e, 7 ; Swift Current, 8., 88 48 The Pas, Man., clear... 80 54 Tolets, Ohio, rain .... 92 Winnemucca, N., clear. 78 54 Winnipeg, Man., peldy.. 82 56 38 SPRESSSSSRRSBESSSe8SRRR88: Only young chiggers pester human beings. BASEBALL helped four bandits escape late Fri- day after the $5,000 robbery of the First National Bank of Grand Ra- pids, M. C. Passolt, state crime bu-|State of North Dakota, County veau head, said Saturday. I, J. P. Wagner, Cashier Ae ene solemnly swear that the above the raid and made a leisurely get-| my knowledge and belief. eway in their car. One bank employe was shot in the leg and another slugged on the head. 1933. TOTAL, including Capital Account..... $1,148,051.59 of Burleigh, ss: of the above named bank, do statement is true to the best of J. P. WAGNER, Cashier.. Subscribed and sworn to before me this 8th day of July, SOUTH DAKOTA Ponts — | Neither, was hurt setiously. Aan. | (Seal) ARCHIE 0. JOHNSON, ‘High. Low- | 28 customer was taken a short dis . age ese Bet, | tance on the car running board. - Notary Public. | Huron, eldy. B00 |e My commission expires Sept. 20, 1936. Pierre, cidy. - Correct—Attest: Rapid City, NOTICE OF CHATTEL MORTGAGE J. E. DAVIS MINNESOTA POINTS x : Fee fhe fants J. C. TAYLOR : has been. mage tn fine “conditions ot JA, see Moorhead, clear 8 60 .0G| that certain Mortgage made by Fritz 5 Bi Renny 84 58 00) een vand Siete of North Dakota, Mortgagor, to Sanger Mercantile Com- pany of Regan, County of Burleigh and State of No. Dak, Mortgagee, dated the 10th, day of August 1931, to secure the following indebtedness, to-wit: One promissory note dated Aug. 10th, 1931, due Oct. ist, 1931, and bearing interest from date at 9% and which Mortgage was duly filed in the office of the Register of Deeds of Burleigh County, State of North Dakota, on the lith, day of August, 1931, at 9 o'clock A. M., and which default is of the following na- ture, to-wit: Failure to pay said note; and that there ts claimed to be due on said Mortgage at date of this | notice the sum of Two Hundred Six 43/100 Dollars for principal and inter- jt. est. And that said Montmage will be fore- closed by a sale of the personal prop- erty, in such Mortgage and hereinaf- ter described, at public auction, agree- ably to the statutes in such case made and provided, at the front of the U. S. Post Office, in the Village of Reg- an, in the County of Burleigh State of North Dakota, at the hour of 2 o'clock P. M., on Tuesday the 18th, 200 P. 0 day of July 1933, That {berzonal Hi Ag Chicese Property which w! e 80! Oo satisfy te said Mortgage is described as follows, 3:30 P.M. Fargo, N. D. ar ae Saale 4 eigee, 6:00 P.M. Jamestown _ ne lack gelding yrs. old, wi 34 1500 pounds: : ee 9:05 P.M. Bismarck me black mare 7 yrs. old wt. : Pogne’é ft. McCormick-Deering bind EOP aint ne $ ft, McCormick-Deering bind- er with tongue truck and full set of 12:10 A.M. Dickinson cee es anger Mercantile Company, Ad Bate, Suh. acl ¥ e 7:45 A.M. Spokane, Wash. By A. F, Tourlotte, Agent. » A, L. Garnes, 6:52 P.M. Seattle Attorney for Mortgagse, 11:30 P.M. Portland, Ore. Regan, No. Dak. 7-8, —SCHEDULE— Interstate Transportation Co. Now Transcontinental Bus Service Daily Attractive one-way and round-trip fares with liberal time limits and stop-overs , —RATES— From Bismarck to— BEULAH vs. Sunday, July 9 BISMARCK 3 P. M. At Bismarck Baseball Park reacting . . . almost one out of every three cars sold in its price field today! And Oldsmobile has more than Style—it has really brilliant per- formance. The Six will do 75 to 80 miles an hour, the Eight 80 to 85 —actual stop-watch speeds. The wer flows without a sign of vibra- tion. Roadability is marvelous. In fact, many are saying that here is the world’s finest performance. Come in today for a demonstration. Lansing... spare tire and bump. 0 | D § M 0 B | [ E ers extra... G.MA.C. terms, Fleck Motor Sales. Inc. Bismarck, N. Dak. THE SIX $745 and up, THE EIGHT $845 and up... f.o.b. t 100 West Broadway | Phone 55 VISIT THE GENERAL MOTORS BUILDING AT THE CENTURY OF PROGRESS EXPOSITION, CHICAGO pL SS 1 SMU ae aie il eed aN a Beulah previously has won from Bismarck by scores of 3 to 0, 13 to 5 and 6 to 2. Bismarck’s lone vic- tory over the Miners was by a 1-to-0 count.’ Roosevelt Davis, Capital City Negro, and Lefty Kemp, Beulah’s ace, are expected to clash in their long-awaited pitching duel Adm. 40c