The Daily Alaska empire Newspaper, December 13, 1933, Page 1

HE DAILY ALASKA EMPIRE - “ALL THE NEWS ALL THE TIME” VOL. XLIIL, NO. 6519. JUNEAU, ALASKA, WEDNESDAY , DECEMBER 13, 1933. MEMBER OF ASSOCIATED PRESS PRICE TEN CENTS FLAMING BOAT DISAPPEARS OFF COAST 3,000,000,000 IN NEW MONEY PLANNED RESERVE BANK MAY BE ASKED T0 CALL GOLD Bill Drawn to Authorize| Devaluation, Remint- ing of Coins w CHIEF EXECUTIVE'S | POWERS MAGNIFIED Only Diffic_ulty Expécledl Is that of Distribu- | tion Channel [ | great deal to do with Money Baitles that Have Made Htstory in U. S. No. 3.—“Hard EDITOR'S NOTE: This is the third of a series of four steries describing epochal bat- tles over America’s money. By CARL C. CRANMER WASHINGTON, Dec. 13. — The demand for more currency had a the money battles of Andrew Jackson, whose contest with Nicholas Biddle and the second United States bank which he headed is historic. His fight would be comparable today Lo a battle royal with “Wall Street.” His ‘“brain trust” then | was known as the “kitchen cab- | inet,” composed mainly of jour- | nalists and personal advisers who WASHINGTON, Dec. 13. — The Federal Reserve Banks could issue nearly $3,000,000,000 in new cur-{ rency all backed by more than 40| per cent of required gold, but Senator Thomas of Oklahoma and | the inflationist bloc are seeking support f a plan under which the President could impound, de- 7alue and remint all yellow metal.| Senator Thomas said the plan| will be embodied in a bill to be| submitted to the President, de- signed to remove doubt as to the Chief Executive's authority to call in gold and at the same time as- Government-made profit from devaluation of currency, the| possibility of which the Reserve Bank is said to be prepared to make a reality as rapidly as con- ditions permit Disclosed figures on the Reserve Bank's condition show that with- out changing the statutory gold value of $20.67 an ounce, the Re- serve System holds enough gold to close to $3,000,000,000 of new Reserve notes, or a little more than half as much money as now is in circulation The only difficulty, it was ex-| plained, is that one of the chan- n through which the money could ke distributed is stopped .up. as member. banks have not been| " demanding much cash from Cen- tral Reserve Banks. Lending would have to be stimulated, otherwise the new currency would fail to move as ldDAd]} as it should. ANOTHER PLAN FOR RELIEF IS BEING STUDIED Expendilure_oT One Billion Dollars or More on Federal Activities WASHINGTON Dec. 13.—Presi- dent Rcosevelt is to rule soon on Harry Hopkin's plan for the ex- penditure of one billion dollars or more on Federal unemployment relief activities. Hopkins is Relief Chief and he has completed the program calling | for the large sum outside of public works or farm relief. The plan roughly calls for per-| mission to spend $300,000000 on CCC., a quarter of a billion to| half a billion on emergency relief administration and three to six hundred million on civil works scheme. —_———ee——— DOCTOR FOUND SLAIN; IS SHOT IN HEAD, CHEST Body of Pr;n:r-lenl Society Man of Pasadena Found Last Night PASADENA, Cal., Dec. 13.—Dr. feonard Siever, aged 30, a bache- lor, prominent dentist and society | man, was found shot to death last| night on the driveway alongside the Scottish Rite Cathedral. Bullet wounds were found in his! chest and head. sure any |and Tom Turnise, | ing a holdup of Weisers' store yes- | young { The two have been removed to a originfated many of the tricks of the trade in politics as prac- ticed today. A “Hard Money” Man Jackson prided himself upon be- ing a “hard money” man, and on his tours about the country made a show of the silver, rather than paper. with which he paid his & counts. However, the ‘conserav- ives” were allied against him But Jackson was convinced the bank was meddling in poiitics, and moreover that it was unsound for government deposits. “I tell you, sir, she’s broke. .. the bank's broke and Biddle knows it,” he once exclaimed Seeds of the revolt against the bank lay in credit expansion dur- ing the year of 1812, and the in- flationary effect of the govern- ment’s easy credit policy toward selling public lands in the rapid- ly growing west State Bank Iscues Copious State banks, issuing bank notes with little hindrance from state law, helped to supply the need for credit and currency, Calhoun once charging them with issuing $170,- 000,000 in bank notes based on only $15,000,000 of specie in their vaults. Thc demand for YOUNG COUPLE UNDER ARREST, DOUBLE CRIME Pair Caught One Confess- ing to Attempted Rob- bery, Killing Three paper money TALOGA, Okla., Dec. 13.—Fred Overstreet, aged 21, and his girl friend, Cleo Owens, have been ar-. rested after the slaying of Mr. and | Mrs. Henry Weiser, middle-aged, pedestrian, dur- terday afternoon. Sheriff C. C. Jones said the man admitted the crime. after where took | secret place for holding threats at Fay, near here, the robbery and slayings place. Ralph Gilchrist, aged 27, Coun- ty Attorney, in a plum thicket after they were traced there through footprintsin' | the sandy soil while posses search-' ed nearby. The Weisers \nere slain in pis-' tol fite when the storekeeper slammed the door of his safe, crammed with Federal cotton checks. Turnise was walking past the front of the store when trapped in the fusilade of shots as the cou- ple fled from the store. Clyde Perkins, companion of Turnise, ideftified the pair as the | slayers. . The Sheriff said Over-| street had some kind of a self- defense story. IS BACK TO STATE DEPT. WASHINGTON Dec. 13.—Presi-| dent Roosevelt has re-ppomwd Sumner Wells as Assistant Secre- tary of State concluding his ser-| vice as Ambassador to Cuba. captured the couple’ Money American money history was made when President Andrew Jackson battled against the United States bank, contending that it meddled in politics and that it was unscund fer Gov- ernment deposits. was accelerated, too, because the Mint act of 1792 undervalued gold at the ratio of 15 to 1 and little of it/ was minted. Silver disap- peared as fast as it was minted because the new dollars were in demand for trade with the Spanish possessions. One of the first results of the chartering of the second bank in 1816 had been to force the state banks to contraet their note issues and curtail their loans to get on a specie basis. The bank also attempted to control the note issu of the s e banks. These policies nearly precipitated a crash in 1819. Old Hostility Persisted The szcond bank inherited some hostility left by the first bank which had been abolished in 1811 But most of Jackson's cabinet was against his plan of withdraw- ing government deposm to the * Jackson Versus the U. | “pet Bank banks. He changed three times before finally wrote the order. A Senate, friendly to Henry voted to censure the Presi- or state, his secretary Taney hostile Clay dent The gaunt old general still suf- fering from wounds received in a duel and from general debility as a result of his military service, held to his course. The bank difficulties, and thé “specie ecircular” of 1836, coupled with government financial transac- tions, led to the panic of The “specie circular” represented Jackson's hard money’ policy, because it required the payments for public lands to be made in specie, and was therefore a drastic curtailment of credit in the But despite the clouds were gathering in 1826 the ple elected Jackson's chosen cessor, Martin Van Buren Registered Mail, | Postage Stamps Stolen in Detroit DETROIT, Mich,, Dec. 13.— Registered mail of an unde- termined value and $15000 in postage stamps were stolen frem the branch post office by thieves who entered through the skylight, then tunneled through brick and mortar into the vault. HEWES QUITS U. S, TREASURY | Rumors Plevall Woodin Is’ Also Going to Leave Department | | e | | WASHINGTON, Dec. 13—Thom-| | as Sewes has resigned as Assisi- | ant Secretary of the Treasury. | 1t is also rumored that Wilham‘ H. Woodin, Becretary of the Treas- jury, now a leave of absence, wm also resign because of continued 1-health. | | ->>> ‘ ONE ARREST IN LYNCHING CASE 1 First Step Taken in Prose-: cution of Those in [ i San Jose Affair I | i | SAN JOSE, Cal, Dec. 13.—The! first step toward prosecution of | | the lynchers of Thomas Thurmond |and John Holmes, confessed kid-| mpers and killers of Brooke Hart | | was taken late yesterday after-| noon when Anthony Cathaldi, aged |18 years, was arrested on infor-| | mation furnished by the American' Civil Liberties Union, and charged lwlth being a member of the mob. WADE OUTLINES PROCEDURE FOR NRA COMMITTEE Deputy NRA Admlmshalor for Alaska Explains How Board Will Work (Special Correspondence) Dec. appointed \lRA WASHINGTON, D. C, Hugh J. Wade, newly Deputy Administrator for (m in Alaska, who had expect leave with Mrs. Wade for this week until after the fisheries code ing scheduled for Decemhber 11 plans to spend several days in ¢ attle enroute north to confer with representatives of the fishing in- dustry with respect to codes Mr. Wade pointed out that all codes approved up to this time by the President, and all codes which will be approved by him in the future, are applicable to Alaska. !and the industries affected by are required to comply with their (elmx hear- Becard May Modify But—and it. was for this reason [that an NRA Board for Alaska was | named—if industry feels that the na:ional codes work hardships be- cause of the special conditions ob- u)onunued on Pflge Two) 1837. | o .7’\:11' au | postponed his depariure | He | West. | , "| Hecla, no sale; | General < STOCKS DRIFT, COMMODITIZS, GRAINS SOFTEN Metal Shares Stage Mildi Rally Near End of Ex- change | Session NEW " YORK, Dec were grains. turned soft and other com- modities were hesitant. tions were ‘ confined generally professionals and the trade con- tracted on declines. The close was easy approximated 1500,000. The curb list was lower and dull. United States Government bonds had fai ate and issues were irregular. Metal shares rally near the close. Dome, Mc- Intyre Mines, Alaska Juneau and Noranda being up fractionally to a poinf or more. Utailities showed resistance and International Tele- phone and Postal Telegraph pre-| ferred held small gains, while Wes- tern Union Telegraph was un-| changed. American Telephone and Telegraph were a trifle lower. Losers of around one points were United States Indus- trial Alcohol, Case Threshing, Johns Manville, Pennsylvania Rail- road and Santa Fe Railroad. Stocks off a small United States Steel, American Can, Allied Chemical and many others, CLOSING PRICES TODAY NEW YORK, Dec. 13~Clminz quotation of Alaska Juneau mine! stock today is 21'2, American Can 977, American Po\ver and Light 7% Anaconda 14, Armour B 2%, Bethlehem Steel 3!, Calumet and Curtis-Wright 2% Motors 34, IntAnmUund] Harvester 41%, Kennecott 28, North, American Aviation 5, North Amer- ican Company 15%, Chicago and Milwaukee (preferred) 8'., Stand- ard Oil of California 41%, United Corporation 5%, United States| Steel 47. HiGH SALAH!ES LATEST BUDGET CAUSES ATTACK | -| Complaint Is Filed Against Puget Sound Power, Light Company OLYMPIA, Wash., Dec. 13. — A| complaint in which it objected to the salaries paid 11 executivesand | 29 employees of the Puget Sound | | Power and Light Company, in ad- dition to proposed expenditures for, six other purposes, has been filed by the Department of PuBlic Works. The items objected ¥ to- tal $326,000 listed in the budge filed by the ¢ompany covering pro- posed experititures for the com- pany and two subsidaries > Truck Driver Killed; Is Victim of Stabber BELLINGHAM, Wm}\ Dec. 13.— Herbert - Meyers, truck driver, was found slain early this morning. He had been %(dbb(“d in the baLk N GA“FURNIA United Statvs Argentmu Get Together to Promote Peac Recovery, Trade MONTEVIDEO, Uruguay, Dec. 13.—The United States and Argentina have merged influcnces to lead the American nations toward recovery »nd peace, the United States agreeing to sign an Argentinian anti-war pact and Argentina agreeing to support the proposal made by American Secretary of State Cordell Hull for erasing commercial barriers. These barriers will be smashed through bilateral treaties and the Pan-American initiaticn of world-wide tariff reductions. This is one of the big moves made at the present Pan- American Conference, now in session here. 13.—Stocks | in a drifting mood today as Opera- | to sales | irregularly good gains but corpor- | staged @ mild| to two| NEW PORTPAIT OF FlRST LADY 5%&“&&»&%&\ 4 i : ? and Consolidated Gas| | | | fraction were| | Mrs. Franklin D. Roosevelt, wife of the President, took time from her many active duties to pose formally for this new photograph. She | is wearing a blue velvet gown in which she recently attended a ¢ ‘gert. (Associated Press Fhotu) :LOCAL CHAMBER CODE HEARINGS HOLDS ELECTION ON FISHERIES ‘TGMURRUW NOON ARE CONCLUDED Dr. W. F. Thompson, AulhorltyGwen‘Permlsalon Authority on Halibut to Name Executive | Fishery, Invited Guest Commnttee; The annual election of directors WASHINGTON. Dec. 13.—Public for the local Chamber of Com- hearings on the proposed master | merce will be the main business code for fisheries were med to- | tomorrow at that organization’s day and the code authori | weekly noon luncheon meeting to Eiven permission to organize execu- be held at Bailey’s Cafe. The tive committees to minister its new members will organize the Provisions, pending sub idiary code 11934 board next week and elect for sixty subdivision ! officers The salmon canners continued to | Dr. W. F. Thompson, Director the end their fight for of Scientific Investigations of the from the master code. B. W. Bar-| | International Fisheries Commis- ker ct Boston i the code’s pro- |sion and one of the world's rec- Vision for a m working ognized authorities on halibut, has week of forty clerical | been invited to be a guest of the help and the minin pay in the Chamber tomorrow. He arrived north of $14.00 increase the here yesterday to confer with fish-'pay of fish worker approximalely ermen and others interested on 25 per cent next season’s regulations for the The code halibut industry. handling f Ten nominations were made last neries pay r week for the Chamber’s director- an hour in ate for next year. Nominations in the nor | remain open for tomorrow’s meet- hours to ni ing, and additional names may be Wweeks. N :submmed before the election takes prescribed for place. | > U. S. DOLLAR " BEST MONEY SAYS JONES iStability Is Not Questioned Declares Chairman of R. F. C. prescribes for workers »n docks or in can- n; from 29 cents south to 31 cents It also v in two consecutive pay pay limits are f en. A CONFESSES TO MURDER, GIVEN | h ngi the h Slayer of Three Disposed of in Four Days— Bodies Found WICHITA, Kansas, Dec. 13.— Harry Wisdom, confessed slayer of Harry Prichard, merchant, his wife and also E. J. Large, ranch hand has been setnenced to life im-| prisonment at hard labor Wisdom killed the three b!(Juse Prichard threatened prosecution on no fund” check. The bodies of the three victims were found in various parts of the couniry nearby The entire case has ‘permd of four days, CHICAGO, Ill, Dec. 13.—Jesse Jones, Chairman of the Recon- struction Finance Corporation, said in an address before the Illinois Manufacturers’ Association, that the American dollar is the best mon- ey in the world and its stability is not open to question. “I have no fear that the Presi- dent or Congress will have it oth- ' declared ' Jones, a covered a orw was | exclusion | limits sthe | LIFE SENTENGE ‘VESSEL TAKES | FATAL PLUNGE INTO PACIFIC Umdenllfwd 1 Craft, Afire, Is Swallowed Up by Mouiitainous Waves | COAST GUARD MAKING | SEARCH FOR SURVIVORS Sea Myslery Reported off Califorma—Charred Timbers Found C ISCO, Cal, earching ships are ploughing the seas on the Pacific Ocean five miles off ! shore, eighty-five miles south 'of here to find possible sur- vivors of a marine disaster which sent a flaming uniden- tified vessel plunging beneath mmm[.nnnus waves. Terse messages from Coast Guard craft in the vicinity of Point Pinor to the Coast Guard headquarters here told the story of a possible ex- plusmn aboard the stricken vessel and its apparent sink- ling while angry seas lashed about rescue craft trying to take aid. Three oil tanks, one blaz- in;z‘ were found in the vicin- where the fire was |seen. A few charred timbers ‘\\uc also picked up but no |identification marks were | found on thom NATIUN MUST GIVE SUPPORT Dec. 13, of | T0 ROOSEVELT Program Must Be Backed Up or Nation Is * ing to Hell" WASHINGTON Dec. 13.—United States Senator Hiram W. Johnson, | of California, Independent Repub-~ | lican, caid today the country | must go through with the Roose- | velt program, or it is “going to | Hell, economically.” | Senatoy Johnson pledged new support to the President and con- tinued his statement by saying the country is going through an { cconomic and social revolution which is resulting in a different allignment among humans and the | situation is bound to bring about realignment in poltitical thought. | He said he did not mean neces- | sarily the formation of a new ‘purty_ “but there is a loosening lof party ]inrs" PRICE OF GOLD KEPT AT $3401 WASHINGTON, Dszc. 13.—The price of gold was not changed to- day and remains at $3401 an | ounce | The London bar gold price today |is $3175 on the basis of the op- ening of the sterling at $5.07% | to the pound | i ‘ to | Christmas