Evening Star Newspaper, March 7, 1933, Page 1

\WEATHER. (U, 8. Weather Bureau Forecast.) Rain tonight, probably clearing to- morrow morning; lowest tonight about 42 degrees; fresh east and southeast winds. Temperature—Highest, §2, at 4:30 p.m. yesterday; lowest, 39, at 1 am. today. Full report on page A-9. The only evening paper in Washington with the Associated Press news service. New York Markets Closed Today. = No. 32,452. Entered as second class matter post office, Washington, D. C - he Fp WASHINGTON, D. C, WITH SUNDAY MORNING EDITION TUESDAY, MARCH 7, 1933—TWENTY-SIX PAGES. ening Star, * * (P) Means Associated Press. Yesterday’s Circulation, 127,781 TWO CENTS. TREASURY AUTHORIZES SCRIP BY FRIDAY WOODIN TO ALLOW BANKS T0 REOPEN ON LIMITED BASIS 13 Regulations Issued in Ef- fort to Restore Muddled Situation. WITHDRAWAL OF THIRD OF DEPOSITS CONSIDERED Roosevelt, Secretary and Other Leaders Continue Conferences on Financial Crisis. By the Associated Press. The Treasury today authorized a Buarded reopening of the Nation's banks and the issuance not before Fri- day of Clearing House certificates, or Berip, to be used in place of money. Reopening of the banks will permit the flow of currency for meeting essen- tial needs of business and citizens. The scrip would be based on Sbund @mssets of Clearing House or similar as- sociations and would be pro-rated among creditors or depositors. A con- dition to the regulation made it re- vocable, if found inconsistent with a broader plan now being considered, but ®o far undisclosed. The bank reopening was made ef- fective immediately and banks in many States hastened to take advantage of it. Conferences Held. At the Treasury, the White House and on Capitol Hill conferences, partici- pated in by President Roosevelt, Secre- tary Woodin and numerous congres- sional and financial leaders, went for- ward in the effort to bring an orderly passage out of the muddled economic situation. In some quarters another banking regulation was expected which would permit depositors to withdraw one-third of their deposits. Secretary’s Orders. The orders of the Secretary were is- sued in four regulations announced to- day. They were: “Any national or State banking in- stitution may exercise its usual banking functions to such extent as the situa- tion shall permit and as shall be abso- lutely necessary to meet the needs of its ccmmunity for food, medicine, other necessities of life, for the relief of dis- stress, for the payment of usual salaries and wages, for necessary current ex- penditures, for the purpose of main- taining employment and for other simi- lar essential purposes; provided, how- ever, that: *“(1) Every precaution shall be taken to prevent hoarding or the unnecessary withdrawal of currency; “(2) No State banking institution shall engage in any transaction under this regulation which is in violation of State or Federal law or any regulation issued thereunder; “(3) No national banking association shall engage in any transaction under this section which is in violation of any Federal law or of any order or regula- tion issued by the controller of the cur- Tency, and *(4) No gold or gold certificates shall be paid out. Each banking institution and its directors and officers will be | held strictly accountable for faithful compliance with the spirit and purpose as well as the letter of this regulation.” The second order issued was: “Any banking institution may deliver to the person entited thereto properly identified documents and securities held by such institution for safekeeping.” The third regulation was: “Where settiement for checks charged by drawee institutions to the drawer's account _on its books on or before CANADA TO ACCEPT DOLLARS FOR DUTY Gesture Is Seen as Friendly ‘At- titude of Bennett to Roose- velt Advances. Bpecial Dispatch to The Star. OTTAWA, Canada, March 7.—The first gesture in 20 months toward a re- duction in Canada’s tariff rates against American goods was made by E. B. Ryckman, minister of national revenue, when he announced last night that dur- ing the American banking holiday the dollar would be accepted here for eus- toms purposes at par. This gesture is regarded in parlia- mentary circles as significant of the friendly attitude of Premier Richard S. Bennett toward President Roosevelt's overtures for a reciprocal trade treaty. No exchange quotations on the American dollar were available here as a result of the bank holiday. Many col- lectors of customs_telegraphed Ottawa for instructions. Revenue officials ob- tained a quotation from an Ottawa bank, Tepresenting a 25 per cent premium on American money—a _distress quotation fixed to protect the bank from all pos- sible loss. Accepting this as a reasonable ex- change rate, the revenue officials ad- vised the customs collectors accord- ingly. Whether the instructions were to compel payment for American goods on the basis of $1.25 Canadian money for $1_American, to value all imports for duty purposes on such a basis, is not clear, for the instructions were can- celed within a few hours. Complaints reached the Government late in the afternoon, and it was decided to accept the American dollar at par during the banking holiday and revert to the old order at whatever exchange rate might be in effect when American gnmdal houses resumed operations Fri- ay. (Copyright, 1933.) Named Chamberlain by Pope. VATICAN CITY, March 7 (#).—Rev. Francis Hyland, secretary to Msgr. Fumasoni-Biondi, former papal legate at Washington, who is to be made a cardinal, was appointed today & secret shamberlain by Pope Pius, 0 Bank Regulations Empowered to Pay Out “Trust Fund’ Deposits Without Restriction. By the Associated Press. Under regulations issued by Secre- tary Woodin, banks are permitted to exercise the following functions: 1. Handle drafts or other docu- ments in connection with shipment, transportation or celivery of food or feed products. 2. Accept payments on account of or in settlement of obligations due it by its customers. 3. Make change. 4. Allow customers free access to safety deposit boxes. 5. Cash checks drawn on the ‘Treasurer of the United States, on the condition that no gold or gold certificates be paid out. New Deposits Unrestricted. 6. Return without restriction all cash, checks and other items deliv- ered for deposit or collection after the last closing of business hours and which have not been entered on the banks’ books. 7. Pay out without restriction new deposits made in special “trust fund accounts,” on the condition that no gold shall be paid out. 8. Complete settlement for checks charged to accounts on or before March 4, provided the completion does not involve payment of money or currency. 9. Return to customers documents and securities held for safe-keeping. 10. Exercise usual banking fumc- tions to provide for absolutely neces- sary needs of ccmmunities for food, medicine, relief of distress, pay rolls and expenditures to maintain em- ployment. Scrip Authorized Conditionally. 11. Deposit collateral in the United States to secure advances to branches in foreign countries. 12. Clearing House Associations ccnditionally authorized to issue certificates against sound assets of banking institutions, but not before Friday. Authorization revokable at discretion of Secretary of the Treas- ury. 13. Banks authorized to continue to act as trustee, executor, admin- istrator and cther estates functions, prgvxded no currency or coin is paid out. LEHMAN 1S GIVEN CIARITIC POWERS Governor of New York Plans Issuance of State Scrip in Emergency. By the Associated Press. NEW YORK, March 7.—Gov. Herbert H. Lehman, clothed with unprecedented dictatorial power over the gigantic banking system of New York State, moved swiftly today to provide the people with scrip. No sooner had the Legislature at Al- bany handed him czaristic sway over banks and insurance companies in a dramatic session after midnight than he let it be known he had a plan for a temporary medium of exchange. Approved by Treasury. ‘The plan, to be submitted quickly. to the Legislature, calls for a new corpora- tion for the issuance of certificate currency against the assets of sound banks. It has been approved by the Treasury Department at Washington. The Governor, from his home here, sent a message to the Legislature, say- ing clearing house certificates were not sufficient to meet the crisis. The three bills passed at Albany early today, in a rush of bi-partisan co-operation, give the Governor supreme power to supersede all present laws governing banking or insurance and new power to the banking superintendent, Joseph A. Broderick, and the ingirance superintendent, George S. Van Schaik. Asked for Authority. . The bills, signed today, give Brod- erick, with the approval of two- thirds of the Banking Board, power to revoke, revise or suspend any banking regulation, or order any method of (Continued on Page 2, Column 8.) LEWIS DOUGLAS TAKES HIS OATH OF OFFICE Former Representative Becomes Director of the Budget and Assumes Duties. By the Associated Press. Lewis Douglas, former Representative from Arizona, today took the oath of office as Federal director of the budget. Within a moment after Mrs. Brownle H. Kerr, chie! clerk of the Budget Bureau, administered the oath, he plunged into his task of helping to find ways and means of bringing Federal Government’s expenditures within its revenues. For days past he has been at work on it unofficially in seeking to formulate governmental re- organization plans. Limited Business I_s Being Tranacted Here Upon Woodin’s Regulations. U. S. TREASURY CHECKS ACCEPTED FOR CASHING Safe Deposit Departments Operat- ing, Change Is Made and Payments Received. ‘The Clearing House Committee of the Washington Clearing House Association announced shortly after noon today that a meeting of its association would be held tonight for the purpose of considering the regu- lations issued by the Secretary of the Treasury during the day and adopting plans ‘for the observance of local banks. Following the issuance by Sacretary ‘Woodin of further regulations authoriz- ing National and State banks to release cash for the payment of medical sup- plies, emergency relief and the meeting of pay rolls, the Executive Committee of the Washington Clearing House As- sociation went into session early this afternoon to consider what application of these regulations may be taken by the local banks, pending the issuance of scrip. In the meantime, all the local banks were open under the regulations issued by the Treasury Department late yes- terday afternoon. None. of them was permitted to pay out any money, pend- ing instructions from the Clearing House Association which will permit all banks to act in a concerted manner. Would Be Useable Elsewhere. ‘The mechanics of handling scrip in the banks is highly involved and can- not be set up in a day. It was stated today that the scrip adopted here will not ‘only. be accepted in Washington but in a reasonable territory outside. In other words, Washington Clearing House scrip would be good in Baltimore F'P" Baltimore scrip negotiable in ashington. Bankers re] today that the bank holiday on accounts is prov- ing of tremendous keeping departments. The banks here had become completely swamped with checks from all corners of the United States that could not be collected. put through the clearing house for collection from some out-of- town point would be held up by the time they reached the banks on which they were drawn because of a bank holiday. That meant that thousands and thousands of such checks had to be returned to Washington banks. Such checks had to be charged back to the account of the depositor and the depositor notified of their status and the suggestion made that some other method of settlement might be adopted. Brought to Climax. The Maryland holiday brought this situation to a climax after Michigan and other States had already placed a (Continued on Page 4, Column 3. E—— CABINET CONVENES THIS AFTERNOON President Roosevelt Tentatively Fixes 2 0'Clock as Hour for Sessions. President Roosevelt was to meet with his cabinet at 2 o'clock this afternoon in the cabinet room at the White House. This will be the first of the regular bi- weekly cabinet sessions, although he gave the hour as three hours later than the custom during the past few admin- istrations. Announcing this at the White House today, it was said that the President has not definitely determined upon the 2 o'clock hour for his cabinet meetings, but for the present he will follow such & schedule. While this session of the cabinet will serve as the first regular one of the new administration, the Presi- dent has already had two meetings, one late Inauguration day and the other Sunday afternoon, which meet- ings were prompted by the crisis. President Roosevelt has not yet reached a decision regarding the hold- ing of press conferences. It is under- the | stood, however, that he hopes to meet the newspaper men for conference during the forenoon tombrrow and, it ible, to hold regular bi-weekly conferences thereafter, one on Wed- nesday and one on Friday. Bank Situation at a Glance By the Associated Press. The national banking holiday was relaxed today, open for new deposits. Secretary Woodin of the Treasury the holiday beyond Thursday. Banks are permitted to make change, except cates may be given out. Access to safety deposit boxes is permitted. banks being permitted to believes it will not be necessary to gmiid . that no gold op-gold certifi- - - New York Legislature empowers Gov. Lehman to-set up corporation for issuance of State-wide scrip. New York clearing house -offcials awajs”Washington spproval before moving to release scrip. New York Stock Exchange is closed- Cash grain market at Chicago m‘guwbsgmm e Islands are given Philippi w the President’s sary” to foll Conference of dent Roosevelt in action to restore T easury authorities-express opinion that ‘ork and other States extend bank holiday sedes State powers of Governors. Governors of Pennsylvania, New “inthl further hotice.” n&wmmvv. whatever action seems neces- lamation. proc Governors 4t Washington pledges co-operation with Presi- and economic stability. President’s proclamation super- to make 1t conform with Federal holiday. The Reconstruction Finance Corporation suspends further loans during the holiday. Bankers fn 000 visitors “stranded” there. In New Orleans street-car riders ' Miami, asking permission to reopen banks, state there are 150, can have fare charged on their electricity Radio PM“--’* Al in the closis [ PR RNV o ‘PUW efit to the - | the banks, Program Expected to Include Legislation on Withdrawals After Holiday. TRUST FUND DEPOSITS ICLEARING HOUSEIPRESIDENT LIKELY [ STUDYING METHODS T0 ASK ADDITIONAL 10 REOPEN BANKS, POWERS IN CRISIS IT'LL SEE ME THROUGH ALL RIGHT! PROBABLY WILL COME UP| Permanent Measures to Be Urged Believed to Contain Many Fea- tures in Glass Bill. BY G. GOULD LINCOLN. With the orders of the Secretary of the Treasury making possible again operations by the banks absolutely essential for the conduct of imperative business, attention turned today to the legislative program which President Roosevelt will submit to Congress, which meets at noon Thursday. The President’s program, it is be- lieved, will have two parts—one emerg- ency legislation and the other perma- nent banking legislation designed to strengthen the banking system and to put an end to practices of banks which, it is charged, have been responsible in part for the present financial tie-up. The emergency program will, it is believed on Capitol Hill, provide any additional legalization of the acts of the President in the emergency that may be necessary. Recognizing the fact that it may be necessary for the banks to limit withdrawals of deposits even after the banking holiday has end- ed, the President may ask legislation to deal with that matter. There may also be legislation needed to permit the banks throughout the country to carry out the plan for new deposits, establishing trust funds, which may be withdrawn by the depositors without re- striction and which must be kept with- in the banks in cash, deposited in Fes eral Reserve banks under special ac- counts of the depositing banks or used to purchase Government bonds. Scrip Legislation Possible. It has been suggested t if there is to be any attempt at 50 as to guaranty of deposits, Ea o e’ onndtate of the people in A guaranty of these “Buch a guhr- anty would, it is belleved, bring mil- lons of dollars now hoarded in safe deposit boxes and hiding places back into the banks and into circulation. Legislation also may be recommended | ¢ dealing with the use of clearing house certificates as mediums of exchange. When it comes to the matter of per- manent banking legislation, it is be- lieved that President Roosevelt will in his recommendations to the Congress adopt many of the features of the bill presented by Senator Carter Glass of Virginia and which was passed by the Senate in the session of Congress just closed, but was pigeonholed in the House Committee on Banking. ‘Vandenberg Works on Bill. Senator Vandenberg, Republican, of Michigan, has been working on the draft of a banking bill for a couple of days. Basically his measure provides for a drastic separation between the liquid and non-liquid assets of the | banks, with a Government guarantee of a year of the liquid assets. Senator Vandenberg in the last session of Con- gress sponsored a bill for the Govern- ment guarantee of time deposits, with agreement’ that time deposits must be left on deposit for a specified time. His new measure is intended to meet the present emergency and to aid in the restoration of confidence in the banks. He has submitted his proposal to the Treasury Department for its considera- tion. Democrats of both Senate apd House have not only promised quiCk action on the President’s banking program, but they have taken steps to make such action possible. Meeting in party caucus yesterday afternoon, the Senate Democrats by a vote of 50 to 3 adopted a resolution making majority caucus action on a bill or resolution binding on the Democrats. Democratic Senators would be able to excuse themselves from following such caucus action only by declaring that the action was their conscientious judgment or in vio- lation of campaign pledges. No such binding rule has been imposed by the Democrats since the days of the World War. In the House, the Democratic caucus may be made binding by a two- thirds’ vote of the members. Speedy Action Pledged. ‘The action of the Senate Democrats as well as of the House Democrats, gives assurance to President Roosevelt that administration measures will have both speedy and favorable consideration in Congress. Republican leaders in Congress have asserted their intention and the desire of the Republicah mem~ bers to co-operate in every possible way to speed legisiation designed to.relieve conditions in this country. ©nly three Democrats in the Senate voted against the binding caucus as proposed by the Democratic leader, Senator Robinson of Arkansas. They were Costigan of Colo- rado, Long of Louisiana and McGill of Kansas, The . House Democrats will meet in wucds tomorrow to perfect their or- tion with the election of the members of the Ways and Means Com- mittee, the Democratic Committee on Committees and take such other action as may be necessary. Both houses of Congress will, there- fore, be in complete readiness Te. celve the recommendations of the Presi ship of the Senate rency Committee. On the House side, Representative Henry B. Steagall of Alabama, the present chairman of the Banking Committee, is expected to re- main as chairman. Grounded Ship Is Total Loss. PUERTO MONTT, Chile, March 7 () —It was announced today that the coastwise steamer Inca, which rar aground yesterday, was & total loss. The 32 passengers and crew of 23 ol the 268-ton boat were transferred to another steamer. against | tainly go through the House without 2 Sently “drawn: such Presidegt Hoover THE CONQUERING CO-OPERATIVE SPIRIT! POCET VETD TEST SOUGHTBY LEADERS Farm Aid Advocates Urge! Roosevelt to Sign Bill Left by Hoover. By the Associated Press. President Roosevelt was urged today by congressional Democratic farm lead- ers to take an unprecedented action and sign the Smith cotton bill which President Hoover refused to sign in the closing hours. The President took under advisement the ples and called I his Attorney General to give it consideration. A point of constitutional law is involved | on the right of an incoming President | to sign legislation passed by a now | d sesslon of Congre:: | Ten Days Allowed. The farm leaders pointed out that | the Constitution allows 10 days after | the close of a session of Congress for a President to sign legislation. The Smith bill would withhold from the market the approximate 2.500,000 bales of cotten now held by Govern- ment agencies under the stabilization PrHis cotton would be turned over to cotton growers who would agree to cut down thelr production this year by the same amount of cotton they would take over from the Government pool. Senator Smith of South Carolina. the | next chairman of the Agriculture Com- mittee and author of the bill. headed the delegation calling on Mr. Roosevelt. The group also included Senator Byrnes of South Carolina, Chairman Jones of the House Agriculture Com- mittee, Chairman Pou of the House Rules Committee and Representatives Cox and Wood of Georgia. ‘The argument by the group was that the constitutional provision allowing 10 days after a session for a President to | s bill applies to the office of| President and not to the individual | President. U. 8. Corporation Suggested. Steagall, author of a guarantee bank | deposit bill passed by the House, but blocked in the Senate, suggested the creation of a $1,000,000,000 Government corporation to back deposits and super- vise the banks. Chairman Pou of the House Rules Committee told newspaper men that if the President had a program for deal- ing with the banking situation ready by ‘Thursday, that it would *almost cer- | | a hitch.’ The veteran North Carolina Demo- crat, now dean of the House, said in the executives offices of the House that “we are the President wants done.” , “It is an emergency situatfon,” he said, “and we have confidence in Mr. Roosevelt. He has a mandate from the country to handle ghis emergency and if I know the sentiment of the House he will have strong support from both sides for any program to deal with this gmnchl emergency that he may lay lown.” ROOSEVELT SILENT ON GENESIS OF PLAN One Report Says Hoover Refused to Sign Mills’ Proc- lamation. By the Associated Press. ‘The genesis of the method by which the banking situation is being handled, especially the presidential proclamation of a holiday, was a subject of discussion today in Washington, with the pricipals here declining comment. One published version was that Ogden g Setraary. had Te- a proclamation for to but that he Another account, given in Roosevelt circles, was that Mr. Roosevelt himself located the law under which he made the proclamation. It is known that he simila; with visit- discuss what has happened of late. It was said at the White House, too, that President Roosevelt declined abso- lutely to comment on anything Mr. Hoover or Mr. M ng ds of the Republican T pregnable Dational Hoarders Rush Gold Back to Bank Vaults For Deposit in Trust By the Assoctated Press. NEW_ YORK, March 7.—The Irving Trust Co. announced that persons who have been hoarding gold were bringing it into the bank today for deposit under the trust fund regulations issued by the Secretary of the Treasury. R. H. Elmendorf, assistant vice president of the bank, said ihe hoarders appeared eager to get their gold into the vaults of the bank. He pointed out that the de- positors of the hoarded gold will not be able to get it back under the present regulations, but will be permitted to withdraw an equivalent amount in currency. “We'll take all the gold they'll offer us,” Elmendorf said. the amount.that. deposited. BOETTCHER FONAP SUSPETS CAUGHT Two Alleged Members of Gang Arrested—Isolated Hide-out Found. By the Associated Press. DENVER, Colo., March 7—Two al- leged members of the gang that kid- naped Charles Boettcher 2d, wealthy young broker for $60,000 ransom, are behind jail bars, Chief of Police A. T. Clark announced today, and two other men who helped stage the abduction are known and their arrests are ex- pected soon. Chief of Police A. T. Clark said the kidnapers’ rendezvous, where Boettcher was held more than two weeks, had been located in the hills near Mitchell, 8. Dak. The identity of the two men held is being closely guarded. One of them has been in jail in Denver since Saturday night. The other was arrested when officers swooped down on the _hide-out in South Dekota yesterday Three Women 4n Jail. Three' women and a man said to be friends of the -alleged kidnapers also are in the Denver jail for investigation in conneetion with the abduction. The names” were not made public. Their permection with the case was not ex- plained. Police expressed the belief that the | man arersted here wrote all the notes sent to the Boettcher family during the negotiations for the broker's release. The typewriter on which they were alleged to have been written is in pos- session of the police. Since Boettcher was on the road with the kidnapers about 18 hours, both going and returning, Chief Clark said he was confident he had been held captive in a remote section. Knot that Sheriff George Carroll of Cheyenne, ‘Wyo., was more familiar with the ter- ritory where they believed Boettcher had been taken, Clark asked the (Continued on Page 2, Column 5.) TANGARA T0 FACE GOURT THURSDAY Murder Case Is Delayed to Give Lawyers Time to Prepare Defense. | By the Associated Press. | MIAMI, Fla. March 7.—Arraign- | ment of Giuseppe Zangara on charges | of the murder of Mayor Anton J. Cer- mak of Chicago was set for 9 am. Thursday. The date was set by Clrcuit Judge | Uly O. Thompson on agreement of at- | torneys soon after Zangara was led into the court room by officers. He wore a figured yellow shirt and the same sport trousers and shoes he wore on his last | tenced to 80 years in prison for shoot- ing at President Roosevelt last Feb- ruary 15 and the wounding of three other persons. | _ He bowed and smiled at his attorneys, Lewis M. Twyman, J. M. McCaskell and | ed by the court to defend him. | All in Room Searched. Before Zangara was brought into the court rocm, a flurry of excitement was caused when deputies searched all in the room for Wweapons. State’s Attorney N. Vernon Hawthorne mediately on grounds the State was ready to proceed with the trial. “We appreciate that this whole af- fair has caused international attention because of newspaper publicity,” Tey- man said, “but in order that there may | be no possibility of error we ask that | the time of pleading be set for Thurs- day.” He gave no indication of the plea | that Zangara may make. | “The State is, of course, willing to wait a short time for counsel to pre- pare itself. but we wish to repeat our readiness to go to trial at once,” Haw- thorne said. Given Capies of Charges. Judge, Thompson announced he would be ready to hear any mctions from- attorneys on Thursday and or- dered Zangara to be taken back to jail. He ordered the spectators to remain in their seats until Zangara had been taken to the elevator leading to the Jail. ‘Twyman said before the recess that (Continued on Page 2, Column 3.) YOUTHS GIVEN LIFE “Picture-Wire Bandits” to Serve Four Concurrent Terms. ST. LOUIS, March 7 (#)—Ralph Jarboe, 18, and Harold Urban, 17, “pic- ture wire bandits® who committed six robberies here on successive nights, kill- ing a colored man in one of the hold- ups, yesterday were sentenced to four concurrent terms of life imprisonment after they pleaded guilty of charges of murder and robbery. The youths, who said they came here Wing | from Toledo, Ohio, were identified as the robbers who committed seven hold- ups in Indianapolis before coming to St. Louis. In each of their robberies here they bound their victims with pic- ture wire. PRESENT CRISIS IS LOWEST POINT, DUN AND BRADSTREET BELIEVES Whiteside Cites Financial and Political Nucleus Around Which to Rally. By the Associated Press. NEW YORK, March 7.—The present situation may prove to be the low point of the depression, in the opinion of A. D. Whiteside, head of the Dun & Bradstreet Mercantile Agency. “The American people may con- fidently rely upon the intelligence and determination of the American busi- ness man to carry on and to progress from this point,” statement. serted, & strong tion, 'a nucleus of said Whiteside's The United States now has, he as- commercial credit posi- thousands of sound did or did not do| banks around which to build “an im- banking system,” and & new ~poliiontly solidified, which takes office with the indorsement of a larger number of administra: foundation, & permanently s economic structure may be reasonal assured.” ‘Whiteside said the present situation “ , liberal credit policies.” The constructive course “is for present creditors to ship merchandise to the customers who have been and continue to be in good credit, even though handi- capped at the moment. will enable their customers to re- establish their liquid position through the conversion of merchandise on hand and new shipments into accounts re- / s ng bly appearance in court, when he was sen- | Albert E. Raia, who were again appoint- | asked that arraignment be made im- | WILL R. WOOD DIES INNEW YORK AFTER ' 18 YEARS INHOUSE Indianan Was En Route on Cruise to Mediterranean. Retired Saturday. SUCCESSOR IS INFORMED BY SECRETARY OF DEATH Former Chairman of Appropriations Committee Bid Good-By to As- sociates in Leaving. By the Associated Press. NEW YORK, March 7.—Will Robert Wood, oldest Republican member of the House of Representatives when he re- tired Saturday at the close of the lame duck session, died today at the home of Michael J. Meehan. He was 72 years old. Mr. Wood, whose home was in La- fayette, Ind., had been staying at the Meehan home until time for him to leave at 4 o'clock this afternoon on a Mediterranean cruise. The former Representative arrived here last night from Washington. About 9 o'clock this morning he was shaving at the Meehan home when he began to feel ill. He went back to bed and be- fore medical aid could be summoned, he was dead. SUCCESSOR INFORMED. Wood Served for Eighteen Years in the House. Representative Durgan, Democrat, of Indiana, was informed today that Will R. Wood died suddenly in New York. Durgan is Wood’s successor. Representative Durgan was informed of Wood's sudden death by Miss Jessie Lovell, who was secretary to the veteran Indiana Representative for many years. James E. Barnes, Wood's lifelcng friend, was with him at his death. They left here yesterday for a Medi- | terranean cruise, to sail this afternoon. | Wood went to the offices of the House i Appropriations Committee yesterday to say good-by to the men with whom | he had worked there for many years. | He apparently was in excellent health. Headed G. O. P. Committee. Representative Wood had just com- | pleted 18 years of consecutive service | in the House during which time he had been chairman of the Appropriations Committee, as well as the Republican | Congressional Committee. Mr. Wood was in unusually good spir- its when at the Capitol yesterday and was looking forward to plenty of leisure to indulge in his favorite sport, fish- ing. When defeated for re-election last | November, he said he welcomed the op- portunity to “do a Mttle playing.” The veteran legislator had for years taken a prominent part not only in congressional campaigns, but in presi- dential campaigns. In the campaign which elected President Hoover, Mr. Wood was in charge of the Speakers Bureau in Chicago covering the Western area. ‘Was Native of Indiana. He was 72 years old on January 5 last. He was born at Oxford, Benton County, Indiana, the son of Robert and Matilda Wood. His father was a dis- tinguished citizen of that community and his. mother was recognized not only as a cultured woman but as one with deep human sympathies. Mr. Wood, who had been successful in private as well as political life, was i popular with his associates and had | been given a number of farewell parties by those with whom he had been close- ly associated as a House member dur- ing recent years. He was given such a farewell party Sunday night by those with whom he had been most closely associated while chairman of the Ap- propriations Committee. Mr. Wood was a graduate of the law department of Michigan University, re- ceiving his degree of LL. B. 50 years ago. He immediately entered the prac- tice of law in Lafayette in April. 1882, and has maintained his residence and his law office there ever since. He was married the following year to Mary E;lzz.:belh Geiger, who died October 7, 1 Mr. Wood's first political office was that of prosecuting attorney, to which he was elected 43 years ago. He was elected to the Indiana State Senate 37 years ago and served 18 years in that body. He was twice president pro tem of the State Senate and four times leader of the Republican membership in that bodr. Counsel Sought in House. Representative Wood was an impres- sive speaker, and because of his close applicaticn and study of legislative questions, particularly those connected with the appropriations for financing the various activities of the Govern- ment, his statements were listened to with deep attention in the House and his counsel sought in such matters. His last speech in the House was dur- ing the action on the conference re- port on the Treasury-Post Office ap- propriation bill, which had been his pet hobby for many years. At that time he spoke in defense of the service of the United States Bureau of Efficiency, which was wiped out under the economy section of the bill. Representative Wood placed Charles W. Fairbanks in nomination for Presi- dent at the Republican National Con- vention and also nominated James E. Watson fcr President in 1928. During the moves for economy by Congress during the depression he fought for cuts in salaries of Govern- ment employes. LAFAYETTE, Ind, March 7 (#).— The death of Will R. Wood today in New York brought to a close the career of a man who had been long in the public service. His retirement from the House of Representatives last Saturday came after 18 years as a member of that body. Prior to his election to Congress he had served 18 years in the Indiana State Senate. His political carcer began with his election to the prosecutorship of Tippe- canoe County, Ind., in 1890, a few years after his graduation from the Univer- sity of Michigan law department. Mr. Wood was born at Oxford, Ben- ton County, in 1861. He was educated i the puklic achools of that town,