Evening Star Newspaper, March 13, 1933, Page 5

STATES SPEED UP | " LEGALIZING PLAN Machinery for Public Expres- | sion on Repeal Prepared in Some Sections. By the Associated Press. CHICAGO, March 13.—With sessions in many States drawing toward a close, Legislatures of the Nation are speeding censideration of State liquor enforce- ment and setting up machinery for citi- zens to express themselves on the na- tional repeal proposal. Indiana has adopted State repeal lation while similar bills are pend- a number of other assemblies, a today showed. The present status of the issue: Tllinois—State repealer awaiting the signature of Gov. Henry Horner who! has signified approval. Measures are ready for introduction to regulate the liquor traffic. Indiana—State prohibition laws have been repealed along with the adoption of bills to regulate manufacture and sale of beer. The State awaited action of the Governor on a measure to call a State convention on national repeal. Maine—Three plans for repeal con- ventions are before the Legislature and & fourth is pending. 1 Rhode Island—Public hearings are scheduled Tuesday cn a bill to legalize beer. On the same day the State Liquor Commission_expects to introduce 2 measure for holding a convention to | act on repeal. Sale Legalizing Bill. Missouri—Governor is exected to sign a bill legalizing manufacture and sale of 3.2 per cent beer by weight. The Senate virtually is certain of passage of a Senkte repeal bill but prospects of House passage are slin.. No opposi- tion has been apparent to bill setting up machinery for action cn national Fepeal. Texas — Bills are pending in com- mittees for election of convention | delegates. One seeks to postpone the election until after the 1934 general election, another proposes delegate elcction’ within 90 da; Minnescta-—Bills pending to repeal State enforcement and to regulate sale ©of 3.05 beer if permitted Iowa—State liquor control and con- wention bills are pending. . Mebraska—A bill for resubmission of the State constitutional prohibition previsions awaits House action after passage by the Senate. New Mexico—A bill regulating liquor, providing the State “bone dry law” is Tepealed at a special election Septem- ber 19. is in the hands of the Gover- nor. At the same clection voters name constitutional convention delegates. Utah—Th= Legislature passed bills Jegalizing the manufacture of beer for sale outside the State and for the election of delegates for repeal ratifica- tion at a date to be set by the Governor. Oregon—A special election has been ordered June 21 to elect repeal conven- tion delegates. Oklahoma—House tomorrow will argue mecthod of selecting repeal con- vention delegates. Colorado Bills Ready. Colorado—Two bills ready for Gover- nor to replace iaws wiped out. One regulates sale cf beer and intoxicants and the other provides license fees. ‘Wyoming—Four per cent beer legal- 1zed. Machinery provided for referen- d on State receal and for conven- tions for naticnal repeal. ‘Washington—The Governor is auth- orized to call eighteenth amendment convention between five and eight months after Congress submits ques- tion. Montana—Governor has under con- sideration bills for repeal submission and setting up beer and liquor license systems. California—Assembly bill is pending In Senate providing for method of nam- ing prohibition convention delegates. Idaho—A new act gives the Gover- nor authority to call a special election to name repeal convention delegates. It was expected that delegates would be clected in August next year. Wisconsin—It's State prohibition laws repealed years ago, an election to name delegates for a repeal convention has been set for April 4 with the con- wvention scheduied April 25. Kansas—The Senate tomorrow will Teconsider its vote on a measure pro- posing a method through popular vote to select delegates for a State repeal convention. The measure lacked one vote of psssage Saturday. | North Dakota—The Legislature be- fore adjournment passed a bill to set up municipal liquor stores if Congress permits. It refused to repeal State en- forcement laws. Michigan—The Goverror has signed & measure calling for a repeal con- vention April 10. New Jersey—The Rerublican Major- ity Conference Committee adopted & plan for convention delegates to be chosen in May and to ascemble 10 days later for repeal actio: Pennsylvania— ation is pending in the House after Senate passage for election of repeal convertion delegates in November. West Virginia—The Legislature passed & bill to legalize 3.05 per cent beer; State prohibition repeal will be sub- mitted to voters in the 1934 general election, and a special election has been called June 27 to name convention delegates to dispose of national repeal. BROOKLYN GROUP SCORED BY MCOOEY | Pemocratic Leader Tells President He Repudiated Lack of Congress Support. By the Associated Press. NEW YORK, March 13—John T. Mc- Cooey, Democratic lealer of Brooklyn and member of the national committee, telegraphed President Roosevelt yester- repudiating the action of Repre- tatives from his territory who voted against the administration economy bill in the House Saturday. “Have repudiated action of Brooklyn Representatives in voting against the economy bill,” McCoo2y’s telegram said. “See Monday morning papers for state- ment.’ he statement follows: \ “The action of the members of the Fouse of Representatives from this county in voting against the legislation proposed by the President does not meet with my personal approval and, I am confident, is . likewise displeasing to the people of Brooklyn. I know that the President will deal in a fair and impartial manner in the matter of vet- erans’ pensions, and I am firmly con- vinced that those who are not of this} opinion are unduly alarmed. Never our country been in the sad plight which has enveloped it for over three years and the President is entitled to and must receive the support of every Amer- ican citizen and their Representatives in Congress in his efforts to end the depression and restore the country to its former prosperous condition.” John F. Curry, Tammany leader, asked vLether he intended to make a similar tatement, replied he had no such plans present. Traveling Theater Success. Spain’s traveling theater, which was brganized in Madrid recently, has be- come 8 great cuccess from an musement and edu-ational standpoint. Bordeaux, Oxford and Cambridge ave invited the troupe, which is com- of volunteers from universities. * THE EVENING STAR, WASHINGTON, D. C, Aid Musicians fl B BANKS AWA” Reopened Banks Tabulated Upper: Gustav Strube, Baltimore composer, whose sonato in F sharp minor will be featured on the program of the Ten O'Clock Club’s concert ‘Tuesday night. Lower: Miksa Merson, planist, who, with Stephen Deak, violincellist, will play the work. concert is one of a series being held to raise funds for needy Washington musicians. HUNGARIANS 10 AID = NEEDY MUSICIANS Two Artists to Present Con- cert Tomorrow Through 10 0’clock Club. ‘The talents of two young Hungarian musical artists have been placed at the disposal of the Ten O'Clock Club in its campaign to raise funds to aid needy Weshington musicians and their fami- lies, it was announced today. The artists, Stephen Deak and Miksa Merson, will present the third of the organization’s series of half a dozen concerts at the Washington Club at 8:30 p.m. tomorrow. Mr. Deak, who was the favorite pupil of David Popper, master of the violincello, is a member of the facul- ties of both the Peabody Institute, Bal- timore, and the Curtis Institute, Phila- delphia. s Mr. Merson, on the other hand, has had a studio here for some time. Their program, the announcement stated “should be unusually interesting for musicians and laymen alike.” It will include three works by modren composers—Sergel Rachmaninoff, Gus- tav Strube and Dure, a French com- ser. Strube will be here for the concert, which will be followed by an informal reception at the Ten O'Clock Club, 1603 K street. = aaee LEGION LEADER BACKS ROOSEVELT ECONOMIES By the Associated Pres: CONCORD, N. H, March 13—Dr. Robert O. Blood, past department com- mander and past national vice-com- mander of the American Legion, yester- day sent telegrams to Senators Henry W. Keyes and Fred H. Brown asking them to support thes President’s policy of retrenchment. “We are now in a period of emer- gency sufficiently acute to justify the cmergency program recommended by the President,” the telegrams said. “Our loyalty should be first to America and only secondarily to ourselves and or- genizations in which we have member- hip. “Believing 'in America and knowing that the ceuntry will emerge from its present difficulties, I am urging our delegation in the Senate fo support the necessary legislation to carry out the President’s emergency program. LCENSES T 0P First List-to Start.Program Here .Tomorrow Due Some Time Tonight. (Continued Prom Pirst Page.) reopened on & solid basis later, Secre- tary Woodin said. Opening of the Pederal Reserve Bank of Richmond Saturday was a vital toward restoring normalcy in the reserve district tuation. . It opened render the Washington banks n any serv. ice they may desire. for the yeturn of so-called “hoarded " before the requested report on ders was to be made to the Federal Reserve Bank of Richmond in response to the order sent out by Gov. George J. Seay. Regulations Studied. Clearing house officials here and all other Jocal bankers were gi study tod: Lm all the issued by the Treasury. than a score of restrictions and expla- nations wlalchmhl\r:h come the ry during the present bank holiday. Local bankers are in what might be called a preferred position because of their closeness to the Treasury. In connection with the endless number of questions which have arisen, they have been able to obtain information quickly fron the Treasury, much sooner than it could be furnished bankers at dis- tant points. Bankers here have been almost swamped with telephone requests from their out-of-town connections for detailed explanations of recent Treas- ury_ruling gs. ‘They gave unlimited praise to Presi- dent Roosevelt's radio talk last night on the banking situation. “It was clear, right to the point, convinch Teussurirg,” leading fina: great deal of good in making more defl- nite the reasons for all the steps taken to meet the changing conditions. The whole address delighted bankers in this city and also was most favorably re- celved by bank depositors. One banker salti that the action taken by the President to meet the banking crisis “will go down in history as one of the most courageous steps ever taken by any President in any national Resumption of complete banking ac- boon to local trade. checks which have been tied up since the President put the Nationwide bank. ing holiday into effect will start moving through the channels of trade. Currency Stirs Interest. Much interest was manifested here today in the new currency—Federal Reserve bank notes—and how this money will be put into circulation. Washington bankers say that banks which are members of the Federal Re- serve System will obtain supplies of the new currency in the same way they have always procured notes from the Federal e banks. All member banks keep reserves at the Reserve banks against their deposits. When a member wants currency to meet the demands of depositors, it draws on its own balance at the Re- serve Bank, receiving cash and a debit to its account. The last step in get- ting the new expanded currency into use is its payment to the public through the tellers’ windows in the banks, All that could be said today about the reopening of the Washington Stock Exchange was that it would probably resume business sometime later in the week. the governors not having met as yet ® fix the date. New York Stock Exchange offices in Washington are awaiting news from New York as to when the quotaticns again will begin flashing across the translux. Reports said more orders were being received again today, to be executed “at the market,” when the gong does sound for the Wall Street opening. Hoarding Curb Discussed. |, Bankers here today said they did not | know just how the Treasury’s regula- {tion on the restricting of “hoarding” would be carried out. A wide degree of latitude would be adopted in inter- preting this regulation, y added. Most local banks are’ acquainted with the normal currency requirements of their depositors, bank officials said, and could tell whether the demands were in accordance with normal needs. It was not believed here that many de- positors would be asked to take an oath with reference to funds which they wished to draw out. It was believed such an oath would be_resorted to only under exceptional conditions, although the bankers ex- | pect to co-operate to the fullest extent to prevent actual hoarding. tivities here tomorrow will prove a great | ‘Thousands of | Number of Institutions Resuming Operations in 12 Federal Reserve Cities Are Listed. By the Associated Press. Federal Reserve clties: City. New York Philadelphia St. Louis. . Cleveland *Besides two trust companies. 1Plus one under restrictions. The following table shows the number of banks reopened today in the 12 Federal Reserve. State. Open. Closed. Open. 83 29 2 15 18 ‘Total. 135 50 20 24 33 Foococoo~row 19 1 15 4 17 346 Y 1Two national and four State also opened restricted. 2 OASH FLOWS BACK TO NATION'S BANKS rurther | Many Financial « Institutions in U. S. Centers Resume Full Operations. (Continued Prom FPirst Page.) generally recognized in their particular district. Department officials declined to make public any summary of associations whose banks would open tomorrow and refused to answer specific questions as to whether one or another clearing house association city was eligible. Conservators to be appointed to take over and guide the affairs of some banks under the national emergency bank act will be announced by the Treasury as . | the designations are made. It was added that while the Treasury was taking the attitude that the hoard- ing of all gold is illegal, this was not intended to interfere with gold which might be moving in circulation. ‘Thus should a gold certificate or coin be accepted as change in the normal course of business or as a payment, its mere possession would not be considered a violation of the law, but to place the certificate or gold in safekeeping out- x:‘ldeu*: bank would be considered a vio- tion. have provided the machinery to restore | our financial system.” “It is up to you to support and make it work,” he told the Nation. “The banks will take care of all needs.” “Confidence and courage are the es- sentials of success in carrying out our plan,” the President said. “You people must have faith; you must not be stam- peded by rumors or guesses. Let us unite in banishing fear. It is your problem no less than it i mine. To- gether we cannot fail.” More Will Open Tomorrow. ‘Tomorrow in 250 or more additional cities where recognized clearing house associations exist the normal business of banking will be continued, and, begin- ning Wednesday, the process will be ex- tended to other communities. Ans the question he conceded to be on many lips, Mr. Roosevelt said the reason for the gradual reopening is that “your Government does not in- tend that the history of the past few years shall be repeated—we do not want and will not have another epidemic of bank failures.” “This bank holiday,” he explained, “while resulting in many cases in great inconvenience, is affording us the op- portunity to supply the currency neces- sary to meet the situation. No sound bank is a dollar worse off than it was when it closed its doors last Monday. Neither is any bank which may turn out not to be in a position for immediate Teopening. * * * “Remember that the essential ac- complishment of the new legislation is that it makes it possible for banks more readily to convert their assets into cash than was the case before. More liberal flovmnn has * * * been made for uing currency on the security of these good assets. This currency is not fiat currency. It is -issued only on ade- quate security—and every good bank has an abundance of such security. Hoarding to be Watched. With confidence restored, the Presi- dent is going to see to it that the “un- fashionable pastime” of hoarding is ban- ned. Regulations were issued last night by the Treasury permitting it to keep very close ucol‘:ln!a of withdrawals of unusual proport . “It is possible,” he said, “that when the banks resume a very few people who have not recovered from their fear m{ again begin withdrawals. Let me make it clear that the banks will take m’t of all needs—and i SUPPORT THE PRESIDENT ' OF THE UNITED STATES Enlist Your Gold in the War Against Depression Every Bank Is a Recruiting Station The banks are placing all their gold at the disposal of the U. S. Government Gold will protect YOU, but not when in hiding—enlist it where it will have an honor- able place in the front line of battle. “Uncle Sam” needs your gold NOW to win the great struggle for business recovery. . If you have any gold coin, certificates or bullion in your possession or in a safe deposif -box, deposit it in your bank so that it may be turned over to the Government. ? ! ‘- - Be a Patriotic American! . The Washington Loan and Trust Company F Street at Ninth Seventeenth Stréet at G President Roosevelt assured that “we | has become an exceedingly unfashion- able pastime. * * * I can assure you that it is safer to keep your money in t‘ reopened bank than under the mat- ress. Taking time out for almost the first time siuce entering the White House a week ago, Mr. Roosevelt sent his mes- sage of confidence to the Nation last night by press and the radio. He spoke from the oval room on the second floor of the Executive Mansion. While permitting a progressive pro- gram of bank reopenings, the President is keeping a firm grip on the national gold supply to assure full backing of all transactions. Also, he is going to see to it that every bank which does reopen is an institution that is sound and solvent. “I do not premise you.” he told the people. “that every bank will be re- opened or that individual losses will not Be suffered, but there will be no losses that possibly could be avoided; and there would have been more and g;-&.m losses had we continued to Referring to the appeals from some for aid to the State banks outside the Pederal Reserve System, the President said “there is no occasion for that worry.” “These banks can and will receive assistance from member banks and from the Reconstruction Finance Cor- poration. * * * “I am confident that the State bank- ing departments will be as careful as the National Government in the policy relating to the opening of banks and will follow the same broad policy.” | In his review of the causes leading up to the national bank holiday, the President took occasion again to score some bankers. | he said. “Some of our bankers had shown themselves either incompetent of dishonest in their handling of the people’s funds. They had used the money entrusted to them in specula- tions and unwise loans. This was, of | course, not true of the vast majority of our banks, but it was true enough of them to shock the people for a time into a sense of insecurity and to put | them into a frame of mind where they did not differentiate, but seemed to as- sume that the acts of a comparative | few had tainted them all. | “It was the Government's straighten out this situation and do it | as quickly as possible—and the job is being performed.” NEW YORK BANKS OPEN. | e Day Quiet, Withdrawals Moderate, Straggling Deposits Are Made. in the Nation's financial capital was re- sumed today when 52 local members of the Federal Reserve System quietly re- sumed business, together with non- member State banks, private banks and ! metropolitan savings banks. | " The last named were ordered by the State Banking Department to limit withdrawals of $25 weekly for each de- positor. Resumption of trading on the New York Stock Exchange and various oth- er markets was held up pending more complete banking elsewhere under the stagger system outlined by President Roosevelt. ‘The list of banks resuming husiness included all the important Wall Street the latter being J. P. Morgan & Co., Kuhn Loeb & Co. Memorandum Sent Out. The New York Clearing House Asso- ciation sent its 21 members a memo- | randum _outlining the procedure inci- | dent to resumption of business, providing |a time schedule for the various serv- ices, such as city collections, deposit deliveries, excnange of acceptances and notes, unpaid items and other technical functions. Tomorrow morning clearing house members will resume preliminary exchange of checks, The procedure to be adopted by the various banks in the reopening of their thrift departments was still somewhat glass tumblers IT'S time for this meaty Lenten Milk Food. No Cottage Cheese is more fresh, tasty and wholly tempting than EMBAS. 8Y Cottage Cheese. And instead of being packed a paper carton, it comes in a useful Glass ‘Tumbler! “We had a bad banking situation,” | job to| NEW YORK, March 13 (#).—Banking | institutions and private banks, among | & Co. and Dillon, Reed| MONDAY, MARCH 13, 1933. i i *gggg; [ K 2 g, ] il 5 No Extra Guards on Duty. the large New York banks when the reopened at 9 am., on & virtual “busi- ness-as-usual” basis. There were some straggling _deposits made and several moderate withdrawals. No extra were on duty and the majority of the institutions expected no great rush. Armored trucks delivered new there was no evidence that any effort was being made to withdraw sums for hoarding. One of the first customers to appear at the Manufacturers’ Trust Co. was a woman of about 80 years of age, who was assisted to the teller's window by her son. She had come to cash a small cld-age pension check. There was no difficulty in presenting her with the face value of the check in currency. Some of numerous branch banks throughout the city were busy attend- ing to the wants of small depositors and merchants who wanted cash either for personal expenses or for business purchases. The Harriman National Bank did not open for business and at the bank it was stated a conservator was present to_take charge of the bank's affairs. Provision for a conservator to take charge of banks not immediately re- opening under the plan announced by President Roosevelt was contained in the emergency banking bill passed by Congress last week. The Harriman National is a member | of the New York Clearing House As- sociation and its latest clearing house statement showed capital of $2,000,000. surplus and undivided profits, $941,0( net demand deposits, $19,577,000, and time deposits, $5,102,000. Henry W. Bull, senior partner in the New York Stock Exchange firm of Har- riman & Co., said in a statement today that his company had no affiliation with the Harriman National Bank. The firm has branch offices in Washington, Wilm- ington, Baltimore, Providence and Pat- | erson, N. J. The local clearing house expected to assume a normal operating status at 5 o'clock this afternoon when the night clerical staff was to start the usual check exchanges. RICHMOND BANKS OPEN. Corporation Commission Works Rapidly | Preparing Licenses. | _RICHMOND, Va., March 13 (P).— Four of the Richmond banks holding membership in the Federal Reserve system and all of the non-Federal Re- | serve State banks in the city were open for business today after a week's holiday. The Corporation Commission, which | was in session all day yesterday, was | working rapidly foday to prepare | licenses for banks to be authorized to | open tomorrow. Commission members | said the list probably would not be com- pleted before late this afternoon or tonight. Gov. Pollard’s proclamation for a banking holiiay was extended through ‘Tuesday, but it was pointed out that it would not prohibit any bank other- wise authorized fo open from doing business on a holiday if it so desired. Collins Denny, jr. assistant attorney | general, in a statement said it would prevent the maturing of paper, etc., | prior to the ovening of the banks. The four Richmond Federal Reserve ‘members authorized by the Treasury to open today were the First & Merchants | Naticnal Bank, the Central National Bank, the Bank of Commerce & Trusts and the State Planters Bank & Trust Co. The American Bank & Trust Co., a Federal Reserve member, continued to function under the limited basis of last week, officia’s said, pending further in- struction from the Treasury. ‘The Richmond Federal Reserve Bank did not snnounce here which Reserve m;r.nbefl had been authorized to open today. CHICAGO HOLIDAY ENDS. CHICAGO, March 13 (#).—Thirty- two Chicago banks opened for normal | business today after a nine-day holiday. Lobbies of the banks had the appear- ance of a usual Monday morning. ‘There was no rush of business in either the paying or receiving departments. Business at windows devoted to cash- ing pay checks, however, was brisk. Advertising in both morning and aft- ernoon newspapers by stores increased sharply with the reopening. PHILADELPHIA NORMAL. PHILADELPHIA, March 13 (®.— Business in 50 national and State banks in Philadelphia was resumed today as though there never had been a bank holiday. ‘The R Start a Set! ‘These are Libby “Safedge” ‘Tumblers, of a graceful shape, in crystal and colors. Start & set and add to it regularly by ordering this new EMBASSY Cottage Cheese—the creamed, pasteurized Cottage Cheese that comes in a useful container. For Prompt Delivery— ’Phone ATlantic 0070, or write WALKER HILL DAIRY The Suntight Daity 830 SEVENTH STREETS.E . There was no_excitement visible it | Bany. anks, functioning 100 per cent ; ADVERTISING GAINS. Minneapolis. March-13 (#).—Eighteen national banks opened today with a the | brisk business in cashing pay checks, g | but business otherwise was normal. Foderal Heeoees| Banks in St. Paul will open tomorrow. Advertising in afternoon papers by ‘The others were the Continental In- | stores in both Minneapolis and St. Paul dustrial, the Morris Plan and the d today. Capital o ‘apital. AN FRAN! NO EXCITEMENT IN BOSTON. s O N _DISTRICT GROCERY STORES = WORTH-WHILE SAVINGS ON QUALITY FOOD * BREAKFAST COMBINATION What could be more delicious on a wintry morning than steaming hot pancakes with syrup? Our low price for this week brings it down to the level of every pocketbook. 1 Bottle Vermont Syrup ...23¢ 1Pkg. D.G.S. Pancake Flour, 10c Total Regular Price..........33¢ * LIPTON’S TEA .%ib. pke. * LIBBY’S ~- OLIVES . & 29¢ * TRIPOLI CHICKEN % .2 45¢ * Standard Tomatoes . 4 .:.25¢ SPECIAL C 19¢ PINK | | | The Granulated Soap Soaks Clothes Whiter SALMON 3 tllcans 25€ Lge. pkg.“....lgc 2 sm s 17¢ * LIFEBUOY'’S HEALTH SOAP KRAFT CHEES 2 9Qc CHATKA CRAB MEAT . - 29c COTTAGE CHEESE % vis. 15c FRENCH'’S BIRD SEED 2 rks:. 25¢ French’s Bird Gravel, 2 pkss. 19¢ * POST TOASTIES Buy Them in Lots of 3 or 6 l"k s. at Our New Low ce. Am., Pimento and Velveeta Chestnut Farms QUALITY MEATS Special on Spring Lamb Sl:t:.nl‘dfl Roast, n. 121c| Breast of Lamb, n. 5¢ For Stewing or Stuffing. Rib Chops. . .m. 25¢ | Loin Chops. . .». 37¢ Ponx ROAST Whole or Hall Loin, 1b. Sc Special Offer 1 Lb. Skiced Bacon et ) C Pork Chops, end cut 1. 15¢ Hamburger. . . .2 ms. 25¢ Beef Liver.......n. 17¢ Auth’s Green Links .1, 19¢ Fruits and Vegetables CALIFORNIA NO. 1 NEW ORANGES | POTATOES Leee doz. 33C 4 v 19¢