Evening Star Newspaper, May 9, 1933, Page 5

BANK DEPOSITORS ANSWER PROPOSAL Franklin National Officials Swamped With Accept- ances of Plan. Officials of the Franklin National Bank were swamped today with replies to the letters sent depositors asking them to accept participating certificates for 30 per cent of the amount they have on deposit and to take an additional 10 per cent of their dcposits in prefer- red stock in connection with the present drive to reopen the bank. The number of signed acceptances had not been totaled today, but desks were flooded with papers signed by the bank’s depositors. It was said the clerks would have to remain on duty tonight to get all the subscriptions opened and recorded. Bank officials are highly optimistic over the rearganization prog- ress made during the past few days, the belief being expressed that the Franklin National will be able to retain its identity. The letter sent to about 7,000 de- positors stated the participating certifi- cates are to be secured by all the as- sets not taken into the reorganized bank and are to be repaid out of realization of these assets and such part of the net earnings of the reorganized bank as shall be determined by the Board of Directors. It also is stated that the new pre- ferred stock will be non-assessible and the plan will become effective as soon as 75 per cent of the deposits have been made available by the depositors. District National officials also were much pleased with the response from both stockholders and depositors with which their new plan has been accord- ed. Letters to the stockholders went out late Saturday and to the depositors vesterday. The number of subscriptions T d both by hds been most gratifying, it was said at the bank. The District National is working on the so-called “Spokane plan,” which has been used with success in several other cities. Chairman Chester Wells and the other members of the Reorgani- zation Committee are hopeful that some of the other closed banks will wish to join in the move. The proposal calls for an entirely new bank and the segre- gation of all irozen assets in the present bank. The addition of other banks to the ccntral bank naturally would strengthen the new institution. The new bank would buy the prime assets from the other banks and permit them to take carc of their other assets as oppor- tunity might afford. If other banks do, not care to_enter the new. one, District National officials believe they still will be able to carry out their plans and get their own bank back on its feet. While some of the closed institutions are agreeable to any kind of a merger that will get them reopened, others are anxious to remain as unit banks. Re- ports show there are somewhere around | 528.600,000 in deposits in these closed banks. If they should be able to worx | out plans and liberate an average of | half _their deposits, about $14,000,000 | would be freed by that action. i Meantime the Senate Banking Com- | mittee took steps to give full author- ! ity to the Treasury Department to re- organize any of the 10 savings banks in | the District which are in the hands of | mail and telephone | Minute Mysteries " Solution to A FISHERMAN'S TALE. (See Page A-3.) Fordney could not have wit- nessed the signing of an official document during his breakfast visit with the President-elect. Until after the inauguration, which takes place at noon, the President-elect has no power to sign himself as President of the United States. The professor was merely telling his friend a fish story. Did you bite? AND THEREBY HANGS A TALE —Shakespeare, SENATE APPROVES MONEY CONTROLLER ,Californian Probably Will Be Sworn I Soon at Treasury. . J. F. T. OConnor of California, whose nomination to be controller of the currency was confirmed yesterday i by the Senate, probably will be sworn in soon at the Treasury Department. Following his confirmation, debate arose in the Senate over Mr. O'Con- i nor's capacity for the office, Senator Reed. Republican, of Pennsylvania, claiming he '.ad insufficient banking experience, and Senator McAdoo, Dem- ocrat, of California, holding his ability and “experience with bankers” qualified him ably for the place. A Senator Reed registered his objection to the appointment, declaring the post “is one of the key positions of the Government.” It is & position which in this time of crisis and banking diffi- cuities, the Pennsylvanian said, was probably, outside of the presidency and the office of director of the budget, “the most important single position in the United States Government.” “No Banking Experience.” “Mr. O'Connor has never had any banking experience whatsoever.” said Senator Reed. “He has never been an officer of a bank. He has never been a director of a bank. He has never been ccunsel for a bank. So far as the Finance Committee could learn, he knows no more about banking than any depositor would know from having had a checking account.” N The only reason the Finance Com- mittee could discover, the Senatcr said. for the appointment of Mr. O'Connor was his “general reputation for integ- rity and his reputation for general ability.” “I have no doubt that, like most law- yers,” said Scnator Reed, “he has learned to cram on a case rapidly and to get the necessary knowledge to func- tion, but he ought to have that knowl- edge at this moment. It is like ap- pointing him to be captain of an ocean liner in the middle of a hurricane Doubless, with his ability, in time he would learn to be captain of an ocean liner, and doubtless he will learn the duties of this pcsition, but he does not know them now and I regard his ap- pointment as a great mistake.” Senator Reed said, however, he was conservators. The committee approved a special bill which would strike from one sec- tion of the banking conservation act the definition “National banking asso- | ciation” and insert in place of that phrase the word “bank.” Gives Conservator Power. It was explained this change enable the controller to author scrvators to reorganize banks in the District that are not national banfs. It was also explained that the original in- | tent was to include the other banks in the benefits of the bank conservation act but that it was found, in trying out that the use of the definition | “National banking association” nar- | rowed its scope. The amending bill is | being sponscred by Senator Tydings, Democrat., of Maryland and Currency Committee, sroved the bill, is presided over by Scnator Fletcher. Democrat, of Florida. Three of the 13 banks in the hands of conservators in this city are National banks. and 10 are savings banks. John Poole, president and conserva- tor of the Federal-American National Bank and Trust Co., was in brief con- ference with Walter J. Cummings, ex- ecutive assistant to the Secretary of the Treasury. at the Treasury Department, and planned to return for another con- ference this afternoom, COLORADO LEGISLATURE APPROVES REPEAL VOTE will which ap- House Sets September 16 as Date for Election of Constitutional Convention Delegates. By the Associated Press. DENVER, May 9.—A special election for sclection of delegates to a constitu- tional convention on the question of ratification or rejection of repeal of the cighteenth amendment was approved b the Colorado House of Representa- tives yesterday. The House set the date for the spe- cial election September 16 and the con- vention date October 4. Previously the Senate had set the clection June 29 and the convention August 7. It was believed the Senate wculd concur in the House amend- ments. — Heads Greek College. OSTON, May 9 (#)—Rev. Ernest W. Riggs of Melrose, Mass., has been elected president of Anatolia College, at Saloniki, Greece, the American Board of, Commissioners for Foreign Missions announced today. He will assume office in Optober. 2 Riggs was born in Merzifon, Turkey. of a noted missionary family. His grandfather was the famed linguist and translator, Dr. Elias Riggs. Will Over- haul Your FORD Or any small 4-cylinder car materials included Here’s What You Get Install orersize Superoil piston rings and pins—adjust connect rod bearings, grind valves a reface—clean carbon, reface seats in block, clean carburetor screens, jets, an i el L. _Materials in ice—Piston Rings, Piston kets. Pins, $10 Down—Balance 5 Semi-Monthly Payments—No Finance COAST IN worxs 1 WORKS, INC. 1800 Nichols Ave. S.E. At End 11th St. S.E. Rridge. ENTRANCE Throu, Standard Gas LINCOLN 9393 _ | years. McAdoo said The Banking | quite ready to belicve that O'Connor is a gentleman of integrity and ability Senator McAdoo diffcred with his Pennsylvania colleague over the mat- ter, declaring that, contrary to O'Con- nor's lack of banking experience being an ob'ection, it should be regarded as a virtue. Speaking as one who had been Secretary of the Treasury for six “We do not need 50 much in this office (controller) a man experienced in banking as a man experienced with bankers, and Mr. O'Connor in his lifetime has had ample experience with bankers.” Cites Former Officials. Senator McAdoo cited a long list of former Treasury officials who had not ibern bankers, including a number of lawyers. He named the first controller of the currency, Hugh McCulloch | James H. Eckels, and Secretaries of tho { Treasury Alexander Hamilton and Sal- !mon P. Chase McAdoo and O'Conno. lare former law partners. Senator Robinsen of Arkansas, prais- ! ing Mr. O'Connor, expressed “the hoj jand belief that the services of Mr O’Connor in this important position will | fully vindicate the soundness of the | judgment exercised in his selection by | the Executive and his confirmation by the Senate.” The Senate also confirmed the nomi- | nations of Lucille F. McMillin of Ten- { nessee and Harry B. Mitchell of Mon- | tana as members of the Civil Servic: Commission and of Henry H. McPike of California as Federal attorney for the | northern district of that State. Committee approval was recorded for the appointment of Dean G. Acheson of Maryland to be Undersecretary of the Treasury and of Robert H. Gore of Chicago and Florida to be Governor of Puerto Rico. | Chilean Teachers Strict. SANTIAGO, Chile ().—Statistics of the Department of Education show that 42 per cent of the school pupils in the ccuntry failed in one or more subjects }in 1929 and 1930. { THE EVENING STAR, WASHINGTO TIP T0 OFFIGILS FOILS KIDNAPING Two Men Seized With Their Victim After He Agrees to Submit to Abductors. By the Assoclated Press. FREEPORT, Ill, May 9.—A fan- | tastic story of how a 54-year-old wealthy local manufacturing company | executive allowed himself to be kidnaped for $25,000-ransom was unfolded today as the victim was safe at home again | |and his two alleged abductors were in | Jail. ‘The man, William Trevillian, vice president of the W. T. Rawleigh Co.,, was found, by authorities late last night bound and gagged in a cabin near Durand, Ill, a few hours after being seized by two men as he left his office for the day. Two men in the cabin with him were arrested as the kid- napers. They were: ‘Willlam Stubbe, 27, Rock Grove, I, and reported to be formerly of Monroe, Wis,, and La Verne Moore, 21, Pree. port, upon whom officers said they found the ransom note threatening “hot irons on his hide” if the $25,000 was nof forthcoming. Authorities Informed. ‘The story of the kidnaping was one in which the law had been completely informed beforehand of the kidnap | plans 2nd followed their development, Sherift C. J. Weller of La Salle, II, | said. The informants, Sheriff Weller said, | were two La Salle men whose names he wefused to divulge. He said they came | to Freeport lcoking for work and met | | Moore, who urged them to enter the plot with the promise of rich rewards. Returning to La Salle, Weller said the go through with it. Meanwhile, Weller told Federal authorities in Chicago so that when the actual kidna oc- curred both State and Federa s were on the scen e. Planned Second Kidnaping. Stubbe, married and the father of two children, according to the plans re- vealed by the sheriff, was to receive $2,000 for providing the hideout, and Moore was to get $8,000 as his share in raising the ransom. The balance of $15,000 was to be divided between the two La Salle aides. With the Trevillian kidnaping suc- cessfully consummated the sheriff said the gang then planned to seize W. T. Rawleigh, head of the company and a relative of Trevilllan by marriage. The stake for his return was to be boosted to $100,000 and because of his; state of health it was planned to en- tice a nurse into the plot and to use an | Within the next two days by a special | ambulance if necessary. Arraignment Delayed. After his release, Trevillian told Sher- ifft Weller and Dan Anderson, member of the United States attorney’s office in Chicago, that the two men under est seized him as he was getting nto his automobile and, with dra: pistols, forced him to get into their car. They drove at once to the abandoned farm house, under surveillance of au- thorities. At her home, Mrs. Trevillian denied receiving the ransom demand an hour later. It was about 10 p.m. before of- ficers broke into the house and rescued the victim and placed the two men un- der arrest. . It was originally planned to arraign the pair before United States Commis- sioner T. E. White at Ottawa, Ill, to- day, but it was later reported that the case would be placed in the State courts due to the uncertainty existing as to whether or not the extortion note was sent through the mails. = R Killed in Target Practice. STEYR, Austria, May 9 (#).—One Socialist was accidentally shot dead yesterday during fllegal target practice near here. He had met with nine other members of the Schutzbund, the So- clalist Defense Corps, which was dis- men told him of the plan and he ad- ' solved by Chancellor Dollfuss several vised them to tell Moore they would weeks ago. A WORLD’S FAIR both on one ticket . . New low round trip fares for tickets his is the year to see the wonders of bargain price. _A free stopover in Chiméo for the World's Fair. Then aboard the famous NORTH COAST LIMITED direct to either the Gardiner or Cody gate- waysof the magic wonderland where the glories of Nature remain unchanged and unchangeable . . . to see Old Faithful perform; to enjoy the rainbow- hued terraces: the giant Yellowstone Canyon and its majestic waterfall; the thrilling 90-mile motor ride over the Cody Road. Routing via Denver and Colorado Springs costs nothing extra when you go Burlington. And you may include Glacier National Park for only $6.25 extra rail fare. Go this summer while costs are so low! Plan your tripnow! Let the Burlington travel experts in the Philadelphia office assist you. h. General Avent. Dept Burlington Escorted Tours—Personally con- E. H. Smit] 1401 Fidelity Philadelphia Trust Pood 45 days: lower Pullman fares. Yellowstone National Park at a ducted, carcfully;filannad, expertly managed. One low cost covers all expenses. The carefree way to see the West at lowest cost. FREE .. . YELLOWSTONE BOOK 80, Blds., Philadeiphia Please send me free booklet and full information about a 1933 Yellowstone Tour. Name..... 7 7 o \ ' TAGOODth/m REAM T . CREAM TOP invites you to enjoy the daily luxury of CREAM RICH ENOUGH TO WHIP—at no extra cost to you! Coffee, Cereals and Fruits will taste better. So will many favorite dishes. And what dessert miracles the ingenious housewife performs with our uniquely bottled Special Pasteurized Milk of high quality and purity! phone WEST 0183 or write for daily service td your door Wise Brothen, CHEVY CHASE DAIRY W A Division of Natioal Daing 3206 N STREET.NW. SERVING THE NATIONAL CAPITAL FO D. C, TUESDAY, DIREGTOR T0 HEAD DRIVE T0 RENOVIZE Special Committee Named to| Select Executive to Con- duct Campaign. A managing director for the Renovize Washington Campaign will be named committee of the Advisory Board, it was decided at a meeting of the group yesterday. The special committee to whom the task was intrusted is com- posed of William W. Everett, H. L. Rust, Jr., and Fleming Newbold. The decision t place the campaign in charge of a director was reached after a discussion of the Philadelphia modernizing campaign, which is ac- knowledged to have been one of the most successful conducted so far. Arthur B. Heaton, general chairman of the campaign, reported widespread enthusiasm over the progress of the renovating movement. He said a group of paint supply houses had advised him the sale of paints has jumped consid- erably during the past two weeks, and credited the renovize campaign with this result. ‘The deadline for entries in the com- petition for a design to be followed in remodeling the dilapidated house in front of the Commerce Department Building is 5 p.m. today. If malled, however, entries must be postmarked before midnight tonight. Fifty sets of ON MOTHER'S DAY—Thousands of Mothers Will Enjoy A 7ue/ Mo‘her‘s Day Sunday May 14 MAY 9, 1933 g™ plans have been issued by the Wash- | tries showed a marked improvemen: ington Board of Trade, sponsors of the | for the last half of April over the first campaign, from renovizing headquar- | half of the month. ters, 221 Star Bullding. Laymen and| He said i the first half 9 industries architects alike are eligible to compete | out of 67 showed improvement in em- in the contest. | ployment, 37 showed no improvement, | , Belection of the winning design will | | be followed by the neming of a Design | Committee, with the winner as chair- | man, and work on the house will start at once. Material, labor and supervi- sion have all been voluntcered, and a close watch will be kept on costs at every step of the work, in order that the public may be informed of the ac- ' tual cost of each operation. To correct a misunderstanding about the campaign in some .sections, Chair- man Heaton pointed out yesterday that | the sole aim of the committee is to pro- duce work’ to help the unemployed and to get that much more moncy back | into circulction. Each property owner is asked, not to give, but to make any necessary repairs at this time when labor and material are cheaper than at any time in recent years, and that the repairs are to be made by a contractor | selected by the property owner-and the ' only expenditures made by him to be | for the repairs on his own property. The city will benefit generally, it is | pointed out, from the enhancement of | the value of the property and from the | money_ which, paid as wages to men | now unemployed. will find its way at once back into the marts of trade. | Through the District of Columbia | Bankers' Association, property owmers | may borrow up to $500 for renovizing | work. 2, |EMPLOYMENT INCREASES; “Mnxked Improvement Shown inj | New York Survey. | NEW YORK, May 9 () —Edward | Rybicki, director of the city free em- | ployment agency, Teported yesterday a | survey made of 69 New York ind ] 7. N $ . and 21 showed retrogression from the last report. The last half of the month, he added, found improvement in 18 out of 69 in< dustries, no mprovement in 23 and retrogression in 21. Today’s best bet! Bond Ten Paymém Plan for Spring Clothes = NG = at purchase 20.00 two trouser suits Home Made CANDIES T}Ie‘e Wonaer‘ul Home Made Candies are made the way Mother likes them. Always fresh—always delicioufi. 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