chronicle-telegram front page, march 4, 1933
TRANSCRIPT
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8/20/2019 Chronicle-Telegram front page, March 4, 1933
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Full
Leased Wire Report of The United
Press
THE
CHRONICLE-TELEGRAM
July 24 ,
1829
ELYRIA, OHIO, SATURDAY, MARCH 4, 19*3
TWELVE
PAGES
PRICE TW O CENTS
T K E S
O T H
S P R E S ID E N T
w
York
a nd Illinois Ar e
Followed By New Eng-
land States, Financial
Officers
of
Federal
Gov-
ernment Studying Sit-
uation.
Bj
I nited I*reos
D e v e l o p m e n t s
in
t h e b an k i n g
to d a y w e r e
No w
Y o r k an d
I l l inoi s , fol low-
b >
th e N e w E n g l an d
states
Th e ef-
- 0 . 3 =
tn
m ak e 'he m o r a t o r i u m
R i d e
Th e Ne w Y o i k Stock E x with
th e
s itua -
t ion.
W O M A N LEAPS TO HEE DEATH
F R O M HOTEL AT CINCINNATI
C I N C I N N \ T 1 , A lar. 1—Mrs. Pau l ine Ir ish, 46 , interior decorator
of
Cincinnat i ,
leaped to death today from one of the upper floors of
a 29-^torj
hote l
here. Her crushed bod> was found on a roof five
stories a b o v e
street
l e ve l . She had not registered a t the hotel . Pol ice
were u n a b l e to
l earn from
what point she leaped.
A
note
to her son explained
that worr ies over
monev losses
( a u s e d h e r a u .
Mi e
was divorced
three
jears ag o
f r o m L o u i s
H.
Ir i s l i , N e w Y o i k
f i t ) .
PRESIDENT HOO VER SIGNS TREASURY
POST OFFICE ECONOMY MEASURE
\\
A S H I N ' t i T O N ,
M a r c h
4.—The
wa j wa s
thrown open todav
fo r
ef fect ive
federa l e c o n o m j
w h e n
President Hoover signed the Treas-
ury-Post O ffice I x o n o m j Bill carrj"ing with it executive power to
reorganise
th e na tiona l g o v e r n m e n t .
Mr .
H o o t e r ab o stoned a number oi other Congressiona l Acts ,
inc luding th e N'avj Department Appropria tion Bil l .
BELIEVES AMERICAN PEOPLE
WILL
KEEP
THEIR HEADS
IN THIS CRISIS
W A S H I N G T O N * ,
Ma rch
4.—Harvej Couch, a
director
of the Re-
construction F inance
Corporat ion, called
on
President
Hoover
todaj
and a fter discussing the banking s ituation with him
said
he was con-
fident
"the American
people
w o u l d keep their
heads
in
this
crisis."
an d fo reign b a n k s r e f u s e d
A m e r i c an checks , and
Financial
o f f i cers o f the g o v -
held conferences dur ing
e
i n au g u r a t i o n
fe st ivi t ie s
at
t h ey
cons idered
m e a n s of
th e
s i t u a t i o n
Sever-
F ed er a l Reservp hanks an-
c o m p l i a n c e
w
ith
th e
m o r a t o r i a
C i t i z e n s took the
s i t u a t i o n
C i e d i t w a s e x t e n d e d
to
b\ t rade* people and o t h -
s w h e r e
c a - s h w as l ac k i n c
P a j -
s u m s
w a s p o s t p o n e d
bv
th e
of
b a n k i n g h o l i d a v s
b a n k i n g
op -
1
*
Three -
s t a t e s — C o l o r a d o
South
an d
V n g i m a — u p
to
r e m a i n e d a l o n ° a s
h a v i n g
ac t i o n t o w ar d
a
m o r a -
r e s t r i c t io n o f with -
pAssiole ap p o i n t m e n t M o n -
count>
re l ie f c o m m i t t e e
t h r e e persons ,
to sene w i t h -
t
r em u n er a t io n
f o r t h e g e u e i -
o v e r s ee in g le l ie f
t h r o u g h o u t t h e r o u n -
revealed t odav b ^
C o u n t y
C
T> M u r r a ,
Th e c o m m i t t e e w i l l
b" in
l ine
a suggestion mad In R a v -
C lapp . o f t h e s t a t e w e l f a r e
w h o
propo^d t h a t
m e a n s
b e t a k en
b> the coun-
of the s ta te to see
t h a t
th e
bene f i t s
be received
e x p e n d i t u r e of
re l ief
f u n d s
t h r o u g h t h e c o u n t } .
TA X
T O B E b T L D l E t )
Proposed sa les tax leg is lat ion
i Oh io , now pending
in
th e
l eg i s l a tu r e ,
w i l l be
d iscus sed
E l v r i a R o ta r j
m em b er s
T u e s d ay
b v Thorn
A R y a n , Cleve land
a t t o rn e y
b e t h e s p ea k er at the
w e e l c l v
meeting at the E l k s '
it w as an n o u n c e d t o d av
A
p r o g r a m o f m u s i c w i l l also
o f f e r e d
by
th e
C M and I
S i n g e i s ,
of
J ac k s o n ,
THREE BANDITS
R O B
TEXAS
GUINAN
OF $30,000 IN
JEWELS
C H I C A G O , March
4 . — T h r e e
bandits gave th e Little
Girl —
Texas G u i n a n herself—a "big hand"
tod^y
when they robbed her of
930,000 in jewelr j and a
J J S 2 . 7 0 0
fu r
coat
in front of the Lake Shore
Drive
H o t e l .
JAPAN ACTS TO STABILIZE
EXCHANGE VALUE OF THE YEN
T O K I O ,
March 4.—The Japanese House of Peers todav passed
the Foreign Exchange Control
BUI,
designed to stabil ize the exchange
va lue of the Ten and prevent the f l ight of capita l .
Attorney G - e n eral De-
clares
Money
Now Be-
ing Deposited Is Safe
A s in a
Vault.
C O L U M B U S . 0 M ar c h 4 —
"Money now being depos i ted in
O h i o b a n k s u n d p r th e
e m e r g e n c y
l a w s
is
in
th e
s am e s t a t u s
as
ruon t , ' pu t in sa f et> d ep o s i t
vaul ts , " sa id A l t a i n° v
G e n e r a l
J - o b n B n ck er F n d a j
"Th e
law
p roh ibi ts the . b a n k s
f r o m r e - m v es t in g n T h e y m u s t
h o l d it
an d
pay it
out in
f u l l
on
d e m a n d .
"Xor a r e t h e s e n ew d ep o s i t s
t ied up
in
an y w a >
w i t h
the o ld
d ep o s i t s , " M r . Bncker continued
"I n cases
w h e r e b a n k s m u s t
be
l i q u i d a t e d , t h e n ew d ep o s i t s a r e
no t af fec ted at all
la
effect
each b a n k w h i c h
ha s
t a k en
ad v an t ag e
of the l imited
w i t h d r a w a l l aw and
is
ac c e p t i n g
new deposits
is now two
b an k s ,
th e
o ld and the new Th e i r fu -
t u r e
f o r t u n e s
ar e
entirely sepa-
r a t e
"Losses ma v
be s u s t a i n e d on
old d e p o s i t s , b u t c an n o t b e s u s -
tained on new depos i ts
"Monev d ep o s i t ed
no w
in
th e
new
a c c o u n t s is, as s a f e as t h o u g h
pu t in
a
d ep o s i t v a u l t
" T hi s , o f co u r s e , is an emer-
gency
l aw to meet a temporal
s i tu a t io n , " M r . B n ck er
said .
Scrip
Plans
Are
Being Studied
Various,
Hrj3po^%J£
OVT
ol'r*
*
c
_
n
P
plans or
other
plans fo r providing
a m e d i u m of exchange to carry
on
E l v r i a
b u s in es s d u r in g
th e
present emergency are being con-
s id e r ed b y
the M e rc han t s '
Div i-
sxra of the Elyria C h a m h er o f
C o m m e r c e , the divis ion reported
t odav
Th e d iv i s io n
has
b e e n
consid-
er ing s u g g es t ed p l a n s
fo r
several
d a v s
an d h o p es t h a t it w i l l s o o n
& e able to
f o r m u l a t e
a m an w h i c h
w i l l
be
p r e s en ted
to
local b a n k er s
to
l°arn their v i ews u p o n it.
Members o f tne divis ion feel
t h a t t h e p r o b l em i s p a r t i c u l a r l v
one fo r th e
b a n k er s ,
bu t thev
point out t h a t th e
b a n k e r s
ar e
p ar t i c u l a r^
b u s v j u s t n o w , an d
s o t h e} a r e t a k in g t h e I n i t i a t i v e
in an ef f o r t to assist m solving
th e p r o b l e m .
Garner Sworn
In
As
Vice-
President
Governor
White
In Close Touch
With
Situation
R E S E R V E B A N K
T O T A K E D E P O S I T S
FIt tMl ITS M E M B E R S
C L E V E L A N D , M a r ch
4 — G o v
R
Fancher
of
t he Federal
Re -
this
dis tr ict an-
today
that th e
b a n k
ha s
f u n d s
its
m em b er b a n k s
an d
f u n d s
in a
specia l ,
The Weather
Forecast
OH I O
—
C loudy
tonight;
S u n -
fa ir , with s lowly ri sing tem-
C O L U M B U S , 0 , March 4 —
G o v e r n o r W h i t e , in W a s h i n g t o n
today,
was in
co n s ta n t
to u ch
w i t h
C o m m e r c e D i r ec to r Th eo d o ic
Ta n g em a n a u d
o t h e r m e m b e r s
of
th e state g o v e r n m e n t rela tive to
th e
b a n k i n g
cri si s .
At noon his secretary, Carl
S m i th ,
i s s u ed t h i s s t a t em en t
f r cm
th e
governor's office.
"Th e pos s ibi l i ty
o f w id es p r ea d
f i n an c i a l d i s tu r b a n ce
was
indi-
cated to G o v e r n o r W h i t e a f e w -
days
ago.
It
f u r t h e r
appeared to
th e g o v er n o r t h a t th e s i tu a t io n
w i t h r e f e r en ce to t h e
interests
o f
this state
w o u l d be such as to re-
q u i r e n a t io n a l
action.
"The presence
of
G o v er n o r
W h i te at W a s h in g to n , wh er e , he
is
in personal contact
with Presi-
d en t Roosevel t and the governors
of o th e r states, is extremely im-
p o r ta n t
to the
we l fa r e
of
Oh io .
"Governor White te in con-
stant co m m u n ica t io n w i th us
from
W a s h in g to n
as to the trend
of
events
and is directing the
main
activities
of the
state
by
telephone f rom his hotel in Wash-
ington.
W A S H I N G T O N ,
M a r ch 4 —
(I
p>-—John
Na n ce G a r n e r ,
f o r m e r
c o u n t r y l aw je r ,
t o d av
b eca m e th e
vice p r e s id en t
of the
United
State^
Th e
Texan
was sworn in to-
day in
th e
s t a t e l y ch a m b er
of the
U n i t e d Sta tes Senate b e f o r e a
d i s t m g u i s b p d c o m p an j
i n c l u d i n g
P r e s i d e n t H o o v e r an d t h e
incom-
ing P r e s id en t . F r a n k l in D . R o o s e -
v e l t
C h a r l e s
C u r t i s ,
r e t i r i n g
V I C P p r e s id en t , a d m in i s t e r ed th e
oath
As
G a r n e r p r o m i s e d , h a n d up -
raised to s u p p o r t t h e C o n s t i t u -
t ion
t h e r e en d ed
for him 30
v e a r s
o f
u n in te r r u p te d s e r v ice m the
H o u s e wh ich l ed in 1931 to hi s
plec t ion a s s p ea k e r
Garner G iven
Great
Ovation
W A S H I N G T O N . M a r r h 4 — T h e
House of
R ep r e s en ta t iv e s
ad-
j o u r n e d
at 11 21 a m.
to d a y
A
t h u n d er o u s o v a t io n todav
marked the close of Speaker John
N
G a r n e r ' s t e r m
as
p r e s id in g
of -
f ice r
of
the H o u s e
Shortly before the
t i me
for ad-
j o u r n m en t th e
s p ea k er
wa s
pre-
sented wi th a wa tch as a "token
of
e s t eem an d
admirat ion
1
'
f rom
D em o cr a t i c m em b er s
W h i l e
th e entire m e m b e r s h i p
of t he c hamb e r
s tood
and
cheer-
ed , th e
white haired Texan, soon
to become vice-pres ident, in a
tremendous voice, expressed
hi s
apprecia tion.
There
are
times
wh en wo r d s
ca n n o t
express
th e
soul
of
m a n , "
G a r n e r
said
— h is strong voice
t r a i l ed o f f .
TA X L E A G U E MEETS.
Th e Elyria
To wn s h ip
League met at Gulf road school
h o u s e
last evening.
There
was a
l engthy discuss ion
on
b il l s before
the state legislature. This
discus-
sion was
lead
by H.
L. Shryock.
Mr .
Wensick
of the
Elyria
tax
l eague, also spoke. School affa irs
were
also discussed.
President
of the United
States ff[[J, ASK
POWER
AS
B R O A D
A S H E
T H I N K S
N E C E S S I T Y R E Q U I R E S
Strikes
Out Boldly in
Inaugural Address
For
Imme-
diate and Drastic Action, Handles Financial Situa-
tion Fearlessly, Stands For
Strict Supervision
of
All Banking and
Credits
and Investments.
TH E CAP ITO L , W A S H I N G T O N , March 4.—(U.B—
Frank lin D. Roosevelt became president of the United States
todaj with
an excoriation of the money
changers
aid a
promise that he
might have
to adopt war
time
measures to
combat
the financial
crisis
no w
enveloping
the
nation.
W ith u pl i fted hand, the advocate of the "new deal was
sworn
i n b j
Cl u e f Justice Hughes before thousands
of
spec-
tators on a w h i t e painted stand in front of the capitol.
As the solemn voice of the Chief Justice echoed across
the
xa st
throng , Mr. Roosevelt took from the shoulders of
Herbert
Hoover
the heaviest burden of peace
time responsi-
bi l i ty that an} president sinc«:
Lincoln
has
faced.
Then, speaking
to the
hushed
thousands, Mr.
Roose-
velt spoke frankly
of the
grim problem facing
the
nation.
FBANKLIN D. EOOSEVELT
This
is a
r ecen t p o r t r a i t
of the
n rcs iden t
A
l e . i o d a c i
on of the president 's
fl ag
is
s h o w n below.
m i
l E n c i m n
Members
o f
Roosevelt
Cabinet Ready
to Tac-
kle a
Magnitude
of
Problems.
-WASHINGTON,
M a r ch
4
— T h e
f ie ld
m a r s h a l l s
o f t h e
"New D ea l "
th e n i n e m en a n d o n e wo m a n wh o
c o n s t i t u t e t h e
Rooseve l t -
ca b in e t ,
wer e r ea d y to d a y to tackle a m a g -
n i t u d p o f p r o b l e m s s u ch as few
ad m i n i s t r a t i o n s h av e f ac e d
No t
long
a f t e r
t h e i r
c h i e f ,
F r an k l i n D Roosevelt ,
takes
th e
oath o f
o f f i ce
on an a n c ien t B ib l e ,
t h e *
s h o u l d be
ful l
f l ed g ed
o f f i -
cials he ads o f eo v e r n m en t d ep a r l -
m e n t = ; w h i c h r a m i f y
i n t o e v e r j
n a t i o n a l
i n t e i e s t
Th " n ew p r e s id en t
w as e x p
r
ct -
' pd to s f n d
t h P i r
n o m in a t io n s to
t h e f r n v t e t o d a > . Th a t b o d y w i l l
c o n f i r m
th*m p r o m p t l y .
T h o u c l i
o b s e r v e r s o f t h e r e n t i a l
i n a u g u ra l
c e i e m o n y , t h ey w e r e
among;
th e m o s t o b s e r v ed in the
g r o u p
of old and ne w o f f i c i a l s
^ \ h o
s i n i o u n d e d P r e s id en t H o o v er
an d h " successor in the
rites
F e m al e eyes s o u g h t o u t
Mis s
Francp-i P e r k in s , t h e f i r s t o f h e r
sex
in
a p r e s id en t ' s ca b in e t , wh o
w i l l
c o n c e rn h e r s e l f w i th t h e
w o r k s h o p , t h e h o m e , w o m e n an d
b a b i e ^
a s "ec ie ta r y of l abor .
Bus ines s an d
f i n an c e
wer e
keenly in t e r e s t ed m th e d im in u -
tive
v V i l n a m
H . W o o d m , n ew
s°c-
re tary of
t r ea s u r y .
He was up
until the early hours of the morn-
i n g , wo r k in g o n t h e b an k m s r
problem
There was Cordel l Hul l , of Ten-
nessee, new secretary of state in
a p e r io d wh en W o r l d wa r d eb t s ,
a n d d i s a r m a m en t ar e p a r a m o u n t .
Wallace Youngest
A
fe l low -southerner ,
Claude
A.
Swan son of Virginia as secretary
of navy wil l be a close companion
of Hul l ' s in the
days
to come.
Th e
inaugural crowds
talked a
good deal about a newcomer.
This wa s
Harold
Ickes of Chicago,
secretary
of
interior
by
whose
ap-
p o in tm en t the new president
rec-
ognized
th e progressive g r o u p
wh ich h e l p ed him win the elec-
t ion.
Many
wh o remembered hia
fa-
ther
were
asking about Henry
Wallace' s boy.
A
youthful red-
( N o .
1, continued on
Page
2)
Curtis Hands
Over
Gavel
To
Garner
W A S H I N G T O N ,
March 4 —
Vice P r e s id en t C h a r l e s C u r t i s t o -
daj took fo rmal
l e a - v e
of the
Congress he had
sened
for 40
jears
In his f inal speech to the Sen-
ate,
th e
7
3-3
ear-old
v e te r a n
h a n d ed over hi s ga\el to
hi s
suc-
cessor,
John N Garner and cal l-
ed
on Cong ress to supp ort the new
adminis tra tion in a
un i ted
ef f o r t
for The economic recovery
of
ou r people and of t h e i r af fa i rs
As co n g r e s s m a n , s en a to r an d
p r e s id in g
of f ice r
o f the Senate ,
Curtis had
r em a in ed in Congres s ,
w i t h o n e
two - yea r b r e ak s ince
1 S 9 3 S o m ewh a t
w . s t f u l ' v
he re-
called that
o n l y
one man in th e
p r e s en t C o n g r es s w as h e i e w h e n
he was sworn in
He refer red to S e n a t o r C l a u d e
A Swanson .
D e m o c r a t
V irginia ,
wh o
is en d in g h i s
Capi tol
ca r ee r
to enter the i n c o m i n g
Cab in?
1
"I t is w i t h d f > e n
emot ion
t h a t
T bid vo.i g o o d h . e and s h o r t h
f o r t h f r o m
h e r e ,
a
p r n a t »
c i t i -
z en , " C u r t i s s a id
Elyria
Pays
Its
Final Respects
To E M .
Rice
Hundreds
of F r ion- l " Jo:n
Rela tives a t Services Hr^c
daj Afternoon.
Elyria paid
it s f i n a l rop
part,
and
' 0 1 v o u r s , we f a ce our common
ni t ' i c ' i i t i e s .
Th ey
concern,
t h a n k
r,od on h
m a te r i a l t h in g s V a l u es
I
.- s h r u n k e n
to
f an t a s t i c l ev e l s ;
'a
v
s
h av e r i s en ;
ou r
abi l i ty
to
t
ia v ha s f a l l en ; g o v er n m en t of
a' l
\ . n d s i s
faced
by ser ious cur-
ta 'rnp nt of
in co m e ;
the
means
|o
f
exchange are frozen in the cur-
i p - n t s
of
trade:
th e w i th e r ed
l e a v e s of industr ia l enterprise He
I 0.:
e v e ry
s id e ; f a r m er s
find no
tna-kets
fo r
their
p r o d u c e , th e
1
*a v
ing
1
; of many years in thou-
sand* of famil ies are gone
"More
im p o r ta n t ,
a
h o s t
of
u iem
p loyed
citizens face
the
grim
'
prob lem of
existence,
and an
pqual ly
great n u m b er toil w i th
|
l i t t le return.
Only
a
fool ish opti-
'
mis t
can deny the dark
realities
of
th e moment.
Y et
our
distress comes from
no
fa i l u r e
of substance. We are
s tr icken by no plague of locusts .
Compared w i th
th e
peril s which
our
forefa thers conquered because
they believed and were n ot afra id,
we nave, still
much to be
thank-
fu l for . Nature
still
offers he r
, bounty , and human efforts have
mul tipl ied it.
Plenty
is at our
,
doors tep,
but a
generous ase
of
it
l anguishes
in the very
sight
of
the supply.
Rules Have
Failed
Primarily, this is because the
rules of the exchange of man-
kind's
g o o d s have
failed
through
their
ow n
stubbornness
and
then-
ow n
incompetence, have
admitted
their fa ilure
and abdicated. Prac-
tices
of the
unscrupulous
money
changers s tand indicted
in the
court
of
pub l ic opinion, rejected
by the hearts and
minds
of
men.
"True, they have tried, but
t h e i r e f fort s have been
cast in th e
p a t t e r n of an
o u t w o r n tradition.
Faced by fa ilure of credit,
they
have proposed only the
lending
of
more money. Str ipped of the
lure of prof i t by
wh ich
to
induce
ou r
people
to
follow
their false
l eadership, they have
resorted to
exhorta tions , pleading tearful ly
for res tored confidence. Th ey
know onl>
the rules of a
genera-
t ion of sel f-seekers . They have no
vis ion ,
and
w h e n
there is no vi-
sion the people
perish.
'The money changers have
ned
f r o m
their high
seats
in the
temple of our civil iza tion, we
ma> now restore that
temple
to
th e
ancient
truths.
Th e measure
of
the restoration lies
in
the ex-
tent to which we apply social
v a l u e s more nob le than n i e r & ,
monetary profit .
"Happiness lies not in th e
mere
possess ion of money; i t
lies
in the joy of achievement, m the
thr il l of creative e f fort . Tn e jay
and
moral s timulation of work no
longer must be
forgotten
in
th«
mad chase of evanescent
profits.
These dark days will be
worth
all they cost
us if
they teach u»
t h a t
our true des tiny
is not
to M
minis tered
unto but to
minis ter
to ourselves
and to our
fellow*
men." „ _„
People
N«d W o r k .
" Recognit ion of the fa ls itr
material
wea lth as V» »
t
*
B
of success goes hand in band
the
ab andonment of the
]»«
lief
that pub l ic off ice an d
political
position »re
to
b«
ued
only
by the
aundir
pride of place »nd
p«r»oii»l
t- and
there mu st b« »»
*
a conduct in banking
an4
te
cess
which too oftte ***
|t
sacrtd trust tb* UUnu
•
l o u s tnd selfish
"SmtU wonder
(No. 4 CosUtmad M I
nFWSPAPFRI