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March 03, 1933 - Image 1

Resource type:
The Michigan Daily, 1933-03-03

Disclaimer: Computer generated plain text may have errors. Read more about this.

The Weather

C, r

Lie ian


cloudy Friday;
generally fair.

., ----

VOL. XLIII No. 109


Z -

- __

Bank Bill
Is Up For
Emergency Legislation Is
Ready For Decision Of
Solons Today; Differs
Fron Constock Plan
19 States Now On
Bank Holiday Lisp
Texas Is Latest To Join.
Cashless Ranks; 'Five
Days' Is Ma's Decree;
D). Of C. In Parade
LANSING, March 2.- (NP) - Emer-
gency banking legislation was almost
ready for submission to the floor of
the Legislature tonight.
A draft of a compromise bill, giv-
ing the state banking commissioner
broad dictatorial powers, was com-
pleted and made public by the private
corporations committee of the House.
The measure declares "It is neces-
sary to establish government control
during the emergency." A meeting
of the committee was scheduled for
9 o'clock Friday morning, when the
measure may be reported to the floor.
The compromise measure differs
comparatively little from an admin-
istration measure completed some-
time ago by Patrick H. O'Brien, at-
torney general, and Arthur J. Lacy,
advisor to Governor Comstock.
Four Governors Issue
Week-End Proclamations
(By The Associated Press)
Nineteen states and the District of
Columbia had taken action Thursday
to assist their banks with morato-
riums or by restriction on with-
Governors of four .states declared
legal holidays under which the banks
will do no business for thehremainder
of the week.
Emergency laws passed by state
legislatures provided authority for re-
strictions on withdrawals in many
cases, while in others the governor or
the state banking commissioner took
action. Five per cent monthly of to-
tal deposits was the withdrawal set
by most of the banks. -
Closings Tabulated

D'es Suddenly

-Assoclated Press Photo



I ilepuer Child.
To BeToday
Parents Of Boy Killed In
Explosion State Belief
ie Was Not Its Cause
Private services will be held today
at the Zulz funeral home for six-
year-old Harold Hepner, who was
burned to death in a gas-tank explo-
sion last Tuesday. Burial will take
place in Fairview cemetery with Rev.
f John Shilling officiating.
Both Mr. and Mrs. Hepner have
expressed their belief that Harold
was not responsible for the explo-
sion in which he met his death. Mr.
1Hepner was convinced that his son,
attracted by the noise of the explo-
ision, ran toward the tank and was
sprayed withtburning gas. Mrs. Hep-
ner stated that her son had no
matches when he left the house. A
neighbor of the Hepners said she had
seen Harold running toward the tank
after the explosion.
'Last L. I. D. Talk
Scheduled Monday
The eighth and last lecture in the
series being presented by the League
for Industrial Democracy will be
given by Dr. Royal G. Hall, on "A
New Philosophy for a New Age" at
8 p. m. Monday. March 6, in Natural
Science Auditorium.
Dr. Hall is chairman of the social
science department at Albion College
and is a recognized authority on the
social trends arising from the depres,
sion. He has spent five years in
travel in Asia and the Pacific coast
countries and with Sherwood Eddy
in Europe.
He will bring to his lecture the re-
sults of a year of study at the Lon-
don School of Economics and of in-
tcrvicws with leaders of liberal
thought in 16 different countries
which he visited last year.
Receive Message From
Expedition To Greenland
A radiogram recently received from
Dr. Ralph L. Belknap, head of the
University expedition to Greenland,
indicates that all of the party are ap-
parently well, it was said yesterday
by Prof. William H. Hobbs, of the
geology department.

Walsh's Death
Stuns Capital;
Nation Mourns
Was Well-Known Figure In
Washington; In Senate
Since Election In 1912
Roosevelt Tells Of
Loss To Country
Was To Have Held Post
Of Attorney-General In
'New Deal' Cabinet
WASHINGTON, March 2.-P)--
The capital heard with stunned sur-
prise today of the death of Senator
Walsh of Montana on the eve of his
elevation to the attorney generalship
in the new administration.
The Montanan had been a familiar
figure in the capital for 20 years,
ever since he left the private practice
of law in Helena to come to the
He probably gained his greatest
prominence as the prosecutor in the
Teapot Dome oil scandals in 1924.
To Democrats all over the United
States he was known as the man who
presided over the tumultous Demo-
cratic convention of 1924 which
fought out the long deadlock between
Alfred E. Smith and William G. Mc-
Adoo for the nomination. The dead-
lock was finally broken by the selec-
tion of John W. Davis as the stand-
Again in 1932, the Montanan was
chosen to preside over a national
conclave of his party, this time at
Chicago, where after three ballots
Franklin D. Roosevelt was nomi-
Through the remainder of the
campaign he was a frequent visitor
to Albany and often accompanied
Mr. Roosevelt on his campaign trips.
Immediately after word was re-
ceived today of his death, Senate
Democrats requested that the Senate
adjourn as a token of respect.
NEW YORK, March 2.-(P)-Pres-
ident Elect Roosevelt spoke of the
death of Senator Thomas J. Walsh,
who was to be his Attorney-General,
today as a "grievous loss to the whole
"The death of Senator Walsh,"
Roosevelt said in a statement, "is a
grievous loss not only to the whole
country and to the incoming admin-
istration in which he was to play so
important and prominent a part, but
in deep measure to myself person-
"He was one of my oldest and most
trusted friends and one on whose
calm judgment I could always rely.
"While properly to fill his place
in my Cabinet will be difficult, to fill
his place in the circle of my friends
will be impossible."
Ann Arbor Boy Wins
Automobile Drawing
Duane Pullen, Ann Arbor youth,
was the winner of the Oldsmobile
coach in the raffle held in the Mich-
igan Theatre last night.
The contest was run simultaneous-
ly in the Michigan, Majestic, and
Wuerth Theatres, but all the winners
were in the Michigan.

Shaw Reminds Japs
Of Anti-Imperialist
End Of World War
KOBI, Japan, March 2. - (P) -
George Bernard Shaw, British author
and playwright, referring to the Jap-
anese campaign in Jehol province,
told a horrified group of Japanese
reporters here today that "the Eu-
ropean war was imperialistic, yet it
led to the disappearance of three
Mr. Shaw, who is on a world tour,
continued: "Have you in Japan ever
thought that in your imperalistic
aims you may end as a republic and
that is not at all what your rulers
want? European imperialists, or what
is left, would give their eyes for the
return of 1914."
Praising Soviet Russia, he said,
"Stalin does not rule because the
sun is in Heaven but because he is
the best man for the job."
He urged Japan to adopt birth
control to solve population problems.
"There is no reason," said he, "why
Japan should continue to expand and
demand the right to overflow other
countries which naturally resent an
influx of a lower civilization."
European Trip
Is Subject Of
Talk By Wood
Professor Of Sociology
Tells Of Present Housing
Conditions In Germany
An atmosphere of hopelessness
which'prevails over Germany, was a
striking impression which was noted
by Prof. Arthur E. Wood of the socio-
logy department, during his recent
trip through Europe.
However, one problem which Ger-
many has solved with the utmost
efficiency, Professor Wood pointed
out in a talk given last night at a
regular meeting of Alpha Kappr:
Delta, honorary sociology society held
at the horie of Prof. R. D. McKenzie,
has been the problem of tinsform-
ing the many undesirable city slums
and houses into beautiful dwellings.
"Germany has done a wonderful
job in developing much needed, in-
expensive housing for the workings
man," he said. After the war there
was a shortage of dwellings, dnd
what there were, were very poor and
dark, Professor Wood explained.
The Reich, the municipal govern-
ments, and taxation have built new
housing quarters with gardens, mod-
ern sanitary installations, well-light-
ed and well-ventilated rooms, and
playgrounds and nurseries for chil-
Horowitz Plays
Every Concert
Like His First
Youtihful Pianist, Who Is
To Play Here Monday,
Well Reeceived In U. S.
"I play every concert of my life as
if it were my debut concert in Berlin,
London, or New York."
Thus speaks Vladimir Horowitz,
youthful Russian piano sensation,
who will play here Monday night for I
the Choral Union Series.

Extravagance to the point of
strained credulity characterizes the
press notices and critical comments1
which have preceded Horowitz here.
A recent letter, written to Steinway
and Sons in New York by a well
known Hungarian patron of the arts.
said in part:
"I heard Horowitz. It was a tre-
mendous achievement, so that I was
absolutely speechless, and could not
believe that I was hearing right. In
fact I have heard as you know all
great pianists but have never heard
anything like this. I can only im-
agine that Liszt in his youth played
like it."
This letter has been called char-
acteristic inasmuch as it is said that
no one can hear Horowitz without a
very definite and personal reaction.
Inauguration Calls
:Local Democrats
A party of Ann Arbor Democrats
left Detroit at 5:30 on the Michigan

The banking situation in brief fol-
Author- Restric-
State ity Closed tions
Michigan ov. No 5% monthly
Kentucky Gov. No 5% for 4 days
W. Virginia E. L. No 5% monthly
N. Jersey E. L. No Various
Ohio E,. L. No 5% mostly
Tennessee Gov. No Various
Indiana B. C. No 5%
Alabama Gov. Yes 5%
Oklahoma Gov. Yes
Nevada Gov. Yes
California Gov. Yes
Oregon Gov. No
D.of Columbia No Various


Louisiana r

E. L. ]
Gov. I
BI. C.,

No. Various
No $25 plus 5%
with various
No 5%



F. L.- Emergency Law. B. C. -
Banking Commission.
The moratoriums are mandatory in
Alabama, Nevada, California, Ari-
zona, Mississippi and Texas..
Texas Latest
Gov. Miriam A. Ferguson's procla-'
mation declaring a financial mora-
torium in Texas for five days and or-
dering all banks to remain closed
until and including March 7, made
her state the latest to go on the holi-
day roster.
A proclamation of Gov. James
Rolph, Jr., at San Francisco, made
mandatory the closing of California
banks for a three-day period ending
Saturday. A three-day holiday called
by Gov. William H. Murray in Okla-
homa, for the same period, also was
The proclamation of Gov. Oscar
K. Allen of Louisiana provided for
the cessation until the end of the
week of "all public business, includ-
ing banks and other public enter-
prises." In Mississippi the decree of
the state banking commission called

Remer Discusses Inflation As
Means Of Controlling Prices
By JOHN W. PRITCHARD It was further stated that, in the
Inflation, popularly regarded as opinion of Professor Remer, deposit
something rather vague and highly guarantee, as outlined in the recent
undesirable, is not merely "some-
thing to call names by"; it may be report by the local committee headed
defined as any conscious method of by Prof. I. L. Sharfman, is the best
handling money or bank credit in measure thus far advanced, and the
such a way as to cause a rise of one most likely to succeed if put into
prices or to prevent prices from fall- effect.
ing, said Prof. Charles H. Remer of
the economics department in an in- As listed by the economist, recent
terview yesterday. inflationary proposals have embraced
Calling attention to the fact that (1) establishment.of the Reconstruc-
deposit guarantee, recently advocat- tion Finance Corporation, which was
ed by five members of the depart- put into operation last year; (2) pro-
ment in a message sent to Washing- posals to reduce the amount of gold
ton, is actually a form of inflation, in the dollar; (3) proposals to print
Professor Remer pointed out that additional paper money, which is the
one cannot confine the term "infla- popular conception of inflation; (4)
tion" to a process of starting the gov- proposals to broaden the basis of re-
ernment presses and printing a vol- discounting of Federal Reserve
ume of currency in excess of the Banks; (5) proposal to guarantee

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