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May 23, 1936 - Image 6

Resource type:
The Michigan Daily, 1936-05-23

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Stone Imp>oses
$20,000 Fines
On 3 Bankers
Bank Executive Committee
Should Be Responsible
For Fines, Court Says
DETROIT, May 22. -U(Al )-- Judge
Patrick T. Stone imposed fines today
totalling $20,000 upon three former
bankers convicted on charges of mak-
ing false reports concerning the con-
dition of two banks 13 months be-
fore the closing of two of Detroit's
leading banking institutions.
After denying a motion to set aside
their conviction, Judge Stone imposed
fines of $10,000 upon John R. Bodde
and $5,000 against Edwin J. Eckert,
former officers of the Peoples Wayne
County Bank, which later was merged
with now-closed First National Bank
of Detroit. Herbert R. Wilkin, former
vice-president and cashier of the
Union Industrial Trust & Savings
Bank of Flint, was fined $5,000. The
court set aside the conviction of
Donald N. Sweeny, another former
officer of the Peoples Wayne County
Executive Committee Should Pay
Bodde and Eckert were convicted of
signing a $145,000 trustee note that
was carried on the bank's books as a
cash item, although the money was
used to purchase stock in its holding
company, the Detroit Bankers Com-
pany. In assessing the fines against
Bodde and Eckert, the court said that
members of the Peoples Wayne
County Bank executive committee
should pay them.
"They are the men," Judge Stone
said, "who got these men into this
difficulty and they ought to come for-
ward now."
The charge against Wilkin alleged
that a report on December 31, 1931,
was falsified to conceal $600,000 in
bills payable by a "sham transaction"
increasing deposits a like amount. To
Wilkin, Judge Stone said: k
Judge Lenient On Wilkin
"I would give you at least two years
in prison except that I am informed
that you are the sole support of your
aged father and mother."
Judge Stone gave Bodde and Eckert
ten days in which to pay their fines
and both said they believed they could
do so.
dTheir conviction had given the
judge an option of imposing fines or
prison sentenices or both. However,
he said the men convicted "were not
criminals at heart and I appreciate
the humiliation and disgrace they
have endured. To send them to prison
for one day would be a great punish-
ment for them. I do not intend to
sent them to prison."
Sweeny, smiling broadly, and Bodde
left the courtroom hurriedly without
comment. Eckert, in tears, left after
saying, "It was the executive com-
mittee that was responsible for what
happened. Members of the executive
committee will pay $5,000."
Sweeny was on a vacation in the
southwest at the time of the trustee
note transaction.
Charge Juror Of Bias
Arguing unsuccessfully today to up-
set the jury's verdict, O. L. Smith, de-
fense attorney, said Mrs. Romaine W.
Gifford, Detroit, one of the jurors, had
lost a savings account in a bank fail-
ure here and was an ardent follower
of the Rev. Charles E. Coughlin, royal
Oak priest who has broadcast criti-
cism of bankers. Smith said he was
informed the juror's husband, Jul-
ian Gifford, told friends "my wife is
on the jury in that trial and there will
not be an acquittal."
Blakeman Leaves
For Northwestern

Dr. E. W. Blakeman, counselor of
religious education, left last night for
Evanston, Ill., where he will be the
guest of the religious educational
director of Northwestern University.
While there Dr. Blakeman will
study the religious needs of North-
western and of other colleges and
universities of that vicinity. He will
speak to a student group and be
chairman of a panel of faculty and
students on Sunday.
According to Dr. Blakeman, the
newly awakened interest in religion
shown by university students is a
result of their realization that they
must reconsider human values, the
relation of faith to social change, and
the problem of whether education
can complete its task without enter-
ing into the field of religion.
(Continued from Page 4)
of summer jobs-election of officers-
dinner will be served.
The Lutheran Student Club will
hold its annual Senior banquet in
honor of the graduates and those who
will not be here next year, on Sun-
day, May 24, 6 p.m. in the parish hall
of Zion Lutheran Church on East
Washington St.
Miss Marguerite Groomes is pro-

I is Al nfittstr(ali

r (A rYork. While there he addressed a JUNIOR MUSIC CLUB
ctifits re isc ssed .- ctioinctin itopic bin" i Tne An Arbor Junior Music Club,
N.1Y.1duc Group raric4 and Adult Education in the' roup 2, of which Miss Winifred E
T braries nMilAult.is counselorthe, will cocueit
By R ussell Jefi re A rehitects Dr. William W. Bishop returned Next Decade." Milor is counselor, will conclude its
c.- _ _ _ __ here today after attending the four- The'conference consisted of various activities for the season with a pro-
By ARNOLD S. DANIELS day conference of the American As- session groups which were addressed gram this afternoon at the studio of
city planning, Mr. Russell said, have sociation for Adult Education at New by authorities on adult education. Miss Milor.
The social and economic services been amply demonstrated, in spite of'----- ....- ------------- -- - --_--_ ---
rendered to modern municipalities by the fact that both are relatively
zoning and city-planning were dis- young. At present, he said, 1,200 cities
cussed last night by Herbert Russell, in the United States support city
secretary of the Detroit City Plan- planning, and no city which has tried
ning Commission, at the annual AnnI city planning has repudiated it. The
Arbor meeting of the Detroit chapter greatest economic value of zoning, ac-
of the American Institute of Archi- cording to Mr. Russell, is the fact
tects and the Michigan Society of that it stabilizes real estate values,
Architects. and makes permanent the value of
Zoning was defined by Mr. Russell property.
as that function of city planning by The greatest need of city planning
which a community is divided into at present, Mr. Russell said, is an in- FIRST METHODIST
sectors or zones which will most ade- crease in public education. When the EPISCOPAL CHURCH
quately preserve civic rights and in- value of zoning has been made clear State and Washington r NOT FIRSTPRESBYTERIAN
sure economic balance. The prob- to tax-paying citizens, he said, it will M ECHRURCH
lems of zoning, he said, are closely be possible to fully develop its ad- CHARLES w.RASHARE MasonicTemple, 327 South Fourth
connected with those of architecture, vantages. and L. LaVERtW I N 1 Mu niters: william . Lemon
Mu.s_.. .._.. _ .._ ___ _l._.-_. ._._ . ... ll... . ,.,...,1.... ndt r W m . Lemn.

-Associated Press Photo.
Philip Roosevelt of New York, a
ceusin of President Roesevelt and
cl'airman of the bondholders' cohi-
mittee seeking reorganization of the
Minteapolis and St. Louis Railway,
is shown before a Senate committee
as he accused the RFC of "abetting
the robbery" of investors in the
Sloan Attacks
U. S. Tendeney
'lo -Sue -aiesm

in that two of its most important
functions are to eliminate danger of
congestion or overcrowding, and to
create the style of architecture most
suited to individual needs.
In regard to the question of conges-
tion and overcrowding, Mr. Russell
said, zoning serves a valuable social
purpose, and, in many ways, works
hand in hand with sociological study.
Scientific zoning and city planning,
he stated, would definitely eliminate
slum and blight districts, and improve
the health and morals of the inhabi-!
tants of such sections.}
The economic values of zoning and1

Large house and 90 acres land, 12
rniles from Ann Arbor, all good
road, and about, one mile from
Huron River. House has ten large
rooms, is sound, and has good roof.
Needs paint, paper and some minor
repairs. Electricity available. Beau-
tifully located, with plenty of fine
trees and miles of view. Same house
with 135 acres land $4,500. Or a
modern eight room house with 105
acres, $6,000,
721 Church Street Phone 22839

Musi: PlmerChrstia1 , and Norman W. Kunkel.
10:l : al:t' Wu j- s NEGLECT i 00 anS - Stutlent Breakfa9t at
vC the Island.
"WHAT SHALL WE DO 10:45 a.m.-Sermon by Dr. Lemon:
12:00 Noon Class led by Dr. E. W.
B3lakeman. Topic of discussion
Ihe Educated Christian's Obli- 6:00 p.m.-Westminster Guild meet-
gatio." .ing on the lawn of the new
6:00 p.m. --- Wesleyan Guild at church sie at 1432 Washtenaw
Stalker Hail. Dr. W. E. Forsythe ACTIVITIES Avenue.
will speak on "What is Life
7:00 p.m.- Fellowship Hour and


Motors President

Criicizes liiireacracy'
As Result Of Regulation
LOS ANGELES, May 22. - (P) -
Alfred P. Sloan, president of General
Motors Corporation, said tonight that
any "stabilization" of American in-
dustry by government regulation
would mean less employment and
wealth and lead eventually to "state
He discussed the Administration's
economic policies in a speech pre-
pared for delivery at a LosAngeles
Chamber of Commerce dinner given
in connection with the dedication to-
morrow of a General Motors assembly
plant here.
Sloan expressed concern over the
possibility of "some new form of
NRA" and advocated lower costs and
prices, competition and a "better
economic balance" as his own three-
plank platform for industry.
He named "governmental bureau-.
cracy" as one of the most undesirable
aspects of any attempt to stabilize
"the peaks and valleys of thesindus-
trial cycle" or the periods of excessive
prosperity and the depressions.
"I do not hesitate to say," Sloan
asserted, "that if America takes the
road marked 'stabilization,' bureau-
cracy will "be the first step; regimen-
tation of industry the second; and the
end of the road --however long it
may be - will be state socialism.
"That is inescapable. We do not
need to look far afield to see this
very process in evolution."
Sloan said that, economically
speaking, stabilization means a high-
er price level - "an umbrella over
the inefficient."
"The present economic beliefs of
our government are, I am quite sure,
inclined toward that viewpoint. We
have had the NRA, the AAA, the
the Gufey Coal Act and the like. And
*there seems to be in the offing rumb-
lings with respect to some new form
of NRA. Let us hope that we may
Bates Speaks
To luniClub
T AlmiIn Minneapolis
ThreeUniversity of Michigan alum-
ni clubs have held parties or meetings
this week in their respective districts
and two more are planned for today.
The annual spring party of the
Battle Creek club, held there yester-
day at the Guguac Country Club, was
attended by Paul M. Cuncannon of
the political science department,
Franklin C. C~ppon, athletic coach,
and T. Hawley Tapping, general sec-
retary of the Alumni Association.
There was a sports program in the
afternoon and a dinner in the eve-
Dean Henry M. Bates of the Law
School addressed the first annual
meeting of the new University of
Michigan Club of Minneapolis last
Emory Hyde, president of the Alum-
ni Association, Robert O. Morgan, as-
sistant secretary of the association,
and Mr. Tapping will attend the an-
nual meeting of the alumni clubs of
the third district to be held today at
tI Crmnrdiore Perry Hotel Toledo.

The Experiment Has Been Successful!
A Step Forward Has Been Made ...
The staff of the 1936 Michiganensian began operating this
year with a public annoucement that we would no longer be "Pro.

cessionary Caterpilars."

In this announcement we said that we

were abandoning habit, custom, tradition, precedent, past experi-
ence, "standard practice," or whatever you may choose to call it'.
We were determined to experimerat, to forget the yearbook of
yesterday, and to produce the yearbook of tomorrow.
Yet, in spite of the f act that it was an experiment, we did not
procede blindly. We solicited the aid and advice of select com-
mittees f rom each School and College in the University. Only in
this way could we be assured that the book would fulfill the desires
of the student body. Only in this way could the Michiganensian
be truly a yearbook published by and for the student body.



MICHIGANE SIAN WILL BEGIN. At that time you may see for
yourself the yearbook of tomorrow that has become the yearbook
of today. The staff is certain that you will feel that the innovation
has brought a marked imp rovement and that the increased in-
terest as been justified. We are certain that you will share with
us the belief that the experiment has been successful, that a step

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