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weather; .
UaaeCUl wttk raU today,
and ' Satarday, moderate'
temperatare; Max.1 Temp.
ThxcidMj H9, Mi. 40, river;
13 feet, raia .09 lack.' i
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eervlce. If your paper dee -
ot arrive by :ltt call 0101 ';
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POUNDCD1 ItlSl
EIGHTY-SECOND YEAR
Salem Oregon, Friday Morning, March's, 1933
No. 292
LI tex k 7 LfU U U trhoii U U If U U U L
Muse Approves Sales
leasnre 41 to 19
To be Speaker
Ot Next House
iebate
Favorable Margin is
Heavier Than in
Extra Session
Lonergan Effective in
Presenting Need of
Land tax Relief
HUNDREDS DEAD
IN QUAKE OVER
EASTERN JAPAN
A general le tax, with a one
half ot oso per cent rate on whole
saler's and manufacturer's gross
revenues, and a two per cent tax
on retailers' gross incomes, passed
the honse ot representatives here
Thursday at 4:30 p. m., 41 mem
bers voting aye, 19 voting nay,
none absent. The ratio for the
tax was heavier than in the spe
cial session when a sales tax car
ried S 4 to 20, six members absent.
The sew tax, it passed by the
senate, signed by the governor
and not disapproved in a referen
dum test, will bo effective for two
years. All income derived from it
will go directly as an offset to a
real tax on property and in 1934
and 193 S the personal property
tax will bo eliminated. Proceeds
ot the tax after 19 3 S will be di
vided equally with the 38 counties
of Oregon.
The house vote on the measure
was:
Ayes: Allen, Beckman, Belton,
Best, Chrisman, Clarke, Cooter,
Dammasch, Day, Duerst, Gordon,
Gouley, Graham, Hall, Herman,
Herron, Hill, Horan, Huntington,
Judd, Keasey, Lonergan, Lynch,
McCloskey. McCornack, MePhil
lips, Nichols, Oakes, Paget, Price,
Semon, Snedecor, Snider, Stock
dale. Turner, Walker, Weather
ford, Wells, Winslow, Wyers, Mr.
BnelL
Nays: Abrams, Bensett, Childs,
Deich, Dickson,- JSckley, Hilton,
Johnson, Kelly, Lang, Lewis, 'Mar
tin; -MeAlear, MUler Oleen, Panl-
ns, Ryan, Scott, Staples.
Lonergan, Snedecor Bear
Brunt of Affirmative Side
A tense, crowded gallery look
ed on as the debate which had
started in mid-morning wore to a
close. Frank Lonergan, who with
Estes Snedecor ot Portland, bore
the brunt of the floor presenta
tion of the affirmative argument,
closed the debate with the beet
house address made during the
session. Lonergan talked tor an
hour while house members listen
ed intently. PolV.'Of the house be
fore the vote showed only a nar
Morgenthau Will
Head Farm Board;
To Alter System
WASHINGTON, March I
(AP) President-Elect Roosevelt
tonight announced the selection
ot Henry Morgenthau, Jr., of New
York to be chairman of the farm
board.
Mr. Roosevelt in the same an
nouncement said ho p:oposes the
regrouping of all farm credit
functions and activities of the na
tional government under one
farm credit agency which is expect
ed to embrace not only such func
tions of the farm board as desir
able including the financing ot
cooperatives but also land
production loans of the agricnl- IlliliUlS UUliyi e-mail uei
SSSTiil Demo Nomination for
operations now under the recon
struction corporation.
Tidal Wave Adds to Horror
Along Coast; 532 are
Known Victims
Many Missing, Total may be
In Thousands; Property
Damage is Heavy
HENRY T. RAINEY
Hf ISSUED OF
E
ram
Garner Successor
U DEATH PUTS
1 n 1 1
L
Body Taken to Washington;
Mrs. Roosevelt Cancels
Some of Functions
ENROUTB WITH PRESI
DENT-ELECT ROOSEVELT TO
WASHINGTON, March 2 (AP)
WASHINGTON. March 2
fAP) A rugged, white haired
middle westerner, Henry T. Raln-
ey ot Dllnois, was chosen by the
democrats ot the next house to
night to hold the speaker's gavel
In the new congress.
In caucus the party members
nominated him for the post. This
action, equivalent to election, el
evates him from his present posi
tion of democratic floor leader
To the latter position Representa
tive Byrne ot Tennessee was elect
ed by a margin of one vote. He
received 151 votes to 140 for
Bankhead of Alabama. Rainey
won with 166 votes, fifteen more
than a majority of the 301 pres-
Mrs. Franklin D. Roosevelt, ent. Representative Mcuurne oi
aboard th anecial train earrvine Alabama, the party whip, was sec-
hr hnhni1 anil horaolf tn AVaah. I ond with 112 votes, Rankin of
lnrton. announced tonltht that Mississippi, received 20, Bank
ont of respect tor the late Sena- bead of Alabama one, and Jones
TOKYO. March- S (AP)
The Tokyo newspaper Asahl's
comnilatlon -listed BS2 neraons
Clled and SOS missing after an
earthquake and tidal wave de
vastated the northeastern coast of
Japan early today.
Authorities feared the death
toll might run Into thousands.
The dreaded wall of water en
gulfed 1400 houses, completing
devastation begun by an earth
quake and resultant fires.
The navy was hastening six de
stroyers from Yokosuka and four
from Omlnato and four seaplanes
from Kasumlgaura to the relief
of the stricken area.
Shinlchi Kumitomi, director-
general of the central seismologi
es! observatory at Tokyo, said
the earthquake at its epicenter
probably was greater than the
Tokyo earthquake of 1923.
Kamaishi's tragedy, as told In
Morloka police reports, was typl
cal of towns on the whole coast
during the night of death and
terror.
The earthquake caused 900
houses to collapse and started
many fires. The majority of In
habitants, remembering their
generation's experience that ti
dal waves were the sequel of
earthquakes fled in nlghtclothes
to the neighboring hills leaving
the fires unchecked.
Kamaishi's death toll was fear
ed more than 100 persons.
May
FOUR NEIGHBOR
jfI 77 77
Mamlt
b e in
zumg
Laws
I onug,
77 -
STATES JOIN 1
BANK
Institutions Reopen BANKERS MEET
DespUe Holiday and m mM
fiinf f i sV)tif f flO I VI Itl
i uui it, Mziiimiiv vytuvii nrnnrnm mil
MtLllHL dill
EVENTS IN STATE AND NATIONAL
BANKING STATUS
Washington, Idaho, Utah
Latest to Join With
General Program
Wisconsin 23rd to Adopt
Safeguard; Situation
Varied in Nation
Governor Meier by executive proclamation at 10 a. m. Thurs
day declares three-day bank holiday throughout Oregon, following
California closure.
Portland and Salem banks open at 11 a. paying all checks
dra.wm for reasonable oanmsee.
Majority of other banks In state reopen by noon with re
trictad withdrawals.
Legislators and bankers harry bill for introduction in session
last night authorizing legal steps by banks to restrict holidays
Thursday night; Nevada, Arizona and Texas banks close dor
tmr tla.v.
Growth of banking holidays in nation marked. Nation leaders
AiaMna ltaAtlon and consider federal guarantees,
ULiHriA wasn., Marco z
Martin tonUht proclaimed a T7UNANCIAL disturbances which broke out in Michigan a
three-day banking and financial W foi-triiorht aeo reached Orejron yesterday -when Governor
heiiday for Washington effective Juliua h MeIer declared a three day state holiday which per
it onl. mttted banks and trust companies to suspend business if
. v they desired. The proclamation was issued at 9:45 a.m.
BQJSE,,: March 2 (AP) Thursday, following conferences with Portland and up-state
Statements Stress Faat'
Oregon Institutions
Entirely Sound
Trend Elsewhere Declared
Responsible for Steps
Being Taken Here
Following oh action of several
surrounding states, acting Gover
nor George E. Hill today declared
a 15-day "bank holiday" In Ida
ho, effective, tomorrow and end
ing at midnight of March 17.
FEUL B ARREST
SALT LAKE CITY, Utah.
March 2 (AP) Under the au
thority of a bill passed by the
Utah legislature tonight. Gover
nor Henry H. Blood tonight is
sued a proclamation declaring
March 3, 4. 6 and 7 legal holi
days In this state. The procla-
OF If DF01 CHIEF
MEDFORD, Ore., March 2
(AP) County Judge Earl H.
Fehl today Issued a warrant for
i the arrest of Clatous McCredie,
tor Thomas J. Walsh she would
in all probabilities cancel prac
tically her entire social program
Incident to the inauguration.
of Texas two.
Rainey's nomination was
brought -about when Byrns and
Crosser ot Ohio, withdrew from
F. I PLUNGES IH
Inanruratlon arranrementa had the raee, and Cullea ot New York
to go on-, however, and plans for threw the full weight of his big
the more important formalities Tammany delegation to the 1111-
were left unchanged. However, I nois veteran.
Mrs. Roosevelt let it be known
that none of the Roosevelt fam
ily would participate In any
the social activities connected
with the inauguration, except
tea and dinner at the White
House Saturday afternoon.
iTUOB
WASHINGTON, March 2
(AP) To a capital stricken with
grief at his passing. Senator
Thnma S. U'ltfih of Montana re
turned in death tonight while u
; WARREN MIES TO
HEAD SALEM ELKS
row margin the tax. When the him tribute a.
roll was called, not a member ex- one of lt9 ontsUndlng gares. "$ ,BSH!T0 "A
A. Warren Jones was chosen
exalted ruler to direct the
No.
Or-
nlalned hla vote. Each man voted . ,.f rnr t , Un- " ot Elks, for the coming 12-
tersely and clearly and before the ,on"sUtn Btood m silence, the months, according to the results
Tflii call vm nmii com Die Lea. ina w.. . vata. civtbiuu ucm-o.
Preeldent-elect Roosevelt's choice
towards acceptance oi wo tax, for tho attorney general's place
in his cabinet was taken from
the Florida limited and to his
apartment here.
The widow, the former Senor
Berex Chaumont de Truffin of
Cuba, to vhom the senator was
(Turn to page 5, col. 4)
termed by house leaders the most
Important legislation to come be
fore the 37th legislative session.
Lonergan, speaking with all the
force of A ex-Notre Dame foot
ball star, made a furious attack
on arguments against the general
sales tax in his address. He de
clared tne tax was a replacement, TT - f TT.J
not an added tax; to be imposed W Iieeler UTgeU.
upon Oregon citizens to keep, the I TXyf-L. 7, X.
tate and its counties from bank- ft Qf W 31 SH JOD
rupicies.
Sales Tax Needed to
Avert Tax Strike, Says'
"A tax strike is near in this
state and I am not an alarmist,"
Lonerzan said. "The tax on real
property at the present time is th. ,ent a telegram to Franklin D.
most ff. Roosevelt, president-elect, urging
the farmer. A sales tax will be in- Rt,.tftr Bnrton
"ergfno1 lobbies which Whaler of Montana, attorney
d doJnowVaalesx "We 1 that Senator Wheeler
-Boys who don t knowj aales tax ,Hh!lentl- known nationally
. 7 vni T ibbwIm m an- to be acceptable." th- telegram
Zr w5h K i')t?Ims " he fried. "I read. -He is particularly qualified
ier teJ?Ss,,..,!l.: as a raiult ot his known Ideas on
3 . eorporillon. banks, trusts and
7. .riiffHaliv ntlmulated." the wei;t Is enUtled to a position
. . a.
LeRoy Gard is the retiring ex
alted ruler, now voted to the
position of "alternate representa
tive to grand lodge."
Other elections were Frank
Lynch for esteemed leading
knlitht. Armln Berger for esteem
ed loyal knight, and R. O. Apple
by for esteemed lecturing knight
Harry Wiedmer was reelected se
cretary. James M. Clark namea
treasurer to succeed Edward Za
hara, and E.0. Ammann was re
named tiler. H. H. dinger will
Itlnn rf truntAA for A
"Rrr Solnn! Here three-year term.
three leading officers o? the 1701
members of Salem Elks lodge,
each advanced one step. The new
leaders will be installed at a
ceremony to be held the first
Thursday of April.
WASHINGTON, March 2
(P) Franklin D. Roosevelt
came to Washington tonight to
take the presidential oath and
found anxious government leaders
at his doorstep.
He was kept in conference un
til after midnight with party lead
ers from Capitol Hill, the new
secretary of state; Senator Pitt
man of Nevada, the next chairman
of the foreign relations commit
tee, and Senator Byrnes of South
Carolina, economy expert, were
closeted with Roosevelt for sev
eral hours.
Leaving the suit of the president-elect
Senator Robinson, in
response to Questioning, made
this statement:
"All we can say is that we have
had a conference with the govern
or (meaning Mr. Roosevelt). Va
rlous matters were discussed in
cluding the banking situation.
There Is no announcement to be
made at this time.
A group of Ojegon '-ialato-a
and J. E. Bennett, Portland city
commissi ner, Thursday night
Wisconsin Will
Vote Early for
Dry Law Repeal
MADISON. Wis.. March 2
API Wisconsin set no the ma-
SJtZm.-nld ta in view of the ry today for a statewide
fouxht with equal ardor for an splendid vote the western states TOte Aprll 4 cn ratification t
lncomo tax after its defeat had gave you." prohibition repeaL
been threatened and represent- Legfclators who signed the tc- Legislators said the action
tives had been told the people naa i egrain -erw wuiu.d i proDaDiy win mi. nu'""u "
five times defeated auch a tax. lie i tmrxe, Dirayer, vic&uu . nrat BW9 . TOI.e va
cotfed at argumenU that a sales resentalives Hlltc. Weatherfora tloa 0f the repeal amendment in-
This One Greets
Banking Holiday
SACRAMENTO, Cal., March 2-
(AP) Peter Farrington, who at
tempted suicide at Folsom prison
today while waiting execution for
slaving Policeman John Malcolm
in San Francisco, was reprieved
by Governor Rolph tonight be
cause the ehlef executive could
not ascertain the effect the bank
holiday has on the status of a
condemned man. Farrington's ex
ecution was stayed until March
10.
tlon.'
Medford chief of coliee. charging
matlon declared "an extraordin- Ufm witn refusing to obey orders
ary condition exists throughout ot tne COunty Judge to produce
tne nation justirying sncn ac- fonr defendants In court for a
hearing on habeas corpus pro
ceedings.
A restraining order --n '.u
circuit court, signed Judge
Duncan of Klamath Falls, how
ever, was served on Judge Fehl,
directing that he certify to the
state court an matters pertaining
to the habeas corpus proceedings
and "desist and refrain from tak
ing any further action in said
criminal actions."
The order recited .at Judge
Fehl was an Interested party la
the proceedings, since he is Joint
ly charged with the -a';
with burglary In connection with
the theft and destruction of 10,
000 ballots from the Jackson
county cor-thouse February 2 1.
SAN FRANCISCO. March 2.
(AP) States of the far west
were generally without banking
facilities .'tonight under holiday
proclamations issued by seven
goTeraors, following the lead of
Governor James Roipn, ' r- ot
California.
The major part of deposits ag
gregating approximately $3,000,-
000.000 were tied up in the states
of. California. Oregon, Washing
ton. Idaho, Nevada, Arizona and
Utah.
In all instances the proclama
tions were state-wide, though dif
ferences of opinion existed as to
whether any of the "holidays"
were mandatory.
MADISON, Wis., March 3.
(AP) A two weeks' banking
moratorium in Wisconsin, etfec-1
tlve today, was proclaimed in the
absence of Governor A. G. Schem
ed em an, who Is in Washington.
THOMAS D
Ei
IS If
(By the Associated Press)
Protection and assistance ot 22
commonwealths had been given
last night to the individuals and
business firms having deposits in
financial institutions.
(Turn to page 5, col. 6)
PPOSTINT 1L
February Proves
Rainy Month as
5J8 Inches Fall
Last month was the rainiest
February here since 1930, accord
ing to Mrs. J. W. Ritchie, govern
ment observer. Precipitation for
tho month was 5.38 inches, Just
1.06 Inches less than in February,
1930. Rainfall In Ferbuary. 1931,
was 3.42 Inches and in 1932 exact
ly two inches.
Public Utility Commissioner
Charles M. Thomas Thursday
branded as false any rumors that
he does not want senate bill 19.
giving him additional powers in
the regulation of utilities, passed
In Its present form or otherwise.
"I have received the informa
tion," Thomas' statement read,
"that the head of the utility lobhy
and his assistants are actively en
gaged in circulating a statement
that I would welcome defeat ot
senate bill 19 either In its present
form or with amendment.
"It Is said that I desired to
have the bill defeated so that the
Issue Involved might be used by
me as a platform upon which to
make a campaign for governor
next year.
"This is a deliberate falsehood
Heaviest dally rainfall last and is being usea soieiy ror me
month wai 0.94 inches, on Febru- purpose of injuring effective and
r i s. on nine days there was I efficient regulation. Governor
no rain. Only two days of the Meier will be a candidate to sue-
in on th were clear.
eeed himself and the charge that
I am harboring ambitions against
my chief implies the height of dls-
hnoorable conduct.
tax penalised children and moth J and Lewl.
ars. Banners ana unemp.ojeu.
5STSS ped'oi by 'rlWBomb Explodes
In Residence of
Cuban Official
nd that the rates are higher un
der the average millage paid by
tho retailer than the sales tax
would be.
Accusations Branded .
As "Damnable we
trodnced y her native son, Sena
tor John J. Blaine and recently
passed by congress.
Cummings Likely
To Fill Vacancy
WASHINGTON, March 2
HAVANA. March 2 (AP) A
TjMiArrAn'a temoer flared when 1 v-v nxnloded tonight in theAt. friend of President-Elect
v. ata that a "damnable He" 1 ...rtm.mt of Dr. Armando Gall vw.A-riit vera convinced tonight
iit haen told against him in the Um,njM. an employe of the! that Homer Cummings of Connec-
apecial session when he was ac- treft5jorf department and a hro- tlcut, would bo his choice to take
cused of having Interests ''with tner of M.Jor Gall Menendes, an tne place ot the late Senator
Wall atreet and tho bankers, -i,,. to President Machado. . Walsh ot Montana, as attorney
"Such lies are the reiuge wi jho wif e and eight children I generaL
scoundrel; ;.Lonergan declared, l- nail Menende were- in the -
adding that ho would nave xwi i artm,,nt at tho time, but none jy Dfi-fv Tssinc
from a sick oeA to attack the man p . Tn0 bomD Wew cni eT. tSQQ JKUtn JOWS
If hit wlteOiaif permitted .him. itdow and spread debris the yrf J niU
cu "nonest. lust, equit
able, tilling In the tax program of
the state." He pointed out that
the credit of tho stata was impair
ed when Oregon highway bonds
altered this week in tho money
...v.u krnnrht no bids. 'Are
Ron Pioneer Orates but
Hani Ones Get TAcenses J enoi uiry
JLV' v-w'v -w.. I aw W t 1
Alone Leit
To Chinese
bankers which began at midnight
when news of a tnree-aay uaii-
fornia holiday reached here.
Portland bankers, while among
the financial leaders in the state
who sought the holiday, quickly
adjusted their affairs yesterday
and opened for business at 11 a.
m. Thursday. Salem's three banks
opened at the same hour and did
a steady business throughout the
day. No arbitrary limitations on
withdrawals were placed by the
local banks, all legitimate needs
of depositors being paid.
MORE
After a short flurry ot curiosity
and concern which arose at 10
a. m. Thursday when the banks
failed to open, the day passed qui
etly downtown here, business go
ing on in most Instances as usual.
No Cause for Alarm
In Oregon, Stressed
There Is no cause for alarm
over the condition of Oregon
banks," A. A. Schramm, state
banking superintendent, said yesterday.
In his proclamation Governor
Meier designated Thursday, Fri
day and Saturday as legal holidays
to permit the enactment of nec
essary regulatory and stabilising
legislation in line with federal en
actments and legislation passed in
other states."
Bankers from varied parts of
the state gathered here yester
day at the capitol to confer with
Mr. Schramm and legislatiTe lead
ers on an act which will probably
be introduced in tho session to
day. The measure which will
amend the state banking code will
give Oregon power to operate un
der tho newly-passed Couzens bill
hlch went through the United
States congress last week. The
measure contemplates authorizing
state and national banks to re
strict deposits, it desired, and
gives more power to the state
bank examiner to declare bank re
cesses when they are Judged to be
needed. i
Attorneys engaged In preparing
the new measure, had before them
copies of similar bills which have
recently been enacted into law In
numerous states of the union.
Entire Resumption
Monday Expected
By Monday It is expected that
the banking situation in this
state will be sufficiently smooth
ed out to permit entire resump
tion of banking activities. Local
banks accepted deposits yester
day, checks bearing the date of
March 6. Many bankers were
doubtful if any restrictions on
deposits would be necessary and
expressed the view that legisla
tion sought from this session
would be mainly to meet future
emergencies as they arise.
Tho statewide holiday here fol
lowed California's three-day clos-
(Turn to page 5, col. fi)
Sponsored by tho
basking committee with the
approval of Governor Meter.
Stuto Superintendent of Banks
A. A. Schramm and a master
of lending bankers of Oreawn
who gathered here Thursday,
the bin designed to safegnard
stability of financial fans,
ttons was introduced tn tho
honse of representatives Thwra
day night and under suspen
sion of the rules, was mad a
special order of business for
consideration this mora tug.
In brief, the bin permit th
state banking board, tn time
of necessity, to order any hank
or trust company to suspend
or restrict payment of the Ha
bfLltje of such firm, but spe
cifies that this shall not consti
tute, nor be deemed, an act of
insolvency.
In addition it would permit
banks to receive new deposits
in time of restricted withdraw
al, the latter deposits however
to be subject to unrestricted
withdrawal.
Effect of the measure would
be to, allow normal, unrestrict
ed use of funds deposited after
certain dates and to set up any
necessary restrictions concern
ing monies deposited earlier.
ar tTKMkST PLANNED I ST. PETERSBURG, FU., March
WASHINGTON, March 2 (Fri-1 1. (AP) Babe Ruth ea P
j.- dPitn annareniiv re-1 tA tMinira noie oh va rau
it.it. tM4: Ariv todav had it i rolf course today, aimed at the
liav.v -.-I , I " - j - . X?
that F-eeident Hoover wouia is-1 green u yams wy -
r: r..y.V Ar a afraid of we a )ublic .uwneni ' .L'Z. i77i .Mf.
rri -n,ell Te1rr i Wn Banking ?nd otner : ffl,W,.u.Mv-
the Hole-lh-One elub.
a teanot" tumult, featuring
Rep. John H. Hall of Multnomah
county as "tho boy pioneer, xepi
members of the state house of
representatives and gallery amus
ed last night for tho better pari
of as hour In discussion of house
bill 449. providing for issuance of
freo hunting licenses to -pioneers"
and war veterans.
The bill drawing tho jiuitno-
mah representative's wit wouia
nrovldo that veterans of the Span
ish-American war, tho Boxer re
bellion and other enumerated
wars, and "pioneers wno, nave
wn residents of Oregon contin
uously for 10 years," shall receive
free hunting and tuning licenses.
. "This bill is tho bunk," volley
ed Hall. "Under It every one who
hannens to have lived in Oregon
for the enumerated period auto?
matleallv becomes a pioneer
whether he likes It or not Under
It soma' ot our best pioneeri are
out .there tn tha big house the
state nenltentlary and entitled
to free hunting and fishing
rlzhts."
Golnr through the age data of
numerous house members. Hall
roused merriment by reciting tha
number of years required ot var-
o
lous individuals to reach the sta
tus of pioneer.
Why under this measure Rep
resentative Nichols of Douglas
eonntv rixht now can shoot his
eon ears and keen tho wolf from CHINCHOW, Manchuria, March
the door," Hall Jibed. 2 (Friday) (AP) japan s six-
"Under the bill even I wouia do leentn mrantry nrigaae anuer
elirlble for consideration." Hall I General Tad as hi Kawahara was
concluded, "and 30 years from reported to -have occupied Plng-
now I could apply for a free li
cense as' "John Hall of Multno
mah county the boy pioneer-
The Day in
Washington
By the Associated Press)
Representative Rainey of Il
linois was nominated by demo .
craU for speakership of house,
which Is equivalent to election,
and Representative Byrns of
Tennessee, elected floor leader.
Senate and house adjourned out
ot respect to Senator Walsh (D-,
ehuan, about 10 miles east of Je-
hol City, today.
Tha Japanese announcement ot
tho occupation did not mention
Although Hall's speech evi- any fighting. Jehol City, tha cap- VtMt monriliki .fa
- ...... IV. 1.111 I l.-l V . ..1. AV.s tmnAVa I
aentiy was appreciMoa, wu wi mi, wu mj " 1 death,
was nassed with an amendment I city in tho province held by the I
that the words, "any citizen,' be I Chinese. I Senator-elect McAdoo (D
nbstituted-for tho objectionable! Pingchuan was reported enterea i cauf.) aarocatea. cioiung oi
at 11 a. m. I New York stock exchange in
present banking situation.
pioneer."
Nichols made reference to the
time ot "tallow candles' and of
"ridicule being heaped on - gray
hairs." Representatives -Echiey
and Day reminded that tho meas
itself was insignificant in ef
fect and a "gesture" in according 1 ST. PAUL, March 2 (AP)
recoraittlon to veterans and old-1 Governor Floyd Olson today slgn-
tlm eiUsena of Oregon. I ed a bill permitting postponement
' Aetna.1 .ecomnllahments of thai net-to exceed ' S 0 Vdays up, to
Legislation to put the Oregon
financial situation Into order was
expected to be introduced fa the
legislature today and rushed
through, if possible- by tonight. -Bankers
of the state, in confer
ence here late Thursday, agreed
on the program of legislation, and
at the conclusion of their confer
ence issued the following state
ment: "Mr. Schramm has been in tele
graphic communication with tho
comptroller ot the currency asnt
the banking departments of many
of the large eastern states dsrtag
the two weeks intervening sraea
the date when the state of Mleb
gan was put on a holiday basis. j
"He received from the comp
troller of the currency copies ot
the new legislation passed by con
gress last week for the protection
ot depositors in national banks,
as well as copies of laws passed
or' which are pending In tho leg
islatures of New York, Ohio,
Delaware, Maryland and Washing
ton and many of the other states.
"During the last few days, be
has also been In Intimate touch
with Oregon bankers scattered
well over the state.
Acts of Neighbors
Necessitate Move
"California, Nevada, Arizona
and Idaho went on a holiday basis
last night and after consulting
with tho leading bankers of tfeo
state, the governor called a three
day holiday for the protection of
Oregon bank depositors.
"All of those present at the
conference expressed their full ap
proval of the action of Governor
Meier in calling a temporary holi
day until such protective meas
ures may be adopted as seem wise
to the legislature. All recognised
the fact that Oregon banks were
generally in a very tine condition,
but they also recognized that
account ot the large basiaesa
transactions between tha people at
Oregon and California that tt
would bo impossible for Oregon to
continue with business &s anal
while California was on a strict
holiday basis.
"It was unanimously agreed
that protective legislation ought
to be adopted at this session; oth
erwise, daring a recess ot tha leg
islature. If a real emergency
arose. It might entail tha recon
vening of the session."
Prominent Bankers
Of Oregon Convene
. Among those who attended the
conference were:
T. N. Edlefsen, United State
National bank. -Portland; C. C
Colt, First National bank, Port
land; Charles H. Stewart, Federal
Homo Loan bank. Portland; J. C
Roman, American National baak.
Portland; Fred E- Calllster, First ;
National bank, Albany; Blaine B. :
Coles, Security Savings mnd Trust
or2V IS Ordered I House sent fSlS.OOMOO navy company, Portland; H. R. Craw-
. V , , I aAaU4llu Will wA vtTPilvam TTrarlntJh I a.sA T A 4 A . Ttl fl TsnVYl K . ISAlATnU V
1 - fi fl KnTPPlOUTei. - I B.- B; Williamson, Albany Stata
VJU r UlCLiUSUl Cbl j.dklary . committee baK;TAlbany F. S. McGarvey.
nnoroved bUl for two-rear mor
atorium on municipal bonds, bat
enactment this seaslo
doubtful.
. Speaker Garner announced com-
Lumberman'a National , b a n hv :
Bend; Theodore P. Cramer,' Jri:,
secreUry Oregon SUta Bankers :
assoeUtlon; A. A- Schramm, state
night session In nassag. ot bill. Aprfl II. ot mortgage toreclosar. Bpmj' ZZZnll
were few. no measures et major i saiea, on au raa esia. I -..w--rv 1 . , v.w. H n-fiirt.
' B
-.:' .,7. . f hum nostnonament.-of tha sale! H.9O,00i to $200.e00.te
iwdvihu.w ut .w-0. 4. ... i rovarnment cost.
final consideration. 10 ut oucruuun.ut ut . .
dent of banks: H. H." Clara, Jay
(Tarn to paga z.oow J)
? ' -"1 t MOM;
I Yarn- a p