| Show THE DAILY WASHINGTON MERRY MERRY- ROUND MERRY ROUND GO Trade Tredo Mark Muir By Drew Pearson and Robert S. S Allen Alien Authors ot of Round Merry and ond More Merry Oo V WASHINGTON A A serious crisis affecting the fate of scores of closed national banks has just arisen The cause is a secret order issued by Comptroller of the Currency J J. F. F T. T OConnor OCon nor During the wide nation-wide banking moratorium moratorium moratorium mora mora- th the treasury invited the public to continue continue continue con con- depositing money on an unrestricted basis It pledged its word that these funds could be withdrawn at will and would not be subject to attachment for the payment of notes and other debts ts that the depositors might have owed the banks prior to closing This sound course was taken in order to fa facilitate facilitate fa- fa the reopening of these banks Largely as a result hundreds of them have been re refinanced refinanced refinanced re- re financed and md arc are again doin doing business But this policy was suddenly abandoned several several several sev sev- eral weeks ago ngo by O'Connor's secret order to bank conservators permitting them to appropriate ate these special deposits and apply them against old debts The order has stirred up a furore in banking circles Hundreds of telegrams telegrams tele tele- grams have poured in on the president charging charging charging ing the government with breach of faith In addition members of congress arc are up in arms and threaten a senatorial investigation unless O'Connor's order is withdrawn WRONG N NUMBER IBER 1 Floyd Olson year old governor governor governor gov gov- of Minnesota was entertained at dinner during his recent trip to Washington ton Beside him sat a most attractive young youn matron who said she was a Daughter of the American Rev Rev- m. m She and Gover Governor or Olson got along And the dinner bein being over at an early hour she invited Olson and one of his aides to drop in at her house for or a chat Governor Olson and his aide appeared at the house half an hour later It was a colonial house in ancient Geor Georgetown To their surprise surprise sur sur- prise prize they found th the windows were dark Apparently Apparently Apparently Ap Ap- the Daughter of the American Revolution Revolution Revolution Revo Revo- lution had gone to bed bcd Olson held a council of or war with his aide The hour was still early They thought they had the right address So they decided to throw pebbles at the ladys lady's window pebbles No response Finally up went the window An irate head adorned with curl papers appeared What do you want the lady demanded in no uncertain tones Gee governor better run advised Olsons Olson's aide That Colonial Dame may pack a musket musket musket mus mus- ket Governor Olson had the wrong address SECURITIES PROBE Certain financial and stock selling concerns may soon feel the wrathful hand of the govern govern- ment Information has come to the federal trade commission that they are secretly endeavoring endeavor endeavor- ing to sabotage the enforcement of the new truth securities law The commission is investigating these alleged operations with a aview aview aview view to instituting court action The hostility of the banks and stock marketing marketing marketing mar mar- companies to the drastic securities act actis actis actis is not new They hey opposed its enactment bitterly bitterly bitterly bit bit- terly have been muttering against it ever since Their ire has been intensified in recent weeks of the large number of obligations obligations obligations obliga obliga- which are maturing and which must either be refinanced under the str stringent re requirements requirements requirements re- re of the act or go into default The law specifies that companies doing re refinancing refinancing re- re financing must file with the trade commission complete information concerning new issues Officials of the company are made personally responsible for the veracity of every statement Here is one example of the secret sabotaging sabotaging sabotaging ing of the new act A A- certain New York brokerage firm told a client that he need not bother about observing the law because when con congress ress convenes well we'll have haye it thrown out of the window The customer promptly reported the incident incident inci mci- dent to the t trade ade commission WEAK LAW LAV President Roosevelt's widely heralded an announcement announcement announcement an- an that he had dir directed the R. R F. F C. C to lo extend temporary credit to N R A members is a case ase of where the spirit is willing but the law is weak Long before the president issued his declaration declaration declaration declara declara- tion the R. R F. F C. C had been cudgeling its collective collective collective col col- col- col brains trying to figure out ways and means of taking a part in the recovery drive Particularly was this true of Chairman Jesse Jones who is letting nothing pass him that of offers offers offers of- of fers the slightest hope of reviving the waning glory of his organization But neither Jones' Jones ambitious eagerness nor his experts experts' searching has proved availing The act creating the R. R F. F C. C was vas not devised for or the purpose of making credit available for commercial operations and no way has yet been found of legally stretching it to do so Jones has begun a study of the possibility of cooperation with the federal reserve system for Cor extending to business firms the urgently needed credit 1 ROUND MERRY ROUND GO Indiana's former Senator Jim Watson is making a quiet but very determined bid for forthe forthe forthe the chairmanship of the ibe t e Republican Republic n national committee As the first step in this undercover er campaign to oust Chairman Everett Saunders ders lers also an Jim is preparing the groundwork for lor a special meeting this fall of the national committee Saunders is opposed to such a session fearful l that it would de dethrone dethrone dethrone de- de throne him Sixteen national committee men can however call caU a meeting of the committee commit commit- tee and Watson is lining the Republican leaders leaders lead lead- ers rs up to this end Jim is making his race asan as asan asan an Hoover anti-Hoover man Copyright 1933 by United Feature Peature Syndicate Inc |
