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Show HIS testimony before the senate committee on banking and currency cur-rency resulted In the resignation of Charles E. Mitchell as chairman of i the board of the National City bank of New York, the world's second largest bank, and the National City company, its subsidiary. lie had been sharply criticized for the financial finan-cial acts he testified to at the hearing. hear-ing. FOLLOWING Michigan's bank troubles au epidemic of financial woes broke out in many parts of the ! country. The state authorities, how-1 News Review of Current ' Events the World Over Franklin I). Roosevelt Inaugurated President Japan, I'ubliing China Out of Jehol, Vexed by British Arms Embargo Turmoil in Germany. By EDWARD W. PICKARD 'TAKI.N'C; the oath of office admln-J- iMtcred by (Jlii(-f Justice Hughes of the Supreme court and bowing his head to kiss a three-hundred- I .; - -- Henry Ford ever, were on the i alert and steps to save the banks and their depositors were taken quickly, i Bank holidays were I declared by the governors gov-ernors of several states of the Middle Mid-dle West, and in Ohio, Indiana and elsewhere .many banks placed re- conflict and did not favor one agiiinst the other. Both China and Japan resented this, though it was apparent to every one that, as Senator Sen-ator Borah said, "to put an arms embargo on. China and Japan is to tiike shies with Japan under the conditions and circumstances that exist." The British openly hoped that the L'nited States would Join In the embargo policy, but there Is strong opposiiion to tlii.s among the members mem-bers of congress. Senator James Hamilton Lewis of Illinois voiced this opposition in a speech In the senate, warning the nation that application ap-plication of an embargo against both China and Janan or nralnst It" ' : . 1 r-v J; L, iriT " L i President 1 Roosevelt 1 year-old Butch Bible, Bi-ble, franklin Delano Dela-no Roosevelt became be-came the thirty-second President of the L'nited States. Ills lips were pressed on the open page where was Paul's admonition admoni-tion to tho Corinthians Corin-thians closing : "And now ahldcth faith, Impe and charity, tiiese three; but the sirictions on witn-drawals. witn-drawals. Pennsylvania and West Virginia also were affected, but the legislatures got busy with remedial measures. While Governor Cbmstock was trying try-ing to speed up the Michigan legislature, legis-lature, Henry Ford and his son Ed-sel Ed-sel came to the rescue of the First National and Guardian National banks of Detroit with a plan to put up $S,250,000 of their private funds and create two new banks that would take over the two mentioned, enabling their depositors to receive immediately 30 per cent of their deposits. de-posits. It was expected that New York bankers would grant a loan of $20,000,000 to the First National and that thereupon it would receive $54,000,000 from the Reconstruction Reconstruc-tion Finance corporation. But the New Yorkers who never did like Ford held back and the result was that the plan was delayed in execution execu-tion and material changes were necessary. nec-essary. The two new banks were given the names of People's National Na-tional and Manufacturers' National. greatest of these is charily." Turning then to face the cheering thousands of his fellow fel-low citizens, mostly Democrats, Mr. Roosevelt told them briefly why he had faith and hope In his plans for the "new deal" that he had prom-Ined prom-Ined the country. The charity that "never falleth" will combine with tho trust of the people In their new Chief Executive In the movement upward from the depths. In his demeanor and words the new President showed how deeply lie was affected by the sudden death of the man he had named as his attorney at-torney general Thomas J. Walsh, tho veteran senator from Montana. Though fairly colorful, the inaugural in-augural ceremonies were somewhat restricted by Mr. Roosevelt's determination deter-mination that economy should be nr.'let lerl Tha mi-ii,ln Japan alone might Involve us In another disastrous foreign war. He told his colleagues that "Britain already al-ready has sold all the arms to both nations they can pay for, and in addition has sold them the machinery machin-ery with which munitions can be manufactured." One of the peculiar angles of the Japanese invasion of Jehol is that If It succeeds It may prove disastrous disas-trous to the cause of Communism In China. It would threaten Russia's last Important channel of transport and communication with China and virtually close the Communist Internationale's In-ternationale's connections with the Chinese Reds. Dispatches from I Latvia say the Russian munition plants at Leningrad are working day and night to produce guns and munitions for the Chinese. T TNCLE SAM has been for months investigating the collapse of the Insull public utilities concerns, and finally the federal grand lurv practiced. Tlie parade, for Instance, was kept down so that it passed the reviewing stand In about two hours. But It was a fine procession, led by General MacArthur, chief of staff, as grand marshal. He acted in that capacity because General Pershing was kept In Arizona by Illness. In the evening the inaugural ball, main social event, though unofficial, was a gorgeous affair. It was managed man-aged by Mrs. John J. Dougherty, and the large proceeds were turned' over to charity. President Roosevelt Roose-velt was not present, but his wife and daughter Anna graced the occasion. DLANS for recapturing control of 1 congress in 1934 were laid by the executive committee of the Republican Repub-lican national committee at a meeting meet-ing in Washington, and Herbert Hoover was told that his party would continue to look to him for leadership in the days to come. As the meeting was held before Mr. Hoover retired from the White House, there was no attempt to make anyone else leader or to displace dis-place Chairman Everett Sanders. The opponents of those two gentlemen gentle-men in the national committee, however, how-ever, may be exDected to ept tntn 1 In Chicago Indicted Samuel Insull, his son Samuel, h i s brother Martin, and sixteen others. The latter include Stanley Field, banker bank-er and president of the Field museum ; Harold L. Stuart, president of Hal-sey, Hal-sey, Stuart & Co., Mr. Hoover and Mr. Roosevelt drove together from the White House to the Capitol in an open car for the Inauguration, and their wives followed in another machine. The first event was the swearing in of John Nance Garner as Vice President, Pres-ident, this taking place in the senate sen-ate chamber. Then everybody went out to the stands In front of the Cnpitol where Mr. Roosevelt took the oath of offlce. When this was over, Mr. and Mrs. Hoover drove quickly to the Union station and took train for New York. DRDSIDKNT nnnsEVFi.T'!! ,.k ever, may be expected to get into action later. In a message to the committee Mr. Hoover outlined the fundamental fundamen-tal policies which he asserted Republicans Re-publicans as well as Democrats should follow. These included a demand de-mand for economy in government and protection for government obligations. ob-ligations. He urged the necessity of maintaining sound currencies and sound national credit. CMVE representatives were named 1 to prosecute the impeachment of Federal Judge Harold K. Louder-back Louder-back of San Francisco, which was am.a-jft.jjfi-friivia ey, uiarc is uo., Sam Insull internationally known bond house, and Edward J. Doyle, president of the Commonwealth Edison company. com-pany. Mr. Field was a director of the Corporation Securities company, com-pany, one of the Insull concerns. The defendants are charged with using the mails to defraud. The indictment in-dictment is based on alleged "false pretenses, representations and promises" made to prospective investors in the common stock of the Corporation Securities company. com-pany. The defendants engaged in a nation-wide campaign of selling this stock through Halsey, Stuart & Co., Utility Securities company, Insull, Son & Co., Corporation Syndicate Syn-dicate company and others, the indictment in-dictment charges. It is charged that the defendants represented to investors that they would find a safety of principal in their investment because of the great physical properties of the I company when, in fact, there were no great physical properties and the security back of the common stock was worthless. The investors were told, according accord-ing to the true bill, that the yield on the stock would be 6 voted by the house recently. They were all members of the judiciary committee in the congress that is now dead and gone. Two of them, La Guardia of New York and Sparks of Kansas, were lame ducks, so their places will be filled - PRESIDENT ROOSEVELT'S cab-1 cab-1 lnet was invaded by death even before It entered upon its duties. Thomas J. Walsh of Montana, who had Just resigned as senator to become be-come the new attorney general, passed away on an Atlantic Const line train near Wilson, N. C, as he was on his way from Florida to Washington. His death was sudden sud-den and was a great shock to his official associates and his multitude of friends. He was married only a few days before in Havana, Cuba, to Senora Nieves Chaumont de Truf-fin. Truf-fin. a wealthy widow, and she was with him at the time of his demise. by others. The rest Jud H K are Gordon Brown- Louderback ing of Tennessee, Malcolm Tarver of Georgia and H. W. Summers of Texas, all Democrats. Demo-crats. Judge Louderback was impeached for distributing lucrative receiverships receiver-ships and attorneyships in bankruptcy bank-ruptcy cases under him to friends and political allies. more when, In fact, there could be no income on the stock "by reason of the fact that the company operated op-erated at a loss throughout its existence." ex-istence." "This indictment Is only the beginning," be-ginning," said United States Attorney Attor-ney Dwight H. Green. "I propose to Investigate fully all the ramifications ramifi-cations of the so-called Insull empire, em-pire, its creators and sponsors." There were rumors in the federal fed-eral building in Chicago that Samuel Sam-uel Insull would return voluntarily from Greece and stand trial rather than permit the blame fnr tho Senator Walsh, who was seventy-three seventy-three years old, was born In Two Rivers, Wis. When he resigned he was serving his fourth term In the senate, In which body he served his country ably and faithfully. He was considered one of the leading authorities on the Constitution. Walsh was permanent chairman of the Democratic national conventions of 1924 and 1932. TOST immediate of the problems J--1 before Secretary of State Cor-dell Cor-dell Hull Is the Sino-Japanese era-broglio, era-broglio, which now is reallv a war GERMANY moved back to the V-J first page again when some Communists tried to burn down the huge reichstag building in Berlin and did succeed in ruining the main session hall and the glass and gold cupola. One young Dutch Red was arrested and confessed to setting the blaze. The occurrence was seized upon by Chancellor Hitler and his government as an nnnnr. With his full approval ap-proval the State depaitment already had sent a note to Geneva expressing "general accord" with the League of Nations' action in - condemning the Japanese military policy In Manchuria. Man-churia. Though this action was pro- j - - i, . Tang Yu-lin j crash of the utilities concerns to be placed upon his son. OEYERAL days before the ln- auguration Mr. Roosevelt formally for-mally completed his cabinet, the appointments ap-pointments being as given in this column previously. The last names given out were those of Daniel C. Roper as secretary of commerce and Frances Perkins as secretary of labor. la-bor. Miss Perkins, who in private life Is Mrs. Paul Wilson, is the first woman to be a member of an American Amer-ican cabinet, but Mr. Roosevelt In selecting her was not bidding for feminine political support, according accord-ing to his friends. He regards her as he would a man, highly capable for the post. Some time ago William Wil-liam Green, president of the American Ameri-can Federation of Labor, said that organization was deeply disappointed disappoint-ed by Mr. Roosevelt's selection of Miss Perkins. Cordeil Hull, secretary of state, resigned his seat in the senate." Governor McAllister of Tennessee appointed Nathan L. Bachman of Chattanooga to succeed Hull. Bachman Bach-man was formerly justice of the Tennessee Supreme court. tunity to destroy the Communist party, and action was swift and drastic. Capt. William Goering, Nazi minister without portfolio and virtual ruler of Prussia, first " ordered or-dered the arrest of 100 Red members mem-bers of the reichstag and sup pressed the entire Leftist press. Then, as rumors of a Communist plot to overthrow the government spread. President Von Hindenburg issued a decree annulling all constitutional consti-tutional liberies of private citizens. Including free speech and free press, the right of assembly and the secrecy of postal, telegraph and telephonic communications. A government spokesman said that the decree was drafted after police po-lice had discovered evidence in the cellars of the Karl Liebknecht house. Communist headquarters in Berlin, and in other raids that the Red? were planning wholesale assassinations as-sassinations of members of Hitler's government, besides intending to kidnap women and children as hostages for political purposes and to poison wells and food. . 1933. Western Newspaper Union luuuuiy uisiuroing to the Tokyo government, Japan went right ahead with its campaign for the conquest of the Chinese province of Jehol. The governor of the province. Tang Yu-lin. mustered all available forces for defense, but his troops were steadily driven back by the thoroughly trained and equipped Japanese columns that were advancing on three lines toward to-ward the city of Jehol. Great Britain followed up the action ac-tion of the League of Nations by declaring an arms embargo against both Japan and China, Foreign Secretary Sec-retary Sir John Simon explaining that his government would under no circumstances be drawn into the j |