davidaulloa/AmericanStories huggingface dataset:
The Waterbury Democrat., 1933-03-04
President To Take
 Immediate Action
(Continued from Page 1)

said he would dedicate the United States to the policy of good neighbor, the neighbor who reso- lutely respects himself and because he does so, respects the rights of others-the neighbor who respects his obligations and respects the sanctity of his agreements in and with world of neighbors."
 He urged that American cit izens go forward as a trained and loyal army to make leadership effective.
 "We, I know, are ready and willing to submit our lives and property to such discipline because
The Waterbury Democrat., 1933-03-04

February 9th. the weighted aver age of twenty leading issues de- clined to the 1893 low of 20.43 on Feb 27th, closing Feb 28th at 20.64.
 Based on closing bid prices, the high, low and close for the month utera as fo1loUS.
The Waterbury Democrat., 1933-03-04

cannot express the soul of man. Garner said his strong voice trailed off.
 "I find myself" he resumed, fin that condition. I have a very great affection for great many mem- bers of the house of representa- tives. I leave the body without any feeling other than christian for every member - some sym pathy, some admiration, some very great feeling.
 Many journalists and some un- thinking people berate congress, especially the house of representa- tives. I have studied history h the last 30 years during which l have served there and the men who have served with me are as able as any in the history of the republic"
The Waterbury Democrat., 1933-03-04
John Garner
 Gets Ovation

(Continued from Page D
The Waterbury Democrat., 1933-03-04

Brazil bought $2s6,489 worth of American aviation parts last year.
The Waterbury Democrat., 1933-03-04

Britain imported more than $2,- OOO, 100000 worth of food last year.
Evening star., 1933-08-23
temporary retirement Of some insurance
companies and other great financial
institutions from that field.

temporary retirement Of some insurance
companies and other great financial
institutions from that field.
S2I,o00, ,o00, 900 in Mortgages.
There are $21 900 ,00O, 900 Of mortgages
on homes in the United States. and to
finance them in the future will require
such q cooperative institution with
vast resources and the Home Loan
system was designed and is being
fostered and developed for that pur-
pose. The public who desire to invest
in loans of that kind will be able to
do so without having the trouble and
expense Of taking individual mortgages,
but will be able to buy the bonds
of the Home Loan Banks which will
be backed by 100 per cent Of real
estate home mortgage For each $1,000
bond ISSUE there are pledged 81 900 of
home mortgages. So the capitalists and
the home owner is brought together in
this way to their mutual benefit. There
Is no antagonism to the great insurance
and trust companies who have hereto
fore handled these loans, many of whom
will be thus enabled to afford the aid
and secure the same investment by
dealing with the Home Loan Banks.
Now the millions OF home owners not
accessible to building and loan associa-
tions or whose debts exceed 40 per cent
of the value Of their property were fac
ing practical eviction. severing Of home
ties, dissipating home influences and
destroying family morale. The Presi-
dent recognized the importance Of
action and the danger to the national
stability II help were not rendered. He
made the call on Congress for action
and 1t acted What did 1t do? Provided
a means of helping home owners, who
were (a) of the small home class; not
in value more than $4,000, (b> >vTere
about to be sold out or evicted (cj and
were unable to secure funds to redeem
their homes otherwise.
Loan Agencies Set Up.
How was 1t to be done? First, the
Federal Home Loan Bank Board was
to organize the corporation known as
Home Owners Loan Corporation and
set up convenient agencies over the
United States to which the distressed
class should 60 to secure the aid de-
sired Under that, as stated above, the
board set up the organization In every
State, and Is now ready to grant and
already is granting loans. 1t has 200,-
OOO, 900 cash subscribed by the Govern
ment, and $4,000, 100000 in bonds oi
Evening star., 1933-08-23

the corporation, bearing per cent in
terest, payable semi-annually, and the
interest is guaranteed by the Govern
ment for 18 years. The distressed home
owner applies to one OF the agencie"
established In his State, proves that hs
Is about to be sold out, and that his
property is not worth over 0000, and
that 1t is worth rs per cent more than
the debt on it. The agent asks II the
man holding the mortgage will take
our corporation bonds for 1t. The
mortgage agrees to do SO. The prop
erty is appraised and the value is there.
The title Is searched and found correct,
then, say the mortgage Is $4,000, the
corporation goes with the owner and
delivers s4, 600 OF bonds to the holder of
the mortgage and he assigns his
mortgage to the corporation. Then the
corporation uses cash to pay taxes and
assessments due on the home and when
all is cleared up they add the expense
and taxes paid out to the debt and take
new mortgage divided up into pay
ments running IS years, and at per
cent interest, so that the home owner
Is put in position where, by paying
small payment each month he will
have his home clear at the end OF Is
years. One thing I want to emphasize
Is tIldL you pay uOLIllIlS uIllcSS yOu ScI
the loan. No appraisers fee is allowed
to be collected, no attorneys fee for
that matter, until the loan is made. The
board has definitely decided that no
fees shall be collected unless the loan
is made and then the appraisers fee
and attorneys fee, and recording fees
are to be collected, but are paid by the
corporation and added to the mortgage.
No outside agency or attorney is al
lowed to charge the borrower any fee
for procuring any loan. Our duty and
determination is to relieve the dis
tressed and we do not intend to in
crease his load, or rob him under the
guise of helping. and then gouging him
in fees. We expect also to see that the
law against charging fees for helping
to procure loans by outside parties is
strictly enforced as the design is to
help the helpless and this must be our
major objective and one effective way
to do it is to protect him from the
sharks that always prey on the weak.
Corporation Can Loan Cash.
Now If the holder OF a mortgage re-
fuses to accept these bonds in exchange
for his mortgage and the debtor can
not raise the money elsewhere the
corporation can loan him cash. but only
to 40 per cent of the value Of the home,
Evening star., 1933-08-23

organizations are all moving along now
and by September should be giving
substantial relief to the proposed
beneficiaries Of the legislation. Relief
elready has been extended in many
pressing cases.
But why the legislation? What the
necessity and what brought about the
movement?
This Government went along for $50
years, depending on the natural cohesion
of its citizens, bound together by the
family ties, inspired by the family spirit
and animated by the family traditions
Until the last decade the thought never
seemed to have occurred to the Nation
that the center AZ r0und which all the
coherent forces reSo we'd was In danger
of being seriously impaired and in many
places destroyed. The home, as an in
stitution, was in danger of annihilation
because the home in many great urban
the family. for cash compensation
could abide today and tomorrow be
located elsewhere. Under such condi-
tions this disintegration Of the family
is inevitable, and that would be pos
sibly the beginning of the disintegra-
ton of the Government. Realizing that
the people who had organized building
and loan societies to enable people to
comparatively acquire and own their
homes, began to agitate the plan OF a
reserve institution, to which they could
resort for funds when the demand ex-
ceeds their resources.
Eight Years Of Agitation.
After eight years OF agitation the
Home Loan Bank System was evolved
and it was mistakenly announced that
it would save all homes. This was i'm
possible for two reasons. 1t was only q
reserve system for the building and loan
societies. 1t works as follows: The home
owner wants a loan to pay of deb,
on the home. He applies to his build
ing and loan association for the money
The association, owing to the depres-
sion and failure on the part Of mem
bers to pay dues. is short OF funds, but
it says to Mr.. Home Owner. II the loar
is not over 40 per cent of the value Of
your place, I can make 1t and take youl
mortgage and put 1t up as collatera
with the Home Loan Bank and get the
money from it. That is done and that
home owner is given long time credit
amortized SO that by making small
monthly payments he will clear OH HI.
debt in time without strain.
BuL nOle TWO OF tIlTee LullBS. rlTot
he must be where he can get into {
building and loan association. and 1.50t
out of the 5000 counties in the United
States have no such organization. Sec
ond, the loan to be eligible in the Homl
Loan Bank must not exceed 40 per cen
Of the value of the property. These two
conditions made the Home Loan Banl
inaccessible to vast company Of dis
tressed home owners, for most Of then
owed nearer 80 per cent than 40 PEI
cent on their homes.
The Home Loan Bank System Il
doing a splendid work 1t has author
lied S75 ,287 ,039 80 Of loans to its mem
Der building and loan institutions: o
this, s57,785 628.55 has actually beer
.383,187 since March 4
They are paying their own expenses ant
that of the Home Loan Bank Board II
Washington and are thus not COSTING
the Government anything. They ar
driving to build up a great reserve o
credit. confined to longtime financinl
Of home loans, which will be perma
nent and is rendered necessary by tn
Evening star., 1933-08-23
FORUM TALK PLEA
FOR SAVING HOMES
Chairman Stevenson of Loan
Bank Board Urges
FinancierS' Support.

Declaring bonds of the Home Owners
Loan Corporation have been placed OH
equality with United States bonds by
the Treasury Department, William F..
Stevenson. chairman of the Federal
Home Loan Bank Board last night
pleaded for support Of financiers and
investors in aiding the Government to
make a success of the administrators
plan to save homes threatened with
foreclosure.
Speaking in the National Radio
Forum. arranged by The Washington
Star and broadcast over a ccaSt-to-coast
network of the National BroadcaStlEg
Co. Mr.. Stevenson said that in the
judgment of the best flranciers. TIE
bonds are good, non-taXable, backed BY
ample security and guaranteed as to
interest by the Government. The
United States Treasury accepts them
as security for Federal deposits at gar
in that respect. placing them on equality
with United States bonds"
Federal Plan Emphasized.
In asking for the support Of mortgage
holders, bankers and investors, the bank
board chairman emphasized the Fed
eral plan to save small homes from
foreclosure constitutes one of the maj
units of the recovery program.
If this fails he said. ''and the mil
liens of homes in the country are sold
under the hammer the value of bill
lions Of home mortgages will be de-
stroyed and afte~ that. what can
We expect? l earnestly solicit their
support of this humanitarian and
financially sound and wise program"
Subsidiary of Board.
The Federal Home Loan Bank
Beard created during the last admin
istration, Stevenson said, was not in
tended to save all homes. since it was
only a reserve system for the building
and loan societies. In this respect it
had authorized the loan Of S75,287,-
039 to these institutions, of which SS7,-
5628 actually had been paid out. The
Home Owners Loan Corporation, the
speaker explained, is a subsidiary of
the Home Loan Bank Board, estab-
liShed during the Roosevelt admins
tration to aid the owners of homes
under the $4,000 class.
The text OF Mr.. Stevenson's address
follows:
In the general recovery program of
this administration. WHICH is now in full
swing the plight Of thousands of small
home owners, who are about to be dis
possessed because of inability further to
finance themselves without emergency
aio from their Government is a prob
lem Of great Importance. It is to this
Evening star., 1933-08-23

and at 8 per cent. If his home is worth
$4,000 and the debt $4,000 we can't help
him, unless the mortgage will take
bonds Forty per cent of $1,000 Is only
81, 400 and that Is all We loan in cash.
What then is behind the bonds? If
they are all loaned we will get $2,-
000, ,000, COO Of real estate mortgages for
them, and we have 5000, 900 900 of cash,
making back Of the bonds, on the start,
$4,000 600, 900, and then each borrower
pays monthly. Each time the borrowers
pay, they pay 1-180, or each year they
pay Ills and that is cash to apply on
bonds, cutting them down 1885 mil
lions a year, while the security (the
homes covered by the mortgages) re-
mains the same till the debts are paid.
So in the Judgment Of the best finan-
ciers, the bonds are good, non-taxable
backed by ample security and guaran-
teed as to interest by this Government.
The United States Treasury accepts
them as security for Federal deposits
at par in that respect. placing them on
equality with United States bonds. The
holders Of mortgages, the great bankers
and investors should remember that If
this fails and the millions Of homes in
the country are sold under the ham
mer, the value of their billions of home
of the mapor units of the recovery pro-
gram will fail and after that what can
we expect? I earnestly solicit their
support of this humanitarian and
financially sound and wise program.
Encourages Saving.
In speaking Of the Home Loan Bank
unit referred to the inability of thou
sands Of people to get access to them
because there were no building and
loan societies in more than half of
the country through which they can
have access to the Home Loan Banks.
This most comprehensive and benef-
icent act contains provision to set
up Federal savings and loan associa-
tions to loan principally on homes, to
encourage people to save by making
monthly deposits with them and there
by join in building up great body Of
capital devoted to home loans on long
time. These institutions are to be
members Of the Home Loan Bank
system and this corporation duplicates
capital located in community in
organizing them For illustration, if
the local community takes $4,000 capi-
tai, payable one twentieth each month,
this corporation will take the same
amount payable the same way. They
will help build the town and also build
Evening star., 1933-08-23

distressed class, as we'll as to those who
hold mortgages on countless small
homes, that I am to talk tonight.
Sends Message to Congress.
On April 13, 1888. the President sent
to Congress the following message:
To the Congress-
"AS a further and urgently necessary
step in the program to promote eco
nomic recovery, 1 ask the Congress for
legislation to protect small home own
erS from foreclosure and to relieve them
OF a portion of the burden Of excessive
interest and principal payments incur
red during the period of higher values
and higher earning power.
Implicit in the legislation which I
am suggesting to you, is declartion of
national policy. This policy is that the
broad interests of the Nation require
that special safeguards should be
thrown around home ownership as a
guaranty Of social and economic stabil-
ity, and that to protect home owners
from inequitable enforced liquidation,
in time of general distress, is proper
concern of the Government.
The legislation I propose follows the
general lines Of the farm mortgage re-
financing bill. The terms are such as
to impose the least possible charge upon
the National Treasury consistent with
the objects sought 1t provides ma
chinery through which existing mort
gage debts on small homes may be ad-
Evening star., 1933-08-23

up a source Of capital which will in.
crease from decade to decade until all
the home loans of the country will
be held by the loan associations and
savings banks.
In furtherance Of that section of the
new law encouraging the creation of
Federal savings and loan associations
the Federal Home Loan Bank Board Is
sending its director Of field service,
Frank A. Chase, into various States,
cities and counties Of the country and
operative public response to the pro-
posal.
To Keep Country Informed.
1t is the intent Of the board and the
Home Owners Loan Corporation to
keep the country informed as to the
progress made in the great task Of aid
ing distressed home owners who come
within the provisions of the act Of
June 13, 1888, and information will
be obtainable through the press. from
the Washington headquarters and from
any State manager and his assistants
The States by their executives and
Legislatures are responding most will
ingly, and smoothing the way for the
acceptance of the bonds in exchange
for distressed mortgages by legislation,
making the bonds eligible for invest
ment of trust funds, sinking funds, in
surance companies, savings banks and
banks being liquidated, and it is con-
f1dently expected that stable market
will be created and maintained for the
bonds. Full information as to every
development affecting the program will
be given the public and desire to ex-
press our appreciation of the help given
us by the press thus far and bespeak its
continued cooperation, and that Of the
people generally.
The whole program constitutes one
of the units in the gigantic campaign
for recovery. 1t Is the duty and should
be esteemed a privilege Of every
patriotic citizen to back up the program
and forward the campaign by loyal and
enthusiastic support of the President.
Some sacrifice must be made, and
should be cheerfully made, to carry
forward the work, and show the world
that America can fight not only the
armies Of the nations, as she has done,
but she can grapple the subtle, nerve
racking and paralyzing influence of
financial depression, and arise in re-
newed power from the contest and bring
back that self confident and adventur-
GUS daring which has characterized
this Nation in all its history.
Evening star., 1933-08-23

justed to a sound basis Of values with
out injustice TO investors. at substan-
TALLY lower interest rates and with pro-
vision for postponing both interest
and principal payments in cases Of
extreme need The resources to be
made available through bond issue to
be guaranteed as to interest only by the
Treasury will, it Is thought, be sufficient
to meet the needs of those to whom
other methods of financing are not
available At the same time the plan
of settlement will provide a standard
which should put an end to present un-
certain and chaotic conditions that Gre
ate fear and despair among both home
owners and investors.
Legislation of this character is a
subject that demands our most earn
est, thoughtful and prompt consider
alton"
Signed Bill Two Months Later.
Exactly two months later. June 13,
the President signed the bill which is
known as the Home Owners Loan Act
of 1888" The Federal Home Loan
Bank Board was directed to set up the
corporation and operate it for the
beneflcent purpose for which it was de-
signed.
On August II. 1888, the board set up
the last Of the State organizations, max
ing 48 State organizations, one in the
District of Columbia and about $50
branches set up in So days. These
Evening star., 1933-08-23
Limp Leather Books

Telephone Orders
District 53oo) filled.
Titles which deserve a permanent
place in your library. in red limp
feathers. with gilt tops. The paper
is of good quality-the typography
excellent.
Titles include:
Autobiography of Benvenito Cellini
Leaves of Grass-Whitman
Madame Bovary-Flaubert
Travels of Marco Polo
Brothers Karamazov-Dostoevsky
Green Mansions-Hudson
Palgrave's Golden Treasury
Tales-Poe
BOOKS, AISLE 2s, FIRST Floor
Evening star., 1933-08-23
ItaIian-tyPe
NeedIework

A lovely new pattern has just ar
rived for your Christmas fancywork.
See how effective are the made-up
samples, in pilloweases, scarves,
bridge sets and tea clothes, begin
now to make Christmas gifts.
Choose from several cut-out de-
signs, Italian style.
Evening star., 1933-08-06
UTILITY SUIT COST
RULING IS SOUGHT
Commission in Court Action
Against Traction Compa-
nieS in Test Case.

The question Of whether utility con-
Germs of Washington shall pay the cost
Of court proceedings over orders issued
by the Public Utilities Commission may
be decided in the near future in District
Supreme Court.
William A. Roberts, Of commission
counsel has asked the court to set
date for an early trial Of suits brought
by the commission last year seeking to
compel the Washington Railway d
Electric Co and the Capital Traction
Co. to pay the cost of the printing OF
the court record in earlier litigation
over the fares of the two street railway
companies.
The sums involved are small. totaling
only about $4,000, but the commission, it
is reported, regards the suits as test
cases and seeks the court reaction to
the present wording of the utilities law.
The commission had introduced at
the past session of Congress measure
specifically to require utility concerns
to pay court costs in contests over COM
mission regulations, but final action was
not reached.
In the street railway fare case in
1880 the companies won the decision
in the lower court and the commission
took the case to the District Court of
Appeals. Meanwhile, the returns OF the
companies dropped GA point which
led the commission to abandon the ap-
peal. The companies refused to obey
notice from the commission that they
pay the costs of the printing OF the
record in the case.
Evening star., 1933-08-06
PRISONER FIGHTS
RETURN TO ILLINOIS
Zimmerman, Alleged Bank
Bandit, to Get Hearing
Tomorrow.

Frank Zimmerman, 27-year-old al
legged bank robber, will resist extradition
to Illinois at hearing tomorrow in
District Supreme Court, his attorney,
Charles Ford, announced last night.
Zimmerman is alleged to have par
ticipated in the robbery of bank in
Streator, ILL.,, last year, in which s52,-
900 was taken. Deputy sheriffs in an
armored car equipped with machine
guns have come here to take the man
back for trial ii the local court grants
the request for eXtradition.
1t must be shown Zimmerman was
in Illinois at or about the time of the
robbery, and that he is the man named
in the extradition papers. 1t is be-
lieved his identity will be established
through fingerprints, but it was under
stood the alleged bandit will contend
he was net in the State when the bank
was robbed
There have been reports that police
have secured statement from a men,
ber of the gang of 10 men who looted
the bank. This man IS supposed to
have been arrested several months ago,
but his identity has not been revealed.
1t was believed he may appear as q
witness tomorrow
Zimmerman was arrested by local de-
tectiyes several days ago at an L street
garage, where he was employed as
manager.
Evening star., 1933-08-06
NAVY YARD EMPLOYEES
TO PROTEST REDUCTION

Approximately 5000 civilian employees
of the Washington Navy Yard will at
tend a mass meeting at 10 am. today
in the Avenue Grand Theater, Seventh
street and Pennsylvania avenue south
east, to protest against the 1928 per cent
pay cut which Is to accompany the
new working schedule going into effect
today.
The meeting was called by Columbia
Lodge, No. ia, international Associa-
ton of Machinists. All workers at the
Navy Yard have been invited to attend.
N. P. Alias, president of District A.
International Order of Machinists. said
the workers want an order promulgated
which would prevent reduction Of their
pay under the reduction in working
hours at all navy yards. Beginning this
week they are to 60 on fve-day
schedule Of 40 hours, from Monday to
Friday. Saturday being considered a
non-work day the same as Sunday.
Employees on per year and per month
basis will be furloughed without pay on
Saturdays.