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LIVING A DOUBLE FINANCIAL LIFE Proved Too Much in the Long Run For the Day and Night Bank Of St. Louis (Associated Press) St. Louis, Jan. 6.-The Night and Day Bank, with deposits of three million dollars, did not open for business today. The state bank examiner said examiners had been auditing the books for several days and found an apparent discreprancy of more than one hundred thousand dollars. The employes are said to have not appeared at the bank since Wednesday.
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GENERAL f thanks Marshal Foch sent a lett to President Rea of the Pennsylvania Railroad for directing his railroad tour of America and Canada. George A. Eng, acting chief enforcement agent in Detroit, declared an end will be put to liquor traffic if the names of customers of bootleggers are published. A "treaty of peace" between the city of Detroit and the Detroit United Railway, agreed to recently by plenipotentiaries of each, shortly will give Detroit the distinction of having the most extensive municipally-owned street car system in the world. Pennsylvania Railroad will place orders for the construction of twenty additional all-steel dining cars of the largest and most modern type. Seaboard-Bay, a subsidiary to the Seaboard Air Line Railroad, applied to the Interstate Commerce Commission for a loan of $4,679,892. The American delegates to the conference for the Limitation of Armaments are wondering what will become of the Franco-Japanese treaty, which is not so sweeping an alliance as the Anglo-Japanese compact, but pledges a certain amount of co-operation in the Far East. The Night and Day Bank of St. Louis suspended. A discrepancy of more than $100,000 reported found in accounts by examiners. Governor General Wood of the Philippines advised Igorrote chiefs, with whom he conferred at Baguio, to stop eating dogs and substitute sheep and goats. Samuel Untermyer, council to the Lockwood Committee in New York City, told the committee at hearing that the General Electric Company has a "complete monopoly" over the production of electric light bulbs in the country According to report from Rome, there is little danger of a general financial crisis in Italy, despite the closing of the Banca de Sconto. Pennsylvania crude oil was reduced 50 cents a barrel to $3.50, it was announced by the Joseph Seep Purchasing Agency, known as a Standard Oil affiliation. A majority of 11,316 physicians in nineteen states, replying to a questionnaire sent out by the American Medical Association, assert that they do not regard beer, wine or whisky as necessary therapeutic agents in the practice of medicine.
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The indictment of the diret. tors of the suspended Night and Day Bank of Rt. Louis on the charge that they allowed the bank to receive deposits after it was known to have begonde in. solvent- penal offense under the law-has doubtless created sensation in banking circles generaly. There is little probabili. ity, however, that the prosecut ing officers really purpose to make the directors suffer the prescribed penalty for their in fraction of the banking law, or that a jury could be found to convict them under it. All these directors are men of the highest moral character as well as social standing and it cannot under any circumstance be assumed that any of them had a guilty knowledge of the insolvency of the bank they directed before its actual suspension. The pur pose of the indictment, to our mind, is to call all bank director ates in the state to the sense of their duty as prescribed by the law, that has the object of preventing the misuse of a bank's funds by any of its executive of ticers. In the case of the Night and Day Bank as in that of the late Peoples Bank of De Soto and a number of others that have occurred in the state within a recent period, the bank was under mined by an executive officer in whom the members of the board of directors of the institution had absolute confidence and whose periodic report of its solvency they passed upon without question or examination as to its reliability. They felt they could not do otherwise or offer the implication that they did not trust the reliability of the state ment. And that is the rock up on which banks are wreckeda feeling of delicacy in applying the duty the statutes impose on bank directors. Just how this difficulty may be overcome is not easily determined. Perhaps an amendment to the state banking law making it compulsory for bank directorates to give the adairs of their respective institu sione personal examination at reasonably frequent intervais might prove to be of benefit, seeir g that the force of inspec tors employed by the depart ment of the State Bank Com missioner is inadequate to give such frequent reviews. Mean while. while bank failures are always to be deplored and their occurrance must urge further steps towards still greater bank ing safety than we already enjoy. we have cause for congratulation in the fact that it is the rule rather than the exception that our banks are conducted by careful and conscientious men, and that where one bank has failed a thousand give us secure depositories for our money. ihh -
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Capital is a friend, of the people. It is capital, not bread doctrinaire disquisition, that puts and butter on the tables of the people, in clothing on their backs, furniture their homes and sunshine in their hearts. Soviet Russia now realizes this. The governor insists that North Carolina has established a splendid but record in the growing of crops, gardens. He wants the famlly have every food that he wants to is required Milk, to make a balanced ration. vegetables and fruit are required. What did the recent "clean-ups" clean up, anyway? The more you learn the more you know. Latest strike news: Health department says we must all keep our feet dry and warm during this moist spell. A congressional committee is going to ask Harding to let the government "buy up" all the liquor supplies in the country. They seem to forget that Uncle Sam hasn't but fifty billion "ghekels" to his credit. Well, the Night and Day Bank in St. Louis and its officers and directors have discovered that Almighty God is no "respecter of persons" just as Governor Small (small) of Illinois has discovered that he is a rather "small potato" after all. The Night and Day Bank in St. "defunet" and left the of said bank Louis depositors has gone "out officers in the cold." In other words, the and directors of said bank have "looted" and "gutted" it completely, At any rate, so it appears. been the indicted officers and directors have grand jury and under bonds for their heavy by the appearance placed in court and to give a strict accountability for their "deeds done in the body" -according to Scripture, and the banking laws of the great state of Missouri. . The accountability of bank officers inescapable-the! financial acunder the law over moral countability is accountability and and beyond bank- their anything defined by law. The ing business is no "mystery." Apparently neither law nor prudence was followed in the Night and "looted" Day bank. by The bank, it seems, was its had officers been withdrawn and directors. from with Great its the funds sums certhat any "profits" tainty for private speculations, made would any accrue to individuals while "losses" incurred would be imposed on the bank. How was it possible for this to be done without knowledge of at least the executive officers? This bank, it is said, also accepted deposits while in an insolvent condition. The whole business management of said bank looks "rotten," to say the least. Stated in business terms, the patent fact is that Soviet Russia is paralyzed by an unbearable "overhead charge." Its administrative "unity" requires the maintenance of a police-power that much: the productive system bear the pocosts cannot too "weight" of the litical or protective system. Now comes the news that 42 per cent of the banking power of the South was lodged in banks which have not become members of our Federal Reserve System, and in the West 30 per cent of the banking power was not included in the system, while in the Pacific states 36 per cent of the strength remained outside of the system. All of this banking power should come into the Federal Reserve System without unnecessary delay. not only for the purpose of strengthening the system. but for the purpose of uniformity and protection of all members of our federal reserve banking system and for the purpose of facilitating and expediting their banking business everywhere. Now if the Federal Reserve Board will administer the system as intended in the law (free from all "dictation" from Wall street influences), our federal reserve system is and always will be the best constructive banking system ever devised and ordained by the subtle intellect of man and will forever put an end to all "artificial" panies in these United States of America. Now as to the soldier bonus, it appears that the great and increasing volume of money thus put escapes securities and unfairly into tax-exempt its just burden of taxation renders it
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$750,000 Bank Thief Enjoys Liberty as Attorneys Argue (Special to The Daily Worker) ST. LOUIS, Mar. 26.-A. O. Meininger, cashier of the looted Night and Day Bank, charged with embezzling $750,000 of the bank's funds, convicted on one indictment and sentenced to five years in prison, cannot be tried on any of the remaining 47 indictments against him until the state supreme court has passed upon his appeal from the sentence, according to a decision just handed down by the supreme court. This may take years. The looted bank closed Jan. 6, 1922, financially ruining a large number of working people, savings depositors in the institution. The local Socialist party, and several labor bodies were among the losers when the bank closed its doors. None of the indicted officials have yet been locked up. H. H. Hoehnschild, president of the bank, had 16 indictments quashed on legal technicalities. Legal minds see many loopholes in the- law thru which Meininger might escape punishment entirely, in the event the supreme court reverses the lower court verdict. In any event, the case is expected to enjoy several years of peaceful slumber on the appeal. Unfortunate depositors in the bank have received payments of 50 per cent on their losses. More stringent state banking laws are being urged as a result of the fiasco of the Night and Day bank. Join the "I want to make THE
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LAV VS. JUSTICE The action of Circuit Attorney Sidener, of St. Louis, in dismissing action against the officers and directors of the defunct Night and Day bank, which failed in St. Louis some three years ago, has caused considerable criticism. The men under indictment were men of high standing in St. Louis, but this ought not to excuse them if they were negligent or criminal in handling other people's money. Too many directors of banks are named for other reasons than for ability to direct. The banking laws require directors and officers and each has his duties and responsibilities; and if they allow the cashier to run the bank, merely signing such reports as the cashier prepares, they are criminally negligent if the cashier makes off with the funds, as was done in this case, where the loss ran into more than a million of dollars. The mere fact that this was possible shows a presumptive negligence of the officers, and they should be held for any loss to depositors from their negligence or ignorance, as the case might be. Certainly the depositors should not be forced to lose their savings merely because one of the officers was a crook and several others too negligent or too ignorant to perform their duties to the bank. One can hardly dismiss the suspicion that if these officers whoses cases were dismissed had been men of modest means and of mediocre attainments their cases might not have been dismissed. Al] men are supposed to be equal in the eyes of the law, and if this is not true, the law ceases to be respected as such. Justice can af. ford only one pair of scales.
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Many Measures Are Being Prepared Both Houses for Introduction. After nearly two weeks being taken selection mittees and settlement of the troubleproblem of taking the applicants clerkships, doorkeepers other the Senate and House Legislature turned to business and began bills the first eleccontest was filed in the House, James Republican, Greene filing proceedings unseat Warren, Democrat, Representative from the Second District Greene County. The contest was filed through David Peters of Cole County, Republican floor leader. Warren was elected over Glass by majority than Glass contestthe ground that Warren Ineligible candidate because he state county for the preceding his election. Republicans are decidedly the majority Elections Committee, with memberships out of Should the Democrats ousted from seats, Republican membership House would increased and the Democratic reduced to Includamong the great number of bills being drafted for early Introduction in the House Senate the following measures: enable to enact zoning laws through their own legislative bodies. Amending the St. Louis County law governing registration voters, correct omissions and enable registration of absentees. Providing for completion of the 1,500-mile primary system of state before any contracts are let for additional construction on secondary road construction. Establishing police force In Louis County and abolishing special deputy sheriff jobs now authorized law. Strengthening the banking !aws, placing greater safeguards around bank deposits and creasing the penalties for embezzlement bank funds. Seeking to check or solicitation damage for prosecution of offenders. workmen's compensation act, patterned aftthe act passed in 1921, which referendum to the people. Establishing an Intermediate reformatory for young men, graded between reformatory and the penitentiary. Taxing domestic Insurance companies of the state on capital stock surplus. circuit judges discretionary power to refuse bond defendants, convicted criminal on charges, pending appeal to the Supreme Court. Amendment of the state Income tax laws to place administration the Income tax under the State Tax Commission, and give the mission's agents authority to inspect Income returns. To require property subject taxes to be assessed value on January of each Instead of June at present, and that taxes be levied and collected the year the assessment is máde, instead of the following year, as under the present That of property gas companies, water companies, heating plants and similar utilities, now sessed locally, be returned for ment to the Tax Commission. RequirIng drivers of motor vehicles to licenses, and to undergo mental and physical tests to their qualifications to drive motor vehicle. Establishing state highway patrol, with police power, regular traffic and enforce the road laws on all state highIng the state "bone-dry" law, to make mandatory Jall or prison sentences for certain infractions. Establishing counwelfare agencies in each county. Community high school designed give children In rural districts the vantages of high school. Creation of budget system for the state. There will be another road contract let State Highway Engineer Piepmeier January 31, announced his office Jefferson City. The contracts be will cover 24 located in projects. counties, and small bridges. Classified. bids will be total of 21.861 miles of concrete roadway, miles gravel construction, and 25.289 miles of graded earth, the total mileage of highway construction called for under the letting being temporary writ of habeas corpus Issued City by Justice Graves of the Supreme Court bane admits bond in the sum of $5,000 Donald W. Ross, former state deputy finance commissioner in charge the assets the defunct Night and Day Bank Louis, who ordered to Jall Judge Anthony Ittof the Louis circuit court. Chief Justice Graves conditioned the bond for Ross upon the approval of Circuit Judge Taylor. The Priests of Pallas, an annual fall festival, traditional in Kansas City, ceased exist when the directors votdissolve the company organized for its presentation. The post office at Woodlandville, small Inland town ten miles northwest Colambia, was robbed of $92.28. All of the money in the money taken. but the stamp drawer was not molested. debating has been organized the Richmond High School and will soon arrange schedule of debates other schools Former Judge H. Baskett fell the slippery ice at Elsberry, breakshoulder and wrist. His age makes his recovery doubtful. The establishment state patrol force. with police for the regulation of curbspeeding and enforcement against overloading of motor trucks favored by the State Department, and bill to estabsuch patrol probably will be troduced in the legislautre during the present session. The patrol should be the control of the State Highway Commission, State Highway Engineer Piepmeier and police powers limited to supervision over all state roads outside the corporate limits of In placing such sysoperation, not more than would be needed at the outset, said, to patrol the roads the larger of the state. The number could be increased as more high type roads are completed in the state highway system. Such patrol would save the state many times the cost of the patrol by the present law fixing maximum weight of 14 tons for motor truck load, Piepmeter said. Overloadtrucks results in breaking down surface and foundation the Plepmeter continued, and comthe state to expend thousands dollars for repairs and maintenance, addition to expenditure required for average maintenance. The present law considheavy by the department, which favors or ton maximum, no definite maximum weight has been adopted for proposed amendments being drafted by the torneys in the department. Some of the state employes have collected that exceed their annual salaries, the says islative auditing committee appointed former Governor Hyde, in its report submitted to the House and the Senate. believe that there has been manifest in the last few years desire employes to cut down living in travel," the report comments. suggests that maximum daily traveling expense be fixed to check this thrifty tendency. The report further observes that in the automobile registration department state employes fees from the public as notaries. good practice," the report permit salaried employes of state to look around in their places employment for opportunities make money on the side, even though, in this case, the same fairly done, openly and above board." Clerical rors are blamed for difference in the revenue fund account dating back to for which the committee cannot account, difference of $127.11 between the auditor's voucher jackets and the warrants. At the request of Governor Baker, the Senate Jefferson City voted return all the vacation appointments submitted Governor before he retired from office, and also those that he failed to send in, which requested by the Secretary of State. When the Senate convened January 15 Governor Baker sent communication in which he "respectfully requested" that the appointments returned. motion offered by Senator Frank H. Farris, Democratic floor leader, that the Governor's quest be complied with, was carried without opposition. "This will afford opportunity for consideration the appointments," Governor Baker said, "and chance to confer with members of the Senate and others regarding the qualifications of such ap pointees." Embezzlement indictments were dismissed in circuit court at Lamar against Thomas Egger and his daughAnna, in connection with the fail. ure of Egger's private bank. which closed last May after 43 years' operation. Judge Thurman ruled, after argument, that there was nothing in Missouri law that would hold private banker guilty of embezzlement. As law stands, he held, whatever money the private banker has is his own, in the same that the money borrows is his own. On the suggestion of Judge Frey of the criminal division of the circuit court of St. Louis, Otto Jefferson City will in the future supply proper form for instruction in the trial of criminal cases, when asked to do so by the prosecuting torney, or circuit as the case may In his letter to the Attorney General, Judge Frey said that, having recently been transferred from civil criminal division his court, he therefore, interested in the forms for proper instruction, and that had not had the time nor opportunity to in touch with the rulings of the Supreme Court in several important cases. delegation of prominent Fulton went to recently the first ride on the new electric car that has been placed service the Fulton division of the Chicago and Alton Railroad between Mexico and Jefferson City and take the place one of the steam trains. Another large delegation met the car the Fulton station, the ception being similar to the old days when the pioneers welcomed the first train. Bert Jackson, 19 years old, burned to death at Rolla in fire that destroyed the home of Mrs. Annie Adms. Two sons, Frank and James, daughters of Mrs. Adams were severely burned. One daughter, Sarah, her hair nearly burned head. Jackson roomer. An increase the capital stock from $500,000 to $1,000,000 nounced at meeting the board directors the Sedalla Savings Loan Association. The association eleven years old and has never had loss or foreclosure.
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ROB THE TAXPAYERS A STEALAGE A Dishonest Scheme Is Defeated By Hot Fight Up By the Democrats Who Resented the Plot Exposed to Repay the Money Stolen By Donald JEFFERSON March of the warmdebates of the present session legislature came suddenly when, Representative Davidson, republican, Louis, offered an amendment providing for an appropriation from the general revenue fund of for the reimbursement of the depositors and stockholders of the defunct Night and Day Bank of St. Louis, funds stolen by one Donald Ross. deputy state finance commissioner. Immediately upon the reading of the amendment, democratic members launched bitter attack on what they deemed unjust expenditure of the people's money to cover up the dishonesty of state official." Dave Peters. republican floor leadled the fight for the appropriation. basing his argument on the fact that the supreme court of Missouri had held valid the payment of sum of money by the state to the stockholders and depositors of the Holland Banking Company of Springfield. Went Down In Merited Defeat Representative Lon Haymes, of Springfield, explained that the payment of the funds to the Green couninstitution was obligatory on the state, Inasmuch as the failing condition of the bank was known to the state officials at least eight months before the final collapse of the bank. During this time, the board of fund commissioners, composed of Attorney General Barrett and State Treasurer Thompson, refused to withdraw or protect the several hundreds of thousands of dollars of state money in the failing bank. The defalcation on the part of on the other the deliberate thievery state deputy finance commissionunexpected and unheralded, rather than an act of unwarranted and of duty on the part of several state officials who had been apprised of the impending disaster. The amendment went down under the caustic fire of attack from the democratic side of the chamber. despite the sturdy defense of floorleader Peters his cohorts. Moved To His Home Bank Approximately $160,000 of the personal savings of despositors and sources of stockholders of defunct Missouri banks has been moved from all sections of the state and deposited in the Canton Trust Company at Canton. Missouri, the personal, "hometown" bank of Finance Commissioner Frank C. Millspaugh, It was shown