Indianapolis Times, Volume 39, Number 7, Indianapolis, Marion County, 19 May 1927 — Page 2

PAGE 2

FEDERAL RESERVE ! HOLD LOOSENED 1 BY FOREIGN GOLD JJ. S. Banking Shifting Like Sands and Prophets Say Nothing. TimeS ui a A WASHINGTON, May 18.—The relentless stream of gold pouring into the United States threatens to obliterate the Federal reserye system’s control over credit operations in this country. This development, fraught with bo many possibilities that none competent to do so will indulge in predictions, is rapidly reshaping the .United States banking situation. In the last session of Congress the Federal Reserve system was attacked frequently as a monopoly, capable of maintaining an iron-clad Control over credit in this countiy, and thus indirectly over prices. Control Crumbling Now as gold continues to pour in any such control is seen to be Crumbling with the possibility that individual banks will soon be largely free from credit dependence on Federal Reserve system. This development, if continued, might mean the ultimate elimination of the Government controlled Federal Reserve system as a guide and check on individual banking operations, according to Government bunking experts. Shipments of Surpluses Foreign central banks’, notably the Bank of France, are- contributing to this end with the shipment of some of their surplus gold reserves. Since Jan. 1, according to the Federal Reserve research division, the Bank of France has shipped $108,000,000 of gold to this country and converted Jt into interest bearing securities instead of permitting it to remain Idle. The view of the Bank of France directors is said to be that the securities can quickly be convered Into gold, if needed, while earning something in the meantime. The gold in such shipments is being used by the hanks which receive them to pay off obligations to the Federal Reserve system. This leaves these banks progressively more free from dependence on the credit resources of the central Fed#ral Reserve hanks. In the May Federal Reserve bulletin Issued today it Is asserted that

BAKINGS If you want bakings that are perggggggga feet in taste and tenderness — :s s==S : l / that are pure and wholesome, use lip CALUMET BASING POWDER MAKES BAKING EASIER-T*B DOUBLE ACTING Sales l*/ Tiroes Tho— ot Any Other Brand

TKE TESTS / / of a Good Vacuum Cleaner i * t ITI. CLEANING POWER m 2. EASE OF OPERATION Ja |a durability rpHE PREMIER DUPLEX embodies i- all these and more. It is even protected against breakdown by ball-bear-ings —and thus it never needs oiling. It ; requires little care. A special patented plate shows y° u J* ust how to ad J ust the \ J U||t nozzle for cleaning all surfaces from bare floors to the .longest nap rugs. 11 • 1 |1 ~J Easier* and better cleaning is accompV- ,'\v g j Hshed by Double Action powerful suction plus a motor driven brush. The brush dislodges the harmful embedded iL grit and picks off threads, lint and hair. Then strong suction bags it all. Only $5.00 down— the rest on the easiest of easy payment terms. And in addition we will make you a very liberal allowance on your old cleaner . Phone Lincoln 2371 for Free Demonstration / Indianapolis Power & Light Cos. “An Institution of Service'* Lincoln 2371 , 1 48 Monument Circle . r- -■ ■

Hoop-la, Wellesley!

What a rollicking time for the seniors at Wellesley College In the annual hoop roll to the college chapel! Here you have them hard at it. Inset Js Mary Neal of Evanston, HI., who proved the best roller of of her own.

growth of member banks credit has not been accompanied by an increased demand for reserve bank credit, the volume of which has been fluctuating around the lowest level in nearly two years. The ability of the member banks<*o extend their own operations, without obtianing additional accommodation from the rserve banks,(has been due primarily to the receipt of gold from abroad. Net gold imports in the first three months of the year amounted to about. $75,000,000, and the addition of this gold to the funds available to member banks accounts for the growth of member bank credit without enlarged use of reserve hank credit. Others May Follow The possibility is being discussed here that a number of foreign central banks will follow the lead of the Bank of France and ship parts of their gold reserves to this country for use in buying of securities quickly convertible. As to what might happen then no one here is willing to venture a prediction other than to suggest that it might lead to attempts to maV? an international agreement controlling shipments of foreign central reesrves to this country.

Accused Kelly Gives . Fist Murder Story Bii United Brenn LOS ANGELES. May 19.—With the completion of Paul Kelly's version of the fist fight in which the State claims he fatally beat Ray Raymond, the defense late today probably will rest its fight to save the screen juvenile from the gallows. Kelly, in the midst of his recital when court adjourned, continued on the stand today. Calmly he told of the fight, which, he said, ensued after Raymond had accused him of Improper relations with Raymond’s wife, Dorothy Mackaye. He admitted he once told Raymond he loved her, but denied any improper relation. To Fly Over Atlantic BERLIN —An airship that will fly between Spain and South America, and carry forty passengers is being built by the Zeppelin company. The ship is not as large as one being built for London-Bombay travel, but it will have a dancp hall and luxurious lounging rooms, a large dining saloon and twenty cabins.

THE INDIAX APOLIS TIMES

HOOSIER BRIEFS

“Mother very ill. Come immediately,—N. K.” This telegraphic appeal has been delivered to Gary Elks Club addressed to Leonard Kieffer. A search for him has been conducted. But Gary has its lighter moments. “Happy-Go-Lucky’’ Club the other night to chew and to sew. Anna Golaski won the cow event by masticating eighty-five sticks of Wrigley’s, Time, 1 hour 30 minutes. Other city results: * Several tired jaws. State result: Desire not to live in Gary. A proud aunt steps forward. Mrs. Jane Milan, living near Wabash, claims her niece completed the first three grades in one term of seven months. A Sunday shoot will dedicate the new Walton League Park and- Gun Club, Clinton. One of the largest Muneie contributions to the Red Cross • relief fund is that of $28.24, the proceeds of a High School harmonica concert. Music's charms are pecunious also. Notre Dame students arc getting some alma mater advice. “Don’t live with your mother-in-law if you wisli to enjoy married bliss,” Father Marr, C. S. C., recently told (the senior class. “Horses, Horses.” seems to be a popular song at Evansville police station. The boys are waiting for some new mounts. They’re going to be Galahads of the law. Rushville Chamber of Commerce should be delighted in this, by a woman of that fair hamlet: We all want Rushville to grow. So why be so terribly slow Let each do hig part. Then we’ll goon get a start. So come on. everybody, let's go. MRS. ( LAY CARMICHAEL West St. attacking, in mercenary fashion, an Auburn ordinance preventing parking in that thoroughfare for longer than a half hour. They say it drives customers away. ADD BRAZIL NUTS—Alleged William Culley, 71. St. Paul, is under arrest here for paving satiated |

‘■—l -——-■——======= ■■■ ‘.-== passing On the Great News !!.?$ Iti heAef Ijlatctioui Itlifez tWaAi •Jjfe Se/tti CLnnuaC sJ£*Uut D/ieM. Safe

[W] LAST TWO DAYS! TM k2U 2 Dresses for She Price of ILSi £deru Woman Out Use DI XT Cl AIIF. TlfVtf.l’.A. *l7 EVery Woman Can Use .An Extra Dress Forsl*2 MT JLP An Extra. Dress for $129 Friday and Saturday Friday and Saturday THE PLATf • ! JOTE ~ [EvrSll^i GetfSw \ First You Buy One A T^Wlk ThisEv ' ent com **\ Gets an Extra Dress IDress atthefUAularM Tr XJ&i&ST \\ ’|| ’Ggrtce a Year \ Extra Dress /Br^Tomle 1 \ Price-Then You 1 § Therefore All Women \ • p o^^ip , e i Extra Dress+l3? / Value for Only N BMBff Should COME ~/ Extra Dress_lSf / y| \ The tornado did not damNo Thrifty Woman / \ age our store or break our Can Afford to / . windows. Lucky for us. t Do you realize what this gigantic event y I \ f or the sale conmeans to YOU! Just think —you can./ | • f Wbhl dress at any price you wish / I _ , to pay theri select another / * • / Ss -' I x \ forC6 lOF rTT“ one dollar extpa! Bring j // ' / J \. (-J 3 y f| Each can buy a dress Give S ft t U r ’ | Gowns —Business Frocks — . / s' treet Dresses—;Sport Dresses —Shopping \ Uy ur rst ress at ular ice \\^ y SILK DRESSES.SI2.9S Each—sl3.9s for Two Nv '/ / SILK DRESSES. ! $19.75 Each—s2o.7s for Two \ j / SILK DRESSES $24.75 Each—s2s.7s for Two \

Unusual in a • Sale Like This—a Wide Selection of Large and Half-Size , Dresses

I a craving for “canned heat.” He’s | to be arraigned to find out who he is and what he has had. Youth is in trouble at Decatur. Doiuhd Bebout, 11, lias been kicked by >- horse. His forehead was crushed. Edwin Malinensin it h suffered a scalp wound when lilt in a horseshoe game. Indiana University will hold a twilight commencement June 6 at Bloomington. Manly seniors thus may sleep without being disturbing to the speaker, unless they snore. Dave Shively, Bltiffton, has almost perfect evidence that the biggest fish got away. He came home with his hand seared by a fish line. i Wabash Postmaster Ed Purvianco J lias been concealing a pair of eyes lately.- He got into some weeds that closed his orbs as effectively as though he had been in a fight. Oakland City High School will graduate forty-two pupils Friday night. Connersville is holding its annual “(Teaii-up’ Week.” Other cities sometimes spend most of the year. Jeffersonville Baking Company is planning to take care of expansion. Customers, rumor hath it, are adding yeast *° the cor •. Three hundred dollars’ worth of cigars and cigarets have been stolen from W. H. Hood Company, Portland. A similar robbery In November netted S2OO worth. Hood's must put out good tobacco. Thirty-five persons have applied for the superintendent of Greencastle city schools, the post being varant witli the resignation of B. W. Kelly. ' Mrs. Harr> Richards and Mrs. Charles Sulavan. Kokomo, early one morning dreamed tho same dream, so they found when they compared notes. Each thought she was house cleaning. Spring season is getting to be an obsession.

THIHUIEBWOHL CO. 1 - — : : ‘

45 EAST WASHINGTON STREET

RECOUNTS DEEDS OF ADVERTISING Laundrymen’s Head Cites Business Gains. Bn Timet soccio’ MARION, lnd., May 19.—Power of printer's ink was emphasized to of the Indiana I>aundry

■ fC „ s More Popular - 1 ou get Quality and Economy, Blgfc T plus SERVICE § MJIAJf • from your Inde- : pendent Grocer. \ 17 O-WE-BA Coffee has become so popuXV lar with people who like good coffee that nearly all first-class Independent Grocers in town now sell it. — * We could give you a dozen reasons for the rapid-growing preference for this finer coffee*. y ~" e could tell all about its delicious flavor. Its jffayTV ii ■ ■ .mum ** 3> fragrant aroma. Its never-varying richness. Its reshness, full-flavor and low cost per cup. ; •. But there is only one way for you know the * >■: I ——— —| j genuine goodness and supreme satisfaction that comes in each cup of KO-WE-BA Coffee. Just JPI Order a itound tin of “KO-WE-BA" next time jLt&m. * wSfiffT if" v °n need coffee. Once you’ve discovered how de- ’ ysf ™ 11licious it is, you’ll always want “KO-WE-BA.” Ivill I lIIF I L KOTHE, WELLS & BAUER CO. I ybf vV Indianapolis I v Sold Only ' Delicious'

Owners association, meeting here, by W. G. Conover of Philadelphia, national president of the association. “ Conover outlined details of the proposed national advertising campaign. He declared that laundrj’men had made no systematic effort to advertise, and had been content as occasional space users. He declared that one washing machine manufacturer, through use of advertising, had increased his business 520 per cent during 192 C. C. J. Pettinger, of the Mellis Advertising Company, Indianapolis, declared that florists had benefited greatly through advertising and

MAY 19, 1927

that the slogan “Say It With Flowers” had been largely responsible for it. Bird Steals Key COLUMBUS, lnd.—After locking the doors of the Citizens National Bank, the president placed the key on the porch of the custodian. A robin seized the string to which the key was attached and flew away. A Y>osse was organized and the bird followed over the neighborhood until the burden became too heavy and was dropped.

All Service Features in Effect Our Layway Plan May Be Used