Indianapolis Times, Volume 40, Number 23, Indianapolis, Marion County, 7 June 1928 — Page 4

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SCRIPPS-HOWAAD \

j|. The Issue Is Clear The nomination of Frank C. Dailey for Governor on the Democratic ticket makes the issue clear and plain. The election in November will determine whether of the citizens of this State are opposed to the corrupt forces which have controlled its government in the past few years. The Democratic party hardly needed a platform to create this issue or even to state it. The career of Dailey a$ the foe of corruption, his unswerving devotion to duty in office is in contrast with the political history of his opponent. The shadow or shame which came with Stephenson still hangs over the Republican ticket. It was named very largely by heirs to the Stephenson political power. . ' The nomination of Dailey offers the opportunity to the citizen who has been shocked by some of the recent revelations to register a rebuke. J The election? Dailey will be the best advertisement which Indiana can have as evidence of the end of her political nightmares and governmental jags% The independent in politics at last has a candidate who means more than a party lijjpel. It is seldom that the man and the issue are identical. It so happens that Dailey does furnish in himself the only platform needed. The contrast with Leslie and the Leslie nomination leaves no one in doubt. Nor can there be any doubt as to the result in November. Indiana is honest*at heart. It is still American. That is why the demand for Dailey was insistent and imperative. The Last Day To remove any doubt thai the Muscle Shoals bill, overwhelmingly voted by Congress, shall be la*v, President Coolidge must sign it before midnight tonight. The act of Congress simply retains for the American people a great project buil£ with the people’s money. It withholds this valuable property from the hands of private interests that have been reaching for it. Since these private interests are the same that have aroused the anger of the country by the extremes to which they have gone in their efforts to influence the Government, and since it will be these same interests who .get Muscle Shoals if the Government does not keep it, the country is deeply concerned by what the President may do. A veto will provide the Democratic candidate with a better issue this summer than any Democrat has dared to hope. Perils of Ocean Flights Since the first of this year, thirty-five fliers and their passengers have* met their death in attempting ocean flights. Brave men and women they have been, and doubtless, if they could speak to us now, they would say that they do not regret the manner of their going. “There must be pioneers,” has been their slogan, and they have died drinking the heady wine of courageous excitement. They have sensed the greatest thrill, have been at the top of the world in spirit. We envy them, wish that we had the nerve to do something like that ourselves. But we regret with all our hearts this terrific toll. We can’t afford to lose men and women of this type. For that reason we recommend careful reading of an article by Commander Richard E. Byrd, retired officer of the United slates Navy, a flier and navigator with a remarkable list of successful flights to his credit, appearing in the current issue of the Saturday Evening Post. It is entitled “Don’t Let Them Die,” and it is an appeal for greater precautions, longer and more careful planning, and, though Byrd does not put it in these terms, for more moffey to be spent for the planes which are to undergo the test of ocean travel. Briefly, Byrd recommends tri-motored planes for ocean flights. One hundred per cent of threeengined transoceanic pl&nJs which have started aerbss, he says, have reached their destination, whereas only about one-fourth of the single-engined planes that started succeeded. Three-engined planes are bigger, more expensive, *uire more care to operate, are heavier than the small planes and can’t go so fast. Byrd admits that if there are plenty of landing places along the route, it is bettter to use singleengined planes. But there aren’t any landing places in the ocean. Any two engines of the three-engined plane will keep the ship aloft. One engine can go bad and if there are cat-walks provided, a mechanic can go out and tinker with the engine until all is well again. Byrd urges that trans-oceanic fliers carry rubber boats with them. His rubber boat saved his life and that of his men in their trip to Paris last summer. Few of the planes going across last summer were equipped with these boats, he says, and furthermore, •T know most of the plans for ocean flights this summer are omitting just this sort of Thing.” Landing flares, which fliers can drop into the water' will help them make landings on a dark night. Landing on the water without being able accurately to tell where its surface is, may be worse than landing on concrete, Byrd says. He says that little quarter-pound flares saved the t lives of his crew last June at Ver-sur-Mer. Byrd says that landing flares wer# not part of the equipment ordinarily carried by fliers last summer. Other devices which this experienced navigator thinks are absolutely essential on planes to make ocean hops are luminous instruments on the dash-

Thelndianapolis -Times (A SCfUFPS-HOWABD NEWSPAPER) Owned and published daily (except Sunday) by The Indianapolis Times Publishing Cos , 214-220 W. Maryland Street. Indianapolis, Jad. Price in Marion County. 2 cents—lo cents a week; elsewhere, 3 cents— l 2 cents a week. BOYD GO RLE Y. ROY W. HOWARD..,. FRANK O. MORRISON, Editor. President. justness Manager. PHONE—MAIN 3500. ' _ ♦ THURSDAY, JUNE 7. 1928. Member ol United Press. Scripps-Howard Newspaper Alliance, Newspaper Enterprise Association. Newspaper Information Service and Audit Bureau of Circulations. “Give Light and the People Will Find Their Own Way.”

board and plenty of thermometers all around the planes. He recommends a radio sending set as part of the equipment also, and thinks it would be well if transoceanic fliers knew and used a speed and drift indicator for measuring speed over the ground and water and drift caused by the wind. Without taking necessary precautions this summer, Byrd says, many young men and women of the cream of our civilization will go down to watery graves. “Are we going to sit idly by,” he asks, “and watch these young Americans go to their deaths and never raise a hand to try to stop theem?" Senator Glass and the Reserve Board In his sharp criticism of the present drift of the Federal reserve system, Senator Carter Glass exhibits quality of statesmanship pleasing in these days when every one is asked to rally to great, all-pervading principles. The Senator’s grievances against the present course of the reserve system are two: 1. That the reserve board a year ago forced a uniform rediscount rate on all reserve banks, and thus took a decisive step toward banking centralization in Washington. 2. That the reserve system has not kept the volume of “brokers’ loans” within reasonable bounds, and thus allowed billions of dollars of the country’s! credit resources to be drawn to New York for stock; gambling purposes. An attempt to base these grievances on an appeal j to “principles” Is obviously difficult. If the principle of decentralized banking is appealed to, then the reserve board was wrong last summer when it dictated the rediscount rate to be charged by the Chicago reserve bank. But on the same principle, the board has acted well in letting “brokers’ loans” run their course with-' out taking decisive steps to force the New York reserve bank to curb them. Senator Glass, however, is not sidetracked by a hunt for a principle in criticising the reserve system. He thinks centralized dictation of rediscounts is bad, and that the present enormously high levels of “brokers’ loans" are dangerous to the welfare of the reserve system. Therefore, says Senator Glass, let's get busy without any legislative formality and straighten this situation out. Thf “brokers’ loan” expansion, he says, “should oc corrected administratively. The board at Washington is clothed with ample power and courageously should exercise it." The reserve board apparently is also clothed with power to fix the rediscount rates of the twelve reserve banks; at least so Senator Glass has contended on previous occasions. But that power, he thinks, should not now be exercised. What’s the broad principle involved? There apparently isn’t any, but that does not detract from the Virginia Senator’s timely criticism of the drift of the reserve system. Deprivation’s Lesson Nations, like individuals, are often benefited by being deprived of things. It makes them develop resources of their own. Potash salts are very essential to agriculture and industry. The United States always used to import most of its supply from Germany, But when the World War came along this source was .shut off, and some new source had to be ftund. It wasn’t found right away. But the Interior Department began a search that has lasted ever since; and now it announces the discovery of rich deposits in Texas which may eventually make us independent of all other potash beds. Doubtless we wouldn’t have found these if It hadn’t been for war-time deprivation.

David Dietz on Science Earth Is Bombarded No. 70

AN apparent connection exists between spots on the sun and magnetic storms here on earth. This fact has stimulated 'he investigation of both the earth’s magnetism and the nature of sun-spots and in time is expected to throw important light upon both subjects. It was noticed many years ago that magnetic storms which throw telephone and telegraph lines

ELECr/ion/s stoeaM pgom sun/ / 3POTS -

This immediately led scientists to hunt for some connection between these various phenomena. It was seen at once that there could be no direct magnetic connection between the sun-spots and the earth because the sun is so far away. The sun is 93,000,000 miles from the earth. But since it was supposed by many that the earth’s magnetism was the result of electric currents in the earth or the earth’s atmosphere, the theory arose that the sun-spots might be like huge cannon, bombarding the earth with some sort of electrical radiation. One theory is that the sun-spots are bombarding the earth with electrons, the negatively charged particles which compose the outer portions of the a topis of matter. The correlation of magnetic storms and sun-spots is not as good as it might be, however. Sometimes severe magnetic storms occur when no spots are visible. On the other hand, large spots sometimes appear and no storms take place. The British astronomer Maunder advanced a theory to explain this. His hypothesis was that the solar activity which causes the magnetic disturbances on earth is not in the sun-spots themselves, but in areas where sun-spots are formed. This activity, according to his theory, can go on before a spot has appeared and can continue after it has disappeared. % There are other difficulties to be faced as well. If magnetic storms resulted from electrons or other electrical radiat.ons from the sun, we should expect the storm to t start in the region of the earth turned toward the sun. But magnetic storms seem, to occur simultaneously all over the earth.

M. E. tTRA CY SAYS: “This Is a Day of Organization Not Only in Government,. but in Practically All the Important Phases of Human Endeavor. Especially Is It a Day of Organized Industry”

WITH a steam roller which niost folks supposed had been knocked all out of whack by the numerous monkey wrenches thrown at it, but which turns to be in first-class condition, the Hoover contingent moves merrily toward its objective at Kansas City, Four days ago it looked as though there were no less than half a dozen doubtful contests for seventy odd Southern delegates in which the anti-Hoover crowd would enjoy at least an even break. Now it looks as though none but Hooverites need apply. At first, thej'e was ground for suspecting that the, Republican national committee might be favoring “lily whites” as opposed to “black and tans,” but as the plot thickens, the determination to take Hoover delegates, and none but Hoover delegates, quite regardless of race, color or previous condition of servitude, becomes indubitable. All of which is made possible by the simple fact that Mr. Hoover’s friends are in control, of the Republican national committee. Those who regard the lack of idealism and possible injustice such a process involves, can console themselves by recollecting that the anti-Hoover crowd would have done the same thing if it could. tt a tt Politics Means Advance Politics, aviation and China continue to dominate the news. Strange as it may seem, they are not without connection. One thing not only leads to another in the march of events, but most everything helps. Both the airplane and Chinese revolution are traceable to politics, especially American politics. Did you ever pause to think why we did not have railroads, steamboats, automobile or a thousand and one- other devices which make this age what it is before democracy came into vogue? The reason is evident. Men were not free to invent until they become free to think. A world of despotism and divine right is bound to be a world of stagnation. The philosophy which denies that men are fit to make laws, also denies that they fit to make machines. The progress of the last 150 years is due to nothing so much as the advent of republican government. Let us not forget this when we get sick and disgusted with politics. tt tt it Fear of Work Politics is the life of republican government. Without it, republican government cannot exist. Many people pretend to despise politics because of its character. It is net fit for decent men to be in, they say, much less for decent women. What really ails them is fear of work. They do not want to go through the drudgery that politics, like every other worth while activity, involves. They keep telling themselves that there is no need of all the drudgery; that someone will invent a way to relieve it if they wait long enough. If they wait long enough some one will invent a way—the Mussolini way, the Pilsudski way, the Soviet way. The Italians do not have to bother their heads much about politics these days. Neither do the Poles nor the Russians. They havn been relieved of the drudgery. tt tt tt Voice in Democracy Democracy must be carried into social and economic activities if it is to mean what it should. We can not take advantage of it. if it is confined to political activities. Democracy implies that people should have a voice in any organization which affects their welfare, or through which they achieve collective results. This is a day of organization not only in government, but in practically all important phases of human endeavor. Especially is it a day of organized industry. Industry has been slow to recognize the principles of democracy. Labor is. quite as much to blame for this as capital. Labor and capital have each taken the position that the other should do all the necessary reforming. One is glad to see such a futile attitude giving place to one of a more hopeful and "constructive character. nun Textile Workers Prosper Sidney Hillman, head of the Amalgamated Clothing Workers, is right in offering industrial democratization as a formula for industrial peace. He is doubly right, because the organization which he represents has given a splendid example of how to make it work. That organization not only controls 60 per cent of the industry in whi6h it is engaged, but two banks as well, and it has not only paid out some three million and a half dollars in unemployment insurance, but has loaned half a million to assist employers. tt tt tt Need Constructive Labor The democratization of industry is not the mysterious or revolutionary thing many fplks imagine. It does not mean a. Soviet, or even near communism. Wide distribution of stock, such as many of the larger companies have recently authorized, accident and unemployment insurance, good wages, short hours and an adjustment of pay to that standard of living which must be maintained to provide a market are about all that is required. Labor must play a constructive part if industry is to be democratized. It cannot stand off, criticise and adopt a policy of “Let George do it.”

out of order and render the compass useless frequently occur at the same time that unusually intense displays of the aurora or northern lights are seen. It was further noticed that both of these things frequently occur at the same time that unusually large spots are to be seen upon the xsun.

THE INDIANAPOLIS TIMES

WHAT attracts modern painters to El Greco Is his expressionism; the face he paints expresses not merely its own character, but things far beyond; so the portrait of St. Jerome, with its narrow head, and slender, eager fingers, is the picture of a narrow mind! and almost a resume of the inquisition. Long before the reaction against photographic realism produced contemporary fashions of art, El Greco he'* seen the truth Uiat lies amid a’ r confusion of method and thes that art must describe not ihe external reality but the soul, and that its subtlest achievement is the reproduction of atmosphere, the “spirit” of a time or place. So Debussey rebels against the programmatic realism of Berlioz and Litz; Stravinsky and Scriabine against the realism of Moussorgsky; Maeterlinck and Ros and against Zola and Brieux, Hauptmann grown against Hauptmann young. And by some freak of relativity, El Greco seems to belong to these mystic rebels, rather than to the Renaissance Let us say nothing more of Domenico Teatocopuli; “weakwinged are words,” where living color speaks; one must look at these pictures, and be silent. See the pietlstic fervor In "Fray Feliz Hortensio;” it is not the city that you behold, but the city’s soul, proud and dark, exalted and passionate; once this was among the richest and most famous cities in the world, now none so poor to do it reverence. Best of all, sit in the Church of San Tome at Toledo and see “The Entombment of Count Orgaz,” El Greco’s greatest painting; which one of these figures is less than marvelous? “On the 7th of April, 1614,” says an old record, “died Domenico Greco. He left no will. He received sacraments, was buried in Santo Domingo el Antigua, and gave candles.” nun EVERY one knows the reply of Whistler to the lady who pronounced him and Valesquez the greatest of all modem artists, “Why drag in Velasquez?” In those days, when London was ' live, Velasquez was the uncrowned king of Spain. Later the moderns discovered El Greco, and lowered a little the level of Velasquez’ fame; but now that the storm of impressionism is over it becomes safe to admire the great Spaniard once moi'e. We must not be frightened but of our admirations. Not the least thing about a Spaniard is his name; here it was Don Diego Roderiquez de Silvay Velasquez. He was born in Seville in 1559, the son of a lawyer. The Cither wanted the boy to study philosophy, but Diego chose art; surest way of determining a lad’s vocation is to command the opposite. Diego was a troublesome lad. something of a volcano, and did not need to be told that he was the handsomest youth in the city. He fought so frequently with his art teacher. Herrera, that he had to be transferred to the studio of Pacheco, who discovered at once that Velasquez would outshine them all, and Immortalize himself (and, still better, made his fortune) by marrying his daughter, Juana, to the artist. In those days of his tutelage Velasquez painted many religious pictures, for the church was yet the chief patron of art in Spain. The Prado “Crucifixion” is one of the finest existing representations of that crucified subject. The dark head and face of Christ contrastwith the white body, beautiful in its emaciation. Still more powerful Is “Christ and the Pilgrims at Emmaus,” one of the treasures of the Metropolitan Museum of Art at New York; no one would imagine, looking at this profound representation, that the artist was a man of the world, with no real interest in religion. Soon the youth felt capable of shifting for himself at the capital. Arrived at Madrid hd spent his time modestly copying Titians in the galleries there; now the copies

If You Can Believe Some of the Reports

' - CONVENTIONS ' s. w ’ 7 —-— : — l —: Y rC y.ptw ~] .Gina. ■ STRANGERS- ,|| 11 Lilli \/\ I HOPE YOU 1 Iff /, I/ '' AINT TOO PROUD /tfyf \ jjjp ' ■ .. W

r THE STORY OF CIVILIZATION King Bores Artist With Many Poses

ten for The Times by Will Durant

are worth almost as much as the originals. Not finding such employment and recognition as he wished, he announced quietly that he was returning to Seville to live permanently there; whereupon the prime minister, the Duke of Olivores, came to him with several good commissions, an advance payment, and a request that he should stay only briefly in Seville, adding that an apartment in the Alcazar Palace had been reserved for him on his return. So in the year 1623, at the age of 24, Velasquez entered the service of King Philip IV. tt a a THE king was an unrepossessing mediocrity, who spent his years in hunting, eating and posing: for Velasquez. Olivarez kept him \>usy to prevent him from interfering with affairs of state; and at last the king resigned himself to contributing to the government nothing but his signatures. He took refuge in Velasquez’s studio. had a private passage . broken through between it and his own apartments, and borea the artist almost to madness by posing for him in every publishable attitude. He was too ingenuous to realize that it was dangerous to sit for a great artist. Velasquez’ motto was “verdad, no pintira,”—truth, not mere painting; he would show the thing precisely as he saw it, even if

Questions and Answers

You can get an answer to any answerable question ot fact or information by writini? to Frederick M. Kerby. Question Editor. The Indianapolis Times, Wash- . lncton Bureau. 1322 New York Ave.. * Washington. D. C., enclosing two cents in stamps for reply. Medical and legal advice cannot be given, nor can extended research be made. AH other questions will receive a personal reply Unsigned requests cannot be answered. All letters are confidential. You are cordially Invited to make use of this free service as often as you What is a typical American? Dr. Ales Hrdlicka, noted anthropologist connected with the National Museum at Washington, summarizes the typical American' as follows: "He is naturally slender. In a comfortable age he may develop an automobile paunch, but when a youth he is lithe and sinewy. His legs are long and they move gracefully. He weighs on the average about 150 pounds. Hair—usually brown and straight. The head of the typical American is perceptibly larger than that of other nationalities. Facial characteristics differ according to occupation. Some whose ancestors were Sarmers have jaw and cheek bones that are inclined to protrude with skin drawn taut over them. Those with white collar jobs have more rounded features with bones less prominent. The typical American face is frank, healthy, intelligent with medium high forehead, rather long nose, ears long and broad and mouth moderate in width. His arms, hands and feet are relatively shorter than those of other nationalities. The chest is about equal in breadth, but not quite so deep as in European immigrants. Are the Lone Scouts of America and the Boy Scouts of America the same organization? The Lone Scouts of America was merged wi£h the Boy Scouts of America on March 1, 1924, without, however, losing its separate identity The national officers of the BoyScouts are now the national officers of the Lone Scouts organization. Hoflf is horsepower determined? Horsepower is a standard theoretical unit of the rate of work, equal , to 33,000 pounds lifted one foot high ir one minute; obtained by Boulton and Watt from observation of the strong dray-horses working eight hours a day at the London breweries, and used by them to indicate the power of their steam engines.

Daily Thought

When I was a child I spake as a child.—l Cor. 13:11. tt a tt CHILDHOOD is the sleep ot reason.—Rousseau. •

it were the king. So the insipidity of the royal countenance is perpetuated to all civilized time: Philip as a hunter, Philip as king, Philip seated, and Philip on horseback; the horse is so interesting that it is hard to see the king. Velasquez used to say that he was not particular what he painted; this explains the ’frequency of royalty in his pictures: he found quite as much to interest him, and elicit his skill, in a king as in a peasant. To Velasquez it seemed a sorry error to suppose that art must portray only the beautiful tbeauty cannot always pay); the beauty is in the work, not the subject; and even the ugliest thing is beautiful art if it is beautifully represented. Art fulfils its function when it reveals the insipidity of a king. Far more attractive is the Dresden portrait of Olivarez himself—a powerful face, more subtle than refined, relentless as well as capable. After twenty years of service he was dismissed by the King, so rudely that Valasquez bravely rebuked His Majesty lor the worst of crimes, which is treachery to a friend; and when the King resented this rebuke the artist sent in his resignation. The King bottled his wrath, and begged Velasquez to stay; he still had some poses that had not beer painted yet. (Copyright, 1928, by Will Durant) (To Be Continued)

They found that the average horse was able to work continuously on a i whim-gin at the rate of 22,000 footpounds per minute. They arbitrarily increased this amount by one-half, and this has been the standard ever since, t When and how was the last spike driven in the trans-continental railroad? A gold spike was driven at Promentory, Utah, May 10, 1869, by Governor Stanford of Utah, on the south side, and Vice President Durant of the Union Pacific Railroad, on the north side, when the line was completed. Silver sledges were used. The narrative says that each man missed the first blow, and struck the rail instead of the spike, while the crowd laughed and cheered. Spikes in the last rail were also driven by other prominent officials. Are hail stones ever as large as eggs? In examining weather records the Department of Agriculture discovered several instances where hail stones weighed more than a pound each and at least one that was reported to have weighed four and one-half pounds. On April 17, 1874, in Natal, hailstones weighing a pound and a half perforated corru-gated-iron roofs, and in New South Wales, in 1847, stones fourteen inches in circumference fell during a storm. The fall of four and onehalf inch hailstones was reported in Cazorla, Spain, on July 15, 1829, and in storm almost as destructive at Cette, France, when houses were wrecked and ships sunk. What amount of money is spent annually for education in the United States? What proportion go to plmary and other schools? The total amount is approximately $1,000,000,000, of which about $650,000,000 goes to grade schools, $150,000,000 to colleges and professional schools, $100,000,000 to public high schools, $15,000,000 to normal schools and $25,000,000 to church schools and colleges. Who was the man that made the dawn-to-dusk flight from coast to coast? How long "did it take? Lieutenant Maughan of the United States Army started from Mitchel field, Long Island, N. Y., at 3 a. m., eastern standard time, and landed at San Francisco, Cal., at 9:44 p. m., Pacific time, June 24, 1924. The course was 2,680 miles and the flying time was 18 hours, 26 minutes.

JUNE 7, 1923

KEEPING UP With THE NEWS

BY LUDWELL DENNY ■pvEMOCRATS are joining progressive Republicans in attacking the Administration’s Federal Reserve Board policy, which has permitted brokers’ loans for “stock gimbling” to reach the record figure of five billion dollars. Senator Carter Glass of Virginia, Seoretary of the Treasury under President Wilson and his party’s financial expert, condemned the present reserve board policy in an article in the United States Banker today. This attack follows the La Follette resolution and hearings, and the Senate committee report, demanding a curb on loans for speculative purposes. While many Senators have urged legislative remedies, Glass asserts that “this situation should be corrected administratively, without forcing the dangerous expedient of statutory readjustment.” Despite the desire of* some Democratic leaders to stress as a campaign issue the alleged pro-Wall Street policy of the Federal Reserve Board, which especially is unpopular In the Middle West farm sections where many small banks have failed, it Is not clear that A1 Smith, the anticipated presidential candidate, favors such a campaign attack on Wall Street and the board. tt tt tt SMITH’S friend and political adviser, Senator Wagner of New York, voted against the modified Senate resolution in committee, which was supported by Glass and the southern Democrats and by the progressive Republicans from western farm States. Senator Barkley, Kentucky favorite son candidate, and a possible choice for second place on the Smith ticket, voted with Wagner. Glass argued today that; 1. Action of the Reserve board in forcing a uniform rediscount rate for all Reserve banks is producing precisely the kind of banking centralization in Washington which Congress rejected in establishing the Federal Reserve system. 2. “The rapid and alarming climbr of the volume of money loaned for speculation . . . has sucked into its center whatever money values were lying around loose, and tended to draw upon distant reservoirs for funds.” Steps should be taken to prevent such use of the country’s resources in stock gambling as is now encouraged by the board’s policy, according to Glass. To guard against such use, he points out, the law specifically forbade the Reserve banks to rediscount paper drawn for the purpose of carrying or trading in stocks, bonds, or other investment securities except bonds and notes of the Government. Brokers’ loans, which amounted to less than $800,000,000 seven years ago, rose to almost $4,000,000,000 this winter and now are reported in excess of $5,000,000,000. tt an AN increase in New York last Tuesday of the call money rate to 7 per cent, the highest in seven years, and a Federal Reserve statement caused a severe drop in the stock market with 4,000,000 shares changing hands during the day. Evidence that the Reserve Board is concerned was in its unusual advance statement that credit extensions by member banks had increased $1,000,000,000 since February, and that—- " Unless a change occurs in the direction of gold movements, or in the open market policy of the Federal Reserve system, the only means by which member banks will be able to reduce their debt at tffe reserve banks if. a sale of investments or a gradual contraction of their loan account.” Gustav Cassel, Swedish economist, testified in the recent House hearing on the subject that the Federal Reserve system by trying to check Wall Street speculation by raising interest rates for loans from its banks would run the risk of' disturbing the credit situation for industry. tt tt IN recessing to look after their own political fences and attend the political conventions members of the Senate committee investigation committee announced to date the amount of total expenses spent by presidential candidates. Hoover, leading Republican candidate, spent $380,822, compared with $121,471 for the Democrat, Smith. Hoover’s chief opponent, Lowden, is credited with $60,922, and Watson, who campaigned only in Indiana, with $36,472. The deceased Willis, who fought Hoover only in Ohio, spent $66,769. Vice President Dawes, dark horse associate of Lowden, spent $579. Smith’s opponent, Senator Jim Reed, of Missouri, is listed with $38,752; Hull $845 and George slls. / tt u After failing to mediate the Guatemalan-Honduran boundary dispute, as the State Department earlier failed to settle the PeruvianChilean argument over Tacna-Arlca, Secretary Kellogg now proposes that Guatemala and Honduras take their quarrel to the Central-American tribunal.

This Date in U. S. History

June 7 1700—Pennsylvania charter given up. 1791—Bank of the United States at Philadelphia instituted. 1848—Whigs nominated Taylor and Fillmore for President and Vice President. 1892—Republicans nominated Harrison and Reid. 1901—Andrew Carnegie gave sloc 000,000 to Scottish universities. What is the origin of the proverb, “Whom the gods would destroy, they first make mad?” “When a divinity would work evil to a man. first he deprives him of his senses"; Euripedes, 480-406 B. C.