Indianapolis Times, Volume 40, Number 262, Indianapolis, Marion County, 22 March 1929 — Page 7

MARCH 22,1929

NEW CLAMP ON STOCK MARKET BY U. S. LOOMS / Further Action by Reserve Board Seen as Brokers’ Loans Mount. BY CECIL OWEN United Press Staff Correspondent WASHINGTON, March 21.—Further action by the federal reserve board to restrict stock market speculation was foreseen here today with fresh evidence of Wall Street": disregard of earlier warnings. Loans to brokers for the past week rose to anew all-time peak Thursday of $5,793,000,000 despite the reserve board’s restrictive credit policy. This new record was $126 - COO.OOO higher than the previous high. Since issuance Feb. 7 of the reserve board’s drastic warnin'.' against excessive speculation, the brokers’ loans figures, which decreased immediately, gradually have climbed back until Thursday’s new record was established. Reports on loans to brokers by member banks of the system are released weekly by the board. The swift upwaul move of broker loans, which are considered by index of stock market activity, is regarded here as making further action by the board as almost inevitable. In a speech in Cincinnati Saturday, Governor Roy A. Young of the reserve board warned that impairment of the nation’s prosperity may be the final cost of the present speculative wave. He said the board may raise discount rates if all other methods fail to reduce the sepculative craze. Three courses are open to the board in seeking to make its restrictive credit policy effective, raising discount rates, selling government securities, and increasing reserve requirements of member banks. The reserve board now is in the position of having to make good its previous warnings and threats of action to reduce the volume of speculation based on reserve credit. Observers here believe the struggle between the board ami Wall Street has reached a crucial stage and that a test of strength will be forthcoming in the near future. FOREST CIRCLE PARLEY ENDS: ELECT OFFICERS Woodmen Group Closes Two-Day State Convention. Business sessions were held today by the Supreme Forest Woodman Circle, national fraternal insurance organization for women and children, in closing the two-day state convention at the Severin. State officers were elected Thursday. and more than 100 persons attended the banquet at night on the roof garden. State officers are: Mrs. Kate Salloef. South Bend, president: Mrs. Maggie Kares of Evansville, vice-president: Mrs. Phoebe Holder, past president; Mrs. Maggie Whaler of South Bend, secretary; Mrs. Cecilia Perry of Mishawaka, banker: Mrs. Alice Peoples of Elkhart, chaplain; Mrs. Julia Cullens of Elkhart, attendant; Mrs. Lou Slears of Eikhart, assistant attendant; Mrs. Emma Bentz of Ft. Wayne, inner sentinel: Mrs. Geneva Watkins of Lydick, outer sentinel; Mrs. Edith Cripe of Goshen. Mrs. Anna Donahue of Washington. Mrs. Bessie Short of South Bend and Mrs. Mae Rogers of Frankfort, auditors; Mrs. Mary Chelminiak of South Bend, state captain; Mrs. Myrtle Summers, Mrs. Kate Johnson. Mrs. Kate Holder of Evansville and Mrs. Minnie Spaeth of Mishawaka, district captains; Mrs. Dorothy Sbanholt of Elkhart, state junior superintendent: Mrs. Holder and Miss Ruth- Meadows of Ft. Wayne, nalional representatives, and Mrs. Kate Gantz and Mrs. Neida Weider of Evansville. alternates. RETAILERS URGED TO USE SCIENTIFIC METHOD Need Not Fear Chains, Says Business Expert. Sounding a keynote of optimism, Paul Findlay, merchandiser of the National League of Commission Merchants, Thursday night addressed members of the Indianapolis branch of the organization at a meeting in the Chamber of Commerce. “Improved transportation, refrigeration and marketing have put a perishable department on a yearround tasis in every cross roads store,” he declared. “Increased use of such products means prosperity.” Findlay urged the application of scientific retailing methods. “We have no quarrel with the. chain stores,” he asserted. "They have taught us much. They wiil continue to teach us scientific merchandising methods. The grocer who knows his business and attends to it. is in no danger of elimination by any form of competition. We shall always have the individual retailer.” CONFER ON PLANS FOR NATIONAL PARK SESSION Meeting Will Be Held in State May 7-9. Herbert Everson, Washington, D. C., secretary of the National Park Conference, conferred with Director Richard Lieber of the state conservation department today regarding the meeting of the conference scheduled for Clifty Falls State park. May 7-9. More than 100 of the leading park supervisors of the country are expected to attend. Lieber said. Thomas H. MacDonald, chief of the federal bureau of roads, will oe among those present. He will discuss the relation of roads to parks. Klan Circus Stranded ISg United Press DETROIT, March., 22.—A troupe of seventeen actors and circus performers, with their entourage of bears, horses, dogs and other ani.jnals. were stranded here today while promoters of the Ku-Klux Klan circus hunted for two klan officials who are alleged to have decamped with the proceeds of the Circus.

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