Indianapolis Times, Volume 43, Number 28, Indianapolis, Marion County, 12 June 1931 — Page 4

PAGE 4

BANKED SAVINGS KEPT WORKING, SKEPTICS TOLD ‘Hoarding’ Charge Fallacy, Says Security Trust President. “Money deposited In the savings bank Is working," declared Irving temaux, president of Jhe Security Trust Company today in answering charges of various hoarding made over the country. “Does the dollar that is deposited In a savings bank lose any of its usefulness?" is the question being asked by the nation’s leading economists, who suggest putting the money in savings accounts to work. That is just what this money is doing, say the bankers, who are rallying to refute charges that the increase in savings deposits since 1929 constitute a policy of hoarding ■that is contributing to the trade recession. Eat Cake and Have it “Depositors in putting their money in savings accounts do the unusual.” declared Lemaux. “They eat their cake and have it at the same time. “This, deposited money is being spent to construct buildings here, and is invested in business of every description. It is proving to be the life blood of business. “Less than 15 per cent of the money on deposit is put in the vaults as a reserve. “The remainder is used to help every form of Hoosier enterprise, thus enabling thousands of others to earn. Their deposits in turn are sent out to start another round of employment, spending and saving.” Called a Fallacy Some economists point out that savings bank accounts during the bull market of 1929 were at a very low level while now, with the market in the sloughs of depression, savings are at a peak, thus leading to the suggestion that the money would do more good if taken out of the bank and invested in the stock market. ’ Indianapolis bankers declare this is a fallacy. “The man who invests now is not long-term minded and seeks only liquid an 4 short-term securities with the result that if it were not for the savings banks and insurance companies, there would be no one to buy long-term bonds, which in turn puts the money to work and aids business revival.” WRITING MHARD WORK’ Noted Short Story Writer Scoffs at ‘lnspiration* Theory. By United Press CHAPEL HILL, N. C., June 12. The theory that writing must be the product of inspiration is challenged by Wilbur Daniel Steele, Chapel Hill, noted short story writer. “If I had to wait for inspiration, I'd probably never write another line,” Steel said. “My contention is that success in writing is the product of painstaking and continuous hard 600 RECEIVE DIPLOMAS Indiana State Teachers Graduate Largest Class in History. By Times Special TERRE HAUTE, ind.', June 12— Six hundred received diplomas at j the Indiana State Teachers college today, eighteen of them being awarded master’s degrees. It was the largest graduating class in the school’s history. John Jonathon Rigdon, former president of Central Normal college, Danville, Ind., gave the principal address. WORKER ELECTROCUTED Radio Antenna Sways Against High Tension Wire. JBy United Press JEFFERSONVILLE, Ind., June 12. —A radio untenna pole at Sellersburg upon which three men were i working today, swayed against a high tension wire, electrocuting Benjamin Bottorff, 28. Roscce Beyl, 35, a carpenter, who was helped dislodge the pole, was shocked as he removed Bottroff from the shaft. Harry Amos. 40,1 another workman, was hurt seri- ! ously when hurled to the ground.

UNREDEEMED Railroad Watches #LIKE NEW Illinois 60hour Bonn green gold. S6O and $65 values. Guars27.s© We Do Not Sell to Dealers WOLF SUSSMAM Established SO Tears *39-341 WEST WASHINGTON *T. Opposite Statehouso at m

ALTERATION SPECIALISTS—WE REPAIR RELINE, REFIT ' ■ T vn orim; Lt-WPI COMPANY ISI East New York Street

EXPERT TRUSS FITTING AT 129 W\ i WASH. ST. STORE Abdominal Supports mod Shoulder Brace* HAAGS CUT-PRICE DRUGS

1 * CONSERVATIVE P MANAGEMENT jfletther £rast , gompang ,

JyTTJrWryJTim >ow^ —B 136 X. Pennsylvania St. STORES 203 W. Washington St.

8A Graduates of School 72

Arthur Undrrra

Gilbert Merer

Helen Conner

Louise Ritchie

Thelma E. Harri*

JOBLESS’ 'SHADOW ON HOOVER DINNER

Unemployed, Rather Than Co-Eds, Should Serve, Says Labor Union. Shadow of unemployment will cast its pall over the kitchen and banquet tables Monday night when President and Mrs. Hoover sit down to the festive board to partake of Hoosier hospitality and food. In a letter to the Indiana Republican Editorial Association today, Emil Salsbury, secretary of the Indianapolis Central Labor Union, asked that unemployed culinary experts, members of the union, be engaged to serve the food at the dinner, rather than Butler university co-eds and teachers. The dinner will be held ar, the Manufacturers* building at the state fairground, / According to Salsbury, the maU ter was considered at the last meeting of the union. “I was instructed to communicate with your honorable body to protest the serving by Butler co-eds and teachers while there are so many unemployed depending on this work for a livelihood,” the letter read. “So, the Central Labor union, representing mostly all organized workers in the city, implore your honorable body, as a human act, to employ some of their culinary workers who are in need.”

SELLING OUT Our Complete High-Grade Stock o§ 50-Lb. Cotton and Felt 3 IP* 95 MATTRESS —Covered in good quality art ticking. Regular Price, $12.50.- Selling Out Price, only Glider V - © ta Large Size, 76 Inches Long ij 11 q and Ft —Made of heavy steel construe--Ims l * tion. Loose seat filled with ICO Send Oak Lawn Bench per cent felt, upholstered back while therr i* Many colors to choose from ® last, selling out Sem t r;ce _ Regular price, $3.50. Sellpneo— ° ing out price—sJ.l9 SJ£.OO Capitol Furniture Cos. I 211 East Washington St. 1 A deposit will hold any purchase for future delivery. Trade in your 1 old furniture! Phone for an appraiser to call!

Paul E. Hiteb

Helen Malloy

Dorothy Anderson

Mary Jones

Flying Puppies By United Press ROOSEVELT FIELD, L. 1., June 12.; —'The depression has put a twenty-five-passenger plane, costing SIOO,OOO, out of the flying business and into the hot dog business. Its present owner, who bought the plane at an auction recently for $lO5, said he is putting it on a vacant lot as a refreshment stand, “wings and all. It’s different, to say the least,” he said, “it ought to draw business.”

ARRANGE FOR BURIAL OF MRS. M. E. LARSH Rites for Active Literary Club Woman to Be Saturday. Last rites for Mrs. Mina E. Larsh, 78, of 814 East Fiftieth street, who was active in several literary clubs, will be held at 2 Saturday afternoon at the Flanner <Ss Buchanan mortuary. Burial will be in Crown Hill cemetery. Mrs. Larsh died at her home Thursday after an illness of several months. In addition to a daughter, Miss Mamie D. Larsh, Indianapolis attorney; a nephew, Raymond Mendenhall of Richmond, survives.

Vcrnot Fletcher

Fern Studer

Wllmer Massey

Melvin Schwartz

THE INDIANAPOLIS TIMES

Oscar Mitchell

Floyd Owens

Alberta Miller

Doris Stanger

Donald Miller

SHARP CUT IN DEFICITSOUGHT Must Be Pared Under Billion to Suit Hoover. By Scrlpps~Hovoard Newspaper Alliance WASHINGTON, June 12. —The federal deficit must be reduced by $143,662,169 before July 1 if the final figures for the fiscal year is to meet President Hoover’s last estimate. On June 2 a White House statement estimated that by June 30, the day on which the fiscal year ends, the deficit woulu be $900,000,000 or $950,000,000. But on June 8, the last day for which figures are available, the deficit stood at $1,093,662,169. A month ago,’ on May 11, the deficit stcod at $951,006,639. It rose day by day until May 20, when it was $987,634,646. It dropped about two million dollars on May 21, but went back to $987,310,384 on May 22, and since then has been going up again. The deficit reached a billion dollars May 26, and since then has increased by approximately $92,000,000. Tulips Are Prolific GREENLAND, N. H., June 12— Tulips with four blossoms on a single stalk are horticultural oddities which may be seen in the garden of Horace W. Cannon.

HUNT STILL ON FOR KILLERS IN STOREHOLDUP Price on Heads of Slayers of L. A. Jackson Now Totals $3,200. More than two weeks ago two gunmen walked into the main store of the Standard grocery chain, at 419 East Washington street. Mr. Jackson was mortally wonuded when he picked up a revolver and battled with one of the bandits. Today detectives still pressed their search for the murderers, no warmer on the trail than they w-ere after the shooting when the slayers escaped in a stolen automobile that was abandoned later the same day. Rewards totaling $3,200 have been offered by The Times and friends for information leading to conviction of the murderers, this amount being increased SIOO by an anonymous donor today. Many tips have been offered by persons who hoped to win the reward, and bring to justice perpetrators of one of the most brazen crimes in the city’s history. These leads have been investigated, by The Times and police, but thus far none of them have produced the slayers. Twelve public enemies have been ordered arrested, and detectives also are seeking two ex-convicts whom they suspect might know something about the murder. But today the killers are free. Without a clew, without a'piece of definite information, the search goes on. Old Oil Well Still Runs By United Press SAN ANGELO, Tex., June 12— Though drilled more than eight years ago, the No. 1 Santa Rita oil well and forerunner of oil development in eighteen w r est Texas counties, still ft a producing well, pumping eighty barrel a day.

Bob Ecton

“WONDER VALUES”iq£\ SHOE MARKET’S IVk S_ GIGANTIC I RECEIVER’S W&M SHOE SALE aJgmM I THOUSANDS OF PAIRS |*y ■■■ ■ „. WO J!^’ S .....nT MEN’S OXFORDS 1 tMXX STRIPS—TiEd —PUNS. S genuine Goodyear welts 1 ai Patent—Satin—Black Kid 4// Sizes L si.B9 fJm I SCU c 8 ,^3888838 Bat . A s ll H Imported Sandals Soies _______ I - these beautiful hand- S F©lt SIiPDCPS I g — ==== ■ woven shoes m a variety 15 I ; cf styles and colors. THREE COLORS tX m 29c i \ H At the Very X J L\X\%\W™ Beginning of I vW the Season I We Offer a Large £ _ l||Sf# 'o A. x& Styles at BOYS’ GYM SHOES f/V. ** N L„ $4 .99 mm LACE T 0 TOE m vAa • I- - IflEwi' STRICTLY Jb Mm ! V \ H i ani I IPSax first j|iS BC I Vi V/A t cw , I Jf fgj M " e? | *1 %r Women’s House Slippers 39c 324 East Washington Street . 132 East Washington Street Ist Door East of Meyer* Kiser Bank—Formerly Lester's

Tomb Awaits Dedication

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This picture shows the new interior of the Lincoln memorial at Springfield, HI., which recently was rebuilt and is to be rededicated by President Hoover on June 17, the original dedication having been made by President Grant. The sarcophagus of the Great Emancipator is of red Arkansas marble and is striking for its simple and dignified beauty.

COURT TO HEAR BANK SQUABBLE Meyer-Kiser Receiver Suit Before McGee. Trial of the case in which appointment of a receiver for the Meyer-Kiser bank is sought will be held Tuesday in superior court two Thomas G. McGee, Special judge, Petition of Attorney - General James M. Ogden asking removal of Luther Symons* state bank commissioner, as a defendant in the case was granted today by McGee at a preliminary nearing. McGee was chosen to hear the case Thursday after attorneys of the bank had asked for another judge. The suit was brought by deposit-

ors of the bank, namely Leland Thorne, who charges that return of the bank to its directors and officials for liquidation was illegal. The bank was closed May 12. Symons had defended his stand that assets of the bank can best be liquidated by its officials. State banking officials acted illegally, the suit charges, in turning the institution back to Julian Kiser, Melville S. Cohn and F. S. Meyer, vice-presidents and liquidating agents. WELL PAID FOR ‘TERM’ Material Witnesses Held in Jail 93 Days; Each Get $465. By NEA Service PITTSBURGH, June 12.—Raffael Gonzales and Josephine Mendez were held in jail here for 93 days, but they didn’t mind. Each received $465 from court as fees for being held as material witnesses. They were paid $5 a day for each day they were held.

JUNE 12,1931

‘CRIME’ SCHOOL BEING HELD FOR DRY DIRECTORS Nebraska U. Teacher Tells Liquor Sleuths Just ‘How It’s Done.’ By United Press WASHINGTON. June 12. A chubby, twinkling-eyed little professor of psychology from Nebraska, who is here teaching twenty-four prohibition instructors how to teach 2,000 agents to enforce the law. wants to speak out and tell the “wet past” that it’s all wrong in fighting prohibition. Professor Fred M. Gregg, head of the psychology and education department at Nebraska Wesleyan university, Lincoln, is conducting a two weeks’ course in “the art of teaching.” He is grounding the instructors in psychology, to the end that they may show the agents how this modern science may be applied in detecting law violations, in securing confessions from violators, in handling witnesses. Gregg said he is not teaching the agents the benefits of prohibition, but he does hold very pronounced views on the subject. They are based on his laboratory studies, which he said reveals that alcohol brings out animal instincts of the individual which should be curbed. He takes up the argument of Lord Dawson of Penn, who said in a recent magazine article that a little alcohol was good for people because it removed their inhibitions. If it did only that, and nobody ever took much, it might be all right, Gregg conceded, but it doesn’t end there. His studies, he said, show that the “higher brain” which governs the intellectual processes is dulled by alcohol and gives way to the “lower brain” that governs the animal being. The “higher brain.'* he said, was the last to develop in the human being. The professor also takes exception to reports there is more drinking in colleges and high schools than before prohibition.