Indianapolis Times, Volume 43, Number 45, Indianapolis, Marion County, 2 July 1931 — Page 3

.JULY 2, 1931

"I BILLIONS OF U. S. CASH TIED UP IN GERMANY Hoover Action Regarded as Means Also of Saving American Capital. Here I* the fourth article In the aerlea on Germany’s crisis by Frederick Knh. United Press Berlin manager. BY FREDERICK KUH United Press Staff Correspondent (CoDvrißht. 1931. bv United Press) BERLIN, July 2—Three billion American dollars were estimated today to be in peril in Germany if this nation falls to get the debt “breathing spell” envisaged by President Herbert Hoover’s rescue mission. This staggering sum represents investments America has made here since the war. These have been largely in the last six or seven years or following the dizzy spell of inflation when printing presses could not keep pace with the drop in the mark. It went from 4.2 to the dollar to 4.2 billion marks to the dollar before this slide ceased, and many a German shudders at the thought of any return to such a devastating situation. Has Proper 'Cover 1 At present, the Reichsbank has a proper gold "cover” for its marks. But the bank has been under tremendous pressure lately, while the drain of domestic demands and reparations has made such inroads on the financial structure of the Reich that Hoover’s call is regarded here as an S. O. S. just ahead of the ship sinking. Hoover is given credit for a deal of altruism in this effort, yet hardheaded men in the counting rooms of the Reichsbank and the big “D” banks know that the United States stands to suffer along with Germany if his present mission does not succeed. Germany has been accused in the past by S. Parker Gilbert, former reparations agent general, of failing to put it3 house in order. He was here in the days when the inflation wiped out most of the internal debt—taking its toll of holders of state bonds and similar investments. Drain Is Too Great He saw money poured out by the government to aid the big industrialists. But since his day, there apparently has been a wholehearted effort to get the house in order, including curtailment of imports and an increase in exports. Nevertheless, the drain has ben too great so that Germany today finds that domestic demands, chiefly, are sapping her financial strength. From the Prussian landowners in the east, from the shipping men of the Elbe and the Weser, and from the industrialists in the drab Westphalian region comes the same cry—hard times, poverty. And this cry has an answering echo in the workers’ tenements of Berlin, Saxony and the Ruhr. Tax Revenues Decline American investments in Germany are estimated to include: $500,000,000 in short term credits; $1,500,000,000 in German bonds, and another $1,00.),000,000 in stocks, industries, advances on merchandise and other forms. An unending stream of doles and other allowances are being paid by the reich. Unemployment, maintenance of a large federal employe list, social aid and pensions make huge demands. It is estimated that the state, in one way or another, cares for more than 12,000,000 citizens, that is, one of every five citizens dips into the public treasury. Tax revenues have steadily declined while loan markets tightened, thus making it difficult for Germany to obtain new credits. Hoover’s action was taken Just In time to help the Reichsbank weather a terrific storm. The bank has kept its gold reserve at 60 per cent, but due to a "run” in June on its foreign currency and4he withdrawal of foreign credit, the cover the day before Hoover acted was

Big Fourth Celebration See the stunts at Curtiss-Wright flying field, Mars Hill, Saturday. Enjoy Your Ride to the Airport— Use Bryce Gasoline Fill your gas tank with J 0& Bryce’s High-Quality O |f jl Gasoline and Oil. 6 Gals, and 1 Qt. of Oil BRYCE SERVICE Marlowe and Highland 1225 E. Washington St. Meridian at South Shelby and W’oodlawn Serv-U, 20 West Michigan St.

Show Boat Cruises 6 Days t £S S 7O up On July 18th the first of a series of Show Boat cruises will sail from New York. The cruises are the greatest show on the ocean...the idea being to bring the old Mississippi River show boat up to date. Each cruise is a six-day vacation trip, and a two-day stay in beautiful Nova Scotia is included. Complete Details May Be Obtained From RICHARD A. KURTZ, Manager Travel Bureau i The Leading Travel Bureau of Indianapolis SMION TRUST 120 E. Market St Rile? 5341

T. R. ’s Kin Take to Air

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They’re sure their grandfather would have been a flier if aviation had been booming in his time, and Quentin Roosevelt (left) and Theodore Roosevelt Jr. (right) already are aerial enthusiasts. The two grandsons of the late President here are shown at Roosevelt field, Long Island, with Clyde Panghorn (center), after they had taken a hop with the veteran pilot who is planning a round-the-world flight. Note the close family resmblance in the faces of the two youngsters.

SET RITES FOR CHARLES KUHN Funeral to Be Held on Friday at Mortuary, Funeral services for Charles C. Kuhn, 61, of 3013 Park avenue, affiliated with the Merchants National bank many years, will be held at the Flanner & Buchanan mortuary at 4:30 Friday afternoon. Burial will be in Crown Hill cemetery. Mr. Kuhn had been ill six months. He died at his home Wednesday afternoon. Mr. Kuhn was active in Masonry. He was a member of Center lodge, 23, F. & A. M.; Indianapolis chapter, 5, Royal Arch Masons; Indianapolis council, 2, Royal and Select Masters; Raper commandery, Knights Templar; Scottish Rite, Murat Shrine and Sahara Grotto. He held high posts in the Masonic organizations in the last several years. Services will be in the charge of Center lodge. Survivors are the widow, Mrs. Retta L. Kuhn; his mother, Mrs. Catherine Kuhn, 90, of North Mandown to 40 per cent, the legal minimum. There was during June a veritable "kapitalflucht”—flight of capital—such as Germany knew in the days of the mark inflation. Short term credits were called, and it is estimated 1,200,000,000 marks were pulled out of Germany within a few days largely by British and American bankers. The American President’s call for a debt holiday halted this run, and gave anew spirit of optimism to the German banks and bourse. There has been since January a marked drop in banks’ holdings of short term credits for industrial finance, and a considerable drop in the market value of shares, but an upturn was noted after the United States action. Next: The final article will deal with some of the human elerpeni involved in the decline of the German economic situation.

Chester, and two sisters, Miss Esther F. Kuhn of North Manchester and Mrs. Gertrude Forest, San Diego, Cal. Only people who are teetotalers, non-smokers and vegetarians will be allowed to settle in anew tow r n to be built near Prague, Czechoslovakia,

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The Railway Plant of a Great Empire A Message from L A. Downs, President Illinois Central System. In providing railway service for a great inland empire the Illinois Central System uses properties which represent a total investment of around 745 million dollars. These properties include 1,800 locomotives, 65,000 freight cars, 1,950 passenger cars, 2,430 units of miscellaneous equipment, 12,000 miles of tracks, 160,000 acres of land and thousands of stations, warehouses, shops, enginehouses, storehouses and other buildings. Improvements are constantly being made in these properties to the end that the service for which they are used may at all times be prompt, efficient and fully adequate to the needs of this great empire. Service which meets these exacting requirements enables a railroad to win and retain the good will of the public. Constructive criticism and suggestions are invited.

Chicago, July 1, 1931. • This is the second of a series of sketches descriptive of this railroad. The first told of its territory. Others will tell of its owners, its personnel and Its patrons. • ILLINOIS CENTRAL SYSTEM DEPENDABLE FOft 80 YEARS ■

THE INDIANAPOLIS TIMES

DEPUTY COURT CLERK'S WIDOW SUCCEEDS HIM Mrs. Elna Power Is Made Attache; Infection of Hand Fatal. County Clerk Glenn B. Ralston today announced appointment of Mxs. Elva Power, 1356 West Ray street, as deputy clerk of municipal court four to succeed her husband, Horace R. Power, recently injured in an automobile accident near Lebanon. Mr. Power, 36, died Tuesday night in a Lebanon hospital of infection caused by a mashed hand received in the accident June 13. Funeral services will be held at 2 Friday at the William D. Beanblossom undertaking establishment. Burial will be in Mt. Jackson cemetery. Survivors included the widow, four children, six brothers and two sisters.

Ambulance Service Instantly Available 1619 North / / P- J 1222 Illinois Street Union Street TAlbot 1876 DRexel 2551 Funeral Directors

' ' Friday Night Sensational Silk Dress Sale Vakie* I " J I I |f a _, . , ..... , I These nre much higher priced isl This low price made possible by a tre--4 Frocks for sports, for street, for daytime ■ hats. Smart new styles includ- ■ menrinne nnriernrire nurcha.se 9rvles iHUssV i \ and dress wear. Neatly made. Smartly ■ ing floppy brims. Black, white 9 underprice purchase, fatyles ■ A styled. Splendid quality sllks-the kind H and pastel colors 9 suitable for Vacation and business ||||p||sg , used in making higher priced dresses. ■ alu head skes H wear, plenty of white and light colors _Q Cool dots, jacket frocks and sleeveless ir , v \\ j S -(X models for women and misses. •* ,V SsEhHKS IXI Ulc ALL SI7ES \ i \\ I J* tl nn AM All ■ tl ■ BIF Come to Indianapolis’ newest underselling department store. ij Isl IvU UnUll 1 ll §\ IIHITI ki name for this big money saving store. Contest closes July 31st. M w Rules posted in store. W Children's pirst°Qualhy H B H u Assorted bH| 38 - I SHI Wanted 18M w£st. sits 24 Sid *36! 199 thevMalt!* If m colors. light colors. faM y on Men’s .. While W i.Mv:iu e 9f Athletic moat Fir^!ity li i Regular isc Scotty Broadcloth Shirts^^J Shirts Shorts Value Rayon liw CIGARS ■ niO'AFPftPQ W u? Ve ? ■ SS, fill V r n j._ ■ y IRfll V livw White, solid CO.or pastels, cur, all sizes for men and fjf U UlOtt StlttS Harris Hand-Made Guaran--4 f ■ and fast color novelty pat- H Touns men. H whlte and pastel colorSi Ml teed Fresh Stock. M ImL te ” ls - Ta |k the town aaflg 4; full cut to fit comfortably. SSL JH | P k values at this low price. I

Yeah, He’s Hott With the temperature near the 100 mark Mr. H. S. Hott is due to arrive at the Severin today. "We can't get rid of the weather,” Charles T. Blizzard of the Union Trust Company says. “However, there’s nothing in a name. I’m hot, too.” Miss A. Greenwood is registered at the Washington, her name suggesting sylvan cool scenes. F. M. Sommerkamp. at the English, is dreaming of trout streams and a background of Douglas firs.

FORGETS FIRE FIGHTERS Carries Furniture From Blazing Home: Then Calls Department. By United Pres WARREN, 0., July 2. When flames enveloped their home after an oil stove explosion, Robert Scott and his wife carried the furniture out, and then called the fire department. Gazing at the smoldering ruins of his home, Scott explained he forgot about the department in his excitement to save the furniture.

Postmaster Begins Duties PETERSBURG, Ind., July 2 Lloyd Burch assumed Ills duties as

Don’t Let Your 4th of July Theme Song Be Ifep -| P-O-P f fIS/ ’ G'O'E'S H ’ % THE “ ko;F ll tir es I f Leave Tire Troubles *| JffijHk L With Us—Change to J fln isMILLEKgf GEARED-TO THE-r.OAD TIRES MORE FOR YOUR~OUD TIRES THAN THEYARE WORTH TO YOU TONITE ROSE TIRE BUDDIES . . . OPEN 365 DAYS A YEAR . . . Tire Way to 9:30 Meridian at South Street Plenty of Parking Space

postmaster here Wednesday. He succeeds W. E. Davisson, dismissed as a result of being Implicated in

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the sale of postal positions by Harry S. Rowbottom, former representative in congress from the First Indiana district.