Indianapolis Times, Volume 43, Number 91, Indianapolis, Marion County, 25 August 1931 — Page 2

PAGE 2

BRITAIN'S BANKS AID INDUSTRIES' FIGHT TO EXIST Comes to Aid of Crippled Manufacturers Facing Shut-Down. F.ditor’* Note—After *r*lng British Inti it try steadily decline for more than a deeade. London bankers finally have eome to the resrue. Following is the eeeond article of a series dealing with ihe various phases of economic life in England. Y ARTHUR F. DEGREVE I nited Press Staff Correspondent LONDON, Aug. 25.—The conservative, influential Bank of England, is at last giving British industry a helping hand in its fight for life. Although London still remains a great money market, industrialists here for the past ten years figuratively have gone to the cupboard and found it bare. The explanation lies in the policies adopted by both the financial institutions and leaders of industry in the nineteenth century when Great Britain led the world in modern industrial development. Two Kinds of Banks It was an era of plenty. Money that found its way into industry came from the pockets of owners and executives, many of whom had independent fortunes. Banks were divided into two classes: One—Deposit banks-joint stock banks, which were organized to finance commerce rather than industry and whose chief thought was for easy liquidity of advances. Development of expansion of plant and equipment were not considered. Two—Merchant banks, which financed projects throughout the world including railways, mines, etc., but which showed no interest in home financial returns were not considered comparatively attractive. Competition Strong

This situation confronted the country at the end of the World ■war, which consumed fortunes and men alike. Manufacturers suddenly were faced with the necessity of modernizing their plants in order to compete abroad and found it extremely difficult and costly to obtain proper backing. Ample liquid funds existed in deposit banks and there were large subscriptions to huge foreign loans launched here, but the British industrialist was compelled to float stock issues at high rates, because of the low earnings shown in the annual reports. The result was a steady decline in plant efficiency. The already serious condition of industry was hastened by the world wide economic depression. Advisory Body Formed At this point, in November, 1929, the Securities Management Trust, Ltd., was formed under the auspices of the Bank of England to investigate and advise upon schemes of rationalization in the basic industries or Great Britain. In April, 1930, the bank sponsored the formation of the Bankers’ Industrial Development Company, Ltd., whose shareholders included all the important merchant bankers, joint stock bankers and investment trusts. Its object was to provide funds to assist in rationalization schemes approved by the Securities Management Trust, Ltd. Hazard Doubly Great Leaders of the nation’s financial, industrial and agricultural world are represented in the two companies, but the Bank of England is the inspiring force. The shipping industry and textiles already have benefited from it and ambitious plans are being made to help others. One difficulty, however, may arise to curtail progress in this direction. The will to rationalize must be present and exhibited before the two agencies will interfere. This hazard is doubly great when the conservative nature of the British business man is considered and the matter of family prestige, which may be affected by any radical change, properly discounted. Log Fatally Crushes Man By United Press HUNTINGTON, Ind., Aug. 25. Roy Shideler, 48, living near here, was killed when a log he was loading, fell and crushed him.

“Oil Not, and Neither Shall Ye Spin” So Here's an Opportunity to Both “Oil and Spin ” —at a Big Saving in Our Three-Day SALE of B?nnjßad motoroiL In 5-Gallon Sealed Container (No Extra Charge for Container) To the best of our knowledge, this is the lowest price ever offered for oil of equal quality. Every drop is scientifically refined from pure Pennsylvania crude, the finest oil in the world. It is fully guaranteed to run 1,000 miles and more and give satisfaction under any condition, or money immediately refunded. Stock up NOW for fall and winter requirements! This sale may never be repeated. Ayres Downstairs Store Kelly-Spribgfield Tire Department "

Wants a Cup

He’s making a “speedy” visit to America. Kaye Don, holder of the world's speedboat record, hopes to take the Harmsworth trophy back to England after the international race to be held Sept. 5 to 7 on the Detroit river. Here he’s shown as he arrived in New York aboard the liner Majestic. His speedboat, Miss England 11, will be brought to this country soon. BUST KILLS WOMAN Twelve Others Are Injured in Gas Explosion. F.y United Press CHICAGO, Aug. 25. —A woman was killed and twelve persons injured late Monday night when a gas explosion wrecked a vacant three-stdry building, demolished the wall of an adjoining cottage and broke windows of buildings in an entire block on the southwest side. Mrs. Lena Glick, 48, mother of nine children, wa s killed and her husband and six of their children injured. Five persons, passing the building, were injured by falling bricks, glass and timbers. Daniel J. Carmody, deputy fire marshal, said the explosion was caused by an accumulation of gas in the basement of the building. SET RITES FOR O’NEIL Teapot Dome Figure to Be Buried Near Home in Cannes. Ily United Press CANNES, France, Aug. 25.—James E. O’Neill, who fled the United States during the investigation of the Teapot Dome oil leases,' and who died here Monday, will be buried Wednesday. His wife, son and daughter were at his bedside when he died. O’Neill had suffered heart trouble most of the time he lived in France. He came to Europe with Harry M. Blackmer. Both were associated in oil deals with Harry Sinclair. Storms Delay Ocean Liners By United Press CHERBOURG, France. Aug. 25. Storms in the English channel forced the liner Empress of Britain to avoid calling at Cherbourg today and delayed docking of the Leviathan from New York.

Extraordinary LowCoaeh Fares Over LABOR DAY Between all g ta, ionß on the Baltimore & Ohio Railroad in the territory embracing cities below. Rushville, Ind. . . .$1.50 Cincinnati, Ohio . .$3.00 Connersville, lnd. . . 1.60 Parkersburg, W. Va. . 8.45 Oxford, Ohio .... 2.30 Decatur, 111. .... 4.15 Hamilton, Ohio .. . 2.70 Springfield, 111. . . . 5.35 Correspondingly low fare# to many destination* on connecting line*. Ticket* will he *old for train*leaving after 3:00 a. m. Saturday, September sth, to and tacludingtall train# of Sunday, September 6th, and will be good returning to and including Tuesday, September 8. ALSO LOW COACH EXCURSION FARES EAST Washington ."1 8 I iiOO I Atlantic City . ) sl7®® Baltimore..} v . } *— Philadelphia. ) Bound Trip | New York .. . J Round Trip Going on trains leaving after 3:00 a. m. Friday, September 4th, and all trains Saturday, September sth—return limit Tuesday, September Bth. Ufrl I UtlMIM*! SI W 70,000 OF US INVITE YOU TO RIDE ON OUR RAILROAD

THREE TRUCKS ! PILE UP; STATE! MAN IS INJURED Another Is Saved From Hurts as He Falls on Peach Cargo. Three trucks, one laden with peaches, crashed on State Road 37 ; seven miles south of the ci’y late ! Monday, but only one person w'as: ; injured. Another leaped from his ; truck and fell safely atop the peaches which spilled into a creek fourteen feet below the highway. j Roy Turpen, 21, of Bedford, suf- ! sered a broker, leg and cuts on the head. At city hospital today his condition was reported fair. Mrs. Turpen, driving / her husband’s truck, said she was blinded j by lights of an approaching auto, and lost control of the vehicle, j striking the abutment of the bridge over the creek. William Arthur, Elnora, driving 1 the peach truck, and Austin Wag- ; goner, 41, of Washington, Ind., j driving the third truck, were un-; able to avoid crashing into the i Turpen truck as it skidded across; the pavement. Arthur fell on his peaches and , thus escaped injury. Crossing Meridian street at Washington street Monday night, Rollin I Head, 55, of Sharpsville, stepped into ! the path of a taxi driven by >felvin ! Stone, 21, of 1119 Concord street. ; Head was cut on the head and face and was unconscious when police sent him to city hospital. His condition is not serious, however. Frank Illinois street, and Charles Dunn, 62, of 324 West New York street, were knocked down and sustained minor ; injuries W’hen they were struck by j an automobile at Indiana avenue j and Vermont street Monday night. | Doc Backus, 45, Negro, 1625 Ogden street, w'as not held. SIO,OOO VERDICT GIVEN NEIGHBOR SUING FORD Case Involved Brook Running on Estate of Manufacturer. By United Press CAMBRIDGE, Mass., Aug. 25. ! Henry Ford invaded the rights of a neighbor when he built dams on Hop brook on his Waysfde inn property in South Sudbury, Superior Judge Stanley E. Qua has ruled. As result, Ford must pay SIO,OOO damages to Joseph L. Sturtevant, whose estate, “Brookledge,” adjoins Wayside inn. Hop brook courses through both the Ford and Sturtevant properties, I and Sturtevant claimed the natural beauty of “Brookledge” was spoiled when Dord dammed the stream so that its flow was reduced by half. The court enjoined Ford from so operating the dams to allow Sturtevant a practically continuous flow of water. DISCOUNT KILLER RUMOR Half-Breed Reported Seen in City; Police Are Skeptical. Reports that Jo Miller, half-breed Indian, sought as the slayer of Mrs. Ann Patterson in Silver Lake, Wis., had been seen in Indianapolis were considered erroneous today by local police. However, detectives have asked Wisconsin authorities to forward detailed description of the murder | suspect.

THE INDIANAPOLIS TIMES

DOWNSTAIRS AYRES DEPENDABLE. MERCHANDISE M ATM SBWWCE * LOW pßir-gc 3,000 Pairs Went Like “Hot Cakes”! So We Hurried Out and Bought 2,800 Pairs More for Another Sale of D’Orsay Slippers With Real Hand-Turned LEATHER SOLES Our patrons have cleaned up three big shipments of Address !; / fkJjß these splendid slippers .. . and now we have a tre- n charffe D Cash Dc °* D <: / mendous group that should last for several days! But you never can tell—better get YOUR pair to- Use rhis Mail Bgglßw morrow. Use them for bridge slippers. Keep a pair Order Blank P" ’ in your car—another for your bedroom—another for your kitchen —and still another to garden in. ri. 9441 x |||f (3) Medium High Heels Safeguard Your Child’s Feet if You Are With “Pollyanna” Health Shoes! en - Bound $0.50 nd $0 “Cinderella” | 1 CURPED HEEL SEAT W 0.11 Cl <0 4* ostLsis bon. sci - Wash r rocks / —~~ ■ ' The bones in your child’s feet rt* > | n "for S 2uter C ano are P lastic! They can easily be j£ p / metatarsal distorted and misshaped for life a it, yX *' £p r - —... or, with a scientifically de- Ask mother to bring you down to- fj' signed shoe, they can be molded morrov/ to see these charming littie '' J 'ill A steel ARCH surport into the healthful contours that dresses. You’ll love to wear them ' 5 EEL * c SUPPO> * T Nature intended Be safe' when you to kinder s arten next kmtkwW^A SNUO fitting WAIST mime mienaeO. tsc sale. month. In chambrays, broadcloths iWvT 1 V Choose ‘Pollyanna’ health shoes. and pri nts that won’t fade, in Uj \ PLENTY OF ROOM We have them to fit YOUR chil- dainty styles that are almost / Vi \ FOR TOES TO MOVE drpn “grownup.” sizes 2to 6. An fyp q\ta \jr\ . SNUC ANKLE FIT BACK ANO FORTH UICII * _ MpV fWI Study the two diagrams to the left and Perhaps YOVL and Like a M i CH < .£ OUNT ** —"’V. A vou’ll sec what a truly marvelous shoe _ _ __ _ / moulded to last \ it to. Designed for perfect foot com- Pila fnof / \ \ \\ | V fort— res * s t the wear and given AUv A €B. "I IV vutll \ \ \ Built up heel ) by sturdy kids—and offered in a wide 1 V \ to prevent turning' XL. A range of styles.* Widths from Ato D„ <J* B®* SNUG fitting arches / STEEL SHANK Sizes sto 8, 52.50; sizes B*4 to 2, $3. a f- $ V| ?% free fitting 1 ball —Ayres’ Downstairs Store. --.a \ /, Warm, snuggley coats made of highpile w 7 oolen fabrics—in pretty j p i _ 'JTV • m V V V browns, tans and gray. Single or ® iQr J- A _ HJF / SL 1 | 111 doublebreastcd. Beret to match. / j ouster Brown ocnool Hose s,zcs2 -t K - P .w^ st „ r , 1 Are Guaranteed to Wear m (S) f% When Bought in of S lustrous and DURABLE. 'l’hat’s why, wh.en f ■ EMmi FOR CHILDREN—F'uII length school hose in fine rib or fiHllft J derby rib styles. Double heel and toe. In four colors. ' \ Uj picot top, seamed back, fashion marks. In four colors. la V FOR BOYS—Heavy ribbed, full length stockings for I/' I exacting school wear. W'ith durable heel and toe. / j II |j / P | B Real “He-Man” Knickers What, Only— That Will Stand Punishment a 5_ Q Q for School Boy Hands Out! JfepP 'T'l T , * 4 en mmWm These Lovely Frocks? $ | And Such a Big Assortment, Too! Svl , nna b Mc t k^‘str“n s S r, m. I Just visit our Downstairs Dress Department and and very full cut. Sizes 6to 15. JOU “ aear maM .v just such enthusiastic exclamations. Just look around a bit and > ou ’ t 0 will become exBoys’ Shirts, 65c Boys* Sweaters, $1.69 cited. There are dozens and'dozens of styles to choose mi. ... ... . , from in the new fall silhouette: suit dresses, two-niece Well made, full cut shirts in All-wool slipover sweaters for , , ~ ~ , u j , , fast colored fancy patterns. school wear, in a fine assort- stjies, the new wide-shouldered effects, and diagonal Very high grade! Sizes Bto ment of plain colors and fancy y/W .lilies. Black, browns, wines, greens, etc. Sizes 14 14*a. patterns. Sizes 28 to 36. Boys’ School Caps 95c Boys’ Slipover Sweaters.. .*1 In These Fashinnnhl FnArice • Part W’ool Knickers...f 1.39 Three-Quarter Golf . * CLSniOTiaOie rQDYICS, Fancy Corduroy Knick- Sox 25c . SatillS Wool JeiSeVS ers *1.95 Boys’ “Model” Shirts... .89c Boys’ All-Wool Suits .87.95* Boys’ “Model” 810u5e5...79c —LantOnS —Sheer >V OOlenS —Ayres’ Downstairs Store. ' Ayre,’ Downstairs Store.

AUG. 25, 1931