Indianapolis Times, Volume 43, Number 157, Indianapolis, Marion County, 10 November 1931 — Page 3

NOV. in, 1931

FIREMEN’S OWN UNION TRIMS LOAN SHARKS Credit System Pulls 200 ‘Smoke Eaters’ Out of Serious Debt. Nearly 200 Indianapolis firemen have been removed from the clutches of “loan sharks'* in a little more than six months, through the Indianapolis Firemen’s Credit Union, it was revealed today. Organized last April to provide a means for firemen to borrow money without paying exorbitant interest, with 404 members at the start, it has grown until now it includes in itn membership more than 500 of the 600 members in the department, according to records of Lieutenant Cecil F. Scott, secretary-treasurer of the credit union. At the time of its organization, Scott said, a number of firemen were almost hopelessly in debt to loan companies, the interest rate being so high that in some instances the borrowers were unable to do much more than keep up the interest payments.

Loans Out $9,600 The credit union now has more than s9.6ofi loaned out to firemen, or members of their immediate familie.4, and has applications on file amounting to $5,500, the funds, in a number of cases, being sought to retire loans with credit companies. Funds with which the credit union operates, Scott said, are deposited by members, as little as 50 cents a month being accepted on $5 shares. One $5 share permits a member to borrow. The interest rate charged is only 0 per cent, and is based on only the actual time the money is loaned. More than $14,000 in all has been loaned by the union since it was formed last April, a little more than $4,000 in loans having been repaid. One year is the longest period for which loans are made, repayment being made in part each pay day, twice a month. Borrow at 6 Per Cent In addition to borrowing to pay off loans at higher interest rates, the union also has many members who borrow at 6 per cent interest in order to save money in making purchases by obtaining larger discounts for cash. Collections are made through one deputy treasurer in each fire station. The union replaced several small private loan groups within the department where firemen formerly borrowed money, paying 10 cents on the dollar from one pay day to the next. The Indianapolis Firemen’s Credit Union is only one of a number of similar organizations formed by employes of various local industries and business firms as a part of a campaign being waged against loan ■ harks by an eastern philanthropist.

SOVIET TO SELL WHEAT “Substantial Exports” are Promised by Russian Officials. />';/ I nited Press MOSCOW, Nov. 10. —Soviet officials declared today that Russia would make “substantial wheat exports” this year and that the grain collection program would be developed in full despite certain difficulties. The officials ridiculed reports that Russia could not deliver wheat sales, although it was admitted that exports w’ill be less than last year. The Soviet definitely is avoiding any : pcculative trading, wffiich is considered “anti-social,” officials said. Legion Sponsors Program 111/ Times Special ANDERSON, Ind., Nov. 10.—An Armistice day address will be delivered here by Rollin Turner, Greensburg attorney, as part of a program under American Legion auspices.

66 Years Ago Today Henry Wirz, Confederate captain, charged with cruelty to Federal prisoners at Andersonville, Ga., was executed on Nov. 10, 1865. 12,000 prisoners died during the years of 1864 and 1865. ItixlcL wtssrvnussjßi -J Funeral Directors 1619 North 1 1222 Illinois Street Union Street TAlbot 1876 DRexel 2551

THE INDIANA TRUST CO. PAYS Interest on Savings ssus r... $2,000,000

DIUREX Eliminates the Poisons that Destroy Kidneys. Sold and Guaranteed At All HAAG DRUG STORES

ity for Savings .—ICHER AMERICAN NATIONAL BANK Southeast Corner of Market and Ptnnrylvcnla

Men’s and Women’s CLOTHING on easy CREDIT ASKIN & MARINE CO. 127 W. Washington SU

Uses Club to Land 'Fish

Nosing its way along the muddybottom of Lick creek Sunday, this forty-inch spoonbill catfish caught a glimpse of the white body of a wiggling “night crawler." It struck, and O. C. Cofman of 430 Orange street, had a fight on his hands. Jerking hard, the ten-pound fish snapped the line and darted toward freedom—but a blow from a 2x4 put an end to his struggles. Today, Cofman and his “ftshin'

Nosing its way along the muddy .| lir bottom of Lick creek Sunday, this M • forty-inch spoonbill catfish caught _J§ a glimpse of the white body of a j r wiggling “night crawler." It >|fj : f struck, and O. C. Cofman of 430 j Orange street, had a fight on his j c ? Jerking hard, the ten-pound fish snapped the line and darted

pardner,” Marsche Reynolds of Madison road, are mounting their trophy. It will be hung in the

TIMBER GIFT WILL HELP UNEMPLOYED

100 Acres Will Be Cleared and Kindling Sold to the Public. Gift of fallen timber on almost 100 acres of land north of the city will aid the made-work program of the Emergency Work Committee, Inc., committee officials said today. The timber was donated by William E. Osborn and George Reinhart, on thirty acres near Eightyfourth and Pennsylvania streets, and by R. L. Lowther, receiver for the J. F. Wild State bank, on seventy acres adjacent to this tract. The tract is being cleared by men employed on the made-work program, and although the poorer wood will be donated to families free, the better grade will be sold, and the profit turned into the made-work fund. Price of the wood is $3.75 a cord

to SAVE . ♦ . save conveniently One of the commonest excuses for not building up a goodsized savings account is that it takes time and trouble to go to the bank. A savings Account at your neighborhood branch of Fletcher Trust Company overcomes this difficulty. This branch is convenient to you. (Note the addresses below.) It is even easy to park your car there. V And the chances are that you will save more at a hank where you can save conveniently will find it easier to build up your savings account to a size where it will guard you against the unexpected. * * * * There are 12 Fletcher Trust branches. Each is as much a part of Fletcher Trust Company as the Main Office downtown. * 4fletcher fa# Company MAIN OFFICE Northwest Comer Pennsylvania and Market Streets NORTH SIDE BRANCHES WEST SIDE BRANCHES EAST SIDE BRANCHES 1541 North Illinois Street 474 West Washington Street 2122 East Tenth Street 3001 North Illinois Street 1233 Oliver Avenue 458 East Washington Street 1533 Roosevelt Avenue 2600 West Michigan Street 2506 East Washington Street 6235 Bellefonuine Street 5501 East Washington Street SOUTH SIDE BRANCH 1125 South Meridian Street

Cofman home, a reminder of good fishing in Lick creek, three miles south of Indianapolis.

for 16-inch lengths and $4.25 for 20-inch lengths. The committee also is negotiating with the state highway commission to arrange to have the new route of U. S. 31, in Meridian street, staked off in order that it may arrange with owners to remove standing timber. Several hundred cords of firewood, including beech, hard maple and ash are to be produced from the fallen timber on the Osborn, Reinhart and Wild properties, and orders for this wood may be placed with the committee by telephone. The number is Lincoln 1551. Zep Brings Back • Speech ll>) United I‘rcsß HANWORTH, Middlesex, England, Nov. 10.— I The thrill of seeing the German airship Graf Zeppelin caused Mrs. Mabel Cooke to recover the use of her speech after she had lost it three weeks before, when struck by lightning.

THE INDIANAPOLIS TIMES

SOUTH SYSTEM UTILITY RATES TO BEJENIED Cuthbertson Tefis Insull Interests of Scheduled Turndown. Although he has written no denial order, Commissioner Harry K. Cuthbertson of the public service commission announced today that he has informed Insull officials that their proposed rate schedule for the south system is to be turned down. “I no longer am considering the rates filed by the Public Service Company of Indiana for the south system,” Cuthbertson declared. “While it is true, as was contended by the petitioners, that the revision suggested would result in reductions in some instances, it also would mean increases in others. It was because of these increases that I have refused to consider the proposed rate schedule further.” Cuthbertson has on file a series of cases fram cities included in the south system and for some time the commission has been conducting an audit and appraisal of the entire properties there. The so-called “south system” comprises eighty-three towns and cities in twenty-eight counties south of Indianapolis served by Insullowned electric lines. Three times the Insull interests have tried to have the entire south system recognized as a unit for rate standardization, but only Cuthbertson of the five commissioners has been at all converted to their theory. Preparations are being made to drain a deep lake on Haute Isle, in the Bay of Fundy, to recover the fabulous treasure of Captain Kidd, believed to be hidden under the waters of the lake.

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Regusted! By Timet Special ANDERSON, Ind., Nov. 10.— Raymond Riggs, 35, volunteered to go to jail when he arrived at police headquarters after the second traffic accident in which he was involved. His automobile first ran down Jack Van Dyke, 12, knocked him from a bicycle. The cyclist escaped with bruises. Thirty minutes later Otis Walker. 10, ran in from of Riggs’ automobile and suffered concussion of the brain. Police did not accept Riggs’ offer to go to jail as his record showed him to be a careful driver.

Kidnaping Plot Suspected By Timet Special ATTICA, Ind., Nov. 10.—Authorities are investigating what is believed to have been an attempt to kidnap Dan R. Young, wealthy land owner. In Young’s absence, a man entered his home and bound and gagged his wife. She says remarks made by the intruder led her to believe kidnaping of her husband was intended. She was robbed of her wedding ring and a small amount of money.

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CHANGE POLICY, BANKERS URGE UTILITYCHIEFS Errors Must Be Corrected Voluntarily, Investment Men Declare. BY THOMAS L. STOKES United Press Staff Correspondent WHITE SULPHUR SPRINGS, W. Va., Nov. 10.—Public utilities were exhorted today by the Investment Bankers Association of America to correct their errors voluntarily, and to deal frankly and honestly with the public to combat the campaign for government control and federal regulation. Deploring widespread agitation for government ownership and operation, the association, through a report of one of its committees, said “we urge its resistance by direct, above board, frank education of the public.” The report, prepared by a special committee headed by Francis E.

Frothingham of Boston, dealt frankly with the utility industry, pointing out that holding companies in some cases had been overcapitalized during the boom period. “Mere corporate manipulation of securities for speculative purposes can mjT be tolerated in this business.” it declared. The public and legislatures can not be blamed for their critical at-

The Entire Stock of the . f 4 Hational family Store Has Been Bought By AYRES Downstairs Store WATCH THE PAPERS

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titude toward public utilities, the committee said, because they can not understand the complicated accounting system and “bald statements unsupported by convincing details.” The public utilities, it emphasized, must simplify their methods, particularly holding company operation. The committee urged strengthening of state regulatory bodies.