Indianapolis Times, Volume 43, Number 159, Indianapolis, Marion County, 12 November 1931 — Page 3

NOV. 12,-1931

RAYS OF HOPE FLASH ACROSS WALLJTREET Turning Point for Business at Hand, Is Belief in Money Capital. (Continued From Page 1) he applied for vault space refused to be a party to what It described as "nasty business.’’ Those things happened some weeks ago. They have not been happening, bankers say, within more recent weeks. Lose Fear of Bank Closings People have lost their fright over possible bank closures. That Is one thing they mean by returning confidence. Every banker knows it is more than a glib phrase. For every banker keeps his bank open only by virture of confidence. No bank in the United States could stay open if depositors demanded all their money at once. Sometimes a rumor starts, people become nervous and rush to draw out their money, for no reason at all except “herd fear.” That is lost confidence and any banker realizes it can be a very real thing. Equally so is returning confidence. ’ President Hoover said in his Ar- j mistice day address that there had I been a turning of the tide. Bernard M. Baruch, former chairman of the war industries board and a leading New York financier, says “we have disrupted the continuity of pessimism.” These expressions are typical of what is heard everywhere in j Wall Street. But the more cautious bankers tie Borne strings to their hopes. Europe Is Problem One is Europe. Will the American taxpayers have to take over the burden of the war debts? The debts have to be paid off, because somebody must pay for the Liberty bonds behind them. If not Europe, then Americans must pay, through taxes. Another is Manchuria. Would war there stimulate American business? It would for a time. The belligerents would need food, clothing, rifles, guns, shells, trucks. America prospered in the early days of the European war. Let Francis Sisson, vice-president of the Guaranty Trust, tell the other side: "The immediate effect of war in the Orient might be to sell war supplies and temporarily help business,” he said. “But in the end we would lose. There can be no virtue in that kind of thfhg permanently. You shoot away millions of dollars’ worth of materials which bring back no return. We prospered temporarily in the last war, but now the world is paying the bill. You can’t send two or three hundred billion dollars’ worth of wealth up in smoke and wipe out ten million or more lives without seriously affecting the world.” Congress Gives Rise to Doubt A third doubtful factor is congress. Will congress vote more millions for projects? Business men fear an evenly divided congress, with an insurgent balance of power in both houses and a national election campaign approaching, will attempt a heavy spending program. They are more seriously afraid that congress will run up the larger income tax brackets sharply. These three incalculable situations enter into the sise-up of conditions made by the average banker and business man here. But while he sees possibilities of retarding influences in them, he nevertheless is wading into the third year of the depression with his sleeves rolled up and his jaw set. REPUBLICANS LOSE HOPE Leaders of G. O. P. in House Believe Democrats Will Hold Power. By United Press WASHINGTON, Nov. 12.—John Q. Tilson (Rep., Conn.) emerged from the White House today to say that he had heard of no project for nonpartisan action in the house during the next session of congress. Chairman Will R. Wood (Rep., Ind.) of the house appropriations committee, also called on Mr. Hoover. Wood said he expected to be succeeded as chairman by Representative Joseph W. Byrns (Dem., Tenn.). Another Republican caller, Representative Burton L. French (Rep., Idaho), also expressed the opinion (hat the Democrats would organize the house. ARMS CUT PLEA MADE Money Should Be Beneficial to -Mankind, Says German Envoy. liy United Press , CHICAGO. Nov. 12.—Expenditures now used for armaments should be converted to operations beneficial to mankind. Frederich W. Von Prittiwtz Und Gaffron, German ambassador to the United States, said today in an address to the sixteenth annual meeting of the World Alliance for International Friendship. He said political leaders must restore mutual confidence before any real economic recovery is made permanent. Second Crop of Oats Harvested ft// United J'ress GALESBURG, 111., Nov. 12.—For the first time in memory of farmers here, a second crop of oats is being harvested. Violets and wild roses are blooming in the woods, after an unprecedented warm fall.

Gone, but Not Forgotten

Automobiles reported to police as stolen beiontr to: Leslie Lee. 1037 Maple street. Hudson sedan, from North and Attnes streets. Harvev Wllkerson. 3748 Cornell avenue, Chevrolet coach from Capitol*, avenue and Market street.

BACK HOME AGAIN

Stolen automobile* recovered by police bf M n 'j. to Laffer. MIS Bellefontaine street. Apt. 4. Chevrolet coach, lound at 2000 Blovd avenue. Jennings Grocery and Meat Market. 3966 Central avenue. Ford truck lound east bank ot White river near Tenth street. Automobiles stripped o 1 three tires. Sam Tlt*".h, 235 West South street. Chevrolet sedan, lound at 440 East Vermont street., f .

Boss ‘City in the City’

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Residents of Woodruff Place voted recently to retain two town officials whose terms were expiring v Left to right, they are John M. Dils, re-elected clerk-treasurer for the sixth time, and Cornelius F. Posson,

University Is Assailed for Students’ Downfall By United Press EVANSTON, 111., Nov. 12.—An attack on the modern university was issued today by parents of Northwestern university students who were suspended from the institution for their part in “hobo day” celebrations. James J. Harrington, wealthy real estate dealer, whose son Jack was among those suspended, charged the university was at fault in his son’s suspension. “The modern university system is all wrong. It makes students selfish and ungrateful,” Harrington said. “My son was a friendly, courteous boy when he started at Northwestern three years ago Now he is a hobo and the university made him that way.” Harrington said he had taken his son’s car from him and ordered the youth to find a job and pay his board at home. “The educational system is responsible, if my son acted as he undoubtedly did,” the father said. Alderman Ernest Jacobs, whose son Stanley also was suspended as one of the leaders in the student antics, echoed Harrington’s attitude, as did parents of the other three youths.

18 OIL FIRMS SUEDBYTEXAS $17,850,000 in Penalties Asked by Attorney-General. By United Press AUSTIN, Tex., Nov. 12.—Suit* for penalties totalling $17,850,000 on charges of evasion of Texas antitrust and corporation laws were filed today against eighteen leading oil companies and organizations. The suits were filed by AttorneyGeneral James V. Alread in district court. The Standard Oil companies of New York, New Jersey and California, the American Pe'/aleum Institute, the Texas PetrcS.um Marketers’ Association, and thirteen other leading oil organizations were named. Forfeiture of charters of the domestic corporations and cancellation of permits of foreign companies to do business in Texas, were asked in the suits. The penalties were asked for periods dating from Nov. 20, 1529, to the present date. The minimum daily fine for doing business in violation of the state laws is a SSO fine and the maximum is $1,500. GRANT SHORTRIDGE BUS Traction Company to Carry Pupils From Irvington in “Special.” Request of the Shortridge high school Parent-Teachers Association for the special bus to transport pupils from Irvington each school day, had been granted, officials of the Indianapolis Street Railway Company announced today. The bus, to be operated by the Peoples Motor Coach Company, traction subsidiary, will leave University and Arlington avenues at 7:20, and will go directly to Shortridge, arriving there at 8:06. Only one trip a day is scheduled. PHONE RATE CUT ASKED Montpelier Residents Brand Service Poor, Price Excessive. Petition of 130 Montpelier . residents for reduction in rates of the Indiana Bell Telephone Company, was filed today before the public service commission. Headed by Dr. Francis M. Reynolds, the petitioners, in addition to charging the service is “grossly inadequate and very poor,” point out that the utility properties are assessed for taxation at $15,820, but that rates are based on a book value of $36,438.

Cleanup! KAHN READY-FOR-WEAR SUITS OVERCOATS • TUXEDOS Many Below Wholesale Cost! MEN’S SUITS— $< | 0 1 Made to sell at S3O to $45 | 1931 Patterns and Styles Over 250 Suits Sizes 34 to 46 (Many large sizes) I OVERCOATS-**- I S3O to S4O values h Limited Assortment at ... . J[ j Others reduced to $24.50 and $27-50 TUXEDOS- sa/| with Silk Vest /O | S4O to $55 Values || KAHN TAILURING VS7 gad Floor Kahn Building Meridian at Washington

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LIFE TERM PROPOSED FOR EX-KING ALFONSO Spanish Republic to Punish Monarch if He Returns. By United Press > MADRID, Nov. 12.—The constitutional assembly will be asked today to declare King Alfonso XIII subject to life imprisonment if he returns to republican Spain. The parliamentary “responsibilities committee” completed its report Wednesday night on the “crimes” of the former monarch and his chief ministers. It was learned that the committee featured a long list of alleged crimes which wpuld make Alfonso subject to the death penalty, but it proposed to substitute life imprisonment. The report pointed out that it would be impossible to impose any penalty on the former king’ while he is living abroad. He now is in exile with his famjly at Fontainebleau, France.

69 Years Ago Today Solid iron plates of 5'4 inches and a wood back>- were penetrated by shells f. J from Whitworth Guns on November 12th, 1862. V)ii£eC: Funeral Directors 1619 North 122$ Illinois Street Union Street TAlbot 1876 DRexel 2551

One of Indiana’s Most Important Merchandising Events PETTIS’ “INDIANA DAYS” See Pages 17, 18, 19, 20, 21, 22, 23, 24. Today’s Times

THE INDIANAPOLIS TIMES

PEANUT BRAINS, IS STONE'S QUIP AT OPPOSITION Farm Board ‘Not Bothered Much/ Is Chairman's Retort to Critics. By United Press WASHINGTON, Nov. 12.—The chairman of the federal farm board has put on his fighting togs for the

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impending battle in congress over the board's activities and will resist to the utmost any effort to put the board out Qf business. James C. Stone, usually genial and good-natured, showed a belligerent attitude Wednesday night and struck out at farm board critics without mincing words or gestures. Almost at the same time Senator William King (Dem., Utah) was announcing he would Introduce a bill at the opening of congress next month, calling for abolition of the board. • “I don’t think they have a chance,” Stone said of the various moves under way to end the board’s existence. “We are not bothered much by the quibblings of peanut brains. “The friends I am working for

are the fellows back on the farm.” The bill Senator King is preparing would provide that three farm board members remain to liquidate the board's holdings in cotton and wheat. The rest of the board’s activities would be ended and the cooperative organization, held by board members to be the most valuable *ork theyvare doing, would go back to the department of agriculture. The*farm board battle will commence even earlier tlum the convening of congress. * Chairman Charles L. McNary (Rep., Ore.), of the senate agriculture committee will open hearings on Nov. 24 and much of the evidence will concern farm board affairs. The farm Doard's annual report, containing sdffie of the “secrets”

which have been charged to the board, is now in the hancli of the government printer and will be sent to congress when it opens. In the library at Constantinople there is. a manuscript of Homer written in gold letters on serpent's skin.

FOR GENUINE ITALIAN —SPAGHETTI - RAVIOLI—- • Visit the New Italian Tavern (In Hotel Dining Rooms) Open Nights Marshall D. Montani. Proprietor Plenty Parking Space 11Q2 N. Capitol Ave. Kl * 0/

PAGE 3

New Taxpaying Record By Times Special LAPORTE. Ind., Nov. 12.—Taxes paid on the fall installments due broke all records for Laporte county, , it Is announced by County TreasI urer Justine Loomis. The county 1 collected $389,736 In a single day.