Indianapolis Times, Volume 43, Number 191, Indianapolis, Marion County, 19 December 1931 — Page 3

DEC. 10, 1931

PUBLIC, NOT BANKERS, ‘HOLDS SACK’ ON FOREIGN BONDS

U. $. FINANCIERS DENY ‘PLOTTING’ DEBT REVISION Tell Senate Probe Group $10,000,000,000 Issues Went to Investors. ‘CROWDING’ SEEN FATAL Commercial Obligations Should Be Paid First, Senators Told. by ray tucker Times StaiT Correspondent Washington, doc. id.—Any default or nonpayment of the $lO,0)0,000,000 in foreign floated in the United States since the armistice will work hardships on small banks, institutions and individuals rather than on the international bankers who handled the transactions, according to testimony before the senate finance committee. The bonds have been passed on to the investing public, and the bankers stand to lose a comparatively insignificant sum on this item. But, according to warnings voiced before the committee by Thomas W. Lamont, partner in J. P. Morgan & Cos., and Charles E. Mitchell, president of the National City Bank of New York, neither public nor private obligations will be paid if statesmen do not combine to restore Europe. “Wholly Uninterested” The Morgan firm, Lamont said, holds no long-term credits, while the National City bank and its affiliate corporation, the National City Company, has only $2,186,000 worth of foreign holdings at the .present time. Yet both banking institutions have floated a total of $2,*78,955,000 in foreign securities irf the last ten years. In view of this situation, the international bankers were registered as wholly uninterested in the specific issue of reduction or cancellation of debts, as suggested by President Hoover. They argued, however, that any insistence on payment of the public debts ahead of the commercial debts will injure international economy and especially Germany’s economic status. “Why,” said Mitchell, “New York banks hold so few foreign bonds they have no reason to try to influence the national policy on debts.” Public Holding the Bag “We have passed these securities on,” said Lamont, “and it is the investing public who hold them now. The impression that the bankers are trying to bring pressure is wholly erroneous.” Nevertheless, Senator Hiram Johnson (Rep., Cal.), sponsor of the imestigation, insists that all the banks handling foreign issues be forced to reveal how much they have in their own portfolios. The big bankers, their first two representatives testified, frankly are optimistic concerning their advances to foreign governments. Lamont declared that France and Germany are “meticulously” complying with sinking fund requirements, and that the loans are amply safeguarded. He insisted that the problem of “international finances, unfortunately had been overemphasized,” and that more attention should be paid to domestic problems, especially the railroads and their securities. He called these “the backbone of the financial community.” Argue Loans Helped U. S. Were it not for the $10,000,000,000 In loans to Europe, both men contend that American exports would have suffered, and the debts already paid by foreign nations to this country would have been much smaller. The loans, they insist, “produced dollars which have benefited America.” “I have faith,” Mitchell told the committee, “that, no matter how you solve this question, you will strive to preserve German economy. If I am right, then these short term credits are good, and we are glad to have them. “But if you tell me that the political debt must be paid before any of the •commercial debts are discharged, then I say that you will have a closed Germany, a closed Great Britain, and, probably, a closed United States.” Alleged Shoplifter Nabbed Nabbed by store detectives as she Is alleged to have atempted to steal merchandise from L. S. Ayres & Cos. Friday afternoon. Miss Betty Potts, Pl 5 South Pine street, is held today on charges of vagrancy and petit larceny. A man companion escaped in the crowds, police said.

Acci-Dental By United Press CHICAGO, Dec. 19.—Sergeant John McNally sat at the desk of the Desplaines street station when a middle-aged man entered. "Whuzz-z,” the man said, “whish-sh, whuza-a?” “I don't quite understand," the officer said; “maybe you'd better write it out.” “I've been held up.” the man wrote. “Two men took my money. When I tried to yell for help, my false teeth fell out. I'm afraid to go back and look for them. Please help me.” Sergeant McNally took a flashlight and in a few minutes the teeth were back in place. 'Thanks,” the victim said, as he hurried away. ‘‘Thanks a lot.”

Fletcher Ave. Savings & Loan Assn. nTi'/nT- 10 E. Market St. on savings for 41

Talking Dolls Are the Nicest

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1878 CONCLAVE HANDED 6RANT ALL 650 VOTES Won G. 0. P. -Nomination on First Ballot by Acclamation. Ten of (he twenty national conventions of the Republican party have been held in Chicago. The twenty-first national party conclave will be held there next summer. A story Friday told of the stormy political battle fought in the “wigwam" in 18(8) which ended with nomination of Abraham Lincoln. Next came the convention of 18fi8, where C-rant was named amid scenes equally colorful, though marked by amity, BY R>- BLACK United Press Staff Correspondent CHICAGO, Dec. 19.—Warriors dominated the scene in Crosley’s opera house when the Republican national convention that was to nominate Ulysses \. Grant convened on May 20, 1868. That tenseness in the political atmosphere prevalent after the World war and still noticeable as the Republicans await their convention here next summer, was felt everywhere in ’7B. Andrew Johnson’s troubled administration had just escaped ending in the fiasco of impeachment. The south rumbled with reconstruction discontent. Gran’t name had been on tougetip for months as the logical man. He was a soldier, a general, the man who saved the union. Behind him was a loyal army, largely gone back to plow and anvil and pen, and a grateful north. Father on Hand On the stage at the opera house the May noonday when the convention opened were leaders from the federal army and generals among the delegates were the men who held the balance of power. Big, loose-framed Jesse R. Grant, shielding his failing eyes behind dark glasses, was there. He was Grant’s father. Other miltary men who took a major part in convention activity were Carl Schurz of Missouri, the immigrant from Germany who became a major-general in the union army, and General Joseph R. Hawley of Connecticut, elected president of the convention, who had been one of the first volunteers from his state and rose to brigadiergeneral. Governor Brown of Georgia broke the ice between the north and south somewhat when he announced, “I came here as a reconstructed rebel.” Got All the Votes The massed tiers of spectators rose, cheering and waving handkerchiefs. The band played “Hail to the Chief.” The roll call was taken. When it came the turn of the Connecticut delegation, the response was: “Mr. President, Connecticut unconditionally surrenders her twelve votes for Ulysses S. Grant.” The convention had 650 votes to give. Grant got them all on the first roll call. A full length picture of Grant, painted on a backdrop, was let down on the stage. Across it was painted in large letters, “match him if you can.”

DADDY ‘THROUGH WimWOMEN’ Court Refuses to Grant Peaches Alimony. By United Press NEW YORK, Dec. 18.—Edward West (Daddy) Browning is through ■with women and will devote his life to making children happy, he said | today. Browning’s decision came after | the supreme court refused late Friday to grant Frances Heenan I (Peaches) Browning a divorce. She had charged him with improper conduct with two beautiful little blonds. The 57-year-old real estate operator, reputed to have made $20,I 000,000 in the New York market, ! was jubilant at his second legal | victory over the 21-year-old vaudej ville performer he married six yeaof ! ! ago. Peaches still gets no alimony ; . from the Browning pocketbook. His first legal victor ycame when : he won a separation from her on I the ground of abandonment.

There were dolls—and dolls—at Butler this week all for charity. No puzzle, either. And herewith are pictured six. Left to right in the picture above are Miss Ruth Apostol, 3766 Ruckle street; Miss Rosemary Ford, 5601 Central avenue, and Miss Catherine Miller, 4914 Winthrop avenue, all co-eds, who participated in the doll show on thecampus. All Butler sororities entered the show, proceeds of which were to be donated to charities.

MURRAY'S TAX BILLSjEATEN Political Prestige Is Given Severe Blow. By United Press OKLAHOMA CITY, Okla., Dec. 19-—The political prestige of Governor William H. (Alfalfa Bill) Murray, which already has brought him mention as a possible 1932 Democratic presidential nominee, was lowered today by the defeat of four tax reform measures he submitted to Oklahoma citizens in a special election. The measures provided a 10 per cent tax on annual incomes of more than $100,000; appropriations of $2,000,000 for free textbooks; escheat to the state of land held by corporations; creation of a state budget officer accountable to the Governor. A report of 2,250 precincts out of 3,346 gave the income tax measure 140,869, against 207,931; escheat measure 137,486, against 209,395; textbook 136,402, against 216,109; budget 135,008, against 215,137. Political opponents saw in Murray’s defeat their opportunity to blast his chances, remote as they might be, to be the Democrats’ standard bearer. Some even predicted the results of the election will keep him form playing an important role in the party’s convention. For Murray the defeat of his four bills was personal. He placed the measures before the people after they had been rejected by a hostile legislature and campaigned the state, calling upon the citizenry to “oust corrupt wealth.” Farm Bureau Elects By Times Special GREENFIELD, Ind., Dec. 19. John S. Thomas was re-elected president of the Hancock county farm bureau at its annual meeting here. George W. Teal was elected vice-president and John T. Wilson, secretary-treasurer. Former Resident Dies NOBLESVILLE, Ind., Dec. 19.—A message received here announced the death of Miss Nellie Chamberlain at Lagrange, Wyo., where she went two years ago for her health. She leaves two brothers. She formerly lived in Hamilton county.

Home-Made Yule Candy When you know how easy it is to make candies at home, and when you have the simple directions and carefully compiled recipes for making all sorts of candies that are contained in our Washington Bureau’s bulletins on the subject, there will be no reason why they won’t be plenty of Christmas candy in your home this Christmas. The three bulletins containing this information are: 1. Fondants, Fudges and Bonbons. 2. Candied Fruits and Nuts. 3. Hard Candies, Nut Brittles and Taffies. A packet containing these three bulletins can be had from our Washington Eureau by filling out the coupon below and mailing as directed: CLIP COUPON HERE —— Dept. B-16, Washington Bureau. The Indianapolis Times, 1322 New York Avenue, Washington, D. C. I want the packet of three CANDY MAKING Bulletins, and enclose herewith 10 cents in coin, or loose, uncancelled, United States postage stamped to cover return postage and handling costs: NAME STREET AND NUMBER CITY STATE I am a reader of The Indianapolis Times.

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THE INDIANAPOLIS TIMES

CULBERTSON'S BRIDGE LEAD IS UP TO 7,915 Get 2,950 Points in Taking 6 of 9 Rubbers From Lenz, Jacoby. BY H. ALLEN SMITH United Tress Staff Correspondent NEW YORK, Dec. 19.—Ely Culbertson and Theodore A. Lighter put the crusher on Sidney Lenz and Oswald Jacoby Friday night, building up their lead in the great contract bridge embroglio to 7,915 points. Culbertson now holds a greater lead than Lenz ever piled up during early stages of the contest, now ready to enter the sixty-fourth rubber. The scenes will be shifted Wednesday when the contest goes into the new Waldorf-Astoria hotel, where everybody—reporters, telegraphers, photographers, scorers, kibitzers and plain down-at-the-heel experts—will be guests of Lenz. Teamwork Is “Deadly’* The next session will be Monday night. They will play Tuesday night at the Chatham, go into the Waldorf on the following day, and a session Saturday afternoon will complete the week’s play. Culbertson and Lightner proved again Friday night as they proved in the previous session, that they work together in contract bridge with great precision. Almost everyone is agreed that they have been doing great work in bididng their hands. One man dissents, however. He is Willard S. Karn, one of the nation’s shrewdist contract players, partner of P. Hal Sims on the “four horsemen” team. Pick Up 2,950 Points “I’m convinced of one thing,” said Karn Friday night, “after looking over some of these hands. The Culbertson children are not the only persons ‘asleep and dreaming’ around this place. “The humorous magazines that are promoting this match certainly did a goo djob of picking their comedians. They’re a scream—plenty funny!” Karn said he doesn’t side with either Culbertson or the official system of bididng, but prefers the “one-over-one” system, which is a variation of the Culbertson system. Culbertson and Lightner picked up 2,950 points during Friday night’s session, capturing six of the nine rubbers that were completed. New Plant in Use By Times Special DANVILLE, Ind., Dec. 19.—Danville’s new sewage disposal plant, erected at a cost of $55,800, was in operation this week.

LATIN AMERICA MAY COME OUT ONE BI6NATION World Depression Likely to Band Five Small Republics. BY WILLIAM PHILIP SIMMS Scripps-Howard Foreign Editor WASHINGTON, Dec. 19.—The formation of one big nation out of the present five small Central American republics may come of the world depression. Such is the opinion of Dr. Rodolfo Espinosa, member of the Nicaraguan senate, minister to Washington during the Roosevelt and Taft administrations and liberal candidate for the presidency in the coming elections. “Every true Central American hopes the day is not far distant when Costa Rica, Salvador, Nicaragua, Honduras and Guatemala will reunite in one strong republic,” Dr. Espinosa said to Scripps-How-ard newspapers here today. Hampered by Tariff “United, we would have more than 6,000,000 population. Divided, | three of our republics have less than 1,000.000 and only one—Guatemala —is in the 2,000,000 class. “Each of these small countries has a president, a cabinet-, a legislature ,an army and so or, all of which lost money, and i t every frontier there is a tarifl barrier preventing mutually profitable trade relations, “These five republics would be much better off under one government with one overhead. Economically they are inter-dependent. They are confronted with the same problems in developing their natural resources and obtaining capital for the construction of railroads, communications and other public works. One of Strongest “Unification automatically would rid these countries of many obstacles to their progress. Instead of being among the weakest of Latin American republics, together they quickly would becomet one of the strongest. “Unification also would prove of benefit to the United States. It is greatly to the interest of this country to have a strong, sable federation of the isthmus. “It now is only a question of time before the United States will need another inter-oceanic canal down there. The accepted route, in part, lies across Nicaragua. Elsewhere it follows the San Juan river, the boundary between Nicaragua and Costa Rica. “Nicaragua wholeheartedly welcomes the canal and already has ceded a route to the United States. But Costa Rica raises certain questions where the canal cuts into her territory. Difficulties Would Fade “And the Gulf of Fonseca, where it is proposed to build a naval base, belongs to Salvador and Honduras, as well as to Nicaragua. This beautiful bay is scooped out of all three republics. “Were Central America one nation instead of five, all these difficulties would fade away. For the canal would prove of immense benefit to the entire region. “The realization of the union is the hope and dream of my life. The Libera] party of Nicaragua, too, always has advocated the restoration of Central America’s lost nationality. Now that economics are tightening the ties between even remote peoples of the world, perhaps the time is near for the dream to come true.” Dr. Espinosa is widely known in this country as one of the most scolarly leaders Latin America has produced. His English is faultless. By profession he is a surgeon.

LIBBY BUYS PLANTS OF TRIPLEX COMPANY Huge Glass Concerns to Be Merged; Factories Sold. By United Press TOLEDO, Dec. 10.—The Libbey-Owens-Ford Glass Company is buying outright all of the assets and patents of Triplex Safety Glass Company of North America at Clifton, N. J., a $3,000,000 concern which for four years had had the contract for the manufacture of windshileds for the Ford Motor Company of Detroit. Announcement was made Friday by David Goodwillie, vice-president of the Libbey-Owens-Ford Company. Triplex plants will be sold by Lib-bey-Owens-Ford immediately to Pittsburgh Plate Glass Company. Triplex stockholedrs meet Jan. i6 to approve sale. Libbey-Owens-Ford recently purchased glass plants of General Motors Company and received a $5,000,000 contract to furnish safety glass to General Motors Company automotive plants. Boy, 13, Stole Auto By Times Special TERRE HAUTE, Ind., Dec. 19. Marion J. Trade, 13, North Terre Haute, is in custody here following a wild ride in a stolen automobile during which it struck six other cars and was overturned, but the boy was unhurt. The car stolen belonged to James Cullens.

Africa Yields Big Game

Here are some of the 190 specimens of thirty-three varieties of African wild life bagged on a six months’ hunt by Charles Kelso, inset, and William A. Chryst, lower right, of Dayton, O. Kelso is seen in the upper picture with a large gazelle he brought down. Below, Kelso and Chryst are seen with a large hippopotamus killed by Chryst in Tanganyike territory, British East Africa. The two Ohioans returned with their trophies by way of San Francisco, and expect to present them to the Dayton museum.

CALLS UTILITY FUND IYSTERY' Distribution of $195,000 Still ‘Unexplained.’ By United Press WASHINGTON, Dec. .19.—Examiner Kenneth A. Miller revealed before the federal trade commission’s investigation of public utilities today that the North American Light and Power Company had distributed among certain individuals almost $195,000 in cash, “most of which was unexplained.” The utiltiies holding company (jointly controlled by the Insull, North American and Studebaker interests) established a “welfare reserve fund,” which had been used as a “reserve for contingencies,” Miller testified. “The nucleus of this reserve may have been a sort of pension fund for old employes,” he said, “but the North American Power and Light never has put such a fund into effect.’* The largest amount of cash paid out to one person was $32,721.97 to Clement Studebaker Jr., president of the company. “Are all of the persons who received these cash payments officers or employes of the company?” asked Judge Robert E. Healy, chief commission counsel. “I don’t know whether all of them' are or not,” he examiner replied, “but most of them are.” Rockport Paper Sold By Times Special ROCKPORT, Ind., Dec. 19.—Joseph R. Haines, former Posey county auditor and a veteran newspaper publisher, has bought the Democrat at Rockport, only Democratic publication in Spencer county. A. N. Powers has been editor of the paper. For thirty years Haines published the Poseyville News.

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Children Entertained By Times Special MUNCIE, Ind., Dec. 19.—Five thousand Muncie boys and girls are being entertained by various organizations for Christmas. Parties hr.ve been scheduled by the Red Men, the Y. M. C. A., the American Legion, Pocahontas ledge, Dynamo Club, Elks, Federated Club of Clubs, Rotary and Kiwanis clubs. Baby's Life in Peril By United Press BLOOMINGTON, Ind., Dec. 19. Mrs. Pearl Gilbo is awaiting a sanity test following an attempt to drown her 9-months-old daughter, Barbara Maxine. According to the husband and father, Wayne Gilbo, the mother placed the baby in a tub filled with water. The baby suffered no ill effects.

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LEPER COLONY CATCHES SPIRIT OF CHRISTMAS ‘Living Dead’ to Celebrate: 25 of Their Number Declared Healed. BY IK WIN I. FEMRITE United Pres* Staff Correspondent CARVILLE. La., Dec. 19.—The spirit of Christmas ruled this “colony of living dead” today, for twenty-five of the 360 men and women leprosy sufferers here have been pronounced healed, and soon may rejoin the land of living men. The colony lies sheltered from the rest of the world, almost isolated, officially designated as the United States Marine hospital. It is the only institution for treatment of leprosy within the continental United States. Trim, pleasant Dr. O. E. Denny is in charge. He is proud of his record of eleven years adminstering to the ailing, and points to an average of twenty “cures" a year for that period. Miles Off Highways The hospital, a chain of small cottages spread over several acres of reclaimed swamp land, is set in a tropical atmosphere of centuryold live oaks, palm trees and mosscovered shrubbery. It is tucked away in the far corner of a great bend of the Mississippi river, a dozen miles off main traveled highways. But the Christmas spirit has a way of penetrating the most obscure places. It has found its way to Carville, too. Patients, forgetting for the moment the dread disease which has made them outcasts from society, have embraced the holiday spirit with the fervor of the happy enthusiasm of children. Dr. Denny and his staff, aided by the Sisters of Mercy, are taking special pains to mi ke this Yuletide season a happy one. Gifts Come From Far Off At the Catholic chapel, presided over by the Rev. Father Gardinier, a midnight mass on Christmas eve will bring the sick together in fervent player. Special services also have been planned at the Protestant chapel, in charge of the Rev. Preston Boyd. One patient, dressed as Santa Claus, will go from cottage to cottage spreading good cheer. Every mail brings gifts from loved ones in distant parts. These will be distributed by Santa Calus at the close of the Christmas eve religious services. A special “takie” picture on Christmas day and a dance for men and women inmates that night will include the festivities. Radies have been installed to carry to the bedsides of the infirm the Christmas programs of the world beyond the marshes.