Indianapolis Times, Volume 43, Number 232, Indianapolis, Marion County, 5 February 1932 — Page 13

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William MoFee A love that is both a blessing and a curse is what William Me- j Fee writes about in “The Harbour j Master,” just published by Doran & Cos. His hero is a hard-boiled ship captain and his heroine is a wafe whom the captain rescues from a sinking liner. a a a BY WALTER D. HICKMAN EVER hear of a girl announcing I her own marriage after planning her own courtship and all the time there was no man in the case? You will meet such a woman in "Weep No More,” by Ward Greene, published by Harrison Smith, Inc. Eppy Spurlock is the name of this strange miss who builds up an imaginary romance around her rolorless life. When I read this story, I was afraid that Eppy would kill herself after she arrived in New York to marry her imaginary lover by the name of Jocelyn Randolph. Not so with Eppy. She simply had to find a way out and she did. She went to the city morgue and there identified the corpse of a man as that of her lover. Eppy then had the body cremated, took the ashes back to her home town at Cornish, way down south, and had a grand funeral. “Weep No More” shows the deadly effect that kitchen drinking of booze has on the lives of men and women of the modern south. There is more drinking in this story than I have encountered in any recent novel. As you meet the victims of the bootlegger, one becomes acquainted with some interesting characters. Poor Eppy was one of the nondrinkers but she had one grand time with her romance. Death comes to one of the kitchen drinkers because the booze had weakened her desire to live a normal life. “Weep No More” is startling but It will hold your attention. a o a THE winner of this week’s book review is Barbara Blatt of 2502 West Michigan street, who reviewed ‘ Job,” by Joseph Roth, translated by Dorothy Thompson. Her review is as follows: •'.lob,'’ bv Joseph Roth, the November thoice of the Book-of-the-Month Club. Is of unsual interest to those who occasionally desire something more than the usual mediocrity that crowds the fiction shelves. These readers will find the simplicity of the book and Its quiet perfection very welcome. The framework of the story is the Biblical tale of Job. Job’s modern prototype Is Mendel Singer, a poor teacher living in a little Russian village with his wife, his two sons, and a daughter. Mendel accepts his poverty uncomplainingly and meets with the same unfailing resignation the birth of a third son, Menuchlm. apparently both an Imbecile end an epileptic. Although both health and greatness have been foretold for him. Menuchlm shows no sign of fulfilling the prophecy and. on account. of his physical disabilities, must be left behind when Mendel and his family migiate to America. After the World war Intervenes, all trace of Menuchlm disappears. Nor is Mendel made happy by the fortunes of his other children. One son is reported missing; the other dies in the war. His wife is killed bv the shock of this. And his daughter, always regrettably promiscuous in sexunl relations, developes dementia praecox. At last, pitifully alone and overwhelmed with tragedy, Mendel turns from God because of His cruelty and refuses to continue the beliefs and practices that had formerly consoled him in all distress. But. like Job. he finds the latter end of his life more blessed than his beginning. Menuchim, wholly cured, famous and rich, comes seeking his father and brings Mendel more comfort and joy than he has ever before experienced. As soon as she gets in touch with' this department, Miss Blatt will have the choice of one of several good books. a a a Bruce Catton, NEA Service writer of books, lists the following as good mystery yarns: "From This Dark Stairway,” by M. G Eberhart (Crime Club: $2). This happens in a hospital where a corpse, neatly stabbed, is found in an elevator. Then it vanishes, and there’s the deuce to pay. You'll find this one of the most exciting, credible and neatly told mystery yarns of the winter. “The Murder of Christine Wilmerding.” by W. B. M. Ferguson (Liveright: s2>. Mrs. Wilmerding goes on a trip and doesn’t return . . . and her mother-in-law goes dotty and starts singing a song about putting her down a well. You may guess the murderer, but you'll - never guess how he did it. Put this In Grade A. “The Sweepstakes Murders,” by J. J. Connington (Little-Brown: $2). Some Englishmen make up a pool on the Derby and win a fortune, and then one by one get bumped off. This is another exceptionally welldone and mystifying thriller. “The Fatal Five Minutes,” by R. A. J. Walling (Morrow: $2). Still another good one; it’s about a house party at which the host is clubbed to death, and there’s a shady butler, a shadier ladv-with-a-past, and an overtone of blackmail. You won’t guess the answer to this one without some real thinking. m a u ANOTHER current novel you should enjoy is “Brave New World." by Aldous Huxley (Doubleday Doran). It is a broad, pungent satire in which the wdrlfl of “A. F. 632" is pictured as Huxley, in a whimsical mood, has envisioned it. The “A. F." means “AfteT Ford." for by that date Henry Ford will be revered. Mass production has reached the ultimate. The book opens, in fact, in a factory where babies are turned out in a much more systematic fashion than today.

Full Leased Wlrs Berries of tbs United Press Association

JAPAN TO ASK U. S. FOR LOAN IN MANCHURIA American Money Is Wanted to Exploit Vast New Acquisition. BANKERS SEE PROFITS + Move Expected to Arouse Stern Opposition, on Ethical Grounds. BY WILLIAM PHILIP SIMMS Seripps-Howard Foreign Editor WASHINGTON, Feb. 5. The Japanese plan to make the people of the United States their partners in the exploitation of Manchuria. As soon as practicable, after consolidating their control over north China, the Japanese wlil try to float a loan, or loans, in this country to extend several lines of railways, open up mines, establish new industries and otherwise develop their new Asiatic protectorate. Literally hundreds of millions of dollars will be needed as fast as the money can be raised. And the American public, through the New York banks, is regarded as the most likely source of new capital. Loans Would Be Opposed For these -and associated reasons, American banking circles are inclined largely to look with some favor upon Tokio’s “strong hand” policy in the Far East. It moans more order in business. It will open the way for big profits on large loans backed by the Mikado’s mighty army and navy. Any such loans, however, it is predicted confidently, would meet with tremendous opposition here, and, for three major reasons. First, the step, in effect, would tend to make the United States a partner in conquest, of Japan. Second, it would involve us still deeper in an area which observers on both sides of the Atlantic and Pacific are convinced be the scene of anew world war. Third, it is a penny-wise, poundfoolish policy even for American banking and business men themselves. Every penny so invested, by just that much, would help close the “open door” to American trade in China. Chinese Market Grows Commerce department experts here regard China as America’s most promising market. There is reason to believe that in time it will surpass all others in importance. On the verge of a tremendous awakening, she already is fast increasing her purchases, and, equally significant, our share of her total trade is increasing steadily. In 1913 only 6 per cent of China’s total foreign purchases were from us. Last year our share amounted to almost 18 per cent. Wherever Japan exercises control, she soon monopolizes whatever trade and financing her own great business and banking houses can handle. This she manages to do by a low wage-scale all along the line, plus an all-embracing system of government subsidies. Thus, while immediate and handsome profits admittedly are to be made by financing the Japanese in the Initial stages of their exploitations, every dollar is apt to be a boomerang. Sacrifice Future Gains Once they get things going, the bulk of the business passes into the hands of their own nationals, and dollar profits of the future are accordingly sacrificed for the penny profits of the present. Politically, also, loans to-Japan for her Manchurian enterprises are on a totally different footing from similar loans to almost any other people. The reason is that Japan’s Manchurian venture is not a private, but a government affair. The South Manchurian railway is owned by Japan. It is political in character. It is to Manchuria what the East India Company was to Britain. Its president is the real ruler of the country. No native governor could last twelve months if he refused to take his cue from the South Manchuria—that is to say from Tokio. Our Interest in China, Similarly Japan's colossal industrial, mining, agricultural and other interests in that part of the world all are a part of her scheme of empire. This can be said without criticism. That, it is admitted, is her business. But any vast outlay of American capital to promote these enterprises, it is observed, would make our in- | vestors partners, directly concerned with the political and military proi tection of such interests, either against China or against Russia. Therefore, it is pointed out, these i more or less temporary interests of a few would, in the long run, clash with the vastly larger interests of America's 120.000,000. For the chief interest of the latter lies in producing more stuff in this country to sell to the 450,000,000 people of China left free to buy what they want in whatever market they I choose. ANNIVERSARYOBSERVED Scoot Leaders Plan Celebration of Order’s Founding. Twenty-second anniversary of the founding of the Boy Scouts of America was observed Thursday In Indianapolis and central Indiana. Luncheon was held by the local executive board at the Chamber of Commerce, over which Edward A. Kahn, council president, presided. Plans were discussed for observance of national Boy Scout week next week. Indianapolis boys will not observe formally the national week until spring vacation of schools. Several trocos, however, will present apecia

The Indianapolis Times

JOHN R. VOORHIS; . FORMER TAMMANY CHIEF, DIES AT 102 iLJjfJP i J W '■ f •••

JURORS PROBE WIFE’SOEATH Young Husband Held After Woman Dies in Hospital. By United Press FRANKFORT, Ind., Feb. 5.—A report of Clinton county grand jury investigating the death of Mrs. Dolores Gladden, 21-year-old wife of Everett Gladden, is awaited today. Meanwhile her husband, arrested soon after he brought his wife to a hospital and told authorities that she had been overcome by carbon monoxide fumes from the engine of an automobile, is being held. He was denied permission to accompany his wife’s body to St. Louis, her former home, where funeral services will be held Sunday. A report also is awaited from Dr. Rollo N. Harger, toxicologist of the Indiana university medical school at Indianapolis. Mrs. Gladden’s lungs and stomach were sent to Harger to determine if poison played any part in her death. Gladden told police that he and his wife were overcome while seated in the auto. When he regained consciousness, he said, he made a futile effort to revive her, and then brought her to a hospital. Police said they found several pieces of candy in the auto. They expressed a belief that these may have contained poison. HEADS INSURANCE UNION W. E. Clark, Ft. Wayne, Elected by Indiana Mutual Group. W. E. Clark of Ft. Wayne was named president of the Indiana Mutual Insurance Companies’ Union at a meeting Thursday in the Claypool. Other officers are Morris Douglas, vice-president; H. L. Nowlin of Indianapolis, secretary, and Harry P. Cooper of Indianapolis, vice-secretary. Officers in the women's auxiliary, which was formed Thursday, are Mrs. Harry P. Cooper, chairman; Mrs. D. W. Biddle of Remington, vice-chairman, and Mrs. Josephine Coats of Indianapolis, secretary.

HAMBURGER BANDIT ‘FORGOT’ HIS ORDER

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Mrs. Mildred Dennis Four Held on Liquor Charges Four men face trial today on liquor charges following arrest Thursday. They are Harry Colbert, 847 Broadway; John W. Dilley, 420 Spring street; Ralph E. Dickerson of 19 North Oriental street, and James Walker, Negro, 932 Pierson street. *

INDIANAPOLIS, FRIDAY, FEBRUARY 5, 1932

John R. Voorhis

Resident of New York for 101 Years Had Held High Offices. By United Press NEW YORK, Feb. s.—John R. Voorhis, 102, former sachem of Tammany hall, died today. He had retired recently as president of the board of elections, a post he had held since 1918. Born in Pompton Lakes, N. J., Voorhis has been a resident of New York City for 101 years. He had rounded out a full life. He saw the city of 200,000 grow into the great metropolis of today, and he himself became the oracle of Democratic politics. Outlived His Time He died at his home on Greenwich street where for more than sixty years he had resided. In that time the once fashionable residential district had been converted into the now Bohemian Greenwich village. Voorhis had-felt he had almost outlived his time. Last July 27 when reporters called on him for his annual birthday interview he turned to them and said: “I said the last one would be the last. I have had too many birthdays. Let the others have birthdays, I have had enough. It is all in the maker’s hands; we must let things take their course.” Fought Against Tammany Sixty-seven years ago he became Democratic leader of the Ninth ward and in 1871 turned anti-Tam-many during the Tweed exposures. His first political appointment came in 1873 as excise commissioner. He fought Tammany bitterly for twenty years, his organization becoming known as “Voorhis Democracy.” Then in 1889 some of his coleaders wanted a split ticket of Republicans and Voorhis Democrats. His differences with Tammany were patched up and he ascended the Tammany ladder until he became grand sachem. Constitutionally, a grand sachem may serve only one year. But in tribute to Voorhis each time elections for the grand sachem came around, each sachem voted for himself, thereby preventing a majority and Voorhis automatically continued in office.

‘Fry Two’ and Then Stick ’Em Up,’ Waitress Is Told by Robber. If a bandit who left two hamburger sandwiches, being cooked for him, in a restaurant at 402 Massachusetts avenue early today will come back and get them, Mrs. Mildred Dennis, 21, a waitress will have them ready. In truth, Mrs. Dennis thought first of these sandwiches when she stared into the muzzle of a revolver at 2 a. m. today while alone in the restaurant. “The bandit came in and ordered two hamburgers. When I went to fry them he told me to ‘reach.’ ” she said. “I looked around into the barrel of a gun, and the bandit told me to stand still until he’d gone.” “Well, don’t you want these hamburgers?” Mrs. Denis asked him. “I don’t see any reason to let them bum.” The bandit did not answer. He opened the cash register and took sl2, warning Mrs. Dennis a second time to “stay where you are.” Whether from the effects of the holdup or the waste of two hamburgers. Mrs. Dennis did not know, but she found it hard to sleep today. “I’d like to meet the bandit again,” she said today. Steals Traveling Bag, Gnn A thief ransacked the home of Harry Armstead, 70 South Colorado street. Thursday night, taking a traveling bag worth sls and a revolver valued at $45.

EDITOR FIGHTS TO END WASTE OF U. S. FUNDS Phil S. Hanna Wages Lone War Against Useless Expenditures. SYMPATHIZERS GIVE AID Chicago Newspaper Sticks to Drive on Department of Commerce. BY RAY BLACK United Press Staff Correspondent CHICAGO, Feb, s.—Phil S. Hanna’s single-handed fight against what he calls needless waste of taxpayers’ money by the federal government has become a major offensive. Telegrams and letters pour in to his editor’s desk at the Chicago Journal of Commerce, pledging aid or exhorting him to keep up the battle. “There’s no need to urge me on; I’ve only begun to fight,” Hanna said with quiet determination, his blue eyes good humored behind spectacle lenses. Attacks Free “Literature” The editor sat in his office in the Journal of Commerce building. Out- j side, in the city room, typewriters clattered as stories for next morning's paper took form. Despite graying hair, Hanna looks like a man well below middle age. He looks like a banker, thinks like an economist, and talks like a man who knows what he is talking about. “I don’t care how much nonsensical, useless reading matter the government sends out in boom times, when the cost does not impose a crushing burden on the taxpayers. I do object to needless expenditures now, when times are hard and the people lack confidence.” Hanna has concentrated his attack on the department of commerce budget for pamphlets, circulars, reports, resumes and summaries. Dropped From Mail List Last Dec. 15, Hanna’s editorial column made pointed reference to a two-page department of commerce statement about the sale of condensed milk in a period ended almost two years before. On Dec. 21, the Journal of Commerce was stricken from the department of commerce mailing list. “That action was like a red flag to a bull,” Hanna said. “It was just what we wanted.” Almost daily since then, the editor’s column has detailed instances of what he considers senseless w r aste of government funds. The attack reached a climax in an editorial, six columns wide on the front page of the Journal of Commerce. The banner line read: “Stop the racket before the racket stops you.” Taxes Hinder Business The editorial began: “This is addressed to the man in overalls—behind the grocery counter and in the cab of a motor truck—everyone known as a working man. It is addressed especially to that man who says, ‘I don’t pay income taxes, why should I worry?’ “The reason you should worry is that those whose job it is to provide you with employment and who do pay income taxes are being gradually driven out of business by government competition and federal taxes.” “Do you realize—just as typical illustration—that the department of commerce ds going to spend $45,000,000 this year—is sending out millions upon millions of circulars, books, letters, etc., by franked mail, the great majority of which is thrown into the waste basket?” “Woe Psychological” That editorial was reprinted by fifty-five newspapers. “Many ask why I chose the department of commerce to criticise for extrvagance,” Hanna said. “It was a waste that the people could see at once, because most of them get government reading matter of some sort. “I believe much of our present woe is psychological. People are not going to have confidence in business conditions until they are convinced the government is conducting its affairs in a sane, busi-ness-like way. “Suppose a regime of thrift were enforced in the department of commerce. The thrift complex w’ould spread to other departments. Soon the government would be operating on a pay-as-you-go basis, taxes would be lower and people would regain their lost confidence.” CANADIAN RAIL PAY CUT 26,000 Employes Take 10 Per Cent Slash Until Jan. 31, 1933. By United Press MONTREAL, Feb. s.—Wage negotiations between the Canadian National and Canadian Pacific Railways and their 26,000 employes have been settled by an agreement providing a 10 per cent cut effective from Dec. 1, 1931, until Jan. 31, 1933. Papers were signed Thursday. Included in the employe group agreeing to the wage cut are locomotive engineers, firemen, trainmen, conductors, yard men and telegraphers. SCHOOL 69 DEDICATED Pupils, Parents, Officials Join in Program at New Building. Exercises dedicating school No. 69, at Keystone avenue and Thir-ty-fifth street, were held Thursday night in the presence of pupils, parents and residents of the community. School Commissioner Julian Wetzel, chairman of the building and grounds committee, presented the building. It was accepted by Superintendent Paul C. Stetson.

MAD TRAPPER HAS CHANCE TO ESCAPE, EX-MUSHER THINKS

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SWD Cecil Geckler, Indianapolis mail carrier and former trapper in the far north, who thinks the crazed killer of a Northwest Mounted policeman has a chance to elude his pursuers for years. ams)

PERIL OF FLOOD RISESINSTATE Snow in North, Rains* in South Reported. Temperatures rose in Indiana today while .the northern part of the state dug out from a snowstorm and the southern section battled rising waters. The Indianapolis weather bureau announced the cold snap is over and temperatures will stand about 32 tonight. The lowest here in twentyfour hours was 25. Northern Indiana, blanketed in three to six inches of snow, had mercury readings near 20. Traction service was resumed and northern roads were open today, after snow plows and unemployed cleaned the heavy snow for twentyfour hours. Flood warnings were issued throughout southern Indiana, as the Ohio and Wabash rivers became a continual threat after they had passed flood stages. Families along the Ohio near Jeffersonville were warned to be ready to move on short notice. Many southern roads were flooded, the highway department reported. SPEAKS _ON_ HAWAII Vagabond Poet Appears on Town Hall Program. After putting his audience in “a deck chair frame of mind,” Don Blanding, author and poet, took them to Hawaii at English’s this morning as a part of the Town Hall series. The poet read some of his own verse that he wrote while he was on his vagabond tour of Hawaii some years ago. He said that the climate in the island is “that which California advertises.” In speaking of the present undesirable publicity that the islands were receiving he said that “reports are greatly exaggerated.” Blanding read his poems, “Children” and “Leaves for the Roof of My Grass House.” RETIRED RAIL COUNSEL IN PRIVATE PRACTICE John B. Cockrum, Nickel Plate Veeran, in New Office. Although retired by the Nickel Plate and Lake Erie & Western railroads after forty years of service as legal counsel, John B. Cockrum, prominent Indianapolis attorney, has entered the private practice of law at his offices, 550 Consolidated building. Cockrum, 74, was retired and made advisory counsel for the railroad, but insisted that the work would not occupy his time sufficiently, and so has entered private practice. Cockrum was born in Oakland City and attended the Cincinnati law school. He was a classmate of the late William Howard Taft. He started his practice in Boonville, came to Indianapolis in 1889, became deputy United States district attorney and then entered the service of the Lake Erie & Western. He has been prominent in Republican politics for many years. Mine to Be Opened PRINCETON, Ind., Feb. 5. Preparations are being made at the Francisco coal mine for resumption of operations after an idle period of a year.

SITE FOR JUVENILE HOME CONSIDERED

County commissioners announced today they were considering, but have not decided upon plans for acquiring anew detention home at a cost of SIOO,OOO. It is to be large enough to house juvenile court. Commissioners conferred with county councilmen Thursday regarding purchase and remodeling of an apartment building at 806 East North street Frank F. Woolling, agent for the owner, Jean Deupree, met with commissioners late Thursday. The property efen be acquired for

Second Section

Entered as Spcnnd-flass Matter at I’ostoffice. ln>H:inapolia

Local Mail Carrier Spent Four Years in Cold Northwest. \ The mad trapper who is the ob- | ject of an airplane man hunt in I the northwest territory didn’t go j crazy of isolation. He might as easily have gone insane riding a bus in Indianapolis. And unless this same mad trapper, Albert Johnson, is surrounded completely by the Royal Northwest Mounted police, he has a chance to live without food supplies or ammunition for years. Spent Seven Months Alone These are beliefs of Cecil Geckler, 2524 College avenue, mail carrier, who spent four years trapping in northern Canada. The crazed trapper is sought after slaying a Canadian mounted policeman. “Isolation doesn’t make trappers go mad. The character of the trapper would determine whether he could retain his sanity after months : of solitude, Geckler says. : “At one time I was seven months ! without seeing any one or anything, i except my dogs and the animals I i trapped or killed for food. “I was about 500 miles east of Aklavik, where the hunt for Johnson is underway. My base was Nut mountain, ninety miles from the Canadian National railroad in Saskatchewan. Can Keep Self in Food “The temperature during the winter went as low as 68 below, and at 65 degrees my thermometer broke. “The isolation didn't make me go mad. I don’t get lonesome and homesick as some men might. “If the mad trapper’s ammunition runs out and his food supplies are gone he still can use snares and deadfalls to catch his food. “Rabbits that turn white in winter and are brown in summer, elk, bear, and even wolves, can be trapped by him. He can make a fire by friction. “That’s why I don’t think he can be so mad. He seems, according to press reports, to be able to take care of himself. A man who had lost all mentality would freeze to death in two hours in the northwest territory. Bush, Lakes Afford Shelter “He must know how to build a lean-to to shelter himself from the winds at 50 and 60 below zero. He must not forget to build a fire in front of that lean-to- to protect himself from wolves. Wolves fear fire. • “If the Mounties don’t catch Johnson before the spring thaw, and he’s able to give them the slip, then he could hide for days on lakes or in brush in that vicinity without being seen by either whi’,e man or Indian.” Geckler explained that he understood the breaking of the code of the northland was responsible for the murder of the constable by the mad trapper. Mounties Will Get Man “Johnson stole furs from the trap- | lines of Indians. The mounties went ! to arrest him and he killed one constable, with the result he’s now being hunted by posses and planes. “The law of the north is that every trapper’s lines shall be invio- | late, whether they’re Indian or white. I “In the four years I spent in the northwest I never had a fur stolen from one of my traps. It's an offense as great as robbing a bank in this country. “Will the mounties get their man this time? Os course they will. They always do. I’d hate to be in ; his snowshoes.”

$27,500, commissioners said. Plans call for expenditure of $72,000 in the remodeling program. Ample space for outdoor and indoor would be provided. The three-story structure would acmommedate seventy-five boys and girls, and a future 50 per cent expansion would be possible. Commissioners cor emplate a fireproof building, thf announced. A yard 65 fee' tv 15J feet, which juvenile au horities say the detention home needs, is: connected with the property. P

REPORT BARES U. S. HOARDING OF MILLIONS Nation’s Business Leader Called to Aid Hoover in New Campaign. HUNT SLACKER DOLLARS Relief for Bank Tensior Help for Trade Is Aim of President. BY RAYMOND CLAPPER United Press Staff Correspondent WASHINGTON, Feb. s.—Need o. President Hoover’s new anti-hoard-ing campaign was indicated today by the latest federal reserve reports, estimating that hoaring of money has resumed again, after a brief letdown. Figures indicated that as much as $42,000,000 may have been hidden under mattresses and in safe deposit boxes in the week ended Feb. 3, accoring to federal reserve officials. I Arrangements for an aggressive i opening of the President’s national campaign to enlist the average citizens in a patriotic war against sl,300,000,000 hidden “slacker dollars” were being made today. President Hoover is preparing to address the anti-hoarding conference at the White House at 10 a. m. | Saturday. Charles G. Dawes, presij dent of the reconstruction finance i corporation, also will hurl his explosive oratory at the conference. . Notables to Attend Heads of more than forty national organizations covering every walk of life will be present. Through their respective organizations they oover a large percentage of the earning population of the country. All directors of the Reconstruction Finance Corporation will be present, as the purpose of this conference is to enlist the average man in the same objective the corporation has. The corporation is to lend from its $2,000,000,000 resources to ease credit thwarted banks and other institutions. The average man is asked to produce afty “slacker dollars” he has hidden and deposit them in sound banks or conservative investments, to help build up the working funds of the country. The latest federal reserve report shows that $1,055,000,000 has been added to the money in circulation in the last year, including $42,000,000 last week. Huge Sum Hoarded The week previous, money in circulation dropped $24,000,000, indicating a slowing down of hoarding. Officials only can guess at the amount actually hoarded. Bank figures show the money “in circulation,” that is, in the hands of the public. They figure the legitimate needs of business for money are possibly 25 per cent less now than a year ago, yet there is more than $1,000,000,000 additional money in the hands of the public. Hence the increase must be hoarded, they argue. President Hoover estimates the hoarded money at $1,300,000,000. Some federal reserve officials put it at nearer $2,000,000,00. One destructive effect of the hoarding wave has been to force many banks to hoard cash, thus further knotting the money situation. ! With depositors in a jump frame |of mind, bankers are in constant fear of runs which may wreck them, ; no matter how sound they may be intrinsically. Disagrees With Hoover By United Press ST. LOUIS, Feb. s.—Failure to institute economy measures necessary to balance the budget of the federal government—not hoarding of money—is what really is preventing business recovery, according to Jay Morrison, Seattle, president of the saving bank division of the American Bankers’ Association. Commenting on President Hoover’s plea for Americans to restore hoarded funds to circulation, Morrison today said the effects of hoarding had been exaggerated greatly. “The banks have no God-given right to deposits,” he declared. “More than 2,300 of them failed In the country last year, tying up more than $2,000,000,000. If the people want to hoard, however foolish the desire, it’s their own business. After all, the thing is to keep the people from going broke. “I think the President is wrong when he says every dollar hoarded means the destruction of $lO in credit. One dollar can not be, and never has been, the basis for $lO credit." ASSESSMENTS FOUGHT Realtor Alleges Appraisals Were Made in Haphazard Manner. Objections to assessments on 146 pieces of real estate were made in a suit filed Thursday in superior court four by William Lowe Rice, Realtor. The suit seeks to have the assessments declared void on basis that they were made in an unequal and haphazard manner. Defendants are Timothy P. Sexton, county treasurer; Charles A. Gossart, auditor, and Robert Sloan, county assessor. The complaint charges that taxing officials have failed to list 5500,000,000 of personal property during the last four years and that this unfair taxation is a violation of the plaintiff’s rights. AWAIT TAX CUT PLANS Committee Takes First Setps at Meeting Thursday. A specific tax reduction program is expected from the Indiana tax survey committee at its meeting , next Thursday, it was stated today by Senator J. Clyde Hoffman, chairman. The committee met Thursday at the L. S. Ayres auditorium, and took preliminary steps for the pro--1 gram's completion.