Indianapolis Times, Volume 43, Number 273, Indianapolis, Marion County, 24 March 1932 — Page 10

PAGE 10

TREASURY HEAD SAYS BUSINESS IS ON UPGRADE Strengthened Financial and Economic Conditions Are Reported by Mills. It'l f 'n'lrrl Press WASHINGTON. March 24.—Secretary of Treasury Ogden L. Mills •aid today that statistics collected by his department indicated a definite trend toward strengthened financial and economic conditions in the United States. While warning against interpretations of his remarks as a prediction of booming business in the near future, Mills said the department's figures definitely were encouraging. Mills called attention to a decrease of *1;17.000.000 during the last six weeks in money in circulaMon. This decrease allows for all seasonal changes and can be regarded as virtually a decrease of 'hat amount in hoarding, he said. Rank Failures Decrease In discussing changes in the financial situation, the secretary aid: “I want these figures to speak for themselves. I am making no prophecies about present or future business, but merely stating events which have taken place. 'The decrease in money in circulation during the last six weeks has followed a very definite trend. - ’ In discussing bank failures, Secretary Mills gave the following figures showing the decrease in bank suspensions since creation of ihe reconstruction finance corporation and other legislation passed to improve the financial situation. Mills said: "There were sixty-nine net bank failures for the week of •fan. 9, for the week of Jan. 16, there were eighty-eight; seventyfive the next week and sixty for the week of Jan. 30. This was a total of 292 for the month. Loan Demands Heavy "On Feb. 6, failure had declined to 32 and the following week again dropped to a total of 17. On the 20th, they increased slightly to 23, and for the week of the 27t,h there were no net failures. February’s total, therefore, was 72. "This month bank failures for the first three weeks totaled 18.” The secretary said that the reconstruction finance corporation is continuing to receive large numbers of requests for loans which are being acted upon as quickly as possible. The treasury's additional advance of $200,000,000 requested by the corporation probably will be made within the next week. This will make a total of $350,000,000 advanced to the corporation. It. means that the corporation will be able to issue debentures totaling $1,050,000,000 since the bill creating the corporation allows the issuance of $3 for debentures for every $1 of capital stock subscribed by the treasury. CAPONE STEP NEARER CELL IN PENITENTIARY Tax Fraud Appeal Is Denied by Federal Court. Ft’i Vnitrd Press CHICAGO. March 24—A United States penitentiary cell was one step closer today for A1 Capone with denial by the federal circuit court of appeals of his request for a rehearing of income tax fraud conviction. The court, however, granted a thirty-day stay to allow appeal to the United States supreme court of the case which bears an elevenyear penitentiary and jail sentence and a $50,000 fine. On this basis, Capone will remain for at least six weeks in the Cook county jail where ho ha been since his conviction last October.

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a fsnnk A day BY BRUCE CATTON COMPLETE strategic victory is impossible in modern warfare. The enemy forces in the field can not be crushed. The army can win only tactical advantages, which must be exploited skillfully by opliticqj genius behind the front if a warring nation is to get the kind of peace it wants. This thesis is advanced and ably defended by Karl Tschuppik in "Lndendorff—the Tragedy of a Military Mind,” an interesting study ol the World war, just issued by the Houghton Mifflin Company at $5. Germany, says the writer, lost the war because her leaders never grasped this fact. Political ability, he asserts, was utterly lacking. At the dawn of 1917, an advantageous negotiated peace might have been had; a year later, at BrestLitovsk, after the Russian collapse, an even better one was possible. But Germany, he s*iys, had been sold on the old idea of Moltke and Schlieffen—the Idea that the only peace treaty worth considering was or.e which could be dictated after the opposing armies had been crushed completely. This idea, he continues, was chiefly exemplified in Ludendorff. Hence the desperate insanity of the submarine campaign; hence the ruinous offensives of March and April, 1918, which came so close to winning, but which, the author insists, could not, from the very nature of modern war, ever really have won. The way in which this idea is developed makes an interesting book. It is not aimed at a large audience. Much of if to the ordinary reader not well versed in history, will seem dull. But it constitutes a novel and stimulating way of looking at the tragic events of the greatest of wars.

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THE INDIANAPOLIS TIMES

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3TAKCH 24,1932