Indianapolis Times, Volume 44, Number 7, Indianapolis, Marion County, 19 May 1932 — Page 8

PAGE 8

FAITH IN GOLD CAUSES SLUMP IN SILVER PRICE Buying Power of Half of World Is Diminished by Fall. This h (h serend .1 • .f > nt str*s on lb* silver *nd fold Brobletn. BY JOSEPH H. BAIRD L'nlted rma Staff Correspondent WASHINGTON, May 19 —Worship of the "gold standard" Is cited by most economists as the cause of the rapid fall of silver in the world’s markets. Not that the gold standard itself debased silver. But its sweeping conquest of the western powers set in motion a train of events which brought silver from its cost-war throne of $1.15 per ounce down to 28 cents, and thus dimimsned the buying power of more than half the world, which depends almost entirely on the white metal. With the gold standard supreme in most of Europe, a widespread movement was begun to debase silver. the subsidiary coinage. Thus, Great Britain in 1920 remelted it* silver money, and reduced the silver content from .925 to .500 per cent. Asa result, it has thrown on the world market during the last decade about 75,000,000 ounces of silver, competing with the product of silver mines and forcing down prices. Flow Out of East Britain's action alone might have been of little moment, but other countries followed immediately. France. Belgium, Australia and various nations of South America put their faith in gold and sent a constant stream of discarded silver to the Orient. China and India alone usually consume two-thirds of the world's silver production. Even this trend might not have been ruinous had it not been followed by a later flow of silver to the world market from the rich eastern reservoirs. The first really drastic decline in silver —after the post-war adjustment of 1921—came in 1926, when the royal commission on coinage and finance recommended that India—the world's silver vault—be put on a gold bullion standard. The situation was made worse by Indo-China’s adoption of a goldexchange standard, and the consequent sale of bullion by the government. Sword Hangs Over Mountain The Indian situation is regarded by economists a the real crux of the problem. Os the 15,000,000,000 <B) ounces of silver believed to have been produced since the discovery of America, India is supposed to have about 4.500,000,000 fB) ounces. Part of it is in coinage, but a much greater amount is in ornaments. Actually, between 1926 and 1930, India sold only 100,000.000 ounces of silver on the world market. But its vast reserves—and the possibility that more of them may be sold—have hung as a suspended sword over the silver market. Still another reason cited by economists for the dwindling price of silver is the chaotic situation in China. Helps Deepen Depression Harassed by war lords and bandits, China's trade has suffered, and it has not consumed as much silver as it would have under more stable conditions. Asa result imports of silver into China declined by 11.000,000 ounces in 1930. Finally, economists point out that silver prices tend to flow with the general trend of commodity prices. The world depression in such products as wheat, oil, coal and lumber has contributed, it is believed, to forcing silver down even further. All these causes have combined to make the Chinese dollar worth about 30 cents, to limit purchases of American and European goods by the Orient, to close down silver mines here and in Mexico, and thus to deepen the economic depression. LION DELEGATES NAMED Eleven, Including President, to Attend State Parley. Indianapolis delegates to the state convention of Lions Clubs at Kokomo, May 22 to 24. were announced today by Edward O. Snethen, club president, who will head the list. Others are: Blen l>. Campbell, secretary; R. C. Hiller. Wallace Pensinner. Roscoe Conkle. Harrv Oompf. L. E. Halstead. Dr. B. K Mayhall. H. B. Moore. Dr. F. e. McGee and Dr. W’. E. Bodenhamer Alternates—Henrv Knaff, Russell Kmc. Edward Sitzman. Sidnev Dailey, D E. McDonald and Clyde B. De Tar.

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ATTORNEY FOR THE ‘DEFENSE’ TO OPEN Feature with Edmund Lowe and Evelyn Brent Will Have Special Premiere Tonight at the Circle. " A TTORNEY FOR THE DEFENSE. ’ one of the strangest plot situa/V tion dramas to be filmed by Hollywood studios, will begin a week’s engagement with a premiere to be held tonight at the Circle. This new film enlists the talents of an imposing array of stars including Edmund Lowe. Evelyn Brent, Constance Cummings. Dorothy Peterson, and Bradley Page in developing the novel celluloid story. The plot of 'Attorney for the Defense" has to do with District Attorney William J. Burton, who is very successful and who meets with the approval of all with the exception of his secretary, Barry. Barry objects to his recent prosecution of a man on a murder charge

based on circumstantial evidence. Six months later, the innocence of this man is established and Burton, suffering from conscience trouble, resigns his job, visits the widow of the man he prosecuted and promises to make amends. He allows her to draw on his money, send her boy through college and law school and then takes him into his law office. The boy gets involved with a scheming woman, and Burton tries to separate the two. One night when calling at her apartment, he finds the woman murdered and the boy in a drunken stupor. He gets the boy out of the apartment but is himself seen and arrested. All of Burton's friends go back on him, but Barry, who sticks by his side. He defends his own case in a sensational trial, bringing the picture to a startling and unusual climax. a a a BUSSE IS BOOKED ON ROOF The Indiana Roof ballroom adds the name of Henry Busse and his orchestra to its list of nationally famous orchestras to play for local dancers during the present season. Manager Tom Devine states that Busse s one night appearance to be made on the Roof, Sunday, May 22,

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will be the first he and his dance orchestra have made locally. They will come to Indianapolis from the Castle Farms, Cincinnati, from where they have been featured over radio station WLW intermittently during the past four years, Louie Lowe and His Orchestra are the present musical attraction in the ballroom a a a Indianapolis theaters today offer: A The Woman in Room 13’’ at the Lyric, “The Eleventh Commandment’’ at Keith’s, “The Merry Wives of Vienna" at the Ohio. “Symphony of Six Million’’ at the Indiana, “Letty Lynton” at the Palace, “Sinners in the Sun’’ up to 9 p. m. at the Circle, “Lena Rivers’’ at the Apollo, and burlesque at the Colonial. * # Neighborhood theaters tonight of fer: "The Runaround’’ and “B Gamble’’ at the Hollywood, “Strar gers in Love” and “After Tomorrov ' at the Mecca, “Behind the Mask' t the Tuxedo, "Tarzan, the Ape Mrat the Belmont, “Disorderly C duct" at the Belmont, “r • Generation” at the “Shopworn” at **" Lupin” at the Garfield, “Are You Listening?” a. iuu “The Man Who Played God - ' at the Emerson.

THE INDIANAPOLIS TIMES

PAIR WOUNDS. ROBS VISITOR Florida Man Attacked in Hotel Room. Two deep cuts in the neck and one on the right arm were Inflicted today on Ellis K. Taylor. Winter Park. Fla., when a man and a girl attacked him in his room at a downtown hotel and robbed him of S7O. His condition is said to be fair. Taylor told detectives he was with the girl Wednesday night from 6 to 7:30. She telephoned him at 11, saying she wished to see him. He refused and told the hotel telephone operator not to permit any more calls to his room. At 1, Taylor says a rap on the door of his room awakened him. He inquired who was there and the girl answered: “You kcow. Open the door.” As Taylor complied the girl and man entered. She asked: “Where is that money?” Her companion seised Taylor and in a struggle that followed he threw the man on a bed. “Don’t you hurt my boy friend or 111 kill you,” Taylor says the girl

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screamed, and she shoved a pistol in his face. Releasing his hold, Taylor says the man drew a razor and slashed him. The couple then left, taking the S7O which had been on a dresser. Detectives were told Taylor was not acquainted with either the man or girl. two theftluspects SEIZED: FOUR ESCAPE Series of Burglaries Net S3OO Loot; Boys Held for Taking Car. . Two* theft suspects were captured by police and four others escaped in a series of burglaries Wednesday night yielding nearly S3OO in loot. Two boys were held at the county detention home on vehicle taking charges after statements of a third youth involved them in theft of the auto of Urban L. Robinson, 527 Bancroft avenue, recently. Other thefts were reported by: Trent Horntdy. 1229 North Pennsylvania Don’t Endure Slipping FALSE TEETH I*o your fals* teeth lrop* or slip when you talk. eat. laugh or sneeze ! Don't be annoyed and embarrassed a minute longer. Fagteeth, anew powder to sprinkle on your plates, holds teeth firm, (lives fine feeling of security and comfort. No gummy, gooey, pasty taste or feeling. (Set Fasteeth' today at Hffok'a I>ependnlle Drug Store* or any other drug store.—Advertisement.

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