Indianapolis Times, Volume 44, Number 20, Indianapolis, Marion County, 3 June 1932 — Page 5

IfTTXE 3, 1032

''PASSAGE OF 5 MAJOR BANKING BILLS PERILED Measures Aimed at Money Inflation Are Deadlocked. r yor.pnpr, 4 ll.ifni-r WASHINGTON. June 3—Five major backing reform bill* are ci'-artiocked on Capita! hill today. *ith 'tv result that pass-ge of all Os them is endangered. The new Glass bill, permitting ranonal banks to use their federal ieeuritles as a basis for increased currency, was introduced to preten* enactment of the Goidsborough price-fixing measure, which has , bem passed by the house. Even of the new senate proposal arc oniy half-hearted in support of their latest effort to "inflate” Currency. While these measures are tangled tip in a delibera*e jam, two other bills are in a contest lor passage. They are the Glass banking bill designed to curb speculation, and the fiteagall bill to protect depositors by a guarantee fund The latter has been passed by the house. Halted by Garner The old Glass measure to bar use Os federal reserve facilities in the speculative field was considerd for two days by the senate, and attracted considerable support But I* war et aide for the tax bill, and * ill re't on the shelf until the peonemv procram has been disposed t>f Glass hopes to get it through the -rna'e although us success in 'the house is doubtful. The homo loan bank bill, an adInlntstration mea. ure. has been favorably reported by the house banking and currency committee, and it was headed for artion until Speaker Oarnrr introduced his $2,100,000,000 m^ure. No v the Democrats contend that the Reconstruction Finance Corr oration can provide funds for ome builders through the additional si 000.000 000 given it under tho Garner program The home loan paid: bill has not emerged from the fconafr banking and currency cornputt rr although President Hoover entrusted it to the care of Majority ijC..der Watson of Indiana The general banking bill sponsored by Glass would revise the reserve system so as to divorce security bouses from banking institutions, pnd in other ways restrain excessive Speculation. It met bitter opposition from large banking interests, but its extension of branch banking, which prou.ed the fears of western progresses, i-s what blocks it in the senate. Prov Mes for Inflation The new Glass measure which the tenatc banking committee has substituted for the Goidsborough bill will bring "direct and diffusive inflation," according to Chairman Norberk (Rep., S. D.>. The committee, fc’orbcck said, thought that any curfency inflation should affect the Whole country as quickly as possible, nd not be controlled by the great jneney centers. It provides that national banks piav secure currency with their government holdings as backing, or Obtain the privilege of issuing curItency. The maximum amount of ssue shall be equal to their capitalteat ion. which is $1,000,000,000 foi (HI national banks. If every bank took advantage of this provision to the full extent of its authority, that o mount would, it is hoped, replace about $1,000,000,000 now being bon rded. Harm Is Feared The bill provides for currency father than credit, inflation. The idea has long boon advocated bv i ax-Servator Robert L. Owen of Oklahoma, former champion of the senate banking committee. The house Goidsborough bill, in |hc opinion of sponsors of the new ■ pleasure, is an idiotic monstrosity." It directs the federal reserve system, hrongh open market purchases and Hhcr means, to restore price levels n the 1926 level But its vagueness (nd its allocation of unrestrained auhonty to reserve officials, in the ppinlon of Glass and his associates, pucht do more harm than good.

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William P. Caldwell

After almost three-score years of service with t:.e Big Four railroad. William P. Caldwell. 1508 Lexington avenue, was loathe to close his desk forever—but today he's no longer a local cashier in the offices at 301 South Delaware street. Caldwell, who was 70 on May 17, completed fifty-six years with the railway Tuesday, and was retired. He is married, a father, and granfather. "I'm as good a man today as I was. ten yearsL ago. but I've got to go. I guess," he said. ‘UNA just pal; SAYS DEMPSEY Jack Denies He’ll Marry Screen Actress. Hy I Htlrri f’rrin REN ). Nev.. June 3.—Lina Basquettte, dancer, just is a very goed friend—a pal." and that's that, so Jack Dempsey maintained today as Reno buzzed with rumors that he and the beautiful brunet planned to marry. Miss Rasquette. who nisisted she was Rosita Gonzales of South America," during her sand Jack's visit to Ran Francisco, finally admitted her identiy. She said she had come to Reno for a rest because "Jack said Reno was an excellent place in which to spend a vacation." She followed the former heavyweight champion here after he left California, where he and Leonard D. Sacks, his partner, signed Max Baer and King Levnisky of Chicago for a finish" prize fight here July 4. Miss Basquette and Jack had been seen dancing and dining together during their San Francisco visit. He said at that time—and she confirmed it—that she was an Argentine actress. Then her mother. Mrs. Ernest Belcher. gave the whole thing away at Hollywood when she said "Rosita Gonzales" was none other than her daughter.

CITY MEN TQ PEN Four Get Sentences for Lebanon Robbery. Rii 7 tmm Sprrial LEBANON. Ind.. June 3.—Four Indianapolis men were given three-to-ten-year prison terms in the Boone circuit court Thursday afternoon. when they pleaded guilty to second degree burglary. They were: Vernon Justice. 30, of 520 East Market street: Joseph Wells, 32. same address; Roy Mackev. 24. of 450 Concord street, and Ted H. La fever. 25. of 232 North Oriental street. They confessed taking wrist watches and other merchandise after smashing ‘he window of a Lebanon jewelry store. Mrs. Laura Hope Lafever, 21. Lafevers wife, who is alleged to hair remained in a car during the robbery, is held in the Lebanon jail, awaiting arraignment on a charge of petit larceny.

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THE TXDTAX.\POLIS TIMES

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