Indianapolis Times, Volume 44, Number 115, Indianapolis, Marion County, 22 September 1932 — Page 3

SEPT. 22, 1932

BITTERNESS IS FRUIT OF ‘HELP' BY LAND BANKS Wholesale Foreclosures Are Made Against Owners of Farms in Middle West. BY RAY TUCKER, Time* Staff Writer DES MOINES, la.. Sept. 22. While the Hoover administration is asking private financial institutions to show leniency to hard-pressed home owners, the government-sup-pervised Joint stock-land banks have aroused bitterness throughout the west by wholesasle foreclosures against the farm owners. More have been brought in the last two years than ever before. The land banks are selling foreclosed property at one-haif to onethird its value, taking SSO an,acre for unpaid mortgages, negotiated on a bais of $125 an acre, and making up for these losses by using the funds to retirs their bonds. These bonds now are selling at about one-third their par value. The bank officials insist they must pursue this course to obtain money with which to pay interest on their bonds, which are in the hands of individual investors. Ranks Can Make Deals Pay The 1931 record of the joint stock land bank at Chicago shows how the banks can benefit so long as farms can be sold as fast as they are foreclosed, and bonds can be bought back at a low price in large amounts. During 1931 the Chicago banks purchased $2,381,500 of its bonds, whiclfc ranged during that year from 51 to 36. At those prices the banks netted a bond discount profit of about $1,345,260. As it sold $1,828,658 of loans—or land—to net only sl,090,901, it incurred a $737,757 loss in that transaction. But its approximate profit, ignoring operating expenses involved, was $607,503. The same situation exists in other territory, and reading these figures makes the farmer mad. This policy, according to the farmers, hurts them in several ways at a time when they are struggling to hold on during a depression which is a ten-year-old tale in this section. No Chance for Comeback Besides depriving them of any chance for a comeback, they point out that the land banks’ policy tends to deflate their holdings still further. Many a farmer trying to carry a mortgage of $125 an acre sees an adjoining farm sold for SSO an acre by the land banks after foreclosure proceedings. In fact, many property owners are letting their farms be foreclosed, and buying another place at the lower figure. Governor Dan Turner of this state has protested these actions again and again. He recently called officials of land banks into conference here, and urged either a moratorium or greater leniency. Whether there will be any change of policy still is to be determined. Politically, it is driving hardshelled Republican farmers into the Democratic corner in the presidential fight.

WATSON TO SPEAK AT MUNCIE ON TARIFF Springer and Robinson Also Are Slated for Addresses. The Republicans continued their campaign today at full tilt with addresses scheduled for Senators James E. Watson and Arthur R. Robinson and Raymond S. Springer, gubernatorial candidate, in different sections of the stat'\ Robinson was to speak tonight at Carmel when he is to urged the reelection of his colleague, Watson, and will indorse the state ticket. Watson will address a Tenth district rally at Muncie tonight, and will base his speech on the tariff problem. Springer will address two meetings, appearing in Mt. Vernon in the afternoon and in Princeton at night. CITY GETS CONCLAVE National Editorial Association to Meet in Indianapolis. Indianapolis has been selected as the 1933 convention city of the National Editorial Association. The conference probably will be held early in June. The association is composed of editors and owners of newspapers throughout the United States.

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Scrambling ’Em All Together

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They’ve solved it —at last. After hours of work this threesome of young women finally have solved today's Scramble Letter in The Times. This new indoor sport which has taken the city by storm keeps them awake at nights trying to

PEDESTRIANS INJURED WHEN HIT BY AUTOS Child, 3, Knocked Down and Bruised by Man’s Car. Three pedestrians were injured slightly Wednesday in traffic accidents. Martha Powell, 3, walking with her mother, Mrs. H. P. Powell, 31, of 5917 Primrose avenue, suffered a cut on the forehead when she was struck at Georgia and Meridian streets by an automobile driven by Martin Lang, 36, Elwood, Ind. Several cuts were incurred by Charles Celeste, 50, of 564 ] 2 Massachusetts avenue, when he walked into the side of a truck driven by John Creedon, 41, of 1135 Comer avenue, in the 200 block North New Jersey street. Charles Alexander, 57, of 236 West Fifteenth street, received an injury of the left knee when he was struck while walking at Senate avenue and Fifteenth street by a car driven by Emmett Smith, 36, R. R. 14. Box 125. HELD IN PLATES THEFT Two Arrested in Truck Bearing Stolen Licenses. Frank Bower, 33, of R. R. 17, Box 165, said by police to have served terms in the Indiana prison and reformatory, was arrested toflay with Kenneth Sulber, 17, who says he lives on Ninth street, in a truck bearing license plates which are alleged to have been stolen from the Robertson Coal Company, 400 South Harding street. Bower is charged with vagrancy, no driver's license and no city truck license. Sulber, who told police he never had been arrested before, faces a vagrancy charge. CHARGES VOTE SELLOUT National Party Speaker Accuses Thomas of Double Cross. Charges that Norman Thomas, Socialist candidate for President, had “sold out” to the Republican party were made by Floyd S. Hubbard, speaking for the National party ticket at a Mars Hill rally Wednesday night. Other speakers were Paul B. Elliott, Forrest L. Hackley and Kenneth Lett. Francis X. Walter, National party state chairman, presided. A rally will be held tonight at 2202 West Morris street. 500 IN NEGRO DRAMA Proceeds From “Heaven Bound” to Go for Winter Relief Work. “Heaven Bound,” a musical drama will be presented at 8 tonight in Cadle tabernacle. Twenty Indianapolis Negro churches are sponsoring the production, which features a chorus of more than 500 voices. The production also will be given Friday and Saturday nights. Proceeds will be used for Negro relief work this winter.

figure out just what belongs where The trio of successful young women are (left to right) Misses Hope Gibson, 1593 North Pennsylvania street; Frances Moody, 3626 Birchwood avenue, and Dorothy Zufall, 3353 Park avenue.

SOVIET TO BACK ‘PUPPETSTATE’ Recognition of Japan’s New Manchukuo Promised. By United Press CHANGCHUN, Sept. 22.—Foreign Vice-Commissar Lev Karakhan of Soviet Russia today informed Koki Hirota, Japanese ambassador to Moscow, of Russia’s intention to extend formal recognition to the independent government rs Manchukuo in the near future. Mussel shells of the Mississippi often yield valuable pearls.

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THE INDIANAPOLIS TIMES

MRS. ANNA BAUMGART IS CLAIMED BY DEATH Two Weeks’ Illness Is Fatal to Pioneer City Resident. Two weeks’ illness resulted in the death Wednesday of Mrs. Anna R. Baumgart, 85, in the home of a daughter, Mrs. Herman C. Cordes, 5009 South Meridian street. Mrs. Baumgart was born in Germany. She lived at 538 Prospect street forty-two years, but had made her home with her daughter the last five months. She was a member of St. Paul’s Evangelical Lutheran church. Funeral services will be held at 1:45 Friday in the Cordes home, and at 2:30 in St. Paul's church. Burial will be in Concordia cemetery.

A. R. BAXTER IS MADE CHARITY DRIVEJ.EADER Announced as Chairman of Fall Campaign of City Community Fund. Appointment of Arthur R. Baxter, president of the Keyless Lock Company, as chairman of the fall campaign of the Indianapolis Community Fund, has been announced by Arthur V. Brown, fund president. For several years Baxter has been active in the fund campaign, and has served as chairman of important divisions of the drive. Date of the fall campaign will be announced later, although plans already are being made for organizing the work of solicitors. Efforts will be made to secure an increase in the 70,000 contributers to the last drive. It was stated that the adminis-

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Steady, Too Bit I hi ted Press REDWOOD CITY. Cal., Sept. 22. Called for jury- duty, Archie Woodhams was asked his occupation. “Waiter,” he replied. “Oh. yes," said the prosecutor. “At what case?” “No case,” replied WToodhams. “I’m just an ex-soldier waiting for the bonus.”

trative cost of the fund has been reduced 6.6 cents of each dollar contributed. Voluntary’ reduction of 10 per cent in employes’ salaries aided in reducing expenses and supply, and other items also have been reduced. Increase in demands on the fund for relief and charity was cited by Baxter as creating a necessity sor 1 generous contributions from citizens. — 4Decorat* City for Moose By United Press VALPARAISO, Ind., Sept. 22. Valparaiso was gaily decorated today awaiting th& arrival of several thousand members of the Loyal Order of Moose, who will attend the’ state conclave here Friday and Saturday.

FLAILS G.O.P. TARIFF POLICY Bitter Attack Made on Big Issues by Ohio Leader. Declaring that the campaign this fall concerns more than partisan issues, Lieutenant Governor William G. Pickrel of Ohio assailed the Hoover economic policy at two Democratic rallies here Wednesday night. "Involved is the paramount question as to the course America shall pursue the next four years in its economic and social development," he said. “Shall we continue an economic policy that brings exaggerated wealth to a few and misery and disaster to the masses?” “Shall a tariff policy fostered by the type of Grundy of Pennsylvania and Watson of Indiana be permitted? This present policy is before the people. “If we like a tariff wall that brings retaliation from our sister nations, then we should support both Hoover and Watson. If we favor de-

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