Indianapolis Times, Volume 44, Number 139, Indianapolis, Marion County, 20 October 1932 — Page 3

(TCT. 20, 193?.

HOOVER BEST MAN FOR JOB, ASSERTS FORD Carrying Greater Burdens Than Abraham Lincoln, Says Industrialist. By United I'riMH DEARBORN, Mich., Oct. 20. President Herbert Hcover is carrying greater burdens than those of Abraham Lincoln and should be re- ‘ elected so that his program of reconstruction can be achieved. Henry Ford believes. The industrialist urged Mr. Hoover’s election and criticised the nation's present money system in a radio address broadcast from his laboratories here Wednesday night. Ford said he was supporting the President for the same reason he supported Woodrow Wilson during the World war. “I supported Woodrow Wilson because I expected that he would devote himself to the improvement of the economic machinery of this country," said Ford. “He understood what was wrong with our money system. He wanted to change it. But the sudden change of events compelled him to switch all his energies toward war and international problems. Knows All the Tactics “It was the same with Mr. Hoover. When he was elected he expected to organize the machinery of prosperity. But the sudden turn of events laid upon his shoulders the most terrible depression the world has ever known." Ford declared the President had “faced the enemy for three years now. He knows all the tactics of the forces of destruction. Why bring in anew recruit and retire this seasoned leader especially since President Hoover has already got the massive forces of defense and recovery into action?” President Hoover, said Ford, is no miracle worker, but has faced opportunities for terrific blunders and avoided them. “Congress alone is given constitutional control of our entire money system," said Ford. “No private financial interest should have anything to do with it. 'The money question is coming to the front in this country, just as certain as can be, because the money question bears directly on our present difficulty. Money System Farmed Out 'Congress did not keep its constitutional control over money. It farmed out the national money system to private hands. It would never dream of farming out naval defense, tax collection or the postal service in the same way.” He called on congress to take full control of money and give the United States “a public service money system as opposed to a private profit money system.” “I am convinced," Ford declared, “that our money system is antiquated. We have plenty of men, We have plenty of materials. But money, which is not so important as men or materials, is holding up progress. This must be changed.” He said that if President Hoover spent the next four years in studying this question and instituting reforms he would go down in history as a great President. REORGANIZE BOARD' OF INDIANA CATHOLIC The Rev. Joseph Clancy Named Editorial Director of Weekly. Announcement of reorganization of the Indiana Catholic and Record, . weekly newspaper, with the Rev. Joseph Clancy of Loogootee, as editorial director, succeeding Joseph P. O’Mahonsy, who relinquished the post as result of illness from injuries received in an automobile accident, was announced today Business management will be in charge of John T Harris, prominent Catholic, with eleven Indiana priests as members of the directorate The paper will carry world-wide news service reviews of local paro‘chial diocesan activities and news of general interest to Catholic readers* Directors are: Thr Reverends Ignatius Esser, St. MeinTad; F. A. Roell, Richmond; Francis P. Ryves, Evansville; Augustine Rawlinson, Si. Marv of the Woods; Basil Helsler, Jasper: Elmer Ritter, Indianapolis; Frederick Ketter, Evansville; John T. O'Hare. Washington; Maurice O'Connor, Indianapolis: Joseph Clancy. Loogootee, and William F. Keefe, Indianapolis. Harris also is a director. “French Barnum" Is Dead By United I'rrxx PARIS. Oet. 20.—Alphonse Raney, 71, the French Barnum," who di--rected circuses in all the capitals of Europe, died Wednesday. He started as a bareback rider in his father's circus.

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Insull Flees Scene of Ruin, After Crash

(Continued from Page Two)

deur, and followed by coded cablegrams advising him, on the word of a former Justice of the Illinois supreme court, that Greece offorded a nonextraditable haven. n a a AT first he was to receive $21,000 a year from the three giant Chicago utilities as a ’service annuity," an euphemism for pension. The sum was cut to SIB,OOO. There are proposals to reduce it below that sum. Beggared holders of Insull stocks in Chicago mutter outside the utilities’ office widows aboutsending more, even as little as $1,500 a month, of the people’s money to the fugitive who ruined them. His salaries until June 6 amounted to $500,000 a year. But there also is sympathy in Chicago for Insull. He toppled so abruptly. He is an old man, nearing 73, believed to be stone broke. “I have gone from the bottom to the top; now I am at the bottom again,” he told an associate on June 6. “I only hope I will be able to keep a roof over my head and care for my wife.” Should he escape extradition and, later, conviction of crime, and also should creditors be fended from the rooftree Insull and Mrs. Insull—the tiny, graceful ingenue, Gladys Wallis, of the 1890 s—may find eventual refuge In his manor outside Reading, England, a community, where he passed part of his boyhood. What of the criminal charges? Insull and his brother, who is reputed to be grievously ill, are under indictment charging embezzlement and grand larceny. They are accused of using a large sum—more than $300,000 — of Middle West Utilities assets to pay off Martin’s margin calls in a dummy brokerage account in Chicago. Accused also of transferring assets—juggling, in other words —from one corporation to another at fictitious values. it THE calendar of their imputed financial sins is lengthy. Permitting officials to “borrow” stock to meet the bank and brokers’ calls; juggling books; gambling with assets; lending Middle West’s assets to subsidiaries without security; using $300,000,000 of Middle West assets to buy stock in other Insull corporations. On and on, a dreadful chart of irresponsibilities and worse. But the rights and wrongs are to be determined on all those counts, whatever the presumptions. In 1930, less than a year before his abdication, the power king told an interviewer: “Ifly greatest ambition in life is to hand down my name as clean as I received it. It’s just that — and you can emphasize it. It isn’t a question of money or anything else.” By his own standard, then, the downfall of Insull, “greatest commercial failure in history,” is complete. THE END. COUPLE ISf EXTRADITED Operator of Al’eged Typewriter Racket Removed to Pittsburgh. Jack and Jessie Horn, 1835 West Washington street, operators of an alleged typewriter racket, have been returned to Pittsburgh on fugitive andt*vagrancy charges. The pair are alleged to have rented typewriters for $3 and pawned them for $lO to sls. They are said to have operated extensively in eastern cities as well as in Indianapolis.

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GLASSFORD OUT AS WASHINGTON CHIEF Bonus Army's Friend Quits Over Differences With His Superiors. By United Press WASHINGTON, o<st. 20.—Pelham D. Glassford, dashing former army general, whose policy toward the bonus expeditionary force brought him into conflict with the administration, resigned today as Washington’s chief of police. The immediate cause of his resignation was the refusal of the District of Columbia commissioners to authorize personnel changes he had proposed as a means of increasing the efficiency of Washington police. Glassford’s differences with the commissioners and the administration, however, went back to the time of the bonus army encampment here last summer. President Hoover publicly criticised Glassford for buying food for the destitute veterans, and permitting them to erect shelters on government land. Glassford, who himself had seen thirty years’ service in the regular army, opposed the action of the commissioners and the President in using troops to evict the bonus army from Washington. Later, he flatly contradicted an official report of Attorney-General William E. Mitchell that a large proportion of the bonus marchers had criminal records. BRITAIN’S DEBT STAND HIT BY DE VALERA Attitude Toward Payments to U. S. Draws Fire of Irish Chief. By United Press DUBLIN, Oct. 20— Eamon de Valera, president of the Irish Free State, attacked Great Britain’s attitude on debt payments to the United States in an address before the Dail Wednesday. Speaking publicly for the first time since Anglo-Irish negotiatoins collapsed last week, De Valera said that Britain is playing the part of Shylock to the Irish Free State “while they are pleading as petitioners to the United States and playing the role of Lady Bountiful on the continent.” LIFE INSURANCE 3Vzc A DAY Amazing Policy of Old Line Does Away With Agents and Medical Examination. One of America’s strongest old line life insurance companies now brings life insurance within the reach They are offering a liberal policy, which for 3%c a day up, depending on your age, covers death from any cause and pays full benefits of $1,000.00, also pays $5,000.00 for accidental death. Anyone from ten to sixty years may be eligible* This new policy provides full coverage based on the net cost without medical examination or agents’ fees and saves 60% of ordinary selling expense of life insurance. Anyone who will write to the Union Mutual Life Company of lowa, Dept. 4-1104, Teachout Bldg., Des Moines, la., will receive absolutely free a copy of their wonderful policy that thousands of people have already taken. Just write them today.—Advertisement.

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THE INDIANAPOLIS TIMES

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