Indianapolis Times, Volume 45, Number 5, Indianapolis, Marion County, 17 May 1933 — Page 7

MAY 17. 1033.

Today and Tomorrow BY WALTER LIPPMANN

THREE months ago almost every one was saving that the trouble in Washington was too much talk and too little action. Today there is increasing restlessness becau.se there has been so much action and so little talk to explain it. While the people of the country are still generally disposed to trust the

President and to give his administration the benefit of the doubt, they would like a fuller and clearer, understanding of' how his vast powers are to be used and how the vari- j ous parts of his I complex program fit together. The enlighten- j ment of public opinion has not kept step with the evolution of policy. The administra-

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tion has beer, relying in too great degree upon its popularity, and in the rush has neglected to build up an instructed public opinion. The immediate consequences are perhaps most readily visible in relatively small things. There are, for example, the comments of some of the Washington interpretative writers, who, finding themselves without a clear conception of the direction of policy, have fallen back upon an attempt to read the minds of the famous brain trust. Thus the country is being told what it must hope or fear on the basis of sentences extracted from Mr. Tugwell's latest book or somebody’s account of what somebody heard Mr. Moley or Mr. Berle say at dinner. And then there are comments of many of the most reputable financial writers, who have examined the farm bill or the inflation amendment and find that these measures contain powers which, if used by a lunatic, could wreck the country. However, it must be obvious to every one that, even without these new laws, the powers of any President are ample to wreck the country if he used them in a lunatic way. The new measures contain much that is unfamiliar and much, therefore, that needs to be explained.

ONE central feature of the program has, I think, become increasingly clear. The President has made it plain that the monetary method which is to be used in producing the “controlled inflation” is an expansion of bank credit. The federal reserve banks are to buy government securities. These purchases are to be paid for by the creation of deposits, and these deposits, it is hoped, will be used by the member banks to make loans and investments to industry, thus restoring the purchasing power which has been annihilated by the tremendous deflation of the last three years. Nevertheless, considerable doubt exists as to whether the method will work under these exceptionally depressed conditions, when the confidence and morale of business men and bankers has been so shaken. The doubters say that the federal reserve banks can create the credit, but there is no certainty that good borrowers will come forward to use it. This argument has great force, and so the question arises as to how the new credit can be put into use. There are some who think that It can be forced into use by great public works. But it is clear that no sufficient amount of public work can be designed and executed which will of itself use all the credit that must be used if the depression is to be surmounted. The deflation, including that resulting from the thousands of unopened banks, must be in the neighborhood of seventeen billion dollars. Nobody imagines, in his most optimistic mood, that more than three or four billions could reasonably be spent on useful public work within the next twelve months, and the best informed think it would prove to be much less. Thus, at best, a public works program must be looked on as a partial remedy.

BUT here there arises the fundamental question: Will there be enough good borrowers to whom good bankers will lend the credit i that the reserve banks are creat- j ing? Everywhere it is said that the i good borrowers do not want to bor- ; row, and that the bad borrowers should not be allowed to borrow. It must then be asked: What is the matter with the good borrowers? j The normal capital needs of the! country run into billions of dollars; a year. For about two years almost no ! new capital has gone into industry. 5 Why? The usual answer is that business men and bankers and investors lack confidence. That is obviously true. But why do they lack confidence? In answering that, we come close to the heart of the matter. They do not see a market for goods at prices which will cover the costs and yield a profit. But why is there no such market? The business man's answer, when lie is looking at his own problem specifically, is almost always that his industry is capable * o-.ersup-plying the demand. There is an overcapacity to produce. This overcapacity produces a cutthroat competition, which drives prices below costs. This in turn compels producers to reduce wages and salaries and dividends. This in turn reduces the purchasing power of the community. Thus while it is still of the utmost importance that general confidence should be sustained by sound government finance, by strengthening the banks, and by settling international questions, like war debts and the exchanges and the tariff disturbances, the central problem of creating immediate confidence among business men and bankers and investors can not be solved without showing them a way in which particular industries can be run without losses. To put to work the credit which is to be created, there must be not merely general confidence, but specific confidence in the minds of the directors of specific plants. The French dictionary ' Le Petit Larousse,” published in Braille t: pe for the blind consists of twenty volumes, each twice the size of the whole work in ordinary print.

JERSEY VOTES FOR REPEAL BY HUGE MAJORITY Entire State Goes Wet With Possible Exception of One County. Prr M TRENTON. N. J., May 17.—With the passible exception of a single county, all New Jersey was listed as wet today with almost complete returns tabulated from Tuesday’s elections of delegates to a repeal convention. Several counties regarded as strongly dry came in wet by 2 to 1 majorities. Hunterdon county was the only one in which the drys still had a chance, and even there wet candidates were leading slightly. Sixty-four wet delegates-at-large were elected by huge majorities. At least 153 out of 157 district delegates at the convention will be wet. The heavily populated cities along the Hudson recorded only scattering dry votes. In Hoboken, 45 out of 49 precincts showed 8,955 wet votes to 81 dry. Several Jersey communities voted to void ancient blue laws and permit Sunday amusements. FOGGY DEAN ‘HEARING’ CALLED BY LAWYERS Police and Witnesses Summoned to Give Depositions. Attorneys for Eddie < Foggy) Dean, one of the suspects in the machine gun slaying of Police Sergeant Lester E. Jones, have summoned police and witnesses to a deposition hearing Saturday. The hearing will be held in the office of a downtown shorthand reporter firm. Chief Mike Morrissey and others interested in the prosecution of Dean and the other suspects, indicated they might attempt to block the hearing. Legal aid of the city attorney’s office was to be asked. Sol Bodner, attorney, issued the subpenas for the hearing in behalf of Dean. Ira Holmes, who also represents some members of the alleged gang, is expected to attend the hearing. Witnesses include police who investigated the slaying of their fellow officer Feb. 7 and employes of the Peoples Motor Coach Company, garage, Twenty-second and Yandes streets, where the shooting occurred. Reports w r ere current that witnesses had been threatened since arrest of the alleged slayers in Erlanger, Ky. RENTAL GUIDE Times MidMonth Rental Guide may be obtained free at Want Ad Headquarters, 214 West Maryland street, or at any Haag Drug Store.

MOTION FICTURES dtvl IBpf# m Starts | z r < II Friday ' : lj ? MISCHIEF in her eyes LOVE in his heart gsA % And Her New B \ * Screen Sweetheart HENRY GARAT fl Hollywood's Latest Smile Personality H JrdoTiallk Tunes You'll t> -, tß[ Humming Soon ; % vW' w|'' V‘'Adorable”,'‘My x C Hftrt’i Desire” V **My First Love '\V / '•tJ H - u ;'' two DAYS \\l I M “THE KISS] \|i M ?r RE LSlu! 1 APOLLOi

THURSDAY AFTERNOON AND NIGHT— MAY Ift WEST WASHINGTON STREET SHOW GROUNDS "Tit'• rßrsrviiso mvnpreds op amazing new k f ' W ORLD-WIDE FEATURES THIS SEASON INCLUDING & J PRINCESS MU KAUN, Royal Padaung | GIRAFFE-NECK WOMAN t/Jk from burma 1; Positivelv appearing in Main Performances of The Big Show BEATTY Battling 40 Ferocious LIONS & TIGERS BOMBAYO. in Astounding Fnatson a Bounding Rop* LM '!: 1 ■ U.T*- ‘ HIS DATE ONLY Hundred* of World's Greatest Ar-nic stars—Army of . Clowns—Mammoth Mrnaaerir—s Herds of EleV. ( chants.—soo Horses—s Rinas and State* Downtown Ticket Sale Circus Day. Claypool Hotel Drug Store

Recalling Memories of a Very Fine Gentleman In a Chat Years Ago the Late Ernest Torrence Said That He Enjoyed Making "The Covered Wagon” the Most. BY WALTER D. HICKMAN UP to a few hours ago, I had the hope of again talking to Ernest Torrence, but now I have the beautiful memory of having met and talked to a fine gentleman as well as a great actor. Memories often are wonderful things to possess and I am glad that I possess the mental picture of having seen Torrence calmly smoking his big pipe following his dinner at the Severin Hotel in 1929 when he was here making ’ Speedway.'’ As I talked to him. the actor puffed long and tenderly at his pipe. I remember he told me, “Pipes are lovely things. Just like good friends.” Often during our little chat in the lobby of the hotel, men, women

and children came up to shake his hand and ask for his autograph. The pipe never went out and he had a smiling, honest welcome for all. In my Memory Hall of the great.

I still can hear the echo of his answer to my question “The picture I enjoyed making most was ’The Covered Wagon’ and next ‘Toi’able David’.” Person ally, I will never forget Torrence in these two pictures. Two w i de ly different roles which he acted to perfection. He estab-

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Ernest Torrence

lished himself as a favorite in “The Covered Wagon” and followed that up with smash pcrmormances in “Tol’able David,” "The Hunchback of Notre Dame,” “Peter Pan,” King of Kings,” “Call of the Flesh,” Shipmates.” “New Adventures of Get Rich Quick Wallingford,” and“. Sherlock Holmes.” The only disappointing performance that he ever gave, according to my way of thinking, was in "Hypnotized,” which I thought was one awful picture, probably the world’s worst. When I am asked to name the “outstanding gentlemen’’ on the screen today, I always have mentioned George Arliss and Ernest Torrence. Also recall his kindly interest in “beginners” in the movie business. He was especially gracious in his remarks about Anita Page, who was

Wed., Sat. and Sun. | ErTGTrPi fl ON SHIT* CONTEST H ALL | EVENING '■

MOTION PICTURES These Metro-Goldwyn-Mayer pictures xs 111 never be shown in any other theatre in this city! STARTING FRIDAY k MARION DAVIES J In a delightful romantic dSSrjw with songs

OHIO 1 r. M. to 11 P. M. Continuous f\ HELD H 7 OYER!! o;s ' K more day DON'T MISS MAEDCHEN •n UNIFORM AN UNUSUAL LOVE STORT ADVLTS, 25c IvIPMES, 10c STARTING THURSDAY World's Most Sensational Play “WHITE CARGO” ADULTS ONLY mgEmaam wll BURLEf QU E ll' )f IV J BUDDY KANE >eopu 4o rlib jhiii 1 1 \

THE INDIANAPOLIS TIMES

in the cast with him and William Haines in “Speedway.” He believed that by only hard work and right living could one really succeed in the movies or on the stage. His life history proved his statement. And now with his recent death, all of us have the memory of a fine gentleman and a great actor. a a a Tonight, the Dramatic Club of the Municipal Gardens will give a three-act comedy, “No One Was Wiser,” at the clubhouse. Miss Thelma Cooper. 1822 Kessler boulevard, has the role of Mary, a maid, J working in the wealthy Maynard home. ana Indianapolis theaters today offer: | “A Kiss Before the Mirror” at the Apollo, “Hell Below” at the Palace, ! Nick Lucas on the stage and "From Hell to Heaven” on the screen at, the Indiana, “Grand Slam” at the Circle, Eddie Stanley on the stage and “Out All Night” on the screen I at the Lyric, “Maedchen in Uniform” at the Ohio, "Private Jones” at the Mecca, “Sign of the Cross” at the Talbott, “That’s My Boy” at the Hollywood. “Private Jones” at the Belmont, and burlesque at the Co- j lonial.

AMUSEMENTS Hurry! Last (2) Days! | H EDDIE STANLEY and I.TRIC BAND I ■ HARRIS TWINS & LORETTA ■' FABT.O & CO.—DO-DO I I STEVE EVANS B FAMOUS CARLA TOR.NEY ciKld li L Their Latest Comedy Sensatlo^^^^B SLIM SUMMERVILLE 1 and ZASU PITTS in “OUT ALL NIGHT” ■■JLiMliiiliifcaS Starts FRIDAY Another Great Stage and Screen Show! -ALL NEW— Smashing—Spectacular VAUDEVILLE 6 REVUE BJG lUTS Featuring ; MISS I— ZELDA SANTLEY Celebrated Broadway Star 2— THE CARRS 3— MINUET MEMORIES 4 —BILLY AND BABS S— LETTY LYNTON LADIES 6—MONROE BROTHERS 7— CARLA TORNEY GIRLS B—LYRIC STAGE BAND with Eddie Stanley - —Plus ========= The Most Sensational | Picture Ever Made! “Bondage” A Fox Hit With Dorothy Jordan and Alexander Kirkland IT’S TRUE---The story of Judy Peters, the girl v who loved life—life the world whispers about, but never confesses to be true!

LAST 2 DAYS! Cl 7 ACT CARNIVAL y 1 OF FUN!! tteiM Headlined by NICK LUCAS la| And 6 Other Big Acts UhJ —On Screen— Q “From Hell to 4Qpl HEAVEN” With fy - % Carole Lombard— Jack Oakie ====j 4On After 6

Starting FRIDAY! “SONG of the EAGLE” “THE PASSING OF THE BEER BARON” With an All-Star Paramount Cast!

The Picture That Has Is All Laughing at jjfjjf Ourselves. XjßflnD . siflm PAUL LUKAS—LORETTA YOUNG

NEIGHBORHOOD THEATERS

■■■■•■VVV Talbot at ?tnd i lll^■ M Frpilrir March ■■HImESHHIIB “SIGN OF THE CROSS ’ fIHHBEHBBEEBH W. Wash, and Bel. WilM Fami'v Site Tracy “PRIVATE JONES” I.VKI Roosevelt lalil a . llltflH Family Nite HIIIMiIbIm Mae Marsh "THAT’S MY BOY” (■■V9I9H Collere at Noble B IB Familv Nite HUIvaMMI Lee fracy "PRIVATE JONES”

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