Indianapolis Times, Volume 45, Number 7, Indianapolis, Marion County, 19 May 1933 — Page 5

MAY 19, 1933-

CIVIC LEADERS UNITE TO HELP NEW BANK PLAN Seek to Assure Success in Reorganization of Institution. Civic leaders of Indianapolis today were banded together to work for successful organization of the new American National bank, which •will take over assets of the Fletcher American National Dank. The organization was perfected at a conference held Thursday at the Indianapolis Chamber of Commerce. Governor Paul V. McNutt, Louis J. Borinstein, chamber president; A. M. Glossbrenner and G. Barret Moxley spoke. Following the meeting it was announced chamber directors had agreed to subscribe for fifty shares of siock in the new institution. The reorganization plan provides for the Reconstruction finance Corporation subscribing for a $1,800,000 preferred stock issue, and the bank $1,200,000, providing the public subscribes for $1,800,000 common stock issur. Assails Vicious Propaganda McNutt told the assembled group of civic leaders that successful or- j ganization of the new' bank affects not only every Indianapolis citi- ! zen, but welfare of patrons of 288 other banks in the state, using the j old bank as a correspondent bank. The Governor scathed “silly and j vicious propaganda” being circulat- j ed about the bank, adding that it J has an almost impregnable financial ! condition. "We have a sound plan in front j of us,” McNutt said. “Are we go- I ing to accept it? I speak with great | feeling on the subject. A forced! liquidation of this bank means ruin- i ation of many old established busi- | ness firms in Indianapolis. It simply must not be. Plan Is Called Sound “The plan is sound. The government has gone into partnership with those seeking to save this institution. Liquidation will be orderly and not forced. Success of the plan will mean saving not only a financial institution, but business generally.” Moxley pointed out that the Fletcher American bank is not insolvent. "It is a semi-frozen bank,” he said. “Seventeen million dollars ..ave been taken from the bank in j deposits, representing the cream of liquidity. Stock Subscriptions Pour In “The new plan proposes to pay ! 50 per cent of restricted deposits in cash and the balance in course of time in an orderly process. Only 58 cents on every dollar of segregated assets would be sufficient to pay every depositor in full.” When the United States government puts its stamp of approval on a bank, no depositor need have any fear. Glossbrenner said. Members of the reorganization committee today said, stock sub- J scriptions continue to poui into the bank. !

—aa t nrra--]. r■ r Ho ; “• Afonkov CvL /Busmess f - CLbvut Ou/l FK ) / / gjgi=3i£s=VALUEt pr We tell you honor-bright that you can’t find shoes finer than ours anywhere—at our price. Because they are exclusively made for us. Buy them and see. Sport Sandals Red, Blue, White, Beige and SI.OO to $1.75 4_ Sport Oxfords Two Tone Combination $1.95 to $3.95 Boys’ Sport Oxfords Black and White. Jgih 2 Tone Combination. $1.95 to 82.95 Rig Third Floor Misses’ Dress J Sandals v'V Also Pumps—Patent and White. 5C.5g 829 t) For Boys & Gif Is cMrnoWt STORE CLOSES 6 P. M.—SATURDAY, 6:30 1. M.

Avalon Club Looks for t Great Season on Links

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This is the second of a series of pictures and articles concerning Indianapolis’ many beautiful golf courses. Avalon Country Club, pictured above, is located on the Millersville road, and is considered one of the most beautiful in the state.

BV JACK THIBODEAU Chairman Sports' and Pastimers’ Committee, A VALON COUNTRY CLUB will have its season tournament schedule completed by the middle of July and before the members depart for their vacations, if efforts of the sports and pastimes committee are realized and the w'eather man smiles favorably. Our greens came through the winter remarkably w'ell and are in fine shape for summer play. The bowlers w'ound up their in-

door hard wood season with a golf tournament May 6, and before the season finale the Roberts Memorial trophy, Empire Life and Accident, William H. Neub and the Jack Carr trophies will all have been at stake, and ncv winner names inscribed upon them. Home and home team matches are being arranged

by our committee, with Highland and Indianapolis Country Club. Others are expected. In spite of the inclement weather, several of the club’s leading players already have ironed out the w'inter kinks. Good scores turned in by Dr. Cooper, Paul Whittemore, Claude Mick and Steve Davis indicate I will have a hard time defending the club championship I have been fortunate enough to win the last two seasons.

To Repeal —Vote ‘For’ Sounds Odd, But It’s True —You’re Balloting on a New Amendment.

To repeal the eighteenth amendment at the election June 6, you vote for ratification. This paradoxical position was outlined today with publishing of the first sample ballots by the state printing board. The ballots disclose that there will be three circles wherein voters may make a cross.

First is labeled “For Ratification,” second “Against Ratification” and the third “Written Ticket.” Voters who want the Eighteenth amendment, repealed will place a cross in the large circle above the

BV ROY SMITH. Avalon Country Club Pro. IT has always been my idea that if Indiana is to produce national golf champions, they must be developed from youth. Stressing that fact, it is my plan to conduct classes for both boys and girls at Avalon during the summer. As socn as school is dismissed, I intend to instruct the girls Tuesday mornings and the boys Wednesdays. Already thirty-seven future Glenna Colletts, and twenty-nine ambitious

Bobby Jones have signed on the register. More are expected befoie the opening class. To further this program, special full-sized clubs, built especially for growing youths, have been ordered and the results are expected to be gratifying to Avalon parents. In addition, we are organizing a caddy team of six

members, to play similar caddy teams from other clubs. With a heavy ladies’ tournament for each Tuesday in addition to the regular men’s tournament program, we expect to have much golf activity at Avalon this summeer. The course is in fine shape, especially the greens. There have been no course changes. More water in the reservoir lake makes the No. 12 hole the greatest mental hazard it has ever been. To increase the mental setup, we have arranged eight different tees on this hole, making a shot from almost every conceivable angle.

Thibodeau

label “For Ratification” Drys move to the next column and vote “Against Ratification.” The third circle is not to be marked, but names of delegates not on either slate may be written down and labeled for or against ratification. Reason for the queer quirk of voting for ratification if you want the eighteen amendment repealed was explained by Robert Mythen, election board clerk. He pointed out that you are really voting for or against a twenty-first amendment to the Constitution, which repeals the eighteenth. Therefore, ratification means repeal. CITY STUDENTS ARE HONORED AT PURDUE Eleven Given Promotions in Last Few Weeks at School. Eleven Indianapolis students at Purdue university have received honors ar.d promotions during the last few r weeks. R. M. Andrews and W. P. Shimer have been initiated as associate members in Sigma Xi, national honorary research fraternity, H. H. Hollis, T. B. Wright. T. S. Wilmeth and R. K. Jennings have been elected to membership in Alpha Phi Omega. S. Malless has been named captain of the Purdue order of Military Merit, honorary R. O. T. C. organization. H. L. Robinson has been named men's executive in the Purdue student union. Vice-presidents are Edith Hartsock, T. B. Wright and J. S. Ryan. W J. Hammerstadt and T. S. Wilmeth have been named junior business assistants on the staff of the 1934 Debris. CITY YOUTH HONORED Robert G. Deupree Named Head of Franklin Student Council. Robert G. Deupree, son of Clarence C. Deupree, 4230 Broadway, has been named president of the Franklin college student council, campus governing body. Deupree is former editor of the campus weekly newspaper, The Franklin, and has a high scholastic standing. Wendall Rowe. Indianapolis, is among twelve members of the council executive board. ADMINISTRATOR NAMED Maurice T. Geckler Put in Charge of 525.000 Florence Meyer Estate. Probate Judge Smiley Chambers Friday appointed Maurice T. Geckler as administrator in the estate of Mrs. Florence Meyer, 4128 North Meridian street, who died last Christmas leaving real estate valued at $25,000. Heirs are Sol Meyer, the husband, and three sons, Ferdinand S.. Edward, and Sol Jr. TWO CHILDREN KILLED Sister and Brother Are Struck by Truck at Goshen. Hu t nitrd Prrts GOSHEN. Ind. May 19.—Two children were killed instantly late Thursday when they were hit by a truck driven by Donald E. Austraw 34. Gary. They were Ruth. 7. and Cecil. 4 children of Mr. and Mrs. Cleo Frazier. living near Nappanee. Austraw said the children started to cross the road, and then turned back directly in front of his truck.

HIGH COST OF DISTRIBUTION IS POWERJPUZZLE Costigan Seeks to Learn Why Electricity Sells for Such High Price. By Rcrippt-Hnirnrd Xnmpaprr Alliance WASHINGTON. May 19. The federal power commission may find itself faced with the necessity of exploring the mysterious no-man's-land of the electric light and power industry—the area of costs lying beyond electric generation and electric transmission, as a result of a resolution now before the United States senate. No data exists on the cost of distributing electric energy between local sub-stations and consumers’ meter. Generating costs are known and they are comparatively low. So are transmission costs. Distribution always has been shrouded with

BLO CK’S ter Place Large (Orders ll Ih h 'Minf ALL-WOOL For Men and \oung Men "TROUSERS. Two of our fine makers rewarded us for our many years of large orders! A j Each one sold us 500 fine new spring and summer suits at considerably less W than today’s prevailing prices! Hand tailoring? Lots of it! Variety? \ Plenty . . . grays, oxfords, browns, tans and blues! Regulars, longs, shorts || ,j, | an< * stemts! And only $1 for extra trousers to match the suits! .rilllrirptl'c Rarlirk Hour Everv Saturday Morning—-10 to 11 o’clock V •' •W& LfIIHUI CIl S ItdUlU nuUI Broadcast Over WFBM, from Toy Town

Smith

THE INDIANAPOLIS TIMES

mystery, electric companies claiming that it is impossible to reduce its costs to comparable basis. When attention is called to the wide spread between generating costs and sales prices as Ambassador Frederic M. Sackett did a few years ago. high but unspecified distribution costs invariably have been given as the answer. Now Senator Edward P. Costigan (Dem., Colo.), proposes that the government shall penetrate this clouded area and discover what lies there. He has laid a resolution before the senate calling attention to the fact that service companies keep no record of distribution cost, that the subject never has been discussed before any engineering society that technical literature does not deal w T ith it, and that only rarely has it been considered in rate cases. Since distribution cost is “a considerable if not a controlling factor in the cost of rural and domestic electric service,” Senator Costigan requests that the federal power commission furnish the senate with a report summarizing all available information on the subject, and indicating the cost of electrical distribution in cents per kilow'att hour under varying service conditions, in a form comparable with generating and transmission costs.

Too Much Optimism! Secretary Wallace Chides Reporter for Too Glowing Stories About Him.

By Scrippu-Howard Xetcf paper Alliance WASHINGTON, May 19.—1 tis refreshing to find a cabinet member given to understatement of what he expects to accomplish, but such a man is Henry Cantwell Wallace. In discussing the program for control of production, prices and marketing to be undertaken under the new farm act. he definitely asked the newspaper correspondents not to predict wonders. He emphasized the difficulties which lie ahead, especially in view of President Roosevelt's desire to obtain international agreements for lower

tariffs and reduction of world crops. At one stage in his talk he made a notation on his calendar and said, half to himself: “I must speak to the reporter who covers this department for the so-and-so newspaper. He is altogether too optimistic in his stories.” The reporter in question, we suspect, hardly will recover from the shock of being asked to cut out his lyrical, plunging, high-pressure stories about Wallace. Such suggestions are not in keep with politictl tradition. Wallace is an extraordinary figure in other ways. He detests formality and ceremony. He does not like to

ring the four bells on his desk when . he wants to call his secretary. Tom Appleby, or any of his other assistants. So he strides across his wide of- : fice, opens the door to the outer office and says: “Tom, will you step in a minute?” This, too, is refreshing, but now and then it proves embarrassing. Several times Tom has felt rather funny when the secretary pokes his head through the door just after the seeretry has tried to get rid of time-wasting hangers-on by explaining that “the .secretary will not be in today.”

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OFFER DE LUXE TOURTOARCTIC Ice-Breaker Plans to Take Tourists on Cruise to Far North. By T imn special MONTREAL. May 19—And now you can go to the Arctic circle de luxe. The gentlemen adventurers trading into Hudson's Bay. who have concerned themselves in the past largely with the gathering of furs, have gone into the tourist business and tins season will take a limited number of passengers on board their famous ice-breaker "Nascopie,” The trip will start from Montreal early in July and proceed by way of the St. Lawrence river and Straits of Belle Isle to Cartwright, Labrawell at the eastern entrance to Hudson strait, where the Eskimos first are seen, and thence westward through the straits and down the eastern shore of Hudson Bay to Moosonee, the new port at the foot of James Bay.