Indianapolis Times, Volume 45, Number 23, Indianapolis, Marion County, 7 June 1933 — Page 11

JUNE 7, 1933.

Today and Tomorrow BY WAI.TF.R LIPFMANN

r |"H AT there has been a substant ttal Improvement, in economic conditions since March 4 is not denied by anyone. But there is much discussion as to whether this improvement has taken place of, or in spite of, or independently of, the departure from the gold standard and the decision to manage the currency. The question is one that

probably can not be settled conclusively at this time. We have in fact been off the gold standard since March 4, and formally, we have been off it since April 19. During these three months we have seen the most impressive signs of recovery since the beginning of the depression.

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Now obviously it can not be maintained that because two things happened at the same time, they are cause and effect. There are very’ distinguished men, including the leading financial writers in the New York newspapers, who maintain that the recovery was due to come anyway, and that the "currency tinkering” has had nothing to do with it. This argument, I confess, does rot impress me. It may still be true, however, that the recovery we are having would have come without tinkering with the currency. But the fact is that it has come while the dollar was being tinkered with. There are other writers who maintain that the monetary measures are producing an effect, but that the effect is inherently bad. They say that the rise in prices and the increase in orders for goods is the result of a fear—a fear of inflation. They say also that fear is a bad foundation for business, which of course it is. This argument seems to me to be worth careful and continued consideration.

HOW does one determine what motive actuates millions of peoples in the endless number of transactions which are carried on • very day? These who say that fear is the motive are relying, it seems to me, upon two forms of evidence. They have read in the books that when a government starts to tinker with the currency it is on the road to ruin, that depreciated money almost inevitably becomes worthless, that inflation is uncontrollable, and that therefore, while fools rejoice in the early stages, wise men see and dread the impending catastrophe. Being thoroughly convinced that this is the revealed truth in monetary matters, they themselves feel fear, and assume that fear must be pervading all the prudent men everywhere. By all orthodox theorizing, if fear of inflation is the dominant influence, men ought to be selling bonds and transforming the proceeds into equities. A rising bond market inspired by fear of inflation is an absurdity. For bonds are bought by the most prudent and conservative investors, and if it is true that the departure from the gold standard and the depreciation of the dollar have been the wild, silly, dishonorable and dangerous acts some think they are, the bond market should reflect that judgment. Fear for the currency would increase commodity prices. It would increase common stocks. But it certainly would not raise bonds. a a a NOW, bonds have been rising while the administration has been tinkering with the currency. Let up look at the figures in Moody's tables of bond prices, which are based on average yields of 120 domestic bonds. Two years ago. on June 3, 1931, prices stood at 86.25. A year ago, on June 2, 1932, they had fallen to 59.15. On March 3, as a result of the rally last summer, they stood at 85.87. In other words, taken as a whole, bond prices are practically back where they were m the early stages of the German crisis of 1931. They fell to their lowest point while we were on the gold standard. They recovered considerably, while we were on the gold standard. They declined once more while we were on the gold standard. And they have been rising steadily since we have ueen of the gold standard. Since April 21. when we formally abandoned the gold standard, they have risen from 74.67 to 85.87, an increase of 13 per cent. It does not look as if adherence to the gold standard protected bonds or that departure from' it necessarily injured them. a a a NOW. the most interesting part of this matter is revealed when these totals are broken up. Orthodox theory would heve said that with a depreciated dollar the speculative and second grade bonas might rise, behaving much like common stock, but that the highest grade bonds certainly would not be wanted by investors. Why should an investor want a bond which can not rise much in price when the dollar income from the bond is threatened with depreciation? Yet we find that the highest grade bonds which stood at 86.77 a year ago were 103.82 last week, and that since the gold embargo the Thomas inflation amendment, the lepeal of the gold clause, and what not, they have risen from 97.78 to 103.82. Are the hard-boiled bankers and the careful investors, who buy the highest grade bonds crazy? Or is it possible that they do not take seriously the fears which are instilled into them by the most reputable an<* distinguished financial writers? iCopvright. 1933) NEED CIGAR SMOKERS Men Turn to Cigarets and Pipes, Tobacco Business Demoralized. By United Pres • WASHINGTON. June 7.—Americans should smoke more big. black cigars, a conference decided in the agriculture department. So many cigar smokers have turned to pipes and cigarets that the cigar business is demoralized, representatives of tobacco interests told John B. Hutson, acting tobacco production administrator of the farm relief act.

DEATH CLAIMS AGED VETERAN OF CIVIL WAR Irby S. Wagner, 89. Will Be Laid to Last Rest on Thursday. Funeral services for Irby 3. Wagner, 89, who died Tuesday at his heme, 2440 No*th Illinois street, will be held at. 2 Thursday in the Flannor and Buchanan mortuary. Burial will be in Crown Hill cemetery, in j charge of the George H. Thomas ! Post of the G. A. R Mr. Wagner was born in Vernon, ; coming to Indianapolis in 1901, when the J. H. Wagner Plow Company was brought here. He was manager of the company. He served three years in the Twelfth Indiana regiment during the Civil war. Mr. Wagner was a member of the I. O. O. F.. 'he K. of P., and the j George H. Thomas Post of the G. A R. Surviving him are two daughters, Mrs. W. D. Carson, of Indianapolis, and Mrs. John Morris, of Westport. Aged Woman Is Taken Funeral services for Mrs. Emma B. VanVorhis, 90, who died Tuesday morning, will be held at 2 Thursday, at her home, 1135 Central avenue. Burial will be in Crown Hill cemetery. Funeral Service Changed Services for Mrs. Carrie C. Cullom. which were announced for Thursday morning, have been changed to 2:30 this afternoon. The funeral was to be held in the home at 1402 Shelby street, with burial in Scipio. Widow Taken by Death Last rites for Mrs. Cecelia Curran Clune, 85, will be held at 8:30 Friday morning at the home, 1911 North Alabama street, and at 9 at SS. Peter and Paul Cathedral. Mrs. Clune died Tuesday at St. Vincent’s hospital. She was the widow of Michael Clune, pioneer furniture manufacturer, who died in 1914. Surviving are two sons, W. J. Clune and Daniel Clune; two daughters, Mrs. Martin McDermott and Mrs. Walter Shiel; seventeen grandchildren and eight great-grand-children.

I). S, APPROVES ARMS CONTROL Regulation of Munitions Plants by International Accord Favored. BY STEWART BROWN, United Press Staff Correspondent GENEVA, June 7. The United States is prepared to accept international control of arms and munitions factories. Norman H. Davis, President Roosevelt’s personal representative in Europe, told the preliminary arms conference Tuesday. Davis, in making this reversal of Washington's previous attitude on private production of munitions in American factories, announced the Roosevelt administration now was prepared to accept a system of licensing the supervision not only of manufacture, but of export, of arms and munitions. "I earnestly hope that traffic and production of arms, both public and private, may be so controlled and circumscribed as to reduce materially their production,” Davis said. The Davis announcement was applauded warmly by the delegates present. In United States quarters it was explained that America now is in a position to accept supervision and licensing cf arms because of the precedent created by the American ratification of the 1931 convention, limiting the manufacture and distribution of narcotics. INDORSEMENT IS WON John Paul Ragsdale Backed for Twelfth District Legion Chief. Indorsement of John Paul Ragsdale. adjutant of Bruce P. Robison Post 133. American Legion, for Twelfth district commander was announced today. The election will be held at the state convention at Evansville, Aug. 26 to 29. CIVIC THEATER ELECTS Three Are Named as Directors at Annual Meeting. Mrs. Oscar Baur. Mrs. Jack A. Goodman and Harold B. Tharp were named directors of the Civic theater at the annual session directors and members in the Playhouse Tuesday night.

New Pounds for Skinny Women New Vigor for Wornout Bodies

Thomas C Martindale, of Philadelphia, Tells Skinny Women How to Gain “Lovely” Bathing Suit Figure—and New Vigor. Physicians have lone recognized that a skinny, weak body often continually tortured with dizzy headaches, burning acid indigestion, chronic constipation and nervous exhaustion —is the result of our modern foods that are sadly lacking in vital minerals. No matter how much you fill your stomach, your food does you little good. Your entire body becomes starved for these vital elements, your organs become weak, and your entire system clogged with poisons which sap your health, youth and vitality. The ordinary "pep-tip" tonics and medicines are useless in this condition, because they never reach the cause. But new scientists have perfected a sensational new formula that seems to act upon the cause and give quick and certain relief. Thomas C. Martindale, eminent health authority of Philadelphia. himself testing out this new formula was amazed to see how quickly and easily, certain weak, washed-out. nervous, prematurely-aged women and girls gain heautv-bringing pounds, a feeling of good health, and a radiantly youthful skin while puny, exhausted wornonr men quickly rpport a wonderful increase in vigor, energy and vital power. How New Formula Brings Amazing Results This remarkable new formula, called VIGOVITE Elixir, is a scientific combination ot four essential minerals

WISE PICKER BEATS PARI-MUTUELS

Bets on All Horses in Race and Reaps Cash Harvest

In his fourth article on the b:e business of horse racing Geortte Britt today discusses that realistic person, the bookmaker: tha’ fabulous fellow, the tout; and those wasolsh vouns men the lockevs He already has written of the millions involved in the sport, of betting and stable life. BY GEORGE BRITT Times Special Writer NEW YORK. June 7.—The horse Linden Tree was figured a sure winner at the Mexican track of Caliente, twenty miles south of San Diego, that January day last year when Baron Long conducted his striking and memorable demonstration in mathematics. Betting was light, but it overwhelmingly favored Linden Tree, an odds-on favorite quoted at 1 to 3. The mutuel machines, combination of time clock and adding machine, ground out their precise reflection of the general confidence in that one single horse. Five others were in the race, including Sir Val, owmed by Baron Long himself. Mr. Long was vicepresident of the jockey club at Agua Caliente, as well as hotel owner in San Diego. Sudden action started around the betting machines a minute or two

In his fourth article on the big busi- r^——— ________ ne--.s of horse racing George Britt today 1 ■ ■ ■ -h discusses tlja? realistic o-rson. the book- MET „ .. ' ___ t ’ 1 maker: tha - fabulous fellow, the tout. FWbv&m AjMjt'Aa— _ - and those wasrUsn vourts men the rwagjßPF S—i ettZ' f- —i ■ ■ ■ ■ '..tsw/is . ~ - ~ -- ■■ ■ —■

A typical scene at a trotting track—railbirds lazily watching the horses rounding the far turn. Above, a thoroughbred being rubbed down after a workout at Belmont park.

before the horses paraded to the post. Big money came in, something like SIO,OOO all together—all for the other horses. It was enough on a dull day to throw l the whole price structure off balance. Odds-on Linden Tree switched immediately to better than 9 to 1. or exactly $21.40 to $2. Quickly then the horses were off. Linden Tree, running absolutely true to form, won handily. And the pay-off price all over the country was the machines’ closing figure, $21.40 to $2 on Linden Tree. The upset at the last minute had been made by Mr. Long’s money. Mr. Long had large bets outstanding on Linden Tree, earing far more than enough to compensate the losses on other horses. Large sums were paid off on the horse in Chicago and elsewhere, and the bookmakers wailed. Mr. Long resigned as an officer and temporarily was suspended from the track. But the incident was enlightening as to the possibilities of even the mechanical iron men of the pari-mutuel system when played with imagination. aan AT the top of the gambling structure today are such figures as Tom Shaw, one-time New Orleans bicycle rider who makes the winter book on the Kentucky Derby, and Peter Blong. There are 75 or 100 commissioners around the New York tracks. Incidentally, they have their own social organization. the Volney Club, and all gambling is forbidden in their quarters in Forty-fifth street. Business is collected away from the tracks by amateur agents of all descriptions, barbers, soda clerks, office stenographers. Their commission is 5 per cent on the losing bets. Long shots are guarded against by rule, nothing above 20 to 1 being paid in New York, nor above 30 to 1 in Chicago. An ex-jockey in the army once summed up racetrack betting in a sentence. He wanted to be made a stable sergeant. What did he know about horses? “I know everything about a horse,” he said, “except when he ought to be even money.” a a tt THAT ancient racetrack character. the tout, has been decreasing of recent years. But he still persists, particularly at the mutuel tracks, as in Maryland and Kentucky. At these tracks the discarded betting tickets of players, thrown away

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THE INDIANAPOLIS TIMES

by losers after a race, sometimes prove useful to the touts. The larger denominations are sought out, SIOO tickets if possible, and an impressive looking pile of them is assembled. Then the tout may approach a prospect flipping the cards in his hand. "I’m betting commissioner lor a syndicate of big money,” he may say. “I’ve already got up a lot on one of the horses. If you’d like to play him, I’ll give you the name and you can buy a ticket for me, too.” If the tout can find as many listeners as there are horses in the

M‘NUTT SCORED BY LIBRARIANS Governor’s Political Trend Is 'Humiliating Blow,’ Says Noted Ohioan. Governor Paul V. McNutt’s placing of “deserving Democrats" on the state library staff, to replace persons with years of non-political service there, has been scored in a deluge of protests to his office. The action was termed “a. humiliating blow T to confidence in an educated leadership” in a letter from Chalmers Hadley, librarian of the famed Cincinnati public library. Another lengthy protest was received from Mrs. Gladys H. Brenneman, Columbia City, president of the Indiana Library Trustees’ Association. Frederic A. Ogg. editor of The American Political Science Review, sent the following telegram: “Deeply concerned about reports that removals from staff of Indiana state library aie being made for partisan reasons. Both the past usefulness of this library and the increasing necessity of trained expertness in library administration argue powerfully against such procedure. I trust that any tendencies in that direction will be curbed.”

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race, he is sure to win himself by the devicar recommending a different horse to each one. On the other hand, many of the touts have the reputation for honesty. They are merely the in and out small fry of hangers-on trying to make a go of it. One of the most famous of racetrack touts was the well-liked Patsy Brannigan. a former jockey. One of the stories told about him is of a wealthy stranger to whom he attached himself without being able to call any winners. And one day he was thrown out. “I’ve stood for your misinforma-

STATE G. A. R. WILL MEET NEXT SUNDAY Annual Encampment of Allied Groups Set at Huntington. By Times Special HUNTINGTON, Ind., June 7. Annual encampment of the Indiana department, Grand Army of the Republic, and meetings of allied organizations will be held here from Sunday to Thursday of next w'eek, with a parade Wednesday as one of the outstanding features. The meetings are expected to bring 10,000 persons to Huntington from all parts of Indiana, and it is estimated 2,500 persons will participate in the parade, which will include about fifty floats. During the session, Huntington’s new war memorial group, including a steel flagpole topped by a ball plated with 14-karat gold, will be dedicated. It is probable that the Huntington high school building will be dedicated to General James R. Slack, Civil war officer, who was a native of the city.

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ton about the horses,” the victim shouted. ‘ But now when you tell me you used to be a jockey, knowing no more than you do about horses, I know you're phony. I won’t stand for any more.” n u a BUT betting is not all of racing. Wall street, since the depression, has been the setting for a racing story of exactly the same pattern as the one about the old colonel sending in his last horse to win and prevent foreclosure of the mortgage. In Wall street there is a broker in one of the commodity exchanges, a horse lover who owned one race horse. The depression hit hard, but he kept his horse. And it wasn't such a fast horse at that. The broker at length was suspended from his exchange, being unable to meet his obligations through the clearing house. Every one was sorrry, for he was popular. And then came one of the richest stake races in the country, with a purse of tens of thousands of dollars, and the broker's horse won. Immediately the owner settled up at the exchange and resumed his rightful standing. One conspicuous change in racing since the war has been the almost complete elimination of the Negro jockey. When the first Kentucky Derby was run, in 1875, thirteen out of fourteen jockeys in the race were Negroes. Some of the greatest have been Negroes, such as Jimmie Lee and Isaac Murphy. Where are they now? An insider explained: “The white boys decided to get rid of them. It got so that when a Negro jockey was in a race the white boys forgot about trying to win. “They were too busy pocketing the Negro so he wouldn’t get anywhere. So the owners came to see their horse didn’t have a chance with a black jockey.” u u TWO years ago, when Mate was a crack 3-year-old, his jockey early in the season happened to touch the head of a Negro stable boy just before mounting for a race. And to his surprise, he beat Twenty Grand. The jockey knew why. The Negro stable boy brought him luck. And for that reason, the Negro boy was sent along to Louisville for the Derby, the jockey might rub his head before the race. He clid rub his. head, but Twenty Grand came first that time. The younger jockeys as a class supposedly command more devotion from the horses, and the older ones are the hard drivers. However, the veteran “Pony” McAtee is superlatively gentle and sparing of the whip. In a close, whipping finish the older boys are rated to have an advantage. They bring in their horses by sheer spasms of beating. They can hit harder. As one railbird remarked, “I'd hate to be a horse and have Fator lay into me on the stretch.” The oldest active jockey, by the way, is supposed to be Bill (Pop) Obert r riding at Bowie recently. He is 6i.

SON’S ROMANCE IRKS ALFONSO Deposed Monarch, Angered, Threatens to Cut Off Crown Prince. By United Press PARIS, June 6.—Alfonso XIII, of Spain, last of the Bourbon kings, fought today to prevent his eldest son, the prince of the Asturias, from going through with his plan to marry a commoner, the comely Senorita Edelmira Ignacia Adriana Sampedro Y Ocejo, of a wealthy Cuban family. The banns were published by the headstrong young prince at Lausanne, Switzerland, preparatory to the marriage within fifteen days. No member of the Spanish royal family will attend the ceremony, under present plans.

FATHER, BABY GIRL SERIOUSLY HURTINCRASH Four Others Are Injured in Auto-Truck Collision on North Side. An 18-year-old father and his 13-months-old daughter are in city hospital today with serious injuries incurred in an automobile and truck collision Tuesday at Delaware and Thirtieth streets in which four other persons were hurt less seriously. The father George Van Camp. 2022 North Pennsylvania street, was injured internally and the baby, Ann. suffered a skull injury. Others hurt were the wife and mother, Mrs. Louise Van Camp; and Mr. and Mrs. Harry Hull and son, Thomas, 8. of the Pennsylvania street address. They were en route to a summer home in Westfield. Van Camp was driving the automobile which collided with a truck driven by Roscoe Barker, 45. of 45

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North Chester street. The car was overturned. Three men were injured in collision of two automobiles on road 52 near Thirtieth street. Jay Mills and William Shores, both of Chicago, and William Crouch. 54, Lafayette, were cut and bruised. Shores, owner of one of the cars, was arrested on a charge of having improper license plates. Injury of an ankle was incurred by Louise Adams. 9. of 902 Church, street, when she fell in an attempt; to leap on th' running board of an automobile driven by David Costello, 24, of 1050 Church street. Slight cuts were received by Miss Sarah Bruce. 21, of 731 Massachusetts avenue, when a baseball was batted through the windshield of an automobile, in which she was riding, at Alabama and Merrill streets. Francis Wallace, 13, of 645 Erie street, batted the ball. Collision of two automobiles at Massachusetts avenue and Avondale place caused injury of three members of a family. They are Miss Luella Smith. 21, injury of left arm; Shelton Smith, 73, cut on hero, and Robert Smith, 3. cut in left ear. All live at 1258 South Illinois street. They were riding in a car driven by Mrs. Mary Davey. 28, of 559 West Morris street, which collided with one driven by Miss Elizabeth Mithoefer, 21, R. R. 12, Bbx 315.

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GEORGE CHARLIE SIDHEYanoMURRAI (OHHtiKIlLti IN TROUBIip. I Every Art a Laugh I Sensation! An Hour ntay/ Sos Stage Hilarity: HIRRY! Last TWO Days: One of the finest stage and screen shows of the season! I kk ZOO IN BUDAPEST” with LORETTA YOUNG and GENE RAYMOND —Plus a Great Stage Show— LUCILLE PAGE Earl Carroll "Vanities” Star in VAUDEVILLE REVUE

DANCE RIVERSIDE New Dance Palace Dancing Every Jiite Except Monday. Admiaaion 15c. Dancing Free. HAL BAILEY'S ORCHESTRA Featuring Boh Wolf E. W. Mnahruah. Manager