Indianapolis Times, Volume 45, Number 49, Indianapolis, Marion County, 7 July 1933 — Page 4

PAGE 4

BLUE SKY LAW BOSS IS BITTER FOE OF SLICKER Charles Hoyt March Thinks Securities Act Greatest on U. S. Books. mllorini l* another *'orv In th* on out*ndlng p*ronaliues in the RiOMvtU admtnutratlon. BY FREDERICK C. OTHMAN I rltfi Prrn% Staff ( orrFApnndFnt WASHINGTON. July 7 Charles Hoyt March is another of President Roosevelt'* six-foot, gentlemanfarmer ‘'dictators," in charge of the vastly important administration of the federal blue sky securities act. The security law is March's baby. He has been trying to get it adopted ever since he became a member of the federal trade commission four

years ago. He v rote most of it and he thinks it is one of the best laws cong r e s s ever passed. He likes to stand with feet plan t e and well apart, explaining the bill in loud, gr u fl tones. When he makes a point, he smiles so broadly that the skin crinkles at the corners of his eyes and he almost shouts: ‘ Qo ya see?" If his audience doesn't see, March explains over again. By now every clerk

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March

within earshot is familiar wtih all the complexities of the complex securities law. March is a distinguished lawyer, prosperous banker, and one of the mast progressive farmers for miles around Litchfield, Minn., his home town. He owns there a 1.000-acre farm, stocked with blooded horses and cattle. Match thinks a ride on one of his own fine horses is the best fun any man could ask. He considers a glass of milk from one of his fine cows as nectar. His horseback riding and his milk drinking have kept him exceptionally youthful and vigorous, He doesn’t look h;s 63 years, except for his multi-colored hair. It is partly sandy, partly gray, partly white, and getting a little thin in the middle. March has only one hate—the stock faker. His lace gets livid and he sputters

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PLAYS CINDERELLA IN MOVIE RISE

Elsie Larsen is moviedom's latest Cinderella. A waitress in a popular rendezvous of film folks, she was noticed by a director and given a screen test. Now she's right in the Hollywood swim.

angrily when he runs across the often-recurring case of the city slicker selling the widow SIO,OOO worth of some such shares as Amalgamated Grapefruit of Alaska, Inc. He was equally angry over the sale in this country of millions of dollars’ worth of worthless bonds from assorted revolution-torn nations across the seas. All that, however, is history now. thinks March, thanks to his securities control bill. His staff, incidentally, is exceptionally busy these days telling securities houses what they can t do

' —and, more important—what they can. Some concerns have gone out of business because of the law. Some ' have laid off their salesmen. Some have quit advertising altogether. March calls that foolish. He holds that any honest seller of honest stock can stay in business and be just as prosperous under the law as before. Next: Robert M. Hutchins, young college president, heads unemployment agency setup. Last of the series.

THE INDIANAPOLIS TIMES

BIG STICK MAY SWING TO RUSH REVIVAL DRIVE Roosevelt May Impose Code on Industry Without Waiting Agreement. BY RUTH FINNEY Timm Special Writer WASHINGTON. July 7.—An underground fight against the national recovery act may force President Roosevelt to brandish a big stick in its behalf in the very near future —possibly to impose a code of fair practice upon some industry without waiting for voluntary agreement. The President, on his return from the north, was greeted with reports that various business associations are advising their members to do nothing about formulation of codes until a test has been made to determine the extent of the administration's power over industry. The ' ambulance-chaser'’ type of lawyer is selling the same kind of advice to business clients, according to these reports. Delay on C ode Submission The direct result of this activity is failure of the national recovery administration to receive completed codes of fair competition from any. of the large industries since that submitted by cotton textiles. In spite of repeated conferences and assurances that codes were practically ready for submission, day after day has passed without any formal presentations. The recovery administration marks time with growing concern. The possibility of getting all industry under wage and working-hour agreements by the end of September grows more remote. Richberg Announces Stand The administration's first reaction to this attack on the major policy for restoration of purchasing power apparently was the address delivered by Donald R. Richberg, general counsel of the recovery administration, over a coast to coast hook-up Thursday. The address bearing official approval of General Johnson, contained an outspoken warning to business men that ‘‘the failure of our industrial leadership to accept its great opportunity for self-service combined with public service . . . may bring into play and make necessary the exercise of those reserved powers of government which are described as dictatorial, but which

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are In fact only powers of self-pres-ervation." If this warning does not have the desired effect, decision will be reached, probably within the nexi few days as to the government's next step. There is every indication that it will be an aggressive one, and that the cornerstone plan for recovery will not be abandoned. The Industrial recovery act gives President Roosevelt power to prescribe maximum hours of labor, minimum rates of pay, and other conditions of employent where no mutual agreement is reached. He is authorized to investigate any industry where no code has been submitted after reasonable opportunity has been afforded, and to impose whatever terms he sees fit to carry out the policy of the act. If your clerk fails to appear before 8 in the morning, call TWA . . . a help ad will have another clerk for you before noon. You just can’t beat Times Want Ads for speed.

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TEN-CENT HIKE IN COUNTY TAX LEVYJSLIKELY SIOO,OOO Deficit Possible: Poor Relief Claims Sap Budgets. Increases of 10 cents in the 1934 Marion county tax levy was predicted today because of the possibility of a SIOO.OOO deficit, necessity for paying poor relief claims and old age pensions, and reduction m revenue. Further reduction in operating expenses beyond the cuts made for the 1933 levy will impair seriously

the operation of departments, it is said. The SIOO,OOO deficit now facing the county was caused by a 10 per cent increase in tax delinquencies and the reduced allotments have crippled the budgets of several divisions of the county government, it has been pointed out. Immediate payment of $138,000 judgments on poor relief claims is expected to increase Center. Wayne and Perry township levies at least 2 cents. Necessity for setting up an old-age pension budget of approximately $450,000 will add at least another 6 cents to the levy. Two more cents will be added to defray costs of the 1934 general election, estimated at SBO,OOO. and the county's expenditure for track elevation work. The leading sugar beet state is Colorado.

-JULY 7, 1933

CIGAR PLANT IS ROBBED; LOCK 6 IN HUMIDOR Three Armed Bandits Get S4OO in Holdup of Ft. Wayne Firm. Bn t utted Prrg* FT WAYNE. Ind.. July 7.—Three armed bandits held up the HuserPaul Cigar Company here todav. and escaped in an automobile with S4OO cash. The gunmen entered this morning and herded six office employes, four men and two women, inty a humidor and locked the door.