Indianapolis Times, Volume 45, Number 129, Indianapolis, Marion County, 9 October 1933 — Page 8

PAGE 8

NEWS OF THE WEEK IN BUSINESS AND INDUSTRY

TRADE INCREASE IS FELT OVER ENTIRE WORLD Worst of Slump Reached in Summer of 1932, Survey Shows. Bjf Timrs R pedal NEW YORK. Oct. 9 —Since the summer of 1932, when the low point of the world depression was reached, there has been a marked improvement in business activity in the principal industrial countries, accompanied by a recovery in world prices of staple commodities. This is the general conclusion in respect to world economic conditions and trends presented in a statement issued by the National Industrial Conference Board. The world-wide improvement, the conference board finds, occurred largely in the last four months of 1932. In 1933, business recovery continued through the month of July. Statistics for the month of August are not yet available, and it is impossible to say whether or not the rest of the world has experienced a recession in business activity similar to that which occurred in the United States. Low Point in 1932 Examination of various business indices, the conference board states, shows that the low point of the world business depression was reached in the summer of 1932. In most countries business was at its lowest ebb in the month of August, j Index numbers of industrial pro-1 duction in the United States. Great | Britain, Germany, France, Canada, j Belgium, and other countries | reached the low point in the middle , of 1932. Since that time there has; been a distinct improvement. Coinciding with this improvement | In business activity in the principal J industrial countries of the world.) there occurred a recovery in world prices of raw materials and food- j stuffs—wheat, sugar, coffee, cotton, rubber, silk, tin, wool, hides and j leather. In the last quarter of 1932.! these prices again turned downward : but for the first time since 1929; prices of most staple commodities at j the end of the year remained above j the low points for the year. The decline in wholesale prices in prac- j tically all countries of the world was j either arrested or greatly slowed ; down in the second half of 1932. Volume Decline Halted The decline in the volume and the value of world trade was also stopped in the last half of 1932, while the League of Nations index of world prices of internationally traded commodities moved in a horizontal direction. Security prices either moved horizontally or turned upward in the second half of the year in all financial markets. Restriction of bank credit, due to the desire for increased liquidity, came to an end in the second half of 1932, and eliminated one of the powerful forces of deflation. Central bank rates of discount and open market interest rates for short-term funds were reduced to the lowest levels since the World war. A tremendous volume of idle funds has accummulated in the principal financial centers and is available to fiance an extensive business revival. The volume of unemployment remained high throughout 1932, but the increase in unemployment was stopped. Debtor Nations Adjusted The relations between creditor and debtor countries were fundamentally altered. The debtor nations were able to adjust their balances of merchandise trade to the ’ situation created by the complete ! cessation of international lending. Practically without exception, the debtor nations have converted large import surpluses into considerable export surpluses on merchandise account. This was accomplished through a great reduction in the total volume and value of foreign trade, imports having been reduced more i drastically than exports. The; creditor nations, on the other hand, with the exception of the United I States, continued to maintain large import surpluses, while the Amer- j ican surplus of commodity exports was drastically reduced. These shifts in the balances of merchandise trade prepared the ground for anew movement of international ; funds and facilitated a recovery of prices. Unaffected by Debts In 1932. the problem of German reparations was eliminated from the sphere of economics and politics. The inter-allied debts to the United States still are a political factor, but to all intents and purposes they may be regarded as nonexistent, from the point of view of their Influence on the balances of international payments. On the whole, the relations have reached a stage where the threat of new' defaults has largely disappeared and where the question of refinancing and of making new arrangements with the debtors deserves serious attention on the part of the creditors. It should be added that the position of the debtor countries has been materially improved by the depreciation of the dollar and the pound sterling. Luncheon Set by \V. B. A. Woman's Benefit Association. No. 140, w ill hold a covered dish luncheon Wednesday in Castle hall. 230 East Ohio street, to be followed by a card party at 2:30. The public has been invited.

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Director Captures the Beauty of a Great Book •The Power and the Glory’ Has Right to Be Considered Not Only a Good Movie but an Important One. BY WALTER D. HICKMAN NIGHT FLIGHT” as book form was a literary symphony, capturing the hopes, fears and habits of men who pilot mail planes at night. Clarence Brown, director, has made a movie symphony out of ‘'Night Flight,” the result being that we have a beautiful movie with a spiritual understanding back of it all. In other words, the beauty of Fabian’s entrance into a heaven of clouds when lost in a storm is a symphonic masterpiece. Fabian, the pilot, knows that he will never touch earth again, and, hopelessly lost way up in the clouds over the mountains in South America, he embraces the glory and the majesty of the silence of the clouds. Here is great suggested spiritual i

acting on the part of Clark Gable as Fabian. While tragedy of death is awaiting Fabian, his wife catches the cry of his heart way up in the clouds and she knows that he is lost. Helen Hayes is Fabian’s wife, and here is beautiful acting of a refined

and lovely wife. She catches the ever haunting fear of wives who have their loved ones way up in the clouds at night. Miss Hayes gives the strongest allaround characterization, with the possible exception of John Barrymore as Riviere, the air superintendent who sends planes out during terrible storms at night.

Lionel Barrymore

One of the most dramatic scenes of the movie is when John tells Miss Hayes that Fabian is lost, never to return. Here is careful, restrained acting. Watch the work of Robert Montgomery, another flier, who catches the psychology of a flier who has faced death and nearly embraced the “heaven” of the clouds. Here is careful and effective work. Myrna Loy is the wife of the Brazilian pilot who is jealous of the “hold” that the clouds have on the love and loyalty of her husband. Lionel Barrymore is cast as Robineau, assistant to Riviere. It is rather far-fetched comedy and certainly makes no demands on Lionel’s ability. Asa whole, “Night Flight” is a beautiful symphony in the hands of the director and his cast. No damage has been done to the great symphonic beauty of the book. See it and you will thank us. Photography is beautiful. Now at the Palace. nan HERE IS A VERY IMPORTANT MOVIE. My verdict of “The Power and the Glory” is that it is a very important movie for two reasons. First, it introduces “narrative,” a new movie method of presenting a story. Second, it reveals for the

first time that Spencer Tracy is a powerful character actor and that he is capable of perfecting a realistic old man makeup. And there is another reason for this movie being an important one. And that is Colleen Moore not only stages a comeback, but she shows that she is capable of

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Colleen Moore

portraying a role which demands wide emotional work of the highest qualities. Please see “The Power and the Glory” at the very beginning. because you will miss the appeal and the beauty of the narrative in telling a story. You first attend the funeral of Tom Garner (Spencer Tracy), a wealthy and greatly hated railroad president who worked his way from track walking to one of the most powerful magnets in America and probably the world. Rich society turned out for his funeral. Garner killed himself when he discovered that his second wife was untrue to him. Among his “workers” at the funeral was Henry, private secretary to

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Garner. Ralph Morgan is Henry, who creeps out from the service and goes to the big lonesome office of Garner and takes home a picture that was on the president’s desk. Henry’s wife feels that Garner was a bully, an employer who forced his men to work at small salaries and who was a killer during a big strike. But Henry knows the gigantic mental and moral proportions of Tom Garner. So Henry starts telling his wife about the time when Tom saved him from death in the old swimming hole when they were youngsters. Then comes the narratage flash backs while Henry talks on and explains. Scene after scene in the big and eventful life of Tom Garner is flashed and discussed on the screen. Colleen Moore as Garner's first wife who made him ambitious and forced him to accept the power and glory of high finance, gives the best performance of her career. If you want to see and support the better things on the screen, then “The Power and The Glory” more than has the right to demand your earnest attention. But, please, see this movie at the very beginning. Now at the Apollo. a a a LOOKING OVER “ANN VICKERS.” To my way of thinking, it is impossible to capture the real spirit, scope and psychology of Sinclair Lewis’ "Ann Vickers.” as a book and then carry it with accuracy to

the talking screen. Please be your own judge of “Ann Vickers” as a movie. I realize that it is impossible to catch every important episode of this lengthy novel and character study of a modern woman who was daily learning and trying to learn what life is all about. In the book, Ann's lapses from "virtue” with sev-

Conrad Nagel

eral men, were just interludes in the development of her character which forced her to wage war against graft and abuse in prison work and which made her realize the sham and the falseness which was back of many famous men and women. In the movie we start with Ann in social welfare work and just on the verge of going “immoral” with a soldier. At no time has the director been able to capture the real struggle and the problems of Ann. The director seemed to have his mind too much on beds and bedroom scenes. Another thing to be regretted is that the role of Malvina Wormser has been miscast in the hands of Edna May Oliver. This is not the woman that the author intended. This strange fact is faced in considering the cast. Irene Dunne gives a strong performance of the Ann that the director wanted to give the screen. But I still maincam that Miss Dunne’s Ann is never the one you read about in the book. And yet Miss Dunne gives strong and good acting most of the time. Walter Huston is cast as Judge

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THE INDIANAPOLIS TIMES

Modern Machine Effects Savings by Using Cold Process. The frame straightener, shown above, is one of the modern pieces of equipment for repairing automobiles at the C. Off & Cos., 107 North East street. According to* Mr. Off, president of the concern, frames can be straightened on this machine, in most cases, without removing the body, saving considerable time and expense to the car owner. The straightener is also used for straightening axles by the cold process. C. Off & Cos. have a complete service for the rebuilding or repairing of wrecked or damaged automobiles. They maintain a sheet metal department as well as a complete woodworking shop, and an estimator service is given on each job; the cost of repairs known before the work starts. Barney Dolphin, the only right guy in the lot of Ann's men friends. And being a right guy, Barney goes to prison w r hile Ann begins thinking of illegitimates once more. Conrad Nagel, Bruce Cabot, Sam Hardy, Mitchell Lewis and Rafaela Ottiano are in the cast. Now at the Circle. FAST STAGE SHOW AT INDIANA The biggest thing to me. about the stage show on view at the Indiana this week is the fact that each and every one of the performers actually works for his bid for applause. And by the way, they nearly all deserve it. Brooke Johns, the genial giant

master of cere-j monies, has a spicy J snappy show which! moves and moves' fast. In the first place there are the five Gay boys, who have one of the fastest; and most interest-j ing “circus” turn-' bling and gymnastic acts I have ever seen. They are in ( the air most of the time. Their timing' and balance are, of necessity in most instances, perfect.

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Claudette Colbert

The three California red-heads are a team of three girls who do some very clever off-time dancing. They are acceptable as a team, but their biggest point is the earnestness with whiefi they work. But the act which stole the show at the performance I attended was “Pal,” the trained seal. This seal does all the acts done by circus seals and then some. Singing, dancing, talking, even applauding its own achievements, this seal stamped itself with approval. Nell Kelly, eccentric dancer, burlesquer, etc., does a great little imitation of Garbo as well as some clever musical readings. The picture at the Indiana is “Torch Singer” with Claudette Colbert. Miss Colbert does a splendid piece of work as the centerpiece for the maze of events which go to make up the picture. The story is nothing to brag on and seems to just give up at the end, but the direction of Indianapolis’ own George Somnes and Alexaflder Hall give the picture life and sparkle. Now at the Indiana. (By the Observer.) n a tt Keith's is presenting ‘'State Fair.” This movie has been reviewed in this department. A mighty fine and human document.

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FARM CREDIT OFFICIAL RAPS NEWSREPORT Says New Finance System Is Due to Co-Operation and Not Pressure. By Time* Special CHICAGO. Oct. 9.—Garbled reports in Chicago newspapers concerning the refunding of the fifteen million dollar indebtedness of Farmers National Grain Corporation to the farm credit administration drew a sharp reply today from C. E. Huff, president of the national grain cooperative. “Washington dispatches, as quoted,” said Mr. Huff, “announced that under pressure from the farm credit administration the national grain co-operative had agreed to refund its debt at interest rates of 4 and 4Hi per cent as compared to *4 of 1 per cent in the agreement made with the federal farm board. “Also it had severely reduced the salaries of its executive officials and had submitted to ocmplete domination of its affairs by the federal government. All of these interpretations of the new funding agreement misrepresent the facts. Meet Ideas of Morgenthau “The new financing arrangements represent the results of an effort on the part of the grain corporation to meet the ideas of Governor Morgenthau of the Farm Credit Administration, that co-operatives should compete with private business as to interest rates, as well as to all other factors, and do not result from pressure. “The present note of the corporation in an amount somewhat over $4,000,000 and due May 31, 1934, is canceled under the new arrangement. There will be no heavy maturities on the capital -obligation until 1944. “Significant in the new agreement is the definite commitment on the part of the Farm Credit Administration to lend the corporation such additional funds as will be made necessary if there is any considerable advance in grain prices. Utilize Present Capital “This arrangement w’ill enable the corporation to utilize fully its present capital, quite a part of which it has necessarily held in reserve heretofore against the possibility of higher prices. “The new agreement strengthens the position of the grain corporation and broadens its opportunities. The provision that the general manager and the business policies of the corporation must be satisfactory to the federal government has been in effect from our first relationship with the federal farm board, and is unchanged in effect in the new agreement. “This provision does not imply that the affairs of the corporation will be directed from Washington. We have had no difficulties under it in the past and anticipate none in the future. Directors Reduce Salaries “Economies in operation always have been a matter of concern to the corporation board of directors, and the salary reductions presently in effect were largely accomplished by action of the board prior to March 4. 1933. Mr. Huff said the new agreement had the full approval of all of the directors before its acceptance. He pointed to his recent re-election as president of the corporation for the fourth consecutive time, without opposition, as indicating the unity of the directors and their approval of the manner in which the policies which they have adopted have been executed. He stated it as his purpose to carry forward the program of the corporation, as outlined by its board of directors, through the present fiscal year. CHIEF’S AID IS ROBBED Lights Stolen From Car Owned by A1 Schlensker. Headlights on a car owned by A1 Schlensker, secretary to Police j Chief Mike Morrissey, were stolen) early today while his car was | parked in front of his home at 924 North Leland street. There was evidence that the thieves also had tried to steal the horn, but found it too hard to remove.

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Demothing Vault at Shank Warehouse Poisons Larvae

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Families Changing Quarters Booms Transfer and Storage Jobs. Pictured above is the demothing vault at the Shank Fireproof Storage and Warehouse Company, 1430 North Illinois street. Installed about three years ago at considerable cost the vault is the most effective equipment of its kind for demothing overstuffed furniture or anything susceptible to moths. Considerable care must be exercised in the operation of the vault. After the furniture is placed in the vault the air-tight steel doors are shut and locked. Electric heaters generate a heat of eighty degrees and hydrocyanic acid gas is forced in the vault. At the end of eight hours the heat is turned off, but the furniture is left in the gas-filled vault for thirty-six more hours to insure complete extermination of all moths and larvae. A powerful electric fan is then turned on which ejects the poison gas to the outside air. It is necessary to run the fan three hours before it is safe to open

Concerning a Band Concert

It was nice once more to sit in a theater and hear a band play the “Tannhauser” overture, to hear Russian folk songs, to experience once more some of the lovely waltzes of the old school and to hear a soloist sing with a band background, “Cornin’ Thru the Rye.” That was my reaction to the Sunday afternoon program on Bohumir Kryl and his symphony band at English’s yesterday. I still maintain that a band, regardless of numbers or ability should not tackle “Symphony No. 5, E Minor” from Dvorak’s “New World” symphony. This piece demands a symphony orchestra and not a band. This number was the least interesting and least satisfying of anything on the afternoon program. Kyrl remains a great cornetist and he proved that he has retained his artistry in the several numbers he appeared as a soloist. The memory that I am going to retain from this concert was the way Kryl conducted “Beautiful Blue Danube.” It is music like this which has permitted Kyrl to keep his band in popular favor. Anna Fitzu, soprano, and Beatrice Sriffith, harpist, were the soloists at e afternoon concert. It was Miss Fitzu’s encore, “Coming Thru the Rye,” which made her popular.

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the doors and remove the furniture. According to Mrs. Shank, company president, storage and transfer services have exceeded the usual seasonal upturn. Many families are moving to different quarters and a general increase in business has been noted. 1.000 HOME BUILDERS IN U. S. TO CONVENE Three - Billion - Dollar Construction Drive Goal of Organization. Bp Scripps-Hotcard Xctcspaper Alliance CLEVELAND, 0., Oct. 9.—A great industry that has been slumbering all through the depression was to get off to anew start today when 1,000 home builders and land developers will meet here for the purpose of proving that American families are ready to spend probably $3,000,000,000 for new domiciles. The convention was called by men from various parts of the country who are chafing at the delay in obtaining government funds for financing home construction projects that are supported by “real orders” from the public, according to Don A. Loftus of this city, chairman of the new home builders and land developers committee. The meeting is to be held primarily to take a poll of the total applications for such loans that could be filed immediately with the R. F. C. and the public works administration in Washington, and Mr. Loftus says this sum will come close to $1,000,000,000. Then, if the billion dollars is used for first mortgage financing, another two billions will be spent to complete these projects, furnish, and equip them. Builders from cities throughout the country are expected to testify that they could provide immediate employment for thousands of building trades workers and open a market for home furnishings and equipment.

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OCtT. 9, 1933

FOUR CONCERNS TAKE SPACE AT PLANTCENTER Tenancy at Industrial ‘Capital’ Now Is 90 Per . Cent. Occupancy of the Indianapolis Industrial Center, located at Martindale and Nineteenth streets, now is at 90 per cent, according to Emerson W. Chaille, president of the center. Concerns which recently have leased quarters at the center are the Scott-Mitchell Screw Products Company, Op-Al Electric Manufacturing Company, Moran Electric Service, Inc., and the Indiana Gear Works. Firms Are Co-Operating The wide range of activities represented by the tenancy of the Industrial Center makes it possible for these firms in many instances to cooperate in work in each line, because they are located on the same grounds, Mr. Chaille declared. Only ten minutes’ drive from Monument circle, the various buildings of the center are connected by driveways, allowing trucks to contact with each unit. List Services Rendered Besides these facilities, the center is served by traction lines of the Indiana Railroad system and steam lines of the Nickel Plate railroad and the Belt railroad. Heat and watchman sendee are included in the services rendered tenants. The center is under the management of Emerson W. Chaille & Cos., the real estate management firm. Mr. Chaille serves as president of the Industrial Center, with L. J, McMaster as general manager. STANDARD OIL WILL START ADCAMPAIGN Renowned Champions to Be Featured in Drive. Renowned champions will be featured In pictures in anew advertising campaign the Standard Oil Company (Indiana) is launching in daily newspapers this month. The ads will show that champions are superior in not merely one or two qualities, but in all round ability. Following this text, the advertising message will point out the numerous championship qualities Standard Oil believes its superfuel has. Gene Sarazen, Bill Terry and Bill Tilden are champions in the sports world whose performances will be illustrated. Chicago's Century of Progress prize-winning baby and an international champion red Irish setter also will be presented in the series.