Indianapolis Times, Volume 45, Number 169, Indianapolis, Marion County, 24 November 1933 — Page 11

NOV. 24, 1933

RECOVERY PUSH SEEN IN U. S. GOLD PROGRAM Roosevelt Advisers Believe Policy Will Increase Buying Power. fit/ Srrtppi-ff nwanl \ rtr.pnprr VHnnrr WASHINGTON. Nov. 24—The Roosevelt gold-buying policy, now und"r attack, is viewed by the administration’s economic advisers as aiding the President's larger recovery plan. As seen by these experts, this is the situation: Gold-buying is a relatively inexpensive means of reducing the high value of the dollar in foreign exchange. This will increase the prices of exported commodities, notably cotton. Alone, however, this policy has had little effect on the bulk of internal prices. H"nee, it is seen as vitally necessary that the other phases of the recovery program be speeded up. The NRA has had some effect on prices, some of the increases outdistancing the added purchasing power. Further control measure* are planned. The AAA has moved directly in the farm situation, but not yet in any tremendous volume. The public works program, after several months' delay, is moving now, but its effects have not yet come to be felt generally. Money Action Necessary Action in the field of money also is held necessary if the depleted purchasing power of the country is to be restored. Bank deposits, credits, etc., which make up ninetenths of what the economists call our actual medium of purchasing, currency making up the rest, now are about 25 per cent under the predepression volume. Restoration of this is seen as necessary to take goods off the shelves, automobiles out of the showroom. At least three methods are available. One is the thawing of bank deposits by some such operation as the R F. C. already has started. The R. F. C. has bought some $60,000,000 in preferred stock of banks and $75,000,000 of other securities of banks for organization S' (r poses. ft would be possible for the government, for instance, to transfer assets of closed banks to operating institutions, with an issue of government securities to safeguard the receiving banks as to the frozen fraction. The slow and value-de-stroying process of liquidation usually followed in winding up a bank’s affairs would have a dangerous effect. Another Method Scanned Another method discussed would involve government credits for certain vital industries, such as construction. This would mean the advance of funds through banks on an operation which would provide a rapid turnover, multiplying the original amount on every turnover. A third possibility is actual expansion of the currency, probably through the process of dollar devaluation as authorized—up to 50 per cent—by the Thomas amendment. Most economists hold that this alone would not restore the price level and stimulate business enough for a sustained recovery. Many hold also that the fear of so-

Choose That GIFT From STANLEY’S ffl A Small Deposit Will Hold Any Article for Christmas Delivery! ■ • ' - —While my present storks ) - ,a st there will be positively no inerease in prices! ' . Pay Next Year! —stance* -U V^-v, _i “Bridal-Pair” 1 New Yellow or While Gold! Ww rivS* My N K -4 Regular $43.50 Value! Srjft.7s:r W 1J beautiful VKI w SY IHH s- if ' SI.CO a Week Will Do ,aire ' If Yok ('an Buy for Less Elsewhere — Vll Gladly Refund the Difference Give a “GrueiT Helbros Shock-Proof " ‘.lll v fain.-us Gruel,• r ■ s •J C known watch (t* t;.i F .ID a t the lowest w I F .JO Guaranteed - = prirpeV er I A—of course ... * X quoted ±. hd SI.OO A WEEK! 50c .4 WEEK! | 1 . -ye >v. “General Electric ” / % I n\\ RADIOS I t 11 A WEEK /AVI ■ Will buy this (ft; | j I Powerful Super--1 !' I. ■ Radio. . STOWS2^.9S 1-^ I m W. WASH. ST.

Aluminum Independents Win Battle for Delay

fiy T nitrd prr.9 WASHINGTON. Nov. 24—Independent aluminum fabricators scored a victory today in their NRA code fight against the Aluminum Company of America when the navydepartment agreed to defer until Dec. 27 opening of bids for $1,000,000 worth of aluminum. Independents charge they are

Gone, but Not Forgotten

Automobiles reported to police as stolen belong to _ _ O E Childs Lebanon. Ind., De Soto coach. 30-776. from in front of 1166 West Thtr”.-fifth streeAngelo Mintstrator 3053 Madison avenue. Ford coupe 44-694 from New Yorlc street and Capitol avenue. John Meagher Cioverdale. Ind Ford coupe from in front of Rilev hospital Leslie Smi-h. 1936 West Vermont street. Chevrolet truck. 1-919 from garage in rear of 1336 West Vermont street.

BACK HOME AGAIN

Stolen automobiles recovered by police below? to: E Cienier, 918 lowa street. Chrysler coupe, found in front of 320 East Ohio street. Fred Wilmoth. 1637 East Kelly street. Ford roadster, found at 1414 East Tabor street. Ernest A Schilling. 33 North Addison street. Chevrolet sedan, found on Trov avenue, stripped of three tires, battery and tools. George Wciser. 340 South Cole street. Ford coach, found at 1204 Paric avenue. COOUDGES' NEW BABY GIVEN NAME OF DOLL Christening of Toy by Grandmother Recalled. By Unitril Prr99 HOLYOKE. Mas s., Nov. 24 . Several years ago, Mrs. Calvin Coolldge, former “first lady of the land,” was asked to give a name to a doll that was being sold at a day nursery fair. In a sealed envelope, Mrs. Coolidge sent a calling card with the name “Cynthia” on it, and the doll was so named. This incident tvas recalled recently when her grand-daughter w r as born in Connecticut. The baby daughter of Mr. and Mrs. John Coolidge was named Cynthiacalled "paper dollars” would destroy the effectiveness of the move. But middle-of-the-road economists see in it a chance of restoring farm buying power if it is necessary. And i some impartial men fear that congress itself, with a reported majority for inflation, will make mandatory some even more drastic currency expansion. On the subject of prices, It is represented here that the President’s aim is not so much a particular high set of prices, but a readjustment. It. is pointed out that some prices, farm products | especially, react quickly to symptoms of a depression. Prices go down quickly, but the I farmer, under the old system, can l not reduce his output—as he is supI posed to under AAA. He must produce more or quit buying. But some industries, such as the automobile manufacturers and the steel makers, !in the past have merely reduced output, closed plants, and reduced pay rolls. Prices did not fall in | these lines as farm prices did. The double-barreled idea of the Roosevelt program to improve the low farm prices anti increase I the production of the fixed-price : industries. It was in the latter esI fort that Mr. Roosevelt personally | interceded to force down the fixed | price of steel rails.

precluded from bidding on the navy's order unril a code has been adopted for their industry containing rules of fair trade prices. The navy is permitted to use only American aluminum in the new destroyers and cruisers it "s building, and independent fabricators w-ill be forced to secure their raw material from the Mellon company, which has fabricating plants of its own. Independents are asking NRA to require that the aluminum company agree to charge them the same price for aluminum which its own fabricators pay. NRA conferences looking to agreement on a code are in progress this week.

f ILiL, SATURDAY B TJ 11 HO.TII Illinois STRUT I Hundreds of Brand New Coats and Dresses at New Low Levels JUST 300 NEW WINTER bH | COATS ~ ii ™~ COATS . n... i >. . I 458 DRESSES j Specially prepared for Saturday’s selling. Dresses for all occasions. . % I A s §■* gk my Each a copy of a higher priced frock. Sizes 12 to 20 and 38 to 46. "'ft Jf b LA IO dAv Y\. They were made to retai^at and $ 7 - 98 - % -M I SPORT COATS -ON SALEweather. Several law •iySjfl smart styles to <9 Br 9a *jr JF Y labk A rag! wimk choose from. Sat- MR MuraL flHk 'jnL SALE OF HATS -f bmck v Wr MESPI FFI ( ray •■Sail \ are complete. You’ll want more LLL CjKAi A iP** than one at this price. i DRESSES DRESSES Mg l V 1 de they last. 100 fall dresses, I Street, sport all day, afternoon f IB* silks, rayons, knits and wools. and dinner frocks. Sizes 14 to 20 -Wm - Wool crepes! Shaggy woolens! Velvets! to Felts! Vagabond brims, shallow sailors, s' smart turbans and visor brims. f mSSmSSB IyS m

I.n—HIM- - .... THE INDIANAPOLIS TIMES

MINIMUM PRICE ON CLEANING OF i CLOTHES IS SET NRA Action Coincides With Demands for Better Consumer Aid. ! Py firrippu-Hotrnrd Xetcspaprr AJUnnce WASHINGTON, Nov. 24. NRA announcement of a scale of minimum retail prices for cleaning and dyeing most articles of clothing coincided today with two public de- | mands for better consumer protec- ! tion against high prices. Administrator Hugh S. Johnson j has approved price schedules as submitted by the industry's code au-

thority for 212 of 310 trade areas In the country. The prices range from 65 cents in Alabama up to $1 in California for cleaning and pressing men's suits and women’s plain dresses, with other charges in proportion. General Johnson, announcing the prices would be effective for thirty days, subject thereafter to further study and a hearing on Dec. 18. defended this first actual imposition of fixed prices as necessary to end price wars which have demoralized the industry. He blamed these price wars on large-scale racketeering among cleaners and dyers, and said that in some cities the price for cleaning and pressing a suit or dress has been forced from $1.50 down to 20 cents. , Government representatives on the cleaning and dyeing code authority had not been appointed when the industry drew its price schedule, but probably will be named soon so that they may observe its operation during the trial period. The consumer's plight in the face 1

lof rising prices was cited today by two economists. F. J. Schlink and Stuart Chase, as critical. Mr. j Schlink. technical director of a coni sumer's service which conducts re{search into prices and quality of j trade-marked and other products, 1 wTOte an open letter to President Roosevelt charging that NRA coni sumers’ advisory board is powerless, dutyless, and barred from “direct or sure access to the press or other channels of publicity." He proposed formation of a department of the consumer, to coordinate and use for public welfare the bureau of standards, the bureau of mines, the food and drugs administration, and similar fact-finding agencies. Stuart Chase, in an article in Scribner's magazine, proposed formation of a whole economy based on consumption rather than production. If the present productive system j remains. Mr. Chase said, the con- | sumer must be financed. He suggests j three possible methods: Straight rationing of food, shelter, clothing

and other necessities; corporate monopolies fprobably governmental) guaranteeing a specified high standard of firing to every one. with reinvestment of savings barred: or "consumer dividends"—free services provided *bv the state to all. NEWSPAPER MEN MEET Indiana Editors Will Discuss Cod" at Bloomington. By Time* ‘Special BLOOMINGTON. Nov. 24.—A group of Indiana newspaper editors will meet here at 10 tomorrow to discuss the proposed NRA code for the printing trade. Principal speaker will be J. S. Hubbard, managing director of the new Hoosier State Press Association. A high explosive factory has been opened at Piquete. Sao Paulo, Brazil, which country plans to cancel all munition orders placed in Europe.

PAGE 11

WOMAN * FOUND DEAD Muncie Fatality Is Blamed on Drinking Spree By Ttmrt Sprrinl MUNCIE. Nov 14.—Acute alcoholism today was blamed for the death of Della Emery. 48, Hartford City, found dead in bed here yesterday at the home of Mr. and Mrs. Neve Dunnagan. Companions told Dolice she and they had been on a drinking party the night before, and had put Miss Emery to bed to “sober up." In the Amazon River, the tide rolls the water backward for 500 miles. M\C*S COUGH D/fQp .. . Real Throat rehef! I Medicated with ingreii- j ents of Vicks Vapoßub I