Indianapolis Times, Volume 45, Number 245, Indianapolis, Marion County, 21 February 1934 — Page 4

PAGE 4

OPEN CAPITAL MARKET, SAYS BANK COUNCIL Federal Reserve Advisory Group Is Optimistic Over Business. • By Vni'f't fr. ** WASHINGTON. Feb. 21 —Federal advisory council members returned to thf ir districts today in an optimistic mood, pledging support of the bank.. to the government's n covery program and suggesting new tops to promote business act.vity. The council, selected by the twelve regional reserve banks to supply advice to the reserve system, comits quarterly meeting yesterday more optimistic than at any time sine* the start of the depression. The organization is one of the mo : important banking bodies in the United States. Details of the gathering were supplied by Federal Reserve Governor Eugene R Black, who stated that the members were in favor of a modification of the securities act of 1933 in order that the capital market may be reopened and business supplied with the necessary funds to carry on the recovery program. Improved Business Reported The members, Mr. Black said, reported large improvement” in business conditions in various parts of the country and increasing bank deposits in all banks not only because of government expenditures through different channels but a “real upturn ” in business conditions. “My personal opinion,' Mr. Black said, “is that we must open up the capital market if we are to have real recovery. We've got to get 6.000.000 men back to work.” Among modifications suggested by th<- advisory council in the securities act vias reduction of the present almost unlimited liability of corporation directors in flotation ol securities issues. Mr. Black said the advisory council was in favor of his intermediate credit bank plan for direct loans to small businesses under the direction oi the federal reserve banks. Favor Long-Term Securities Under this plan intermediate credit banks would be set up in each of the federal reserve bank and branch cities and relatively long-term capital loans made directly to small business. Members of the council were generally pleased with the fiscal program of the federal government, particularly the ability of the treasury to borrow large sums of money at relatively low rates of industry. The council believed that even longer term securities could readily be sold by the government and believed an adoption of this program would prove successful. WASHINGTON DANCE SET Beth-EI Men's Club to Sponsor Event at Kirshbaum Center. The Both-El Men's Club will hold a Washington dance Thursday evening; at the Kirshbaum center. The main and auxiliary auditoriums will be used. Jack Klapper is chairman. David Sablosky is president of the club. J. A Goodman is president of the temple.

Motoristsp 4 1 M j-k t CUT YOUR MOTORING 10 COLO MOTOR STARTINGS COSTS—Given in this Book USB UP AS MUCH GASOLINE AS “ Cr ORDINARY driving get YOUR COPY TODAY! t —Xo Obligation CAN YOU ANSWER 0 Here’s the Thrift Fuel for modern motor- THESE QUESTIONS? if What are the 14 ways to cut gasoinq . . . 1934 Purol-Pep. More than just ,ine consumption and increase a r ' motor efficiency? • . P , | , - . . * Can you tell 6 steps to insure gasoline. A scientific blend of all the ele- quicker starting and lessen drain on your battery? ments essential to maximum motor effi- * What proportion of gasoline and oil expense on a pleasure car can be deducted from income tax? Why? ciency. An anti-knock, quick-starting, , . • Stop the money-wastes in motoring (there are scores of them) and you cut hiqh-power, economical motor fuel. Just motoring costs. This book tells hou--3 ' simply and clearly. It means money in your pocket. But the supply of these sdv,"Purol-PeD"atstations displaying the * limited. Get your com Pu- ’' * mentarv copv today at the nearest station displaying the PURE seal sign, or PURE seal sign for more "go" per gallon. write The Pure Oil Company, Chicago. •^ 5 Tune In Puibl-PEP :j§l B ' ; ar The Thrifty 1934 GASOLINE ,HSli ZZSZSiII A PURE OIL- COM PANY PRQDUCT

.A m erica Must Ch oose—

Agriculture Must Cut to Meet Domestic Need United States Exportable Crop Surplus Production No Longer Has Effective Foreign Market.

BY HENRY A. WALLACE Srtrftary of .Xrriculture FACING DISTASTEFUL FACTS

w w te went into the World war owing other natoins $200,000,000 anW nually on interest account, and came out with other nations owing us $500,000,000 annually. Moreover, the production of our farms and factories was enormously stimulated during the war. Our financial and political leaders tided over the situattion. or glossed it over, by maintaining a false market for our surpluses abroad.

To do so. we loaned an average of more than 500 million dollars a year to foreign countries. While this false foreign marke t for American exports wase being maintained, congress, amid general consent, twice raised tariffs. Schedules were raised in 1922 and again in 1930. From 1926 on it became increasingly plai nthat modern technique applied to agriculture and to the production of other raw materials was heaping up a world-wide oversupply. World overproduction played an important part in the ever-descending spiral which began in 1930. a a a the present administration came into power on March 4. 1933, it had been for several years apparent that there is no longer an effective foreign purchasing power for our customary exportable surplus of cotton, wheat, lard and tobacco at prices Inch enough to assure social stability in the United States. It was apparent that more than forty million acres of American soil were producing material which could not be consumed within the country, and which could probably not be consumed even were all our industrial pay rolls again to blossom magically to the pumped-up boom-time levels of 1929. It was apparent that, with things as they are and with our inherited attitude as to tariffs, it would be impossible to re-establish a large American trade abroad at once, or in the next fe wyears. Accordingly, the present administration is conducting an orderly retreat from surplus acreage. In essence, it is a program of governmental adjustment payments to co-operating farmers, rewarding a co-operative adjustment f acreage pro-rata, farm by farm. In the administration of this and of auviliary or fortifying measures, the Farm Act of May 12, 1933 gives us wide permissive powers. Os the present congress (1934), we shall probably ask amendments permitting an even wider, and far more selective, retirement of acreage on a more permanent basis. a tt a AT present none of our production schedules for export crops will be adjusted to a strictly domestic basis. Our foreign trade in these crops has very seriously dwindled, but we still have foreign customers for cotton, tobacco and certain foodstuffs. We want to keep that trade is possible and get more foreign trade if we can. Our immediate effort is to organize American agriculture to reduce its output to domestic need, plus that amount which we can export with profit.

Our adjustment program must in its very nature be kept elastic. If or when world trade revives, we still can use to excellent advantage our new social machinery for crop control. We can find out how much of our crops they really want in other countries, and at what prices then we can take off the brakes and step on the gas a little at a time, deliberately, not with the reckless disdain to world traffic signals that we exhibited in years past. By the end of 1934 we shall probably have taken fifteen million acres out of cotton, twenty million acres Cmt of corn, and about half a mililons acres out of tobacco. Add to that the seven and one-half million acres that we used to sow to wheat and now shall not, and you get a total of forty-three million acres which may be no longer planted to our major export crops. Forty-three million acres is nearly one-eighth of ail the crop land now harvested in the United States. a a a WE do not claim that the action taken under the Agricultural Adjustment Act or the National Recovery Act, or any other of the emergency acts, helpful as they may have been temporarily, constitute a fundamental plan for American agriculture. What we have clone has been frankly experimental and emergency in nature, but we are working on somethin gthat is going to be permanent. We are well aware that our present machinery for production adjustment may not be at all like the machinery we shall have to design and operate for the longer future. Using government money derived from processing taxes, we have asked the voluntary co-op-eration of the American farmer in making emergency adjustments to present world conditions. Thus Ve are sparring with the situation until the American people are ready to face facts. The bare, distasteful facts, I mean, on such matters of policy as exports, imports, tariffs, international currency exchange, export quotas, import quotas and international debts. These are the weapons of economic warfare which are more deadly than artillery. These economic weapons are so subtle that they have a nasty way of bouncing bac kon yo uwith redoubled force when you think you are using them against the enemy. Fundamentally these wepaons are spirtual in nature, although this is not recognized by business men and by very few statesmen. ... Tomorrow Agriculture Plays • Esau

THE INDIANAPOLIS TIMES

FASCISM MAY SUCCEED NRA, SAYSTHOMAS New Deal Labeled State Capitalism in Talk by Socialist.. By United Pngs KANSAS CITY, Mo., Feb. 21. The new deal was described as state capitalism “which possibly may be succeeded by Faascism’ by Norman Thomas, socialist leader, in an address here last night. Although praising President Roosevelt as "the most admirable person we have seen in the White House in many years, Mr. Thomas criticized the adricultural adjustment act and discussed URA'S limitations. “The slaughtering of little pigs and the paying of government subsidies to men who will, fail to raise crops is against human history and illogical." Mr. Thomas said. “By reducing acreage the government has thrown some 800.000 share farmers and farm laborers out of work. “The national recovery act is a misnomer. It implies we have something to recover. We can not go back to those good old days of a Puritan ruler in Babylon—when 4,000,000 men were out of work and the average income was $1,280 a year.” Chiseling. Mr. Thomas charged, is more common under NRA codes than “bootlegging was under prohibition.”

Gone, but Not Forgotten

Automobiles reported to police as stolen belong to: _ , _ . Red Cab Company. Ford sedan. Red Cab No. 138. from Rhodius park. C C. Holv. 1009 Churchman avenue. DeSoto sedan. 594-476. from in front of 326 North Illinois street. Sam Ross, 139 West Fifteenth street. Ford coach. 39-253 from Indiana avenue and North streets. Isaac Gees'. R. R. 10. Box 357 B. Roosevelt sedan. 104-285. from Ohio and Meridian streets.

Figures that Speak The Metropolitan Life Insurance Company presents figures from its Annual Statement f0r1933 and makes comparisons ivhich show how the Company has carried on during the five difficult years since 1928 9 THROUGHOUT a period of almost unparalleled ($1,000,000,000) in the assets held for future distri-world-wide depression the institution of Life bution to themselves and their beneficiaries. Insurance in America has furnished an example Aft a nt>durin g that period,ofmore than Four of achievement that wins admiration wherever it Hundfed and Fifty Million Dollars ($450,000,000) is understood. by way 0 f dividends to policyholders, the ComBetween January Ist, 1929 and January Ist, 1934, pany’s surplus was increased by more than One the Metropolitan Life Insurance Company, which Hundred Million Dollars ($100,000,000). insures the lives of more than 25,000,000 persons—nearly one-fifth of the total populations of the These figures, of one company alone, are striking United States and Canada—paid to its policyholders evidence of the reliance which the people ot the and their beneficiaries more than Two Billion Dollars United States and Canada place on the security ($2,000,000,000). and Protection of life insurance. During the same period, its policyholders con- Life Insurance is the most effective and satisfactory tributed, through their premium payments, toward means of providing for the future of ones self and the increase of more than One Billion Dollars one’s dependents. December 31, 1928 December 31, 1933 Increase in Five Years Assets $2,695,475,965.64 $3,860,761,191.39 $1,165,285,225.75 Statutory Policy Reserves •••••• 2,374,118,707.00 3,358,462,467.00 984,343,>60.00 Other Liabilities 161,281,258.71 216,175,691.68 54,894,432.97 Surplus, including Contingency Reserve . 160,075,999.93 286,123,032.71 126,047,032.78 Insurance in Force . 16,371,956,002.00 18,802,984,818.00 2,431,028,816.00 During the year 1928 During the year 1933 Total for Five years Dividends paid Policyholders ..... 67,904,719.32 101,/90,036.56 450,608,045.72 Total paid Policyholders and Beneficiaries (including Dividends) ....... 283,396,831.69 572,6/9,580.80 2,319,359,211.70 Report for the Year Ending December 31 , 1933 (/ accordance with the Annual Statement filed with the New York State Insurance Department) Assets $3,860,761,191.39 Life Insurance Outstanding ..... c# Ordinary Insurance $9,936,236,416.00 Liabilities Statutory Policy Reserves $3,358,462,467.00 Industrial Insurance (premiums Reserve for Dividends Jf payable weekly or monthly) . . . 6,424,469,056.00 payable in 1934 upon __ Group Insurance ........ 2,442,279,346.00 Industrial Policies $45,232,899.00 /Ml Total Insurance Outstanding. . . .$13,802,984,818.00 Ordinary Policies 48.188,333.00 F-TSi / Accident and Health Policies . . 1,809,000.00 Policies in Force (including Total Reserve for Dividends . . 95,230,452.00 fgl 1,352,614 Group Certificates) ,41,660,510 All Other Liabilities 120,945,239.68 fflgSi Contingency Reserve 43,000,000.00 50; 'sfl Paid-for Life Insurance Issued, Revived and Increased in Unassigned Funds (Surplus) . . . 243,123,032.71 |||| 1933, $3,174,994,475. Ordinary $1,583,300,706; Industrial, $3 860 761 191 39 $1,505,470,439; Group (excluding Increased) $86,223,330. Increase'?^Assets "during 1933 '. ". ". Su 1111 Accident and Health Insurance Outstanding increase in As.ets curing m ||iS Principal Sum Benefit $1,213,622,700.00 Note —The values used for stocks and for bonds not subject to amortiza- *** Weekly Indemnity 12,536,918.00 tioo are those furnished by the National Convention of Insurance Commissioners. On the basis of market values, as of December 31, 1933, Bjj of stocks and of bonds not subject to amortization, the Total Assets JgJL Tl Dividends Paid tO Policyholders tO date plus are $3,837,723,706.21, the Contingency Reserve $19,962,314.82 and the SE||i§ . JO U tQIR 17 n 17 Unassigned Funds (Surplus) $243,123,032.71. declared for 1934 $918,472,210.17 This is a mutual Company. There are no stockholders . All of its assets are held for the benefit of its Policyholders . METROPOLITAN LIFE INSURANCE COMPANY - NEW YORK FREDERICK H. ECKER, President LEROY A. LINCOLN, Vice-President and General Counsel

WEDDED FIFTY YEARS

1% jBFPc .'A/,

Mr. and Mrs. Daniel Freels, 1241 South Pershing avenue, celebrated their fiftieth wedding anniversary last night at the home of a daughtei, Mrs. Montie Wolven. Mars Hill. Mr. Freels is 77, and his wife is 69. They have lived in Indianapolis for twentyone years. Five children and many relatives and friends assisted them in the celebration.

T. E. SIMS TO TALK TO ‘Y’ DISCUSSION CLUB Impending World Events Will Be Topic at Dinner. The Young Men’s Discussion Club of the Y. M. C. A. will hear an address on "Impending World Events,” by T. E. Sims. Elkhart, at the club dinner today. The dinner program will mark the twenty-fifth anniversary of the Y. M. C. A. in its present building. Edward Voges will preside and the Y residence council, of which Jack Barrow is president, will be special guests.

RAFT VOYAGERS TELL NEW YORK OF SHARK FIGHT Young Castaways in Port After Exciting Sea Adventures. By United Pr- gg NEW YORK, Feb. 21.—Jithn Pfizer, Oklahoma City youth who with a companion preferred to risk death in shark-infesteds water to the prospect of a jail term, today recounted his adventures on a makeshift raft off the west coast of Mexico.

Young Pitzer. who is 19, and Arthur Martin, 27, a native of Riga, Latvia, arrived yesterday on the liner Santa Elena which rescued them after they had been adrift nearly two days. Martin was held for questioning by Ellis island authorities. Pitzer was released. The Oklahoman related that he and Martin stowed away aboard the Japanese freighter Kurama Maru at Galveston on January 25. A day later, as the vessel was passing through the Panama canal, they were discovered and put to work on deck. Then they learned the freighter was planning a stop at San Pedro. Cal., before proceeding to China. Fearing jail, the stowaways contrived a raft out of five six-foot planks and two heavy timbers. They put it overboard on the night of Feb. 5, when they thought they were within paddling distance of the Mexican coast, and leaped in after it. That night and all the next day and night they drifted. A half dozen sharks swam around them. When the Santa Elena hove into view on the morning of Feb. 7, Pitzer, nearly exhausted, hailed her. The castaways were taken aboard, and locked in the brig. Mariners familiar with the currents off the Mexican coast said the raft would never have reached land.

HOME EXPOSITION SET Directors Ask Exhibitors to Meeting on Plans March 1. Members of the board of directors of the Home Complete Exposition

Thousands have Ended their Bowel Worries by taking this advice!

Can constipation safely be relieved? ‘‘Yes!” say medical men. “Yes!” say the many thousands who have followed their advice and know. You arc not likely lo cure your constipation with salts, pills, tablets or any of the habit-forming cathartics. But you can safely relieve this condition by gentle regulation with a suitable liquid laxative. THE LIQUID TEST: First: select a properly prepared liquid laxative. Second: take the dose you find suited to your system. Third: gradually reduce the dose until bowels are moving of their own accord. Simple, isn’t it? And it works! The right liquid laxative brings thorough bowel action without using force. An approved liquid laxative (one which is most widely used for both adults and children) is Dr. Caldwell’s Syrup Pepsin. It is a 1 doctor’s prescription, and perfectly safe. Its laxative action is based on senna, a natural laxative; the dose can be measured, and the

Wl DOOUAAT

FEB. 21, 1934

which will be held in April in the manufacturers building in the state fairgrounds have invited exhibitors who have taken space for the event to meet with them at a luncheon March 1 in the Columbia Club.

action thus regulated to suit your individual need. If there are children in your household, don’t give them any fad form of laxative, hut ise a healthful. helpful preparation like Dr. Caldwell’s Syrup Pepsin. Its very taste will tell you it is wholesome, and agreeable to the stomach. Delightful taste, and delightful action; there is no discomfort at the time, or after. Ask your druggist for Dr. Caldwell’s Syrup Pepsin, all ready to take.

A Frank Statement Concerning Dr. Caldwell's Syrup Pepsin \Ye believe the use of pills and tablets containing mineral drugs is rapidly giving way to gentle regulation of the bowels with a liquid laxative. YVe believe Dr. Caldwell’s original prescription of fresh herbs, pure pepsin, and senna is the ideal family laxative. And we know it is a safe, preparation for children and expectant mothers because it does not cause bowel strain or irritate the kidneys.