Indianapolis Times, Volume 46, Number 84, Indianapolis, Marion County, 17 August 1934 — Page 14

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BUSINESS LOAN LAG IS BLAMED ON RIGID RULES Restrictions Cause Private Industry to Avoid Fed- _ era! Aid. By I hit'd Prr.s WASHINGTON, Aug. 17.—Rigid requirements were disclosed today a' causing a heavy lag in the administration* half-billion dollar program for loans to private industries. Less than 12 per cent of the $580.000 000 approved during the closing days of the last session of congress has been allotted to industries during the first two months of the program Chairman J*vse H. Jones of the Reconstruction Finance Corporation said his agency had made ninetyfour loans totaling $7.000 000 thus far of the S3OO 000 000 allotted to him. I>rr. 31 Is Deadline The federal reserve board, which has S2BO 000.000 to pass out. has made 204 loans of $214,000 Under the law the loans must be j made by Dec. 31 1934 Proponents of the program are disappointed at slowness of distribution. Many businesses, it was explained, | are desirous of loans, but they can | not meet the rigid requirements. Must Show Solvency Restrictions causing trouble are requirements for current bank interest rates, posting adequate security and proving that banks will not loan them money. Another difficulty is that appli- j rants must prove that the loans will i be spent to increase employment and j show that they are solvent. Twenty federal reserve loans have ( been made in the New York dis- j trirt 37 in Philadelphia. 35 in At-j lanta. 101 in Chicago. 2 in St. Louis. | 13 m Minneapolis. 3 in Kansas City; and 3 in Dallas. LEA OF NRA TO RETIRE. JOHNSON ANNOUNCES Last of “Four Horsemen’’ of Recovery Quits. Hu I H n•<! Press WASHINGTON. Aug. 17— Colonel Robert W. Lea. uast of the original ' Four Horsemen" ow the NRA. will retire into private life next Tuesday. His resignation was announced by General Hugh S. Johnson. It takes from the recovery organization one j more of the chief executives who j earned on the early code-making j drive. Colonel Lea was assistant | administrator for industry. AUTO REBUILDERS TO HOLD CONCLAVE IN CITY Invitation Kxtended to Members by Local Bureau. The national convention of the j Automotive Engine Rebuilders A:;-i sociatmn w ill be held in Indianap- j fHt, May 27-30. R. G. Patterson, ex- | ecutive vice-president, announced today. The invitation was extended by the Indianapolis Convention and i Publicity bureau and a committed! representing the Indianapolis Auto- i motive Wholesale Trade.

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Hardest Working of World Leaders — Pope Pius —Rests From Arduous Tasks

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Making history by taking a summer vacation outside the Vatican, Pope Pius XI is shown at left as he appeared on the baleonv at Castel Gandolfo to greet residents of tne region. In the portrait at right he gives an appearance of physical vigor despite his many years of pontifical labors.

Church’s Supreme Head Known as Most Tireless of Earth's Leaders. BY MILTON BKONNER Ni:A service Staff IVritrr. LONDON, Aug. 17.—The hardestworking of the world's elder leaders at last is taking a history-making vacation that his physicians have urged upon him for many years. He is 77-year-old Pope Pius XI. His vacation spot is lovely Castel Gandolfo, fifteen miles from Rome. And his vacation is historic in that he Is the first pontiff since 1870 to step outside the Holy See to spend a prolonged holiday’ at a point removed from it. Probably not until the middle of September will he return to Vatican City and resume the always-arduous tasks that await him there. The pope, besides being the temporal sovereign of ilie Vatican state, is the spiritual head of the strongest Christian community—33o,ooo.000 persons scattered in every country and cornpr of the world. Being the supreme pontiff, not only must all knotty religious questions in the church come to him for final settlement, but the political problems which arise are endless. Since his advent to the papacy twelve years ago, there have been the difficult wars between church and state in Mexico and Spain, the question of a concordat with Nazi Germany and many others only slightly less complicated. The result is that the pope's day is probably the longest of any man of world-wide fame. It begins shortly after dawn and often ends only at 2 the next morning. It starts with prayer and ends with prayer. Between times, there are all the multifarious papers dealing with; church matters, the audiences to cardinals, priests and laymen from all over the globe, the great stately ceremonies in St. Peters, with only brief breaks tor the simplest of meals, a walk in his lovely gardens

I and a snatched hour for reading and resting. In the last sixty years there have been scholar popes and peasant popes, but none exactly like the present one—the scion of a silk manufacturing family, educated for the priesthood. In the days before his vastest responsibility he became famous as librarian, linguist, writer, moun-tain-climber and church diplomat. As legate in Poland, he witnessed the scenes of terror in Warsaw when the Bolshevik armies came near capturing the capital and was one of the few diplomats who did not desert the threatened city. Settled Dispute With Kings The outstanding event of his career, so far, has been the signing of the Lateran treaty with Mussolini five years ago. This ended an intense bloodless war which had been existing between the Vatican and the Quintal —the palace of the Italian kings—since 1870. When the Italian armies entered Rome and made that city the capital of the kingdom, depriving the pope of his standing as a temporal ruler, the then pontiff made himself a volunteer prisoner in the Vatican. All official relations between him and the king ceased. Every pope, who came after, followed the same line of conduct. Pope Pius XI and Mussolini, by the Lateran treaty, ended all that. The territory around the Vatican and St. Peter's was made the Vatican state. The pope is its temporal ruler. It has its own flag, postage stamps and coins. Papal territory also is the Castel Gandolfo, fifteen miles away, where the pope is taking his rest. He has made history by being the first pontiff to do a great many up-to-date things. Some Papal Firsts He is the first pope who saw London from the top of a bus—this occurring when he was a

THE INDIANAPOLIS TIMES

monsignor doing library research work in London, as well as at Oxford and Manchester. He is the first pope to own his special railway train which runs from his own railway station on his own little railway track within the Vatican state. He is the first pope to make use of a private automobile, which is his own property. He is the first pope with his own broadcasting station from which he has spoken to all the world. He is the first pope even to have given a reception to all the representatives of the press “covering” Rome and the Vatican for the newspapers of the whole world. And he is the first pope ever to have invited the diplomats, representing all the modern world, to a luncheon party. He, of course, did not sit with them at meal, as he eats alone, but he mingled with his guests afterwards. YOUNG BRIDE IS HELD WITH MATE AS FORGER Kentucky Girl Shocked to Learn Husband Has Police Record. By United Press NEW YORK, Aug. 17. The girl [ who was Marie Flanagan of Padu- J cah, Ky., before she eloped last De-! cember with the impressive Louis j Giraud, 43, wished today she still was just plain Marie Flanagan. Marie, 20, did her wishing in a jail I cell. Behind the bars in another j jail, her husband, with whom she is j accused of forgery, spent his time j making flippant comments about “police inaccuracy.” Giraud, forger of international re- I pute, has been arrested seventeen | times. His wife was both surprised | and shocked. “When I met him he told me he was a phys.’Cian and a graduate of McGill university,” she said.

N. Y.-MOSCOW PLANE READY FOR LONG HOP Pilot to Arrive Within Week to Ask Delivery of Ship. By Scripps-Tl ovrnrd .V etrspnprr AUinnrr GLENDALE. Cal., Aug. 17. George Hutchinson, president of

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the New York-London-Moscow Airlines, Inc., will arrive here within a week to claim delivery of a transport plane being built for a projected New York-Moscow flight, the Airplane Development Corporation announced today. Tlie plane, a single-motored, lowwinged monoplane, was taken for a first test flight last night and performed satisfactorily, its builders said. It has a Wright Cyclone engine and is capable of a cruising speed of 215 miles an hour and a top speed of 235 miles an hour. Its cruising range is 2.500 miles. The plane carries a pilot, co-pilot, a radio operator, two passengers and facilities for 500 pounds of baggage. Mr. Hutchinson will pilot it on the projected Moscow flight.

GOVERNMENT IN INDUSTRY HIT Competition With Private Business Flayed by Economists. I By Unit< <1 Press j JOHNSONBURG N J., Aug. 17. Government competition with private business, the “spoils system" in American politics and federal duplication of existing utility facilities

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j were attack'd trd j v at th* fouri.i annual | Steven $ livtitu;? of Technology. Dr. Warren M Persons, fornv'r professor of economics at Harvard : university, said the standard of efficiency of government construction and operation of business falls ,hort of the accepted standards of | private Industry. We can not expect efficiency in government administration of business." he warned, "unless anew •pe of public leadership develops whirl\ depends upon the efficiency of ns public service, rather than upon its ability to award patronage as me basis for its power. Efficiency under tlie spoils system is unlikely of | a.iaaim.'in. £