Indianapolis Times, Volume 46, Number 156, Indianapolis, Marion County, 9 November 1934 — Page 40

PAGE 40

FOREIGN TRADE 1$ CALLED KEY TO PROSPERITY Author-Economist Declares Government Aid Is Limited. Only an inconceivably great foreign expansion would help United State* prosperity materially and such expemuon would increase the threat of anew world war. Lewis Corey, author and economist, today told the World Affairs institute of •he Indiana Council on International Relations. Speaking at a luncheon-meetmg at the Y W. C. A . 329 North Pennsylvania street, on the topic "The Economics of Prosperity." Mr. Corey, who recently published 'The Decline of American Capitalism.’’ hailed by both literary critics and social observers as an outstanding work said that "recovery m the United States and abroad has not moved on to prosperity despite all government efforts ’’ Prosperity, he declared, depends upon an increasing output of capital goods. Equilibrium Is Cpset Activity in the capital goods insustains prosperity in two ways, creating purchasing power in the form of wages and part of salaries and profits and permitting the conversion of profits into capital, or capital investment whose output itself creates new purchasing power and increases markets. Mr. Corey said. The speaker explained that because of an overproduction of capital arising out of disproportionate rise* in profits, capital values and consumer purchasing power, the equilibrium of prosperity is eventually upset and depression sets in. A point is reached, he said, where the accumulation of new goods throws products upon saturated markets which can not buy them, the con>equent decline in demand resulting in a fall in employment and wages in the capital goods industries with this restriction of purchasmg >% power resulting in lessened demand for the output cl consumption industries, accompanied by a fa!P*n wages and employment. Gradually an cquilibinim is restored, he continued, on a lower level. A shortage sooner or later arises in the form of unpostponable replacements because industry - restricts its demand for capital goods, he explained. The demand for replacements stimulates a revival in the capital goods industries. The stepleading to depression are retraced and business moves toward recovery. he said. No New Industries Developing Mr. Coreys contention was that prosperity ran sweep onward only j if the output of capital goods is increased by expansion of old and new industries, especially the latter. The whole history - of prosperity since the Civil war shows that its major sustaining force is the devel-

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NEW PROSECUTOR

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Herbert M. Spencer Defeating his Republican opponent. William Henry Harrison, by a vote of 2 326 to 77.723. City Attorney Herbert M Spencer was elected Marion county prosecutor in Tuesday’s election. I c-pment of new industries—for example. railroads, electric power, automobile* and the movies, he declared. The major factor now hampering recovery’ and prosperity is that fact ; that no new industries are developing capable of stimulating an in- . creasing output of capital goods. Mr Corey said. Another factor impeding recovery and prosperity is the world situation which shows foreign trade and export of capital on unparalleled low levels, he added. Because of these basic factors, the efforts of governments artificially to stimulate recovery and prosperity necessarlv must be limited in results. said Mr. Corey, adding that unless prosperity revives fully in response to underlying economic forces, there eventually must come a crisis in government finance and an increase in the pressure for currency infiaton. Such inflation. Mr. Corey declared, would prove disastrous, as. like the use of dope, it would require larger and larger doses. The sentiment that the only way out of the depression is by means of foreign expansion is becoming stronger, he said, protesting that only an inconceivably great foreign expansion would materially help prosperity in the United States, because of the greatness of its economy. Moreover, he concluded, even if foreign markets should revive substantially. other industrial nations want them and international rivalry and imperialism would become stronger and more dangerous, increasing the threat of anew world war. To combat the possibility of w’ar. the World Alliance for International Friendship, in co-operation with the Indianapolis Church Federation, was to launch a peace drive this afternoon at St. John’s Evangelical church where Harry N. Holmes, New York, alliance field secretary, was to address the Federated Church Women’s conference. Dr. Henry A. Atkinson, alliance general secretary, will speak before the International Relations Club. Indiana university, tonight and Mr. Holmes will speak at the regular service at the Hebrew temple at the same time.

PROCLAMATION URGES SUPPORT OF RED CROSS r~ Mayor Sullivan Sets Aside Nov. 11-29 for Annual RoH Call. A proclamation commending to the people of Indianapolis the annual Red Cross membership campaign was issued today by Mayor Reginald H. Sullivan. The text of the proclamation reads as follows: "As mayor of Indianapolis. I hereby designate the period from Nov. 11 to Nov. 29 as a time given over to a review of the work of the American Red Crass and its value to the community; and I also set it aside as a time for the annual enrollment of members for the coming year. "This office is in touch with the needs of thase who have been affected by the depression of the last few years, and we have seen the ready response of the Red Cross to meet those needs. "The organization s program is so flexible that it meets emergencies and disasters of all kinds; it has also a permanent structure that is being built up year by year, to study means through which epidemics and disasters may be prevented. This community needs the permanent structure of the Red Crass as it needs the expert service which is at our command to meet whatever emergencies the 1 coming year may bring. "I therefore call upon former members of the Red Cross to reno; i their memberships during the roll call this year, and urge those who j never hitherto have been members to enroll their names with those j who are fighting disease and disaster and need under the banner of the American Red Cross.” REPEAL WINS BY 30.000 South Dakota Ousts Dry Law by Heavy Majority. lift I nihil Hr ms PIERRE. S. D.. Nov. 9—Complete returns showed today that South Dakota had voted for repeal of its state liquor laws by a 30,000 majority. Liquor will not go on sale here, however, until after the legislature meets in January and enacts a control system.

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THE INDIANAPOLIS TIMES

WINS COUNTY OFFICE

' ? ,qg|H i, ‘0

Clarence I. Wheatley

Marion county’s new commissioner from the Second district is City Councilman Clarence I. Wheatley, Democrat, who, with a vote of 90.226. won over his opponent Harmon A. Campbell, who polled 76.627 votes.

2 HOMES IN CITY ARE DAMAGED BY FLAMES S7OO Loss Is Suffered by Owners of Residences Here. Two fires shortly before noon today resulted in S7OO damages to residences at 614 Praspect street and at 425 Centennial street. A blaze at the Prospect street address caused SSOO loss to property ox Henry Sponsel. The second fire, caused by sparks on the roof, resulted in S2OO damage to the home of Mrs. Mabel Humphrey, 425 Centennial street.

T h o

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TED BALKO, 27, WINS NATIONAL HUSKING TITLE Minnesota Farmer Takes U. S. Crown With Net of 25.786 Bushels. BH l niti‘l Prrss FAIRMONT. Minn., Nov. 9 Bronzed and rangy, Ted Balko, 27-year-old farmer of Redwood Falls, Minn., stood out today as the pride of the corn belt, the champion husker of the nation’s finest farmlands. A bachelor, modest and unassuming. Mr. Balko looked upon his national husking crown today as the reward of years of effort. Mr. Balko, whose net. after deductions were made for husks, gleanings and ears that missed the wagon, was 25.786 bushels, replaced Sherman Hendricksen. Eagle. Neb., as national champion. When Mr. Henricksen won last year he husked 27.36 bushels. A crowd of 70,000 saw the contest. Airplanes do not have speedometers. but air speed indicators, which record the speed of the plane relative to the air

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Vernon Girl Dies of Injury V SEYMOUR. Ind , Nov. 9.-I*- ; juries suffered when struck by nr automobile Monday, caused the death in a haspital here of Martha Clendcny, 15, Vernon.