Indianapolis Times, Volume 48, Number 20, Indianapolis, Marion County, 3 April 1936 — Page 8

PAGE 8

BANKERS NEAR INDIANAN. DEAN AT CONFERENCE Overproduction of Charters Aided Depression, Wells Says. Times Spiff ial CHICAGO, 111., April 3.—Dear. Herman B. Wells of the Indiana University School of Business Administration today said that overproduction of bank charters contributed more than any other factor to the widespread bank failures of the depression, and will in any future economic crisis, when he addressed the Mid-West conference on banking service here. He Said In part: “The continuance of our banking pyftetn in it. present form depends in a large measure upon the development of a sounder chartering policy thart'we have had in the past. Bank chartep over-production contributed more than any other single factor to the exorbitant rate of bank failures which we have recently pxperienced, a condition for which the banking business can not afford to pay and which the public will not again tolerate. Distribution Is Improper “Some business and governmental leaders have asserted that our past policy has been necessary in order to furnish adequate banking facilities during the period of economic exploitation and development of the country. If as a result of this policy we had today.a banking system perfectly attuned to the economic needs of the nation, we might conceivably count the cost reasonable, high as it has been. The facts are, however, that notwithstanding the eras of expansion and contraction through which we have passed, there exists today an improper distribution of the remaining units of the system. “Any program adopted should be formulated with proper regard for the public’s right tq have adequate banking and credit facilities available to assist in the carrying on of agriculture, commerce and industry. It is likewise true that such a pro- • gram should aim to secure for bank management and bank stockholders a reasonable return for the economic function which they perform. Four Simple Truths If we are to have proper laws pertaining to the chartering of banks, and if hey are to be fearlessly enforced, regardless of the political or economic pressure that arises in times of great business activity, it will be necessary for the bankers of the nation to inculcate in the minds of the public a realization of four i simple but fundamental truths, as follows: “I—A realization that banks must be profitable in order to be safe and sound over any considerable period of time; 2—that bank credit policies which are so lax that they cause bank failure result in a transference of wealth and property from the saving group to the borrowing group without consent of the saver; 3 that the easy-credit conditions induced by a plethora of banking units and their, resulting cut-throat competition. augment the peaks and valleys of our disastrous business cycles, bringing in their wake severe economic disturbances which eventually cause loss and heartache for all investors; 4—that the inauguration of Federal insurance of deposits increases, rather than decreases, the necessity for proper chartering, supervision and regulation of banks. McWhirter Urges Vigilance Times Special CHICAGO, April 3. —Officials attending the Midwest conference of the American Bankers Association last night heard Felix M. McWhirter, Peoples State Bank president, of Indianapolis, declare that bank crime costs, which amount to $24.000.000 a year, can only be reduced through constant vigilance. Mr. McWhirter divided all crimes against banks into four classes:Internal fosses from embezzlement, night-time robberies involving penetration of vaults, daylight holdups and forgery frauds. Robberies Encourage Robberies “We must make it an axiom of the underworld that ‘you can’t; get away with robbing a bank,’ before we approach mastery of this problem. Nothing breeds robberies like successful robberies themselves," he said. “The bank which suffers a robbery by reason of inadequate protection, even though reimbursed for such loss, is making an unpardonable contribution toward marking the door of a bank down the street for similar assault.” “We know that 80 per cent of these losses result from forgery of customers’ signatures as drawers of checks. Forged endorsements cause about 15 per cent, and raising the amount on checks represents the remaining 5 per cent." To meet this situation, he suggested that banks make more comprehensive Investigations on new checking account customers, and make closer inspections of signatures. Edmilnd Lowe takes Rrfte By United Brest ARMONK, Nf Y.. April 3.—Edmund Lowe, film star, was on his honeymoon today with his third wife, the former Mrs. Rita Augusta K. Kaufman. 37. a writer, of Beverly Hills, Cal. They were married iate yesterday.

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H. B. Allman of Indiana U. to Direct Muncie Schools

Educator Is to Succeed D. W. Horton in Post Aug. 1. Times Special MUNCIE, Indy April 3.—Appointment of H. B. Allman, Indiana University professor, as superintendent of Munc f e public schools will bring to this city one of the best-known educational administrators in the state, officials here have been advised. Mr. Allman, as a successor of Superintendent D. W. Horton, is to assume his new post Aug. 1. He has been named for a three-year term, i From Bloomington today came a tribute to the new executive by Dean H. L. Smith, w'ho as head of Indiana University’s education department, has been Mr. Allman’s supervisor. “Heavy Loss to Us" “Mr. Allman’s resignation from our staff constitutes a heavy loss,” fcaid NEW VICTORY SCORED FOR WAGNER BOARD Washington Jurist Refuses to Grant Injunction. By Scrtpps-Howard Newspaper Alliance W ISHINGTON, April 3. Officials ts the National Labor Relations Board today claimed anew constitutional victory for the Wagner Labor Act in the refusal of Justice Adkins here to grant injunctions against the board as sought lj four companies.* Two Federal judges have held the Wagner Act constitutional; two others, Judge Bondy in New York and now Judge Adkins, have held that the act is “not wholly unconstitutional” and have therefore denied injuhetions. A third pair of judges have held the act unconstitutional. $15,000 IMPROVEMENT AT DECATUR APPROVED Money to Be Spent at Federal Homestead Project. By Unit' and Press CHAMPAIGN. 111., April 3. Authorization for $15,000 worth of additions and improvements at the Decatur (Ind.) homestead was announced today at the regional Federal Resettlement Administration offices. The money will be spent to construct garages at each of the 48 homes in the ''omestead project, installation of laundry tubs, coal bins and for landscaping, it was announced.

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Dr. Smith. “He came to us a few years ago fresh from the field of active school administration. He brought to us new contacts with the practical school men of the state.” At the same time, Mr. Allman revealed that his acceptance of the poistion here was due largely to the urging of Mr. Horton, who is to retire from active educational work. "It was only after a personal conference with Superintendent Horton, in which he urged me to accept appointment to the position from which he is retiring, that I decided to return to public school work,” the educator said. Sorry to Leave I. U. , “Although I regret to leave Indiana University,” he added, “I accept as a distinct professional honor the invitation to Muncie’s superintendency.” Mr. Allman, who completed his college education at Indiana after attending Tri-State College and Purdue University, has had a wide experience in the state’s public school system. He served as high school principal at Hamilton, Albion, South Whitley, and Angola, and as superintendent at Angola and Rushville. He resigned the latter position three years ago to join the Indiana University faculty.

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THE INDIANAPOLIS TIMES

With the deadline for voters’ registration set for midnight Monday, the registration office in the Courthouse is as busy as a department store on bargain day. William Flanary, registration supervisor, is shown above pulling out a file to check the card of a young woman voter.

LOCAL GIRL AWARDED COLLEGE PLAY LEAD Helen Fisher Heads Cast of Garrick Show at Lake Forest. Times Special LAKE FOREST, 111., April 3. The Garrick Club of Lake Forest College has announced that its fourth play of the season of ’35-’36 will be a revival of Fred Ballard’s “Ladies of the Jury,” to be given April 15 and 16. Hazel Fisher, Indianapolis, is to play the leading role. Miss Fisher, a junior, has been active during her three years at the college. She has played in “Counsellor-at-Law,” “The Third Leg.” “House Party,” “Another Language,” “Street Scene,” “Alien Corn,” “Skidding” and “The Importance of Being Earnest.” In 1934 Miss Fisher won the Declamation contest and recently captured first place in the women’s division of the state oratorical contest. “Blind Flying” Starts By United Press OTTAWA, Ontario, April 3. Eight specially built airplanes will shrortly be distributed amoing flying clubs in various parts of Canada by the Dominion government in a campaign to train Canadian pilots in “blind flying.”

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50 DOT SCOUTS TO SHOW WORK OF PAST YEAR Merit Badge Projects to Be Displayed at Central Library. A display of Boy Scout merit badge projects is to be exhibited in Riley Room, Central Library, Monday through Saturday, L. L. Dickerson, city librarian, announced today. This Is the first exhibit of Its kind to be presented in Indianapolis, according to F. O. Belzer, local Scout executive. More than 50 boys, whose work in earning merit badges during the last year has been outstanding, have been invited to show' their products. The Central Library Riley Room is to be open until 9 each night during the exhibit. Adidtional merit badge projects are to be exhibited at the Riverside Park branch library, 3101 Clifton-st. The Central Library exhibit includes projects in beekeeping, wood carving, wood working, metal craft, leather craft, pottery, taxidermy and sculpturing. Through the courtesy of the Nature Study Club, 11 birds’ nests are on display in the Central Library this week. They are the property of S. E. Perkins 111, and include the nests of the Baltimore oriole, the orchard oriole, the indigo bunting. the yellow-throated virse, the little fly-catcher, the phoebe, the Carolina wren, the Acadian flycatcher, the ruby-throated hum-ming-bird and the barn swallow. University of Illinois students of : library science are to visit the Indi- j anapolis Public Library system Mon- I day and Tuesday on their annual I

library-visiting tour. Other cities on their itinerary are Dayton and Cincinnati, O. Twenty-four students, under the direction of Miss Anne Boyd, are expected. On Monday they are to visit Rauh Memorial and Crispus Attucks branches, and Central Library. The students are to go through Business Branch, Teachers’ Special,

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/APRIL 3, 1936

V i.-v ... Manuel Training libra nr, the Indiana State library, the National Library Bindery and the Children s Museum Tuesday. Miss Carrie E. Scott, supervisor of work with children at the Central Library, is in charge of arrangements for the group, which Is including Indianapolis on its libraryvisiting itinerary for the seventh year.