Indianapolis Times, Indianapolis, Marion County, 22 December 1936 — Page 4

PAGEL

ACTS TO CURB INFLATION OF GREDITINU.S.

Government to Buy Gold and Set It Aside in ‘Inactive’ Fund.

By United Prras WASHINGTON, Dec. 22 The Administration moved today to check a threatening $24.000.000,000 credit inflation which fiscal experts warned eventually may lead to a runaway stock market, Secretary of the Treasury Henry Morgenthan Jr after consulting President Roosevelt and govermors of the Federal System, announced that imported and newly mined domestic gold hereafter will be purchased by the government and set aside in an “Inactive” fund. Immediate objective of ministration’s attack is mendously high excess the Federal Reserve Banks. reserves. In effect idle present total approximately 050,000,000 and are crease $3.000.000.000 Christmas holiday. Part of this increase is heavy inflow of foreign capital resulting from fear over grave political complications abroad. Ecoexperts estimate that $3 worth of credit can be extended for each $1 of these excess reserves

Plan of Attack

with

the Ad-

the These $2 -

following the

nomic

The tack: 1. The Treasury will sell a specific amount of Treasury bills, that is, -term obligations, each week. 2. The proceeds will be used to buy imported and domestic gold. 3. The gold thus acquired will be placed in an “inactive” effect, it will be sterilized; withdrawn from existence temporarily 4. To purchase the Treasury bills, Federal Reserve member banks will dip into their excess reserves funds. Thus, the excess reserves would be reduced not only by the amount needed to purchase the Treasury hills, according to some authorities, but would also cut them down by the sum it would have been swelled by continued purchases of gold under the old system,

Old System

short

arrangement, purchase

Under the previous foreigners wishing to

gold for United States dollars. This gold was purchased from the banks of the Federal Reserve System and turned over to the Treasury, which issued gold certificates in payment. | These certificates, repres senting payment of $35 for every ounce of gold, automatically became a part of the Reserve System's excess reserves. Secretary Morgenthau explained | that the new gold fund would have | another purpose, In the event the demand for credit is increased, | causing a reduction in excess re- | the Treasury will be prepared to redeem the obligations it incurred in the purchase of gold. The Administration's move was lauded today by Senator Elmer | Thomas (D., Okla.), an outstanding monetary expert

Serves,

Intended as Safeguard

“It obviously is intended to safeguard the country from an uncon- | trolled and dangerous credit boom | and a wild stock market which | aided in bringing about the collapse |

Reserve |

tre- | reserves of |

funds, at |

expected to in- |

due to |

Administration's plan of il

hand. In|

for |

| Tour

[is to speak on

{ vention

sided at the luncheon.

Meet Jeroline wandered away up by a city fireman and taken

Jeroline Scott, 2, and

her from home at

sister, Katherine. Yesterday 908 Eastern-av, was picked to police station, where she re-

mained for several hours while police were trying to identify her

and find her home. fireman.

time came. Miss Katherine

INDIANA COMPOSERS’ WORKS TO BE PLAYED

WPA Orchestra to Give Concert at Library. ;

A concert, presenting for the first time in Indianapolis the works of Indiana composers, is to be given in the Public Library at 8:15 | o'clock tonight. The program is being sponsored

[ by the Federal Music Project of the |

Works Progress Administration. A

| WPA orchestra is to present com- | American products, exchanged their |

positions of Virginia Jules Brewer, Roland Leich and | William Pelz, all Hoosier musicians. | Mrs. Frank Cregor of the Indiana Federation of Women's Clubs, “American Com- | posers.’

LUNCHEON HONORS BAPTIST MINISTER

Tribute for 20 years of service to

the Baptist Church was paid to Dr.

T. J. Parsons, Indiana Baptist Consecretary, at a luncheon meeting of pastors in the ¥. M. C. A. yesterday. Dr. Parsons was editor of the | Baptist Observer and the State | Baptist News Medium 10 years be-

fore appointment as convention secretary. x The Rev. Adolph Bredy, Baptist Pastors’ Conference president, pre-

Hitchcock, | |

| Murat Temple was

The doll she's holding was given to her by the She had a grand time, and didn't want to leave when the Tellstron, them While their mother, Mrs. Everett Scott,

aunt of the girls, stays with _Works during the day.

HOOSIER FARMERS TO GET $1,000,000

By United Press LAFAYETTE, Ind. Dec. 22. —Ap- | proximately $1,000,000 in payments | farmers for complying |

conservation program have |

man of the Indiana Agricultural |

| Conservation Committee, announced |

| | |

today.

| Payment of $911,790.66 will be |

| made to 8936 applicants approved |

by the state and Federal commit- | ges. | More than 20,000 applications | from 56 counties have been received |

in the state office, Mr. Vogler said. | The payment being made at this time represents 90 per cent of the amount earned by co-operating | farmers under the program, he ( added. The remaining 10 per cent, | | after expenses are subtracted, will | | be paid #t the conclusion of the 1936 |

i I sii |

SHRINERS ARE TO EL ELECT

The final 1936 936 busitess westing | and entertainment program of the | ~attended by more than 400 Shriners, including 40 | from neighboring cities, last night. | The annual election of officers is be held Jan. 18. :

UNTIL

| the Agricultural unconstitutional.

HIGHER RETURN | ————————

Income Up Despite Cut In AAA Payments for 1936 Period.

Times Special

WASHINGTON, Dec 22 —Re-

ceipts from Hoosier farm products during the 10-month period, Janu- | ary to October, amounted to $221,- | 872,000 this year and exceeded 1935 by $13,137,000 and 1934 by $67,627,- | 000, the Department of Agriculture |

reported today, Total October receipts were $21 - 095,000 this year and $20,350,000 in October, 1935. These gains were made despite drastic curtailment of government payments to farmers due to action of the Supreme Court in declaring Adjustment Act |

Ten months of AAA payments amounted id $13, 496,000 in 1935, and

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Won't You

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Thousands of

PRIA TR RTE RR, RR ARR RANA,

| am one of many kiddies i with your help can keep

Don't forget us this Xmas,

T WR RR RETR, RAR

1 Coat and Beret . 1 Pair Bloomers , Dress 1

7 SSR SR PR WR NTR BTR TR PTR RR RTE, PTR RRR FR PRR

- Wroomers 1 Pair Hose 1 Pair Shoes | 1 Pair Hose 1 Unfon Suit 1 Union Suit! Pair Gd 1 Pair Gloves 1 Pair Shoes

$5 31 sf 4a

oar EO Toi pion “nga Yau Yous

with

| Better

seasons

Vision

| pearance and Small

They |

Sales of livestock and livestock ' Open Evers Night Til Xmas Se— SANTA SAYS: Present yvourselt or Yoved ones

Assure Yourself of Better Vision With PROPER GLASSES

Visit Our Optometrist at Once and Assure Yourself of During to come! in the very latest style frames wil ermit you to

DR. WEST, Registered Optometrist

| 29 on the Circle 2 voors from Power & Light Co.

products were and $150 834.000 as Thus the total for all farm prod- | ucts, exclusive of government payments, ary through October, 1938,

1935.

a Real Christmas Gift!

this Christmas Season and many Scientincally prescribed GLA | enhance your apreally enjoy life, ‘Weekly or Monthly Payments

TRF TRO FA YRS TRA PR RA MRR RRR RAR ANE

Please

HELP ME?

1 Am Just One of the

NEEDY

KIDDIES Who Hasn't Lost Faith in Santa!

in the city who my little body

warm and my feet dry. Some day I'll grow up and give some needy boy or girl a lift.

Please! JIMMY

THE FAIR DOES ITS SHARE With SPECIAL PRICES!

RRR PRR in

| CLOTHE A NEEDY GIRL | CLOTHE A NEEDY BOY |

GIRLS 2 TO 6 YEARS 3 SIRES 7 TO 14 YEARS 1

1 1 Unbin Suit

1 Sweater

FA I ER I EA RECA SEA BE CPA a A SE I ERP RK ER ER I ER RR

9 P.M. TILL XMAS

BOYS 2 TO 8 YEARS Pynter Coat and Beret 7 1 Shespiined Coat or Suit

1 Pair Hose 1 Pair Gloves | 1 Shirt 1 Pair Shoes

3? 22 sf es |

Li N PAY i An TR LAL Le we cunc

BOYS 8 TO 18 YEARS a) 1 A Coat 1 Pair Shoes 1 Pah Pants,) Dy imtes Union Suit 1 Pair Gover Pair Hose

OPEN UNTIL

9P.M. TILL XMAS

— li

was $214 692,000 from Janu- | and | [ $190.439,000 for the same period in|

a Breloewtegererpants

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Yk BOYS' DRUMS ...vununsnsnnsanaan

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of 19," he told the United Press.

- MOSKIN'S

WORTH OF

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4 H N oF " N SH SL ] Ti i U\ aH hh apith 1 HHH

k oN Ww rl TEER r HLL HH 4 i LA) \

on! New Winter a

SUITS “oe 1 2a

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SEE IT AT KIRK'S

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Getting your money's worth is easy enough. The trick is fo make each dollar you spend deliver a little extra value. You can do that, $00 + + + in return for just a few mine utes of ‘your time each day, Here's how! Every evening there's any number of things you need and want offered for sale at unusually low prices in Times Want Ads. You'll get extra value out of your dollar if you make it a habit, each day, to follow

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