Indianapolis Times, Indianapolis, Marion County, 1 December 1937 — Page 7

WEDNESDAY, DEC. 1, 1937

Stock Show

ADMINISTRATION MAY WITHDRAW FROZEN GOLD

Morgenthau to Discuss Ways to Finance Program Until Spring.

WASHINGTON, Dec. 1 (U. P.).— The Administration may tap the Treasury’s $1,250,000,000 “sterilized” gold fund within the next three months to avoid borrowing in the public money market, Government fiscal officials hint. This possibility was raised as Secretary of the Treasury Henry Morgenthau Jr. prepared to meet today with the executive committee of the Federal Reserve Board's open market committee for final discussion of the Treasury's December quarterly financing plans. Gold released from the sterilization fund could be used to replenish the Treasury's working balance —the current cash account—or to redeem maturing obligations. Approximately $300,000,000 in gold was released from the sterilization fund last September when the Treasury co-operated with the Federal Reserve Board in an effort to prevent credit stringency.

Special Issues Mature

Special bill issues aggregating $450,000,000 mature on or about Dec. 15. It was generally believed that these will be refinanced, possibly through issuance of notes or certificates. There was considerable conjecture on how additional cash will be raised to carry on the Government's operations until next March when income taxes will refill the Treasury’s tills. There appeared to be three alternatives. The Treasury could: 1. Issue notes or certificates for cash subscription, over and above the amount needed to refinance the bills coming due. 2. Sell weekly bill issues of £50,000,000 each for cash during January and February. 3. Release gold from sterilization.

Credit Cash Seen

A $276,670,600 note issue matures Feb. 1, however. It may be to meet this maturity that the Treasury may “desterilize” gold. This would reduce the size of the public debt and at the same time pour a large volume of funds into credit channels in time for the seasonal business pickup in the spring. If the Treasury decided to utilize the sterilized gold, it would not involve actual physicar use of the metal. The Treasury simply would send to Federal Reserve banks gold certificates in the amount that it wished to release from sterilization. This amount would be credited to the Treasury's accounts with the Reserve banks and could be drawn against for current expenditures. Gold sterilization was inaugurated last Dec. 23 in an effort to prevent | the gold then coming from Europe in large velume from entering the country’s credit structure and thereby creating a threat of credit inflation. The sterilization process involves Treasury borrowing from the public of an amount equal to that which it paid out in acquiring the gold, thus removing from credit channels the amount it paid for the gold.

HEALTH AID DENIES NARCOTICS CHARGE

SOUTH BEND, Dec. 1 (U. P.).— Dr. Harry W. Helmen, 54, City Health Board vice president, denied today that he was guilty of violating Federal Narcotics laws and volunteered to surrender to U. S. Marshal A. W. Hosinski. The prominent South Bend doctor is under Federal indictment at Grand Rapids, Mich, charged with selling $64 worth of narcotics through the mail to Joanna Boyce, 26, of Grand Rapids, formerly of South Bend. Dr. Helman, graduate of Indiana University and a practicing physician here 20 years, said he might have unwittingly violated postal | regulations but that he was cer- | tain he was not guilty of narcotics | violations.

85 STATE COUNTIES ELIGIBLE FOR LOANS

Governor Townsend today said 85

THE INDIANAPOLIS TIMES

The nation’s i0 healthiest young people, chosen at the National 4-H Clubs congress in Chicago as | shown above are, left to right: George Poynter, 17, | Livingston, Ky.; June Modlin, 17, Beaver City, Neb.; Junior Joyner, 17, Marlow, Okla.; Donald R. Wielage,

and 4-H Congress Wi nners

Sl eal Milk Frits ;

Times-Acme Telephotos. 19, Dorchester, Neb.; Ned Crawley, 17, Prospect, Va.;

Oxenter, 15, Kunkle, O.

Albert W. Olson, 19, Dwight, Kas; Louis W. Sharpe, 19, Cortland, N. Y.; Junior Clayton, 17, Van Meter, Iowa: Barbara Sargent, 15, Salem, Ore.; Donna M.

PAGE 7

REFUSAL HANDICAPS VANDENBERG BOOM

‘We’ll Make Him Candidate,’ Club Leader Says.

KANSAS CITY, Mo, Dec. 1 (U. P.). — The first Vandenberg-for-President Club was organized for business today and the small band of Kansas City Republicans who | populated it said they were not willing to take Senator Vanden- | perg's (R. Mich), “No” for anj] answer. Senator Vandenberg sent a tele- | gram last night protesting that he | was not a candidate ahd didn’t want | to be “put in a false position.” Leo O. Koehler, who was elected | esident, said: ; a Senator Vandenberg | Mrs. Dean Berry is committee not a candidate. What we are try-| chairman for a dinner to be given ing to do is make him a candidate.” | by the “Mixed Class” of the WashSenator Vandenberg wired: | ington Street Methodist Church at “Deeply appreciate compliment,| 6:30 p. m. Friday. Russell I but I am not a candidate and | Richardson, attorney, is to be should not be put in a false posi-| Buest speaker.

”

tion. Honestly feel that the Repub- |

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PREFERS MONTAGUE TO LAVERNE MOORE

HOLLYWOOD, Dec. 1 (U. P).— The burly golfer of prodigious feats, known on the film colony links as John (Monty) Montague, sought to-

day to adopt the name legally. Montague, christened Laverne

Matthew Moore, said in a court pe= tition that his adopted name has become of “great sentimental and business value” during the last seven years that he has been using it here, Hearing on the plea was set for Jan. 6 in Superior Court. He has just returned to Hollywood after being acquitted of a road« house robbery in New York that oc= curred seven years ago.

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y Principal unfinished business.

Ashbourne Orange, 1115-pound pure-bred Shorthorn steer, owned and entered by the Oklahoma A. & M. College, won the grand championship at the International Livestock Exposition in Chicago.

# 8 "

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# # n @

2 Nebraska Students Victors |

In Meat-Judg

INTERNATIONAL AMPHITHEATER, CHICAGO, Dec. 1 (U. P.).— Two University of Nebraska students proved tocay they are the nation's best collegiate judges of fine cuts of beef, pork and mutton. Triumphing over 11 other college | teams, the Nebraskans walked off | with first place in the meat judging contest of the 28th annual International Live Stock Exposition, leading second-place South Dakota State College by 50 points. Carl Swanson, Kearney, Neb., was high scoring individual, amassing a total of 812 out of a possible 900 | points. Tom Aiken, Tecumseh, | Neb., tied with Edward Elliott, Uni- | versity of Illinois, for second individual honors. It was the fourth meat "judging victory for Nebraska, which already has permanent possession of one trophy and a leg on another. Towa State Is Third

Towa State College was third. Ontario Agricultural College was fourth, and the University of Illinois was fifth. The agricultural carnival passed the half way mark today with all major grand championships decided and auction sale of 8000 entries the

Other winners in the exposition | today included: Aberdeen-Angus heifer, calved between May 1 and Aug. 31, 1936—W.

| excise liquor taxes.

Indiana counties have been certified | E- Scripps, Lake Orion, Mich., first. te receive Federal! loans of 50 cents Hampshire ram, over 2 years— a bushel on corn. He said the| Mrs. Andrew E. Seaver, Harrisville, |

ing Competition

crowned “World Corn Duke” with his entry of hybrid corn. All officers of the exposition were | re-elected. Albert K. Mitchell, Bell | Ranch, N. M,, was named to a va-

| cancy on the board. Henry W. Mar-

shall, Lafayette, Ind., 1s president of the show. |

TAX DUPLICATION ON | LIQUOR IS CHARGED

A suit asking judicial clarification of alleged duplication in Indiana's taxation system was filed in Superior Court 5 today. The Midwest Liquor Dealers, Inc., Indiana Harbor, charged in the suit that it was forced to pay tax on a tax. The action set out that the company ways paying gross income tax on money paid to the State in

The suit asked the court to hand down a declaratory judgment, defining the company’s rights in the matter.

WOMEN TO HEAR READINGS

Dramatic readings by Mrs. Floyd Jones are to feature the meeting of the First Evangelical Church Women’s Federation Friday night in the church. Hostesses are to be Mrs. O. E. Berry, Mrs. Ross Richards, Mrs. Harry Krentler Jr. Mrs. Lester McKinley and Miss Clara Dux.

Left to right, behind it, are: Prof. W. L. Blizzard of Oklahoma A. & M.; Alexander Ritchie of Windsor,

ge; William Ritchie, his brother;

Herdsman Arthur MacArthur (at head).

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seven counties not certified didn’t | raise enough corn to take advantage of the loans. The Governor said the loans, when made, probably will stabilize the corn market price at 50 cents. He said it was 45 cents at Chicago yesterday.

ON YEARS IN SOVIET

Aaron Kurtz, New York, will speak on “Twenty Years of Jewish Life in the Soviet Union” tomorrow night at 8:30 o'clock in the Icor Center, 914 S. Meridian St. Mr. Kurtz will deliver the lecture in Jewish. The International Workers Order, Branch 175, is spqnsoring the talk.

MURDER TRIAL DELAYED

VINCENNES, Dec. 1 (U. P.).— Trial of John N. Bey, retired Vincennes merchant, on charges of slaying Harry Taylor, farm tenant, has been changed to Feb. 8 by agreement of attorneys for both sides, it was announced today. The case was scheduled originally for Dec. 7. Bey has been held in jail here since Aug. 2.

Mich., third.

| Reserve grand championship in the steer sweepstakes went to Wyoming Hereford ranch of Cheyenne, ny H. Y. Togo Domino 1st.”

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