Indianapolis Times, Indianapolis, Marion County, 3 January 1938 — Page 3

MONDAY JAN. 3, 1938 .

* 370 KILLED IN NATION AND 17 IN STATE AS NEW YEAR OPENS; 7 DIE IN TRAIN

Hoosier Week-End Toll Mounts as Hit-Run Victim Suc-

AUTO COLLISION

cumbs; Puts County’s Dead at Three for 38; Two Children Hurt; DePauw Student Accidentally Slain.

(Continued from Page One)

~~ go they would be on time for the

~

all details of the case, he said.

first evening show, the pupils— five hdys and two girls—crashed through lowered gates just before ‘the eastbound Mohawk of the New York Central Railroad, reached the crossing. The train was crowded with holiday travelers. The small sedan in which the students were riding was demolished. The dead: Marvin Miller, 14; Lowell Blythe, 16; Merle Sarver, 16; Jacob W. Strauffer, 17, and Richard Staupe, 16; all of Edgerton, and Margery Roan, 15, and her niece, Gwendlyn, 15, both of Hicksville. - The boys were members of the Edgerton High School basketball team. The automobile was carried 500 feet by the train. The impact damaged the locomotive so that it colld not be moved. The train, en route to" New York from Chicago, was delayed an hour before another engine could be sent from Toledo. _An inquest will be held tomorrow when Coroner Shook has obtained

Witnesses said the driver of the car apparently had failed to see the lowered gates or lights of the approaching train.

No Leniency in 1938,

Karabell Warns No leniency will be shown Indianapolis traffic law violators in 1938, Municipal Judge Charles Karabell warned today as ifMarion County’s traffic toll for 1938 rose to three with the death of a hit-and-run driver’s victim. Eleven persons also were injured, none seriously, in nine accidents during the week-end. “In 1938 we must make Indianap-

olis safe for its citizens,” Judge Karabell said as he ordered 19 erring motorists to pay $182 in fines. “Persons against whom sufficient evidence is presented to this court to convict them of traffic violations can expect no leniency in the amount of fings assessed.” Ten persons charged with ignoring traffic signals were fined $114, five accused of failing to stop at preferential streets paid $32 and three speeders were assessed $28. Ambrose Board, Negro, 2518 Ethel - St., died shortly after noon yesterday in City Hospital of injuries received when a hit-and-run motorist struck him at Northwestern Ave. and 25th St, at 1:45 a. m. He was crossing the street with his brother-in-law, Thomas Wolfork, Cincinnati, who also was_hif; police said. Mr. Wolfork was treated for a broken left arm and minor cuts. Mr. Board died of internal injuries. Both of his legs also were broken. ; The hit-and-run car, police said, was being operated without lights. Police pursued the car, but lost it

: near Fall Creek Blvd. and North-

western Ave. Two to Be Buried Today

Meanwhile, Lloyd Woodruff, 19, of 1106 Southeastern Ave, and Thomas B. Morrison, 32, of 659 E. 25th St., who were injured fatally in an automobile accident early Saturday near Glenn’s Valley, were to be buried today. They were the first two Marion County traffic victims in 1938. Five others were killed in Indiana outside of Marion County Friday night and Saturday. The state’s toll of

dead for the entire week-end stood today at 15. Four persons, who were injured last night in an automobile accident on U. S. Highway 52 southeast of the city, ‘were treated at St. Francis Hospital for injuries. 2 The injured were Mrs. Gertrude Hebenstreit, 44, of 841 N. Sherman Drive; Mary Margaret Hebenstreit, Mrs. Hebenstreit’s 3-year-old daugh-~ ter; Mrs. Genevieve Jones, 43, of 725 N. Colorado Ave., and Miss Peggy Cary, 16, Chicago. While deputy sheriffs were investigating the accident,

Hotel, sped past’ the scene of the accident, barely missing them, the deputies said. Deputies Frank Britten and Richard Stewart pursued and finally caught Hall. He is being held on charges of vagrancy and reckless driving. Guy Head, 40, of 1024 Orange St.,

whose car collided with a bus yes- |?

terday at Capitol Ave. and 43d St, was to face charges today of failing to stop at a preferential street. His car was badly damaged and he was

‘| treated in City Hospital for minor

head injuries. Driver Is Arrested

William Kinnaman, 29, of 610 W. New York St., and his two-year-old daughter, 3everly Joan, were treated yesterday for head and face cuts after the car in which they were riding had struck a safety zone guard, police said. Kinnaman was arrested on a ‘drunken driving charge. Paul Smith, 57, of 444 N. Tacoma, Ave., was to face charges today in Municipal Court for driving while intoxicated, leaving the scene of an accident and {failure to have a driver’s license as the result of an accident at Pennsylvania and Michigan Sts. Mrs. Maud Montgomery, Negro, 2053 Paris Ave., who was riding with her husband in the car which Mr. Smith allegedly struck, was injured slightly. Mrs. Loran Jay, 27._.of 3701 E. 10th St., also was injured slightly in another accident Satufday night, police reported. She was riding with her husband and two daughters when an alleged drunken driver crowded them off the street at Arlington Ave. near Iona St., deputy sheriffs said. Arthur B. Silver, R. R. 5, was charged with drunkenness, reckless driving and failure to have a grive er’s license.

Retired Farmer Dies

Of Auto Injuries

OAKLAND CITY, Jan. 3 (U. P.). —George W. Harper, 83, a retired farmer, was killed last night when he was struck by an automobile driven by Felix Fleener as he was on ks way home from church services. His wife was killed at the same - intersection two years ago when she was struck by.a hit-and-run driver.

BLUFFTON, Jan. 3 (U. P.).—Miss virginia Greenwood, 18, Harlan, and Miss Bertha Rosencrance, 18, Marengo, O. died last night of injuries received in an auto crash at the intersection of State Roads 18 and 1 at Fiat, south of here. D. O. Hutker, 18, of near New Haven, in such a critical condition physicians fear he will die, was

driving the car in which Miss Greenwood was riding when their car collided with one driven by Harvey

a carl? driven by James Hall, 31, Barton | 7

'Seven-year-old Jane Ann Roberts and about 62,000 other Indianapolis pupils tugged at school doors again today after two weeks vacation. Along

| with them were

Times Photo. about 2000 teachers. Jane Ann, a

second grade pupil, is the daughter of Mr. and Mrs. Joseph Roberts, 1822 Park Ave.

Miller, 47, Marengo, O., which was occupied by Miss Rosencrance. Miss Rosencrance died almost instantly while Miss Greenwood died in Wells County Hospital "here several hours later from a fractured skull. Mr. Hutker received a fractured skull. Mr. Miller is suffering from a brain concussion but physicians said they expect him to recover.

KORTE SURRENDERS TO SERVE SENTENCE

Raymond P. Korte, convicted of embezzlement from three Southern

Court to eight years in Atlanta penitentiary and fined $5000, surrendered to the U. S. Marshal today. He asked for. and received a few hours to finish his business before he began sentence.

29TH CHILD ARRIVES, PAPA OUT OF NAMES

SULLIVAN, Jan. 3 (UC Jan. 3 (U. P) —Perry Wilson has run out of names for his children. Mr. Wilson, a coal miner, said that he couldn’t think of “a single one” for his 29th child, an 11-pound daughter born this week.

LOSES $550 IN JEWELRY (Jewelry valued at $550, belonging to Mrs. William M. Schaub, 3540 N. Pennsylvania St., Apt. H., was lost at a downfown club during the week-end, she Yeported to police to-

day.

IN INDIANAPOLIS

Here’s County Traffic Record

Deaths (To Date) 1938 1937 ......... 0 Deaths in City 1338 ..... rene dl 1937: civil 0 Accidents (Jan. 1 & 2)

nile ooo. 8 eeessess 1|moOD

Arrests (Jan. 1 & 2) Speeding,

»

Reckless Driving Ss :

Running Prefer- | ¢e0

ential Street 9

Running Red Lishs

Drunken Driv-

MEETINGS TODAY Indiana Duroe Swine B:

polis Press Club, dinner, Press ® Biube luncheon, Columbia Club, Selemtech Club, luncheon, Board of Alpha, meeting, Hotel ay ‘meeting,

lo _ ts Alumni, luncheon, Hott ond: y "Club, luncheon, Columba Club, ndians Beauticians’ Associa # IN ee Washin 0! mS, meeting,

corenenes 3 pont

‘Washington,

Albert Caudle coronary

Indians University Club, lumbia Club, noon. MEETINGS TOMCRROW

Rofary Club, luncheon, Claypool Hotel, Alpha ‘Tau Omega, luncheén, Board of Trade, noon. Indiana State Assvciation of County and District Fairs, state mecting, Claypool

Hofel, all day. Inuianapolis Retail Shoe Men’ 3 Jasacia. tion, dinner, Hotel Washington, 6 0 p.m Knight: oteiy

s of Lolnmbus, De no aa Club, Jncheon, Spink Arms Hotel, DO ereator Club, luncheon, Columbia Club,

luncheon, Co-

Universal Club, luncheon, Columbia Club, Univerity of Michigan Club, luncheon, Board of

ade, noon. Phi Gamma Delta, dinner, Athenaeum, p. m.

BIRTHS

Boys Harry, 2 Puncan, at 615 Holly. Lou ma Gocke, at St. Vincent's. Seivatare, Elizabeth Maza, at St. VinRobert, Mary Jett, at St. Vincent's. John, Catherine Dew, at St. Vincent's. Urban, Florence McGuire, at St. V “Anthony, Rose Annarino, at St. Vincent’s. Charles, Doris Richwine, at St. Vincent's. Glenn, Vivian Barnard, at St. Vincent's. Yilliam, Mary Howard, at 2750 S. MeriTawis; Elvia Bently, at 2417 Ethel. Jesse, Catherine Oates, at St. Vincent!s. Perris, M Marnie Risk, at St. Vinc Buf waz 3 Martha a Staley. at St. Vincent's.

t. cen Phylainon, De la cide at St. Vincent's.

DEATHS Julia A. Balph, 85, at 5223 Park, hypertension. bron V.. Branham, 82, at 242 N. Beville, chronic ols Shi. Comey. 75, at Methodist, broneumon! en ty Frankiin Burcham, 75, at 2002 w. chigan, OSC! George Mathews, 36, at Methodist,

i ha 4 iza Ulm, 89, at 5430 N. Delaware, srtetionciero sis.

ret Harding, 67, at 4923 Central, wa.

Sy, cailonzo A evans, 5s. at 209 Cottage, ascular. ren Mildred M. Dunn, 61. st 1391 Pleasant un rkway, mitra ienc; William 8. ‘Tobias, R Tay st. Vincent's

tes x mellitus. Phyllys Towe, ‘3 months, at City, bronaiding Cai

nephritis.

‘an. chronie tht Holtobiaw aw, nl hour, at 1108 E can 1

a Nore B. ar, 13, at 1204 N. La Salle, ohar umonia. Pius Marie. Duncan, 3, at City, diph‘Louis Miller, 64, at 520 Moreland, coronary A Julia A. Truex, "i, at 1404 E. Minnesota,

Copeland, 41, at City

iana---Mo: { tonight and or as, DO possi bly

MOITOW, SNOW extreme a rth ortheast

dine Catherine Schmidt, 2, at City, | Bismarck, N th 8. Smith. 75, at Central Indi~ :

Amanda Thomas, 72, at 4440 Park, careci-

Nieison, 51, at City, encephalitis. Riumey, 74, at 556 Arbor, cardio

diseas McConnell, 77, at 1016% E. chronic myocarditis

tons A. Snelling, 25, . Coleman, “Sack 5 Claghorn, 17, at City, skull frac-

William Henry Veri, 74. at Methodist, Trashed Se 1, NE t 11 0 occke! 3 terebral hemorrhage 2 7 N. De Quincy,

Edgar Carder, 69. at 1637 English,

Artesia ohn Percy Smith, 50, = 2322 N. Illinois, carbon ae poison

u three or ne City, coronary

OFFICIAL WEATHER

United -States Weather Boreas

INDIANAPOLIS FORECAST: Cloudy and |probably unsettled tonight and tomorrow;

{somewhat warmer tonight with lowest tem-

Perature ahout 30, Caras 7:07 | Sunset

TEMPERATURE =Jan. 3, 1987— ; 1p. Meocacees

Sunrise ......7:07 | Sunset ...... 4:32

itation 2 : Toa! B24 hrs. ending 7 a, m... 00

hrs ipliation :

MIDWEST WEATHER

stly cloudy and unset

tled or

show. soushw

| cold night, colder on Hosuon: Bo Bh tomorrow.

rain or snow south porSxreme east and extomorrow generally and nor rain

is--Clou: tion: hot so andy, Ie uth, Sonigh at 1 extreme south. Sentra Lower Michigan—Clou

extreme ni uite so

OrTOW mo So sold sou

not southeast Yonight, ¢ colder tot, probOTTOW; T=

a Bio _Clouds pod Harmer tanij riner ‘n extreme south Tod} colder tomorrow night. entucky—Cloudy and ‘warmer tonight and tomor; . row; : gk probably A ight t rain toms IN OTHER CITIES AT 7 A, M. }

Weather. Bar Pp.

i3isists

8235:

5

wuupsuess eens = pre

Indiana barks, sentenced in Federal |

tonight sn. and and

Lineup

How Measures Stand As 75th Congress Reconvenes.

ASHINGTON, Jan. 3, (UP. —Congress convenes in regular session today with the status of major legislation as follows: Crop control—In conference. Amendments to the 1934 housing act—In conference. Maximum hour-minimum wage bill—Passed by Senate but recommitted to committee by the House. Tax revision—Being drafted by House Ways and Means Subcommittee. Antilynching—Passed by House; comes up in Senate Jan. 6. Government reorganization— Comes up in Senate after antilynching bill; partial program. passed by House. . Regional ‘planning—Under con-: sideration in Senate Agriculture and House Rivers.and Harbors Committees. Amenments to the 1936 Merchant Marine Act—Under consideration in Senate Interstate Commerce and House Merchant Ma--rine Committees. Antitrust — O'Mahoney - Borah Bill before Senate Judiciary Subcommittee. Ludlow War Referendum Resolution—Comes up in House Jan. 10.

Republicans Have

Few Congressmen

WASHINGTON, Jan. 3 (U. PJ. —Here is. how the parties compare in strength as the regular session of Congress opens: Party Senate Democrats ..coeeee.. 76 Republicans ...c.cs.. 16 Progressives - ........ 1 Farmer-Laborites ose Independents ecsseee Vacancies ..ccccesese

Total ...ocvovcrniesen 96 MILLER IS NAMED TO REFORMATORY BOARD

Martin H. Miller, Brotherhood of Railroad Trainmen state representative had been named by Governor

2 1 0

FORD CO. ASKS FOR REHEARING

Action Charges That NLRB Decision Was Based on Misunderstanding. DETROIT, Jan. 3 (U. P.)—The Ford Motor Co., charging that a Na-

tional Labor Relations Board decision against it was: based upon mis-

1 apprehension of the policy of Henry

Ford, today petitioned the Board to

.| set aside its ruling and grant a or

hearing. Accusation against Ford resulted from a fight between members of the United Automobile Workers Union and Ford employees on an over-

| pass into the River Rouge plant last

May 26. : After a lengthy NLRB hearing of charges brought against the auto

,| manufacturer by the U. A. W.,, the

Board two weeks ago ordered Ford to desist from his antiunion activity and ordered him to reinstate 29 workers allegedly fired because of their union membership. Reasons Cited In the petition asking that the order be vacated, Louis J. Colombo, Ford atiorney, cited the following reasons: 1. The NLRB exceeded its statutory and constitutional authority. 2. Its findings of fact were unsupported by substantial evidence. . Facts -presented at the NLRB i were insufficient to support the Board’s decision. 4. The decision and order were based ‘upon misapprehension of Ford Motor Co. policy. "5. The decision reflected a failure of the Board to take into account conditions existing in Michigan last May. 6. Ford workers satisfied with their jobs made right and proper preparations to resist planned invasions of Ford property by the U. A. W. A. to prevent a strike. 7. The fact that only 29 workers

out of 80,000 in the Rouge plant

were discharged is eloquent in itself that the Ford Co. does not discriminate against union members.

Townsend today as the new Republican member of the Indiana Reformatory Board of Trustees. The vacancy on the institution's board was created by the resignation 11 days ago of Albert E. Schumaker. Columbus. For the past several years Mr. Miller has been active in

Indiana labor circles.

ACTION ASKED BY CUMMINGS

Request Is Supplemented by Concurrent Report From Jackson.

(Continued from Page One)

has not yet decided in detail upon amendments to be proposed Mr. Cummings’ request was supplemented by a concurrent report from the New Deal's leading trust-

| buster, Assistant Attorney Generdl

Robert H. Jackson, who blamed ineffectiveness of existing statuses for growth of monopolistic tendencies. Mr. Jackson criticized court interpretations. of the Sherman and Clayton acts under which his antitrust division of the Justice Department operates. Close associates hinted the issue eventually. might revive President Roosevelt’s fight to reorganize the judiciary. The demand for, legislative action followed a drive for trust reform instituted 10 days ago and highlighted by speeches of Mr. Jackson and Interior Secretary Harold L. Ickes. New Statutes Asked

Mr. Cummings’ report made one general suggestion—that the Sherman Antitrust Act be bulwarked by new statutes. - The legislative methods desired to accomplish this objective were not delineated. It is known that New Deal advisers sre working several possible

‘| proposals for amending the Sher-

man and Clayton acts. * In addition, it was authoritatively. reported President Roosevelt is con-

‘|sidering placing White House sup-

port behind the corporate licensing bill offered by Senators O’Mahoney (D. Wyo.) and Borah (R. Ida.) ‘on the theory it can be amended and “rewritten” to encompass Administration monopoly curbs. Mr. Jackson’s report charged the Justice Department was unable to enforce present trust laws because of their vagueness, the limitations of its legal staff, and the difficulties resulting from judicial interpretation. He said: “We are forced to the conclusion that. the antitrust laws, as at present interpreted, cannot effectively prevent rigid price structures, maintained by small groups who dominate the market. . .. “With such concentration of industrial power, competition has of course declined. Now near the vanishing point it is in many industries may be illustrated by the experience of the Government as ga purchaser in the open market.”

Analyzes Present Laws The joint report on antitrust legislation contained an analysis of present statutes. Mr. Cummings said: “The Sherman Antitrust Law dates back to 1890. Subsequent amendments have related largely to matter of detail, but the basic provisions of the act of 1890 stand as originally enacted. “In the meantime, however, it has undergone many modifications by judicial interpretation. During the 47 years that the- statute has been in effect our economic and social structure has undergone a vast change. “Though aimed at suppression of monopolies and restraints of trade, efforts to enforce the law have been only partially successful. The statute in its present form is not adequate to deal with the many ramifications of the problem.”

RADIO TEST STATION

CONTRACT IS PUSHED

Local and U. S. Officials Confer in Capital.

Times Special WASHINGTON, Jan. 3—Conferences e ted to iron out remaining difficulties and result in signing of a contract to bring the Department of Commerce radio exental station to Indianapolis were under way here today. Those representing the city at the mee’ings were I. J. Dienhart, Indianapolis airport superintendent;

Thomas A. Moynahan, Works Board | ;

member; N. G. Johnson, airport engineer, and M.ron R. (Green, Industrial Commissioner of the Indianapolis Chamber of Commerce. Mayor

Boeicher was unable to come be-|

cause of illness. The delegation heard the President’s opening message to Congress and afterward conferred on the airpor problems with J. M. Johnson, Assistant Secretary of Commerce; R: C. Gazley, Bureau of Air Commerce Safety and Planning Division director, and Col. F. C. Harrington, of the Works Progress Administration. Success of the parleys depends upon getting approval for the use of WPA funds in the airport runway cor struction, it was explained.

* *

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OLLYWOOD, ; “Jan. 3.—I beeve one of the finest New Year's: resolutions a person can make is to resolve not to try to make any for somebody else. Resolutions at t do you a lot a g wo p igh y fit the other fella at all. I knew. a presi~dent of a firm who resolved that, startin’ with the new year, he was gonna act promptly and get everything done quick. He got 'a bunch of “do it now” signs and hung ’em in every office. So employees could read ‘em. The next: day he found ‘that his cashier had run off with $25,000.00, his bookkeeper had eloped with his private secretary; four clerks had asked for

Says:

salary raises, and his office boy had

gone fo ‘Hollywood to get into the

movies. (Copyright, 1938)

RUMANIA SEES FASGIST RULE

Nation Is Believed Swinging -To Personal Dictatorship. Under Carol.

(Continued from Page One)

Carol might encourage them to begin their big adventure—their try for “a place in the sun.” The Rumanian coup fell on Europe out of & clear sky. Only a couple of weeks ago France's Foreign Minister Yvon Delbos visited Bucharest, where he and a pro-French Government exchanged the most friendly toasts. . In fact, in Ru-

mania as in Poland, Czechoslovakia | .

and Jugoslavia—all allies of France —M. Delbos was warmly received. But Rumania’s Dec. 20 elections gave the governing Liberal Party only 38.5 per cent of the total vote. And as the constitution calls for at least 40 per cent, the pro-French Premier Tatagescu resigned. Instead of new elections, however, King Carol called on the Fascist, anti-Se-

mitic, pro-German Octavian Goga |!

to form a new Government. * Bid for Personal Rule

Goga’s National Christian Party : had trailed all the other major |:

parties in the elections; winning a bare 9 per cent of the vote. King Carol's move is seen as a bid for personal rule, eventually a dictatorship with himself as dictator. His reason, most likely, centers about Mme. Magda Lupescu, Rumania’s present-day Mme. de Pompadour, on account of whom he once renounced his rights, and because of whom he was divorced. Carol was enabled to return to his throne in 1930 only after a formal promise to give up his titian-haired favorite. his pledge was exacted by ‘Julius Maniu, leader of the National Peasants, whose party was

then in power. There is still much opposition to the liaison. Unless Carol can maintain the upper hand, eventually he may be forced to choose between his lady and his throne. Czechoslovakia, too, is in danger. Nazi Germany has long been preparing to “free” the 3,500,000 Germanic people of Bohemia, and any Nazi attack against the Soviet Union, would likely be made via the Czechoslovak corridor and Rumania. Thus if Rumania joins the Rome-Berlin axis, democratic little Czechoslovakia will be left isolated and in dire peril in a hostile sea of fascism.

SIX ARE CHOSEN ~~ ° FOR GRAND JURY

Criminal Court Judge Frank P. Baker today selected the Marion County Grand Jurors for the January term. They are to report next Monday morning and will be in ses--sion until July 1. The jurors are Marion C. Hume, New Augusta farmer; Cecil M. Jones, Indianapolis farmer; Mrs. Reita, Lamb, 717 E. 23d St., seam: stress; Mrs. Hazel Ortel, R. R. 10, Box 466, housewife; John H. Airhart, 1920 N. Alabams. St., interior decorator, and Martin. L. Dennis, Cente:

Township farmer.

' REPORTED HELP

T0 INDUSTRIES

Businesses New Deal Aids Criticized Got Benefit Of Projects.

(Continued from Page One)

against the National Federation of Building Supply Associations and afiliated trade groups inclucing ones in Indianapolis, to cease “certain ° urdawful practices,” allegedly tends ing to suppress competition in the sale of building materials and to

Mr. Biggers’ report to President Roosevelt showed that 7,882,912 pere sons gactually reported themselves out of work Nov. 20, the date of the enumeration, Mr. Biggers said that

maintain high prices.

or. the basis of a checkup of 1,950,

000 persons to : how many unemployed returned cards, a nation-wide projection of the same percentages would bring the uneme ployed to 10,800,000 persons. Officials of the WPA estimate that at least one million have lost their jcbs since the census date, and that al; least one million more will lose theirs in the next two months. : The National Unemployment Cene sus made public today the following tabulation of unemployment by states: (The percentage of unemployed to population is unofficial and based on the population figures of the 1330 census.)

Unemployed anting aking at WPA NYA, , or Ot! mergency Work reentage of Re onl

Totall and E

gWork

U. 8. Total ¢ece. 5,

2 » g ® 3

-/

Eh ab

DD SOD GC 00 G0 TAT CO TI SALAD fo ME 30010 ABICR :

HER

A ta,

3,191

Trade Outlook Brighter,

Economists Agree WASHINGTON, Jan. 3.—In spite

lof some long faces, some shrill voices

and many uncertainties, hope prevails among the big majority of economists here that 1938 will not be so black as the Jeremiahs pre dict. About 90 per cent of them agree with Standard Statistics that “the major portion of the recession is behind us.” These think that bottom will be hit either in the first or second quarter. They: consider that the drastie drop in business activity that oce curred between August and Novem ber, sending us back to the levels of a year and a half ago, was a whole= some thing, adjusting inventories quickly instead of dragging the pro- _ cess over many months... The national income, Commercial Department economists think, will be lower this year than 1937's figure of 70 billions—possibly as low as 65 billions. Standard Statistics estimates that production may be 20 per cent to 25 per cent below 1937 in the first half of this year, and profits 30 per cent to 60 per cent lower. The big black spot is unemploye ment. \ Uncertain factors are war dangers and rearmament costs.

Advertisement, "==

AMERICANS AS WELL as Europeans are reported as turning to the purchase of diamonds. as a hedge against currency inflation or other monetary troubles. . Heavy investment in dia~ monds is reported as a familiar phenomenon in periods of ‘political or -currency upsets. This season the French seem to be spe--cially interested in the purchase of diamonds, although there is a generous » ‘demand in Brussels and ir. london. The United States also is reported as buying in October 23.8 per cen more diamonds than ir October, 1936. Our imports; ‘during + the first nine months of this. year wer: $32,229,335 compared to $28,938,604 in the corre: sponding of 1936. The residefits of this country are riot permitted under the New Deal administration to lay by gold for a rainy day. They ar: not so restricted in som: ‘European: nations, but ar: not sure whem regulations might be changed. If they feel apprehensive about the stability of their country’s money, it is a natursd thing to think of diamonc s as security for their funds. Diamonds are not bulky and the value is stabilize

Reprint from the Indianapolis Star, December 31, 1937.

DIAMONDS AS DEPRESSION HEDGE

throughout the world, |

the value of the franc or of the dollar, for example, were to decline the value of the diamond would appreciate to a-corresponding degree. There was a time in Germany when a firstclass diamond ring or pin would almost have paid off. the national debt. : The great bulk of the diamond supply comes from South Africa snd is . kept well in control. For example, more than 90 per cent of the producers market their output through a London syndicate. The high point in on was 5,465,558 carats in 1910, The high figure since the war was 7,708,038 carats in . 1928. When the world depression came the demand: slum; . and the output . went down to 440313 carats in 1934. An immensely rich diamondiferous area was dis‘covered in South Africa in 1927. It was. taken under control by the government. Its output in 1929 was more than 600,000 carats. There is no question about the world supply of diamonds being equal to the demand.