Indianapolis Times, Indianapolis, Marion County, 5 May 1939 — Page 12

PAGE 10

| JOBS FOR MORE | GREATEST NEED. HANES BELIEVES

J Treasury Official Says U. S. 1 | Grants to Hoosiers Total | 730 Million. There is hardly a problem con-| fronting the nation’s economy which | Would not be solved by putting the large part of 10 million idle nen back to work, in the opinion of John W. Hanes, Undersecretary of the U. S. Treasury. Mr. Hanes, who addressed the closing session of the Indiana Bank€rs Association convention here yesterday, told the bankers that ‘sympathetic action” by Govern-

ment might stimulate new enterapr ses,

b jr

JS = The Undersecretary was accom-

panied here from Washington by his brother, Robert M. Hanes, Winston-Salem, N. ©. first vice president of the American Bankers Association

Points to Aid Given State

Declaring that he favors a balanced Federal budget as much as! anyone else, the Treasury official gdded that “the state governments should remember that one reason why they are able to live within their income is the fact that they have surrendered many state functions to Federal control, and that many services heretofore performed by the states have been transferred and urged as national projects.” “The greatest race in America for the last six years.” he said, “has been the race of Governors, politicians and statesmen on the track of Congress, jockeying for place and position as they struggle for the credit and currency of the Federal treasury. “Your state, Ihdiana, has not been asleep in this period. You have received more than 730 million dol-

lars from the pockets of your Uncle §

Sam. I merely mention this encroachiment of the state governnents upon the Federal treasury. I do not set it up as a defense or Justification of an unbalanced Federal budget. I do think it throws some light on the fiscal difficulties confronting us in the Treasury.

Calls Recovery First Problem

“I have never deviated from the firm conviction I held when I was making up my ming fo go to Washington—that the paramount problem of this democracy is vecovery. I meah recovery so perma-

nent and so thoreughgoing that the majority of our people will once ; again feel secure.’ Mr. Hanes said the nation is confronted with a great surplus of

capital which “does not desire to take a chance and a distinct shortage of that which does.” The fact that despite an abundance of capital, there is no willingness to supply tilese assets,” Mr Hanes said, “means that there are obstacles in the way of profitable investments, It is essential that we direct our energies toward every move that will encourage our people to invest in enterprises which will put men back to work.” Robert M. Hanes, who also ad: dressed the convention, said efforts of the American Bankers Associas tion have been directed “rather toward helping draw legislation which would be practical and helpful instead of being destructive ana punitive

INDICT 9 ON GOLD CONSPIRACY CHARGE

SAN FRANCISCO. May 3 (U.P) «The Federal Grand July toda) indicted nine of 18 men capiured by Secret Service agents in a $£230.000 nation-wide gold fraud conspiracy supposedly extending fifo San Francisco to New York The Indictments charged unlawful acquisition and possession of gold coin, which the suspects allegedly melted down and sold to the Government at 833 an ounce Morris Anolik, New York pawnbroker and asserted head of the conspiracy, was indicted on several counts all was set at $30.000 on each count against him.

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| was asked by the Indiana and Mich- swinging at the end of a 24-foot igan EBlectric Co. in a petition on |shaft in a special timepiece on view | file today with the Public Service at the World's Fair to symbolize

THE INDIANAPOLIS TIMES State Bankers’ Head, Noted Speakers

FRIDAY, MAY 5, 1939 ,

POWER FIRM SEEKS BOND ISSUE PERMIT

Permission to issue $26,500,000 in|

new securities at interest rates]

ranging frem 2's to 3'%4 per cent |

| | Commission. | Proceeds from the sale of the

|securities would be used to retire Co. disclosed today.

|debtedness and for a general rei | financing

the company’s outstanding in-

pregram the petition |

t stated.

| The company operates power | |lines in northeastern Indiana and

t | southern Michigan with general

| offices in South Bend.

PERSHING TO LEAVE

g FOR EAST TOMORROW

| TUCSON, Ariz, May 5 (U.P) =| | Gen Johy J. Pershing, apparently recovered from a near-fatal heart ‘ailment here last year, said today {he would leave tomorrow for Wash- |

: [ington |

* personal physician, Dr. Roland Da- |

He will be accompanied by his sister, Miss Mae Pershing, and his

vidson.

SHELLS OF 2000 EGGS USED IN HOUR GLASS

By Science Service PITTSBURGH, May b5.—8hells from 2000 eggs have been used to fill the glass in place of sand in the world's largest swinging hour glass, part of a half-ton pendulum disc

leisure made possible by electrical equipment, engineers of the West= inghouse Electric & Manufacturing

Colored and crushed, they weigh

only 28 pounds. The equivalent volume of sand would have broken the glass. In resorting to the eggshells. the enginecrs went back to an ancient practice ot the Phoenicians, who also used eggshells.

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Joh W. Hanes (left), Treasury Undersecretary, and his brother, Robert M. Hanes, first vice presi= dent of the American Bankers Association, brought the Indiana Bankers Association to a close when they spoke at the final luncheon vesterday.

Albert J. Wedeking, former State Highway Commission chairman, whe vesterdav was elected president of the Indiana Bankers Association.

CALL GRANDMOTHER FIGURE IN RACKETS

NEW YORK. May 3 (U. P)— Less than five feet tall, silverhaired and 68 vears old, a grandmother was held in the women's detention prison today under $30,000 bail, characterized as “one of the principal figures in at least three of the most vicious rackets in’ Brooklivn.” | She is Mrs. Rose Gold, who was arraigned in Brooklyn Supreme Court on 17 counts of first-degiee perjury in connection with fraudulent bond trankactions. She took the proceedings calmly until it was all over, but when her son, Sam Siegel. fainted in the corridor, she sobbed, crying: “He has a weak heart.” |

8pecial Prosecutor John Harlan] Amen charged that her candy store was the “headquarters for large; nolicy and bookmaking games, the prostitution racket and Sifilaf

BAR'S IDEALS PRAISED

BY EWING AT DINNER

The law profession stands with-

out peer in invoking the principles of fair dealing. Oscar R. Ewing, native Hoosier, now a New York lawver, told the Indianapolis Bar As-

letic Club last night.

He declared that “the =shysters

(sociation at the Indianapolis Ath-|

and sharpers are only a remnant of

the bar.”

All members of the Indiana Su-

preme Court attended the dinner meeting at which Eli Seibert, South Bend, a member of the house of delegates of the American Bar Association, also spoke.

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