Indianapolis Times, Indianapolis, Marion County, 21 June 1939 — Page 12

WENESDAY, INE

"The Indianapol

SECOND SECTION

Hoosier Vagabond

DENVER, Colo, June 31 Here in Denver the other day, we saw a car with big sighs painted all over it, saying it had been driven 225310 miles in it months, The sign also said that this distance was equal to a trip to the moen. I didn't believe that business about the moon. So we went home and looked it up in the World Alinanac, and of course they were right. Then I got out my pencil and paper, and figured out how many miles a day they'd have to drive to put on 223310 miles in 11 months. It comes to a little more than 872 miles a day. At the rate I drive, it would take me 14 years to drive to the moon. Also, I've forgotten what kind of car this was. Isn't that a wonderful little story? We have two friends in Seattle, one in Atlanta, one in Washington, and one in Chicago who have had babies in the last few weeks. Also, we know of an equal number who are anticipating blessed events at any moment. Is it an epidemic? Or is it that birth, like death, just seems to pile up around you as you grow older. The other day I had lunch with Some nurse friends at Children's Hospital here. They were telling me a cute storv about a little boy who had got homesick ahd decided to go home. Being thoroughly honest. he didn’t want to take his gown, which was hospital property. So he just took it off. and started home in the raw. He got as far as the lobby. The childs doctor was just coming in the front door, and stopped him. The doctor laughed and seid that's the first time he'd ever had a hospital patient meet him at the door. $ 8 4

Ah, Hoosier Fried Chicken

Some more mail came in todav. For example— From a woman in Los Angeles: “Will vou send me the address of Charles E Miller, who vou Wrote about from Lawton, Okla, some weeks ago? He is

Our Town

There fs an thdianapolis legend as persistent as that of the Diorelei, that the Indians buried a lot of gold at the southeast corner of Washingtoh and New Jersey Ste, where the Hotel Tremont now stands. I wouldn't give it a second thought if I were you. For two reasons: (1) Because of anv likelihood of my sharing the secret with you if it weve true and (2) because of something that happened back in 1832— ana again in 1837. . There's quite a story, though before we get to 1832. As early at 1834, for instance, John Little built and operated a tavern, called the “Sun.” at the southeast corner of Washington and New Jersey Sts. It was a twostory frame affair, almost square in form, ahd had something like a dozen rooms. There was a hall through the center of the first foor With an office oh one side and a parlor on the other. The sleeping rooms were upstairs. The ground on which the hotel was built had the appearance of a mound—at any rate, that of an island rising above the surrounding morass—and it may just be possible that the looks of it had something to do with starting the legend of the Indians’ cache. ®

= ®

Henry Clay a Guest

Be that as it nay, Mr. Little did a landoftice business. commanding the patronage of horseback travelers Who constituted the bulk bf the hotel trade in those davs. In 1842 for instance, Henry Clay was ohe of his satisfied customers, hdeed, Mr. Little did so well that. in 1848 his sons, Matthew and Ingraham, added a three-story © to the place. In 1832, the original tavern was moved hack in the lot and a threestory brick structure fronting oh Washington St. was built,

Washington

WASHINGTON, June 21 Threats of protracted Senate debate over neutrality find the Administration determined to fight to a finish for repeal of the arms embargo provision and make all munitions and raw materials eligible for cash and carry sale in event of war, This situation points to considerable delay in the adjournment of Congress. The House is expected to consider the yevised Neutrality Bill this week and Democratic whips have been meeting to organize their forces. No great difficulty is foreseen in obtaining the approval of the House. But. in the Senate some 20 Senators are ready to talk at length against repeal of the aries embargo. To avoid conHinuing the session far into the summer, some in the Senate have urged that, after the House acts, the neutrality question be allowed to go over until next winter when the Senate could act at its leisure. This proposed delay would be dangerous in the opinion of some high administration officials.

# 4 # Fear Effect on Adis As they see the situation, the failure of Congress to repeal the arms embargo before leaving oh summer vacation might give the aggressive dictator nations just the encouragement they needed to go into action. While officials have considered that the odds were against war in Europe in the near future, cohditions now shaping up cause some weakening in

this belief. Pressure of the Japanese against foreign cohces-

My Day

HYDE PARK N.Y. Tuesday— Yesterday 1 took my first long auto drive of the summer alone. It Was my cousin, Mrs. Henry Parrish's birthday, so I decided to go and lunch with her at Llewellyn Park, Orange, N. J. It was a clear and sunny day when I 1eft here, but grew colder and cloudier as time went on. Hows ever, the drive along the Storm King Highway was very beauti= ful and I enjoyed the view of the Hudson River all the way. I was tempted to stop to buy fruib from stalls between Highland and Newburgh, for this side of the river seems to be a part of the country where fruit grows in abundance. It seemed foolish to carry it around with me all day, however, so I made no pur chases. One eat with an fllinois license passed me twice and finally I stopped at a gas station and the car turned around and came back to park beside me. A pretty young Woman leaned out eagerly and said: “You are Mis. Roosevelt, aren't you? We couldn't go oh witheut asking for & chance to shake hands with you." Two young couples tumbled out and one of the young nen took a photogtaph through my windshield, which I think will probably not be very good. We shook hands and much to my amusement one of them murmured: “You look much nicer on your pictures” I an inning to think that having e expect =o little or your looks is rather a Roos igen, because their sutprise at least is a pleasant one,

and girlhood with this fu

By Ernie Pyle

ah old-time friend and his brother was my childhood sweetheart. That article certainly brought back memories.” From H. C. Thompson of Washington, D. C.: “In my many crossings of the continent, it has been my observation that, as one goes West, prices of food go down and quality goes up. What is your experience? The Fast ought to know, for the good of its

soul.” Well, being the kind of an eater I am, my food jeductions would probably make pretty unsatisfactory reading for food fanciers. So long as it isnt spoiled, I usually can't tell the difference. The only two food items I can think of tight off hand are: 1. At the Ryan Hotel in St. Paul the other day I had a steak that was almost as good as those in Buenos Aires, and . . . 2. My father's chickens aren't big enough to fry vet. So the day before I got home to see my folks recently, they scoured the country and bought up six frying chickens. We ate thé all in three days. They tasted mighty good, too. ® & @#

Some More Letters

Mrs. Frank P. Union of Miami, Fla, writes me a hice complimentary little letter about the column. The reason I'm mentioning it is that she prints her words. and it is the most beautiful hand-printing I have ever seen. From a woman who is describing the Negro boy who works for her parents in the South: “He is a constant source of amazement. His shoe size is 13's and. when he walks, his feet seem to exhale and inhale on the sides, as though they had lungs.” That should go into Readers Digests “How Else Would You Say ft?" department. From my friend Fred Neely inh Pittsburgh, an ordinarily sane man who has a faming passion for vears to own a Lincoln Zephyr, which he couldn't really afford: “Well, I finally got it. After suffering over it for three vears, I still wanted it more than ever, so it must be right for me to have it. I take the engine out every night and take it to bed with me.”

By Anton Scherrer

Tt was while excavating for the foundation of the big brick building that prople from ail over the country came to help dig, giving their services for nothing in the hope of finding the Indians’ gold. Outside of 4 bushel basket full of arrowheads not a thing turned up. The legend endured, however. Five years later, the gold diggers shoved up again. This time the frontage of Little's Hotel was increased to 113 feet on

Sees Recovery Hampered by-=

Fewer Investment Chances

(Second in a Series) By John T. Flynn

(Written tor NEA Service) Ir investment stops, sav ings tend to pile up. Thus, to the extent that we save, we sterilize a large pettion of the national money ihcome. The period from 19238 to 1080 was the most prosper= ous in our history. Between 1028 and 1930 our bank de= posits grew from 39 billion to 54 billion-—-a growth of 15 billion dollars. Now from 1933 to 1938-—a period of severe depression—our bank deposits grew from 37 billion to 52 billion. That was an increase of 15 billion. In other words, in this period of depression we have increased out bank deposits by 15 billions or as much as the increase in the great prosperity of the ‘twetities. But not a nickel of these vast savings has found its way into industry or trade for any purpose. This mere statement is sufficient to alarm the serious student of economic affairs, \ ¥ 4 4 BETWEEN 1023 and 1930, when deposits were increasing, bank loans were increasing. They kept pace with the deposits. The money was being loaned out and spent on building construction, railroad and industrial expansion. And as fast as it was invested and

spent on construction, the money came into the hands of workers

Washington 8t., which, of course, necessitated more foundations. Again the diggers were doomed to disappointment. Since then, nothing has happened | around the old corner to hiring out the goid diggers) but hotwithstanding, the legend of sequestered wealth under the Hotel Tremont persists to this day. You ought to see the glint in Eastsiders’ eyes when you!

bring up the subject. ® *

A Flowrishing Business

Even more amazing than the story of sequestered gold is the fact that Little's Hotel is still standing. Don't let the concrete facade of the Hotel Tremont fool you. Behind it are the original brick walls of Littles Hotel. On the inside are the original hanhdhewn timbers. Indeed, the present stairway of Hotel Tremont is the very one Stephen A. Douglas walked up the day he registered at Little's Hotel in 18386. Up until the end of the Civil War, Little's Hotel | wae one of ths best 6f any in the city. It even had its own bus line to the Union Depot. As a matter of fact, up to 1864 the furnishings of the hotel were the most elaborate of any in town, They were mostly | mahogany pieces, some of which, I dare say, ave still | in Indianapolis attics. The revenue derived from the hotel was something to brag about, too, considering the early days of its existence. One day during the Civil War, for instance, the dining room alone took in $4600. In ohe day. mind vou. It's explained by the fact that Indianapolis had a lot of hungry soldiers that day.

By Raymond Clapper

slong in China is a sighificant LE at the far end of the Rome-Berlin-Tokio triangle. Agitation for return of Danzig th Germany grows more voeiferous. fn the Mediterranean, ftaly is watehful for a chances at Tunisia. Thus none of the three triangle powers is satiated. On the contrary, all are pressing for fulfilment of their programs of abgorption. The eritizal period is likely to come late in the summer, after the harvest. On the basis of the situation ag it stands then may well rest the decision of the three powers as to whether the time for action has come.

s . $ Many Factors to Consider

Many factors must enter into such a decision. We may be certain that, among these factors, one of the most important will be the question of Amerjean material resources. Both in Europe and in the Far Rast, the United States is inevitably a large unknown factor. Will ouy resources be available to the defending nations? If (he arms embargo ig retained, if the proposed repeal is delayed because of opposition in the Senate and Congress adjourns leaving it on the books, it then Becomes evident to the aggressor powers that vtheir potentail enemies cannot count upon obtaining needed munitions from America and the path is just that] much clearer. On the other hand, ag it ix seen by, officials here, repeal of the arms embargo would have |

the effect of giving pause to any impulse to action»

on the part of the dictators. There is not a real meeting of minds between the | Senate and the Administration on the issue. The] Senate isolationists are thinking of what would hap-| pen if war broke out. The Administration is thinking | of the course best calculated to discourage anyone from starting a war.

By Eleanor Roosevelt

This little conversation seemed to satisfy them, | for I saw them no more along the

else recognized me or paid any attention to me, even when I had to stop in Montelair to ask the best way to Llewellyn Park I spent three hours with my cousin and found | a shorter way to return, so I reached home a little | after 4:30. Today I caught up on mail. After an early luneh, f am motoring down to New York City at My. Charles Taussig's invitation to dine with Father Mooge of the Catholic charities to discuss some of the youth problems. Incidentally, I hope to fit in a short lesson on speaking, so as to be able to praetice more effectively during the summer, Some one sent me a wonderful elip to wear on my nose while swimming, which prevents any water from getting into it and through the ear passages. I find, however, it is going to require some little time before I can breathe with ease through my mouth alone. Ove of the NYA projects in Richmond, Va, sent me a linen luncheon set yesterday, whieh is really charmingly woven. I eannot help but be interested and pleased when 1 see things so well done, for it mugt mean that many young people will be able to make useful and really pretty things for their own homes. I have always liked the foreign custom of having a girl start young to make things for a future home and putting them away in a hope chest. Even if a girl doesn't get married, sometime or other, she ig likely to want a home of her own and it i$

and others to be spent in stores, ete. But between 1933 and 1938 bank loans have not only not increased but have actually decreased. The billions in deposits remain sterile because they are not ine vested. And they will continue to

| be sterile until they are invested.

HERE did these billions come from? If we had an increase of 15 billions in deposits between 1033 and 1938. how was all this money produced? That is a well-known phenomenon. Whenever a bank makes a joan it creates a deposit and thus increases bank money. Bank loans increase deposits. But in these years there has been an inerease in deposits with= out an increase in bank loans. The increase in deposits was eres ated by Government borrowing. Instead of private individuals bor rowing at the banks and increass ing deposits, the Government borrowed The Government's borrowings took the form of selling Govern ment securities to the banks. While this in form appears to be a sale of securities, it is actually a Government loan from the bank, And these Government loans inereased bank deposits just as private loans would. But no part of these increased deposits has gone into private investment. The same thing is true, more or less, of other evidences of invests ment. You read a lot about how building is growing. But it is really unimportant. As for ins vestiment through corporate ge= curitieg, that is so small that it is almost negligible. It has collapsed while private savings have risen ag rapidly as during a great pros perity. But the savings never get spent,

the last five highest multiple

A% of 315° - HE®

Ete ach such bla calendar quarter in which Such & Calendat quarlee A NUK dor

of 1148. but nck more:

THE DURATION OF BENEFITS IS

(Maximum +3

the Weekly Benefit Amount whichever is 18s de fheekly :

FEO per quarter | ear

Unemployment compensation insurance cushions the shock for the person thrown out of work and gives him a ¢hance to look for a

new job or tides him over until called back to his old job.

Billions of | Ie

eka! Dgposits ane’ Jotal Loans All Banks.

Indiana

EE alate Souve: feotral Reserve Board Rgpons |

PROSPERITY:

never find their way into the stream of national income, bes cause the only way this can be done is through investment and, for some reason, the pipes which lead savings into investment are

choked up. #

HAT is up investment, or at making it difficult? There are many things in the way. If vou follow political dis= eussions and the speeches of busi= nessmen, you will imagine that the only thing holding up invests= ment is Roosevelt, He is supposed to have produced uncertainty in business by his taxes, his inters= ference in business, his attacks on capital. Then the European war situa= tion is supposed to have bred fears, suspicions. I do not wish completely to brush aside these notions. But I think they are much exaggerated. Businessmen would do well to more realistic. They should like businessmen and face

it that ig holding least

he act facts. One of the first troubles is found in the more limited oppor= tunities for investment. But this is something we can correct. One of the things which limits opportunity for investment is big= ness in business, Now I do not want to debate the question of whether big business is more effi« ecient than little business. Nor do 1 wish to talk about big business peing immortal or bad. 1 see it as a purely economic question. 1 recognize that certain indus= tries must necessarily be big. But thig is net true of all

Bank deposits parallel bank loans. SION: Rising bank deposits diverge from falling bank loans,

DEPRES-

AKE the steel industry. when steel plants were moderate in gige. there were a large nuniber of them. It is a faet that the Units ed States Steel Corp is a combinas= tion of more than 300 concerns. fn an industry where plants are moderate in size, it is possible for one who is the general manager of a plant, who has saved his earnings and who is ambitious, to start a plant of his own, He in= vests his own savings and pers haps induces some friends or cols leagues to join him, Bach year 10 or 15 such men will set up in busi= ness for themselves, Perhapg only a few will gueeeed. But all will bring a large amount of invest: ment funds inte the market. The economic value of the ins vestment opportunity ig always overlooked when considering this question of bigness, I am not, of course, advocating a return to lit= tle horse-and=buggy plants. I use the word “moderate=siged” coms paratively. Now you may say we cannot go back to little plants in the steel industry, All right, Then you cannot expect any newcomer ever again to seek a place for his in= vestment money in a new steel company. ‘The only chance is in the expansion of a few old ones, The thing that tends to produce this situation is many-sided. The corporation laws tend to give the breaks to the large-scale enterprises. Corporation laws en= able corporate industries to escape all sorts of regulations which the individual must gubmit to. By the use of subsidiaries and holding companies, lawg can be cireums vented, And for years the corpora= tions dnjoyed tax advantages denied the individual,

was one of the first states to adopt such a system. Here Clarence A,’ Jackson, unemployment compensation director, examines a chart show

ing how the Indiana plan works.

Banks prosper, and the machine of business goes ahead, when

banks’ customers maintain a proper balance between deposit slips and

borrowing for investment.

VERYTHING we have done has tended to make enterprise geek the large-scale corporate form with subsidiaries and hence has driven industry into large units, No one would advocate abane donment of the corporate form. But the corporation laws and the tax laws applying to corporations and individuals should be gone over carefully to deprive the large corporate concern of any admin. istrative and tax advantages it enjoys as against the small one. Next, monopoly of every sort ghould be fought at every turn, These monopolies are of two kinds. The absolute monopoly where one or a handful of concerns by Aar=tifieial means get control of the market, The other is the trade

New Business Revival

Plan Pushed in Capital

By BRUCE CATTON

WASHINGTON, June 21 (NEA). —An effort to line up business and

desighed to achieve “business appeasement,” tax redustions and a usiness revival is being pushed ere

Back of the move is a group of New York businessmen organized under the name of United Ine dustries. The plan they are submitting for consideration on Capitol Hill is, bagically, a proposal to swap 500 million dollars in tax reductions for re-employment of one million idle

men. Two kinds of tax incentives to create re-employment would be offered businessmen, under this plan, Ope would give compensative eredits on income tax pay-

road. No one | ments to employers who put move

workers on their payrolls, The other would permit up to one-third of a taxpayer's net income for a given year to be currently nontaxable if invested during that year in one or more brand new business enterprites, providing that such ens terprises were employers of labor.

Other Concessions

Beyond these tax features, other concessions would be asked of the Government. These would include: Blimination of the capital gains and losses tax, except in the cases of putea: or firms in the business of bu

Vin and selling securities, Revigion of the Wagner Labor Relations Act “so as to provide impartial treatment of employers and employees, without impairing labor's rights.” Modification of the rules and administration of the Securities & Exchange Commission so as to encourage new capital issues, The plan was drawn up by Donald R. Cotton and Henry Morse, of New York, leading spirits in the newly organized United Industries. In a written statement accompany. ing the plan, submitted to the

nice to be making things all through yowr childhood in mind, . wd ee em

House Ways and Means Cpmmittee,

[hey estimated that their plan] would take 600 million dollars in| taxes off of the business coms

political leaders behind a new plan | munity; on the other hand, they

[figured that at least one million men would be re-employed and that! the Government in this way would gave 750 million dollars annually in relief costs. In eonelusion, said: “United Industries will undertake to obtain pledges in writing from the various branches of industry to add a total of not less than one million men to the present business payrolls of the nation without low ering wage rates or salaries , , , if Congress and the President will agree on receipt of sald pledges to adopt a business Incentive program.” The plan was submitted too late to get a hearing before the House Committee, United Action Is Aim

Mr. Morse says that the big idea is to get united action for an end which all groups desire—business improvement. “Everybody Is doing plenty of oritieizing,” he says. ‘Business leaders eriticize the New Deal, and New Dealers oriticize the business men. But nobody makes any cone structive suggestions. We're all ine terested in getting the country back into a healthy condition, but we don't get together on anything. “We're trying to show in a cone structive way that taxes can be re duced and that men can be put back to work. We're not just saying that it must be done-—-we're trying to show how to do it, “Fhe President and Congress have properly said that taxes can't be reduced because the unemployed must be cared for. We agree with that--these men can't be left to starve, On the other hand, businessmen properly say that they can't go ahead and expand their operations because they're held down by taxes, We have

thelr statement

ONE DEAD, 85 HOMES GONE IN TEXAS FLOOD

COLORADO CITY, Tex, June 21 (U, P.) Men, women and children

gat on hougetops today and watched the flooding Colorado River sweep at least 85 homes from their foundations. One drowning, that of Ollie Marrow, 60. salesman, was reported. His automobile was swept off a bridge.

TEST YOUR KNOWLEDGE

1—-Whieh two signers of the Constitution became Presi= dents? 2--In which country {is the Province of Ontario? 3-—-Do male mosquitoes bite? 4—-In Greek chronology, what was an olympaid? B—Which state is represented fn Congress by Senator Carl A. Hateh? 6-—1In liquid measure, how many fluid drams are in one gill? "Which city in Italy has the second largest population? g—What was the purpose of the Lewis and Clark Expedition? os o o

Answers

l—CGeorge Washington and James Madison. 9--Dominion of Canada. J-<No. 4A period of four years, B-~New Mexico, 6-32, T-Milan. 8-To explore the territory west of the Mississippi River,

ASK THE TIMES

Inclose a 3-cent stamp 10h reply when addressing any question of fact or information to ‘The Indianapolis Times Washington Service Bureau, 1013 18th St, N. W,, Washing= ton, D. €. Legal and medical advice cannot be given nor can

presented a basic idea showing. how these things can he handled.

extended research be under

EXPRESS SHIPMENTS UP

Railway Express shipments increased 41 per cent during the first five months of this year compared to a similar period last year, J. W. Dill, general agent here, announced today. Revenue rose 46.7 per cent dur: ing the period as compared with the corresponding time of 1038, he added.

'HOMER ROGERS HEAD

agreements where competitors get together to keep out newcomers, to keep up prices, to prevent the new man with new ideas finding a place for himself. Monopoly and monopoly prac

/ tices have all but completely de-

stroyed the building industry. And they will gradually do the same thing to every industry into which they are permitted to enter, Therefore, the first course is twofold: (1). War, unremitting war, on every kind of restraint upon trade and every form nf monopoly practice. (2) Revision of the tax and corporation laws to equalize the opportunity of the big man and withdraw governs ment sponsorship of bigness. NEXT—Obstacles to investment in the great industries.

—

LIFE UNDERWRITERS

Homer Rogers, Indianapolis, today, headed the Indiana State Associa-

tion of Life Underwriters following the annual meeting. Other officers named were Wine ston Robbins, Lafayette, vice presie dent: Harry Warvel, Gary, secre= tary: Francis P. Huston, Indianape olis, executive secretary treasurer.

‘Everyday Movies—By Wortman

. ' * [] "n | ing:I'm going in"

WOE MAN

World of Tomorrow | "If | can get anything out of the telephone company, for noth

er]