davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02

gan in earnest. People stood in
line to cash their government notes.
With the new money in their
hands they hurried to the COM
pany's Office to wait more hours in
line to buy stock. The stock they
bought inside for 5000 livres could
be sold out in the street a few mo-
ments later for 1000 or 5000 livres.
BY November, 1917, the stock had
reached $1,000 livres, thirty times
par. Rue QuinquampoiX became the
Wall Street Of the day.
We are told that 100000 specula-
tors flocked into town from all over
the world until lodging space was
no longer available. In Rue Quin-
quampoix brokers and spectators
jammed the street from wall to wall.
II II
a S the price of the stock scared
IA everything else went up ac-
cordingly. Houses near Rue Quin-
quanpoix which had rented for 300
livres a year were cut into 300 and
40 Offices. each and rented at 10000
livres. A contemporary speaks CT
everyone wearing cloth Of gold.
The shops Of the Rut St. Helene
were literally emptied Of the tsores
at prices never heard of before.
Footmen became millionaires and
equipped themselves like their
former masters.
There is story preserved Of a
footman meeting his former master
in the market place and bidding
against him for a fowl until the
price rose to 200 livres. A hunch-
back earned 10000 livres by allow
ing the brokers in Quinquanpoix to
use his back as a desk.
The stock reached 10000 Ivres.
Now the wise began realizing on
their paper profits.
The first effect Of the desire to
realize, writes the historian Adolphe
Theirs. was a general increase in
the price of everything. They took
advantage Of the insanity which had
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
John Law Master nationist Duped France Grand Scale

led so many to sell their estates;
they purchased them and thus OBJ
tanned the real for the imaginary.
They possessed themselves of
precious stones and jewels, which
were still eagerly offered, and thus
secured solid value in exchange for
the semblance of it."
TIME shares began to decline
L John Law, he whose home had
been surrounded by 300 coaches at
a time, for whom dukes and princes
had waited six hours for a word
whose daughter had given a ball to
which all nobility sought invitation,
whose son had played with the boy
king. John Law saw the beginning
Of the end
The Tealizers began asking for
coin instead of bank notes He had
the regent decree that IS were
worth 5 per cent more than coin.
Still the shares dropped.
The regent decreed that silver
could not be used in payment of
more than 100 liyres, nor gold for
more than 300 livre. Still the stock
dropped and the money with it.
To raise prices more money was
issued, increasing the issue to one
billion livres. The wearing of pre-
cious stones was prohibited. The
paper money was increased to two
billion livres.
It was decreed no one could pos
sess more than 500 livres in specie.
Public assemblage was forbidden.
The issue was increased to 3.O7O
million livres. Rich realizers
showed their contempt for the paper
by using it to light their chatting
dishes. The crash came in 1920.
Riots began. Many were killed
Defrauded thousands shouted in
front Of the regents palace. Law
managed barely to escape from
france with his life, and with ~
300 borrowed gold louis in LIS
pocket.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
WILL FACE
FEDERAL. JUDGE
Most to Be Arraigned Fri
day Are Facing Booze
Charges.

More than ITS persons indicted
by the federal grand jury Jan. 81
will be arraigned before Federal
Judge Robert c. BaltzelI Friday.
Majority Of the defendants in
dicted are charged with liquor law
violations, although ten are accused
CT narcotic violations, a similar
number with counterfeiting and sew
eral with postal and banking act
violations.
Three officials of the defunct
Spencer Gnd) National bank
charged with misapplying funds Of
the bank, are to be arraigned.
The list also includes two Terre
Haute youths charged with stealing
a $4,000 currency shipment from the
mails at Terre Haute last Septem-
her, They are Harold Fasig, sub
stitute mail clerk, and Kenneth Ray
Cocker, unemployed accountant
They are alleged to have fled to Cal
ifornia, spending several thousand
dollars before being apprehended
About $4,000 of the money was re-
covered.
Three confcderates of Homer
Wright, Indianapolis gangster, ma
chine gunner AND king of alky
runners" who was slain r1lysteri-
ously the day before he was indict-
ed, also will face the court.
They are Lester Bridwell, Clinton,
and John L. Smith and John Mo
line, both of Louisville. They we're
arrested in southern Indiana while
conveying a truck loaded with TOO
gallons of alcohol, dry agents
charge.
Myrl Myers, Greenwood, charged
with threatening to kidnap a Green
wood business mans child unless he
were paid sum Of money, is the
first person in Indiana to be ar
raigned under the new federal ex-
tortion law, passed as result of kid
mapping Of the Lindbergh baby.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02

Here, there, LADY by the brook!
Sees his "shadder" on the water;
It means winter and you hadn't Oughter
Hang your clothes on hickory limb,
Till you get the "Okay' from him.
And thus Monsieur Grounding
observed his shadow in Indianap-
oils as he peered over q bank and
saw Miss Helene Elder, 944 Lesley
avenue, dancer, as she tested the
chill of an outdoor pool for a
plunge.
Monsieur came out as diffident-
ly today as Miss Elder did, in
sticking a toe in the water.
For a short time it appeared
that winter would be gone, for
his shadow would not form under
weak gray clouds.
But at last the sun took hand
and, abetted by Miss Elders cour-
age, chased Monsieur back to his
hole for another six weeks to
sleep and dream of spring.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
Modern Plus
1888 Model Home to Be
the Ultra in New
Designs.
TIME ultra of modernity-will

TINE ultra of modernity-will
Il be included in the 1888 model
house, according to members of
the indianapolis Home Builders
Association, who saw the plans for
the structure Wednesday night at
a meeting in the Washington.
Plans for the home, presented
by Leslie F. Ayres, architect, show
circular living room, with one
whole arc of the room a mass of
glass, bedroom windows six feet
from the floor, dining room
equipped with a bar and other
facilities for entertaining guests,
and the kitchen sink below a deep
bay window.
The house will be shown at the
Home Complete show at the state
Playground, April % to %.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
Freed in Colorado, CIeve-
land Man Goes to Settle
Last Debt.

IN UlIC0 Press
JEFFERSON CITY, Mo, Feb g.
Glenn Smeeman, twentieth century
Jean Vatican, who attained re-
spectability after escaping from
prison, will appear here today to set
tie his only remaining debt to the
lava matter of bond jumping in
an automobile theft case at st.
Louis.
j. V. Allison, prosecuting witness
against Smeeman in a trial in st.
Louis seventeen years ago, asked
Governor Guy Park to add Mis-
souri, pardon to the Colorado COM
mutation extended earlier this
week.
Though Governor Park said he
would have no statement until the
case is presented, he was believed
to look with favor on the plea.
Allison in letter to Governor
Park asked that the Cleveland music
dealer be freed because Of his good
behavior in the last fifteen years. "
Smeeman was sentenced to two
years in prison for stealing Ali
sons automobile, jumped an appeal
bond, and later was sentenced to
the Colorado penitentiary on an
other auto charge. He escaped from
a road gang, went to Cleveland and
engaged successfully in business
with brother.
A year ago, he married a Cleve-
land society girl, and lived there
happily, until exposed recently by
woman reported to have attempt
ed to blackmail him. His wife and
brother accompanied him back to
the Colorado prison at Canon City.
He was freed there Tuesday by Gov
ernor E. G. Johnson.
His wife attempted suicide when
it appeared for a time that he would
be required to complete his Colorado
sentence.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
Wrong Relief System Is
Blamed for Pay SI0shes

be upon the workers. Governor
Winant Of New Hampshire has
pointed out that men and women
working part time, and. in some
instances, even long hours, are lit
tie better off in goods or money re-
ceived than those applying for
charity.
THE result is that more and more
half broken people are tempted to
accept doleS rather than earn
wages
Raushenbush added, "there is
danger that we may stabilize on a
peasant level, with disastrous re-
suits for every industry in the ma
ton"
He estimated that of 100000
women working in Pennsylvania, eX-
Guiding teachers, 100000 are getting
from 81 to $40 a week.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02

He issued 100000 shares at 500
livres each and made the stock at
tractive by allowing rs per cent Of
the purchase price to be paid in
government notes at their par value.
Every one rushed to convert the
deprecated government notes into
this new paper.
Soon another $4,000 shares were
issued, this time at $50 livres each.
Wall Street still was a nameless
boundary Of a pioneer settlement,
but John Law knew all the tricks.
He provided that the investor must
own five shares of the first issue to
buy one share cf the new.
Also, the price could be paid in
installlnents. The stock. started
booming. Soon another $4,000 we're
issued, this time at 1000 livres. And
now he made the stock still more
attractive by allowing the holders
to deposit it with the bank and re-
ceive bank notes to the full value,
which money they could use to buy
more stock against the rise.
American bankers were more eau
tious during the Coolidge bull mar
ket two centuries later-they loaned
ISSUED credit money! up to only
so to rs per cent of the market
value of deposited common stock.
n n
a ND now the canny Scot at
IA tempted his greatest miracle.
The outstanding public debt stood
at 1900 million livres. He proposed
that this be paid of without cent
Of money.
The regent was puzzled, but de-
lighted. What ensued was described
by Daniel Defoe at the time as that
which will forever be spoken Of as
an action that the world never
heard of the like before"
Law issued $1,000 million ivres
Of additional bank notes. Stimuli
taneously, he announced a new issue
of Mississippi stock at 5000 livres
a share. Whereupon the boom be-
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
LOSS $4,000 WHEN
BLAZE RACES HOME
Residence of Capitol Air.
port MANAGER DESTROYED.

Loss estimated at $4,000 was
caused by fire which, Wednesday
night, destroyed the home of Elmer
H. jose, president and general man
ager of the Capitol airport, on Law
renee drive in brotherhood.
Firemen were helpless because of
lack of water. Chemicals were use
less after the structure was en-
veIoped entirely in flames. Origin
Of the blaze was not determined.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
OWNERS OF BIGGEST
HOTEL ARE INDICTED
James Stevens and Two
Sons Held as EmbezzIerS.

BIZ JHitcd Press
CHICAGO, Feb. flames w.
Stevens and his sons, Ernest j. and
Raymond w, owners of the largest
hotel in the world, we're indicted
today on charges of embezzlement.
Charges against the three we're
the outgrowth of the failure of the
Illinois Life Insurance Company, Of
which they were directors.
All three men were named in three
indictments, two of which contained
three counts each and the other
twelve counts.
Specific charges were that the 30
year-old father and his sons en-
bezzled 100000 from the insurance
company by declaring a S250000
dividend when they knew the COM
pany was inSolvent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
BILL TO PARE
COUNTY COSTS
IS INTRODUCED
Board of Trustees Would
SuperSede Council and
Commission.
SIMILAR TO STATE PLAN
Democrats May Discuss
Idea at Caucus SChed-
uIed for Saturday.

Capitalization of county govern
ment similar to that under the state
plan sponsored by Governor Paul
V. McNutt is provided in bill in
trcduced in the house today. The
plan would be optional, inaugurated
only through a special election.
The measure, sponsored by Rep
resentative Born B. Grub Dem,
West Lafayette), proposes that a
county board Of trustees shall super
sede the county commissioners, TAX
ing over powers and duties of the
latter group, as we'll as those of the
present county council.
A trustee would be elected from
each township for each $4,000 pop
ulation or major fraction thereof
Terms would be for four years anC
salary Of a member 500 a year.
Power to appoint all county Of
ficials not enumerated in the state
constitution is granted in the bill
Consolidation of all county Office
not mentioned in the constitution
would be permitted. Salaries Of
both officials and employees woulc
be set by the proposed board.
The board would have power tt
make all county purchases, and tt
appoint township assessors.
Teachers for all schools in coun-
ty would be nominated by the coun-
| ty superintendent, with approval OF
the board, and it would have the
power to eliminate from nominees
two persons, without stating any
reason for the action.
Citizens of a county are author
lied to petition for an election as tC
whether they shall adopt the board
of trustees plan, or an election can
! be called on action Of present boards
| Of commissioners.
The bill is to be the topic of eau
cuses Saturday of both house and
senate Democrats, according to re-
ports current today.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
TRADE PROBE
BOARD FACES
: FIGHT FOR LIFE
Leaders in Both Parties to
Wage Battle to Save
Commission.
HIT APPROPRIATION CUT
Safeguarding of Public Is
Threatened, Declare
congressman.
BY RUTH FINNEY
BY RUTH FINNEY
Times STAFF Writer

WASHINGTON, Feb. 2,-Members
Of both parties in the house rallied
today to save the federal trade
commission from virtual abolition,
propose by the house appropri-
ations committee.
Representative John J. Cochran
Dem, Mo-, one Of the group
which has led the fight in the house
for governmental economy, will
move today to increase the trade
commission appropriation for 1884
from $4,000 to S1,O0O,O0O The bud
get bureau has recommended that
$1,109,550 be given the commission.
During the present year the COM
mission has been allowed Sl,466 500.
CoChrans announcement that he
would fight the 65 per cent cut rec
commended by the committee called
forth promises of support from
Representative Sam Rayburn Dem,
TeX), Representative F. H. La
Guardia (Rep., N. " and Repre-
sentative Thomas Amlie (Reps
Wis.,. Chairman Clifton A. Wood
rum Dem., Va of the subcommit-
tee which first proposed the cut adj
mitted the treatment accorded the
commission probably had been too
drastic
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
JAPAN MASSES TROOPS
Advance on Jehol to Be Resumed.
Chinese Leaders Believe.

BIZ United Press
PEIPING, Feb. 2.-Japanese in
Manchuria are completing large
troop concentrations in spring-hke
weather with a view to resuming
their offensive against Jehol prov
ince. consular reports received from
Mukden said today.
Spokesman for Marshal Chang
Hsueh-Liang said the Chinese were
ready for the japanese advance.
Chinese intelligence reports indicat-
ed the japanese were moving south
ward from Mukden and northward
from ShanhaikYan.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
DEMONSTRATORS HELD
FOR IMMIGRATION QUIZ
Communists Are Blamed for Relief
Outbreak at South Bend.

By United Press
SOUTH BEND, Ind, Feb. q
Records Of twenty-four men and
women arrested in Mondays poor
relief demonstration here were be-
ing investigated by department of
labor Investigators today with
view toward deporting any who are
connected with Soviet Russia in the
spreading of Communist propa>
ganda.
Deportation proceedings can not
apply to citizens, however, it was
pointed out by Oliver LOOMS, Uni
ted States district attorney.
Stella Machullies, "a, leader of
the demonstration, is a citizen Po-
lice who searched ner home said
they found Communist literature.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
U. S. EXPORTS SLUMP
Drop of Almost S1.OOO,OOO Listed by
Commerce Department.

b. hWtd fftW
WASHINGTON. Feb. Amer
lean exports in 1882 were valued
at s1,612. 3o5,81S, compared With 81
424 .2SS. $50 in 1881, the commerce de-
partment reported today Great
Britain and Canada remained the
United States best customers with
purchases of S288. 462 sos and S24l.-
424. 707, respectively, the department
said,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
$4,000 BUTLER LOAD
SEIZED BY HlJACKERS
Machine Gun Bandits Commander
Truck; Drivers Are Freed.

Bu United Press
CHICAGO. Feb. 2-Machine gun
hijackers. who told their victims
they were watching for liquor
truck. comandeered a load of Wis
consin butter near Palatine today.
The truck, loaded with $4,000
pounds of butter and 1000 pounds
of oil. was valued with its load at
Sc, 400.
Five bandits. four armed with re-
volvers and one with a machine
gun, halted the truck as it neared
Palatine on a trip from West Salem.
Wis.
The hijackers, after several hours.
released Homer ShsfTer, Palatine.
and R. Mack, Chicago. drivers of
the truck. which was found aband-
oned and empty in Cicero.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
P0DIATRISTS TO MEET
Annual State Convention to Convene
Here Sunday.

Podiatrists from throughout Indi-
ana and from neighboring states
will attend the annual convention
Of the Indiana Association of Podia-
trists Sunday, Monday and Tuesday
at the Lincoln.
Dr. Henri L. Duvries of Chicago,
president Of the Illinois College of
ChirCpody, will speak Sunday after
noon on "Chiropodial Medicines"
DR.. Hal P. Smith of indianapolis,
vice-president of the National Asso-
citation Of Podiatrists, will be toast
master at the annual banquet to be
held Sunday night.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02

This is the third of a series of articles
in which Earl Sparkling presents high
light history of initiation.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02

The bank opened in May, 1716.
Law put the capital 100000
livreS. divided into 1900 shares of
5000 livres each, payable in coin.
Against this coin he issued so to
60 million livres of paper notes
which is just about the ratio at
which American bankers in normal
times convert goId-backed money
into credit money, or bank deposits,
today,
actual money outstanding in the
hands of the bankers and the people
in 1929 averaged S4,7460 100000; this
was built into 81 billions in bank
deposits.
Laws bank was an immediate
success. The people found it better
to use bank notes than coin. A
thousand hvres of silver might
change one-sixth in valuation over
night The bank notes were made
payable in coin at the value of the
day Of issue.
Thus, mere paper. a promise to
pay, gave more security than the
actual metal which made the paper
valuable. So that in a year the
bank notes stood at IS per cent
premium while the government S
notes, the governments promises to
pay. were selling at about one-f1fth
of the face
TINE bank was such a good thing
L that in December, 171S, the gov
eminent took it over, paid of the
stockholders in specie and made it
a royal bank. At once its issue was
increased to 100000 liyres.
Meanwhile, Laws ideas were de-
veloping. He formed his Mississippi
company and obtained from the
dazzled regent what amounted to
sovereign rights to al the vast
French possession in the new world,
/ the right 10 trade there, erect forts.
] levy troops, man vessels.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
REGR0UPING IS URGED

State Funeral Directors Back Plan
to ReOrganize Government.
Proposed reorganization of state
departments as an economy move
was supported today by leaders Of
the funeral directors organizations.
Bert S. Gadd, head of the In
diana Funeral Directors Voluntary
organization, and Luther j. Shirley,
president of the Indiana State Board
of Embalmers' and Funeral Di-
rectors, made the announcement aft
err comforting with prominent mem
bers of the groups.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
Senate Fight Planned

Representative John w. Summers
(Rep, WashD, ranking minority
member of the subcommittee, like
wise told the house he had not in
tended that the work of the eco
nomic division should be crippled.
In the senate plans are being
made to save the commission.
Senators Thomas Walsh, Dem.,
Mont), and George w Norris
(Rep., Neb), will lead the fight
there.
Year after year, powerful men
in the house have tried to end the
work of economic division of the
trade commission, said Cochran
in the house Wednesday.
They particularly are anxious to,
now that the commission wants to
investigate corporate practices and
causes back of the stock market
crash.
This is the only agency of the
government that represents the
masses of the people. If we don't
appropriate funds for writing the
report on utilities, how can we
legislate to correct the evils dis
closed?"
, Tool of Dirty Business
Il fear the committee on appro-
priations unwittingly lent itself as
tool of dishonest and dirty
business" said Representative La
Guardia.
In my own city is a group that
wants to put the commission out
of business because now it con-
templates investigation of corporate
practices. The investing public has
been mulcted of millions of dollars
and it is time we protected them"
Rayburn added that in his opinion
Gripping the commission at this
time would give encouragement tC
elements in this country that dc
not deserve to be encouraged"
Meanwhile, the trade commission
continued its inquiry into the Insul
utility system. disclosing that Ma
tional Electric Power Company,
holding company in the group
reported a few months before going
into receivership that it had a cap
ital surplus of $4,487,441 and ar
earned surplus of $1,070,322
BareS "PhOny" Surplus
The commission disclosed that the
capital surplus was composed Of
donated surplus. arising through
donation and cancellation of a like
amount of non-cumulative pei
cent preferred stock and of $3,487,-
442. which is the excess of APPRAISED
value over the book value of the
plant and property of Cumberland
County Power and Light Company.
Regarding the earned surplus, i
reported that If the value PLACED
upon stock dividends and unrealizeC
profits on sales Of securities to sub
salaries amounting to $2,89l,957 art
excluded instead of a surplus
there would have been deficit o
Sl,612634
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-02
BY EARL SPARKLING
Times staff Writer

CONFESSING himself to history
~ as AN ignorant man. Louis
XIV. died in France in IT'S. The
Sun King. the Grand Monarch, was
missed by only his Wallets and his
dogs and was buried at st. Denis
with very little expense
During his final fourteen years he
had spent two billion, eight hundred
million livres. The most grinding
taxation had produced only eight
hundred and eighty million livres
Of revenue. The rest had been Dor
rowed.
The new King, Louis XIV, being
still a child, the problem OF what
to do fell upon the Duke of Orleans,
regent.
The regent variously reduced 1nd
readjusted the public debt, but with
all that. the annual interest would
be eighty million livres-about all
of the total revenue-which can be
compared with the fact that in
America today 1877 per cent of the
federal revenue is consumed by in
tereSt
France was in a bad way. The
government deficit for the current
year totalled Seventy-eight million
livreS.
AS to the public distress writes
Cochut, 1T is sufficient to say that
great numbers died the ensuing
winter in Paris from cold and
famine"