davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
PeHiteRts DOf SGckcIOth

lust the vaguest ripple Of better times induced
> many penitents to take off their sackcloth, put
the ashes on the dumb waiter and go back into
giddy raiment While the nervous breakdown was
upon us many promises were made Sick indus
tralists we're ready to get together and agree on
new dspensation. Old devices Of carelessness and
corruption were to be vigorously uprOoted
I believe there even were remarks about labor
being a partner IN industry and with my own ears
I heard several prominent manufacturers assert
that they would be wholly satisfied with smaller
profits than they knew in the old days only peace
and security could be established along the eco
nomic front Not very much of that sort OF talk is
being heard today.
My prediction of the return of prosperity is
based to some extent on the decided squirt in the
enterprises concerned with luxury and entertain
ment. This is a theatunal season far beyond the
feeble mummery of last year. People are coming
back to the restaurants. football games are crowded
once again and there betting at the race tracks
These may be trivial symptoms. Sometimes an
increase in this sort of spending rises merely out
of desperation I doubt if it has any such signih-
canoe right now.
Chiefly I base my prophecy on the obvious fact
that big business is growing arrogant once more.
1t is no longer compromising and conciatory toward
employees.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
Waiting, Crashing Goes On

MUCH wailing and crashing of teeth still goes
WI on. When a man has been sick long enough
even return to health seems to him no more than
another symptom. The lads of Wall Street still
are crying that all is lost including honor They are
going to miss their tribuatons. But the stock mar
ket prices are inching up A few new highs of the
year have been established in the last month or So
Last week I sold a short story to magazine The
depression must be over.
Frankly, I think America is recovering from its
slump too quickly. We did not go through our
travail long enough to accept the fact that it was
constitutional. Today, at any rate tomorrow, we
Will say that it was no worse than bad headache
and let it 60 at that.
I am not so heartleSs that would like to see
jobless men carry on under their misery one day
or one minute longer. Unfortunately what we call
prosperity has too little to do with jobess men, 1t
NAV cut the total Of unemployment somewhat but
even the most piping sort of business in the past has
left millions on the side lines.
Unlike Santa Claus, Old Man Recovery misses
many chimneys. He is coming back now to behave
in the way he has behaved before. There will be
large benefits for a handful small sops for quite
a few but for very many there won't even be an
orange in the toe Of the stocking.
I'm all for sending Mr. Recovery back around
the corner from whence he came and I would ask
him not to return until he brings his distant cousin
Mr. REIMBURSEMENT
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
Peter and Paul Brothers

A things stand now We are establishing def
"A mite stratihed society in which there will be
certain semi-peunanent group called the work
less 1t has been argued in the past that there
could be nothing like prosperity without high pro-
portion of employment. That undoubtedly IS true
over any long of years. but in short cycles 1t
just isn't So
That proved during the war. From an eco
nomic point of view, the army was not engaged IN
productive labor. 1t merely consumed.
Under our present relief program we have SIM
liar situation. OF course it IS the clumslest way
imaginable to deal with the fact that machinery
has made man infinitely more productive. Instead
of shortening the work week the present setup con-
dennis multitudes 10 Go nothing. This is no passing
fuctuaton No practical hardheaded disciple OF the
profit system has suggested any way out.
If you cut relief you cut prosperity If you in
crease it by Just so much added purchasing power Is
recovery supported.
Recovery depends upon taking from Peter to
paw Paul. This is not a system which can last tor-
ever Neither Paul nor Peter are what you might
call enthusiastic about It. Reimbursement would
move in another way. Its slogan would come from
Rudyard Kiplng and Gertrude Stein. 1t might
read Peter is Paul and Paul is Peter and they are
brothers under the skin
,Couyrirht 1884 The Times
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

limiting commercial banks to
lending on absolutely self-liquidat-
ing obligatiOns-ordinary COM
mercial credits.
Those who wish to borrow for
long terms should do so from lend
in institutions which are not
banks and whose existence is not
imperiled by the freezing of its
funds Above all, lending by banks
in the stock market should be
rigidly prohibited.
know that most bankers will
not agree with these recommen-
dationS. That is chiefly because
bankers, who may know a good
deal about how to run a bank,
know little or nothing about our
economic system. If we want a
reasonable stable economic ma
chine we must come to this.
Above all, I warn solemnly
against any continuance of the
vicious holding company system
applied to banks. Our people, 1
daresay like all peoples, are obdu-
rate about turning a deaf ear to
warnings. But this one is serious.
If holding company banking is
permitted to flourish it will abso-
lutely destroy us.
I warned about holding COM
pany banking back in the twen-
ties. 1t was this indefensible
thing which wrecked the banks of
Detroit and Cleveland and, for
that matter, many other places
and sent the repercussions of
those failures through thousands
Of smaller banks. I see signs too
obvious to be ignored that it is
to this astounding folly bankers
will turn for their exploits if pros
perity should return.
There is, indeed, much to be
done if we really want to make
serious effort to get the capitalist
system of functioning again.
(The End
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
Your He alth
= BY DR.. MORRIS FIsHBFIN-

a WORLD that was once fairly quiet is now be-
A sleged by noise of many varieties The coming
OF the machine age, Of rapid transportation, and of
new oeVlceS Tor carrying sound through the air have
multiplied immensely the sounds that assault the ears
Engineers have in the meantime been developing
methods of soundproohng so as to make it possible
Tor those who wish to shut out sounds TO have GER
tam amount Of quietude In England there is an
anti-noise league concerned with cutting down the
total number Of noises because it is felt that these
constant stimuli may seriously irrtate the sick and
also greatly impede recovery
certain SOUNDS are painfully loud It can be
taken for granted that if they So they are harm
fully loud either to the ear or the BRAIN or both.
WHEREAS rhythmcal sound has the effect ot
w preventing or postponng fatigue. as an ex-
ample IN soldiers who are marching sounds that are
not rhythmical may stertle, disturb, or irrtate.
The reaction to a sudden, sharp, or unexpected
sound is muscular spasm 1t is an intensive gath
ering OF the muscles for flight or for defense
Associated with this sudden muscular spasm there
are the usual accomplishments Of fear namely a
contraction Of the blood vessels so that we become
pale, trembling Of the limbs, and what is generally
called shock.
If this happens frequently there results Of course
exhaustion and In the end breakdown.
IT is because Of these shocks to the nervous system
that noise is firing. To persons who are quite
i'll it may be SO serious to have an unfayorable
effect leading even TO death.
There are, Of course, persons who do not react
much to noise as do others. They have the abil-
ity to concentrate and to shut out the world from
their consciousness.
OF course when we become accustomed to noise
learn to ignore it. This applies TO workers in boil
er shops in musical instrument testing laboratories
carpenter shops and similar industries.
While healthy stand the ordinary noises
Of the streets including even unexpected blowing Of
motor horns. representative or weakly man suffers
exceedingly to such stimulation of his nerves.
In cases Of pneumonia, sepsis heart disease &C
companied with insomnia, and persons who are much
weakened after surgical operation, noise is serious
menac3
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

That is an old fiction which has
been sold to legislators for years.
1t is pure bunk. But it is being
trotted out again to scare the
commission. There is some. ground
for believing that it has already
scared some of the exalted poll
ticians who rule our deStinies.
The chief peril to adequate reg
ulation of the exchange now is
the possibility that a nod from the
White House may cause the COM
mission to slow up for political
reasons.
But this must be remem-
bered. Whether Wall Street is
governed in the interest of the
people or the interest Of Wall
Street will depend on the COM
mission. The original act con-
tanned provisions which would
make it impossible for the COM
mission to be prevail Street
one. Rules controlling margins,
regulations prohibiting brokers
from gambling for their own &C
count, drastic provisions affecting
pools were in the bill.
The Wall Street lobby with the
aid of the United States treasury
department took all these teeth
out of the act. They left the
whole subject up to a commits
sion.
AS for margins, this was left
to the federal reserve board. A
good commission can be trusted
to penetrate the pretensionS and
fakes of Wall Street and enforce
sound transactions. But the flu
ture will depend on what kind of
men make up these commissions.
There is no guarantee that they
will not, in the end, fall under the
dominion of the powerful inter-
eStS they are set up to control, as
has happened to our utility COM
missions, our railroad and bank
ing and insurance commissions.
n
T EFT us not be too sure, there
l.; fore, that Wall Street will not
come back.
To afford us some insurance
against this, however, I urge that
the following measures should be
adopted
/. First of all, the trouble does
not lie just in the stock eXchang-
es. It lies in our whole financial
system, which is ramshackle, I'M
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

scientific - indeed the craziest
thing in our civilization. 1t was
not created by experts to meet
the needs of a highly complex So
ciety. 1t just grew, without
any logical relation to the func-
tons which a financial system
ought to perform.
Therefore we ought to make a
study of the whole thing and eff
feet a thoroughgoing reformation
of it all-which means our banks,
our savings machaniSms, our in
Surance organization, our invest
ment devices, our corporation
laws and our trading markets.
2. We have made a beginning
on our trading markets. This
should be strengthened by (a)
prohibiting security brokers from
specializing for their own account;
(b) prohibiting them from acting
as bankers and making loans on
securities; Co prohibiting banks
from making loans on securities or
any other form of collateral save
self liquidating obligations; Cd
taking away from the Federal Re-
serve Board all control over mar
gins; (e) taking the autonomous
direction of exchanges out of the
hands of brokers and giving rep
resentation to all interests con-
cerned in trading; and Cd finally
putting all these things into laws
and directing the commission to
enforce, not make, these rules.
3. To reach our investment syS-
tenn, our corporation laws which
are at the root of most of our
troubles should be completely re-
cast. Corporations never were
intended to be instruments in the
hands of promoters to milk in
dustry. They have grown so
chiefly through the competition Of
certain charter mongering states.
The first step is for the United
States government to enact ma
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

Democratic opponent Of Senator
Henry T. Hatfield, another bitter
ender He is supported by labor.
Senator Henrik Shipstead is
backed to win in Minnesota over
Einar Hoidale, his Democratic
foe, and a less formidable Repub-
lican opponent. He has not de-
clared himself on the radical plat
form of his Farmer-Labor party,
and is conducting his campaign
apart from that of Governor Oh
son, who helped write the plat
form.
TNDIANA'S senatorial race seems
4 to be a toSS-up. Sherman Min
ton, Democrat, though handi-
capped by the unpopularity of
Governor McNutt, is giving Sena-
tor Arthur Robinson a desperate
fight.
New Jersey is betting that
Governor A. Harry Moore, Demo-
crat, will defeat Senator Hamilton
Kean.
Odds are even in Rhode Island,
where Peter Gerry is trying to
defeat the Republican Hebert to
return to the senate.
Senator Bronson Cuttings stock
is mounting in New Mexico with
Senator Hiram johnson in the
state making a vigorous fight in
his behalf. Voters who support
Presidene Roosevelt are bewildered
by the Democratic fight against
this stanch supporter of most
New Deal doctrines.
Another western liberal, Lynn
J. Frazier, is slight favorite
over Henry Holt, his Democratic
opponent. Labor is for Frazier.
Omitting states where the out
come is a foregone conclusion,
The dopesters line up the rest Of
the country this way.
Senatorial races in Arizona,
Utah, Maryland, Massachusetts,,
Montana. Nevada, New York,
Tennessee, Wyoming and Wash
ington will go to the Democrats.
Vermont and Connecticut will
go Republican.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

due to the operation of the AAA
and stimulation of the building
industries as a result of PWA ex-
penditureS.
TT doesn't pay to be flip with
l. foatless men about the Office of
Secretary Ickes.
The other day an out-of-town
lawyer strobe briskly into the re-
ception room Of the head of the
interior department. At a desk
in one corner was a man in shirt
sleeves busy with a large pile of
papers.
The attorney strobe over to him,
announced:
Il have an appointment with
Secretary Ickes."
"Yes?" said the man at the desk.
Eyes" snapped back the visitor,
land promptness, you know, is a
royal virtue"
Il am Secretary Ickes," was the
quiet reply.
y
TINE war department will not
Il admit it, but it is intensely
interested in the case of the two
college boys who have gone be-
fore the supreme court as con-
scientious DIRECTORS against r. o.
T. c. drill at the University Of
California.
Equally interested are fifteen
land grant colleges.
If the case is decided in favor
Of the two boys, not only is the
war departments r. o. T. c. pro-
gram in danger Of collapse, but
the fifteen universities fear an
exodus which will kill their war
department subsidy.
OF the fifteen universities, six
have an immediate interest in the
supreme court decision. In each
one Of the six is a pending case
Of conscientious directors now in
college. They are: Ohio State
QA4AFC oAbyg AdA4odS OtdLS CO44ESe,
Pennsylvania State college, Mas
sachusetts Institute Of Technology
Seldom thought of as a land
grant college,, University Of New
Hampshire, and University of Ili-
nois.
One vital angle Of the case is
not generally known. The boys.
whose fathers and grandfathers
were ministers, are not Quakers
but Methodists. Quakers, a rela-
lively small group. long have been
accepted as sincere in objecting
to military training.
But to put Methodists in the
same class would be to make ell
gible for exemption the largest
Protestant denomination in the
country.
No wonder the war department
is worried.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
Today S Science

4 NEW theory Of relatively Is the latest OBJECT OF
N study IN the world OF science. 1t includes the
corrections to the Newtonian theory which Prof
Albert EinStein made IN his original famous theory
but il does not abandon Newton with the thorough
ness Of the Ensein theory. In addition. It does not
REQUIRE an expanding universe the extension 10 the
Einsten theory made by the Able Lemaitre.
Author of the theory Of relatively is the chief
Judge Of the high court of Alahabad in India, the
Honorable Sir Shah AIohamet Suleiman The judge
is mathematician trained at the University OF
Cambridge and in addition IS vice-president OF a
Moslem university.
DR.. Harlow Shapley lists this new theory among
a dozen OF the outstanding developments in aStron-
ony during 1884.
Among other events listed by Dr.. Shapley were
the following;
l. Study Of the eolipSing double star Zeta Aurigae
by more astronomers than ever turned their tele-
scope on one star az the same time before.
, Confirmation Of the antiquity Of the earth's
crust by VenneSe scientist. Miss Kroupa, who finds
that the pre-Cambrian rocks Of Canada at least
I725 900 years old.
~ONTINUING a brief summary Of Or. Shapley'S
- list OF astrononic events in 1884:
l. New studies. particularly at Mt. Wilson and
Harvard, the sizes and shapes OF the exterior
galaxeS and their distribution in space.
S. Discovery OF a new astronomical puzzle by Dr.
Paul Merrill OF the Mt Wilson observatory. For
some time il has been known that so-called empty
space between the stars was not really empty.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

tional corporation law compelling
all industries engaged in inter-
state commerce to take out nation
al charters. Thus alone can cor
porate abuses be reached. No
single state can act alone. A
company can incorporate in any
state where it gets the most IA
vorable charter law. That is why
most Of them go to Delaware,
Maryland and other such states.
The national government should
then abolish holding companies
of all kinds. These are the ma
chine guns in the hands of corpo-
rate promoters. To talk about
individualism while individuals can
arm themselves with the re-
sources of a hundred thousand
men is ridiculous. We have not a
nation of equal individuals, but
for millions Of individuals and a
few corporate monsters.
MA Il luuSU Qedl WIFI our DdIlK-
w ing system. We have done
little about that. The Glass
Steagal Dill does not go nearly far
enough. We must have national
banking system. Here again the
reason is the same. While state
and national systems are COM
peting there can be no adequte
banking protection. Right now our
banking system is defunct, held
up wholly by the federal deposit
insurance fund. This, therefore,
is the time to recast it.
Financial institutions should be
rigidly divided into banking and
savings or investment institutions.
Banks should be banks and Moth
ing else. They exercise a sovereign
function-the creation Of money,
because all the money we do bust
ness with is created by our banks
through deposit currency. They
must, therefore, be kept rigidly
liquid. This can be done only by
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

porations privately informed Sec
rotary Perkins last week that the
volume Of their sales for the cur
rent month already exceeds the
total for October, 1888.
A nationally known manufac-
turer of mems readymade cloth
ing has sent word that buying has
been SO heavy that his stocks are
nearing exhaustion.
Labor and commerce depart
ment experts concede that a con-
siderable proportion of this ac-
tivity is Of a seasonal character.
But they also attribute large
percentage Of it to the increased
purchasing power Of the farmers,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

llllS IL - dry OO0y . AdNC'
In sheer melodrama, Pennsyl-
vania's contests lead. Governor
Clifford Pinchot. who tried for
the Republican senatorial nomin-
alton and failed to get it, is being
accused of a devious plot to put
him in the senate anyway. He is
denouncing Joseph F. Guffey,
Democratic candidate, and losing
him many votes.
But at the same time he is
denouncing David A. Reed, Re-
publican candidate, and promis-
ing to help the senate committee
on campaign expenditures prove
that Reeds primary expenditures
disqualify him in case he is
elected. He is denouncing the
Democratic candidate for Cover
nor and supporting the Repub-
lican.
Both parties fear he may
eliminate Guffey at the polls,
Reed at the bar of the senate,
and take the seat himself by ap-
pointment from a Republican
Governor. Even money is being
bet on the race.
III Ohio, odds of 6 to l are being
offered on Vic Donahey, former
Governor, to defeat Senator
Simeon D. FeSs. FeSs is one Of
the few candidates still de-
nouncing the New Deal with I'M
tempered hostility.
CENATOR ROBERT NJ. LA
y TOILETTE is the favorite
in Wisconsin. though he is hav-
ing the fight of his career. John
NJ. Callahan. Democrat, is his
most dangerous opponent. but is
receiving no help from Washing
ton. Callahan'S last-minute con-
version to New Deal doctrine,
after publicly denouncing it in
the primaries, has not helped
him.
Arthur H. Vandenberg, who
may be the Republican party's
nominee for President two years
from now if he retains his Michi-
gan senatorial seat, seems to have
a slight edge over Frank A. Pic
ard, Democrat. The trend, how
ever, is away from Vandenberg.
Senator CouzenS. extremely popu-
lar in Michigan. is keeping silent.
In Nebraska, Representative E.
R. Burke, Democrat, is a favorite
10 win. though by a small major
ity. Farm sentiment is turning
against the New Deal. Nebraska's
recent corn-hog poll indicated.
Harry S. Truman is 4-to-l
favorite in Missouri to defeat Sem
ator Roscoe c. Patterson. Pat
terson. like FeSs, still is denounc-
ing Roosevelt policies, and former
Democratic Senator James A.
Reed is helping him. Truman is
a candidate of Boss" Pendergast.
In West Virginia. betting odds
favor Rush D. Holt, 29-year-old
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27
ROTARY CLUB WILL
INSTALL NEW HEADS
E. R. Hisey to Take Over
Presidency Tuesday.

Newly elected officers of the In
.dianapolis Rotary Club will be in
stalled at the meeting at the Clay
pool meeting Tuesday.
Edwin R. Hisey will be club presi-
dent for the coming year; Omar S.
Hunt, first vice-president; Ray F..
Crom, second president; Hal
E. Howe, secretary; Walker w.
Winslow, treasurer, and Audley S.
Durham, sergeant alarms.
Mr.. Hisey announced today that
Winston OKeefe will entertain club
members at the meeting Tuesday
with a program of cowboy songs
and stories.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-10-27

No word about limiting boosts.
No! We learn little and forget
plenty. I have been reading ex-
tensively lately in the history OF
Athens four hundred years before
Christ. There was depression
then which paralleled almost ali
the factors in this one, including
all the follies. And ending, as
almost all depressions end, in war.
VIII the securities and eX-
change act really bring Wall
Street and the exchanges under
control? I think it will have to
be conceded that the personnel of
the present commission is a good
one.
Judge Healy, the able lawyer
who conducted the brilliant power
trust investigation for the federal
trade commission; George Mat
theWs of Wisconsin, an expert
enced practical economist, well
versed in blue sky security oper-
atoms; James Lands, an able
lawyer who has made a study of
corporate finance; Ferdinand Pc
cora, whose brilliant castigation Of
Wall Street speaks for itself.
Joseph P. Kennedy, chairman Of
the commission, was a Wall Street
man and I opposed his nominal
I-y7nrrrc XITol GtTnnt
is aware of its sins and has shown
himself to be at least as vigorous
as his colleagues in tanning the
exchange.
He is particularly interested in
forcing corporations to mend their
ways. If this commission is let
alone, 1 believe it will ultimately
force a comprehensive program of
reform in the stock markets.
7 SAY if it is let alone. At pres
Il ent, immense pressure is being
applied by the exchange, by bust
ness and by politicians to brighten
it. The commission is being
warned that drastic regulation
will result in gripping the issu-
ance of new securities and block
ing the revival of the capital
goods industries. In my book on
speculation. have tried to show
through elaborate studies, that
the stock exchange really does not
perform any function whatever in
producing any new capital funds
for industry.