The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-06-05
Glowing Recovery Picture
Painted by WhaIey at
Session Here.

The Wagner labor bill will be
more acceptable to industry when
it passes the House of Representa-
tives.
The stage is set for a pronounced
recovery.
The United States government is
ready to facilitate the placing on
the market of foolproof airplane
that can be retailed at $3.50.
These predictions we're a part Of
the glowing picture painted today
for members of the Indiana Bankers
Association at their 39th annual
convention by P. H. Whaley, editor
of the Whaley- Eaton Service, a
financial and economic advisory
service.
Mr.. Whaley spoke at the luncheon
today as a pinch hitter for Con-
gresham Henry B. Steagall, Ala
bama. chairman of the House Bank
ing and Currency Committee, who
was unable to attend.
FoolproOf Plane Studied
Numerous amendments are being
added to the Wagner labor bill IN
the House with the view to placing
more responsibility on labor and
making the measure more accept
able to industry, Mr.. Whaley said.
He declared, however, that he did
not believe President Roosevelt
would accept the measure, if it went
so far as to declare sympathetic
strikes illegal.
AS a part of his recovery forecast,
Mr.. Whaley said that it is expected
in Washington the government
shortly will make available for pri-
vate manufacture, its plans for
plane that must be retailed for $3.50.
1t will be so foolproof in design as
by Federal aeronautic eX-
pertS, the speaker declared, that it
can be flown by any competent au-
tomobile driver.
The resultant industrial boom
from this expected development in
the air industry and the probable
expenditure of 300 million dollars
by the railroads, within the next two
years, were a part of the speakers
recovery forecast.
$50 Codes Still in Force
He also predicted the government
shortly would announce the inau-
guration of both transatlantic and
trans-Pacific mail service.
Mr.. Whaley charged his listeners
not to be too doWncast over the
possibility of business suffering from
the NRA collapse. There are, he
said, approximately $50 codes still
in force under the Federal Trade
Commission.
He challenged President Roose-
velt's prediction that scent cotton
would result, if the AAA = invai-
dated by the courts, - predic-
ton. he said, is a direct contradic-
ton of the Presidents monetary
policy inasmuch as the price Of
cotton is determined solely on a
gold basis.
The proposed Federal banking act,
now pending in Congress, would
mean the end of private banking
control if passed, Magnus j. Kreisle,
president of the association, declared
at the opening of the two-day con-
vention.
History has proven" Mr.. Kreisle
that any banking system
entirely owned and controlled by
the government. usually demon
strates greater ability in aiding the
expansion Of credit than in putting
on the brakes at the right time TO
prevent undue imitation, and re-
straining and contracting credits"
Earl Peters to Speak
r. Earl Peters, Indiana director
Of the Federal Housing Administra-
ton. and john w. Boenhe Jr., Eighth
District Congressman, also spoke at
the morning session.
Discussing the Indiana bank stu
alton, Mr.. Kreisle said that during
the last u months the banking
situation in Indiana has shown con-
tinued progress. The number Of
banks. both state and national. oper-
ating in Indiana on an unrestricted
basis, has shown a satisfactory in
crease, he said