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October 14, 1931 - Image 1

Resource type:
The Michigan Daily, 1931-10-14

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KATHERINE KELLER Hoover's Business Plan Is Step
nrmirn flnfliTil Iin Right Direction, Says Sharfman



President's Proposal
Receives Wide Acclaim
By E. Jerome Pettit.
President Hoover's recent plans
for relieving the severity of the
business depression have received
wide acclaim because they art un-
q'uestionably steps in the right
direction, Prof. I. L. Sharfman, of
the economics department, said
"Aside from the June morator-
ium proposal, which served to avert,
if only temporarily, a grave inter-
national crisis, these recent plans
constitute the first comprehensive
expedients of a practical character
designed to stay the demoralization
which was making rapid headway
in the domestic sphere. They will
not, in themselves, bring about
business recovery, but they should
contribute substantially .to the re-
establishment of the background of
confidence which is indispensable
to recovery.
The part of the plan which is de-
pendent entirely upon the volun-

tary action of the financial inter-
ests-the marshalling of credit
through the creation by the banks
of a $500,000,000 corporation to
which resort may be had for more
liberal accommodation than is
available from the Federal Reserve
System-is already being set in
motion. It will tend to give some
degree of liquidity to large amounts
of so-called "frozen-assets," to im-
prove the ability of the banks to
meet legitimate credit needs, to halt
the downward trend of security
prices arising from forced liquid-
ation by financial institutions.
"Most of President Hoover's other
suggestions-including, for example,
the broadening of the scope of
paper eligible to Federal Reserve
discount, the expansion, of the re-
sources of the Federal Land Banks,
and the reconsideration of the
problem of international obligations
in connection with the forthcoming
visit of Premier Laval of France-
will require governmental action for
which the President cannot alone
assume responsibility. Policies of
(Continued on Page 6)

Plans Victory Fund' for Coming
Campaign Expenses, Bills
of Last Race.
WASHINGTON, Oct. 13.-(/P)-
To pay old bills and get the party'
started on next year's battle for
the presidency, Democratic head-
quarters today announced plans
for raising a "Victory Fund" of
A committee of more than 500
state and national party leaders
has been mobilized. John W. Davis,
the 1924 Presidential nominee, is
its chairman. John H. Fahey, of
Worchester, M a s s., is executive
chairman, and James W. Gerard,
former'ambassador -to Germany; is"
Shouse Outlines Budget.
Jouett Shouse, chairman of the
party's National Executive Com-
mittee, said today that $400,000 was
needed to wipe out the 1928 deficit,
$600,000 to keep things going until
the next convention and $500,000
for a flying start on the actual
Subscription of t h e $1,500,000
fund was authorized by the Demo-
cratic National Committee at its
session here last March. Pending
organization of the campaign the
National Committee hasrested to
additional loans from Chairman
John J. Raskob in carrying on its
work. The party now owes Ras-
kob a total of $325,000.
Mr. Davis, in a statement issued
through Mr. Shouse today, said:
"The Victory Fund is about to
be instituted at a time when the
political position of the party is
almost impregnable. Its prospects
of victory were never brighter."
Many New Artists to Be Heard
This Year; Radio Quartet
Is Scheduled.
Newcomers as well as those art-
ists and organizations previously
heard in Ann Arbor will be includ-
ed in this year's Choral Union con-
cert series which opens next Wed-
nesday evening in Hill auditorium
with John McCormick, famed Irish
tenor, presenting a program of
One of the new features which
have been scheduled are the Revel-
lers, popular radio quartet and re-
cording artists. They were secured
in place of John Charles Thomas
and will make their Ann Arbor de-
but December 3. James Melton,
first tenor; Luther James, second
tenor; Phil Dewey, baritone, and
Wilfred Glenn, bass, comprise the
e "group with Frank Black acting as
t director and pianist.
James is the son of Mr. and Mrs.
- Luther James of Ann Arbor and is
well known both locally a n d
. throughout the state.
i Another premier appearance will
d be made by Serge Koussevitsky
g distinguished Russian conductor of

University Auto Ban
Privileges Extended
Special permission to drive
cars during the week-ends of
home football games will be
granted to all students whose
parents plan to be in Ann Arbor
at those times, it was announced
yesterday by Walter B. Rea,
assistant to the dean of students.
Some slight relaxation of the
heretofore stringent ruling was
indicated by Rea, who said, "We
will gladly -give students whose
parents are i town permission
to drive, We plan to extend the
same privileges to such individ-
uals as we do to students whose
parents live here."
Rea declared that the Univer-
sity would exercise no restriction
over the driving of the students
whose parents or older brothers
or sisters accompanied them in
cars, but that such students must
apply for pernission at Room 2,
University hall. Those whose
homes are in Ann Arbor may use
cars, with special permission, on
family business, or when accom-
panied by parents.
National Assembly Breaks With
Catholicism as Official
MADRID, Oct. 13.-()-The na-
tional assembly tonight rejected
the 'Catholic religion as the reli-
gion of the state.
By a vote of 267 to 41, the as-
semblymen approved article 3 of
the new Republican constitution
which states "no state religion ex-
By this decision, when the new
constitution is finally enacted, cen-
turies of official Catholic worship
in Spain will end.
There has been conflict between
church and state in Spain since the
fall of Alfonso XIII.
It came to a head several months
ago with riots and burning of
church p r o p e r t y, disturbances
which w e r e attributed in some
quarters to a pastoral letter, writ-
ten by Cardinal Seguray Saenz
then Primate of Spain, in which
the people were urged to vote in
the first republican general election
for candidates who would defend
the interests of the church.
When antagonism against him
became even stronger, the cardina
left Spain and conferred with hi
superiors at Vatican City. Later h
was formally expelled by the re-
publican government.
State Street Caucus
to Decide on Tickel
Postponing nomination of offi
cers until tonight, the State Stree
senior caucus met last night at th
Theta Delta Chi house and got th
first political ball of the 1931 sea
son rolling.
James North, senior State Stree
councilman, called the meeting t
order, and shortly afterwards wa
elected permanent chairman fo
the campaign. Nomination of th

Chinese Delegate Say.
Japan Planes Bomb,
Hoover Gives Report
at Long Cabinet
The League of Nations counc
heard both sides of the Manchui
ian controversy yesterday fror
the Chinese and Japanese spokes
men and adjourned to continti
consideration of the matter i:
private conversations.
Japan, at Geneva, Washingtoi
Tokio and Nanking, continued t
resist stubbornly diplomatic lnte
vention by other countries and t
insist that direct negotiations be
tween Japan and China prevente
the only road to solution.
Japan Accused.
Dr. Alfred Sze, Chinese spoke
man, told the league council tha
even while the council was sittin
Japanese planes were bombing t
Manchurian towns. Kenkichi Yost
izawa, Japanese representative, de
nied any knowledge of the Incident
but promised to ask Toklo for i
Martial law was declared at Car
ton because of the anti-Japane:
demonstrations and Japanese N
tionals were moving out of Hanko
and elsewhere in the face of hosti
Washington was hopeful that ti
league council would find a solo
tion. President Hoover submitted E
a long cabinet session reports whk
were said to beoptimistic.
Ministers to Arrive.
At Nanking it was announc
that United States and British -iii
isters would arrive there today fro
Peiping for conferences with heat
of the Chinese government.
The Japanese government pr
sented to the American char
d'affaires a set of principles agre
upon as a basis for discussion wit
China which included a demand f
putting down alleged anti-Japane
agitation and a declaration th
Japan wants no additional righ
ind concessions in Manchuria.
Federal Evidence in Gangste1
Trial Took Two Years'
Work by Agents.
CHICAGO, 0 c t. 13,--(P)-T
Government completed its tes
* mony today in the income tax e
against Alphonse Capone, the se
a faced gang leader.
The prosecution, which charg
the big gangster with evasion
tax on a six-year income of $1,03
000, rested after a handwritinge
pert had testified that signatuj
on telegraphic money orders a
other Government exhibits w
written by the defendant. John
- Torrio, the former Chicago ga
, boss, who appeared before i

a Grand Jury investigating t;. ci
and who was subpenaed as a w
ness for the trial, was not cal
to the witness stand.
A few minutes after the start
a the afternoon session George
1 Q. Johnson, United States distr
s attorney, arose and made one
e his few utterances of the tr
- "Your h on o r, the Governm(
rests," he said slowly, and "fir
was written on the mass of e
dence which Government age
had worked on more than I
t years.
;. Entrants to Register
e in Union Tournamen
- Registration for the pool o
ping-pong tournaments will be
t today in the billiard room of
o Union, it was announced yester
s by Hugh R. Conklin, '32E, pr
r dent.
.e As in former years, the win

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