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August 10, 1933 - Image 3

Resource type:
Michigan Daily, 1933-08-10

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rise In

Plane And Route Of French Holders 0


Quiet Session,
Close Strongly
Many Issues Are Up One
Io Five Points; News Of
Recovery Reason
NEW YORK, Aug. 9. -(R)-- The
stock market exhibited a renewal of
optimism today in trading which,
though much brisker than during the
last few sessions, was still of an. or-
derly character. Gains of 1 to 5
points or more were ,displayed over
a wide front. The close was strong,
around the best levels of the day.
Transfers approximated 2,500,000
While trading was largely profes-
sional, there was some expansion of
public participation reported, The
resumption of the rise was chiefly
attributed to cheerful news concern-
ing the steady progress of business
and industry.
Shares up 3 to 5 or more points
included United States Industrial
Alcohol, National Distillers, Ameri-
can Commercial Alcohol, National
Steel, Industrial Rayon, Celanese,
Allied Chemical, American Sugar,
American Telephone, Santa Fe, Amer-
ican Tobacco B, Western Union, Case
Threshing and du Pont. Among oth-
ers with gains of 1 to more than 2
were- Sears Roebuck, New York Cen-
tral, Chrysler, General 1.Viotors, United
Aircraft, Union Pacific, Chesapeake
& Ohio, Westinghpuse and United
States Steel,
Circulaution Declines
Traders who attempted to rekindle'
the inflationay fires yesterday were
not so positive today that the Ad-
ministration was contemplating any
immediate drastic expansion of the
currency. The Treasury Department
revealed that per capita circulation
of money in the United States de-
clined more than 11/2 per cent during
July. The country's monetary stock,
as of July 31, therefore, disclosed de-
flation instead of inflation. It was
about $900,000,000 under the total of
July 31, last year.
Winchell Sues
Al Jolson For
Half A Million:

Maurice Rossi (left) and Paul Codos, French aviators, lengthe
flight record in a 5,900-mile flight from New York to Rayak, Syria. Th
estimated 560 miles. Their plane, the Joseph Le Brix, and the route
Credit Administration Lends
Millions To Farmers In Debt

NEW YORK, Aug. 9.-(R)- The
pass Al Jolson made at Walter Win-
chell two weeks ago in Hollywood
has been passed right back to him in
the form of a $500,000 suit for dam-
Winchell, Broadway gossip column-
ist, said today that the singing come-
dian was served with a formal notice,
of the suit last Thursday night. When
or where the suit will be heard, Win-
chell doesn't know. "That's all up to
my attorney," he said.
Thousands of eyes turned from the
paid pugilists at an outdoor fight in
Hollywood, on the night of July 21,
when the actor and the columnist
mixed at the ringside. What most
everyone saw was a group of police,
ushers, and friends milling in the
seats. Out of the melee emerged
Winchell, freely admitting he had
been hit, and Jolson freely admitting
he had done the hitting.
The actor .said he punched Win-
chell in retaliation for writing a
movie scenario which he had heard
reflected upon his actress wife, Ruby
Keeler, and himself.
"The only thing that makes me
feel badly," said Winchell today, "is
that public opinion has been deceived
into believing me guilty of the charge.
"Mr. Jolson said he was worried
over his wife's condition; he didn't
worry about my wife's condition."
The "Mr." was said with an acrid
inflection. Most of the time, as the
columnist talked, he referred to the
man he is suing as "Al."
"Al and I have been friends at
least 15 years," he said. "I've never
said an unkind thing about him in
my column. He knows that as well
as I do.
"In my talks to millions of people
I've always spoken of him affection-
ately. It's an awful thing to have a
friendship smash."
But his tone was not always kind-
ly. "Listen," he) said, "Right after
that affair Jolson was quoted as say-
ing, 'I lost my head. I didn't know
what I was doing. I'm going to
demand to see Winchell's scenario
and if I find it's all a mistake, I'll
"Well, did he ever ask to see that
script? N.o. He beat it out of Holly-
wood and came back to New York
and there I was, holding the bag.
"Mr. Jolson accused me of slan-
dering Mrs. Jolson and jumped gal-
lantly to his wife's defense-without
knowing what it was all about.
"I couldn't prove to him that there
is nothing in that picture about him
or his wife. He wouldn't give me a
chance. So now I'm going to prove
it in court.
"This is the truth: The picture is.
not about Mr. and Mrs. Al Jolson!"

(EDITOR'S NOTE: Third of a daily
series of reports written by the men
guiding the recovery projects of the
national administration, this article
tells'how farmers are being aided
through government loans.)
Governor, Farm Credit Adminis-
(Cppyright, 1933, By The Associated Press)
Debt-burdened farmers through-
out the United States have been
given assistance through loans of
millions of dollars since the Farm
Credit administration was created
two months ago by an executive order
that brought under one agency four
divisions of the federal government
dealing with credit extended to in-
dividual producers or to their co-
operative marketing and purchasing
Loans are being made at an in-
creasing rate, despite the immediate
handicaps involved in the reorgani-
zation of the old credit agencies so
that they might properly fit into the
new organization and adjust their ac-
tivities to conform( to the recent
changes made by Congress in the
laws that created them.
$2,250,000,000 in Loans {
On July 1, reports sowed a total
of more than $2,250,000,000 out-
standing in loans and discounts of
farm credit administration banks,
corporations and offices.
Stimulated by the national gov-
ernment's gigantic program to assist
in refinancing the agricultural in-
debtedness of this country, thousands
of farmers are applying for loans.
For example, the 12 Federal land
banks received in June 16,241 loan
applications, amounting to a total of
$87,388,312.17, while during the same
month last year there were less than
2,000 applications for loans totaling
Although handicapped by an in-
adequate force of only 300 appraisers
serving the entire nation at the time
the emergency farm mortgage act be-
came a law on May 12, the Federal
land banks made 1,021 loans aggre-
gating $3,766,240 during June com-
pared with 685 loans totaling $2,-
716,300 during June last year. Nine
hundred loans, amounting to $3,137;-
549, were closed in May this year.
Amount of Loan Restricted
More than $400,000 has been
loaned direct to farmers by agents
of the land bank coimissioner since
they first established headquarters in
the Federal land bank cities about

the middle of May. Most of these
loans are made in small amounts; the
law does not permit the lending of
more than $5,000 to an individual
The appraisers' work has been in-
creased recently as a result of the
putting into operation state-wide
plans of refinancing farm mortgages
held by closed and restricted banks.
Incomplete reports show that closed
and restricted state banks in 33
states hold approximately $258,000,-
000 in farm mortgages,
Taking Over Mortgages
It is roughly estimated that both
state and national banks may hold
as much as $450,000,000 to $500,-
000,000 in farm mortgages; $50,000,-
000 of this amount is held by state
and national banks in Wisconsin
where the plan was first put into op-
eration on June 19. Later, plans were
launched in Illinois, Iowa and South
Within a few weeks we expect to
have the program ,going in eight
more. states, making one in each of
the 12 Federal -land bank regions.
Under this plan the land banks take
over the farm mortgage from the
banks, paying cash for them after
the appraisers have placed valuations
on the mortgaged land.
The Farm Credit administration
is continuing to make loans to co-
operatives to aid them in the mar-
keting of this season's crops. Loans
totaling $30,900,928.18 were author-
ized to be made to co-operatives dur-
ing May and June.
Every detail of our program is be-
ing developed so that farmers will
have an adequate and permanent
system that will meet their needs for
long-term farm mortgage credit,
short and intermediate-term credit
for farm operations and credit for
their co-operatives.
COLUMBIA, Mo., Aug. 9.-(IP)-
More students at the University of
Missouri are becoming interested in
economics, a survey of the college of
arts and sciences disclosed.
Smart Styles and Fas
Our fall h
pleased to
vance sho
K They are
thing for
of blacks,
Cartwheel Berets the newes
Brims Tams satin, felt
$ .95 d Up

f Distance Record Admission To
University Is
Lecture Topic
*Registrar Ira Smith Points
out Requirements Used
In Admitting Students
':. Both methods of admission to the
University, by certificate and by ex-
amination, were described yesterday
by Ira M. Smith, registrar, in a talk
on the School of Education's series
of afternoon conferences.
He also toldl of some things that
are to be considered when one is
choosing a college. Admissio regu-
lations were described as being set up
definitely by the Board of Regents
upon recommendation of the various
faculties concerned.
Students are admitted on certificate
only from fully accredited schools,
that is Michigan high schools which
have been accredited by the commit-
tee on relations with secondary
-Associated Press Photo schools and others outside the state
ned the nonstop long distance accredited by their own or regional
ey exceeded the old record by an agencies, he said.
are shown above. Among things that Mr. Smith said
should be considered in choosing a
A vocation are the interests, abilities,
As si olice To and ambitions of the individual. He
should counsel with older persons,
Protect Trucks investigate an occupation in the pro-
Trucks.fessional, agricultural, industrial,
icommercial, and home-making fields,
~coarryn% Imiiil and finally select an occupation he
will like which will enable him to
give service to others and which will
ALBANY, N. Y., Aug. 9.-(A)-Ma- call forth the best that he is capable
chine guns will protect milk trucks of expressing.
against New York state's striking In describing who should attend
dairymen if, authorities approve.thecollege, Mr. Smith said that those
whose choice of vocation necessitates
recommendation made today by Capt. an education in college should cer-
Stephen McGrath of troop D, state tainly attend. Whether or not per-
police. . sons have the capacity for college
Hero of the Auburn prison riots, should be an important factor, he
Capt. McGrath today called upon said, as should one's readiness for
Maj. John A. Warner, superintendent college,
of state police, to authorize the use In choosing a college, one should
of the machine gun after reports had consider courses offered in the de-
been received that troopers convoy- sired field and the physical surround-
ing a "train" of tank trucks had ings and problems of student life, and
been fired upon from ambush near should secure information from the
Little Falls Tuesday night, colleges themselves, not accepting the
A dozen shots came from the bush- opinions of others or depending on
es, puncturing milk trucks and barely chance or associations.
missing two state troopers when one In conclusion, for those who select
bullet went through the rear of their the University of Michigan, Mr. Smith
car. Troopers were said to have fired pointed out benefits that the State
approximately 300 rounds into the gives to her pupils and stated that
underbrush, but no one was hit. This students should reciprocate with good
was the second time trucks have been citizenship.
fired upon.
Tuesday night's outbreaks came ZUPPKE TO BEGIN 21ST YEAR
shortly after Gov. Herbert H. Leh- CHAMPAIGN, Aug. 9.-(P)-Bob
man indicated that he would not call Zuppke is- about to start his twenty-
out the state militia under present first year as University of Illinois
conditions. football coach. Illinois plays the West
Meanwhile, both the strikers and Point Cadets at Cleveland Oct. 21 in
non-srtikers held mass meetings in one of the big games of the year.
various parts of the state, the former
protesting the "brutality" of the state
troopers and the latter calling for
more protection.
As the strike entered its ninth day,
neither the dairy leaders nor, the
state milk board, against whose
classified price orders they are pro-
testing, made any moves toward a
settlement. The farmers are demand-
ing a blanket price of 4% cents a 324 S. State 1101 S. University
quart for all their milk, instead of
the classified prices they now receive.
Gov. Lehman today ordered the QUALITY We're Always Fi
summoning of special grand juries
and the appointment of unlimited
numbers of sheriffs, deputies to quell
strike rioting.

hionable Materials
- 2---- 25c
ats have arrived and we are : -50
give our customers this ad- T H BRL
wing of the latest creations.
smart . . . chic - just theSpecia
autumn-in beautiful shades
blue, and browns, and in
,t of materials of bengaline,
and velvet.
I IC I , "y L4 i . .

1P ilot Thwarts
Holdup Attempt
On Speedboat
CHICAGO, Aug. 9.-(AP)-An at-
tempted holdup of a speedboat as
it raced from the World's Fair
grounds to the Michigan Ave. bridge
with six passengers -aboard offered
police a new kind of crime to com-
bat today.
And they were frankly puzzled, too,
as to whether John Pennick, 27, over-
powered by the pilot and other pas-
sengers, and accused by them of pro-
ducing a pistol and threatening a
robbery, should be charged with pi-
racy or just plain attempt robbery.
Pennick was arrested Tuesday
night when the boat docked and
James Nester, the pilot, told of the
struggle that took place a mile and
a half out on Lake Michigan as the
craft was skimming over the water
at 40 miles an hoip.
Nester told police that Pennick
was one of two passengers occupy-
ing the driver's seat. with him and
that suddenly he displayed a pistol
and stuck it into Nester's side with
a demand that he turn over his
money. Instead, Nester said, he shut
nfT th mnfr .nlwit fa holn of

5 . )- ' the ,t-rv belta, snanshiot

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