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83 Madden Tells How Taxpayers Are Hoodwinked RECEIVERS THE WEATHER Dr. McCulloch Elected to GIRL STILL GARY MAN Chief Engineer Geupel INDIGENT Partly cloudy. quite cold and IN CRITICAL State Central Committe MEET To Outline Disposal Plan Moonrise, EXPLAINS HAMMOND FOR REGION CONDITION today of commission, the state Indianapolis Physician, De- Will Meet Officials of Gary, his successor. for THURSDAY Weather fair noon. refused to have his name unless feated Twice for GoverTAX ISSUES however, and Hammond, East Chicago FAMILIES
TO ROTARY
How Politicians Are Able to Conceal A City's True Financial Condition
How politicians may pull the wool over the eyes of unsuspecting voters on tax issues was explained by M. W. Madden, Gary accountant, in an address before Hammond Rotary club noon in the Chamber of Commerce auditorium. He said accounting of Indiana municipalities is based principle of cash entries are made in nicipal actually hands services politicians to condition BELOW DEBIT And of cording municipal report total expeneach fiscal materially below the actual Mr. Madden the during the fiscal that only $800,000 actually Therefore, the latter amount still is and ment result, politician who to make good for political campaign, report the spent only reduction expenditures under Madden such that the He combatted installing modern such used by corpo-
BEST YARDSTICK subject taxaexplained that the by which measure economy total He said tax meaningless unless they combined with assessed valuabecause of the facility with may owing to accounting not total expenditures of the fiscal condition all unpaid bills the annual stateMadden concluded his talk discussion of the $3,300,000,appropriation which congress authoried for public works. He is planning request another next session of gress the make total of five billion dolauthorized for Mr. Madden declared. this that the person no of congress authories another dollars winter. that national debt of among the people that debt be have to pay will in total expenditures sooner later.
Representatives to Have Details of Plan For Pledging Assets
[SPECIAL THE TIMES) INDIANAPOLIS, Ind., Nov. 15. of the 24 closed banks of county declared eligible for R. F. loans today by Robert R. Batton, of Marion. chairman of the state banking commission. He these will meet those of 76 other banks the morning machinery deposits the 83 eligible The will hear details of plan for assets of their banks
SEVEN ELIGIBLE FIRST TRUST SAVINGS BANK, OF PEOPLES STATE OF EAST CHICAGO. OF CROWN STATE BANK OF EAST CHICAGO BANK. AMERICAN INGS BANK. HIGHLAND. All except State Bank mond are in receivership. The ter being by liquidating agent. to the the here mall last according He the proposed is tingent approval of loans largely those in serve district, all of Indiana with the of about 10 western corner the Eligible banks largely those closed uary although all the seven Lake been closed LOAN to be about Batton Long will be made to and pledge existing of banks collateral. Cooperating R. in making the loans be banking of the following Mr. Batton, of Marion: Myron H. Gray, Muncle: Oscar Indianapolis, M. Setser, The will receive for value the consider of amount the liquidation. Loans extend from three five years and will used to pay immediate dividends to depositors.