Indianapolis Times, Indianapolis, Marion County, 30 May 1936 — Page 17

rends

Jobs for Returning ' Soldiers Bothers

Mussolini.

=-BY JOHN T. FLYNN YORK, May 30—Some news of what confronts the an now that the war is over is ginning to come in. . While the war raged the Italian Amagination was fed upon stories of Italian heroism, armies crushing

Italy's foes, Italian victories. What is more, 500,000 men in.arms were outside of Italy’s economic life and within her borders a great army of men was employed producing war material. But now the war is over. Italians will presently want to know what the dividends are to be. The period of sacrifice is past. Italy must face those post-war conditions and the post-war psychology that nation has known when the tension and exitement of the battle

are over.

First of all Mussolini wil have to bring home the greater part of the army he has maintained in Ethi-

opia. This means that he will put .

at least 300,000 men back into Italy's badly disorganized economic life, clamoring for jobs. Next he will have to lighten the pace of war production in Italy. This will mean more men out of work and competing for jobs in the inactive peace-time industries of the nation. ” ” ” HESE peace-time ' industries are not doing so well. The small industries in the South are pretty well damaged by sanctions. All industry is laboring under the heavier taxes caused by the war. Higher import duties on such necessary commodities as cotton, coal and wool are a severe burden, as are higher manufacturing taxes on rayon and consumer taxes on electric power and gas. The war cost 12,000,000,000 re. Italy’s debt before the war was 135,000,000,000 lire. This means dt will be greatly increased. Her gold reserve has been greatly depleted. It was $700,000,000 last July. By October it was $500,000,000. By the end of the year it had fallen to $350,000,000. What it is now no one knows.

” ” » USSOLINI, recognizing the

ing, is talking about balancing his budget. If he tries this he will have to pile on the taxes. Only a few years ago he said the Italian business man was already taxed beyond endurance. But he proposes to lay on more. What will be the effect, with the war hysteria and dramatiza- ~ {ion gone, with peace-time business dull, withshundreds of thousands brought back into competition for civilian jobs out of the army into an economic society in which great hordes are being let out of the war industries, with the taxes piling up upon an already heavily taxed people and a stag--gering debt weighing down upon all? ” ” ” T the same time, what is to be the temper of those business interests which have backed Mussolini as they see such readjustments in their capitalist order? The four great banks haves been ordered to pay off their depositors and liquidate their stocks as the . government becomes the one big banker. Wheat growers have bsen told to deliver all their wheat to government warehouses. News from Italy is, of course, ruthlessly suppressed. But one cannot help feeling that this is one spot in the world worth watching now that the nation turns from the grandeur of war to the hard facts of peace.

GREYHOUND REDUCES EASTERN BUS FARES

New Rates to Be 1% Cents a Mile in Some Instances. By United Press CLEVELAND, May 30—A general downward rate revision effective June 1, had been announced today by L. H. Ristow, general traf-

fic manager of the Greyhound Bus tem in the Eastern United

ry of motor bus transportaI" In some instances new rates be 14 cents a mile or lower. ~ Nearly all the revised fares for long ~ distance trips will be less thah 2 cents a mile. * The reductions apply east of Chicago and the Mississippi River, north of the Ohio River and along the Atlantic Coast to Florida. Some fares in the South and West also

~ NEW YORK, May 30.—Following consecutive weekly decreases, food index advanced 3 cents the last week, Dun & BradInc, announced today. Two is ago the index was carried to

+ +

‘Finance

PAGE 14

ESSAY ON CITY RAILWAYS WINS FOR LOCAL MAN

Charles W. .Chase Brings $50 Check From N.Y. for L. A. Wingerter.

Writing about the Indianapolis Railway's modernization campaign started in 1932, Laurence A. Wingerter, commercial agent for the company, won a $50 prize and brought the local transit company third place in the Forbes Magazine's “200,000,000 Industrial Modernization Contest.” This announcement was made today by Charles W. Chase, Indianapolis Railways presi-

dent, who was in New York for the |

presentation ceremonies and to receive Mr. Wingerter’s check. First prize went to International Business Machines Corp., and second prize to the Pennsylvania Railroad. Other awards were given Buick Motor Co., Insurance Building of Omaha, Neb.; Chrysler Corp., Consolidated Edison Co. and the Eagle-Picher Lead Co.

Note Company’s Come-Back

. The judges, speaking of the local man’s essay, said they were amazed at the come-back in an industry widely crippled by the strenuous competition of new forms of transportation.” They learned from the third prize report that the company began its “modernization campaign by spending $1,000,000 for improvements during the heart of the depression,” and that the work is to be finished this year, in less than half the scheduled time. “In: four brief years,” wrote Mr. Wingerter, “the Indianapolis* Railways has reversed what seemed to be an inevitable march toward the scrap heap, and has now become one of the most modern and best equipped local transportation systems in America.”

Lists Materials Used

Forty-six miles of steel rail, 3029 tons of structural steel, 65,300 pounds of aluminum, 19,083 cubic yards of concrete, 188,490 square feet of leather, 12,500 seats, 664 traction motors, 81,600 square feet of glass, 4,220,000 bricks, 66,000 ties, 4710 steel poles, 720,000 pounds of feeder cable and 214 miles of copper trolley wire have been consumed in the Indianapolis modernization program alone, with corresponding results in the creation of jobs in a wide range

difficulty of further borrow- J of industries.

Upward of $200,000,000 has been invested in plant modernization programs begun or completed this year by approximately 100 corporations which participated in the contest, Forbes Magazine revealed. Considerable interest was aroused when the first prize check was handed to Paul Bacheller' of the International Business Machines Corp., who joined the company last fall as a clerk in the factory stock room. After his paper had won the prize it was discovered that Mr. Bacheller is a son of Irving Bacheller, the novelist, who was present to see the award to his son.

Erected Country Club.

First prize was awarded to International Business Machines Corp. for the comprehensiveness and thoroughness of its modernization program at its factory at Endicott, N. Y., which has. included. air conditioning its machine shop and research laboratories, installation of 25 different types of modern machine equipment, home-purchase aid for employes, and establishment of a country club. which has 4000 employe members and is provided with a 27-hole golf course, facilities for bowling, archery, tennis, baseball, shuffleboard and a rod and gun club. The clubhouse offers a restaurant and all modern club facilities for the benefit of the employes. Second prize in the contest was won by the Pennsylvania Railroad, which reported that its program for scrapping 32,000 old freight cars and replacing them by 10,000 new all-

‘| steel cars of advanced type is pro-

viding 11,000,000 man-hours of work for employes in the durable goods industries. The construction work alone is estimated to be giving a full year’s employment to 2000 men, with an additional 6000 put to work in the basic industries which fabricate the necessary material.

CARRIER CUTS RATES

South Shore Line Lowers One-Way Fares 42 Per Cent. Times Special MICHIGAN CITY, Ind, May 30. —Charles H. Jones, general manager of the Chicago, South Shore & South Bend Railroad, today announced that a reduction of 42 per cent in one-way fares is to go into effect Monday. The stop-over limit of 10 days now in effect on round trips will be extended to 30 days as of June 1, it was stated. The rate,on this type of traffic will continue to be based on 2 cents a mile.

Busigraphs

TREND OF PRICES OF FARM PRODUCTS

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ANN RN ¢ No

Abreast of The Times

SATURDAY, MAY 30, 1936

The Progress of the World

CUBAANDU. S$, INCREASE TRADE

Sugar Cane and Tobacco Are Leading Exports of Island.

By United Press WASHINGTON, May 30.—United States trade with Cuba. increased $40,000,000 during 1935 over the

preceding year, indicating, ‘the Commerce Department reported, effectiveness of the reciprocal trade agreement made effective Septy 3, 1934, The Commerce Department reported that the excess of imports over exports mounted $11,000,000. Exports to Cuba increased from $45,323,000 in 1934 to $60,139,000 last year while imports mounted from $78,929,000 to $104,303,000. An enormous jump in the value of sugar cane received from the Caribbean Islands was recorded. The value of sugar imports jumped from $55,217,000 to $80,454,000. Tobacco in cigar leaf form increased in value from $6,617,000 to $8,106,000. While exports of cotton cloth fell from $6,874,000 to $5,662,000, most other commodities mounted in both quantity and value. Shipments of wheat flour rose from $4,031,000 to $4,831,000: leather and manufactures from $1,130,000 to $1,647,000; lard, from $1,754,000 to $3,030,000; meat products from $1,036,000 to $1,262,000; elecrtical machinery and apparatus from $1,279,000 to $2,126,000, and industrial machinery, from $1,094,000 to $1,948,000.

NET LOSS INCREASED

BY UNITED AIR LINES

Larger Quarter Expenses Offset Record Traffic Volume, Times Special NEW YORK, May 30.— The United States Air Lines and subsidiary companies had operating revenues of $1,843,305 for the initial quarter of 1936, representing the largest volume of passenger, mail and express business ever carried by the company during a first quarter, it was learned today. ‘The company’s net loss for the first quarter amounted to $355,870, against a loss of $329,678 in the corresponding period a year ago, according to W. A. Patterson, president. The United Air Lines increased its passenger business by approximately 17 per cent, express by 59 per cent and mail 21 per cent in volume over the same period a year ago. The deficit. was due fo additional schedule miles flown, an increase in flying personnel pay rolls and other additional maintenance charges, it was eplained.

HINT PARIS MAY SEEK

HUGE LOAN IN U. S.

Financial Observers Believe Blum Will Make Request. 2 By United Press PARIS, May 29.—Possibility that

the popular Front government will seek a $1,000,000000 loan in We

New Business Books Available at Library

The following new business books are now available at the business branch of the Indianapolis Public Library: MINIMIZING PAY ROLL TAXES By Hugo E. Rogers

A handbook for legal, accounting, ersonnel and finance executives in he requirements of Federal and state unemployment and old-age pension laws.

HOW TO GET A BETTER JOB By Eugene Whitmore “You are un Tar to ii and our employer if you do not find a Tob in which you will be happy and which permits you fully to employ your talents for success.” .

CORPORATION LAW FOR OFFICERS AND DIRECTORS By william J. Grange

The corporate form .of organization, no longer confined to the larger business enterprises, has become a familiar, everyday tool in the business world.

MACHINERY, EMPLOYMENT AND PURCHASING Compiled by National Conference Board

“The mechanization of industry has been accompanied by changes that are the price of progress.’

Industrial

FINANCIAL MATHEMATICS By A. W. Richeson

Theory and application of compound interest and annuities.

LOW COST HOMES T0 BE SEGREGATED

Land Prices Expected to Protect Other Owners.

Times Special \ WASHINGTON, May 30.—The construction of low-priced homes under the insured mortgage program of the Federal Housing Administration will not interfere with existing property standards, or affect in any way the {prepared markets” for more expensive homes, W. D. Flanders, Deputy Federal Housing Administrator, said today. Perpetuation of property and neighborhood values is of definite interest to the Housing Administration, Mr. Flanders declared, pointing out that one of the first requirements of a home upon which mortgage insurance is desired, is that it shall be located in a protected neighborhood. A house must conform in size and type with those adjacent to it if it is to obtain a high rating for government insurance. Further, he said, land costs alone will protect a home built. at greater cost from encroachment by more modest type of dwellings, because a man who cannot afford more than $1200 to $1500 for a home is not going to build on a lot costing very much more than $400 or $500.

PRODUCE PRICES RESUME UPTURN

‘Shipments Exceed 16,000

Cars During Third Week of May.

Times Special WASHINGTON, May 30.—Prices of fruits and vegetables continued to show a strong trend during the last week with more advances and fewer declines, according to the weekly report of the Department of Agriculture released today. Most city markets in the midwestern area reported uneven but generally fair to good demand for produce, especially for potatoes and strawberries, which are light in sections now shipping. The Southeastern drought and the potato market upswing aided the advance in lettuce, cabbage, strawberries, and steadied prices in most other lines not in temporary over-supply. Onions and tomatoes were weak to slightly lower.

Shipments Show Gain

More than 16,000 cars of fruit and vegetables were shipped during the third week of May. This was a moderate gain over the preceding week and a year ago. One of the outstanding features of the week was an increase of 50 per cent in tomato and cabbage carloads. Shipments of potatoes, onions, carrots, cantaloups, celery and such summer specialities as melons, cherries, peaches, plums and green

corn are increasing, while straw-

berries, due to lighter crops, are decreasing. There was a decrease in the output of berries, cucumbers, lemons, pears and peas. Prices compared with a year ago are double for new potatoes and string beans in many markets. Old potatoes are three to four times as high as a year ago. Cabbage, carrots, peas, tomatoes at present are lower in most markets, compared with a year ago.

B. & 0. LOADINGS RISE Times Special BALTIMORE, Md. May 30.— Carloadings on the Baltimore and

‘Ohio Railroad amounted to 47,657

during the week ended May 23, an increase of 7582 over the corresponding 1935 week when the total was 40,075 oy

STOCK LISTING APPROVED Times Special CHICAGO, May 30.— Listing of 25,000 additional shares of the $5 par value common stock of the Peter Fox Brewing Co. has been approved by thé board of governors of the Chicago Curb Exchange, it was announced today.

STEEL LEADERS

RAP NEW DEAL REFORM PLANS

Agree Business Is Better, but Fear Interference by Government.

By United Press NEW YORK, May 30.—Heads of virtually every major steel company of the country are agreed today that their business is improving and shows signs of continuing to do so, but is threatened by government interference. More than 2000 executives of companies controlling $5,000,000,000 of capital frequently applauded statements of speakers at the annual convention of the American Iron and Steel Institute that all industry would improve if “the era of experimentation” were ended. .The speakers included Myron C. Taylor and William A. Irvin, chairman and president, respectively, of United States Steel Corp.; Eugene G. Grace, president of Bethlehem Steel Corp. and of the Iron and Steel Institute; E. T. Weir, chairman of the National Steel Corp.; T. M. Girdler, chairman of Republic Steel Corp, and a dozen or more others.

“Back on Profit Basis”

Among them, they attacked ‘almost every phase of the Roosevelt Administration’s relations with industry. Taylor, outlining a recommended broad policy for the industry’s managers now that “we seem to have gotten back to the profit basis,” said that any “ill advised” action affecting the industry would injure not

only 457,000 workers but 552,000

stockholders. Pointing out that even the richest executives in steel own only a small part of the capital they administer, and are trustees for thousands of citizens, Taylor suggested that «it is only fair to ask those who would speak thoughlessly of our business, or to undertake any action which would affect our properties, to become more studious and to first understand our problems.”

Grace Hits High Taxes Grace of Bethlehem said increas-

ing taxes were eating up cost sav-

ings as fast as the industry’s brains could effect them, that with government regulation of business, prosperity is impossible, and that the Social Security Act would affect the interests of workers adversely, rather than improve them. “ewe hear it said that business men should be more active in politics,” he said. “I wonder if it would not be more pertinent to suggest that politics be less active in business.” Girdler said that “under present government policies of hostility and antagonism toward business enterprise” the length of time the current trend in profits will continue, is a gamble.

Policies Called Fallacies

“It is one of the responsibilities of management to call the attention of both employes and stockholders,” he said, “to the excessive tax burdens imposed by tax-spending authorities.” Weir, around whose Wierton plant centered one of the most publicised labor-management NRA controversies, described New Deal policies as “current political fallacies based on the thought that we can all have more by making less.”

{COMPACT INSTRUMENTS

TO FORETELL WEATHER

‘Vest Pocket Bureau’ Will Enable Observation of Important Data. LEIPZIG, May 30.—A simple apparatus has been devised for recording atmospheric conditions which will enable almost any one to become weather wise. In foretelling the weather most people depend only upon a thermometer and a barometer. The new device consists of four diffferent recording instruments, a thermometer, barometer, hygrometer and compass assembled. in a container. It is possible to observe the moisture, the direction of the wind, the temperature and atmospheric pressure. The compact little. meteorological station, which has been demonstrated at the Leipzig Fair, gives important measurements of atmospheric conditions at a glance.

NEW LISTING OBTAINED Times Special NEW YORK, May 30.—Andes Copper Mining Co. capital stock, par $20, has been admitted to the listing of the New York Stock Exchange, to replace the company’s capital stock, no par, which has been Suspenied from dealings.

CONTRACTS AWARDED ~VALUE |

BUILD ING Em | REE rT p——

awarded in April were valued at $234,800,000. With the sxoeprioniof Dive the highest reported ince October, 1931. However,

can be seen from the ch and

Sait, grain, sommoddty and livestock ex-

changes remained closed

today tn observance of

Memorial Day. Banks also suspended business for the day. The markets are to reopen Monday morning and the listing of quotations then will be resumed.

INSURANCE EXECUTIVE

J. C. Higdon, Business ‘Men's Assurance Co. vice president, is one of the officials from the company’s home office in Kansas City, Mo., who is to speak at the sales congress to be held at the Severin Monday and Tuesday. Representatives are to attend from Indiana, Michigan and Illinois.

STANDARD OIL PAYMENTS UP

Member Firms Expected to Distribute $94,484,839 in Half Year.

Times Special NEW YORK, May 30.—Cash dividend payments to be made by companies of the Standard Oil group during the first half of 1936 are expected to total $94,484,839, compared with $81,944,223 in the like period a year ago, according to figures compiled by Carl H. Pforzheimer & Co. * This will be an increase of $12,540,616 over the first half of 1935 and the largest for any similar period since 1931, it was. reported: Total disbursements for the second quarter are estimated at $74,552,751, compared with $63,821,486 in the same quarter a year ago. First quarter payments this year aggregated $19,032,088, compared with $18,122,737 in the corresponding 1935 period. The large differences between first and second quarter payments reflects the fact that several of the larger members of the group are on a semi-annual dividend basis with payments being made in second and fourth quarters. Extra Payment Made The Standard Oil Co. of Indiana, which has paid quarterly dividends of 25 cents a share since the middle of 1931, in the current quarter declared an extra payment of 15 cents a share in addition to the regular payment. The 40-cent payment is expected ‘to total $6,083,270 and when added to the $3,803,919 paid in the first quarter will bring total dividends of the company for the first half of the year to $9,890,189. A semi-annual dividend of 20 cents a share declared by the Indiana Pipe Line Co., a subsidiary of the Standard Oil Co. of Indiana, during the initial quarter this year, compared with 15 cents a share paid at the same time a year ago.

UPTURN IS EXTENDED IN GROCERY BUSINESS

Sales Average 10 to 12 Per Cent Higher in First Four Months. Times Special NEW YORK, May 30.—Continuing the strong upturn which started in the latter part of 1935, grocery retail sales showed an average increase of 10 to 12 per cent during the first four months this year, Dun & Bradstreet, Inc., announced today. Some unevenness, however, was encountered during the four-month period. Demand for staple commodities continued the strongest, although there was heavier pur-

chasing of confections, fancy items and better quality goods.

tail divisions, collections held to the improved levels attained during 1935. Retail prices of staples averaged about 1 to 7 per cent lower during the first quarter this year, compared with prices in the corresponding period a year ago.

CANADA EXPECTS U. S. TO AID UNEMPLOYED

Believes Tourists Will Increase Need for Women Workers. By United Press OTTAWA, Ontario, May 30.—Canada ‘is banking on United States tourists to provide jobs for unemployed Canadian women this summer.

The Dominion Bureau of Statistics estimates there are 80,000 women of relief in the country and predicts the majority of them will be absorbed in trades connected with the tourist industry, such as hotels,

restaurants and domestic services,

as soon as the tourist season opens.

In both the wholesale and re-

NRA PRINCIPLES ARE FOLLOWED IN SOME LINES

Voluntary Compliance With Code of Ethics Seen "as Possibility.

BY RALPH HENDERSHOT Times Special Writer NEW YORK, May 30—The NRA long since has passed into economic history, but some of the principles it sought to establish seem to have remained alive. Dr. Claudius T. Murchinson, president of the Cotton-Textile Insti

tute, is authority for the statement that 90 per cent of the country's cotton mills, for instance, are now complying with the wage and hour provisions of the invalidated bureau. And, what is more, an attempt is to be made to pull the other 10 per cent into line. Under the circumstances it can. not be said that the work involved in setting up the NRA was in vain. And probably it is much better that adherence to the code of business ethics it established has become voluntary rather than compulsory. Certainly the expense involved is much less, and the chiselers probably are finding it more difficult to operate.

Public Shovid Know

But it might prove worth while if the industries which are sticking to the NRA principles were to prepare full and complete reports of their activities periodically. No doubt such reports would help to rebuild public confidence in current business practices, and they would show how closely present activities compare with those which were set up as guide. : Trade figures suggest that wage and hour agreements set up under the NRA have been modified to some extent. This has led many people to assume that the most important plank taken from the NRA program was the one making it possible to fix prices. If that is true no doubt a demand will be made sooner or later to have the antitrust laws more strictly enforced. If it is not true the public should be made aware of the fact.

Might Reduce Strikes

If industries can retain all that was good in the NRA, including fair treatment of workmen, and if they can convince the public of

that fact, the likelihood of strikes may be reduced to a material exe tent. : Alfred P. Sloan Jr. president of General Motors Corp., apparently is not the only prominent man who would go through our old industrial plant with a fine-toothed comb. E. B. Moran, secretary of the Service Corp. of the National Association of Credit Men, says the one key to sound prosperity is a “bold and vigorous reorganization of business and business thinking.”

Urges Low Prices

The need of the country, he bee lieves, is revolutionary low prices, which, he claims, are possible by mass production. “If it means junk

ing the whole factory for a new one,” he advises, “changing its location, changing the product or the materials from which it is made; if it means going throtigh the wringer in financial reorganization and changing the capitalization; if it means firing every last man on the pay roll from office boy to board of directors; if it means doing some=thing the corporation never dreamed of doing before—neverthee less, it ought to be done.” Can it be that our business leaders are becoming reformers or something?

CONSUMPTION OF TIN RISES DURING YEAR

Gain of 25529 Tons Reported Over ; Previous Period. Times Special NEW YORK, May 30—World tin consumption during the year ended March 31 amounted to 147,877 tons, representing an increase of 25,529 tons compared with the previous 12 months, it was announced today. World production during the year totaled 145,264 tons. The total consumption of tin in March this year was 13,424 tons, the highest level reached since September, 1935, when the total was 13,693 Production and consumption of tin during the first quarter this year smounted to 38,400 tons and 38, 139 tons, respectively. “ Out of 15 countries which used more than 1000 tons, Germany alone showed a decrease during the last year. An increase of 37.2 per cent was recorded in the United States.

BUILPING INCREASES Times Special SIOUX FALLS, 8. D., May 30.— The largest amount of residential building in five years was reported I} SIS SHY Ion the MRED of AGEL Permits issued included 21 homes and 14 remodeling or ed: tion plans.

i ioe