Indianapolis Times, Indianapolis, Marion County, 3 June 1936 — Page 14

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C—O

a mar aut

Jew Deal Reforms Fall Short of Socialism.

oe Abr

PAGE 14

BY JOHN T. FLYNN ie W YORK, June 3—The Socialist Party has adopted its

form. Thus the battle on is- |

There are two points about it

: platf orm ded ‘mands the government taking over of banks, not the government guaranteeing of private banks. - The New Deal put out hufidreds ‘of millions in loans to railroads. The Socialist demands, not the saving of privvate railroad invest‘ments in private hands, but the taking over of the roads.

TT New Deal made its greatest gal

mble on the NRA and the AAA. Both of these plans were devices for controlling production in

the interest of higher prices. The.

Boclalists denounce such devices as instruments of scarcity. The Socialist philosophy is based upon the ‘proposition that the peo-

ple are the natural and rightful

owners of the instruments of pro-

‘duction and distribution and that.

private property ‘in these things is wrong and unworkable. The New

. Deal, of course, has sought to make the system of private property work

by vast subsidies and by attempting to regulate its processes at a very few points. The New Deal may criticised as unintelligent, as not achieving its goal, of having delayed recovery. But it can not be said to be an attempt to destroy

{the system of private property or

0 be in any sense patterned on socialism,

ki ” » ” other feature which stands

: 1 out in the Socialist platform

is the demand for social security.

The Democratic platform will of

course have a plank about this and

i is certain the Republican plat-

form will have a strong plank on’ the same subject. The interesting point is that those planks in’ both

~ parties’ platforms will be a little

irange. Bu it has been in the peialist platforms for many cam‘This is only one more instance of the function which minority parties

. perform. The Socialist Panty has

never even approached power in

‘this country. But its insistence

year in and year out upon’ certain gréat social reforms has borne fruit and one by one: they ‘have been adopted by both old parties. ¢ ; ® a» =» Sa LMOST all .the great .social A and economic reform meas8 in the last 50 years have origted with minority: parties— ular election of Senators, womean suffrage, the anti-trust laws, the Interstate Commerce Commis- , factory inspection and laws the protection of labor, mothRE pensions, old-age pensions and the like—some of them geignatingt with the old Populist Party. gh the parties never came he ‘their platforms forced themlittle by little upon the domiparties. These yield to reony nder pressure. t, 1036, NEA Service}

change 8 ‘off red To

ealers.) es. Indian 24-qt. Gooseberries : Indiais. nes-—| an.s rr

Stations be below Yubject, to “by local oy

ne Erown qe tist T8 “ht se Pat y=—Southern Th

1 was 1% lower.

“129, - Jun: / #3

ER RT bag, | i

STOCK MARKET

VOLUME LIGHT; [- BONDS ACTIVE =

Interest; Coca-Cola Shares Rise.

BY ELMER C. WALZER United Press Finacial Editor

market today went through one of

with prices holding narrowly irregular for the most part. Volume was around 600,000 shares —only 470,000 shares ‘being ex-

and there was no attempt to push advantage on either side. Some in-

as a sharp rise in Coca Cola to above 100, but for the most part trading was uninteresiing. The bond market, however, developed a fair ‘amount ‘of trading around mid-session with most activity coming into railroad issues, which rose.

Pound Sterling Up

Interest continued ‘high in the foreign exchange market where

highest price since Feb. 8. This reflected demand for sterling as against sales of the French franc, in view of the uncertainty over the French economic situation. The franc held around the gold point all day, forecasting further engage-

United States.

the bank rate from 3% to 4% per cent in an attempt to forestall further flight of capital after reporting a gold loss for the week ended June 2 of around $31,000,000. The stock market drifted without support. Railroad shares were fairly active, but mostly lower. Atchison, Topeka & Santa Fe

York Central, Great Northern preferred, Northern Pacific and Southern Pacific all showed fractional declines. Steel shares weakened with United States Steel, which at 60% Bethlehem had % loss at 52 and Republic was fractionally lower. This easiness spread into other industrials as Chrysler lost an early gain and General Motors was off 3%.

Money and Enchange INDIANAPOLIS STATEMENT

Sleatings NO cess inenes ie. $3,414,000

TREASURY STATEMENT (By United Press)

WASHINGTON, June 8.—Governiment expenses and receipts for the current ‘fiscal

ago: i This Year Last Year Exp..... $ 6.566, a 21%, 156 § 8. 504,258,755.66 y 3.2 3,342,706,171.61

17 3,161,552,584.05 .87

,870,610,730.43 316,198,691.59

Unlisted Stocks

(By Blyth & Co.) ~ NEW YORK BANK STOCKS

Customs 356,457.581.81

Bankers Trust Central Hanover . Chase Chemical Guaranty Irvin Manufacturers National City First National Boston. National Shawmut FIRE IN Aetna Fire I American Ins of Newark Ralimors American

o Local Livestock .

HOGS a7.

: ull 28. + 10. 10 . .. 10.20 30.

. 10: 0.30 9. 5 10 0% 3 3. 1 10 [email protected]

ge + tage anal

8.25

vo wepo ©5 82 2235 35 SS

Foreign Exchange Holds | u

the dullest sessions in recent months | _

pound sterling rose to $5.02%, the Bu

The Bank of Netehlands increased Hi

(Re

NEW YORK, June 3.—The stock | Te

changed in‘ the first four hours— | Sus

dividual situations stook out, such | Warren

Elec Auto Lite . c. Stor Bat . Grevhound Houdaille Murray Body

Ste Warner Timken Roll Mining— Alazks Jun

ments of gold for shipment to the ca &

Kennecott: Cop. . Melnture Mine. . Park Phelps Boage ved

Vanadium Amuséments—

Crosley Radio .. Loews Inc

dropped to a point loss at 71, New| RKO

Warner Bros ... Tobaccos—

Lorilla Philip Morris Reyn Tob Ball Atchis Atl Coast Lines B&O

8,369,000 y

year to June 1, as compared witha a year NY

Cent N Y New Haven Y Ont Norfolk & West. Pac

West Mavyiand Equipments—

Am Brake Shoe; Am Car &

Am Loco Am Steel Fdy. | Bald Loco

Poiman Ine. = West Air Br.. Westingh Elec

Utilities—

Am & For Pwr. Am Power. & Lit:

Am Wat Wks Col Gas & Elec. Comm & Sou Consol Gas

, | Std Gas | Stone & Webster

United C Un Gas Tap tA

1 Ut Pwr &

Western Union.. Rubbers—

U8 Rube U bber . US Rubber ped Miscellaneous—

1 Allis Chalmers. Am- Can

Brklyn Man Tr.. Surifoushs Padd; J} I Case

Conti C

Timken Det 1

& West 23

J S"Smelters ... 89

Ya BT Ligg $ rs » 107% rd 22%

. 83% “gy ’, 53 Ya

1% 24%, 18%

2093 Sis

on J

127% 8%

46 3

. 40% -113%

7% 1% 165% 227 19°

. 3314 . 18%

10% a

- 1 47% 25% 3

- w

ow Pe

Raies aaa

57 107%, 22%

0% 4

4% 3% 4% 35

i gests

(By Thomson & McKinnon) High. Low. Close.

rare!

14 | Am “Frgn

62 h! % | Chi Milw & St P58 9 T

56% 108 22% 82% 53%

107% ——33%

548 3%

Bh 2 4b; 36

4Y2 5 30 31%, 40 - 33 dbs Pp 4 3st

BI Ted

bet Ww»

- Sagpanuie Fors Srl

[ -3 3

suy8al g

> i

5 . I ded

rol MN ot

(Copyrieht. 1936. bv Standard Statistics)

Esip « VUEE SEE

eel ee

7 smgssss onabiayaa ~300%0 CRD b=

95. 8 84. 953

-3¢

v. Ss. GOVERNMENT BONDS’ (By Abbott. Proctor & Pains! : Treas : mye ? Prev.

4355 1947-52 ...e00nene Lonees 28 117.28 45 1944-54 .. «113 “112.31 108.18 . 109.6 6, 108.8 109.7 3095 \ 33 106.7 3 106.6 ‘104.16 1105.10 £103.18 - 302

Sof 10717 Federal Farm Morbesge Corp. = si 1964 : i? 2. Ba in

108. hb : dy 35 1942 i... +

Alleg Corp ‘s5 ‘a. Alleg. 3% 5

Pe Am Tel & Te Ble, 743.5 Am Tel & Tel 55 '65 Arm & Co Sel) Sa 35. Atl Coast rine 4s '52 . Atl Coast Bins 3s 64 Atch Top & 8B Fe See ‘48 Am Rolling Mills 4%s ’45 Balt & Ohio 6s '95

Cleve Un Col Gas Ss Col Gas 5s

erm 42s May ’52 April .’52 ‘6

5s ’67 art Northern 51s 47 Grt Northern 7s ’'3 Grt Northern 4158 "16. Grt Northern 4Ys 77 : Gen Stl Cast WW 5? ths TH case Hud & an Ref 5s ’67 11 -Cent -43%s8 "66 i. ........ send [11 A Jt 4los ’63 : 11 Cent 5s '63 nterlake C & I 5 Internatl Hy Elec [Interntl Tel & Interntl Tel & Tel 5s '55 [nterntl Tel & o 348 4's °53 .

1 45 Nickel Plate vas 78 - Nickel Plate 5's me . N Y Cent 5s 2013 . N Y Cent as 013. (old) ‘....

Nor States Pow. 55 56. New Orleans 4s ’55 :... Penn Ry 4Y%s ’84 Penn Ry 4%4s '81 Pac G E ’42

Para Publix Penn P & L 4%

Rand Shell Union Oil bs ’ Sou s Sou Bac 4s Bl... Sou Pac 47/28 '69..

Union Pac 4s *47.. Paited Drug Py 83. U_S Rubber 5s 47 -

Warner Bros 6s '39.. We ester Mary ie 7.

no & T . Youngstown S&T 5 “78. .

Argentina (A) 6s °57 Argentine (B) 6s '58 ! Brazil 8s i es ve serves ien BN

10 108%. 30 gi 86% 64 7. 18%

Local Soomrities

Indiana lis Bond and Share. Corp) sent ow bi os “stierin go a hl indicate the ap 8S narket evel

Pi based * in; d a Bal “iBauiries. ‘or

rsfsszy’ Segue SEREES:

: r £4 5 363 Na 1038 9

Eo ueller. Bras: . ; perial. Ol of Cana

> {I | 81.6502. pe

353 | increase in winter wheat. estimate 7

. Gene Am: Superp “se Ark ee Gas CA” feeeves 7 Atlas Co ER PL Ta «11% Carri sagen bene me Creole Ips spose tha 30%

Gey Aes "Cor LU Penn’ aera dle : on Refiuin ng Co .... Sas

Corp. ny An ie Bioter Corp pi aed : um’ ceians 14%

(By ‘Thomas D. Sheerin . Sod Asked ‘Administered Pund 2d sie. 3 3: 3 Affiliated Fund, Inc 1.82 American General American Business Bullock. Fund Li! Broad Street Tuvesting Century Shares Tru ‘Collateral Tr Shares “A”.. Corp “AA or ‘‘accum” ie 3.29 Corp “AA” -or “acc.” (unnrod) 64 ‘Corporate Trust Shares (ori ) . Diversified -Trustee Shrs “B” Diversified Trustee Shrs “C” 4. Diversified Trustee Shrs “D” 6.

| Dividend Shares,

General Investors Trust Incorporated Investors xInvestors Fund Am Market St Investment Corp.. xMaryland Fund Massachusetts Investors Wide Sec Co “B”. Wide Voting : American TF Shs 1055. American Tr Shs 1956

Tr Shs (orig).. Aaa 1

o 2 Ih, y Wwe: amo NOM

a @

WO BIRO I 0 [tt C0 4 00 00 = DO

: : eppaoe 8

FRUITS AND VEGETABLES (By United Press) June :3. — Ap! pp! > $1. 35@1. 50. - Carrots—Iilinois, Sweet Potatoes—Tennessee, isan "OL Sdiscissiogl Platoucs e—Mississ: e ¥ crates, $2. 25@2 275 8 Blin inois 35@50c. To 2 tos eg lugs, $1250 2.25. Caulifiower—California, crates 2.1 Peas—California, bu. “ham sre | 3 asso. | 2

Lettuce Western, crates, ‘Celery—PFlorida. bu., 25 Onion market $50.10. sacks) — Texas yellow Bermudas, 95c@$1.07%; Texas Fae oz,

CAGO bu. bo.

05 | $1.05; Californis, white wax, 70@75

HOUSES CONTAIN STEEL

| Pittsburgh Firm Plans Group of : New Type Homes.

8 | Times pceiat D, June 3.—Construc-

tion of a group of five part-steel

homes is to be started here this

week by a recently organized cor-.

poration, Arcy, Ine., of Pittsbyrgh.

The houses are to be in the $14,000

and $16,000° class. ‘They are to have steel frames with- outside and

inside finishings of standard building ‘materials. Stucco is to be used

on the exteriors ofthe first group:

Other homes are planned as de-

mand develops, B. J. McGarry, ‘vice

president of the company, said. rf ————————————————.

~ HAMMOND LEADS STATE | Times Special ; 3 ND, Ind. June 3.—~This city is leading the state in number

and amount of permits for new construction, the FHA office here

said today, crediting the fact to the co-operation of banks and lend-

isi Insttiutions in’ the Calumek, diss trict.

“NOW IN OUR

“Than Was Indicated

41 | bushels as compared with % | any effect on: wheat trade ; to ease prices in the last few min-

: = MARION CONT

3% | in the Southwest. Wheat rallied at 1% | the opening- in sympathy with a

13s, | strength. at: 5. ] !

% | range in quiet trading. Rye held | about steady with yesterday's close ‘| in ‘featureless trade.

ii a . retro Triste 7 917

1 53%c. | No. :3. white, 2@ie

LL won

pE© Soo

7 oa low, 8

les — Willow

_ yur thers was an increuse.

The national income : in 1935 is estimated at Cn re as compared . with $48,600,000,000 in 1934 and the $89,500,000,000 in 1932. This was the third ucoossiue

ession low

One Month Ago.

mate on winter wheat of

g g

lh pit

bushels a month ago failed ET ra

utes of trade. . Outside Prices Cause Rally . Most ‘traders expected a greater

in view of recent favorable ‘weather

higher Liverpool market and the Winnipeg generated

rally; in wheat | % | prices. Scattered buying ‘| shipping demand for cash corn since

and good’

late yesterday formed the background for the steady undertone throughohut the session but trading quieted later. Oats moved within a narrow

Sirsa

(By. United Press) Prev.

. Low. Close. Close. 84, 881% B84Ys. 84% 86%; .86%

54 55%

54 .543b .56%b

53% Sdls 39a 39

9.85 9.90

9.90 9.92

10.05a Sept. 10.15a a Ask. b Bid :

‘INDIANAPOLIS

t—Steady:’ No. 1 red, 90@9lc; No. Whea eady: No. ed Ne nite

8b " i rane ass No.. 4 mixe ise. | OBts—S : No. 2 white, 24@26c;

By ‘United Press) - Jain; * Wheat

¢ls| Dodge, 154 in May, against 128 a @ 4 year ago, and 747 for the period,

arley malting, ‘48@9zc; fimothy - clover seed; $12.75@ 30; soy beas aoa ialh: 2) Fellow le yell Ww, Cs 8 ’ Prov ach, 10°05: e, 0. i: lear, $9.12, nominal; ios, 5415.82 bid.

TOLEDO. June 3.—Grain Sone: ; vators .transit billing. Wheat—No. 312 86Yac. ,

n Se

c.. C No 3 yellow, Stes c. Oats—No. 2. white,

|New Bond Issues

HOG PRICES IP _

4 group during May with a total regis-

1first five-month period. This compares with 492 and 2320, respectively, | 28

1%6 May, against 197 a year ago, and

oi mobile, 145 against 142, and 669 3 | against 566, respectively; el- 89 against 72, and 393 against 81,

Jy Lyous & On)

oo 08

SO assess

EES h

ira att satastens 35 105%

Savaans, «100% 45 ..

fies

$ g

BL for tte i

a g 9 uo?

Lo oi

nion

eve 3 ungstown Sheet &T s "61 . Joungs Sht & T Deb Stas '51 .106% et —————————————————

CAR SALES RISE

8825 New Autos Registered in First Five Months : This Year.

New car registrations in Marion County during the first five months ‘this year—from Jan. 1 to June 1— increased ‘sharply over the corresponding 1835 period, according to a monthly report released today by the Indiana Clipping Service. The total for the period amounted to 8825 units, compared with 6950 in 1935, an increase of 1875 cars. May sales also showed a gain with 1974 cars sold this year, against only 1452 a year ago. Chevrolet continued to lead the

tration in the county of 531 units, compared with only 198 in the same month a year ago. For the first five months Chevrolet sales totaled 2181, compared with 1034 in the like period last year.

Ford in Second Place Ford, which led the field a year ago, was second this year with a total of 451 for May and 2006 for the

a year-ago. Plymouth remained in =1third position, selling 240 cars in

1231 for the period, against 1101 in the preceding year. Other cars ranking in order among the first 10 are as follows:

compared with 648 a year ago; OldsPontiac,

respectively; Buick, 58 against 31, and 279 against 112, respectively; Terraplane, 56 against 47, and 264 against 189, respectively: baker, 57 against 21, and 239 against 81, respectively, and Packard, 44

Stude-

15 T0 25 CENTS AT CITY YARDS

Veals, Lambs Remain Unchanged. °

Yesterday's sharp loss of 15 25 cents in porker prices was covered in early trading today the Indianapolis Union Stockyards, The market in general showed ime provement and as a result the ade vance was extended to practically all divisions. A combination of lighter receipts and a slightly stronged demand was believed largely responsible in ine fluencing the upturn. Total shipe ments today were estimated at iid 4500, a decrease of 2000 head from the previous figure. Holdovers amounted to 104. The bulk of choice weights from 160 to 225 pounds cashed in at $10.20 to $10.30. The top also held at the latter price. Medium butchs er classes, scaling 225 to 260 pounds, solid at $10 to $10.20. Light slaughs er pigs, weighing 130 to 160 pounds, were offered at $9.50 to $10. Pasking sows sold at $8.25 to $8.85.

Top Holds at $8.25

Steers and cows contifiued. sta tionary in the cattle market, whils most heifers were strong. The top steers .and heifers held at $8.25, Bulk of steers sold at $7.65 to $8.10,

| and heifers from $745 to $8.15.

Beef cows brought $5.25 to $6. Receipts were 1100. With receipts around normal, ‘the lamb and veal markets settled down to a steady trading range. Bulk of the latter classes held at $8.50 to $9. The bulk of spring lambs cone tinued to sell at $11.50 downward. A single load of clipped yearlings, averaging around 75 pounds each, were offered at $9.50. Trading res mained dull in slaughter ewes, and prices were steady at $3.50 down, Receipts numbered 700 and 600, respectively.

Other Livestock

{By United Press) June 3.—Hog ga ry 6000 directs; a : 5 r than Thurs bulk 160-250 ey

9.75 [email protected]; Sons I M5 @.25 25; $a0-006 Thea &: 35; heavy SOWS down to $8.60. Cattle Receipts, 8500; calves, 1500; Es

CHICAGO, 000, includi es cents highe i: $10.25; + -160 .1bs. 5

light steers scarce; strong to sh active on kinds scaling 1100 Ibs, ward; medium weight steers predominating crop market; slow, generally steady; liberal su " steers scarce here at value to sell at $8.25@9; best early. $8.85, b strictly ,Drime ioors he d: “above $9. these being standouts; | cows strong to 15 cents h vealers strohg weighty sau Ils wp to $6.40; selec scted vealers to $10. Sheep— Receipts, 5000; w and uneven, steady to cents’ lower; jg grade spin lambs oft more in instances: early bulk $11 to packers. but bucks Sorted: off "discount: -several small 1 condition, $11.76@12 to small kill grade hota Jabs, vas sd

lower LH: Boi 15 to 25 cents hig} ok gi di 1 310 ia 10. 1s: TRS be, 0" bey 430

Bn 8539.85; 200-32 so 40 doar 40004, a5: i

.75 9.25; Es oe — "$8 down. Clipped lambs aaa down: spring lambs, $1

FORT WAYNE. Ind., June 3.—Hogs, 1 15 cents lower; 160-180 un $10.20; 180- “208 1bs.. $10.10; slo; -

s., 75: 100- $9.60; ue $6.35, stags, $6. 50. 0 1s $9. Lambs,

NET LOSS IS REPORTED Times Special - é DETROIT, June 3.—The Contd nental Motors Corp. has reported ° a net loss of $105,177, after charges and depreciation of $150,000, for the six months ended April 30. “This

against 16, and 189 Bgalnst, 35,

¥@2ke; o oN. white. 24@28%c.

respectively.

~ompared with a net loss of $471,659 in the same period a year ago.

46,000 INDIANAPOLIS HOME OWNERS MUST BE RIGHT

A bout the best way to invest their savings

Nearly 4, 000

ilies own their own

indianapolis Famhomes, according

to recent census figures. More than half of these homes are valued at

. $4,000 and up:

he During 1936, ‘many wise families «will enjoy for the first time that feel-

i ing of independence and security

which ‘comes with

home ownership.

In addition far sighted investors

rty purely as an

me hers or ; are many: reasons

a Ea os ay

3. wage earning fom