Indianapolis Times, Indianapolis, Marion County, 13 June 1936 — Page 12

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| 32552, whereas it was $2348 last year. The i am. in 1929" was $3704 and the depression | low: was $1755 in 1932,

for Industry Is Proposed.

| ee BY JOHN T. FLYNN YORK, June 13.—One of

have not kept their eye upon our Federal

courts may think is a pre-

He “says that

in the Federal courts industry has an instrument for : freeing ~ itself ” from the tramFiyan mels of the President and Congress. His method is simple, A group of business men composing a trade association can go into a Federal court and get declarative judgments outlining trade practices. ‘Lhe business . men would then govern business under the authority of the court. Congress and the President would have nothing to do with the maiter and go on fooling around with their purely politicai questions. This may sound a little surprising. But it is not by any means. This kind of thing already has been dorie and on an extensive scale in our courts. The rudiments of the practice for this business have already been set up. . n sn »

8 far back as 1927, in a magazine arvicle, I warmed ot une appr 0an QI LNIS Very toning. Ac ldo time, unaer Mr. Cooilage, trade associauiuus were hailed 1110 cpurLi for aileged violations of the vitrust laws. ‘hey then woud come into court and consent to a decree being enterea against them. The court wouid then issue a decree, secung torvh what tne men in thay trade might or might not do. The decree became a code of practice for the industry. A great many such decrees were entered. The manufacturers of gypsum products made a trade agreement. Zhe attorney general hailed them into the Federal court. The court held the association was illegdl and ordered it dissolved. But it also held that they might form a new association and it proceeded to write a constitution and by-laws for the new association in the form of a decree setting out what they might or might not do. ? 2 8 = O Mr. Javits is not barking up so preposterous a tree apparently. If he could get rid of the anti-trust laws, think what beautiful relationships might be established between courts and trade asSociations. - But business men will do- well to ponder carefully before: they fall for any such scheme. Because, after all, the Federal courts have one weapon which even the President does not possess. Violation of such a decree-code can be dealt with by the process of contempt. A Federal court might even hail a Pusiness man who criticised the decree into court and send him to Jail. not be such Federal judges? After all, the processes of democracy are slow, oft-times bungling. But in the end they are the best.

They are the safest. (Copyright. 1936, NEA Service, Inc.)

HOLC IS TO BECOME COLLECTING AGENCY

Corporation’s Authority to Lend

Expires Tonight.

“By United Press ' WASHINGTON, June 13—The authority of the Home Owners’ Loan Corp. to lend government money to save private homes from mortgage foreclosures ends at midnight tonight. In the past three years, HOLC closed 1,016,142 loans throughout the country for a total of $3,081,893,59. The agency now will turn its attention to making collections. : . HOLC already has collected $10,000,000 worth of its loans, and has been forced to start 9,330 foreclosure proceedings of its own. Of that number, 421 were stopped after “borrawers paid up their delinquencies.

_- On Commission Row Megtinied Srom Late Times Yesterday) ‘ uotati: below subject to change are a wholesale prices being offered rs by local commission deal ers.) A UIT Strawberties. | a ant. eet. ate, 4@5. Gooseberr: Indiana, 4-4 ate, $4. "Cherries, California Bings, 1 ib. box, $3. Limes—Mexican, gartan, Ly

a en green, . round $2.1 Beets—H $s Hale Carots—California (8- > Caulifiowe alifornia SE 5 5 washed £ trimm (doz.), @65c. - Florida— Hoinouse (or). crate), $3.50. Cucumbers— Corn—8§ crate. $3.18 (doz.). $1.50. Kale_vir : joes wn at (15-10. et, 90c: doc. ! (doz.). ig. $1.25 Parsley

bane

» as; . PMs Hot.

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Who can be sure there will .

10°

ported : .| “doing better than break even” de-

, 80-1. | are -_tlong | &

FARE CUT AIDS TRAIN TRAFFIC.

Ticket Sales and Revenue Increase at Terminal ‘After Reduction.

Business is staging a lively recov-

minal, according to passenger agents of the four railway lines maintaining offices there. Since the lower 2-cent coach fare went into effect June 1, more tickets have been sold and more money received than was true of the same time last year. It has been necessary to add to the corps of “red y the station’s fruit stand has noted an increase in the sale of bananas, and the restaurant is selling more coffee. Gains Made Before Cut

But increased passenger traffic was recorded this year before the rate reduction, local agents said today.

on trains and we see more people in them,” W. H. McKifrick, station master and baggage agent, said. “It

the number of ‘red caps’ on duty. There also has been an increase in the baggage handled, especially in the number of sample trunks.” ‘Mr. McKitrick said the reappearance of sample cases in the baggage room indicated wholesaling houses were instructing their salesmen to travel by rail instead of by automobile.

Big Four Revenue Increases

The Big Four has enjoyed an especially good ticket business all .this year, according to V. V. Hennessy, chief clerk of the line here. He said that during the first week of June, 25 to 30 per cent more tickets were sold and that revenue was about 15 per cent greater than for the corresponding period of last year. (The coach: rate last year was 3.6 cents a mile. The 2-cent rate now prevailing represents a reduction of approximately: 45. per cent.) His company showed a gain of 38 per cent in number of tickets sold here during the first four months of 1936 as compared with the same months of 1935, Mr. Hennessey said. There was an increase of 60 per cent in the amount of money received. Mr. Hennessey said he was surprised himself when he made the comparison. He attributed the large increase in revenue to the fact that the Big Four has handled a number of special trains and “parties” out of the city this year.

Pennsylvania Reports

- Reporting on the first 10 days of June, Earle Comer, - Pennsylvania Railroad division passenger agent, said the Indianapolis ticket office showed a 10 per cent increase in revenye over the corresponding period of last year. He said this meant ‘the route was handling approximately 50 per cent more passengers. General business, passenger and freight, on the Pennsylvania is reported to be from 7 to 10 per cent better for this five months of 1936, compared to the same period of 1935.

trend toward coach travel but that there also is a noticeable increase in Pullman business. (The reduction in fs class rates was 16 2-3 pers cent.)

Monon Gains 25 Per Cent

The Monon experienced a 25 per cent revenue increase in the first quarter as compared with the first three months of 1935, according to Frank V. Martin, city passenger agent. , The recent rate reduction has affected the Monon’s business less

day round trip between Indianapolis and Chicago which figured at 2 cents a mile and included no sur-

been changed, he said, but Monon now uses the new one-way and round-trip rates for coach travel.

“More Faces in Windows”

the general fare reduction has stim-

‘feed’ out trains,” Mr. Martin said, “for we see more faces in the dows of our coaches than has the case for several years.” That there was no lull in traffic

ited to the fare cut by Mr. Martin. J. G. VanNorsdall, Baltimore &

spite the fare reduction.

train for 10 years are now purchasing tickets,” Mr. VanNorsdall said. These ret

AGENTS REPORT|

ery at the Indianapolis Union Ter- |

“We have noted additional coaches:

has been necessary for us to increase |

Mr. Comer said there is a strong:

“Either times are much better or |;

* Bron stimaes BA yy Bd

New Business Books

Available at Library

The following new business books are now available at the - business branch of the Indianapolis Public Library:

‘THE GENERAL AaEoRY oO OF EMINTEREST AND MONE , by J ohn M. Keynes. ‘‘This, I believe, is one of the most important books written since the war.”— Prof. H. R. Mussy, Wellesley College.

MASTERING FEAR, by Dr. Preston Bradley. “Do not rocrastinate with fears, far danger lies in delay. Recognize what . Get them up to the surface, Look them over. Judge them. Then watch them flee as common sense sweeps in.

THE REGULATION. OF COMPETITION, by N. B. Gaskill. “Why the. rade Commission has not business to help itself, why "its attempts to prevent unfair competition have n ineffective and w. y the Trade Practice Confefences ave been barren of results.”

.- HOW 10 WIN A SALES ARGUMENT, b . G. Busse. “In the business con ne room, more than any gther place, there is pressing need for greater efficiency in argumentative technique.’

ASSETS SHOW GAIN IN FIRST QUARTER

Maryland Fund, Inc. Re‘ports $1,040,624 Risa.

Times Special -JERSEY CITY, N. J, June 13.— The Maryland Fund, Inc., a group investment fund operating under the supervision of Administrative and Research Corp., New York, to-

248 for the quarter ended May 31, 1936. This was a gain of $1,040,624 over net assets at the close of the previous quarter. The firm's investments had a market value of $7,041,637 as against a cost figure of $6,326,295. The difference represents unrealized appreciation of $715,341. Liquidating value a share, after payment of a cash distribution of 10 cents a share supplemented by a 3 per cent stock distribution was $17.79, according to the report. Major changes in the group's portfolio during the quarter included initial investments in the following companies: Public Service Corp. of New Jersey, 1200 shares; Twentieth Century-Fox Film, 1400; United States Steel, 400 shares. Concurrently, holdings were eliminated in the following companies: S. S. Kresge, 2400 shares; United Gas Improvement, 1900 shares; F. W. Woolworth, 1300 shares. Principal increases in investments in companies in the portfolio at the beginning of the quarter included: American Radiator; 1600 shares; North American, 1700 shares; Pacific Gas & Electric, 1500 shares and Phelps Dodge, 100 shares, the report showed.

Chicago Stocks

(Reprinted From Late Times Yesterday) (By Atkins, Hamill & Gates) Prev.

than other lines, Mr. Martin ex- | Associ i plained, because two years ago this | railroad introduced a first-class, 10- | 3

or charge. This accomodation has not | Srane the

Fodena God]

rt J

n-Rad % & L serve 11 Libby McNeil x Libby. Lincoln Pri inting

ulated travel on: other lines which | Lynch Na Sp. beeh rth

following the usual heavy business er fo of the Memorial Day week-end cred- | S¥ift Internatio

New York Curb

. (By Atkins, Hamill & Gates)

or |

day reported net assets of $7,484,-)

. Close. | Ya

FURTHER RISE IN RENTS SEEN

Increase of 8.9 Per Cent Expected Next Year, Survey SHOWS:

Times Special CHICAGO, June . 13 —Further substafitial increases in monthly rents, with the largest rise in the midwestern area, can be. expected during the next year, according to a survey of 36 states compiled by the Mortgage Bankers Association of America. The average rate of increase during the year is expected to be approximately 8.9 per cent, George H. Patterson, secretary of the association, announced. The largest rise of 9.9 per cent is expected in the midwestern states, while the smallest—8.1 per cent—will probably be noticed in the far western and mountain states. Rents in southern states will be about 9 per cent higher, with a gain ‘of 8.8 per cent expected in eastern sections, Mr. Patterson said. :

Gain for Year Shown

“Our tabulations also: show,” he said, “that the average increase ‘in rents of apartments for the country as a whole in 1935 as compared to 1934 amounted to approximately 8.2 per cent, against an average rise of 8.3 per cent in 1934-over: 1933. “Increases in the four broad geographical sections of the country, ‘segregated in making our compilations, shows that in 1935, compared with the previous year, apartment rents gained 8 per cent in southern states, 5 per cent in eastern states, 10.40 per cent in the mountain and far western states and 9.5 per cent in the middle western states.” The survey also showed that approximately 98 per cent of members of the association reported that families in their communities which “doubled up” during the depression years were “undoubling” now and that this situation alone will create a housing problem because of the fact that so little building has been done since 1924.

GOLD . RECEIPTS DROP |“i%k

Deposits in Denver Mint Total $2,786,935 During May. Times Special

DENVER, June 13.—Gold deposits

in the Denver mint during May totaled $2,786,935, compared with $5,076,870 for the same mionth last year, it was reported today. Silver deposits were valued at $35,614, compared with $38,950 in May, 1935. A total of 660 deposits were received during the month, compared with 973 in the same month of 1935.

Local Securities

(Reprinted From Late Times Yesterday) (By Indianapolis Bond and Share Corp.) The jujlowing 9 quotations do not Tepe resent actual bids or offerings, but merely indicate the approximate market Ileve. based on buying and selling inquiries or recent transaction BONDS

oz ng Tel (TH 1s °4H Tel & ga 1, Pt’

Ask. 106

Water Co, 5%s . ntarstate rel & Tel, 5 gs Kokomo Water Works, 38.58" Mors 3 5 & 10 Stores, ay

(Reprinted From Late Times Yesterday) Ind

Sr. Trusts

(Reprinted From Late Times irstan,

| Tb

: = F New York Stocks

Finishing mill schedules are being

expanded to -the limit on many ¢

products, although limits are now | guqeo

set by available capacity rather than theoretical facilities. ; Some Mills Obsolete

Many mills and their aux..iary equipment, which have not beer. opSoe since 1930, have been allowed to become obsolete and can not be run without costly and time-con-

suming repairs.

This is also true|3

in case of blast and open-hearth | Eato

furnaces. Much rehabilitation work is under way or planned, according to Iron Age. 1t is becoming more apparent that Ww will be physically impossible for mills to complete shipment of all

the still placed at second. quarter |

prices before July 1, the magazine stated. Second - quarter steel will probably move during a large part

of July and a sharp drop in produce :

tion may ‘be avoided.

Many steel mills are likely to se- |:

lect the: week ending July 4 as the vacation week, the: American Metal Market pointed out. This is because

the holiday would necessarily cur- Phe tail ‘operations, while the men will |g

lose nothing because otherwise they would be paid for the holiday.

Predict July Recession - Production - in July - as. a whole

probably will be well under that of |

June, but the rate after July 4 may equal the June rate of operations. The Irqn Age reported that the railroad materials market has been enlivened by the first secondary rail orders, the Missouri Pacific having placed 10,000 tons on order in addition ‘to a sizeable purchase earlier in the year. ' Construction activity is well main-

Vanadium - Amusements—

Crosley Radio ..

Paramount Warner Bros ..

Tobaccos—

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. 9 Gen & Hive 58 58. Lig & Myers ‘B’. 108% 108%

Lorillar Phillip Mo ris. Reyn Tob “B”

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tained and higher third quarter é

prices have stimulated action on many projects.

L ¥ 9 a > : . Local Livestock (Reprinted From Late Times Yesterday) . HOGS ; June. Bulk. 8. [email protected] 8. [email protected] 9. [email protected] 10. \ [email protected] 11. [email protected] 12. [email protected] Light PR

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sesevesdsessnse

1 rrrvasesee: 100.8 sisssesesnces 131.36 . Joe 573

Home Owners Loan Corp.

101.14 101.12 10221 102.20

103.23 102.12

03.24 MB carers riivreisirs 102.12 DOMESTIC : Close. 92% 86% 1 113% 96 77 1117,

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Prev. Close.

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SALE IF i

WRITER NOTES

Investors Invited to Make Systematic Deposits on Baby Issues.

BY RALPH HENDERSHOT Times Special Writer: :

NEW YORK, June 13..— The

to promote the sale of government securities to the general public. Its

To facilitate matters, the department will see to it that investors, get notices periodically as payments are “due,” and it has prepared . litera-

Hendershot

| ture pointing out how future finans

cial needs may be met through the regular purchase of the bonds. For example, it shows how funds may be set aside and invested in them for a retirement fund, for ‘travel and recreation, for the education of children, and for the purchase

3 of a farm, : (Copyright, 1936, by Standard Statistics)

Faces Difficult Problem

The department is to be come mended for attempting to injeck

prev. | NeW life into the methods of ‘sell

ing bonds by a Federal agency. If to interest the general public in the purchase of government bonds. At the present time all too large &

percentage of these securities are owned by banks and other large institutions.

But it is up against a pretty diffi

‘cult problem. Because of their tax

exempt feature, government obliga= tions-are most suited to the requirements of the wealthy investors and large institutions. The average per son gets relatively little benefit from that privilege, for his income from such bonds makes up but a small portion of his total income. In normal times it is doubtful whether the government could sell

‘more than a very small percentage 3 | of its bonds to ° general investors.

Now, however, when interest rates are so low and it is unprofitable deposit savings in banks, it may count on a little more success along that line.

Money Rates May Stiffen

It is questionable, though, jn the long run, whether the efforts of the Treasury Department will be justis fied by results. It is highly doubts ful that those who are buying these “baby” bonds now will hold them until maturity. A big majority of them, no doubt, will sooner or later find their way into the hands of ine stitutions or large investors. ; This reasoning is based on the be lief that sometime within the next ten years, at least, money rates will stiffen and the banks once more will be able to pay a reasonable return on savings accounts. Moreover, bonds will have to compete with other securities, which are likely to

in the smaller income brackets.” Those who buy the bonds will in all probability be well repaid, but that will not solve the government's problem of getting better distribue tion for its securities.

New Bond Issues

(Reprinted From Late Times Yesterday) (By Lyons & Co.)