Indianapolis Times, Indianapolis, Marion County, 30 July 1936 — Page 24

Ils for a Show‘down on Civil Service.

‘PAGE 24

THURSDAY, JULY 30, 1936

research division estimated, tu of oes and verices reduced ms $5300,

BY JOHN T. FLYNN y YORK, July 30~What

service. But unfortunately this is not the first time this has been done and in much -the same way. N e v ertheless it is a declaration that the President Dbelieves, in common with citizens of all parties, that the postoffice should be taken out of the hands of Flynn the spoilsmen. i GOV. Landon declared his belief in the same ple. Both these men now jave it in their power to effect this great reform once and for all. : os 8 8

LL first, second and third-class postmasters — 13,000 of them

~ Snow serving were appointed by

Brehaen: Roosevelt under the system. This, however, is ne more than following the example of Presidents Hoover, dge and Harding. The Presiden has announced that when their terms expire these incumbents ay be reappointed if recommended by the Postmaster-General and after taking a non-competitive examination, that is an examination dn which no other candidate com-

peted. + This, of course, is not true classifled service practice. If the Republicans came into power they would promptly ignore the classification of these postmasters. This 48 what has happened over and over again. There is one way to ‘handle this situation, provided Mr. " Roosevelt and Landon are sincere in their protestations. It has been stated by a distinguished Democrat, whose advice the President may ‘well follow: “1 would like,” he said, “to see ‘one of the great parties come forward with a challenge to the other party offering to enter into a compact to uphold and maintain civil service.”

” ” 2 ‘man who said this was Mr. Roosevelt before he became President. Why can he not now

take the initiative or why should . Landon take the initia-

~ that whoever is elected all first, . second and third class postmasterships will be filled by a’true comtative civil service examination and that both party organizations will‘pledge themselves 16 put this into the form of law at the first session of the next Congress? The present appointees will have enjoyed full terms next year. They will have been paid for their politi“cal services. They immay compete “with others to succed themselves in true civil service examinations. ~ . By entering sucn an agreement the President will be doing no more than carrying into practice one of ‘his own emphatically expressed wishes before he took office. I urge both candidates that they ve the nation an example of comsincerity by taking this action

now. ~ (Copyright, 1936, NEA Service, Inc.) New Bond Issues (By Lyons & Co.) Te & O helt 5

klyn "aison Ae '66 Ore

3 % | Interstate Equities’

SEC ANSWERS ONE QUESTION

i {Influence on- Trusts by Affiliates Brought Out in Probe.

BY RUTH FINNEY Times Special Writer’

WASHINGTON, July 30.—The Securities and Exchange Commission had before it today data to answer at least one question propound-

ed to it by Congress in regard to investment trusts,

by interests affiliated with their management.

evidence indicating that’ the Inter-

at the short end of the horn—in many transactions of its sponsor. Bancamerica ~ Blair, investment banking firm

ties and a director of BancamericaBlair, that under some circumstances close association between two such companies may hurt the investment trust.

Two Transactions in Record -

might be a very healthy connecSion,” he said. “If not, it may not e.” The record now contains the history of two important transactions involving the two companies, one having to do with attempts by Bancamerica-Blair to merge the Rio

OiF companies, and the other con-

an Italian hydro-electric company. The first deal got under way a

ties was organized.

agreements by which it was to get together 700,000 shares of Rio Grande stock, to be exchanged later for stock in Sinclair Consolidated.

Took Note for $2,812,500

Charles S. Jones and L. M. and L. E. Lockhart owned 225,000 shares of Rio Grande, which was pledged as security on a "$2,812,500 debt. Bancamerica-Blair agreed to buy |Re this at $35 a share, advancing the money needed for the debt. This was contingent on Rio Grande is-

at $17. made for picking up the rest of the stock.

one-third participation in this | & transaction, but at the same time arrangements were made for it to

obligated. Grande shares as security, and a note from Jones and the two Lockharts. When this note became due it was not paid, and a demand note was given in its place. After Interstate Equities’ failure to collect on the demand note, a four-way syndicate was formed to take up the note” but Interstate Equities |g continued to carry BancatgricaBlair's share of the obligation, in addition to its own, for eight months.

Trust Losses $400,000

rector of Bancamerica-Blair, Interstate Equities and Sinclair Consolidated, who had been the moving figure in the first attempts at merger, bought up Interstate Equities’ p Rio Grande stock and arranged to | exchange it for Sinclair stocks. Walker's profit was not disclosed.

whole transaction amounted to about $400,000. In the second deal, Bancamerica-

$15,000,000 bond issue being floated by SIP, an Italian holding corporation, to buy telephone equipment for its subsidiaries.

0 "lof the loan was to be taken up by s | Siemens & Helske, German manu-

: facturers of equipment.

Bancamerica-Blair secretly agreed to take these bonds off the German company’s hands if it desired,

1, |in return for a promise from Sie-

;, | mens-Helske to pay the American Co firm 3 per cent commission on all orders received from the Italian | Deere

3* | companies. *

Lit 45s G & El En ‘81 Gas Lite & Coke

Voices Indignation {

subscribed to openly, and two-thirds of the German company’s. In re-

FOR CONGRESS «2s.

The SEC record today contained |g state Equities Corp. participated— | Youn

“If the game is running right it Baie

Grande and Sinclair Consolidated | &

Bancamerica-Blair entered into

pay over the entire $2,812,500 for fou & which Bancamerica-Blair was now|M K & T It got the 225,000 Rio|y

Blair agreed to take $5,000,000 of a | i

New York Stocks "| HEAVY PORIERS

(By

Atl Rig ..

Congress asked it to find out |mi about influence exerted on trusts oy

The récord even contained an ad- Hudson mission from E. R. Tinker, at one | L2P time president of Interstate Equi- | Nash

Studebaker + Yellow Truck .

Motor Access—

'Mining— Am Metals

cerned with flotation of bonds for | Nor Ore

few months after Interstate Equi- | McIn

Vanadium

Warner Bro

olds T Rate Atchis

suing 250,000 more shares to be sold | ch & ohio _. Arrangements also were

Interstate Equities was offered a Eis

Am Brake

Bald Loco Gen

Utilities— Am

loss on the Pub Serv N

Another $5,000,000 | So3grich

ar T'S Rub

Anchor Brklyn Butroughs J 1 C ntl Can Caterpillar Crown Cork

Interstate Equities was allowed by | later H 735 | Bancamerica-Blair to take Off its 3, | hands one-third of the bonds it

Natl Gash: Rem Rand

106% | turn, it was to get one-third of any | Beatrice : | commissions

sales ansess PE Ad assess

com dssnsnnss ich Elec Co pid 15 ... Cat

masesens

the bonds over to the Americans.

paid. Ca The German company did turn

rae + new

Murray Body .. Stew Warner ... Timken Roll . 8 limken Det Axie 18%

Amuse BUR

Tobaccos— Am Sum Tob.... 2

rillard Enillip Morris. .

C Sou Lehigh Valiey. | & Nash ...

West. * Maryland. Equipments—

Am m Oar & Pdy.. Bu Am Steel Fdy.. Gen Am rank C 85 El 44

Westingh Elec.

AR Power & Eventually Elisha Walker, a di- AT & T.

U8 Rubber pid. 74 Miscellaneous—

Allis Chalmers . Am Mach . y Fdy 334

Man Tr.

1% Tract Bh k 59%

Underwood E

Fy TES STEADY

Only Plain Quailty Steers on Hand for Slow Cattle Trade. -

Extremely heavy hogs sold unevenly higher today at the Indian~ | apolis Union Stockyards while all other classes were steady with yes terday’s levels. A Arrivals were estimated at ay Holdovers numbered 306. Swine av 160 to 250 pounds

sold for $1090 to $11.20; ts between 250 and again moved

i §

Hi REY wee a suzud aa FES wns EF

8 FF

; 5

SHESFFFFFEF a RS

bet ~ pect FEF > SEER

Fes

= as | psgde Fess JusEEEY

2 Y3euEzNues

2 BNER, Fete NEE,

MARKET ACTION OF OW. STOCKS

Chicago Stocks

(By Atkins, Hamill & Gates) Prev. .Noon. Close.

16%

280 at $10.45 to $1090; kinds scaling 280 to 300 brought $10.25 to $10.45, and the extreme heavyweights were up to $9.25 to $1025. Catile ‘Market Slow In the lighter varieties, 130 to 160 pound pigs were salable at $10 to | Tod $11.15 and those weighing 100 to 130 % brought $9.25 to $10. Packing sows Tsar ago 2 were again disposed of at $8.25 to Senerai Household ie a $9.25 with a top of $9.50.

o A” . Godchaux pe ve Catle sold slowly. Most killing EoonOmICal DUE oerevesverses classes .were steady to'weak. ReJarvis ‘Mfg - 4344 ceipts were 900 cattle and 600 calves. Steer quality was plain with very little on hand of value to sell above | $45 $7.50, Load of heifers held around | 3%s, $7.50. Beef cows sold at $4.25 to $5 |3 and cuter grades brought $3 to $4. Sausage bulls ‘were. mostly $5.76

down. . Vealers Strong 3ies Vealers were strong to 50 cents |3 higher. The bulk of good and

choice kinds sold at $8 to $850. The 2 top was $9. :

Ces essesstees 16 sessesssenes

Cities Service . Gard ree ‘Edison +.

12% . 21%

1847.54 4-54 Gypsum. arks Bancorporation .. Borfect

Circle t Louis ‘Natl Stck Yds Ya Wiliams 0il-0-Matic

8, 1943-45

New York Curb

(By Atkins, Hamill & Gates) 1P. 3 Bley. a N.Y. Clo Aluminum Co of America ... 133% 131% Am Cynamid “‘B” An Gas & Electric m Superpower . Ark Netra] Gas “A” Atlas Cor; Cana Carrier Corp . ; Creole Petroleum Corp. ..-... Crocker-Wheeler

BP Fat lambs were -around steady. 2Vas, 1942-44 2% | Bulk of better grade wether lambs 3 wered isposed of at $9.50 to $10. i

Slaughter = sheep were 25 cents hi lower. Fat ewes were salable at Elec Bond & Share $2.25 to $2.75 with a top of $8. Re-

Fisk Rubber . 1 ceipts were 1000. Ford Motors Canada “A” ‘ 9% Pp 4 Glen Alden (1) 1 . Gulf Oil Corp of Penn HOGS Humble Oil & Refining Co I erial. Oil = oo ; { e Shore Mi S34 24. 0. s ... Molybdenum Corp. of Amer.. 6% | 25, 0. Natl Bellas Hess Inc 2% 27. 0. Niagara Hudson Pwr 28. . Pan-American Airways i 29, Pennroad Corp . 30. 0.90@11. 20 Root 7 stores Corp . r 18% Light lights: Regis Paper Co 5 3 | (140-160) Good and choice $10.25 ii. 15 reek Mediym 10.8 2 Lightweights:

$160.13) Good and choice.. 10

Jul 23 y

. Receipts. . 500 0 6000 +1000 3500 5000 6000 5000

4 (B) 55% Bait

Technicolor, Inc Tubize Chatillon Corp yayne Pump Mueller Brass

Investment: Trusts (By Thomas D. Sheerin & ig! Bid. - Asked. cere $IT. a “igh

Wong weights:

(200-220) Good and cholce. . 11 (220-250) Good and choice...

Heavyweights:

(250-290) Good. and choice.. (200-350) Good and choice.. 9

Packing Sows:

(275-350) Good (350-425) Good (425-450)

Slaugh pigs:

(100-140) Good and choice.. [email protected] Medium ;

[email protected]:

—Receipts, 900— 94 (550-900) Choice Good

Shoe

RRG238533 sRanagnassssy

ss 090008908

S@ImE P30 R-30 mAI%0

41% 41% "139% 137% i - ‘Common_and medium (750-900) Good and choice ... Common and medium

Iminimiala ccoowm

Pwr. Ya Lit 13% 13% 172 iB 172 . 2 28% 22%

’ 16%

secece

Good Comman’ and medium Low ule and cutter

gasus 23333 6c85e 68008

poasns 303

Vealers —Receipts, 600— Shodium and choice

88 553

Unlisted Stocks (By Blyth & Co.)

NEW YORK STOCKS 1350-508) Sopd and choice...

Feeder and Stocker £ Cattle (500-800) Good Ys Common and medium (300-1080) Good “and ¢ choice. . mon and med

od sun .s 232 gg 332° 22 8 Se S668 68 688

pao 353x

5 . 89%

28% 21

23%

30% National Shawmut.

fey

peed 583

Aetna Fir

52%, American “ns. ot Newark American

pe ome 828 32383 0909 8

(0-170) Good 4 and of choice. . a rctive July 1, spring lambs classified Br

*% Sheep and lamb “quotation on Sitpped

basis.) Other Livestock

PIPE series -(By United Press) jer Fi re CHICAGO, J — Receipts,

13.000, fo Tower slow; ot Vencs and nd Exchange i

Add.

oe sate 23

Home ven National City Nett Rive al Liberty oe

Ph *U 8 Pir Ese 84% er ule 100.200 Ther ga $10.75 11.16 Be gis ractioal top til tow” $1 w wilds Sae-ied |

rn rascal

8 Ny

tt 60.08 Ra 5%

WASHINGTON, July 30. — Government expenses and receipts for the current fiscal to July 38, « compared with a year

Last Year 21

. 188,613.00 | to ul $85.215 08 § sein Site ag SAL, 2 (BER aE am Ee 160 Toe. si; 110 hain | $8.50. Lambs, Sos : stags.

-1 OIL ‘STOCKS DECLINE

e880

10 0 1650 00 tot (0 1s 0t TR Ao pi

U. S. GOVERNMENT (By Abbott, Proctor &

5 1942-4i eas

CHICAGO,

according to a ; Saas 57. A. Ryman, 1 president.

(Copyright, 1936, by Standard Statistics)

enem— NDS aine) Treasurys

esses ssssscsssssncsvcsn

sse0cs0csc0cssen.

i143 scssessssssece

$0ce0cetooe

Home Owners Loan Corp.

eessessveccsssscsscnisoe

. . . . . . . : . 0D OF bi bt pt aa 3 > Se =

ORNO

9B. ave reies 104%

a i .101%

4s °61 ....100% & T 3%s '51 ...116%

FOREIGN

Australia An WE .ciccieeeee.103 azil 8s ’

vessess 38 45 "60 <cooe.. 100% 99

sesesecssece

3 '61 fara fone apes 7

sesssssssesse

hes 81. coveeneensy 82 FRUIT AND VEGETABLES

(By United Press)

ESTIMATE NET _ LOSS

Real Silk Hosiery Head ‘Expects . Defels of 3877131 ;

preliminary estimate

0%¢ | sugar beet crops in those states, ac-

on more than offset the loss in

ERE SR ‘een Resch

$i Lying = gy uy 5 4 * Sedsls ERMVEEN SH

ESTIMATE SUGAR CROP | Holly Sugar Corp. Sees Sugar Pro‘Times Special : Cae NEW YORK, July 30.— Holly Sugar Corp. today reported it expectéd sugar production: for the present crop year to be practically the same as last year’s 3,805,993 bags and possibly a bit larger. ‘

Montana has adversely affected the |

cording to the company, but pros pects for larger outputs in California and Colorado will probably e other two states, CL -

INVESTMENT SHARES RISE By United Press NEW YORK, July 30.—Investment companies common stock price index advanced with the gens eral market for the week ended

July 24. The index rose to 21.24 versus 21.01 for the preceding week, Distributors Group .revealed. today.

Produce Markets

The prices quoted are paid for stock } India in the country, while detivared apalis the price is. a Sent higher

ens, 13c; hor breed lored _springers, 1%. 3 Jha.) lc; Leghorn a re 1h tui cx oid duc d ducks, whit

feat and a me and Sc; ‘gee feathered, sizes, %e: all L su Boas, 1%] Ibs. and up, 180 id ‘cock! ‘No. strictly - fresh eggs, Yoh case niust weigh 55 lbs. gross, a deduction of 10 sents > ound under 85 lbs. will be made. butter, 37%.@38%¢: No. 3, HhGasne Eutterfat, 34c.

(By United Press)

CHICAGO, July 30.— s—Market Am; ,309 cases’ hs raded firsts,

pts aC; firsts, 25¢; checks, 1 ut ket bc Teceipts, 1 10,127 ; extra (92 score), 34 firsts, 90-91% score). 33%kc; Tirsts, 32@324¢; H alr 3412 @35¢ 3 standards Poultry—Market irregular; T2oatats, 42 trucks; “ducks, 10@13 geese, . 10 12¢; spring’ chickens, aie: : turkeys, 1 Js broilers, 16@18¢c horn hens, 3614 c; old roosters, “oi;

fryers, 1 Cheese—Twins, 18%: a18%c; deinen Ye We: longhorns, 19 1970. tatoes . Sup glow; market irr White

851 Sivas. .30; 0: Cidatio i Ea 456

ebraska Cobblers ¥ 9% 5 No.3, 0. 2,

Jersey Cobblers $1.60: Virginia, "Cobblers $3.90@3. on track, 133; shipments,

are fa)

The drought in' Wyoming and|

A eta he

SAVINGS LENGEE

HEADS PREDICT BUILDING BOOM

Eight State Secretaries See Real Estate and Rents ! Rising.

its laehae: tht Soi? for a spurt in building F. Ogden,

“The Indianapolis man sald tek the cross-section impressions obSalried Wi. he comieretice indicated

real estate and mortgage industries were. far on the road to recovery and that they expected the advance to continue. :

: Few Emply Houses Mr. Ogden said he reported rising

rentals and prices on urban real

estate throughout Indiana. He said

there are very few good houses for rent "and. he expects further ine creases in rent costs this autumn. The conference was informed that Hoosier building and loan societies now are making loans and that most of them are receiving’ new money. In fact, Mr. Ogden said, a large number of associations have reported receiving cash in greater volume .than it can be loaned on good security. Indiana was found to have 317 going building and loan institue tions, 45 operating! under Federal

| charters and 272 under state chars

ters. Eighty-one associations were being liquidated.

‘Interest Rates Compared

Mr. Ogden said that building pere mits issued in 33 cities during the first half of 1936 showed an increase of ‘137% per cent over the corresponding period of (1335. He gave the total for the 33 cities this year ‘at $11,138,537, compared with $4,689,321 in the first half of last year. Interest rates vary as to localities, the Indiana secretary reported. He said 6, 6% and 7 per cent are the

es, | most prevalent rales in Indiana,

although interest ranges from the FHA 5 per cent schedule to as much as 8 per cent. Secretaries from the other states reporied rates average : ling about the same as in Indiana.

EARNINGS $5.37 IN YEAR Times Special CHICAGO, July 30.—Godchaux Sugar, Inc, has reported net ine come for the 12 months ended June 30, of $1,096,512, equal after pre

Arrivals, 36; 445,

185.37 a share.

ferred dividend requirements, to

NOTICE

PAYMENT. OF COUPON NO. 3

. Certificates of Interest Issued by Liquidating Trustees Under Plan of Reorganization of

THE FLETCHER AMERICAN NATIONAL BANK OF INDIANAPOLIS that Otto J. Feucht, John P.

William N. Fleming Jr., as Liquidating Trustees Flstcher American National "Ban of idioms