Indianapolis Times, Indianapolis, Marion County, 6 August 1936 — Page 18

las Denies Charge That

; PAGE 18

THURSDAY, AUGUST 6, 1936

the American farmer's iy income firing the last 12 yours, more than half again as much as he received from grains, or from « : American Meat Packers president.

—W. WK. Woods,

‘F. D. R. Terrorized Business.

JOHN T. FLYNNeed

YORK, Aug. 6 —~Yesterday I commented on the statement «of Frank Knex, candidate for Vice President, that recovery had begun in the summer of 1932. I pointed . out how all during the summer employment had decreased and how . the year ended with 1,800,000 fewer at work than when it began. This I offered merely to keep the facts straight, not to get into the argument between the Republicans and Democrats. Now I beg to comment on another statement of fact. Speaking of the situation which

$1,374,254 SET AS STATE WOOL RAISERS’ GROSS

Average Price Received and Total Output Shown Above 1935.

Hoosier wool producers are to receive a total of $1,374,254 for this year’s shearings, it was estimated today by T. 1. Ferris, Indiana Wool Growers Association president. This was slightly higher than the total

mately $1,122,018,

DAILY AVERAGE COMMON STO

for last year, which was approxi-

WETSEL MARKET BUREAU, Inc.

= TONEVEN PRICE

RANGE MARKS ‘PORK MARKET

Revamping of Schedule for

| Trading Given as Cause

for Irregular Tone.

"An extremely irregular price range

for hogs prevailed today at the local Values were from 15 cents lower on 160 to 180 pounds kinds to 25 cents higher on weights

{above 275 pounds. THE VECYUS {Sie trading

was due to a revamping of schedules. ‘With swine receipts estimated at 4000 and 275 holdovers, buyers gave

‘NEW BANK DIRECTOR

FERMOR CANNON NAMED TO HIGH CITY BANK POST.

Elected Member of Board of Indiana National to - Fill Vacancy. Fermor 8. Cannon, president of the Railroadmen’s Federal Savings

and Loan Association of Indianapolis, yesterday was elected to the

| board of directors of the Indiana

National Bank, R. M. Fletcher, bank

cashier, announced.

Mr. Cannon's election fills the

Wool shorn in the state last year Pegs : totaled about 4,488,072 pounds which was sold at an average price of 32

confronted Mr. Roosevelt on his inaugura-

$10.50 to $11.35 for kinds weighing 160 to 210 pounds. Hogs scaling between 210 and 250 pounds brought

board vacancy created by the death of Henry W. Bennett, Born in Indianapolis 48 years ago,

SEA EE EEE ' Mr. Cannon

tion, Mr. Knox said: “At a time when returning business confidence was ending depression it began a campaign to terrorize business and subjugate the banks.” Any fair-minded man with a memory of what happened in 1832 can recall that scene. All through

* 1932 employment decreased. By

March, 1933, when Roosevelt took office, will any one now say.that it was “a time of returning business confidence”? Was ever business confidence in this country at a lower ebb than in the last half of 1932 and the first months of 1933?

” t J » EXT as to the statement that the Administration began at once to terrorize business. Many people now believe that. But it is only because they have become a

little confused by later happenings. Of course the bankers and the utility interests. and the President have been at odds for some time. But in those early aays—that. first year—it simply is not true to say that the President set out to terrorize business. The facts are too plain against this statement. That year it was the NRA which usurped the attention of the nation and business. Have we forgotten how business interests, trade associations, trade groups of every sort flocked into ‘Washington and begged to be given preference to get their codes? Have we forgotten how business men were praising the President for giving them ‘this great chance to set up self-rule in business for.which they had so ‘Jong agitated? ® ” o s

AVE we forgotten how the president of the Chamber of “Commerce supported the NRA? Have we forgotten how big business men, like Mr. 8. Clay Williams, : ‘head of the She Beynolae Tobaces Xo and. tive co 2k trust. Mr. Ea Harrimon of Brown Brothers, great Wall Street bankers, and numerous other business leaders were in the very center of the NRA? And do we not remember in those days the Business and Advisory Council of the Department of Commerce, with Alfred Sloan, Melvin Taylor and {many other great industrial magnates who sat in Washington and praised the President .and his efforts? If Mr. Knox is talking about the terrorizing of Wall Street by the Pecora investigation then going on, he ought to be reminded that that investigation was begun by Mr.

around 25 cents a pound, Mr. Ferris said. This year’s crop was estimated at 4,580,848 and prices are higher. The average received by Hoosier farmers probably will be about 30 cents.

Sheep Population Larger

The larger production this year was due to a gain in the state's sheep population, Mr. Ferris said, which grew from 561,009 head last year to 572,606 this year. Eight pounds was fixed as the weight of an average fleece by Mr. Ferris both this year and last year. The sheep population is obtained from tax assessment sheets. Since

are not assessed, Mr. Ferris said, | O the actual wool production should be larger than the estimate. Asked if he thought the drought,

of the grazing land in the state, would have any effect on Indiana production of wool, Mr. Ferris re« plied that sheep raising should expand. Expects Purchases of Sheep

“We are advising farmers to sow grow sufficiently to feed ewes

the lack of pastures and the grain shortage is expeeted to reduce the finishing of cattle 4nd lambs in Indiana, many ewes must be moved out of areas where the drought was more severe than here. We antici-

farmers of many western ewes.”

duced enough wool to meet its requirements, Mr. Ferris said. His organization therefore is striving to interest more Hoosier farmers in

gram to achieve befter balanced farming. ’ “The United States must import

between two and three million pounds of wool a week,” Mr. Ferris

said. “Sheep raising therefore offers

the opportunity for stepping uproduction in at least one line without the danger of overproducing.” “ Hoosiers’ Interest Grows He said there has.been a inoticeable increase in interest in this branch of agriculture among Hoosiers recently. This is especially true of southern Indiana farmers where there is much hilly land particularly well adapted to grazing. There also has been a constant im- | 5¢ provement in the quality and quantity of wool sheared in the state. At the present time, counties in

state’s sheep. The 12 counties reporting the largest sheep populations follow: LaGrange, 17,429; Kosciusko, 14,651; Steuben, 14,101; Montgomery, 13,533; Grant, 11,980;

3388

TS We LICE 18252 9 2 APR. MAY JUN.

New York Stock tee I Prices

there are always some sheep that !;ig

rye now. It has time enough to [McK

through the winter,” he said. “While | tis Brel =... fs

z S Pipe & Ty 54%, U 8 Steel @ U 8 Steel Dd; 132 Youngs. 8 & T. 76%

Motors—

The United States never has pro- | Nash

northern Indiana raise most of the | 2°

(By Thomson & MaEipase) High. Low. x °Y

. in 1a 30

Soc Vac which has dried up practically all 8 Q of cal

Texas Corp ..., 39 Tidewater Assn. Un Oil of Cal.. 22

Gen Motors ....

pate the purchase by Indiana Graha

Studebaker .. Yellow Truck...

Motor Access—

sheep raising as a step in the pro- |=

Timken Roll ... Timken Det Axle Mining—

bt. 50%; Kennecott Cop. I Mine:.

Dodge ; 4

U 8 Smelters ...

Amusements... Sadie oe 23%

27Y, 53%

Putnam, 11,863; Owen, 11,703; Ran- |4®

¥ Air I Reduction. mM

Prev. High. * N. X. elose.:

| Woolworth ..... 83% 5%

Aviation— Co .e Alrcrafi. op Wright. 7%

Chemicals—

yd 228%

16 ... 35% .. 38% . 341, . 273% ‘ 38% ph. 36% . 968% S Indus Alco.. 35%

N.Y. Bonds

3, | (Reprinted From Late Times Yesterday)

DAILY BOND INDEX (1926 Average 20

£ 838833588

(Copyright, 1936, by Standard statistic

U. 8. GOVERNMENT BONDS © (By Abbott, Proctor & . Paine)

Treasurys

Federal Farm Morigage Corp. 1049 ©

Alleg Corp 5s '44 Alleg Corp 5s '49

Atl Coast Line 4 Atch 8S Am Wat Wks Am Roll Balt & Balt

Pia fold a. WOH N=T0DI i= CD

4 Gotham Hose .

2 vonoaan

Prev. Close close

5 Eb wk dectelo & Libby."

Noon High Low N Y. Gots Inc eoen.e mbert

Household—

Col Pal Peet.... Congoleum Kelvinator Mohawk Carpet. Proc & Gamble.

Textiles—

Amer Woolen ... Celanese Corp... Collins Aikman

Indus Rayon . Kayser Julius... 26% 326!

Chicago S Stocks

(By Atkins, Hamill & Gates)

24 Se i Houszhold . ha

ux Sugar (A Jarvis Mig FA)

oe cisereee ee.

Motor oo» Na Ee orine | Ca ieee Nobis ~-Spar; idee

enith . Schwitzer Cummins Co CO ceuves 20

New York ork Curb

"(By Atkins, Hamill & Gates) 1P.M.

Atuminnm go, of America ..

perpow rk Natural Gas “A? Atlas Corp 14 Canadian’ Indust Alcohol “A”. Carrier Cor . 14 Creole Petroleum Corp Elec Bo! RS Share Pisk oh Ford Motors Canada “A” Greenfield Tap & Die Corp. , Gulf Oil rp of Pe Humble Refinin,

1 Li ht

ose. | ; @50-300 Choice 35 Go

: $1110 ta $11.35; those averaging 250

pounds were disposed of at $10.50 to $11.25, and heavies above

300 pounds were salable at $10 to

$10.85. . Underweights Lower Underweights were 10 cents less than yesterday. Weights between 130 and 160 pounds brought $0.75 io $11.15 and those averaging 100 to 130 pounds moved at $9.25 to $10. Packing sows were steady to easy

| with a top of $9.75 while most sales

were for $8.25 to $9.50. ‘There was a fairly dependable market on all killing classes in the cattle pens. Grain fed steers and yearlings were steady to strong. She stock and bulls were steady. Receipts totaled 600 cattle and 600 calves. Odd head of steers brought as much as $8.50 to $8.75, but most

% | sales were for $7 to $8. The top for

heifers was $8.65 with other sales between $6 and $7.50. Beef cows brought $4 to $4.75 and cutter grades were sold for $3 to $3.75. Sausage bulls were salable at $5.25 to $5.50 with a top of $5.75. Vealers Steady Vealers. were steady, good - and choice animals selling mostly for

4187 to $8.

The sheep market was mostly steady. with 1200 head on hand. The bulk of good and choice ewe

3., |and wether lambs brought $9 to $10.

The top was $10.25. Fat ewes sold for $2. 5 to $2.75 with a few sales at $3.

Jul uti 072 Raceipts 0.0 41 $11. 1% 5000

30,” [email protected] Prey. 31. He No1id0 #11.40 3500

Aug. 1. 1a 0 11.30 " 700 3. - 13081138 35 . & 4500 8: » . 6510

ii jisaiia 35 Nea gn 1 a Bo. lh Good and choice. 410 Jel. 1 oe dium @10.7

4000 4000

3 iH 11.00 0-220) 220) nod and choice. . 11. 35 (220-250). Good and choice.. 11.10 x 35 e

Pt -380) ‘Good ‘and choice. Rann : - (290-350) Sood and. choice.. 10.35¢}10.95

Packi (275- 50) Good ®S0oaveccce eee 9.25@ 9.75 (350-425) Good . 3.50 9.25 (425-450) Good 8.75

9:25 Slaughten 10.25 10.10 LE —Receipts, 600—

Co! 1900-1100) Good

Common mi (1100-1300) Choice . Good

REE 23333383333 50828305030 002100 NI0NM 300 SRR’ 8338S3

Medium (1300) Choice : Good

SEC REPLIES TO INJUNCTION SUIT

Charges Efforts to Hat Trust Probe Lacks Good Faith.

BY RUTH FINNEY Times Special Writer

WASHINGTON, Aug. 6-—The Securities and Exchange Commission charged today that efforts to halt its study of investment trusts by injuncion were not underaken in good faith.

It made the charge in a brief filed in the District of Columbia Supreme Court, where Frederick T. Fisher,

| stockholder in the Equity Corp. has asked an injunction to prevent the

corporation opening its records fq the SEC. Fisher is a son of Waller L. Pisher, Secretary of the Interior under Taft. He owns two shares of stock in the Equity Corp. worth, at present market price, $3.75.

Brief Quoted

“Your deponent believes and alleges that the plaintiff is not prosecuting this suit in good faith,” said the SEC brief. “The plaintiff admits that he is a holder and owner of but two shares of the common stock of the Equity Corp. whereas

the report to stockholders of the Equity Corp. as of Sept. 30, 1935, indicates that there was then issued { outstanding 5,019,790 shares of its common -stock. Your deponent believes that substantial blocks of such stock are owned by officers and directors of the Equity Corp., whose honest exercise of discretion. in co‘operating with 4 he SEC the Plaintiff seeks to ann The brief De out also that Fisher was a director of Chain and General Equities Corp., an early investment trust since absorbed by the Equity Corp. The story of manipulation of its resources is Brenly in the record.

To Rule Soon

- Justice, Jennings Bailey has indicated he will give a ruling on the Fisher injunction suit’ within 10 days. Meanwhile the SEC added to its data on trust operations the story of the Reliance Management Corp. and its one-time subsidiary, Reliance

Mr. Cannon attended Shortridge High School and was graduated with a bachelor of science degree in atchiiesture from the University | of ois.

Architect for 20. Xears

After practicing architecture for 20 yéars here he became associated

in 1020 with the Ralilroadmen’s Savings and Loan Co.

He was elected president to suce ceed his father, William T. Cannon, in 1931. Mr. Cannon also serves in the fole lowing business and civic organiza tions: Chairman of the board of directors Federal Home Loan Bank: president of the Marion County League of Building and Loan Associations;: member Advisory Coun cil for. Indiana in the United States Building and Loan ‘League; president of the Indianapolis Young Men’s Christian Association; member Board of Governors, Board of Trade, and member of Board of Directors of the Indianapolis Roe tary Club. He also is a member of the Oriental Lodge, Scottish and York Rites, and the Second Presbyterian Church. Mr. Cannon is married and lives at 4235 N. Pennsylvania-st.

SALES IMPROVEMENT LARGEST IN INDIANA

State's Stores ‘Exceed Tlinols and , Wisconsin Gains.

The increase in dollar volume of sales reported by Hoosier independent retail stores for June as compared with June, 1935, was larger than the gains shown by either Illinois or Wisconsin, a study of Department of Commerce statistics showed today. Whereas the improvement in Indiana amounted to 26: per cent, the gain reported for Wisconsin was 17 per cent, and for Illinois, 14 per cent. Stores reporting ‘sales nums bered ‘421 in Indians, 638 in Wisconsin, and 964. in Illinois. ‘A gain of 16 per cent was reported by 370 independent stores in the city of Chicago. :

OFFER NEW SERVICE

T..P. Burke & Co. Plan . Advisory + Stock Department. - ‘T. P. Burke: & Co., investment bankers with offices in the Mer=chants Bank Building, today ane - nounced it is to have an ‘advisory stock department for the benefit of Indiana investors. : T. W. Davis, manager of the ’'s research and statistics bureau,

eed fil

(850-750) Choice Good d

ommon, medium. (750-900) Good and choice.. Common, medium. 4.

. Hoover and did most of its heavy work in that Administration. No, there was a love feast betwen business and the Administration in that first year. Mr. Knox simply

Humble 24. International. J. A. Slattery, are to supervise James Austin, SEC counsel, put the new department. Clifford W. into the record exhibits indicating | Foote also is to assist with advice that $19,662,500 was paid into the on common stock purchases, both

treasury of Reliance International | for investment and speculation.

Tobacco dolph, 11,254; Wells, 10,813; Whitley, Gen Ci 10,667; Hendricks, 10, 607, and Dela- 11 ware, 10, 233. Reynolds Tob ‘B Rails—

gu3eiine

30300 Sassy

Remiapos 4 Sor un e Stores COrp ...... vs Root Fetroleum .

- 2 2D Ree

00! mmon and medium

hasn't got his facts straight. {(Copyright, 1036, NEA Service. Inc.)

‘On Commission Row

(By Lyons & Ca.)

New Bond Issues ad Go h & Ohio

+403 00 60 BO C3

Regis Paper Co ieevscecse BaP C0 wprseivessy’ i ve CeAus wwe ARR 2 sess 3%

186 DIVIDEND CHANGES

Low Sutter and eutter

Cutter, Som, and med. bulk.. Vealers —=Receipts, 600—

e® paws aaa

in 1929 for its preferred and common stocks, and that only 4 per cent of this amount, or $715,000, was invested by the banking-manage-ment. group which obtained. 63 per

JOINS SECURITIES FIRM

Local executives of Atkins, Hamill & Gates, securities dealers with

(Quotations below, subject to change are average wholesale prices being offe to bivers by local commission dealers). UlTS—Pears—Bartletts bo $3.75.) Hickloberries—lb-gt crate, $3.50. ands ected, A 4 es—TransparSapte, y ia choice, Duchess, 3% in. 65; Te 1 ir ginia Winesaps, 21% in. 5560s. $8. Li mes—Mexi22420; Persian seedless,

offices in the Electric Building, to= Fent.of the control day announced that Hugh Nivin has affiliated with the firm. The statement said that Mr. Nivin has en-

LOCAL MAN HEADS via ha on INSURANCE WRITERS Fins sours faa has o wide ab

quaintanceship in the state : Investment Trusts

(By Thomas D. Sheerin & Co.)

Erie 5s "67 Grt Northern “G" 4s Grt Northern “H” 4s

ese @-am

Only Four Unfavorable Actions Re- | Times Special : NEW YORK, Aug. 6.—Favorable ent Bs 6 : 8 dividend changes in July totaled 5 : Ber hOr0 Rabid Tams le 'n.. 34% 186, against 263 the preceding cher —Cieorgls Eib tug; terntl Tel & Tel 43s 20 .... 88 month and 86 in July, 1935, the Pv et erate, of: ternt] Tel & Tel 4 i .“s 9 % 73 Standard Statistics Co. said today. rT h Valley + 4s 2003 ..... os 57 Unfavorable changes numbered 4,|°

iS—Can Re--Indiana flats, & Rob § a 30 =2esa. 104 gs-is-138, 0H Xu rown. Ju. $1.50@2; Mo Kan Tex Adj tees. 68 the smallest total for any month 106% | since Jan. 1, 1929.

Edison Illum s : 3 Honeydews, yos-425, $8.50. ter 3ias '68 1 Natl Dairy 3%s ‘81 ........1.108% Ve GETA | Nit Plate 4788 3 pi In the first seven months of. the | te Stas 74 ......... L000

ig 20). ; 9 : AsurEice Sein. was re-elected Cent v < 5 gta president, according to a report re- | gp | cevese. 108 1 ; a : = Good and, cholo im 1259 2.40 | ceived today from the organization. Corp fi Sha

RENEE e wd 09 099 69

(250-500) Good and choice. .§ 3. and medium nd Stocker Cattle (500-800) ¢ Common & choice § 5.

.00 5 and medium 4.50 (800-1050) So An ce.. 5.75 Com. ane medium 4.50 Cows

NS ona Be

| Homer L. Rogers Is Re-elected President of State Group.

At the annual conference of the Indiana State Association of Life

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