Indianapolis Times, Indianapolis, Marion County, 11 March 1937 — Page 20
Trends
Lewis’ Strength Is In Bargaining,
Flynn Says By JOHN T. FLYNN
EW YORK, March 11. — To anyone who has talked with the steel company leaders as late as two months ago, the swift surrender of the U. S. Steel Corp. to John L. Lewis and his union must have come as a shock. I talked with many of these men around the beginning of the year and found nothing but an immovable resolution to resist Mr. Lewis to the last gasp. For this reason the factors behind the Steel Corp.'s surrender are worth examining. Many romantic and even fantastic reasons will be offered. But the actual reasons are fairly clear. executives felt pretty cocky about the situation last December. The complete rout of the union forces during NRA days had strengthened their confidences. The union leaders on the other hand were confronted with undoing all that had been done under NRA. They faced a terrible mass of timidity and demoralization among the workers because of the complete defeat of all union efforts by the NRA.
Mr. Flynn
The steel
n = a UT in spite of all this the grim fact stands out that by Christmas Mr. Lewis had the steel companies licked, though they didn’t know it. Steel is a vast industry. Its huge but simple products flow in process not from one department of a factory to another, but from one vast mill to another, It all begins at the ore goes to the blast furnace mills where it is made into iron, then to the Bessemer furnace where it is made into steel, then to the blooming mills where it is made into blooms of huge slabs. It is not until it reaches this point that it flows on to fabrication or semifabrication plants. : Control these first great key mills and vou can shut off the life-blood of the steel industry. Mr. Lewis had about 120.000 men, around Christmas, out of the 550,000 in steel. This seemed small. But he had the bulk of them in these first great key processes. I wanted to talk to some com-pany-union executives in December to get their side of the story. One of the number invited me to a meeting of a group of about 25 at night. I went to the address given and to my surprise found the com-pany-un executives of this great mill meeting in the offices of a Lewis union Next dav I talked with the executive head of the corporation. It was piain he had no idea of the extent to which his company-union organization had been shot to pieces. But the U. S. Steel Corp. found this out in time. It brought them up with a jerk.
mines, the
on
2 2 # HE eral sit-down
next factor was the Gen=Motors episode and the strike No one even thought of facing sit-down strikes in January. Mr. Lewis certainly planned no such thing. The sitdown strike in General Motors just grew without plan. The amazing thing about it was that it worked. It worked because the issue was collective bargaining. It could not work on a mere issue of wages or hours. But when Alfred Sloan refused even to meet the union men to talk with them he was licked on the sit-down strike This pany
the steel comsobered them. with only a
astonished leaders and And when Mr. Lewis, skeleton organization, brought General Motors to its knees, the steel men began to see what might happen to them. At this point Mr. Mr. Lewis began to have secret conferences. And Mr. Taylor began to learn about Mr. Lewis, He saw, doubtless with some surprise and relief, that Mr. Lewis, who was such a formidable foe, could also be a powerful friend. It did not take Mr. Taylor long to see that an increase of wages to Lewis’ union could be followed without any difficulty you increase in prices, a thing which would not be so easy if the surrender on wages was made to a company union. The final factor was the government and the Walsh-Healey Act, which required the 40-hour week on Government orders in steel. The steel companies hated to vield on that point for several reasons, but one was the question of price. There seems little doubt that Mr. Lewis was able to give some protection in this point and that there will be no Government kick on a price boost. (Copvright. 1937. NEA Service, Chicago Grain Futures
{By James E. Bennett & Co.) 11:00
Taylor and
Ine.)
Prev Wheat— High Close May oe 1.371% 37% UY oe 227s 1.21 ally Sept 18 Corn— May July Sept Oats— May July Sept Rye 09s Sept. % 94% 94% : ts) Sellers.
Money and Exchange INDIANAPOLIS STATEMENT
Clearings $3.372.000 Debits 8,234,000
TREASURY STATEMENT {By United Press) WASHINGTON, March
expenses and receipts for year through March 9,
year ago. LHR 3 p Expenses . 28 Receipts Deficit Cash Bal... 1,5¢ Pub. Debt. 34.697 456.¢ 30. Gold Res Customs ...
BUSINESS EDUCATION
Strong Accounting, Bookkeeping, Stenographic and Secretarial courses. Day and evening sessions. Lincoln 8337. Fred W. Case, Principal.
‘CENTRAL Business College
Architects an Miders Bull } nsylvania PAL Sts. edo.
the current compared
Last Year 313 14 os: 38
4. 5 5 1
0,167,488,520.86 268,314,951 16
& *
Abreast of The Times on Finance
PAGE 20
THURSDAY, MARCH 11, 1937
1,358,467 dozen pairs, or ments in January, 1936.
Hosiery Industry Gains Shipments of all types of hosiery during January, 1937, amounted to 9,8,5,,00 dozen pairs, 16 per cent more than ship-
a gain of
40 FARM CREDIT "UNIONS IN STATE
NOW OPERATING
‘Others Being Organized:
Stockholders.
| Movement Has 3000 |
|
With 40 Farm Bureau
others in the formulating stage, it
| is not unlikely that some time in the
ling their own financial institutions, according
| ago, Mr. LaSelle said, more than 3000 farmers are | stockholders, holding approximately | | 9000 shares in their
| “A remarkable record has been established in that not a dollar has |
near future farmers will be operatto C. H. LaSelle, organizer for credit unions. “The credit union started among farmers four
ent
local units.
| been lost from loans amounting to
| charged is 7 | 4 per cent interest earnings are paid
are made to interest rate and more than
$390,000.00. members
Loans only. The 7 per cent,
| to stockholders.
{ industrial world,” he said,
| among
| Consolidated Biscuit .
| Barium | Carrier
“This combination,” Mr. LaSelle continued, “is profitable to both lender and borrower, as the earning is favorable and hundreds of bor-
rowers have been spared the neces- | | Sity | charges.
of paying exorbitant interest
“Credit unions are not new to the “and at they are being organized industrial rate of 100 a month.
present
During the
past two years a capital structure of | | approximately | has been built in these unions.
eight million dollars
Chicago Stocks
(By Atkins, Hamill & Gates)
Prev Close Cl lose Adva Bastian Berghoff Butier Brothers Illinois
ance Alur Bles oR
TTS TT
Cord Corp. Crane Co C unningh am Vortex “uve jc Household Marshal | Household Kes Dr redge B .
Drug
»
o-
rug McNeil and Libby Lin coln Printing Loudon Packing Lvnch Corp McCord Radiator Mc *Graw Blect: ic
Pott pt 13 BD 1200 ND Ut eet VY wd dn =]
4 a
Nea -
BI NII
=a No® CLO tap WIDWLORD Nr BN ale sl ODWU DN 0B TOT WIIG
03m 13 rt UN
SNF ~1 IBD LEIA NEI Ba LO fe pt ht ee BORD
Wa en . Woodall Industries . Zenith .
nomome
Cars da WIN
r
New York Curb
Hamill & Gat
(By Atkins es) Close 164 . 28%
Aluminum Co of America American Airline oe American Cvnamid '‘B 32% Am Gas and Elextric 387g American General . 111% Arkansas Natural Gas ‘A’ « 12% Steel . 5! Corp Columbia Oil ' Consolidated Copper Cooper Bessmer Dejay Stores ee Eagle Picher Lead Electric Bond and Share For rd Moters Las ‘A’ Gener
| Gr condi eld Tap ‘and Die
Gulf Oil, Penn .. . Humble Oil and Reine Co... Lion Oil . ‘e's National Rubber Niagara Hudson Power Pan-American Airwavs Petroleum less Iron and Steel | Lock S andar 'd Oil of Sterchi Brothers
| Stutz Motors
| Ar ‘gentine Rep 4s 'T2
| Caos 4l>s "47 { Cent
Sunray Oil "ilo Roofing I'win Coach Woodley Petroleu m
New Bond Issues
(By W. L. Lyons & Co.) Bid
Ass
Maine Pwr 4s °
Cent ‘aa Maine Pwr 3lps °
[Cinti G & E 3%s ‘66 .
| Cudahy
| Dom Canada 3s | Elec . Great + Houston t. Indpls Water | Kansas P & L 4'2 0 '51
PRR. 3° Cudahy PKg 4s
“Ss ‘35
'50
Cl Auto Lite 4s '52 .. Nor 334s '67 & Power a” 'S los
66.101 %s IE Koppers Co 4s
| Krosge Foundat on 31; »s
| Los Angeles Rev 3s Louisvill G &
07
r EB 3's 47
{ Mengel CV 4!;3s
Metro Bd 4s
‘65 | Narra Elec 3s
NYCity 3s.'7
IN Y State Elec ‘Gas 4s
| Norway | Ohio Edison 33%;s '72
| Corporate
“| General
| Selected Amer
| Selected Income Shares
|
i 11.—Government | fiscal | with a |
'507,882.339.63 |
| FT. WAYNE
| Wisc Pub
4s "63
Okla G & E 4s '45 103 Oklahoma G & R Inc. Is 66 100% Otis Steel 4'2s °’ 94 Sou Kraft 475s SA Wise G & E 35s Serv 4s
G6 .... 61
Investment Trusts
(By M. P. Crist & Co., Inc.)
Bid Administered Fund 2nd, Ine. 21.0 Bullock Fun Lt American HM ‘Shares . Broad Street Investing Co ro. Bullock Fund, Ltd. . Century Shares Trust Corporate ‘AA’ or ‘Acc.’ Corp. ‘AA’ or ‘Acc.’ (unmod. Trust Shs, (orig.) Diversified Trustee Shs. ‘B'.. Diversified Trustee Shs. ‘C’ Diversified Trustee Shs, ‘D’ Divident Shares, Inc. ve Fundamental Investors. Inc... Capital Corporation.. General Investors Trust Incorporated Investors Market Street Invest, Maryland Fund. Inc. Massachusetts Investors Mutual Investment Pund Nation-Wide Voting . North American Tr. Shs. 1355 North American Tr. Shs. 1956 N American Tr. Shs. (orig. Quarterly Income Shares Selected Amer. Shares. Ine. . Shares (orig.) Cumulative Shares
Nw SustateI a ar
RT
fe DDD Py PR oSr eR” 3
bt »
ra. N
Corp... Trust
bt 3 pt I BI 0D
od BPD NDON = a DONDE DOW IRIB A
DD DEO PUN IID TI eI bn Br Dn DID 4 BIBI
Selected
Corp Inc.
State Street Invest, I Supervised Shares, "ber ) | Trustee Am. Bk. . | Trustee Standard Oilshs. ‘A’. | Trustee Standard Oilshs. ‘B’
-" rd RAN ID INO ~ DORI NBD J/~1 sr
credit | unions operating in Indiana, and |
state | the Farm Bureau |
movement | years | “and at pres- |
workers at the |
| intelligent
Asked 903, |
2 | Cutter,
* | basis.)
= Estimated Consumer Income for Next Six Months
SASKATCHEWAN
+ 8
CANADA | +29 CANADA
+ 14% +24%
L LAKE SUBrRIOR
apceorry °
®casare
LEGEND WEE Good Prospects 7773 Fair Prospects [J Poor Prospects
KEY TO FIGURES Upper figura: Estimated
income next six months as per cent change from some
period a year ago.
Lower figure: Estimated income next six months as per cent change from average of same period in last three years.
v. S. INCOME +24 % +4 0 “To
BROOKMIRE INCOME MAP
Graphic Indicator of Nationwide Sales Prospects and Credit Outlonk
FEBRUARY TWENTY SEVENTH, NINETEEN HUNDRED AND THIRTY. SEVEN
Home Tel & Tel Ft Wayne.... & 2 | Hook Drug Inc en 2 | xInd & Mich Elec Co ‘pfd’ is xInd Gen Serv Co 6s Ind Gas Co Com Ind Hydro Elec Ho “9 y 3 | Indpls Pwr & Lit. Co re, . hls | Indpis REL. & Lit Co qq
N Ind Pub Bory N Ind Pub Serv IN Ind Pub Serv pfd 7s........ 98 s Laundry Co
Pub Serv Co of Ind 05 Ne Terre Haute Elec £0 6S. seve 108 i Union Title Co cOM.....esvees 20 xEx-Dividend.
| Indpls Water Co wine se Interstate Tel & Tel 5l.s ’'6i Kokomo Water Works 5s '’ Morris 5 & 10 Stores 5s ’5( Muncie Water Works 3, Noblesville H L & P 6'2 Ohio Tel Serv 6s '47 Richmond W W 5 Seymour Water T.H Trac & 1. 5s '4 5 H Water Works 5s H Water Works 6s Trac Term Co 5s '57
315s ‘66
Local Securities
By Indianapolis Bond & Share Corp.) The followi ng quotations de not represent actual bids or offerings, but merely indicate the approximate market level
on buying and selling inquiries or transactions.
BONDS
tz Ind Tel (TH) Tel & Tel Ft W os c Tel 45s 106 Tel Co 5s 4 : ¢ 100 ailway Inc 3s ° “oun 70
recent oo iN Bla. 4las.'61.... 43
Ask 104%, 106;
Di. “es STOCKS Belt Railroad & St Yds com... Belt Railroad & St Yds iy eg
Cent Ind Pwr pfd 7s
Anglo-American Agreement Sought, Roper Says.
| | | | |
pounders brought $9.75; | pound weights 2 | 150 pounds, $9.25; | $9;
LIGHT RECEIPTS IMPROVE SWINE
| $0 “$5. | $6.75. Vealers were steady with ves- | terday’s high and | choice kinds ranged from $10.50 to
PRICES LOCALLY:
Weights Above 160 Pounds Climb 10 Cents; Other Markets Firm.
Showing some improvement with | ah
lighter receipts, weights above 160 pounds advanced 10 cents today in the hog market at the Indianapolis Union Stockyards. Underweights steady. 1313 holdovers. Packing sows ranged from $9 to $9.40. Weights from 160 to 180 pounds sold for $10.10; 180 to pounders brought $10.15; 200 to 210 pounds, $10.20; 210 to 225 pounds,
and sows were
Receipts were 3000 with |
200 |
$10.15; 225 to 235 pounds, $10.10, and |
235 to 250 pounders were $10.05. Weights of 250 to brought $10; 260 to weights were $9.95; 275 to pounds, $9.85; 300 to 325 pounds. $9.80; 325 to 350 pounds, $9.75, and weights of 350 to 400 pounds were $9.70. ' Other Markets Steady In the lighter divisions, 150 to 155were $9.50; 140
120 to 130 pounds, $8.75; 110 to 120 pounds, $9.50, and weights of 100 to 110 pounds were $8.25, Steers and slaughter she
were fairly active and fully steady
| on a run of 900 cattle and 400 calves.
| Bulls were strong to | Steers were mostly
$8.25 to $9.25,
[top $10.50,
The bulk of the heifers brought
[Soave 260 pounds | ou 275-pound | ap is
285 |
| Jngenty
$8 to $9, top $9.50. Common to medium beef cows ranged from $5.25 to $6.25, the cutter grades, $4 Weighty sausage bulls were
the good and
$11.
The lamb market was generally
steady. The bulk of good and choice lambs ranged from $12 to $12.50. One load of good yearlings sold for $10.50. The bulk of the slaughter ewes brought $5.25 to $6.25, top $6.50. Receipts were 1000.
Other Li vestock
(By United Press) March 11. —-Hogs—Receipt including 4000 directs; RE AThor or Strong to 10c higher than Wednes~ average. light lights and pigs up more In instances, available supply of pigs gomparativery small: packing sows sharing advance: top, $10.25; and choice, 200-300 0 bs aver pk fa 10.20; few good and choice 150-190 Ibs. $9.50% 10.10; 90-130-1b igs, mostly $7@ 8.25; packing sows Targely $9 359.65,
Cattle Receipts, 5000; calves, 1500; gene eral trade steay: killing quality very plain: shipper demand narrow but comparatively tle beef in run: largely $8.50@ 11.30 steer trade: she-stock scarce: hest steers, $13.35. odd lot, $13.50; stockers and feeders firm, killers taking Digctically thing: thin stockers. [email protected]: offerings up to $9 and better: most heifers, $7@ 10: common and medium-grade heifers cuttery and common-grade heef cows strong weight cutter cows selling outside on weighty sausage light vealers, $8@ 0; selects up to $10
Sheep—Receipts, 11,000, including no di rects: fat lambs trade slow; indications steady or around $12.25 for choice handvweights; early sales confined mostly te odd lots, natives at $11.50@ 12; with throwouts mostly $106 10.50; fat sheep scarce, higher; bulk choice handyweights,
CHICAGO
erally day’
up to
| $6.5
155 to 160 |
| Market 5-10c higher to | 130 to 140 pounds, |
| 120-140 Ibs,
stock |
25 cents higher. |
(By United Press) LAFAYETTE. Ind. pRIarG h 11 —Hogs-—« igs—Market st 200-225 lhs 3 0@ 1030 22.28 50 steady: 9.90 250-275 Bs. $9.50 9.60; 170-200 170 1bs., $9.25@ 9 60: $8.25 8 50; Roughs, #89 down. $12 down,
100-120 "hs. $7 50 @ 8 Calves, $10 down,
Lambs
(By United Press) WAYNE, Ind., March S10 0 “23¢ 25-250 lbs. hy 03. Sen. 275 $9.95: 275-300 lhs 150-160 lbs £9.40; - | 140 Ibs., $8.80; 120-130 lbs i 1bs 28.25 Roughs. $8.75: Calves, $10.50. Lambs, $11.75.
PT.
Me 11.— Hogs—e
200-225 Ihs..
Ey United Press { WASHINGTON, March 11.—Scc- | retary of ‘Commerce Daniel C. { Roper said today that informal | | conversations concerning a trade | j treaty with Great Britain have been | under way and that “desultory” | trade agreement conversations have | { been held with Japan | Mr. Roper said the matter of an Anglo-American trade agreement is being given ‘‘very close and very study.” “We believe,” he said, “that un- | der the extension of powers granted to the President, we will make | much mor progress in dealing with [all countries not yet in agreement with us. “The plan of negotiation is very well understood and appreciated throughout all nations, and Eng[land is no exception.” | Mr. Roper said this country engaged in only *“desultory versations” with Japan, “fragmentary” lines rather than any all-embracing trade pact. He| cited the discussion with Japan | concerning the fishing, sealing and textile Inqustries. Local Livestock
HOGS
has conalong
% %
Top Receipts $10.40 5000 | 5000 1000
9°80 10.15 TTa0- 160) Good and 2 Medium . 85 ghts — Good and cholce.. 90 Medium vs 100 (180-200) Good and choce.. 10 Me a! . 9.5
Light wei (160-1
10 10.
choice. . Good ar choice... 1 choice. . 9. choice
Good
INSURANCE IN FORCE
Life: “Ordinary Industrial Group . Total = 5 5 5
Accident and Health Weekly Indemnity
aucghter Pig 1100-140) Good and choice.. Mediu “ale
$10,896,871,470.00 7,175,974,709.00 3,238,129,605.00 $21,310,975,784.00
: ATTLE — Receipts, 900 (500-900) Choice Ve Good Medi mm “e Common ... Choice . Good Ne Negi im ommon Chale Good Medium Choice Good
NDC NOD
1-1
LP aT mT ad OY 1 SHANNON
(900-1100)
(1100-1300)
$17,238,719.00
| (1300-1500)
Heifers
Policies: Life (Including 1,808,476 Group Certificates) + + + 5 5
Accident and Health (Including 979,343 Group Certificates) «
(500-750) Choice Sood Common, medium Good and choice .
Common, medium Cows
(750-900) 6 00 Ww
42,990,980
Common and medi | Low cutter and cut on ills, good .
com,
1,206,808
Vealers Receipt s, Good and choice vies. $ 8950@ 11.00 | | Medium 8.00% 9.50 | { Cull and medium 5.00%
Calves 1250-500) Good and choice $ 6.50@ 9. Common, medium 5.00@ eeder and Stocker Cattl 1500- 800) Good and choice '$ 8%S0m Common, medium 5.50@ (850-1050) Good and choice . 6.506 Common. medium. 5.50@
6.00@ 14.7%@
ASSETS AND LIABILITIES
Assets $4,494,701,772.24
Liabilities: Statutory Policy Reserves
Dividends payable to policyholders in 1937
Other Liabilities
Contingency Reserve Total Liabilities : +
Unassigned Funds (Surplus)
Heifers— Good and choice ... Common and medium | SHEEP AND LAMBS —Receipts, 1000— | |
3,920,990,791.00
Lambs— Choice Yoh... Medium Common Ewes —
101,581,144.00 145,705,169.55 48,000,000.00 $4,216,277,104.55
$278,424,667.69
- [email protected] | ’ y 11.50712.00 | . 10.56 11.50 | . [email protected] |
190-175) Good and choice . 5.50@ 6 50 ommon, medium 4 50@ 5. 50 | (Sheep and lamb quotations on clipped
COPPER BIDS AWARDED WASHINGTON, March 11.—The | {| Navy Department vesterday award- | | ed contracts to three copper com- | | panies for 1,700,000 pounds of cop-
Also Revived and Increased
Report for the Year Ending December 31, 1936
(In accordance with the Annual Statement filed with the New York State Insurance Department)
New Life Insurance issued: Ordinary TF 3 Industrial = +» & ' Group 5 + 9 % Totals 5 5 5 %» 3 &%
Payments to Beneficiaries and Policyholders:
Death Benefits s s »
Other Payments to Policyholders
Total Payments = » =»
Metropolitan Life Insurance Company
® % 3%
BUSINESS IN 1936 (YEAR'S FIGURES)
» $1,114,803,062.00 1,009,049,516.00
$2,265,873,121.00 $709,108,639.00
$164,916,631.02
$346,227,175.39 $511,143,806.41
BUSINESS IN 1936 (DAILY AVERAGES)
Life policies issued and revived per day 17,284 Number of claims paid per day =» Life insurance issued, revived and increased perday s+ » s i
Payments to beneficiaries and policyholders and addition to reserve perdays 5 ss 5
Increase in assets per day '
142,020,543.00
2,344
$9,818,422.00
$2,450,501.00 $857,753.00
| per for Navy yards along the At- | | 1antic Coast. !
Colonial
Savings and Loan Association 28 South Tliinois St.
NEW YORK CHICAGO TORONTO SOUTH BEND ® EVANSVILLE BOSTON CINCINNATI
Indianapolis Office 200-214 Circle Tower
Thomson & McKinnon
MEMBERS New New
New
York Stock Exchange York Curb Exchange York Cotton Exchange
METROPOLITAN LIFE
NEW YORK
New York Coffee and Sugar Exchange New
FREDERICK H. ECKER Chairman of the Board
Orleans Cotton Exchange Chicago Stock Exchange Chicage Board of Trade Winnipeg Grain Exchange
And Other Leading Exchanges
ot. 5501
; Er w a
* % %» % %
Approximately one-fifth of the people of the United States and Canada
are now insured in the Metropolitan, many having two or more policies.
INSURANCE COMPANY
LEROY A. LINCOLN
President
The Metropolitan 1s a mutual organization. Its assets are held for the benefit of its policyholders, and any divisible surplus is returned to its policyholders in the form of dividends.