Indianapolis Times, Indianapolis, Marion County, 16 June 1937 — Page 11

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less than $50,000 to mammoth or-

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WEDNESDAY, JUNE 16, 1937

STRIKES HINDER STEEL DELIVERY LITTLE, REPORT

May Ingot Production Over 9,000,000-Ton Level, Magazine Says.

Bir Unite Press CLEVELAND, June 16. 1 mice . buyers have been caused only a of inconvenience by the interruption of deliveries from strike-bound miils, the magazine

At the| same time Steel reported that despit strikes, ‘steel ingot i in May was above the 5,000,000 on level for the third consecutive nth, the first time in history t at so sustained a rate has been made.| It added that, on the basis of the showing for the first 5 months this year, 1937 may set a new all-time ingot production record exceeding the previous peak year, 1929. There has been little switching of business to unaffected plants, according to the magazine, which added that deliveries are improving slowly as a result of lighter buying. Backlogs remain heavy and most producers are unable to make shipments under several weeks. Last month's production of 5,153,559 tons has been surpassed only

twice, in March this year and in May, 1929, Steel added. Despite continued strikes in independent

steel plants, the industry has produced 24,580,871 tons in the first 5 months this year, compared with only 24,133,319 tons in the corresponding: period of the record year, 1929. Demand for tin plate for canning

pressure, largely influenced by prospects of a record agricultural movement. Export Pressure Strong

Pressure for export tonnage is strong, and foreign accounts are offering substantial premiums for pig iron shipments. Production this week declined 1 point to 74 per cent, of capacity. Operating rate increased 1 point at Youngstown to 30 per cent of capacity and 1 point at Buffalo to 89 per cent. At Pittsburgh, production declined 3 points to 92 per cent, at Eastern Pennsylvania 6!: points to 64'2 per cent, Wheeling 1 point to 95 per cent, Detroit 5 points to 95 per cent, Cincinnati 3 points to 93, and! St. Louis 6 points to 85 per cent. Operating schedules were unchanged at Chicago, Cleveland, Birmingham and in New England. The scrap situation is somewhat mixed, Steel said. Prices were steady in the East, but a drop of $1.00 a ton at Chicago brought the composite price down 54 cents to $16.96, the lowest level of the year. Iron and steel composite declined 2 cents to™$39.84, and finished steel was unchanged at $61.70.

PROFIT RATIO LESS FOR BIG BUSINESS

Economist Says Small Concerns Earn More.

By United Press NEW YORK, June 16.—Successful large corporations make relatively less profit than the successful small concerns. economists of the Twentieth Century Fund, Inc, revealed today in the second of a series of findings of a two-year factual study. In support of this conclusion, rerearch workers marshaled facts and figures covering business of all sizes—from concerns with assets of |

ganizations worth more than 50 million dollars—during the years 1931-33. They pointed out that

these were severe depression years, | and there might be some variation in more prosperous times. | In 1932, when firms in the smaller brackets, were losing 33 per cent of “50 million dollars and over” group was earning a small but steady profit of 0.3 per cent. During the entire threeyear period, corporations in the latter class .were the only ones as a whole to report a net income. All others showed deficits in each year. The deficit ratio of earnings to assets was largest in the smallest class and became - progressively smaller as the size of the assets increased. Those corporations in the smallest classifications which did show profit had a greater percentage of income than the profit-making “giants,” but this advantage was more than offset by the comparatively high losses reported by less fortunate small concerns. “To the extent that the rafio of net income to net worth is a true measure of profitableness, bigness

" was an advantage and smallness a

disadvantage, for corporations as a whole, in 1931, 1932 and 1933,” the report said.

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PRICE INDEX AND COMMODITY QUOTATIONS

DAILY PRICE INDEX Week Tear NEW YORK, June 16.—Dun & Bradstreet's daily Llemmaliym is Th ry : Ag : Te weighted price index of 30 basic commodities, com- om steers. (In). + 16's 1614 11% piled for the United Press (1930-1932 average 100): Wool, fine unw. comb. (Ii). 40% 40% 351% Yesterday .......... 142.45/Year ago ........,. 117. Colton, MUA [UB os0uves HB gl Bu Week 20 ...........142.771937 high (April 5) .158.26 | po 13-13 deniers Jap db.)... 1% C188 ” er. spt. smk. rib (lb.) .... 19% JA81% 15 Month A80 cece ocn 148. 14/1937 low (Jan. 29) .141.47 Copper. electrolytic (Ib.) ccceoe a4 14 091% Lead, spot (Ib.) secesse 060214 060214 .0460 He ohewing are the commodity prices used in compiling the Zine, spot (Ib) ....... adie 0662 06625 0490 Week Year Tin. Straits spot (Ib.) .ccoeseee 5438 56 413% Commodity— Today Ago Ago Silver Comm] bars (0z.) «cece 4.5% 4478 44% Wheat, No. 2 red (bu.) .,..c... $1.25 $1.203% $ .96'% Steel. scrap Chicago (ton) ... 16.75 16.75 13.00 Corn. No. 2 yellow (bu.) ....... 1.16% 1.25 643% Pig iron, Iron Age comp. (ton) 23.25 23.25 18.84 .1 Rye, No. 2 (buy .......: “hive 047% D715 .63 Coke. Connelsville (ton) ...... 4.60 4.60 3.65 ° Oats, No. 2 white (bu.) ........ 503% 483% 29% Cement, dom.. Portland (bbl.) 2.25 2.95 2.55 Flour, spg. pat. (196-1b. sk.).. 6.925 6.675 6.300 Yellow pine, 6-in base (m. ft.) 60.00 60.00 50.00 Lard, prime steam spt. (lb.) .. 1177 1210 1042 Douglas fir, rough (m. ft.) .. 52.50 52.50 38.00 Coffee. Rio 7s spt. (Ib.) ......e 093% 0934 067% Gasoline, tank wagon (gal) .. 093 095 092 Sugar, raw 96 test (lb.) 0340 0335 0372 Crude Oil, 40 gravity (bbl) .. 1.2 1.27 1.18 Butter. 92 score (Ib.) .......... 307% 30% 300% Source of Quotes—Chicago: Grains. livestock, lard, steel Hogs, avg. most sales (Ib) ... 1100 1120 0995 scrap and hides. Boston: Wool. East St. Louis: Zinc. ConSteers, avg. most sales (1b.) . 0610 0610 0635 nelsville: Coke. Tulsa: Crude oil. New York: All others.

BLUM WINS IN FINANCE FIGHT

French Chamber Saves His Cabinet on Emergency Money Policy.

By United Press PARIS, June 16—Premier Leon Blum, safely past the Chamber of Deputies with his project for emergency power to safeguard the national finances, faces a hostile Senate Friday for another fight for his political life. The Chamber passed the project by a vote of 346 to 247 this morning, at the end of a turbulent night session. and thus: voted the necessary confidence in the Government. Blum saved his cabinet in the chamber only because the Communists, rescinding a previous vote, decided to support him, which kept the Left Wing Popular Front intact. By the vote the chamber accorded the Government extraordinary powers until July 31 to decree measures “necessary to the recovery of public finances as well as protection of savings, currency and public credit.

Weakens Position

But the narrow escape from defeat left Blum weakened, and it was regarded as certain that when he faced the Senate strong opposition would develop. A section of the Moderate-Left majority in the Senate, as well as the Right-Wing minority, was | ex-

pected to fight the restrictive measures which Blum plans in order to

defend the franc. ) Majority leaders in the Senate, like former Premier Joseph Cailiaux and Abel Gardey, have been most critical of Blum's financial and economic policies ever since he took cffice and have indicated that they object strongly to granting him fuil financial power. Blum's position was weakened further by the resignation of two of the four members of the exchange equalization fund, Charles Rist and Paul Baudoin, both powerful figures in finance. . The Communists, controlling more than 70 votes, capitulated in the chamber this morning only at the last hour.

Ad Club Speaker

J. M. Easton, Chicago, is to talk on “Building Business on Understatement” at the luncheon meeting of the Advertising Club tomorrow in the Columbia Club. Indianapolis banking officials have been invited.

Hillman Approval Brightens Wage-Hour Bill's Prospects

By RUTH FINNEY Times Special Writer

WASHINGTON, June 16.—The outlook for the wage-hour bill

brightened today as members of Congress studied the testimony of Sid-.

ney Hillman, president of the Amalgamated Clothing Workers of Amer-

ica and a leader of the C. I. O.

Hillman’'s unqualified indorsement of the measure, including its

provisions for fair Congress who had been confused by conflicting testimony of John L. Lewis of the C. I. O. and William Green of the A. F. of L. His testimony carried unusual weight because, to a larger extent than the two other labor leaders, he speaks for the class of workers who would be most affected by fair labor standards between a minimum wage and the $1200-a-year lével. In explaining the conflict between his testimony and that of Lewis, Hillman pointed out to the Senate and House Labor Committees that his experience and Lewis’ have covered two different fields in labor. Lewis’ in the highly paid mine industry, Hillman’s in the poorly paid clothing groups.

Differs With Lewis

He took issue with Lewis also on the length of the work week to be fixed in the bill. Lewis had suggested a 35-hour week. Hillman said: “I do not think Congress will have begun to meets its obligations to the submerged third of our working population by merely - providing a 40-hour week which will give them, if they are lucky enough to be fully employed, an income of not’ more than $800 a year, or by providing a 35-hour week which will give them an income of not more than $700 a year. “It would be practically impossible to attempt a shorter work week than 40 hours in any industry, however urgently needed.” Contradicting Lewis as to the effect upon the low-paid worker of Section 5A, the fair-labor-standard section of the bill, Hillman said: “The -provisions are so worded that they will aid and not retard collective bargaining. The Labor Standards Board may act under this section only if it finds that facilities for collective bargaining have proved inadequate or ineffective. “If the board should fix a wage in an industry: below that which some employers in the industry have promised to pay under collective bargaining agreements, the workers would be entitled under the bill to continue to obtain from such employers the higher wages. Nor is there anything in the bill which impairs the rights of workers to strike for higher wages or shorter hours than those fixed by the board.

Plants Migrate

“In those industries with which I have to deal, where plants may migrate more readily than labor, where new units are not infrequently deliberately established in places most difficult for the unions to reach effectively, it is vitally necessary

that the law should recognize and protect fair labor standards. I do not think that a top limit of $800 a year keeps the Democratic Party’s pledges to the working men and women in the last election.” Hillman also argued that the new board will be unable to protect employers from unfair competition under other sections of the bill if it does not have the powers granted it in Section 5, He served notice on labor’s friends in Congress that action at this session is desired.

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CONCRETE

RELIEVE CONGESTION SPEED TRAFFIC INCREASE SAFETY

O community today can afford narrow, congested roads.

Today's swollen traffic clamors for “elbow room.” The practical answer is to widen crowded roadways with concrete: Restores norms speeds. Eliminates congestion. Provides ample room f_{ passing. Saves countless Hours; Increases safety. And wider ~~ads boost business.

Whether you build new roads or widen old, be sure to demand concrete—the safest and most economical pavement for modern traffic.

PORTLAND CEMENT ASSOCIATION ‘610 Mesehants’ Bank Bldg., Indianapolis, Ind.

13 ARE INDICTED BY GRAND JURY

Five to Answer Federal Charges of Violating Dyer Act.

The new Federal grand jury, sworn in by Judge Robert C. Balt-

zell, is to return Sept. 7 to begin its fall duties. The jury closed a one-

day session yesterday by returning 11 indictments against 13 persons. Judge Baltzell is to agraign the indicted persons at 11 a. m. Friday. Five persons were indicted under

the Dyer act for transporting stolen |

automobiles across state lines. Those indicted were: Charles F. Grow, Renssalaer; John W. Givan, 54, 2049 N. Meridian St.. Indianapclis, and Charles Buchanan, Terre Haute, charged with postal law violations; Thomas Spiecles, Kokomo; Edwin Leroy Merrey, Joe Walsh, Lester Reilly and Fred Wiggins, Greenville, S. C., charged with Dyer Act violations; Herbert ID. Treat and Pharis Hanley, charged with violation of the Mann Act; Eli C. Humrichhouse, accused of counter-

feiting, and Horace Johnson, 517 W. Wilkins St. Indianapolis, and Robert Graves, Indianapolis, ac-

cused of bootlegging.

BENNETT PROPERTY GOES TO RECEIVER

By United Press HOLLYWOOD, June 16.—Property of Richard Bennett, actor and father of Joan, Constance and Barbara Bennett, film stars, was in a receiver's hands today. The action was ordered by Superior Judge Emmet H. Wilson at the request of teh actor's wife,

Angela, who desires a division of |

their community property.

101 YEARS NOT LONG, WAR VETERAN SAYS

Times Special EVANSVILLE, June 16.—Calvin Sampley, who had seven horses shot from under him during the Civil War, today looked forward to his 102d - birthday. Celebrating his 101st birthday here yesterday, Mr. Sampley said,

“It sure doesn’t seem like I've lived

as long as I have.” Born on a farm in Perry County, he worked it till the Civil War, then retired here.

THE INDIANAPOLIS TIMES

DELAYS NAMING SCHOOLS CHIEF

Board Not to Pick Stetson’s Successor Before July, Boyd Says.

A new City Schools Superintendent will ‘not be named before July, Alan Boyd, School Board president, said today.

The Board held an informal meeting yesterday to discuss general plans for finding a successor to Paul C. Stetson, who died June 1.

Mr. Boyd said the Board desired to look over the entire educational field before selecting a new executive. Asked if an out-of-town :- educator would be given first considera-

tion he said, “Well, we know every-

one in the present school system who canbe considered.” Mr. Boyd denied any trips were planned by Board members to look over the qualifications of school executives.

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