Indianapolis Times, Indianapolis, Marion County, 12 October 1937 — Page 3

TUESDAY, OCT. 12, 1937

EAK DUE

~ TO UNCERTAINTY OF

PEACE, General Adjustment]

Takes Place in Decline.

By JOHN T. FLYNN Times Special Writer

NEW YORK, Oct. 12.—A stock market has nerves like a frog. You cannot start a row anywhere in the world— particularly this world of today — without sending a shiver through these froglike nerves. When the stock market cracked up some weeks ago, everybody looked about for the blow which had given it a nerve jolt. Looking back now it seems fairly clear that t'.e market went down, not because of any blow knocking it

down, but because the force which had pushed it up had ceased to work. Markets almost always come down because they went up in the first place. But while that was true of the general adjustment which has taken place, it is entirely possible that the world crisis has had much to do with the latest fall in stocks. The market which had declined since the middle of August, after two or three bad bumps, seemed to have ended its descent in the last week of September. But it sank dismally as soon as October started and a few days ago had another bad sinking spell. It is now at the lowest mark in two years. It is this last decline which I think has been deeply influenced by the world situation. Must Examine

The ultimatum of England and France to Italy and Germany on their Spanish adventures and the rapid development of the ChineseJapanese crisis has certainly made war seem nearer than at any time since the present series of crises began to develop. It is certainly a contingency which any prudent speculator must examine. And any speculator knows that the first effect of war or a gehuine war scare in Europe would be a general collapse of the market here. Several forces would tend to produce this. But the most important is the withdrawal of foreign funds from our markets, About four months ago the Federal Reserve Board expressed great, fear of the potential dangers 1n the presence in this country of so much “hot money”—foreign funds sent here because of the dishoarding movement in Europe and the general flight from disorder there. Since that time over 600 million dollars of foreign funds—most of if. from Europe—has flowed into this country, This is twice as much as came in in the preceding three months. In the last two and threequarter years over three and a half billion dollars of frightened or speculative foreign money has come to our shores. Of course if war broke out in Europe a great deal of this would be happy to remain here. But a great deal of it would leave at once. Nationals would repatriate their funds. But governments would seize the foreign holdings of their citizens and take measures at once to convert them into cash in order to buy goods here. There would be a good deal of withdrawal of bank funds and a good deal of dumping of securities. The market, therefore, has been

no ‘place for the last few weeks for (n

a person with bull instincts. And this doubtless is contributing heavily to the latest weakness of the stock markets here.

Today's Business At a Glance

GENERAL BUSINESS

National ‘Coal Association reports week ended Oct. 2 bituminous output estimated at 9,630,000 net tons, an increase of 180,000 tons or 1.9 per ‘cent over ‘the corresponding 1936 ‘week; ‘production so far this vear stands 8.4 per cent ahead of 1936 ‘while output of all coals stands 6.2 ‘per cent above a year ago,

CORPORATION NEWS

Atchison, Topeka & Santa Fe Ry. Co., ‘week ended Oct. 9 carloadings 95933 ‘vs. 26,366 previous week and 22,359 year ago. Baltimore & Ohio R. R. Co. week ended Oct. 9, carloadings 33,388 vs. 36.009 previous ‘week and 35,155 year ago, Chicago, Milwaukee, St. Paul & Pacific R. R. Co. ‘week ended ‘Oct. 9 ‘carloadings 21,937 ‘vs. 23,297 previous ‘week and 22,886 year ago. International ‘Great Northern R. R. Co., August het loss $165,299 vs. $185.944 year ago; 8 months net loss $1.566,081 'vs. $1,880,364 year ago, st. Louis Southwestern Ry. ‘Co. August net income $40,710 vs. net loss $20,661 ‘year ago. Addressograph-Multigraph ‘Corp., first 8 ‘months net ‘profit $1,444,525 equal to $1.91 a common share vs, ¥793,188 or $1.06 year ago. Chicago, St. Paul, Minneapolis & Omaha Ry. Co, August net loss $04,833 'vs. net income $111,664 year ago; 8 months het loss $2,116,999 'vs. $1,183,557 year ago. Dominion Stores Ltd, 4 ‘weeks ended ‘Oct. 2. Sales $1519,101 vs. $1,487,037 year ago, up 2.2 ‘per cent; 40 ‘weeks (compiled from company's reports) $14,915,510 ‘vs. $14,820914 year ago up 0.6 per cent. i Mengel ‘Co. September bookings $206,225 vs. $905589 year ago, 0 10.9 per cent; 9 months $8,361,457 vs. $7,147,691 year ago, up 189 per cent; September billings $927,799 vs. $032,244 year ago, off 0.4 per cent; © ‘months $8,375,112 'vs. $6,917,368 wear agd, up 21 per cent; unfilled orders as of September 30 totaled %1.816,437 'vs. $1,532,771 year ago, up 18.5 per ‘cent. Monarch Machine Tool ‘Co. first © ‘months net profit $334,173 equal

to $2.23 a ‘common share; Septem-,

FLYNN SAYS

&

TA FATES

Foreign Business Study Indicates Beneficial Effects.

By THEODORE JASSON

Excellent results have been obtained through the operation of our reciprocal trade treaties. With domestic well-being greatly enhanced by these pacts, it seems reasonable to urge additional agreements to

stimulate United States foreign commerce, The benefits of these contracts to promote mutual welfare can best be illustrated in the case of our automobile industry, Our automotive exports to Cuba and Belgium, the countries with which reciprocal agreements have been in force for the longest period, have increased 379 per cent and 35 per cent respectively. Results Summarized

The following is a summary of the net results obtained thus far with the following countries: — Country and Date in Effect. Cuba, Sept. 31, 1934 Belgium, May 1, 1936 Haiti, June 3, 1935 Sweden, Aug. 5,,1935 ...... Brazil, Jan, 1, 1936 ' Canada, Jan..1, 1936. ..... Netherlands, Feb. 1, 1936. . witzerland, Feb. 15, 1936. 18 onduras, March 2, 1936.. 15 Colombia, May 20, 1936 ... 12 Guatemala, June 15, 1936 . 12 France, June 15, 1936 ... 12 Nicaragua, Oct. 1, 1936 ... Finland, Nov. 2, 1936 *Decrease

The treaties with both El Salvador and Costa Rica are of too recent dates to enable us to make any conclusions. I have chosen the automobile industry by reason of its excellent leadership and because of its very efficient methods of production and distribution, it serves as the best example of what can be accomplished. If the automobile industry achieves, as it hopes to do in the very near future, an export volume equivalent to that of 1929, when it exported a million units, the following are the raw materials that would be required to produce such an export quantity: Steel, 800,000 tons. Rubber, 36,000 tons. Lumber, 228.000,000 hoard feet. Aluminum, 6000 tons. Tin, 3200 tons. Zine, 5000 tons. Cotton, 54.000 bales. Curtain and top material, 4,000,00¢ yards. Malleable iron, 114,000 tons. Plate glass, 22.000,000 square feet. Leather, 4,000,000 square feet. Copper, 30,000 tons. Lead, 20,000 tons. Nickel, 3,200,000 1bs. Upholstery cloth, 10,000,000 yards. Paint, laquer, 3,500,000 gallons. In that event 260,000 men will have received employment in the automobile and parts factories from foreign automotive sales, and at a wage 35 per cent higher than the average wage paid workers in other manufacturing industries.

NEW BOND ISSUES (By W. L. Lyons & Cia

Per Cent Months Increase 30 379 4 :

24

18 18

Atl City 3'is 64 B & O 4'2s 39 Beth Steel 3!2s 52 ..

2 2 Va

Fla Power 5s 66 «1. ...x. «v.:.00 Houston Lt & Pwr 3'2s 66 ..,1 Indpls Water 3; 0

Los Angeles Rev

pc 3s Westchester 312s 67 Wise G & E 312s 66 Wisc Pub Svc 4s 61

ber quarter net $150,272 or $1 a common share. DIVIDENDS

Central Ohin Steel Products Co., 35 cents on common payable Nov. 1 record ‘Oct. 20 'vs. like ‘payment Aug. 1. Wheeling & Lake Erie R. R. Co., regular quarterlies, $1 on 4 per cent prior lien and $137! on 5% per cent convertible preferred payable Nov. 1 record ‘Oct. 25. Adams-Millis Corp. 50 cents on common payable Nov, 1 record ‘Oct, 22 'vs. like payment Aug. 2. Globe & Republic Insurance Co., extra 5 cents and regular quarterly 20 cents payable Oct. 30 record Oct.

Home Tnsurance Co., ‘extra 15 cents and regular quarterly 25 cents payable Nov. 1 record Oct. 15 ‘vs. like extra Aug. 2. . Scotten Dillon ‘Co., 40 cents payable Nov. 15 record Nov. 5 ‘vs. like payment Aug. 14.

8 warning note as to what may be ex7 [pected generally from all types of

Analyst Says

By EDWIN J. SCHLESINGER With an increase of 44 cents | a day for the railroad operating unions, the atmosphere has been cleared considerably, but in no sense has the situation brightened completely. It would seem that the Interstate Commerce Commission, the railroad unions and the railroad management should get together with the thought of laying out a program which will enable the railroads to function ‘without a sword hanging constantly over their heads.

The owners and creditors of the railroads rightfully also should be consulted, but it would seem the time for that is not entirely ripe. Ownership in the railroad industry has less to say, perhaps, than in either the public utility or industrial fields, although it is to be anticipated that ultimately some way will be found for owners to be heard.

All Industry Affected

There are many who, since July when the railroad picture became less rosy than during the early months of 1937, have again begun to say that the future of the railroads is none too bright. This may be true; but if it is, it sounds a

investments. The railroads are such a vital organ of the country's economic body that if they do not function properly the entire financial situation will become sick. It might be well for holders of state, county and municipal bonds to determine just what would happen to those investments if the railroads should continue to be so harassed that the day would come when private ownership would have to throw its burden into the lap of the Federal Government. The point is— what would replace the taxes the railroads are paying?

Railways Partly to Blame

Perhaps the most unfortunate phase of the situation is that the railroads have themselves to blame

OUTSIDE FACTORS MAY ‘EFFECT FARM

NEW YORK, Oct. 12 (U, 'P)— Agricultural prices may be affected to a greater extent by world-wide factors such as consumer changes, monetary systems and wars than by changes in production or yield, the farm committee of the National Association of Manufacturers reported. The statement was contained in a Special report on agricultural marketing. It found, in addition, that there are as many people employed in collecting, transporting, processing and handling of farm products as there are farm people engaged in production; that the proportion of the U. 8. population living on farms, once predominant, has declined until now 75 per cent of the people live in cities, towns or villages; and that ‘when farm prices climb too high consumers turn to

to bring about a downward revision whenever prices get above a certain

substitutes, or eat less, thus tending | %

Rail Unions

And Management Should Work Without Trouble

He Believes Carriers Partly to Blame for Failure to Form Large Integrated Systems Making Economies —Warns Against Imposing New Burdens.

in past, for their problems. It is unsound from the economic standpoint to have approximately 149 Class 1 railroads, which comprise roads doing a gross of at least $1,000,000 a year. A much healthier condition would result were the

number reduced to about 10 per cent of this number; in other words, to roughly fourteen systems. It should be apparent that such a step would eliminate a tremendous amount of the unnecessary expenditures with which the railroads are burdened today. Whether the railroads will get part of the increased freight rates they have requested remains to be seen, but it seems difficult to believe that something will noi be done for them. Admirable strides have been made in reducing running time, and bringing equipment up to a level which even the most fastidious must approve. In addition, the rate of 2 cents a mile in day coaches has brought transportation down to about as attractive a price as anyone could expect. In this connection, it is to be most sincerely hoped that the railroads will be enabled to keep expenses sufficiently well within hand so that no valid reason may arise which will require raising the day coach rate above the 2-cents-a-mile level.

COST OF LIVING GAINS IN MONTH

Study Shows Purchasing Values ‘Up Slightly ‘in September,

NEW YORK, Oct. 11 (U. P).— Living costs continued to rise in September, but still were well below the 1929 levels, the National Industrial Conference Board reported. The Board's study showed September living costs were up 04 per cent compared with August, 4.1 per cent from a year ago, 24.7 per cent from the spring 1933 depression low, but still were 11.6 per cent lower than in September 1929. The purchasing value of the dollar was 111.9 cents in September, against 1124 cents in August, 116.4 cents in September 1936 and 100 cents in 1923. All major categories in the cost of living showed increases. Food prices were up 0.3 per cent for the month, 1.7 ‘per cent for the year, 434 per cent from the spring of 1933, but still 20.6 per cent lower than in 1929. Rents ‘were up 0.9 per cent for the month, 10.3 per cent for the year, 41.3 per cent since the low point for the depression early in 1934, and only 4.0 per cent below the level of September 1929,

U.S. STATEMENT WASHINGTON, Oct. 12 (U. P.).—Gavernment, expenses and Ag 4H for the current fiscal year through ct, 9, compared with a year ago:

his Year, Expenses $2,153,075,574.30 $ Receipts . 1,785,722,114.22 Deficit .

Last Year. 1.882,513,907.20 1,252,069,448.15 630,444, 459,05

«1,067, 5,63 , 36,937,707,851.49 s. 12,770,212,694.35

Customs 127.930.314.00

maximum, -

‘By RALPH H

three months ended Sept, 30, 1937. market broke rather sharply in the A rather quick examination ‘of

Today's Pur. Total Pur. Inact, gold .. $366,255.82 '$1,238,719,767.49

Investment Trust Operator Fares as Others in Declines

ENDERSHOT

Tt is always very interesting at a ‘time like this to ‘see ‘What th fellows do with their investment holdings. : {had such operations is afforded in the report of the Lehman ‘Corp. for the

An opportunity to peek into

It will be ‘recalled that the stock final month covered by that report.

the report would seem to indicate that this group of experts fared little if any better than the rank and file of traders, who have been hiding under the table in recent weeks. The net market value of this company's holdings ‘declined approximately 131: ‘per ‘cent during the three months’ period, whereas the market value of all stocks listed on the New York Stock Exchange fell a slightly smaller amount during that time, The percentage of decline in bonds listed on the Exchange was much smaller than stocks so that if both groups were included the showing would not be so favorable, | It is impossible to make a ‘very | accurate comparison, of course, because the investment trust had

been holding a somewhat more speculative group ‘of securities ‘than

tember Business Index Firm Where Business Stands Nationally

Smith & French, Inc. « National Advertising '« Detroit» New York

NEW YORK, Oct. 12. After see-sawing during the ster mohths, making a slight gain one month and sliding back the next, ‘the national business index during September remained parallel ‘with August

at 4

Brooke, Stith &

per ‘cent below normal, mecording to the monthly suivey of Prench, Ihe. Ty poy

v

go to make up the average of all securities listed ‘on the Exchange, By holding such a list it had been able to reap large ‘profits earlier this vear. The average security holder probably has not such large profits upon ‘which to ‘draw at a time like this. The report indicates, however, that the company ‘was rapidly liquidating its holdings ‘during the period and cashing in on its profits. It ‘built up its cash and United States Government bond account to $8,275,177, from $29183866 three months previously, Had the market been more liquid it ‘probably would have ‘done a ‘great ‘deal ‘better in that respect. . The report affords a rather tempting opportunity to speculate on what the attitude ‘of directors of this company will be during the current three months. Will they unload more of its holdings as a protective ‘measure against the market's thinness, or will they step in and buy now that prices have declined so sharply. More than 10 per cent ‘of the trust's resources are now in cash or its ‘equivalent. What ‘will it do with all that cash if it does not go back into the market? It ‘can ‘earn profits ‘only ‘when ‘invested and there are few places where satisfactory returns and reasonable liquidity ‘cah be had other than in the securify markets. The rapid shifting about of its

accounts in the three months ‘¢ov- |,

ered by the report would seem to

indicate that directors ‘were busily ||

engaged in switching from specula-

tive into more conservative hold- || ings. Will they continte along those || lines or will they get back into the |}

speculative issues ‘where ‘prospective profits may be greater?

Employee ‘Comfort fs go0H BUSHeSS! BiH Assoofates 138 Mer.

THE INDIANAPOLIS

m ¢ i; R PRIGES DROP 25 CENTS INLOCAL YA...$

Hog Market Top Slides to $11.25 as Vealers Gain Half Dollar.

Hog prices upward to 300 pounds declined 25 cents today, according | to the Bureau of Agricultural Economics, Top fell to $11.25 on choice 210 to 225-pound butchers. Packing sows lost 15 to 25 cents, bulk clearing $9.75 to $10.25, with som ‘.ightweights as high as $10.50. Another light run of cattle in-| jected competition into the trade | with the result that steers and heif- | fers advanced 25 to 50 cents. Three | loads of 1101-pound steers at $18 | were considered by many in the trade as high at any time in recent weeks. Several loads of medium grade around 1000-pound steers cleared at $965 and $11.65 respectively with bulk of the receipts turning from $7.50 to $11.50. Best heifers reached $11 with most of the crop turning from $6.50 to $9. Cows in a steady to strong trend bulked at $3.75 to $5 for low cutter and cutters, with common and medium offerings from $5.50 to $6.50. Vealer prices advanced 50 cents | today, Tt was a lively trade from | start to finish, “Shippers set the pace with local packers following the upturn. Good to choice vealers cashed from $11.50 to $12 with | mediums mostly $9.50 to $10.50. Choice lambs received mostly a 25 cent advance this morning on the part of local packers. Shippers made every effort to keep their costs steady with Monday's average. Sales as a whole looked steady to 25 cents higher. Good to choice ewe and wether lambs bulked from $1050 to $1125 with mediums mostly $8.50 to $9.50. Slaughter ewes were unchanged at $4 down.

HOGS Bulk Receipts $10.30 11.25 7000 10,55@ 10,90 10.80 11,15 10.90% 1125 10,35@ 11,25 [email protected]

12. Light Lights (140-160) Med

Lightweights (160-180) Good and

Medium... (180-200) Good and Medium (210-225) Good and 1220-250) Good and Heavyweights— (250-280) Good and 1290-350) Good and Packing Sows— (275-300) Good (350-425) Good (425-550) Good (275-550). Medium Slaughter Pigs— (100-140) Good and choice.. Medium .. CATTLE —Receipts, 1200— Steers

choice. .$10.,25@ 11.10 vo [email protected]

. [email protected] ++ 10,5002 10,30 10.90% 11,20 . 10,656, 10,95 choice.. 10.95@ 11.25 choice... [email protected]

choice. .$10,00@ 11,15 chotce.. 10.40@ 11.05

10,25@ 10,50 10.00@ 10,25 9.750 10.00 9.00@ 12.25

9.50@ 10,59 [email protected]

$13.00@ 17.00

(550-000) 10,007, 15.00

Choice G C 5.75 8.25 C 15.00% 18.00 10.25@ 16.00 8.25@'12,00 6.75% 8.50 16.006. 18.00 12.00@ 16,50 8.501 12,50 16,50 18,25 veo [email protected]

(900-1100) Choice Good Medium .. Common (plain) . (1100-1300) g

N (1300-1500) G

13.50@ 14,50 10.7574 13.50 5.795@ 10.75 10.75@ 14.75 6.006710.75

(550-750) G

OIMMON. anican: ood and choice .

(750-800) medium.

> G Common, 6.257 5.500 3.75@

an Common, medium 6.50 Low cutter and cutter 5.00 7.00 @

Good (beef) 7 5.000

Cutter, common and medium. . Vealers —Receipts, 700— Good and choice Medium Cull and taedivtn cL, 00 Ne. Calves (250-500) Good and choice . 9.004 12.00 Common, medium. 6.00@ 9.00 Feeder and Stocker Cattle Steers (500-800) Good and choice. . common, medium (800-1050) Good and choice . Common, medium. Heifers— Good and choice ... Common and medium Cows

Good comm

2.00 7.00

11.00@ 12.00 0.50@'11,00 6.50@ 9.50

wo a1 moos UD Uo ono ) PY — a UR 10 Momo on ID o=oD SS 33 Suva

on and medium i SHEEP AND LAMBS

—Receipts, 2000— Lambs—

Ta 00 QIIIROR. «+. Passes 5.50@ 17.50 Shorn Ewes— 4 (90-175) Good and choice... 3.009 3.50 Common, medium . 1.75@ 3.00

CHICAGO, Oct. 12 (U. P.).—Hogs— Re- , 13,000, including 2500 directs: mar- : ver; top, . good. and choice, 190-220 lbs, 11.20; most 150-180 1bs., $10.40%010.50; 40-300 Ibs, [email protected]; most good packing sows, [email protected]; $10 and up for lightweights, Cattle—Receipts, 7000; calves, 1500; Jongfed steers and yearlings moderately ‘active, steady, others steady to 25 cents lower; early top, $10; $19.25 bid; several loads, $15.75/@18,25; heifers steady: cows steady to 25 cents off; cutters, $3.75@ 4.75, stockers and feeders active, steady: sausage bulls strong, $6.75; vealers strong to 25 cents up; few selects, $12; bulk, $ilw 11.50. Sheep—Receipts, 7000, including 100 directs; fat lambs steady to strong; good to choice natives, $10.50; sheep steady; native ewes, $4@5. ct. 12.—Hogs—Market, 25 -225 1bs., $11; 225-250 1bs., 1bs., $10.90; 1

. YNE cents lower; 200 ; 180-200 90; $10.75

$10.90 $10.50; -150 9.90. 120.130 1bs : oughs. . $9; $8, Tambs, $10. LAFAYETTE, Oct. 12 ket, 20 cents lower; vd 11.15; EL Ibs., $11; .250-325 1bs., 0.70 @10.90; 00 1Bs.,. $10,854 10.95; 1bs., $10.50@ 10.75; 130-150 lbs.. $107210.253; 100-130 lbs. [email protected]. Roughs. $10 down. Calves, $11 down: lambs, 210.50 down,

FREIGHT RATE PAID FOR SEVEN HOBOS

EDMONTON, Alta, Oct. 12 (U.P), —Ah oil company at McMurray, Alta, paid freight rates on seven hobos ‘who rode to the plant inside a huge distiller tank from Edmonton, then gave them jobs. Th» hobos first ‘demand ‘was or jobs—and they got them.

ZINC MINING BOOMS JOPLIN, Mo. Oct. 12 (U, P)— Zinc and lead mining activities ih the ‘tristate district of Missouri, Oklahoma and Kahsas are the

greatest inh 10 ‘years, acorn to Arnold ‘Griffith, head of the Mis-

stags, calves, $11.50;

(U,. P.) —Haogs 200-225 1bs., $1

7.75 10.25 |

End ‘Lockout’ or Cut Cost of Milk at Dairies, Union Asks

(Continued from Page One)

FUND MAY H $200,000 TODAY

we AG So

be a fair price for milk delivered to the door. “However, for the last five days, the dairymen whose employees are | not on strike, have been selling milk to people who call for it at their dairies at the regular price of 12 cents a quart,

Asks 10-Cent Price

“It is only logical to assume that the dairies during this lockout are

[certainly making a good profit by

selling milk at the same price at the dairy, the source of supply, for the same amount of money they sell it for delivered to the customer’s door. “For that reason and due to the fact that this lockout continues and has been in existence for the past five days, we feel that we should appeal to the State Milk Control Board to reduce the price of milk at least down to 10 cents because of the abolition of delivery service and it is our belief that it behooves the public generally to bring pressure to bear upon dairies that are now continuing this lockout to bring cbout adjustment in the retail price of milk that will give to those who purchase milk at the dairy a quart of milk at 10 cents, “The Union has offered time after time to permit these dairies who are refusing to deliver milk to go into operation on their distribution and it is only natural to assume that the price of milk sold at the dairies should not be as high as milk delivered ‘to the door or the home.” Charges Collusion

Mr. Fritz declared that the State Milk Control Board “has power to settle the present tieup of the milk supply. “Distributors are trying to reduce the price of milk paid to the farmer at the expense of the consumer,” he charged. Earlier, Leon C. Coller, Marion County Area Milk Administrator, who acted during the conferences as mediating agent, said no new conferences have been scheduled. He gaid “I have a few ideas that I may work out on my own when I get time

talk to the Governor today.” “Sooner or later,” he said, “the owners and union will have to get together. So far we've been unable to get past the closed shop deadlock.” Previously both the Governor and Mr. Coller had said that a State order for nonstruck plants to deliver | milk had been rescinded Saturday | because “we do not wish to upset | negotiations at this time.” The five-point plan offered by the distributors was: 1. That the distributors’ (milk companies) committee begin at once to consider an agreement with the local (union). 2. The distributors’ committee agree to meet continuously with the representatives of Local No. 774 (hereafter until an agreement ‘is reached.

3. It is agreed that any contract agreed upon shall apply to all distributors in the Indianapolis area. 4, That, pending negotiations leading to final agreement, men now on strike shall return to their re[spective duties and no strikes will be called during suc negotiations. 5. The wage agreement eventually agreed upon shall be retroactive to Og¢t, ‘11, “19317. Edward PF. Murphy, Cleveland, seventh vice president and international organizer for the International Brotherhood of Teamsters and Chauffeurs of America, said that the union cannot consider anything but a ‘closed shop.

Hutson May Take Hand He claimed that the management in some of the nonstruck plants yesterday had attempted to persuade union members to quit the union, “They want tis to sit down and negotiate with thém while they attempt to wreck our organization,” he said. Meanwhile Thomas R. Hutson, State Labor Commissioner, said he also might discuss the deadlock with the Governor. “Both the union ‘committee and

Foundation Gives $25,000 To Make Chest Total $116.074.

dairy representatives have ad- | journed subject to further call,” he said. Mr. Hutson added that last night’s attempt to break the tieup was the most futile of any of the

negotiating meetings thus far. Closed Shop Termed Issue “The union representatives flatly refused to accept Mr. Coller's plan because it made no provision for a closed shop agreement,” Mr. Hutson said. After the meeting C. Winfield Hunt, dairy owners’ spokesman said: “When we met with the union officials they refused to discuss anything but the closed shop.”

State Asked to Attempt Truck Strike Settlement

The $200,000 mark was expected to be reached today at the second report meeting of the Community Fund volunteer workers in the Claye [pool Hotel, Headed by a $25,000 donation from the Indianapolis Foundation, pledges at the first meeting yesterday passed the anticipated $100,000 level by 81607442, This brought the fund to 16.1 per cent of the camnpaign goal of $721,287, Chairmen emphasized at the meeting that services of the 38 or-

‘Commissioner Thomas R. Hutson today announced the State Labor Department is to attempt concilliation of the furniture truck drivers’ strike which has curtailed deliveries in 16 local stores. Leo Rappaport, attorney for a group of furniture companies, requested that the State intervene in the four-day old dispute, Mr, Hutson said. Sends Letter Hutson In a letter to Mr. Hutson, Rappaport said:

“On behalf of certain furniture

Mr.

of n-

the stores

owners in

sire to enlist vour office to mediate the differences existing between them and certain of their employees

who are represented by Local Union | 135 of the International Brother- | hood of ‘Teamsters, | Stablemen and Helpers. “A strike was called without any |' prior warning or notice and became | ‘effective at the very time that I was | in conference with the president and | a committee of the union. 1 pointed ‘out to the officials of the union that | negotiations could be materially faciliated if the striking employees | would return to work, pending ne-[-gotiations.

| “I'stand ready to meet with you, | [or one of your deputies, and repre- | to get my program lined up. I shall | sentatives of the union immedi- | Delegates

| v”» Coneiliator to Be Assigned

Mr. Hutson said a [ator would be assigned to the dis- | pute immediately.

|

| taken by the union on the proposed

reported, However, one case of alleged picketing was investigated by

dianapolis, whom I represent, I de- |

ChaufTers, |

State concili- |

Meanwhile, no official action was |

picketing of struck stores, it was |

| of Applications and | Between States.” [ consider whisky warehouse receipts

ganizations supported by the fund | do not duplicate those of public (agencies. Although encouraged by (the early showing, leaders pointed (out that constant effort on the part [of the 2500 volunteer workers is {necessary to reach the goal by the (Oct, 20 deadline, Large pledges in the Special Gifts {Division included: L, 8, Ayres & Co, ($15,000; Indiana Bell Telephone Co. $12,000; William H. Bloc) Co, $10,000; Citizens Gas & Coke Util=ity, $8500; Diamond Chain Mani {facturing Co, $3600; John H. Auflderheide, $3000; Holcomb & Hoke | Manufacturing Co., $1800; BannerWhitehill Co., $1400, Ten members of the Demegoriah Club at Technical High School ara to give a series of speeches in be- { half of the drive according to Charles Parks, public speaking ine [‘structor, They ate Misses Edith Connoy, | Margaret, Fargo, Eleanor Gravhill, Thelma Hunter and June MartinelIa, and William Moore, Eldeen Blair, Alan Gripe, Hulit Madinger and

|

OPENS CONVENTION

FRENCH LICK, Oct. 12 (U, P.) = from throughout the United States and Canada arrived | here today for the opening zession of the 20th annual convention of | the National Association of Securities Commissioners. Chester R. Montgomery, Indiana Securities Commissioner, was tb lead a discussion on the “Uniformity Co-ordination Delegates were to

further h

| police. | ‘Officers said they were called to {the Rhoédes-Burford Furniture Co, [337 ‘E. Washington St, by Mrs. Anna Peats, 338 N, Bradley St, who [said ‘pickets had refused to let a | [private trucker deliver a stove to | | her home. | ‘A‘squad went to the store, helped | [Toad the truck, then followed it to | Mrs, Peats’ home. After they left, [it ‘was reported, one of three men |'who had followed the police car, [told Mrs. Dorothy Marosky, Mrs. | have been kidnaped by Soviet secret, Peats’ daughter: “You won't get to | agents in Spain and either killed or [keep that stove.” The trio then | taken to Russia [drove away, police were told. Wolf ‘was believed to have been | ‘Meanwhile the union awaited kidnaped inh Valeneia, according to eounter ‘proposal from ‘wholesale | the newspaper, It said that after [grocers to employees’ wage scale de- | he left Norway he went to Paris and mands. The truce was arranged yes- | London and then to Bpaih at the terday afternoon in a conference of | end of May, Frederick Schortemeier and union | EE

Dabo Department concitiaior, | REALTORS REPORT 8 HOUSES SOLD IN WEEK

The meeting yesterday afternoon

as securities

NID OF TROTSKY REPORTED KIDNAPED

OBLO, Norway, Oct. 12 (U, P= Irwin Wolf, secretary of the exiled Leon Troteky, was reported today by the newspaper Daghladet to

between Mr. Bchortemeier and union ‘officials resulted in the grocery firms’ being given 48 hours to present a counter-offer. Another conference with the Labor Department was ‘scheduled for Thursday afternoon.

Probe to Be Made

The Béech Grove Civic Leagte appointed a committee of six to investigate the strike of Beech Grove Bus Co. drivers. Union officials reported “no developments” in negotiations. A Béech Grove bus driver reported his bus was stoned last hight, A proposed nation-wide strike of Greyhound bus drivers was postponed indefinitely pending negotiations.

The North Bide Realtors reported today sales of $117,500 ih real estate on the North Bide ih the last Week, “The records show,” said Willian Murry Huse, secretary, “that ‘eight houses and {wo building jobs Were closed in the last Week, bringing the year's total to $3,193,285.”

WMARIUAUNA PLANTS BURNED BY POLICE

Approximately 800 ‘marijuana [ plants today had been ‘destroyed in [ Police Btation ‘furhaces after being removed from a field ih the 1800 block of 8B. West Bt. by Bergt. ‘Carl

Henry F. Dugan, ‘¢hanceilor of the today.

Alumnae.

Licague of Decency’s Local Unit To Hold First Session on Friday

The Legion of Décency's Tndianapolis Chapter is to hold ‘ifs first meeting of the season Priday ih the Bt, John's Academy, the Very Rev.

The local chapter has gained fecognition as tne of the Sutstanding groups of the legion, sponsored by the International Federation of Catholic

Ashley's vice squad.

BANK STOCKS

Bank of Manhattan Bankers Trust... .. .+ , Bank of New York Trust ..... Brooklvn_ Trust Central Hanover Chase Chemical

k

As 28 5 430 93 103 47

166 11% BA Dé 94%

1940 260 12% 40 be %

Corn Exchange 0.0.0.0. Empire ! First Nation Guaranty

Irving Manufacturers Nattonal City NN New York Trust ... Public

diocese, chapter ‘director, announced : a

apolis ‘Chapter is to hold its first meeting of the season Friday in the 8t. John’s Acadamy, the Very Rev. Henry F, Dugah, chancellor of the diocese, chapter director, announced today. The local ‘chapter has gained recognition as one of the outstanding groups of the lagion, sponsored by the International Federation ‘of Catholic Alumnae. One function of the chapter is to review ‘motion ‘pictures and rate them for ‘publication ih The ‘Cable, Knights ‘of ‘Columbus publication. Meetings are held in the fall, at Advent and at Lent, School ‘Committees Nuied The local committees at, ‘each ‘of chapter director, announced today. the ‘Catholic high ‘schools ‘consist of Mother Mary Helen, superior, ahd Sister ‘Mary Edward, ‘moderator, Bernadine Felske, Alberta Kriech, Grace Datek and Mary Meyer at Sacred Heart School; Bister Theresa, moderator; Mary Margaret Malatesta, Mary Agnes Kelly, Betty Minta, Rose arfe Phelps and Mary Blanche Bailey at Bt, Agnes Academmy; Sister Rosa Angela, mod-

souri state inspection bureau.

Bonds of the United

Real Estate Bonds a

Ts Territories and Insular Possessions Federal and Joint Brock hand Bank Bonds Tndiana Municipal and Corporate Securities

129 EAST MARKET STREET

erator: Jean Roembke, Mary Jane

Btutes Government,

nd Preferred Stocks

The Legion ‘of Decency’s Thdian-«

Title Guarantee ... ii. Bullivah, Dorothy Steiner, Theresa Ihsuranée Lipps, Mary Collins and Martha Walpole, Bt. John Academy; Sister M. Leéonette, superior, and Genevieve Sater, Doris Ann Backer, Elsie Mitenster, Margaret Murdock; June Bellmeyer and Dolores Topmiller, Bt, Mary Academy. The alumnae group is composed of Misses Rose Honecker and Marie Lauck, chairmen; Betty Wolfe, treas- Jala, i Wire urer; Licille ‘Cox, ‘central office ¥éc- | Home Ins . fetary; Mary Touise Keach, Mary | foxes fore sec Margaret Flaherty, Catherine Pitz- [Maryland Casialfy patrick and Dorothy Rail, reviewers,

Fags Liberty SEVEN NAMED ON JUR

ew Brunswick ... Paul Reyere Fire Phoenix Fire Sun Life | Travelers | Westchester CINCINNATI, ‘O;, Oct. 12 (U. P). —Beléctioh ‘of a jury to hear the | trial of Mrs, Anna Marie Hanh, 51, nécused of the poison ‘murder of Jacob Wagner, 78, was expected to Pe ‘completed by Thtrsday. Beven

Rush Jobs Make Us Smile jurors had been seated tentatively as jurors today.

Aetna Fire Aetna Life Baltimore Carolina GHEY OF “NX SENN OR. CTBT TRL. a nspin vs ere Continental Casualty : Firemen's of Newark ......... Franklin ada Gibraltar Fire and M | Glenn alls Fite . Great American

Amerfean ... 0.000

Great American

Hendien Printing Company, Tne. 970 CENTURY BLDG. KI-8533

November 1st fs a deadlie to Marion county taxpayers, but to thousands of home buyers using Railroadmen’s new plan loan, # is just another day! You can solve your problem the

same as they, Without charge, WE obtath your tax receipts and pay then, YOU ‘make a single payment ‘each month on your loan that er Taxes and Thsurance as well as Principal and Interest, Tt is ‘as simple as it sounds. - Tear ‘out this ad, send it fn with your Thame and nddress and We will send full ‘details. Xo ligation.

BE 16:1

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