Indianapolis Times, Indianapolis, Marion County, 19 October 1937 — Page 1

Page PDF (11.15 MB)

Back to issue view

The Indianapolis Times

FORECAST-—Much cooler with rain tonight;

tomorrow fair and cooler.

eee HOME

FINAL

VOLUME 49—NUMBER 190

TUESDAY, OCTOBER

19, 1937

Entered as Second-Class Matter at Postoffice. Indianapolis, Ind.

PRICE THREE CENTS

22 FIRMS RESUME MILK DELIVERIES ON STATES ORDER

Distribution Probe to Be Asked, Union Head.

N Says

NO DISTURBANCE

Struck Servicing Clients, | They Announce.

2 Companies)

(Photos, Page Three)

As all but two Indianapolis | dairies, which are struck, re- | sumed home and store deliveries today, the International Brotherhood of Teamsters and Chauffeurs saw it would | ask a State investigation into | milk distribution practices in the Marion County area.

| tary, today said his organiza- | tion may ask other A. F, of L.

generar Walkout in| City Threatened

By Peats.

MEETING CALLED |

100 Auto Mechanics | In Eight Shops on Strike.

Teamsters’ Union secre-

Harry DPeats, and Chauffeurs’

affiliates to join in a city-wide “labor holiday if we don’t get somewhere with our negotiations this week.” The Teamsters’ and Chauffeurs’ Union is conducting strikes among furniture loaders and haulers and

19 Found Dead in Air Liner Wreckage

The big Mainliner, above, bound for San Francisco from Newark with 16 passengers, two pilots and a stewardess, was wrecked near the Utah-Wyoming boundary, about 26 miles from Knight, Wyo., shown on the map at right. Radioing that it was on the course and on schedule over Rock Springs, the big transcontinental cruiser was not heard from thereafter, although it was due in Salt Lake City 25 mmutes later. Heavy black line on the map indicates the plane's course to Rock Springs. The dotted line shows the route on which it left for Salt Lake City, over mountainous regions, with a violent rainstorm and squally weather reported,

Wheat Prices Recover

ton -. e T “a na }

FIELD HERE, LITAR

PUNE RADIOED | 1 SALL WELL "HERE 84 BM. SUNDAY.

S DAK,

‘ NES»

CHEE! ve

W—————— —————— "nxn. nn Venn ——"

COLORADO

RUSSIA BALKS Mercury Dow DOES THROWN

| Wheat, | |the Chicago Board of Trade | (today after the

[ market

STOCK MARKET RALLIES

AFTER WIDE DOWNTURN, RECOUPS MANY LOSSES

SEC UNCOVERS

From Early Lows At Cilom.

Porkers Drop: 25 to 4 Cents in Local Stockyards.

CHICAGO, Oct. 19 (U. futures iy

’ on to Depress Hon | Found on Exchange, ol Body Indicates.

(Merry-Go-Round, Page 12)

By ROBERT W. HORTON Times Special Writer props were | WASHINGTON, Oct. 19.«Inves- | tigation of the stock market decline | y > . | knocked out from under the | 18 the Securities and Exchange in early dealings. | Commission has developed evidence | y " of a persistent effort over a period S Initial weakness arose from | of months to depress the market, uncertainty over the drop in| it was learned today. the stock market. Substantial short sales have been |

on |

| uncovered by SEC investigators,

EVIDENCES OF | CORN HOLDS EVEN SHORT {I SELLING

| P.) .«Stoeks

Strong Buying Trend

Comes to Front in Closing Hours.

1 RADING HEAVY]

Recorded In Issues on

(Gains

Exchange.

NEW YORK, Oct. 19 (U. | rallied on instie | tutional and investment trust buying today after breaking 2 to 13 points in the heaviest, trading since July 1, 19 when the turnover was 572,000 shares.

| DZ, In some instances

Dl Dy

prices rallied

to net notably North | American Trading | from the | by blocks

gaims, in and Montgomery Ward, at a furious pace

start, which was featured of 1000 to 25,000 shares,

who have been in New York collect parallel | yoo int t the sl that for the | g information on the slump tha aving [has carried prices to new lows since | [ 1935. The identity of the short sell- | ers. and the extent of their commitments are a secret. The tape was late nearly all day, It appears, however, that discov-| attaining its maximum tardiness ery of this activity has not tended | around noon when it was 22 mine to inspire sympathy in the SEC for | utes behind the actual market.

AT FRENCH HPLAN Nine Degrees in FROM BIG PLANE:

Tour Period

| Police were not asked to protect | Beech Grove Bus Co. drivers. It | property or employees of delivering | also is attempting to negotiate con- 2 companies as the 12-day- tieup tracts with wholesale grocery arms. Rejects Proposil to End ended. Resumption was ordered by | Meanwhile about 100 members of Foreign Troop Aid Spanish War.

‘One of Women Killed Had | Expected Baby in Few Days.

was

TEMPERATURES

Leon C. Coller, Marion County Area | the Auto Mechanics and Garage

Mr Administrator, strike at eight garages today, ac- . Coller said he had withheld | cording to H. T. Hamilton, Washan eh order to resume deliveries | ington, grand lodge representative

60 61 62 . 62 . 63

11 a. 12 (noon)... 1p. Mm... 2» mW...

BULLETINS 1 KNIGHT, Wyo. Oct. 19 (U.P)

when it seemed possible that the |

companies and the union would get | together, The reissuing of the order, he | said, was because the situation | seemed to be stalemated and because nondelivery caused great inconvenience to the public and might | have resulted in a partial loss of | market to the producers. Failure to comply with the order to resume, except in the cases of struck dairies who notified him they did not have the personnel to deliv- | er, would result in revocation of |

license, he said.

Hughes to Ask Probe

treasurer, e distribu- | basis of ! collecting

secretary and ask for the

general said he would tion investigation on the evidence he said he is showing that distributors in some | cases accept less than the legal 11 and 12 cents a quart for milk, He said that was discriminatory to consumers paving the legal price | and that the practice was one reason wages were not higher in the industry. He said distributors in some instances accepted as little as 8 cents a qua rt. As deliveries began at 7 a. m,, the drivers’ union struck the Banquet Ice Cream Co. Leslie Dobbs, union secretary, said, He said that Capitol Dairies, struck by the union 13 days ago, had attempted to deliver five of its routes in Banquet trucks and that Banquet drivers had struck. HT. Perry, Banquet vice president and general manager, denied the union charges, and A. P. Hohlt, Capitol Dairies president, said: “lI don't want to answer about that. Take the union's word for that.” Police said they were told by Banquet Co. officials that 17 drivers had struck and that the company was attempting to find substitutes for them. Wages Barrier, Says Hutson

State Labor Commissioner Thomas R. Hutson said he knew of no further conference scheduled to mediate the four strikes—Banquet, Capitol, Weber Milk Co. and Furnas | Jce Cream Co. Wages were the stumbling block in latest conferences, he said. Today the dairies had bulletin board proposals posted in all plants, all identical. The table below contains the weekly salary offers, taken from bulletin board announcements, and the | counter demands of the union, as | quoted by Mr. Dobbs: (The points are a system of fig- | uring sales, satisfactory to both | union and management, Mr. Hutson | said.) Classification Up to 230 points From 230 to 245 Every Y0N0 points over 243 $1. All wholesale drivers OSS) (Straight) S32 $38.50 $15 $30 S30 (first weeks) S25 a

Company Union $27 $30 S29 i 0 0

(and 2° Skippers Supervisors Special delivery Inexperienced route men

S15 $21 si (first 4 weeks) $M si

Plant helper Semi-speecialized labor $2 to $32.50 | $33 So

Specialized labor S50

Women $19, vn Mr. Dobbs charged and triblitors denied that the board proposal was not a net rice in wages, but was merely a revi-| sion of top salaries down and bot-

(Turn to Page Three)

bulletin

TIMES FEATURES ON INSIDE PAGES

Johnson ......123 Merrv-Go-R'd 12 2 | Movies 6 Mrs. Ferguson 11 Mrs. Roosevelt 11 Music Obituaries Pyle Radio Serial Story Scherrer Short Story Society State Deaths . 5 Wiggam .....19 n | Sports .......14|

Bob Bums ... Books iver Broun Clapper Comics : Crossword 17 Curious World 19 Editorials .....12 Financial ....13 Fishbein 13 Flynn 13 Food ir Forum ......-12 Grin, Bear It 8 In Indpls. i Jane Jordan .

19 rd B 23 18 “8

TERR EERE

| the garages of the eight struck com-

Co., Johnson Chevrolet Co., FadelyBirr Motors, Inc., Washington Chev- | rolet Co., Thomas L. Hughes, Brotherhood | gunnity Chevrolet Co. and Coburn Chevrolet Co.

F.D. R. HINTS QUICK

» | ICT easing

the dis- |

run as an independent next fall.

of the International Mechanics. Mr. Hamilton said the strike was called following refusal of the Indianapolis Auto Trade Association to confer with union leaders on working conditions. Trade Association officials declined to comment on any phase of labor matters.

Picket Lines Established Picket lines were established at

Association of

panies, Mr. Hamilton said. They are Capitol Motors Co., Monarch Motor

Superior Chevrolet Co.

He said 55 local garages belong to the association and that if the strike spreads to all of them, 1000 (Turn to Page hres)

ECONOMY, TAX RISE

U. S. Budget Points Toward 37 Billion Deficit.

BULLETIN

WASHINGTON, Oct. 19 (U. P.).—~Senator La Follette (P. Wis.) said today he would accelerate his fight in Congress for a broadening of the Federal income tax base to balance the national budget.

(Text, Page Nine; Editorial, Page 12)

WASHINGTON, Oct. 19 (U. P.).— President Roosevelt abandoned hope today of a layman's balanced budget in this fiscal year but presented the country with alternatives of quick economy or higher taxes to bring expenditures within Federal revenue. Mr. Roosevelt's October budget report confronted the nation with its eighth consecutive deficit and pointed the public debt toward a new $37,000,000,000 high. Mr. Roosevelt acknowledged that the Treasury's gold sterilization policy probably would force the public debt considerably beyond the $37,119,858,732 figure indicated Im this budget summation. But sterilized gold is rated as a prime asset and available always to reduce the debt at its face value. Mr. Roosevelt’s reference to gold was interpreted to mean that the Treasury would continue to buy all metal offered here at New Deal prices. Trimming revenue estimates and his spending schedule, (Turn to Page Nine)

‘MILLER IS ELECTED

LONDON, Oct. 19 (U. P.). ~ Sovet Russia rejected a French proposal tonight for solution of the Spanish nonintervention problem. The rejection was made by Ivan Maiski, Soviet ambassador, at a meeting of nine powers represented on the “chairman's subcommittee” of the International Nonintervention Committee of 27 nations. The French plan dealt with “symbolic” withdrawal

of foreign volunteers from each side in Spain, dispatch of a committee to supervise withdrawals, and a study of granting belligerent rights to each side,

ASTURIAN FRONT, Oct. 19 (U. P.).~The Loyalist front in Asturias, last Government stronghold in northeastern Spain, was crumbling rapidly today as Rebels fashioned a huge trap in the high ranges of the Picos De Europa. The Loyalist retreat was assuming the proportions of a rout. Defense became almost impossible in the face of the speedy and multiplied outflanking movements by Rebel columns,

LONDON, Oct. 19 (U. P.) .—Armed | with fresh instructions, delegates of nine European powers began today the crucial business stage of negotiations on withdrawal of foreign volunteers from the Spanish civil war. Delegates were pessimistic. But French sources, usually ‘wellinformed, reported that France was ready to make a new concession to Italy—to propose that an equal number of volunteers be withdrawn from the Spanish Rebel and Span(Turn to Page Two)

TO ROBINSON POST

LITTLE ROCK, Ark, Oct. 19 (U. P.).—Rep. John E, Miller, who ad-

mires President Roosevelt but didn't always support his program in the House of Representatives, today was elected to fill the unexpired term of the late Joseph T. Robinson in the Senate. Mr. Miller defeated Governor Bailey, who accused Mr. Miller of disloyalty to the national Administration and told the voters he had and would support President Roosevelt “100 per cent.” Mr. Miller's margin was sufficiently decisive when returns from 1703 of the state's 1923 precincts in yesterday's special election gave him 62,110 votes to 41,333 for Mr. Bailey. Mr. Miller said he admired the New Deal but always voted his conscience,

Vi anNuys May Seek Office As Independent Next Fall

By TOM OCHILTREE Some political advisors of Senator VanNuys, apparently conceding he has little chance for renomination by the Democratic State Convention, predicted today that he would

State House sources, however,

claimed he could muster only “feeble, half-hearted support” under such a plan, and said they had little fear that the Republican high command would accept him as their candidate. “Any attempt he might make would be purely a last-ditch stand, and he knows it,” said one spokesman for the Administration, which is now aligned against Senator VanNuys. “It would cost him at least £100,000 to build up a moderately powerful organization. The assessment for putting his name before

the convention next June probably would be in excess of $1000.” In a statement here last week, Senator VanNuys said: “Having announced my candidacy for reelection, I very naturally took stock of political conditions (during a three-weeks’ tour of the state). I was delighted with what I found. “I would welcome the opportunity of submitting my candidacy to a state-wide primary,” he added, leading some observers to believe he might seek to head a fusion ticket next year. After announcing that VanNuys clubs would be organized throughout the state to handle his campaign, the Senator continued: “I regret that it is necessary to conduct such an intense campaign, but conditions not of my making demand it.”

Administration men said that if

( to Page Seven)

m... § | | ]

Temperatures dropped 9 degrees |

between 11 a. m, and 1 p. m. this afternoon, and the Weather Bureau said it would be “much cooler with rain tonight.” The rains which have drenched the city since Sunday are expected to end tomorrow with cooler temperatures. Attributing the almost continuous downpour during the last 48 hours to extremely low pressure from the West, the Bureau said that rainfall here since Sunday morning amounted to two and one-half inches. Temperatures today were to hover between 55 and 60, with a drop to between 40 and 45 forecast for tomorrow. The Bureau said rains have swollen Indiana streams but the situation is not alarming. White River here rose only fourtenths of a foot to 4': feet. Flood stage is 12 feet, The greatest rise was noted in the west fork of White River in the vicinity of Ellison and Edwardsport, the stream rising to 16.9 feet. Flood stage at these points is 18 and the warning stage 19. The Bureau said there was no noticeable rise in the Ohio River in Southern Indiana.

G-MEN REVEAL ROSS

RANSOM OF $50,000

List of Bills Published; Wide Hunt Opened.

CHICAGO. Oct. 19 (U. P)-— G-Men today began a nation-wide hunt for the Kkidnapers of Charles S. Ross, 72, who failed to return him after extorting $50,000 ransom from his family. Within an hour of expiration of the deadline laid down by Mr. Ross’ anxious wife in a public appeal fo the abductors, J. Edgar Hoover, Federal Bureau of Investigation chief, made public a list of the ransom notes. Mr. Hoover said the ransom was paid after the family received what _ (Zurn to Page 1 Two)

BLACK CHALLENGE MAPPED IN SEC CASE

TAMPA, Fla., Oct. 19 (U. P).— Frank J. Ryan and the Ryan Flor ida Corp. will petition the U. S. Supreme Court immediately for a rehearing of its petition against the Federal Securities Commission because Justice Hugo L. Black took part in consideration of the case, it was announced today. “We will petition the Court immediately for a rehearing, in the absence of Justice Black,” Attorney William C. Pierce said. “We did not question the eligibility of Justice Black prior to yesterday's Supreme Court ruling on the assumption he would not participate in the case because of the public stand he had previously taken.” Justice Black, when a Senator, was connected with the case in his capacity as chairman of the Senate Lobbying Committee.

TOWNS, CITIES GET $13,500,000 IN TAXES

State Statistician Richard Strahlem today said that Indiana cities and towns have received $13,574,149 in distributions of gas and excise tax coliections in the last four years. In 1933, he said. they received $2.965.974; in 1934, $3,381,268; in 1935, $3,561,369; in 1936, $3,665,542.

GULF STORM BREWING

NEW ORLEANS, Oct. 18 (U. PJ). —A storm is brewing off the northern Gulf Coast, the Weather Bureau announced today. Small craft warning was indicated at 8:30 a. m. (Indianapclis Time) from Port

Arthur, Tex. east sto Carrabelle,

A searching party reached wreckage of a United Air Line transcontinental plane today and

found all its 19 occupants dead. The toll actually was considered 20 be- | cause one of the woman passengers, | had she lived a few days longer, | would have given birth to a baby Secretary of Commerce Daniel Roper today announced appointment of a special board to investigate the crash. No date was set for hearings. Ralph Johnson, United Air Line | pilot and member of the first party to reach the wreckage, made a hazardous journey back down the ¢ steep slopes of the Uinta Mountains and reported that all aboard the] plane had been killed. Eighteen bodies had been thrown | through a hole torn behind mel pilot's cockpit and were scattered | for 100 feet in front of the plane, | he reported. They were buried in | the snow, with only arms and legs | protruding One body was found in the cock- | pit. The information ended the pathetic hope of Dr. Richard M. Boe | of San Francisco, whose niece, Irie Helen Ferreira, Chevenne, Wyo. one of the plane's 16 A had been about to have a baby. Hoping that she still was alive, | either unhurt in the crash or grave- | ly injured, he had flown to Salt | Lake City to join a searching party, expecting if possible to deliver her | child at the scene of the wreck by | a Caesarian operation. The plane struck so hard that 11 seats—all well fastened to the floor | of the cabin—were torn loose and followed the occupants out the front of the plane. Practically every- | thing movable in the cabin went out the hole in the nose. J. W. Myers, another rancher who accompanied the party, said it appeared that most of the snow had fallen since the crash. “There were no traces (Turn to Pap e 16)

the |

of the

‘IRON LUNG’ YOUTH i! HEADS FOR FLORIDA

ABOARD THE DIXIE LIMITED, | EN ROUTE TO FLORIDA, Oct. 19 | (U. P.).—Frederick B. Snite Jr., his | body encased in the “iron lung” which has kept him alive for more | than a year and a half, traveled | swiftly toward a Florida vacation | today, playing chess with his father and enjoying the scenery reflected in the mirror of his respirator. Snite is making his second long trip in the respirator since he con- | tracted infantile paralysis in China. The trip from Chicago to Miami is nearly 1500 miles. Earlier this year, | he came to Chicago by boat and | train from Peiping, China, where he was stricken

WILL ATTACKED IN HAHN POISON CASE

19 (U. P).— |

CINCINNATI ¢ Oct Westifying in German through an! interpreter, Mrs. Anna Eberhard: told today of the relationship between Jacob Wagner, 78, and Mrs. Anna Marie Hahn, 31, who is on trial on charges of killing Mr. Wagner. Mrs. Eberhardt testified to what she said was Mrs. Hahn's first visit to Mr. Wagner last May. The State contends that a will leaving Mr. Wagner's estate to Mrs. Hahn was dated Jan 10, 1936, and that Mrs. Hahn did not know him on that date.

HISTORY PROFESSOR REPORTED MISSING

EVANSTON, Ill, Oct. 19 (U. P.) .— Prof. Ernest Lauer, 51, Northwestern University history instructor several times a figure in campus controversiés, today was reported missing. Mrs. Loretta Lauer, his wife, told police she had received no word from her husband since yesterday morning, when he left his home for

the campus.

| successfully

| about

| day.

i ing swamped the pit.

maintained its level Losses were not large or so rapid and December and | | May showed a tendency to steady | 1 cent under the previous |

Corn

| close Liverpool closed irregular and | Winnipeg was not immune to the! downslide here. Overnight Canadian | export demand was reported to be | restricted

'Porker Prices | Drop

In Local Yards

Hog prices dropped 25 to 40 cents at the Indianapolis Stockyards today, in line with the current trend in all markets. Weights above 160 pounds were 40 cents lower and weights below 160 pounds were 25 cents down, Vealers and lambs were steady.

DEATHS BLAMED ON ‘ELIXIR’ REACH 13

Dr. Fishbein Reports Five More After Survey.

CHICAGO, Oct. 19 (U. P) Dr.

M nal of the American Medical Association, announced today that known deaths from a “proprietary elixir” of sulfanilamide bad mounted to 13. He received a report of four deaths in East St. Louis, Ill, and another death in Tulsa, Okla., where eight deaths were reported yesterOne other man is dying in | Bast St. Louis, Dr. Fishbein said. One other patient in Tulsa and one in East St. Louis are known to be 1]1 from the effects of diethyline | gly col, with which the sulfanilamide | was mixed, Dr. Fishbein said. The drug employed in Tulsa, Okla., to which a number of deaths have been attributed was not prontosil or prontylin. Prontosil is the original compound of a group of | antistreptococcus specifics 2nd is | sold at present only in a watery | solutioy for injection. Prontylin was the first preparation of sul- | fanilamide introduced to the American medical profession by the | manufacturers of prontosil and was [made known to American readers through the curative results obtained in the case of the son of the | President of the United States, Franklin D. Roosevelt Jr.

orris Fishbein, editor of the Jour- |

| stock exchange members who have |

strictions on trading Solution Is Sought

The Commission is working over- | | time on the problem in search of a |

solution which may protect the | legitimate demands of the capital [market and at the same time pre- | vent, “insiders” from regaining such

lapse of 1929. Reports to the Commission indicate that the public is not in the stock market to such an extent that

severely affected by the decline. The

to account for much of the thinness of the market, against which the Stock Exchange complains,

commissions decline. of brokers have become thinner their protest has grown louder at the SEC. There is strong opinion, however, among SEC officials that the Stock Exchange is overmanned and that a reduction of its present membership, 1375, to something nearer 800, would be a good thing.

F.D. R. Urged to Take

‘Strong Measures’

CHICAGO, Oct. 19 (U. P) .—Rep. A. J. Sabbath OD. fy today charged Wall Street is in a con- | spiracy “to break the market and | punish the President” and urged President Roosevelt to take “strong measures . to frustrate their diabolical plan.” In a telegram to the President, | Mr. Sabath said: “Even inflation should be resorted to in order to frustrate their destructive plans.” He urged increasing the margin | requirements on “short” sales to | 90 per cent and reducing the mar- | gin on “long” transactions fo 25 | per cent.

Result of ‘Fear Market,’ Says Chicago Head

CHICAGO, Oct. 13 (U. P). Thadaeus R. Benson, president of the Chicago Stock Exchange, said today the present market collapse is | the result of a “fear market.’ “It is a fear market. pure and | simple. yet nobody seems to know | I just what he is afraid of--regula-tions, or what,” Mr. Benson said “Government regulation, of course, has been a factor, but it is far from being the whole picture [have been scared by governmental | [ rules.”

Deadline in Fund Drive Is Extended Two Days

The 2500 volunteer workers of the | Community Fund campaign today had reported more than three-

fourths of their goal pledged as leaders announced the drive had been extended two days. continue through Friday. Nearly $125,000 was raised during the week-end, bringing the total to $544 420.31. Approximately $176,000 must be raised to reach the goal. At the sixth report meeting yesterday, Fred Hoke, one of the cochairmen, said the entire amount must be raised to meet the needs of the 38 fund-supported agencies. Mayor Boetcher also spoke. Largest contribution reported at yesterday's meeting was $10,000 pledged by H. P. Wasson & Co. Other large gifts included: Mr, and Mrs, G. A. Efroymson, $4006, Mr, and Mrs. William A. Zumpfe, $2000; West Baking Co., $1500; Mrs. Walter

lc Marmon, $1000; Mrs. Samuel M. | Reid, $700; Rough Notes Co., $675;

J. M. Antrim, $350; Herman W. Kothe, $200; Henry V. Kobin, $220; Abraham J. Barskin, $100, and William H. Roberts & sons, $300. Among the increased pledges reported were: H, Lieber Co. $125 to $150; Vonnegut Hardware Co., $650 750; Mrs. BYfty E. O'Neal, $250

Tt is to

to $300; Mr. and Mrs. Karl Zimemer, $175 to $200; Carter-Lee Lumber Co., $90 to $100; Louis mann, $55 to $75,; City Securities | Corp., $100 to $125, and Alex Cohen's Sons, $110 to $150. The following employee groups | [also contributed: Indianapolis Public | Schools, $9684.87; American Can Co. $360; Link-Belt Co. $2734.45: Wadley Co., $190.50; Gibson Co., $404.25; Colonial Furniture Co. $311, and Haag Drug Co., $275.

Roosevelt Talk Opens Drive In 454 U. S. Cities

(Text, Page 16)

PITTSBURGH, Oct. 19 (U. P.) — The 1937 Mobilization for Human Needs began today in 454 cities, Nation-wide appeals for co-oper-ation to relieve human suffering were made last night by President Roosevelt and leaders of the cam- | paign. The Indianapolis drive, first in any large city, was already under way.

Park, N. Y., home the President asked citizens to give “goral and financial” support to pri charity.

control as they had before the col- |

general purchasing power should be |

absence of the “little man” was said |

With volume falling off, brokers’ | As the profits |

Insiders |

Hues- |

| At 1:43 it eaught up, but four

was abreast of the market again to the close First hour sales shares, a rate of for a full session hour sales were 1,680,000 shares, [bringing the first two hours to | 3,890,000 shares, largest first two [hours since July, 1933 and a total above any full day this year, Three 25,000-share blocks were | traded at the outset, The feature {was Nash-Kelvinator which did not | appear until 11:40 when it sold at (5 off 5'2, A short time later the issue got back to 10,

Allied Chemical Recovers 10

Allied Chemical sold at 150 off 13 | ane came back 10 points from the low. Wide recoveries were noted in other leading issues. Steel Common made a new low at 54( off 814 and | rallied more than 5 points. Chrysler | recovered 6'2 points of a 9% point decline American Telephone rallied 4 points after touching 140, off 9 [MorigaRery Ward reached 36 after hitting 30, off 2. Standard of New | Jersey made a net gain after selling down 2'4 points to 42':. Wall Street opinion was that thes market's decline today was caused entirely by its own recent performs | ance Most early sales were necessities, caused by inability to meet | margin calls. Rumors that the exchange would be closed were squelched by Wash- | ington sources who said they would maintain a hands-off policy until [an emergency developed. They did not consider this an emergency. { Commodities dropped and ree | covered partially Wheat closed at declines of 1% to 2's cents a bushel, [Bonds declined to new lows since [1935 and rallied partially. Gove ernment issues, which had sub- | stantial losses, retraced half of hem.

were 2,210,000 11,050,000 shares In the second

Federal Reserve Action

Not Seen Necessary

WASHINGTON, Oct. 19 (U.P) «= [A respoisible Federal official said | today that conditions “do not seem [to warrant” any immediate Federal | reserve hoard action to change mar- | gin requirements in an effort to [halt the rapid fall of stock market values.

‘Chicago Issues Fall 1 to 5 Points

CHICAGO, Oct. 19 (U. P.) ww | Stocks fell 1 to more than 5 points | on the Chicago Stock Exchange today in excited trading and then rallied in afternoon dealings scaling losses. At the lows prices were at { new bottoms since early 1935 Zenith Radio jumped 3 points | from its low to 15's, where it was | up 114, while Quaker Oats scaled a lowoint loss to 5 points. Such issues as Bendix Aviation, Borg Warner, | Commonwealth Edison, W. B. Jarvis, | Libby McNeill & Libby, all of which were down 1 to more than 2 points, were up 1 to more than 2 points | fro om the lows. Chicago Flexible | Shaft had an 11-point loss at 35, | Abbott Laboratories was down 3 at 37 and Central & Southwest Utilities prior liens were 6 points lower at 78

Investors Crowd Local ‘Brokerage Houses

Local brokerage houses were crowded today as the New York Stock Exchange reacted wildly, atfecting all stock, grain and livestock markets in the United States and abroad. Officials at Thomson & McKinnon and Abbott, Proctor & Paine said they were doing twice as much busi« | ness as usual. Both offices were | filled with traders. One official said: “They are protecting accounts, | splitting margins and doing investe

| ment buying.”

The heaviest rush was during the

Speaking by radio from his Hyde | noon lunch period, when office em

ployees of the city, hearing of the market's actions, rushed to the brokerage firms, a