Indianapolis Times, Indianapolis, Marion County, 9 December 1937 — Page 24
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IN LIGHT VOLUME AFTER EARLY DIP
©
Few Chemicals Meet Demand and Gain Slightly.
NEW YORK, Dec. 9 (U. P.).—The stock market ral;lied today after a decline of “fractions to more than 2 points. A firmer tone was noted in the early afternoon although a majority of issues still sold .below the previous
" close. Trading continued dull on the decline and on the .subsequent rally.
Some chemicals met demand and small advances were noted in Union Carbide and Monsanto.
United States Steel rallied a point from its low of 57%, off 13s. Chrysler came back to the previous close of 583 from 5812. Atchison recovered & point of a 1% point loss. Du Poni regained nea®ly all of a dip of about a point. Westinghouse Electric sold at 1103 and rose to 113, where it was 1% points net higher. Harvester and Deere ‘were firm. Rails about held their own. Coppers recovered part of losses that ranged to more than a point.
Today’s Business At a Glance
. GENERAL. BUSINESS
Dun & Bradstreet reports week ended Dec. 8 bank clearings $5,500,637,000 vs. $6,008, 196,000 year ago. Engineering News-Record reports construction awards this week $31,873,000 vs. $41,680,000 last week and $59,244,000 year ago.
CORPORATION NEWS
Minneapolis-Moline Power Implement Co. fiscal year ended Oct, 31 consolidated net profit $1,524,585, equal to $1.26 a common share. No direct comparison available because company changed fiscal year. In calendar year 1936 consolidated net profit was $739,149 or 14 cents a common share. Bruck Silk Mills, Ltd. fiscal year ended Oct. 31 net profit $17,169 equal to 13 cents a common share, vs. $2,475, or 2 cents previous year. Pittsburgh & West Virginia Railway Co. first 10 months’ net income $369,491, equal to $1.22 a share, vs. $318,438, or $1.05 year ago. Southern Railway Co. fourth week in November gross $2,733,378, vs. $3,250,792 year ago; November gross $9,911,683, vs. $11,257,481 year ago; Jan. 1.to Nov. 30 gross $121,721 1500, vs. $115,802,562 year ago. Southern Pacific ‘Co. week ended Dec. 4 carloadings 28,661, vs. 24,351 previous week and 29,246 year ago. Wabash Railway Co. week ended Dec. 4 carloadings 5456, vs. 4624 previous week and 6115 year ago. Walgreen Co. November sales $5,481,613, vs. $5,328,696 year ago, up 29 per cent; 11 months $61,183,839, vs. $567,000,935 year ago, up 7.9 per cent,
DIVIDENDS
Benson & Hedges $2.50 on $2 preferred, in arrears, payable Dec. 27 record Dec. 17 vs. $2 Dec. 18, 1936. General Baking Co. regular quarterly 15 cents and special 15 cents on common payable Dec. 22 record Dec. 13; also. regular quarterly $2 on preferred payable Dec. 22 record Dec. 13. Regular quarterly on common*usually due Feb. 1 and regular quarterly on preferred Jan. 3. Hollinger Consolidated Gold Mines extra 10 cents and regular monthly 5 ‘cents payable Dec. 31 record Dec. 16. Victor Chemical Works 30 cents payable Dec. 22 record Dec. 15 vs. 25 cents Dec. 30. American Crystal Sugar Co. 50 cents on common, payable Jan. 3, record Dec. 20, vs. like payment Oct: 1. American Superpower Corp., reg-
» ular quarterly $1.50 on $6 preferred,
payable Jan. 3, record Dec. 10. Bridgeport Machine Co. cash of 25 cents and stock of $1 in 7 per ‘cent cumulative preferred stock of $100 par value on common, payable Dec: 30, record Dec. 17. Bucyrus-Monighan Co., extra $1.25 on Class “A” payable Dec. .20 record Dec. 10 and regular = quarterly 45 cents on the issue payable Jan. 1 record Dec. 10. Chain Belt Co., 30 cents on eommon payable Dec. 27 record Dec. 16
vs. 25 cents on Nov. 25. (Copyright, 1937, by United Press) ES ll Al SAREE SP RE:
Curb Stocks
By United Press
NEW YORK, Dec. 9 (U. P) ~Curb stocks opened irregular. Ops
Net ‘Change TH 10
S +
ae . sheggevsdesesvsancaie Pesiitisecctsnnstcns sesesssscssnsansdses
sedegyrbscnns
Ua IT&E PA... CHICAGO P
arket, firm. Rece site, 18 1888 ches, ch fe fir . COIs extra ‘sts, cars, 23¢: ee then o 5
ih current
| feceipts, te; %i eCKS. 19¢c; fresh dirfe Cafe; & rage di Sher Re: refrigeraStora 1834c; ‘extras, 19%e;
ig. t, eady. graces gs. 7927 Bi 2 0-9 Re na 015¢ 3 Ba - re), 89 89 score). sac 26
1 200: ese, sap sprin ps ens. Reese, 3c; sirins
im daisies, 19@ 9@19 ; no early
of sdgiate: wéather, ing cars. Arrivals, 5 on ents, 531
GOLD SENT TO FRANCE
WASHINGTON, Dec. 9 (U. P.).—
| Another $5,000,000 in gold from this
| country’s inactive gold fund was | shipped to France on the Norman - die yesterday, the Treasury announced today. The latest shipment brings to $35,~ 000 900. the gold sent to France in the last Find months.
ic a 3a 3
Porker Pros Drop 5 Cents To $8. 5 0 Top
Hog prices eased 5 cents in the local yards today, according to the Bureau of Agricultural Economics. Top eased to $8.50 on good to choice 140 to 180-pound butchers. Packing sows were around 10 cents lower as most sows cashed from $7 to $7.35. The steer run lacked anything from a killing viewpoint and the receipts dropped until it was difficult to obtain an idea of the trend. A few loads of short-fed off-color descriptions cashed from $6.50 to $7. Odd head of better grade short-fed medium weights sold from $9 to $9.25. Lows and heifers moved at steady rates. Bull prices were strong, Vealer prices were unchanged as good to choice offerings cashed from $10 to $10.50. Lower grades sold at $9 down. Lambs were strong to 25 cents higher. Fed offerings sold at the advance price. Top on choice native kinds was $9.25.
HOGS
“w»
9999099000005
De: 2. 3. 4. 6. 1
18333553 22000000 100%
9. 8.20 Light Lights— 140- =160} Good
Sn enoy 0000 ona SnS
8 oS
choice. .
choice. . choice... choice. . choice. .
choice. . choice...
99 93 Co]
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(425-550) Good: os (275-550) Medium . ‘ Slaughter Pigs (100-140) Good a and choice..
De
SD
IO 2993 93 Swen NO JON AD Spi
OO GOUT DO Ucn
SE)
o
—Receipts, 800— (550-900) 9 .
SSSI 3993393
(900-1100)
oh pd 30 S300 hut $0 £1.00 44 12 ShuuNnoboz SUoDUSOD
—
(1100-1300)
— no D =
S5550 d = = >
(1300-1500)
a D300 I =n 10
233uusggsuuus
33 > 2 > =]
(550-750) hem eira Sod qe 130 9. 09 Good™ and choice... . Common. mediym.
(750-800)
ediu oe fon cutter and "Cutter .e
Good (beef) Cutter, common and medium. . . Vealers —Receipts, 400— Good and choice edium
(250-500) Sood and choice... Common, medium. Feeder and Stocker Cattle : Steers (500-800) Good and choice.. mmon, medium. (800-1050) Good and choice. . Common, medium.
ooh SSue
Heifers— Good and choice . Common and medium ... Cows— Good Common and medium ...... SHEEP AND LAMBS
—Receipts, 2500—
ib SAG) aI] ow ou ne SS ow 2388 93. 939 9239 BO MI J0a0 Ty ~Ib2 Not oo arn
Lambs—
S10 5 Good and ohoice. Common, medium.
CHICAGO, Dec. 9 (U. —Hog ceipts, 23,000, inciuding 5000" directs Mar. ket. 10 to 15 cents lower: spots more; bulk good and choice. 150-200 Tos, $8. Yi $8.35; 210-240 lbs., $7.85@ te. $1800 @17.85; most good on: Cattle—Receipts, 10000: calves, 1000: active trade on fed steers and yeariings, strong; instances, 25c¢ higher on medium to near-choice shippme, steers; weights in broadcast deman -well-conditioned light cattle and yototaRs wanted; very liste steer beef here; best weighty steers, $11.65: several loads. $11.50: largely, $8@11; market, she-stock steady; bulls, strong an vealers stron ne to 50 tenis higher: sausage bulls to $6.75; vealers to $11. . 30; 900: including 500 ‘active, steady stronger: spots, 10 to 15 cents higher; os to choice native and fed Western offerings, [email protected]; best held as Bove, $9.50; sheep. steady; ewes. $3.50@ . FT. WA ) .—Ho
s e 4 hk gs Market, steady: Aes 160 1 bs.. $8, 85: 160-180 lbs.. $8.45: 180-200 1 $8.30; 220-225 1bs., $8.15: 225-250 Ibs. S47. 95; 250-275 lbs 7.85; Li -300 Ibs., $7.75: 30g. 350 1bs., $7. 85: 20- 140 1 $3. 35 100-120 lbs,, $8. Rough Ss, $7: st hr “36: ca Yes. $10. So” nue, 8
0%! aE Togs to 10 cents lower; 140- 170 5. ee 200, lbs. $8.30@8. 20020; JJ5o. 538 ibs. 4%. 0@ ; _roughs, a "lambs, [email protected].
Market $8. 568 50; 250 1bs., $7.9 7.80; - 100-1 To’ down. Calvés, $9. 50010,
LOCAL PRODUCE
The prices quoted are for quick zathered in the country, while ‘for deliveries prices are 1 cént higher. Each case of eggs must weigh 55 pounds gross. gs—No. 1 Strictly fresh, Joes off, 24c. Chickens—Heavy breed hens, 42 pounds and over, 17¢; under 4'2 pounds, 14c; Leg horn hens, -1lc; heavy sprifgers. 1% pounds and over, 18c; Leghorn springers, 1% pounds and over, 14c; bareback Y'roilers, 15c; old roosters, 9c. Du chs While, £4 ‘pounds and over, full feathered and fat, lic; colored ducks, 4% Fi Yee and over, 9¢; undér 4% pounds, 11 feathered and fat, 8t: Indian Runner ducks, 5c. Geese, 9 pounds and over, full feathered and fat, 9c. Butter—No., 1, 39@3g¥ac; No. 2. 3T@ 37%ec. Butterfat—No. 1, 35¢; No. 2, 33c.
U. 8S. STATEMENT
WASHINGTON, Dec. 9 (U. P.).— ernment expenses and receipts for on current fiscal year through Dec. 7,.compared with a oar SE Last Year
Expense .$3, 33 Ss 08 83 3 027,018, 5 Receints . 2,509,897, ass 1 5 1.3 338030 3 Deficit... 763,516,00 1a beEad 20 Cash bal. . 2.711, hat 2a 53 Bay 3 Work hal 943,300.7 tat Gand 9° :. 337641 i380 gi 2 11, if ser sate 03 Customs .. Toh: 216,830.13 3.858 384 15
Inactive Gold a 40 soe. 824. 12 5 935, gi ur 244.29
INDIANAPOLIS CLEARING. HOUSE
Cléarings ........ Mae ae Ves eae aren $2,445,000 Debits. 6,038,000
Foon PRICES
me Serna: sh toes—_Tennesses Hi, Poel, els, 80c Tolugs, $2.90@4. Cauli ci Ae es tl | . T aie - gan, jolare Aer 2 aoe. elery Michi ions (50-
CA! Dec. }.—On tower Ske) ilinols el lows “Tndiane Yels e 2% - Tellows $1 10; bs ska (RL
0c ellows Cibrade’ Vatencias, ol 1213; Idaho and
Swee
CHAE hos matoes—Texas,
See Final Edition of the Tires coder ah Closing Stock Quotations
The. inactive ‘gold fund now stands $1,282,579
'.
and Other Late News
EEEREEZZRES »
P.) —Apples—
"NEW YORK STOCKS
By United Press
a High Low
10 10 Bk ~ 28%
f Net | Last Change Le
Adams Exp or aph. ay El .... 1% kin Jun, iene 11%
log op Bt $30 1543 zt +0 100
LW NN = oN dy
HELE LE LH EH be
Am Water Anaconda 3fmaur
tchis th Refining es Atlas Corp ....
DI COC COTM =.
Bald Loco ct wi 9% Balt & Oh .... 12% 18% 3 a 34V2. . 57%
26%
3igelow San ... 2 271%
Boeing Air .... Borden. 3org-Warner .. Briggs Mig .... 2 kl MT . Budd Mfg Burroughs Byers At M ....
Canada Dry ... Can Pacific ...
hio Chi 2a Order Ch & Nw Ry Chi & Nw Ry Yot Childs Chrysler Colgate P-P ... Col Broadcast ‘A Col Broadeast 2 Colum Gas .. Com Credit N. Com Inv Tr. Com Solvents is Commonw & So Comomnw So pf Cons Edison Cons Oil ...... Con Textile ....
441, 26 9% 3 43, 29% 32 91 34% 12 Hy B34 .
eve 91 vo 34Ys Crown Zeller . 13% Curtiss Wr .... 33 Curtiss Wr A... 13% De «25% 25% . 49%, 49 37%
2% 2% 118%; 118% Et 164 164 4 43
iL 118
Deere & Co .. Donie Mines . Douglas Air .. Dunhill Du P
tk
ont
East Kodak ... Eitingon Sch .. Elec Auto L Elec Music Ind. Elec Pwr & 4 El Pw&L $7 p Eureka Vac .
Fair Morse .... 30% 30% Fid Phen nh 29, Flintkote 181; Foster Wheel .. HA 19%
—C Gar Wood Ind . 6a en Am Tr .. 42 . 3% 3114 . 35%
313 Gen Ry Sig ....
CRUDE OIL OUTPUT DECLINES IN WEEK
NEW YORK, Dec. 9 (U. P).— Daily average crude oil production in the week ended Dec. 4 fell to the lowest level since early March, while stocks of gasoline continued their upward trend, the American Petroleum Institute reported today. The institute estimated output at 3,387,000 barrels a day, compared with 3,425,800 a week ago and 3,000,200 a year ago, the second successive week that production fell below the figure set by the Bureau of Mines as the nation’s-daily requirements. The Bureau estimated that 3,491,300 barrels of crude oil a day will be needed in December. 7
IN VESTING CO.’S
133 53 .86
Bid Tuvest. Bank Ban
* Al m Crum Fos 2 Cum Tr iv C Div Shrs
2 6. 2. 2. 2. 2. 2. 2. 4 1.
quity 25. Preity 18. | Fiscal Fund, Ine. 5 . .35|No Am 1953 2 Jd 1 1955 yp ” 1956 * 1958 3 Quar Inc 11. ep T ¢
— = we WT » DO) ht bet DI - «3 op. SePRINEEag na shana ua as 8
Gen Cap 29. Be 32. 22 Gen I 4.74 5.16 Group” Securit s
Ld tpt te Said hob Bain yi sbe abo he
Tob Tr St Oil A 6.38 Ine I 16.77 18. 03 'B 5.69 Inu’ Becurities Ltd. Tr Ind 97 Bk Grp 1.25| Ui B 2.00
S- L&P Ins Grp i 13 1.33| Well Fd 13.49 1
LOCAL ISSUES
(By Indianapolis Bond & Share Corp.) The Iollowing quotations do not Tepresent actual bids or offering, but merely indicate the approximate market evel based on buying and selling inquiries or recent transactions.
BONDS |
#1 Ind Te] a) 41s a. Tel &
1.06 2.10 14.86
oi Aslted 103
1108 i 104% 1032 5s 98 Ind Rajlway Inc 5s 67 5! Tel & & To Sikes 63.. :
Belt RR 5 Yds com .... Belt RRB Yds pid Cent s aur 7% Bid Home T&T Ft W 7
Gen Serv Jnd Hydro er Gi % p Indpls Gas co i, *Indpls bar EL *Indpls Pw & Nt pid We . 8 Indpls water Co Jd 5% :102 s Co com.
Lincoln Natl Lite N Ind Bu Eub Serv Co Bid: ore 0 5 N Ind pS fd’ 8% %%: N Ind Pub Serv wf a 1%. Pub Serv of nd 8 %% Pub Serv of Ind 7% Progress Lanngiy ot
. 2 OM «oes Smith 4
Van Camp Milk Co pfd Van Camp ilk Co com
Market st. > Tove . & Co p33. 64 : stmen X *Ex-dividend. pi :
DAILY PRICE INDEX NEW YORK, Dec. § (U. P.).—Dun
& Bradstreet’s daily weighted price index of 30 basic commodities, com-
piled for the United Press (1930-
1932 average 100): : - Yesterday ... 11725] Week ‘Ago . 20s es 000300 117. 01 Month. Ago tesereresanpens ‘Holiday 5 137.89
Fear Ago
i, | sion matters.
DOW-JONES STOCK AVERAGES 30 INDUSTRIALS 5 Yesterday ............con... 120.80 1.49 Week 280 «1i..isvaaseraenes 125.14 3.03 Month ago sesssssssceess Holiday Xear ago. ........... 50. ... 182.18 41.02 High, 1937, 194.40; low, 113.64. High, 1936, 184.90; low, 143.11. 20 RAILROADS i ro Hosueranr ier 3% +0.63 31.55 40.19 Holiday 55.50 --0.39 High, 1937, 64.46; low, 29.15. High, 1936, 59.89; low, 40.66. 20 UTILITIES Yesterday ........ : Week 280......0.s00tssennvs Month ago.... Year ago High, 1937, High, 1936,
Yesterday Week A80.....veesssssssvene Month ago....
essssgesessaas
22.32 40.22 22.50 40.33 Holiday
37.54; low, 19. 36.08; low, 28.63. ; 0 STOCKS i srerieeees crescess 43.96 10.5% A240 +0.80 Holiday | 65.20 -0.31 69.67; Yow, 38. 2%. 1! 66.38; low, 51.20.
Yesterday Week ago Month ago Year ago High, 1937, High, 1936,
Net Last Change 27%;
High Low
-— 3
—'3 a
Be
ii Ya Gt North pf .. : Green HL ... 17% Grant pf 22 a os 23% 2312 632 63'2 10 1 495,
. 49% «1% 7% 2 2
Harb-Walk
Man ... le
Ind Rayon .... 18% RT 3%
Kaufman DS . Kennecott ..... Keystone Stl ... Kimberly C . Kresge SS ..
Loe Foo “Star Cem. Lorillard
Maihieson
MeCall Corp .. Melville. Sh .... 44 Mesta Mach ... Minn-Moline .. Mo-K Tex
Mother Lode .e Motor Prod.. Motor Whl .. Mueller Br ....
bbb HH
Nash-Kelv .... Nat Acme .... Nat Biscuit .... Nat Cash Reg.. Nat Dairy
fll
t Lead EZ Nat Lead pf A..155 Nat Pwr & Lt.. 87: Nt Supply Penn 21%2 Newport Ind .. 147 N Y Air Brk. 39 v0 o204% Ya 227, . 8% 1333
ER py
+
Ohio Oil
127% Otis Elev 53
Para Pic 2 pf.. Parke Davis .. Patino Mines..
3a) BB iis Phild Read C I Phil Morris
Public Serv ... Pullman .....# 3 Pure Oil ...... Purity Bak
cons
Republi¢ Stl .. Revere Cop .... Reyn Met ..... keyn Sern . 8% 41%,
Reyn Tob - ) Ya i... Richfield Oil .. 3% 5% devin St Jos Lead ... 33%
FOREIGN EXCHANGE
NEW YORK, Dec. 9 (U. P.).—O foreign exchange Steady Rat t pe e Rate England {pound $4.993, 5. Net Chane, En 0-d. r) 4 4.99
1.00 .0339% 05261 .1700 .4032 2313% (guilder) (peseta) . 4 Soleil n (krona)... .2575%a Norway (krone).. .2511 Denmark (krone) .2231 Japan (yen) .... .2914
Te
3ank of Manhattan Bankers Trust k of Y
. 19° 15%2 16Y2
Vy
-+.0000 1-16 +.0000%
--.0001
oy Jan ap Central Hanover sesseses Chase vl . Commercial .. x Continental ....
Som Exchange , ie aah P: cieesnecse First Nations '
Plaran Jrving tadin - National City . w York Trust .
Ine a Publie .
Title Guarantee ......
3a rg Net 2 Last Change 8t L-S Fran Schenley Dist | Sears Rasbuck.. vel In .
Socony yacuum South Pac . 23
terl Prod. tew War tone & Weh Sunshine I Swift &
Co Syming-Gould ’ Syming-Gld xw.
Vadsco Sales ..
3/ 3 Vanadium 17% 173 Wabash pf A .. 43 1 h 8%
2614 Wes Oil & S pf 137s West Auto Sup. 17Y West Union . . an
S 112 White! Ss Dent. 15 Wilson & Co ... 5% Woolworth .... 3814 Worthington ... /
Yellow Tr . .. Young S & & Youngs Sheet .
Zenith Rad Zon
WHEAT PRICES CUT BY PROFIT-TAKING
Corn Futures Advance on Strength in Liverpool.
CHICAGO, Dec. 9 (U. P.).—Profittaking cut early gains in wheat for losses below the previous close today on the Chicago Board of Trade. _ At the end of the first hour wheat was % to 12 cent lower, corn was % to 14 cent higher, and oats were 1% to 14 cent lower. Demand has been slow and this added to the pressure of profittaking and all early fractional gains disappeared. Some quarters believed an extremely larger export demand was necessary to sustain any upturns. From London came a report that fully one-quarter of the sown acreage has been lost in Cordoba, Santa Fe Entre Rios and Northwest: Buenos Aires. Wheat receipts were 24 cars. Corn was stronger than wheat on: a firm market in Liverpool. Indications pointed to a fair export business in U. 8S. Corn and heavier feeding is anticipated due to the cold wave. Corn receipts were 114 cars. LIVERPOOL WHEAT ¢ Prev.
Close close $1. StiA $1.15% . 1.132 1.14. . I 13% 1.14%
WAGON WHEAT Citv grain elevators are paving 2 red, 87c: other grades on their gash corn, new No 2 vellow, 4lc.
C.
oats
ARGENTINE GRAIN
BUENOS AIRES, Dec. 9 (U. P.).—Grain futures opened irregularly nat Wheat —December. $1.0 up 3%c; February, 81. 035%. up "34s. a em T13sc, up 1c: February. Jac
29c, unchanged. unchanged; arch, 81 26%,
N. Y. Bonds
: ‘By United Press’ BOND PRICE INDEXES
20 20 20 Inds. Rails Utils. . 81.8 4.2 94.5 71.5 94.1 71.8 95.2 99.9 105.8 83.9 103.2 101.2 106.1 69.3 2.3 100.4 106.2 81.7 103.5 1935 high ..... £6.4 103.6 93.1 1935 low 1.0 89.3 83.0 (Copyright, 1937, Standard Statistics<Co.)
NEW YORK, Dec. 9 (U. P.).—Bonds opened irregular.
up Yee.
60 Bonds 83.5 82.3 83.3 100.1" 92.8 100.7 81.1 100.2 93.3
Yesterday .... Week ago Month ago .. Year ago 2 years ago ... 91.4 1937 high ..... 95.0 1937 low 1936 1936
.. 82.8
Open Change Argent 4) 4158 1 Fo8) +
1.500 4125 39 B&O D583 000 D
Canadian . Chica Mil 5 Sip® Adj 5s 2000. . German 5'%s 65 . Int T&T “avis 52 Mo Pac 5Y%s
| Lack of Funds Has Reduced Many Old Age Pensions, Flynn Reports
By JOHN F. FLYNN NEW YORK, Dec. 9.—While the President is attempting to cut a 100 million from the road-building grants of the Agricultural Department and 75 million from the CCC and rumors come thickly that drastice cuts are to be made in relief expenditures, similar stories float
in of a sudden wave of economy in ¢- the social security activities of the | states. From Nebraska comes the story that a cut of 24 per cent in the amounts paid the needy aged was put into effect this summer and continues. Also grants to needy children were cut. The reason; of course, is that the state's appropriations for these purposes were inadequate. Last year ® a spirit , of great generosity moved the states in penBut when it came to laying the money on the nail something went wrong. In states like New York, with considerable experience with old-age pensions,
1it is pretty well understood what
percentage of the. states’ aged, over 65, should be on the rolls. In Nebraska 27 out of every hundred were on the pension lists and this is much over the percentage of New York, Massachusetts, New Jersey, California, states with well-ad-ministered systems, So now .the state is rechecking its pension -rolls and in one month 1000 were stricken from the rolls. A good many more are slated to go. In Texas a special session of the Legislature was called to provide additional funds for old-age pensions, and pensions for the blind and dependent children. One house wanted to put about 25,000 addi-
A
| tional names on the State’s pension
lief have been cut from $32 monthly
eral Government can't borrow the
: with actualities.
rolls, which are already the highest in the country. It would have cost another $250,000 a month. The end of it was no action. And thus the necessary funds for the pension system are still wanting. In Colorado the aged were delighted with the promise of $45 a month for everybody over 60. But now, because of the drain of funds for the pension system, Colorado has been compelled to make drastic cuts in its relief payments. In
other words it is literally making |
those on relief pay a part of its pension: generosity. Budgets for needy persons on re-
to $13.44 for a single
‘person. Colorado now has the
unique
spectacle of paying $40 a month to}
one aged person over 60 and $25.35 a month to a needy family of four persons. One explanation of all these things is that there was too much social security legislation rushed just before an election. Another explanation is that natural law is catchin with things. Pensions have got to be paid with cash raised by taxes of some sort. Legislators can’t borrow the money. The Fed-|
money. They are. being. confronted |
1 «are
WEIR ASKS FOR
LESS CONTROL
Charges Federal Laws Are Stumbling Blocks to Industrial - Peace.
NEW YORK, Dec. 9 (U. P.).—Ernest T. Weir, chairman of the National Steel Corp. declared today that labor and industry cquld “get
| along together” if it were not for
the “stumbling blocks” of Federal laws. “The activity of the Federal Government in labor matters is an element not previously present in our industrial picture,” he said. “It has created an entirely different aspect to the relation of capital and labor, and is one of the biggest stumbling blocks to a rational get-together.” Mr. Weir addressed the Congress of American Industry of the National Association of Manufacturers, which yesterday adopted a “platform for 1938,” declaring for the open shop and elimination of ‘“unduly burdensome” tax and labor laws. / Necessity for Business “A sound relation between management and labor,” he said, “is not a matter of morals and sentiment. It is a necessity dictated by the economic structure of business.” He criticized the National and some State Administrations for beclouding the subject of labor relations with “passion and emotion.” Asserting that the cost of strikes in this country rose from $370,000,000 in 1936 to “somewhere near $5,000,000,000” in 1937, Mr. Weir said the first six months of this year, with “over 2500 strikes,” was the
“worst and most costly period of.
labor turmoil in our history.” “What we need now,” he said, leaders who think not in terms of labor alone, of farmerg alone, of consumers alone, or of sectionalism.” He proposed substitution of “collective co-operation” for “collective bargaining,” which he said carried the connotation of “horse-trading.” When groups sit down to “horse trade,” he said, the public usually “gets it in the neck.” The Congress “platform for American industry for 1938,” declared that “the onward march of the American people can be resumed and continued only if American industry produces more so that all can have-more.,” “This advance,” it said, “can be assured by: “1. Encouragement of private initiative—the basis of competitive American industry. “2. Maintenance and extension of sound industrial practices by industry. “3. Equitable employment relations throughout industry. “4. Creation of new and Broader markets. “5. Constructive efforts to alleviate depression effects. “6. Sound Government policies. “7. Co-operation with. agriculture. “8. Peace.”
NLRB IS PLAGUED BY
Gol. 0-A. F, L SPLIT
Board Is Divided Over Organization Theory.
WASHINGTON, Dec. 9 (U. P.).— Increasing conflict between the Committee for Industrial Organization and the American Federation of Labor today plagued (the National Labor Relations Board. One dispute, concerning opposing C. I. O. and A. F. of |L. theories of industrial organization, appeared to have developed a permanent division of opinion Rmont Board members. The other—the C. I. O.-A. FP. of L. dispute over Oregon timber and lumber workers brought the possi-
bility of ultimate court action to de- |
termine the proper spheres of Federal and state Ruslbrity in labor matters. The Labor Board's | own split was emphasized when in| a two-to-one decision the Board uphéld the collective bargaining rights of a group of craft union workers of the
Worthington Pump Co. at Harrison, |
N. J.
REAL ESTATE BOARD
TO ELECT DIRECTORS |
‘The Indianapolis Real Estate Board was to elect three new directors at its annual meeting in Hotel Washington today. Candidates included William GCG. Albershardt, Bert L. Edwards, Howard W. Fieber, T. N, Meredith, Rodney £. Peckham and Guy Williams.
BUSINESS EDUCATION
rong Accoun nographic and. HE star ee! % 8 y 5d Zrening. geasiops Linco; SS
i Boss College and Builders Buildin
& Vermont Sts.,
nih.
pls.
Times Photos. -
Butler University students, when classroom chores are finished, pick Lake Sullivan for ice skating, as do many other Indianapolis .
skaters.
The ice is reported to be excellent.
Above left to right, are
Tom McCreary, Mary Lee Wilson and Roger Hooker, all of Butler. Below, warming their hands over the fireplace in the shelter house after a turn around the lake, are Mr. Hooker and Miss Wilson.
Duke Abdicated Y ear Ago Today;
Hunts House as
(Copyright, 1937, by United, Press) PARIS, Dec. 9 (U. P.).—One year ago today a British king rocked his vast empire ‘by making his “final and irrevocable decision” to renounce the throne for the love of an American woman. Today, like any other “happily married man,” he was house hunting in a restless but a maritally happy exile. No Manhattanite facing October leases could be more perplexed than the Duke of Windsor seeking a place to live “at the side of a road” not too heavily traveled. For an ex-king must keep out of the public eye as well as the mind and thus far the Duke has been unsuccessful in his attempt to be a private citizen. However, keeping fit on the golf links, the Duke of Windsor is in sharp contrast te the worn and harassed Edward VIII, who last Dec. 10 handed the British Parliament the first letter of abdication it ever has received. | The following day, Dec. 11, the abdication was made official when Parliament approved the act. The ex-King went aboard a British warship and into an exile in which he is a much brighter and e585 nervous man. The Duchess, who a year ago was waiting nervously at a villa in Cannes for the word that would
Chart Shows Growth
SAVINGS ¢ OF INDIANAPOLIS
Duchess Shops
pave the way to marriage, went shopping today. She is making new préparations for a trip to the United States, already once postponed. Both their lives aré in marked contrast with what they were a year ago. Members of the Duke's entourage agree that despite the happiness of marriage he must be restless and itching for the activity of former days which is now denied him, It appeared most likely that the Duke would spend his second year in France. Both he and the Duchess are hunting the countryside. Neither political observers nor : members of the Duke's enturage would venture a guess as to what will happen next.
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