Indianapolis Times, Indianapolis, Marion County, 14 December 1937 — Page 10

PAGE 10 -__

HEAD OF REALTORS SEES

* INCREASE IN HOME BULD

- WALL STREET'S ROLE IS CITED

Whetden Says Spring Will 3

Dr. Sauvain of I. U. Declares, ‘Stock Mart -Cannot Be Ignored.

«Well-intentioned talk to the effect that people should ignore the

stock market is based on fallacious:

reasoning,” Dr. Harry C. Sauvain, Indiana University finance professor, asserted in an address today. He spoke-before the Indianapolis Chapter of Chartered Life Underwriters at the Indianapolis Athletic Club, “It is somewhat like the ostrich burying its head in the sand when a danger threatens,” he added. «prom the viewpoint of business and business men, the current decline in stock prices means very clearly that danger threatens our traditional economic system." “We often hear statements from prominent business men and persons engaged in various branches of public life, suggesting that the average man is too much concerned with the fluctuations in prices of stocks. “They believe and suggest that we should let Wall Street have its jitters while the rest of the country goes calmly about its business. Seldom Far Wrong “This represents a very superficial view of the si cance of stock market fluctuations-in our economic system. The stock market plays a very important role as a barometer of the hopes and fears of a usually well-informed group ‘of business observers. “These men may be somewhat Jit tery, but their jitters result from their keen sensitiveness to business developments. They are seldom far wrong as to the business outlook.” - Speaking of the “present recession” in the stock market, Dr. Sauvain blamed ‘recession in business and the unfavorable outlook for corporate earnings” for the latest -drop. “This in turn,” he said, “reflects the maladjustment created in our economic system by Governmental efforts to influence or control prices and costs. Even more important, it reflects widespread fear as to the future effects of these Governmental policies.”

Business Gain Due in

Spring, Parley Hears Business in the spring of 1938 will advance one-third to one-half over present levels, Phil S. Hanna, Chicago Journal of Commerce editor, had predicted today in an address ‘ before the Hoosier Association of Finance Companies.

Winding up their two-day cons

clave at the Lincoln Hotel, the 200 delegates today heard a summary of the year’s activities and discussed factors affecting the outlook for 1938

Mr. Hanna warned against too much optimism, explaining the upswing follows naturally in the wake of any recession. Walter Griffith, America Fore Insurance Co., New York, discussed ways of reducing the national automobile collision toll and the annual loss of nearly $50,000,000 to. insurance companies in an address today before the association. He said that:it was necessary to introduce a long-time accident reduction program and urged in addition, that finance companies and automobile dealers co-operate in

keeping repair costs on cars dam-

aged during installment purchases at a minimum. +P, E. Allen, president, traced activities of ‘the association during 1937. Financing activities from the. standponts of the insurance company, dealer, the. public and the

legislator were to be outlined by:

speakers who will close the final sessions tonight,

I. U. Aid Warns Against ‘Pump Priming’ : Business, labor and Congress must “get together” before there can be recovery from the present economic recession, according to George W. Starr, Indiana University School of Business Administration director. Mr. Starr reviewed: the current situation in a talk before the Indiana University. Club at the Columbia Club yesterday. \ «lf ws wish, we can have positive recovery under way by spring, but we cannot have a recovery under way through a reversion to deficit . financing, for we cannot have both simultaneously,” he said. “Pump priming is at best a temporary expedient and_not a per‘manent harbinger of : prosperity. The danger immediately ahead lies in the possibility of renewed pump priming

di TI WINTER STARTING

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* Bring ‘Active Market’ In Construction.

George T. Whelden, new Indianapolis. Real Estate Board president, predicted today that spring will bring “an active market” in the construction of homes for wage earners in Indianapolis. “The wage earner has had a favorable year,” he said, “and although many will be temporarily unemployed at this time of the year, the Realtor feels confident that by spring, buyers will be available and therefore we expect much building in lower priced homes. - “Construction of smaller homes was retarded during the past years awaiting the individual’s accumulation of sufficient cash funds for the 20 per cent down payment. ‘Late this season the inquiries received on this type of home indicate an active market in the field .¢his coming spring. ” Elected Last Night Mr. Whelden, who was elected last night by the board of directors, said that ‘investment. ‘properties, should be more in demand next year since “the sales prices are such as to show a high net return in comparison with: other types of investments. “1% is anticipated that construction prices will remain close to the present schedule,” he said, “thus eliminating the building of competitive properties in the investment field. This assures buyers of a steady

recommehd purchase now. “A survey 8f completed new residence construction does not indicate we will have more than normal carry-over of houses for the winter, Speculative builders moved with

caution during the last year and

thus avoided an oversupply.” + Veteran Board Member Other officers elected for the year

William Murray Huse, secretary, and Ben F. Claypool, treasurer. Mr. Whelden, a member of fhe Board since it was organized, is state appraiser for the Home Owners’ Loan Corp. He has been treasurer, secretary, a director and chairman of the appraisal committee of the Board previous to holding this office. % Mr. Woods is. United: Mortgage Co., Inc., secretary; Mr. Huse is a former HOLC appraiser, and Mr. Claypool has been for 12 years in the Union Trust Co. real estate department.

Labor Union Asks

Housing Authority

Seeking greater low-cost. higusipe. facilities for Indianapolis, the Cen tral Labor Union today had urged creation of a City housing authority by City Council. - The resolution adopted at a union meeting in Plumbers’ Hall last night pointed out that the Federal Government has appropriated $500,000,000 for housing grants and loans. An act of the last Legislature provided for participation by municipalities and counties in the Federal program, the resolution added. Other = resolutions commended nomination of Judge Walter E. Treanor of the Indiana Supreme Court to the U. S. Circuit Court of Appeals and urged reappointment of Municipal Judge Dewey Myers.

SNETHEN TO DIRECT DRIVE ON PARALYSIS

Times Special NEW YORK, Dec. 14—Edward

0. Snethen, Indianapolis attorney,

has accepted appointment as Indianapolis and ‘Marion County chairman of the President’s Birthday celebrations for “Fighting Infantile Paralysis.” Mr. Snethen’s duties will include

new national foundation on infantile paralysis.

also, | taken to Cincinnati today by Don-

occupancy and we unhesitatingly |

Blvd. on Oc}. 28 during a robbery.

are Ford Woods, vice president; |a

arrangements for dances Jan. 29,| and enlistment of members of the |

Return Sought |

NAB SUSPECTED SLAYER IN OHIO

Cincinnati Police Hold Sam Wilson, Indicted With Two Others Here.

Extradition papers for the return of Sam Wilson, charged in an indictment with murder of a West Side. filling station operator, were

ald Bushong of the police homicide squad. Officer Bushong is to bring Wilson, who wes arrested in Cincinnati yesterdey, here for trial. The suspect was indicted - joinfly with James ‘Perdue and Herman Borneman. Shortly bejore notification yesterday of Wilson's arrest, Criminal Court Judge Frank P. Baker set Jan. 3 as date for trial of Perdue and Borneman. Arrest. of the third suspect will Bet change the trial date, it was said. The three men are alleged to have shot Edward Maze, filling station operator at Wilcox and White River

Perdue an¢l Borneman pleaded not guilty to the chatge when arraigned in Criminal Court several weeks

g0. The indictments against the suspects charge first-degreé murder and murder in perpetration of a robbery. -

HOLDING COMPANY ACT REVIEW ASKED

WASHINGTON, Dec. 14 (U. P.). —The Electric Bond & Share Corp. today asked the Supreme Court to review constitutionality of the Utilities Holding Company Act. The company, one of the largest utilities ‘concerns, filed the petition in conjunction with 26'of its subsidiary companies in an appeal from a Second Circuit Court of Appeals

decision ' upliolding validity of the} ‘act.

: The company directed its attack upon sections. of the act providing for registraiion of all utility holding companies with the Securities and Exchange Commission. It charged that ‘the section violated el Proviigns of the Constituon

CLUE rn WILL MEET Club . 93, an: old-age pension organization, is to hold a Christmas party at 7:30 p. m. Monday at 241 E. Ohio St. Leland Morgan is to speak.

Charges Soil ‘Committees Ignored in Selection of : Loan Sealers.

: Horace Abbott, Marion County Agricultural Agent, said today that

{in many ‘cases corn-losn sealers had

been selected in Indiana without

consultation with the County Soil

Conservation Committees.

The Marion County program be- |} & gan officially today as farmers were | 1 asked to apply to the County Soil

Conservation Committee for loans. Mr, Abbott said he had been told the State Democratic Committee had selected for each county a corn crib sealer without consulting, in many cases, the county’s conservation committee under which the loan program is being administered. “It will be the duty of the sealers to take a sample of the farmer’s corn, make a moisture test, determine the amount, seal the bin, and issue a warehouse certificate upon which the Government loan will be made,” Mr, Abbott said.

Fee Only Extra Cost

He added that the fee charged by the sealer and paid by the farm-

€r will be the only additional cost

in the administration of the Fed-

-eral program.

According: to Frank Kirkpatrick, State Soil . Conservation Commitbee member, sealers will charge a fee of one cent per bushel. Mr. Abbott said he has been informed that the Marion County sealer was selected two weeks ago without consultation with the local conservation committee. “The Federal act provides for the appointment of the sealers but they should be chosen with some regard as to their qualifications: under the soil conservation program,” he said.

99 PER CENT VOTE IN ELECTION AT MOSCOW

MOSCOW, “Dec. 14 (I 14 (U. P.) —Statistics on Russia’s first election by means of the secret ballot, issued today by the Central Election Commission, disclosed that 99.13 per cent of qualified voters in Moscow turned out to give Dictator Joseph V. Stalin’s Government a “vote of confidence.” Election commission reports showed that of 2,739,783 persons having the right to vote, 2,715,985 exercised the privilege. In other areas the percentage of voting was also high: ‘Leningrad, 96:3 per: cent; Minsk, 99.6; Kiev, 98.6; Kharkov, 98.8; Thilisi, 95.6; Tashkent, 937, and Baku, 95.5. ;

CARDOZO FEELS BETTER

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dence today to be “feeling better.” It was said that he probably will not be able to attend any Court sessions this week.

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STOOD GUARDAT LINCOLN BIER

Jariah- Dinkins, 95, Was Wounded Twice in Civil War.

* Jariah Dinkins, Civil War veteran who stood guard over the body of Abraham Lincoln as it lay in state in Washington, died today at . the home of a daughter, Mrs. Frank Wilbur, R. R. 17, after a week's. illness. He was 95. - Funeral services are to be held at 1:30 p. m. Thursday at Columbus. Burial will be in a family cemetery near Columbus. Mr. Dinkins enlisted in Co. H, 20th Regiment, Indiana Volunteers. He

was wounded twice while fighting in Virginia. He formerly was active in the G. A. R. Mr. Dinkins had lived with his daughter 10 years, coming to Indianapolis from Bartholomew County. He was born at Elizabethtown. Survivors besides Mrs. Wilbur are two other daughters, Mrs. William E. Spies and Mrs. Frank Spurling, both of Columbus; son, James H. Dinkins, Louisville, 20 grandchildren, 30 great-grandchildren and three great-great-grandchildren.

LERNER EMPLOYEES

Employees of the Lerner Shop, 8 E. Washington $t., are to receive one week's pay ‘as a Christmas bonus, officers snnounced today.

longer : than six months, but less

than a year are to receive one-half week’s pay, ‘they said. : Part-time

examiner,

TO RECEIVE BONUSES

Those who have been employed |§

$50, 000 LOAN?

Plea Says Funds Needed as Result of Revenue Loss From Flood. —————

. Clark County, which stiffered

With flood-ravaged property. reduced in valuation, the County’s tax

:jrevenues have dropped below a point where it is possible to meet

Rude requirements, the petition | sg

A 10-year loan, with a3 pe ‘cent interest charge to begin Jan, 1, 1939, was asked. The Municipal Loah Board already has approved a lo Lot $60,000 to Clark County for 1 local government has claimed only $40,000 of the amount. Loan Board members are William P. Cosgrove, Board of Accounts chief who is secretary; the Governor, the State Treasurer and the State Auditor. They administer a $1,900,000 flood loan fund established by the 1937 Legislature.

HEADS MASONIC LODGE

Raymond D. Jackson, 5354 N. Delaware St. was. named worshipful master of ‘Mystic Tie Lodge No. 398, F. & A. M., at the annual election held last hight in the Masonic

Temple.

- Appointive officers are ‘to ‘be named ab an installation meeting, an. 10.

heavy losses during the Ohio River |

, ‘but the

| REPORT REALTY SALES

o Side Realtors today nad reried sales Sotaling $25,950 for the ast weck. The division has closed. transacby i $3,931,760 since Jan. 1, W iam M. Huse, secretary, sald.

Am OUP TO MEET

The Indiana Aircraft Trades AsYO will meet at 7 p. m. tomorrow at the Hotel Antlers. Howard C. Knotts, World War acs and

| consulting expert for the Bureau: of

Coramerce, will discuss new air regulations.

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