Indianapolis Times, Indianapolis, Marion County, 16 December 1937 — Page 23
THURSDAY, DEC. 16,
1087
INDUSTRIALS LEAD ‘AS STOCKS CLIMB
-IN ACTIVE TRADING;
Bethlehem, U. S. Steel _Arein Demand on : Gains.
NEW YORK, Dec. 16 (U. P.).—Stocks continued to strengthen in fairly active trading today, industrial issues again leading the advance. Westinghouse was one of the early features, rising to 107 for 2% gain. Du Pont was 1% higher at 116. Steel shares were in demand 'as U. S. Steel reached 58% for 1% gain and Bethlehem, selling exdividend, went to 563 for 15% gain. American Can firmed fractionally after an early loss and motor shares had fractional gains Metal ‘shares advanced fractionally in moderately active trading while utilities. were featured by a point rise in American Telephone to 146%. Southern Pacific was the active rail-
road leader on % advance to 22%. 2 # 2
Today’ s Business At a Glance
GENERAL BUSINESS
Dun & Bradstreet, Inc. reports week ended Dec. 15, bank clearings $5,474,706,000 vs. $5,501,480,000 previous week and $7,230,853,000 yea? ago. . Engineering News-Record zeports éonstruction awards this week $35,708,000 vs. $31,873,000 previous week and. $30,853,000 year ago. oF CORPORATION NEWS
*. American Light & Traction Co. and subsidiaries, 12 months ended Oct. 31, net income $5,792,285, equal £6 $1.80 a common share vs. $5,384,242 or $1.65 previous 12 months. ‘Continental Gas & Electric Corp. and subsidiaries, 12 months ended Oct. 31, net income $4,659,005, equal to $15.57 a common share vs. $14.69 .ommon share previous 12 months.
F. BE. Myers & Bros. Co, fiscal year ended Oct. 31, net profit $l,063,195 vs. $987,039 previous year. Wabash Railway Co. week ended Dec. 11, carloadings 5267 vs. 5456 ‘previous week and 5939 year ago.
DIVIDENDS
Empire District Electric Co. $3 on 6 per cent preferred, payable Dec. 30, record Dec. 18. Federation Bank & Trust Co, 25 cents, payable Jan. 5 record Dec. 30 vs. like payment July 5. Jones & Laughlin Steel Corp.; directors took no action on preferred stock at meeting. Arrears on the jssue amount to $26.25 a share. Previously this year company paid $1.75 each April 10, July 15, and Oct. 15. Shawinigan Water & Power Co., extra 5 cents and regular quarterly 20 cents, payable Feb. 15 record Jan. 25. Textile Banking Co., extra $1 and
Good and choice Medi
High Receipts Dip Hog Prices | 30 to 35 Cents}
Heavy receipts locally and around the market circle forced hog prices
down 30 to 35 cents in the local yards today, according to the Bureau of Agricultural Economics. Top dropped to $8.35 on good to choice 140 to 180-pound butchers. Packing sow prices were 10 to 15 cents lower. Bulk sold from $6.50 to $6.90, a few sales, reached $7. - Steer prices were weak to 25 cents lower. Heifer receipts were extremely scarce and prices were unchanged. Cutter grade cows were steady as bull prices. dropped - 25 cents. Vealers sold steady to weak as
good to choice kinds cashed from Case
$12 to $12.50.
Native and fed Western lamb [Ser
prices were 25 cents higher. Top was $9.50. Yearling kinds sold barely steady. Slaughter ewe prices remained steady.
bee
(320-250) Good HEROD (250-290) G:
Nw oo
choice... . choice..
: RRRB II JADE OD
Oa Oban DOD So WBS 55 3385 aR FRONDS
Gm Ahh SIA 08300 th
00 SSE O° ed
== ain oo
(550-900)
rs
(900-1100)
ot pt 0000-300 O =e
S832 BRH3353
(1100-1300)
(1300-1500)
a383nnS Shaan 009999 N0D
oh re CO00 Me CY eY
Heifers (550-750) Choice Good
Common, neduim. Cows
GOO =... vviivoinesshnre aeves Common, med Low cutter and cutter .
5.75@ 6.75 ess 5.00@ 5.75 eeessee 3.75@ 5.00
7.25
( beef) Cutter, common and medium.. 5.00 6 50 Vealers
Receipts, 500—
Calve (250-500) Good and ohoice. - 7.50 mmon, medium. 5.00
oor and Stocker Cattle Steers
(500-800) Good . aid chol medi (800-1050) Good and: cho Common, medi
Heifers— Good and choice c Summon and medium
en Ga 30 N10 28 88 2388
regular quarterly 50 cents, payable | Lambs—
Dec. 20 record Dec. 17. United States Corp. $6 on preferred, payable Dec. 27 record Dec. 20 vs. $11. 81% on arrears Dec. 15. po <- American Manufacturing Co., $1 sh common payable Dec. 31, record
Dec. 15, vs. like payment Oct. 1. = (Copyright. 1937. by United Press) Oy
< @ FOREIGN EXCHANGE
{ NEW YORK Dec. 18 (U. P)—Noon tareien eitpange Cagle Ra Rates Net Change
Hot oe (dollar) Beseiont Juan)
Japan Ho ins
CHICAGO PRODUCE
Bare 23c; 8 % a : 7 MS on aded {i han ry : ;
37 .2912
: iafaRe dirties, Ie: re-
$6. 3: stags,
| recta. steady on moderate to}
OR0-178, a Sood and choice . Common, on. medium.
pts, ; calves, “1000; general steer market dull on medium to good grades; fairly active and firm on str chy food tw to Rede Bish Soerings; B only i gy shed steers here; ese geliihe figias heifers, steady; best $9; mostly $6.75 Tan 25: beef cows, steady, but cutter firm; active at $5.25 down to 25¢ higher; gausage kinds, Tas vealers arm at $11@1 Shee ceipts, 9000, including 200 ir er; goo to choice natives and fed westerns, $9.25 29.50; ; pana [email protected] mostly; Sper
ina PT. Wa Dec. 16 (U. P.).—. Market. 25a 6c lower; 140-160 1bs. 50-180 1bs., 23s. 15; 130- 200 3s $7.85; 225-250 1 on 55; 275-300 1bs., 120-140 lbs $8;
S—
100-120 he. $7.75; roughs,
'$5.50; calves; $12; ' lambs,
LAFAYETTE, Dec. 18 (0. P.) —Hogs_ Ba %0: bd Ei Tos. "$5003 30; BT 275 go S., 3 S., fi sogon; 275-325 $1.30@1750; 100:
8.20; ® 50 down Calves—[email protected]: lam 755.505. Receip! Ro 00 ut I. deiie, Hota
2g 400 lower $8. 20050" ibe. $8.10 100-120 195. oA 75: bulk acking ‘sows, [email protected]. i e—Receipts. 4 and uneven; Avera e. steers, yearlin ngs 8 5 iasT Sant 8, pellet Jarl hd st $6@ ;- early year Lay Th steers, 25; good beef cows. 5 ow cut- = ‘and utters, [email protected]; practical top salisage bu
$8.75
ou
ens. 1150. includin 560 disu! v; few good ew d ois e and wether lambs.
+4 common and medium grades, $6.50
N. Y. Bonds
THE INDIANAPOLIS TIMES
By United Press
NEW YORK STOCKS
A. F. L. SEEKS
{ro fl : High Low Adams Exp. 9 Air-Way
Alaska Jun .... Allegh Corp ..-
1 11% 11% 1 1} 16% 16% 17% %
1 11% 112
38% 50
ElHI+I+1
Die Daa Dat 5a Ue Sa 2a the ale Do Bo Fa. Du a PD Bi >> 8 2 1
[RI ol
nar Auto a:
Bar Barnsdall Beth Steel ... Boeing Air .... Bonn Al Br ...
Bald Loco ct wi | ber Co. :
I++: +
1: 11H HE
Byron Jackson . Cal Packing ..
a - Jac [edd thE foc
[eI 1 32
en med 8 ~3
COO vb W
Elec Pwr&Lt ... | Elec St Bat .. 26 Equit Bldg .... Eureka Vac ... Evans Prod .
5.95@ 7.25 Fed Lt&T
kote 16 Freept Sulphur. 22 Gar Wood Ind. 6
Net Last Change | Gen Am Tr 9
4 x
Tae esse
, Curb Stocks
By United Press
NEW YORK . Pec. 16 (U. P.). stocks opened firm.
Carri
INVES STING CO.’S
Pid | Ask Adm Fd 12.10 a3. 51 172
t .51 4 Contl Shrs 6.25 “1.00 RL Shrs 2. Bi: ves 2.09 .,. * AA = 33 ens * Acc 230 . Div 5.10 * 5.70 Div Shrs 330 1.30 Fidelity 18. u 33. 42 cal Fund Bk Stk 2.40 "2.67 Fix Tr A 393 - “ews 3.70 3.95 T 15.38 16.54 Sov_Inv 400 5.13
Gen Sap 28 4230.56 Gen Inv 4.54 4.94[Sup Group Securit] ps
Found Fd Hy Fd, Tr A
.83I Su | 1.32] 12 -2218u up 12 1.22!Tr 8 99 1.08 RR 78 _.86 Steel 1.24| Tr fad US L&P vt Well Fd
BANK STOCKS
Pank of Manhattan Tru
ankers Ss ees 44 Bank "ot New Zork Trust ... rooklyn usfi veeee 9 Central Hanover E:
Commercial .
— Curb
bid Ask Invest. Bank Cor Banc B|
0000-300"
or 000000 ¢ . . a ata ar am a Ba ee naan intobabais MIEN ‘in onh BSI3LVSIVEBN = -
nD 219 .... 78 omen 5:58 $3 10s B30 1 38
] et Last Change 42% v4
roody oodyear of .. sraham Paige.
Granby it North Bt ole sreyhound Cp .
lig ie 2 -
Hall Print .... Hocker Brod A
Bo oii oe Howe Sound ... Hudson Motor Hupp Motor ..
j++ +
td NED eet OVO UNN Drs Ot SR eR ED RGD beaded CODON NO Or aE FSS
+ HEHE
3 2
WHEAT PRIGES FIRM
Houses Mark Trading.
CHICAGO, Dec. 16 (U. P.).—Buying through houses with Eastern connections firmed wheat prices to-
32 | day on the Chicago Board of Trade.
At the end of the first hour wheat was % to % cent higher. Corn was 12 to 3% cent higher, and oats were 14 cent higher. .
‘in the day’s early trading, rather in\sistent buying by a house or. two with Eastern connections being the only noticeable development. Winnipeg had a rally and this firmed prices here. Wheat receipts were 6 cars.. ‘Corn interest has been moderate. The market, however, was steady after a slight dip, and elevator interests and ‘a local operator were fair buyers. Corn receipts were 95 cars,
ARGENTINE GRAIN
futures o Opened ierepui ul i 4 December. § 018 u a >
$1.0 Shiai: 3 February, = ats—Spe 5 , unchan ay. $1.28%. up 1%;
P.).—Gr
al her. or
WAGON WHEAT 2S ve elevators are paying for No. other grades on their merits. Casts corn.’ new No 2 vellow, 4lc.
Y NY N LOCAL ISSUES (By Indianapolis Bond & Share Co The jollowis) quotations do ot Oe actual or offering. but merely indicate : he approxumats market level
sellin; ‘recent Tansactions. § inquiries or BONDS
Bid Asied Citz Ind y jin s 61... i Tel & T Bike 55...:108% 1 Tel & Tol FL W 8s “3. 10 nd Asso Tel 412s 65 . nd so ».
nd a yee & Tol Sigs 53. . | Indpls Water Co 3's 6 Kok Works 55 38 .
Tr Trac Term Co 5s §7 STOCKS t RR St Yds com ....ce0.. 3
15 +107 d Gen Serv & 6 f Ind Hydro El lee 7 % a 3.
a aan 1s P "Lt fd 6% Indpls Pwr . 81% Lt pid 6'%2 7%.
[ndpls Pwr & .. 86 ah Jaren 15 ..102 % o Ing Co com’ 22
ncoln Ntl L > R Mzlor a Ind Pub rv Co va | 5%2%.
N Ind Pub Serv Pfd 6
Van Camp Milk &' pid Van Camp Milk Ci
(By M. P pir & Co.)
Market St. Investment as ..22.92 xEx-dividend. mm
it is the breakd in foreign trade.
Yo
N EE HE
Purchases Through Eastern N
Pen Phelps Bodg ve 21M
There was no outstanding feature|E
arch, $1.29%, up | 8°
mo. - | ve-Car 6 pf ..
Because of these differences of &
Ey 5 RE i
Kresge Kroger
aaa
PLE ELE RE EERE EL AE ++ HHI --
Ht
us otis. Elev Otis Steel
Pac G & El... 25% Packard ...... 4% Paramt Pict’ e Para Pic 2 pt. .. 10 Park Utah
parke Davis’ ri
Phil Morris ..:. phillips Pet ....
Press Stl Car.. pf..
Liv ree sees 63%
Pury. Bak eee
HHA HERE Hh +:
EEE
5% —— ‘1%, 58%, 13
t L-8 Pr Rs eich ly
wift & . Ya Syming.Gould . 9% oll
Pejaute h ees 4% n Corp -... 6%
L om, Ly GC Lr n Lr ” " nl
'ransamerica . 107 [rans&West Air 5% Tri-Cont 3% 20th Cent-Fox .
Union Carb .. Un Oil Un 1 1
++ oe
58 «.107 1a 107 Va % Ya <3 39 23 3% 23%2 21, 2Y2 3% 8
S Steel U S Steel pf .
Yadseo, Sales ..
Wabash Wabash pf A . Walworth ... Warner Bros .. 7 A 34 A 26 A 24% . 106% 13 23% 31% 16%
7 ® Jjarner Br pf.. 34 Jayne Pump . 26 Jest Union .. | 24%
esting
Wheel Steel. Worthington
ve 23% 37 .. 16% Y
ow . Young Sheet ..
ti Flynn Says Psychology Plays i#| Only Minor Role in Business
By JOHN T. FLYNN WASHINGTON, Dec. 16.—In Washington various leaders give their explanations of the business recession. Pat Harrison of the Senate Finance Committee says unbalanced prices are the reason for the slump. Chairman Marriner Eccles of the Reserve Board says it is the unbalance between industrial and agricultural prices. Mr. Hull says
18% 2%
Sa EEE ES EESERSRees
Tere emer wx oS
ws
Sees
FERRELL “
Administration
T0 BLOCK PAY BILL PASSAGE
{Green Urges Plan’s Return To Committee as Own Meets Defeat.
‘WASHINGTON, Dec. 16 (U.P) .— President William Green of the American Federation of Labor today called upon the House of Representatives to recommit the Administration’s Wages and Hours Bill because “it is objectionable to the membership of the Federation.” Mr. Green sent a telegram expressing federation views to every member of the House as the battle to pass the disputed measure reached a climax. Last night the House defeated an effort to substitute the Federation’s Wages-Hours Bill for |the version drafted by the House Labor Committee. In the meanwhile Senate Majority Leader Barkley warned that unless the Senate approves the Farm Bill today it will be difficutl to get a completed measure to the White House before Christmas. His warning came as new controversy broke out in debate over remarks of Secretary of Agriculture Wallace -concerning the danger of a trend toward Fascism in crop control legislation. Senator Barkley planned another night session tonight, if necessary, but it appeared doubtful that action could be completed before Friday. Mr. Wallace's remarks were viewed by some Senators as Opposition to such amendments as the domestic allotment plan sponsored by Senator Lee (D. Okla.). Senator Russell (D. Ga.) sharply criticized the Secretary and charged that the pending bill was pore Fascist than the Lee substitute.
»
SEFETIEFEITES
Way Being Cleared To Pass Wage Bill
By THOMAS L. STOKES Times Special Writer WASHINGTON, Dec. 16.— The way now seems clear for House pass; age of the Wage-Hour Bill, probably tomorrow, but only after more of the stubborn: fighting in which bloc is warring savagely on bloc. The Administration won the opening skirmish. It successfully resisted 22 1a drive by the A. F. of L. to write into. the bill a flat minimum of 40 cents an hour and a flat maximum 40 hours a week in place of the flexible plan which the New Deal favors.
Pattern of House Shifts
The victory came last night when the House defeated, 162 to 131, an amendment by Rep. John F. Dockweiler (D, Cal.) embodying the A. 2|F. of L. plan, after one of the most turbulent sessions in years. At times the House was a veritable babel as members yelled for recognition, attesting to tempers strained under the conflicting pressures of the rival A. F. of L. and C. I. O,, {the heat put on by party leaders, and sectional feeling. The House got almost beyond the control of Rep. John W. McCormack | (D. Mass.), who was selected to preside over the Committee of the Whole because more experienced Southern parliamentarians were made ineligible by their opposition to the bill. The going will continue rough to the end. For the pattern of the House shifted today into new combinations. Defeat of the A. F. of L. proposal still left two rival plans of administration from which the » | House must choose, one for an administrator in the Labor Department, the other for an independent board of five. Either would be empowered to pass on wage-hour agreements drafted by committees of individual industries. The A. F. of L. plan called for administration by the Justice Department. Southerners, almost to a man, stood behind the Administration against the A. F. of L. scheme. Likewise, they will stand behind the independent board plan rather than the Labor Department administrator; the latter is favored by the House Labor Committee and has much support in the House. Privately, the Administration favors the board plan, which is provided by the Senate bill passed last
wat
session. But in this dispute party
Continental : form (rehange. oe
Em eee First “National oe Gua anty’
Manufacturers Pee National City |. New York Trust.
ublic Aevsanse Title Guarantes
DECLINE; IS SHOWN |
WASHINGTON, Dec. 16 (U,
RAILROAD REVENUES
opinion, it is interesting to know + | What experts have been saying about it. A few days ago I outlined the 100-year-old sunspot theory of depressions. Another theory might be called the psychological one. Just a hundred years ago Lord Overstone described the business cycle as: 1— A state of quiescence; 2—Improve- . | ment; 3—Growing confidence; 4— _| Prosperity; 5—Excitement; 6—Overtrading; 7—Convulsion; 8—Pressure; | 9—Strangulation; 10—Distress; 11— Quiesence again. He put stress on the emotional
P.}).
toward booms and the maladjustments which they bring lies a group
of human instincts. Probably in most cases some external development appears as a special . stimu=\ lant. . . . As a boom gets under way men begin to order beyond current requirements and speculation affects business. They accumulate raw materials, expand plants, borTOW money. “Even when the limit seems nearly reached they try to get the last dollar. The wish is father to the
leaders are keeping hands off.
BEECH GROVE BUS SALE IS APPROVED
~ Sales of equipment and transfer
of the Indianapolis-Beech ' Grove bus line permit of the Indianapolis
Motor Inns, Inc., to the Beech Grove Transit Co., Inc, was approved today by the Indiana Public | Service Commission. Transfer of ownership to the new
"PAGE 23
LUDLOW WINS SIGNAL VICTORY IN ‘PEACE AMENDMENT’ FIGHT;
218 Signatures to Petition Assure Action During Next Session.
{ By: DANIEL M. KIDNEY Times Staft Writer.
WASHINGTON, Dec. 16.—Nearly four years of hard fighting for his “pesice amendment” leaves Rep. Louis Ludlow with a Signal victory today. : The required 218 signatures have been obtained to a‘discharge petition in the House and action on the Ludlow resolution. is-assured for ihe next session. Nine of the 12 Indiana Coligross men signed. Those refusing were Reps. Charles A. Halleck, sole. Hoosier Republican, and Reps. Arthur H. Greenwood and John W. Boehne Jr. The vesolution provides that the Constitution be amended to require a referendum on United States participation in any foreign war. It must be adopted by both Houses of Congress and approved by threefourths of the states. Under the discharge petition rules, action could not be taken until Dec. 27.. Since the special session is to adjourn Dec. 22, it will be delayed until the second Monday of the regular session which starts Jan. 3.
Ludlow Is Pleased
A vote then will be taken on adoption of a rule which would give Mr. Ludlow. complete control of. the time for six hours of debate, he said. “I feel very pleased about the petition’s success,” Mr. Ludlow said. “The fact that the resolution has made this important advance shows that the: American people are behind it. I am confident that it will pass the House next session.” Impetus already has been given to similar plans in the Senate during the special session. Measures embodying parts of the Ludlow plan have been introduced by Senators La Follette (P. Wis), Capper (R. Kas.) and Clark (D. Mo.).
Started Movement in ’34
“I first started the movement in the fall of 1934,” Mr. Ludlow explained.” In the spring of 1835, when the 74th Congress met, I in-
troduced two or three war referendum proposals, the perfected one being introduced in February of that year. “I immediately applied to the Judiciary’ Committee for a hearing. and could not get it. I kept on. Finally on June 19, 1935, a hearing was granted at which President Homer M. Rainey of Bucknell University, Gen. Smedley Butler, Rabbi Israel of Baltimore and others appeared at my request. “The 21 railway brotherhoods were meeting .in Washington at the time and they also indorsed the proposal. . “Seeing that the Judiciary Committee was not going to report the measure, I launched the discharge petition and secured 72 signatures in the 74th Congress. “At the opening of the 75th Congress, I introduced the easure again and filed the discharge petition which was completed at this special session.” Originally the Ludlow resolution was worded se that it included a provision to take profits out of war, but this was dropped and the referendum plan put. on its own merits. The Japanese war danger. caused the discharge petition to be speeded up at this time, Mr. Ludlow 5 declared.
RULES TAX DUE ON ‘GOODS SOLD STATE
Business concerns selling merchandise to State and County institutions are selling to “ultimate consumers’ and are subject to the 1 per cent gross income tax, the Indiana Appellate Court ruled today. The ruling set aside a decision of the Marion County Superior Court which held that these sales were taxable at the lower wholesale rate of 3% of 1 per cent... ] Clarence ‘A. Jackson, ‘Indiana Gross Income Tax Division director, said the decision will not mean the
"| collection of additional taxes, but an
opposite ruling by the Court Would have resulted in a refund of taxes already paid.
PAIR GETS EVEN BREAK
KOKOMO, Dec. 16 (U. P.).— When Allen Carter and Carl Crail filed damage suit and counter damage suit following a collision of their automobiles in Tipton County, a jury awarded each the same -famount, and split the costs evenly between them.
BACKERS PREPARE FOR COMBAT
Ooposition to Proposal Is Strengthened by Stand Of Secretary Hull.
WASHINGTON, Dec. 16 (U. P.), —Proponents of the Ludlow War Referendum Resolution today pre pared to combat leadership efforts to prevent the proposed Coustitu= ‘tional amendment from coming to the House floor despite completion of a petition to discharge the Judiciary Committee from its consider
ation. . They expressed confidence the required majority: would vote on Jan, 10 to debate the proposal. However, there was uncertainty as to passage, inasmuch as two-thirds of the House must approve a resolution initiating a Constitutional amendment. “We feel a sudden indication of opposition which has not shown ite self to this point,” one supporter
said Hull Adds Strength
Opposition to the proposal of Rep. Louis Ludlow (D. Ind.) to give the people power to declare a foreign war was strengthened by the stand of Secretary of State Cordell i.ull, Secretary Hull said he was unable to see “either the: wisdom or -the practicability” of the proposal to preserve peace. Rep. Jerry Voorhis (D Cal), a Ludlow ally, declared it was not exe pected the: proposed amendment could ‘prevent wars. “But it is eminently just that the people should decide about enter ing foreign wars,” he said. “It does not-seem to me that the plan carries any possibility of weakening the American defense—but that depends on your definition of defense. “I predicted years ago that the next war the United States gets into would be over concessions in the ine terior of China.”
Clapper Sees Pressure
By Administration
By RAYMOND CLAPPER ! * Times Special Writer WASHINGTON, Dec. 16.—The Ad« ministration 1s opposed to the Lude« low proposed Constitutional amend« ment for a referendum on war. This proposed amendment now has enough signatures to insure its come ing before the House of Representa« tives for a vote within a few weeks, Unless sentiment in favor of the proposal should increase ‘materially before the vote is taken, the necessary two-thirds majority is not like ly to be registered. The Adminise tration will exert all possible under cover pressure against the measure, and as much public pressure as seems expedient to the White House. The measure is aimed at “policy wars” as distingished from wars to resist invasion; that is, wars like the World War where, although the United States was not invaded, Con= gress felt that American rights had been infringed by submarine war= fare against American shipping to an extent which called for war. There was also the larger} policy question of the desirability of an Allied victory as against a stalemate or possible German victory.
Sentiment Is Healthy One °
The measure also would be aimed at such a situation as we now have ° in the Far East; assuming that fur= ther attacks upon American vessels or citizens occurred, the voters would decide whether there was cause for war. ‘ On behalf of the referendum proposal it is argued that with modern communication a national referendum could be held quickly, and that in a question as vital to the lives of the people as war, they should have opportunity to make the decision. In principle, those two points seem well taken. And the sentiment which is behind the proposal also is a healthy one at this time when we are hearing propaganda about our duty to pitch in and make the world safe for democracy again. But to translate this sentiment into such a constitutional amendment might prove to be a good deal like our unsuccessful attempt to translate temperance sentiment into the Volstead Act.
FULL TRIAL IS ORDERED
ELYRIA, O, Dec. 168 (U..-P.).— Alexander . Maneff, 19-year-old hitch-hiker, today pleaded guilty to a first-degree murder indictment .in the attack-slaying.of Louise Horne beck, dentists assfsant, but Come mon Pleas Judge . Cook said he
felt the youth should be granted a
full trial, and ordered he be tried in January. before a three-judge panel,
Bv United Press BOND PRICE INDEXES
20 20 20 Inds. Rails A Utils. 2.7 943 4.0 84.7 95.5 105.7 100.1 103.1 92.2 106.0 100.7 923 81.1 106.2 100.2 108.5 93.3 103.6 93.1 89.3 83.0 ypyright, 1937. Standard Statistics Co.)
NEW YORK, Dec. 16 (U. P.).—Bonds ined higher
a Top 8 Fe 4s 95 M St Por 58 2000 Edison 3Yas . Gaba 5%s 45 Ill Cent 4%s Mo Kan Tex 5s 83 . Nor Am Co 5s
elements — “confidence,” “excitement,” etc. : After the Civil War John Mill, the British economist, said, “the emotional reactions of businessmen rather than the nature and misuse of economic organization are the causes of commercial panics.” He said it was not a matter of the purse but of the mind. “The spirit of optimism gains momentum during a period of reviving business,” he said. “Apparent successfulness leads to speculation and overspeculation leads to ruin. The rebuff of failure creates pessimism and therewith depression.” This is another way of saying what Lord Quesstons said. » recently Wilfred I. King said _— e contagious and like some infectious disease sweep over an entire nation. . . . In the United States in the early autumn of 1929. , . faith in the New Era gave way and when it did the New Era tumbled into destruction. It was primarily this change from confidence to doubt, from optimism to pessimism, which caused such a radical decline ir: the volume of orders for goods.” Dr. Ring: expands this idea more in deAbout the same time Dr. Lewis H. Haney of New York University expressed the same view. He said: “At “the bottom of the tendency
FOR QUICK Liha STARTING
ator extras, 19%c; refri| erator firsts, ciger frigerator standards, Toi
ai 8455 90-9 i sc score). “sade: extras firsts, 3a 34c; arin 3 [Jase 40 cin a . Soult: ~Marksl Steady: a 21 tricks: ae spring
ucks. Ag 3062 chickens, 20@ "18g 30c roilers, Siac: turkeys, sade; Ly hens,
* ~ Cheese—Twins, uae: daisies. 19@ 195 Sti donghorns. 1 oderate: demand,
Russet BurNo. 2, $1 S10
3 gis; orth Dakota
—Preliminary reports from 92 Class One railroads representing 82.6 per cent of total operating revenues, made public today by the Association of American Railroads showed November . operating revenues ot $261,619,43¢ compared with $296,244475 in November, 1936. Operating revenues were 11.7 per cent below those for November, 1036. Freiglit revenues of the roads amounted to $210,556,931 compared with $244,86:,176 in November, 1936. This was 14 per cent below November, 1936. [Passenger revenues totaled $28,318,521 Soparel with $27,245,846. |
ni
ATLAS CORP. POLICY REVIEWED BY ODLUM
NEW YORK, Dec. i» (U. P)— The investment poiicy of the Atlas Corp., largest investment trust in America, fesvors concentration in “special situations” rather than wellLast orear. es | distributed, jnore liquid security pur4 | chases, Floyd B. Odlum, president, told stockhclders today in his first LL annual repdrt since the consolidation of the new corporation on Oct. 31, 1936. | “Your management has always favored investments in special situaooo | tions where results depend ' more upon. ability and work than on changes in the general price. level of securities, » Mr. Odlum said. Asset value of the corporation’s common shares amounted to $13.36 per share at the end of the fiscal | Year on Oct 31, Mr. Odum said, |
thought and the notion that business will expand persists to the last moment. Banks, the press and even Government officials contribute to the excesses of booms by issuing optimistic statements. We are continually assured that fundamentals are sound.” ‘This psychological theory was widely held by Herbert Hoover and the newspapers in 1929. They believed the depression could be checked by issuing rosy statements. The same theory of course has a good deal of support maw. There is no doubt that psych: plays a role, but I think it w 3 pe conceded that it is a minor one a emotional disturbances of ‘the pon ple are recations to other and more fundamental causes. They are not themselves causes. The psychological theory is not any sounder than the sunspot theory.
THOMSON & McKINNON
NEW YORK CHICAGO TORONTO | ~ SOUTH BEND "FT. WAYNE "EVANSVILLE BOSTON CINCINNATI
Indianapolis Office
corporation was approved at a pub= lic hearing Dec. 13 bys. Charles Adams, Beech Grove mayor, who represented bus patrons of the Indianapolis suburban city. The Indianapolis Motor Inns had operated the line since September, 1935.
BUSINESS EDUCATION
Strong Accounting, Bookkeepi Stenogripmic 8 nd Secretarial courses. Day, and nd evening sessions. Lincoln 8337. Ww. ci “Central Business College
Architects and Builders Building Pennsylvania & Vermont Sts., pls.
60 Bonds 82.8 83.6 84.0
Yesterday Week ago Month ago .... Year ago Two years ago 91.2
You Can Buy ‘1,1 33.1 5
Chart Shows Growth
Ys
£1 LOCAL PRODUCE
Colonial : Savings and Loan
Association 28 South Illinois St,
1% Federal Supervision
INSURED SAFETY
ts INS SURED to ,000 All Savings and Loan . ura BY He Fede ral Agency. 3
Corn. 8 Save $100, $500 or $5,000 Insured Accounts from $1 to $5000 Accepted.
Write for FREE Savings Bank and Folder . Explaining INSURED Accounts
ul. S. STATEMENT
WASHINGTON, Dee. 186 (U. P.).—Goviment expenses and receiits Fa the Sere a viFs FRET Le : sb Ps ge:
: ks—Whi 4 : 10 * feathered ie: aey er 4a “fered fea: | + ered . 11c; Indian Ru “ 6C; wicse, ois Ibs. and up. feathered -and fa
: No i strictly ! ire coun 5 ibs. wdc. (Each full case must Ins. %:gTOSS. net deduction of wo Zeeach full case ultler nder 55 FA Will be se mage r— : . ar—No, 1, 35¢: , 3, 33e: se, Buti. by Wadley Co.)
DAILY PRIC INDEX
# NEW YORK, Dec.{16 (U. P).— | INDIANAPOLIS CLEARING HOUSE
“Dun & Bradstreet’ _ weighted $3 ol 10, [075,000
os price index of 30 : sory SL EF 3niv mpiled for ‘the 55 "FOOD PRICES BICAGO. Dec. 16_(U ~aaDRles
average 100): 11; 3 as hE oth iat RE Fo- | | “o pl. fo."
New York Stock Exchange New York Curb Exchange New York Cotton ‘Exchange New York Coffee and Sugar Exchange New. Orleans Cotton Exchange
or 4 ht 009 00 bt bt i OY HOM ION 3
T Inactive Gold . 181, 235.614,684.82
-Tilin
BO oan Island,