Indianapolis Times, Indianapolis, Marion County, 16 December 1937 — Page 24

THURSDAY, DEC. 16,

1987

INDUSTRIALS LEAD ‘AS STOCKS CLIMB

“IN ACTIVE TRADING

Bethlehern U.S. Steel _Arei in 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, 2lling exdividend, went to 563; for .% 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 1465. Southern Pacific was the active railroad leader on % advange to: 22%. » 2

T oday’s Business|

At a Glance

GENERAL BUSINESS

Dun & Bradstreet, Inc. reports week ended Dec. 15, bank clearings | Li $5, 474,706,000 vs. $5,501,480,000 previous week -and $7,230,853,000 year ago. . Engineering News-Record zeports gons nstruction-awards this week $35,08,000 vs. $31,873,000 previous week and. $39, 853,000 year: ago. CORPORATION NEWS

*~ American Light & Traction Co. spd subsidiaries, 12 months ended Oct. 31, net income $5,792,285, equal to $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. " P. BE. Myers & Bros. Co, fiscal year ended Oct. 31, net profit $1,063,195 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 | podium

vs. like payment July 5. Jones & Laughlin Steel Corp., directors took no action on preferred stock at meeting. Arrears on the jssue amount to $2625 a share. Previously this year company paid $175 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 regular quarterly 50 cents, payable Dec. 20 record Dec. 17. United States Corp, $6 on preferred, payable Dec. 27 record Dec. 220 vs. $11. 81% on arrears Dec. 15. = - American Manufacturing Co., $1 sh common payable Dec. 31, record

Dec. 15, vs. like payment Oct. 1. : (Copyright. 1937. by United Press) a ——

FOREIGN EXCHANGE

18 SU. P.).—Noon

5 99%) “mogiund § Qound) 34 -$ 2 “Gafaaa idetlar) (fran

BR Belgium _ (beigs) :

LL (mark) 3 ny {travel

ad (franc) Jgyitaer (guilde er)

49 0339 .0526% J880%

(dollar) ( oor aa)

aoe en cane

CHICAGO PRODUCE

Eggs—Market, weaker; receipts. oi cases; extra firsts, cars, 23c; cars, 27c; 2 eon raded firsts. ca Jess than cars, storage check is, current receipts. diac: fresh chec! i wn Le ag 0%herr ge eitigerator Hy erat XLr: aC; I . 19 : erator SOnIATas. YaC.

Butter—! Market, . on eipts, 8458 tubs; extra firsts (90-81% s score), i6@ 380; extras (92 soors re). ai 54 @39¢; firsts. Ra 34c; secon nds. 30@32c; specials, 39'2@40c: standar: Marke steady: receipts. 21 trucks; ducks. 16@20c; geese. Jae! spring

chickens, hens, 18 broilers, Siaste: hens,

23c; turkeys, 1s@tec: i

i ins, Seis daisies. va 1974 c; longhorns, ve tatoes—Su

s Nebraska Rou

"S. Commercials, $1.05.

Rurals, 55; on track, 21; shipments,

“Arrivals, 68.

ie: Mo ¥en Tex 5s 63 . ‘| Nor Am Co 5s

1b, ¥ colo dk bs. dep, die Rf Bl on n nd up. full feathered

"12¢. “No. 1, strictly fresh coun ach full case must we olen pet deduction of ‘15 BE Tull og ba Ju 1bs. will. be mages

1 39%2c: Xe. 37 + “Butieitat_No_1 35¢: . 3, 3%.

Wadley “Cog

192 sssessssenssvesy 131

: rects:

ns: nd Whites, 95c; Michigan Russet.

hich 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 | Bucy Heifer receipts were ex-|Budd Mf

lower. . tremely 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 c

$12 to $12.50. Native and fed Western lamb prices were 25 cents higher. Top was $9.50. Yearling kinds sold barely steady. Slaughter ewe prices remained steady.

$8.50 7000 33 83 8. 30 8.50 8.70 8.35 10500

.$ 8.10@ 8.50 $102 4.50 ‘8.40

9. 10. 11. 13. 14. 15.

d choice.

choice... choice . choice. . choice.

choice... . 7. choice..

98 Coa

oB3RBBLRF88ES

(900-1100) (

(1100-1300)

@=ams a -I@mOnm-10

IRNNRIDID DDI ~I=TDI=T SSSR SS uate + 63.00 t= 60 2300 + BO 3

i (1300-1500) Good (550-750)

Good Fond choice . Common, .neduim. 5.25@ 7.25 5.75@ 8.75 5.00@ 5.75 3.75@ 5.00

6.50@ 7.25 5.00@ 650

GOOH ova. veiciiivienrsrian oes Common, “medi um . Low cutter and cutter ...

Good ( beef) Cutter, common and medium.. Vealers : —Receipts, 500— Good and choice [email protected] i 2 50 ii 0

Calves (250-500) Good and choice.. [email protected] Common, medium. 5.00@ 7.50

Feeder and Slacker Cattle (500-800) Sood and choice . Co! (800-1050) G Common, Heifers— Good and choice

Common and medium Cows— Good

AIA

82 3% 43

medium.

oan 8a 0 0989 Sor oO ABI 88 3388

SHEEP AND LAMBS ~—Receipts, 2000— Lambs— |

NANO

60 E930 68

83 Sal

orn Ewes— (80-175) Good and choice. . - Common, medium.

s—Receipts, 26,000, includin 7000 directs 3 Jharket, 25¢c lower; ORE

56s The. X 20@ 8; 250-300" 1bs a

27. 25; eral steer mar

ttle—Recei ts, 500 t grades; fairly os and firm on str cHy » oa “Frie offerings; only ished steers her; these 2 a heifers, steady; best $9; oo Ar 8.25; t cows, steady, but cutter ry rades im: active at $5.25 down to higher; sausage kinds, Tas LF il at $11@1 Sheep—Receipts, 9000,

foads

T; i westerns, Bo.5%; Jearlings, [email protected] mostly; sheep,

inact NAYNE, Dec. 16 (U. P.). Market, 25@30c lower: 140-160 1 60-180" ea 13 180-200 1bs., $8; 200-225 i0- $7.85; 50 1bs., $7.65: 250-275 1bs., $i 55; 15.300 To $7.45; 300-350 1bs., $7.35: 120-140 -1bs, $8; 100-120 lbs., $17.75; ‘Troughs, wie .50; Ee es, a hy lambs, Eve r; out 1

Markel, 3c lo $0170: bs. 46.40 40 1702 225 1bs., 180s. 30; 218-35 1bs., $a 7.90; 275-325 lbs Fg 30 0.

rou 50

—Hogs— bs., $8.25;

@8.20; Ea "lam! Br ‘ag

CINN 5" Receip Poo. 25 including 70 direcis: Hota: $8.10; 100-140 Ibs. Siar 75; bulk ing" 5@8.

overs.

950" The. a

rs ry) $7.75: load steers, k yearlings and steers, $6@ low cut-

ef cows. ter ‘and cutters. [email protected]: practical top 660 di-

sausage bulls, Shee p—Receipts, 1150 includin oc eady on. moderate to light supwe and wether lambs.

00 ois: common and medium grades, $6.50

N. Y. Bonds

Bv United Press | BOND PRICE INDEXES 20 i 20 Rails Utils. 2.5 94.3 74.0 94.7 93.0 95.5 99.9 105.7 © 82.2 103.1 101.2 106.0 69.3 92.3 100.4 106.2 84.7 108.5 86.4 103.6 83. 71.0 89.3 (Copyright, 1937, Standard Statistics Co.)

60 i Yesterday Week ago Month ago .... Year ago Two years ago 91.2 1937 high .. 1937 low ...... 1936 high ....

YORK, Dec. 16 (U. P.). Bonds

NEW opened higher. p orig

; 1 I Ill Cent 4%s Un Pac 5

U.S. STATEMENT

10000 | € 2000 1999 | § 4500 | Com &

Bundy made public today by the Associa-

93.1

“THE INDIANAPOLIS TIMES

_ PAGE 23

~~ NEW

By United Press

YORK STOCKS

Net Last Change 9

1 11% 1% 17% 6

17%

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pg ~

Am Smet im 2 Stl Fis .

Am Tobacco’ cee m Tob B 6! \m Water W . \m Woolen pf .

Anaconda Anac WCable.

+, HHL LE

Atlas Corp Auburn Auto ..

Bald Loco ct wi Barber Co, .... 11 Barnsdall

Ve + +0 1

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cons [9% Cons Coal vitc.. 4% Container

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DHE

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Cutler Ham ... {

Deere & Co .... | Det Edis 93 Dist Sea, ] Dome Mines .. 51% Douglas Air ... | Dunhill Du Pont

Elec Pwr&Lt ... Elec St Bat . Equit Bldg .. Eureka Vac .. Evans Prod .

Dil dE

Fed Lt&T Flintkote ...... 16% Freept Sulphur. 22 Gar Wood Ind. 6

, Curb Stocks

By [United Press

NEW YORK Hee; 16 (U. P.). stocks Sr firm Lt&

Am Carrier Cities Service ” gos Cop Mns

La Land & EXP. .oesrvrsonrnes So N 3 ZING... tke ves asense eee 61 H ve 8B

INVESTING co. 'S Pid | Ask Ask Adm Fd 12.10 12.87] Invest. Bank. or Aff 4. 4.59 Banc Bl 3.50 S50 st Bos 1 a 1 3

Ned ON =3

Am Bus .69 As Std Oil 5.37 Bas Ind 3.43 Bos Fd 15.48 Broad St 22.64 Bull 13.25 an v 3.55 Cent Tr 19.51

Contl Shrs 6.25 Cp Tr Shrs 2.19 | - "AA 2.09

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4.19 | Gen Qap 28.42 3. Gen Inv 4.54 Group Securities

Bidg 1:21 [1.3 Chem Y i2 1.22 {Sup Min 1.12 | 1.22! Tr Pst. In D Petr 5 1. Je

RR Eqt Steel 1 1 1.24

56 4.94| Sup B

Tr fad 33 Ui

BANK STOCKS

Pank of Manhittan Bankers Tru econ Bank of New York Trust ... Brooklyn Trus! 7 Central Hoi

ase § Chemical .....i{se0cs0e0 Commercial . Continental .... Corn Exchange

Empire . First National . Guaranty

eady, heifers weak to low- Ir are

Manniacturers | oo ooes National City |. New York Trust

ublic Title Guarante:

DECLINE IS SHOWN IN RAILROAD REVENUES

WASHINGTON, Dec. 16 (U. P.). —Preliminary reports from 92 Class One railroads representing 82.6 per cent of total operating revenues,

tion of American Railroads showed November operating revenues ot $261,619,43¢ compared with $206, 244475 in November, 1936. '. Operating revenues were 11.7 per cent below those for November, 1936. Freight revenues of the roads amounted to $210,556931 compared with $244,862,176 in November, 1936. This was 14 per cent below November, 1936. Passenger revenues totaled Spe 385, 521 compared with $217, 245,848.

ATLAS CORP. POLICY REVIEWED BY ODLUM

NEW YORK, Dec. 1% (U. P)— The investment poiicy of the Atlas

—Goy- | Corp., largest investment trust in

WASHINGTON, Dec. P.) Play a and 18 aot vs the year through De 14, com-

ec.

x T Inactive Gold .

| INDIANAPOLIS CLEARING HOUSE $ 3. S13,

America, favors concentration in “special situations” rather than well- | distributed, more liquid: security. purchases, Floyd B. Odlum, president, told stockholders today in his first annual report since the consolidation of the new corporation on. Oct.

-59 131, 1936.

“Your management has always favored investments in special situa000 | tions where results depend . more 000 | 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 : 31, Mr. Odlum said,

| ing

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— curb | Mu

.+ | Belt RR st Yds com

Last 0 42 Ya

+++ +: Hiriiiey pil

Hall Print .... Hecker

olly Sug uston oii os ywe| Sound ...

udson Motor upp Motor ...

H+: +

m Central .... 1 Cent pf .....

+ HHH

* WHEAT PRIGES FRM 2 TN CHEAGO MARKET 3:2,

Purchases Through Eastern | Houses Mark Trading.

CHICAGO, Dec. 16 (U. P,) —Buythrough houses with Eastern connections firmed wheat prices today on the Chicago Board of Trade. | At the end of the first hour wheat was % to % cent higher. Corn was

1% cent higher. . There was no outstanding feature |E in the day’s early trading, rather in-

sistent buying by a house or two Pub ith Eastern connections being the

only noticeable development. Winnipeg had a rally and this firmed prices here. Wheat receipts were 6 cart .Corn interest has been moderate. The market, however, was steady | B after a slight dip, and elevator interests and ‘a local operator were fair buyers. Corn receipts were 85 cars.

og ARGENTINE GRAIN

AIRES, Dec. 16 (U. P.) rain futures opened, irfe IaTly hi igher,’ Ko he re or Deo mber, 74% $1.04, —Dece Tr, 8C. unchanged; February, 73%ec, unc Oats—Spot. we, upchan ed. Toke oa

4 $1.28%. up arch, $1.29%, up

w WHEAT |. City grain elevators are paying for N 2 Ted, 86¢c; other grades on their ori. Sash corn, new No 3 vellow, 4lc. Oats

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The jolowing Ti ovations do not represent actual fering, but merely indicate the Approximate market level based on buying and selling inquiries or recent transactions.

BONDS Bid Asked fs : 8: 108s 1% Tel & Tel Pt W 6s 43 10407 4%2s 65

nd Tel fo 58 nd Railw

1080 elas 477100 98

W Works 5s 56... ater Works 6 49 ... Trac Term Co 5s 57 STOCKS sced00000 51 evdoesss 52

7% eiei107 n Serv Go 6% pid oo 10 Ind Hydro Elee 7% ptd 2 % Indpl Ss:

. 4 Elec co’ 6% . veers 94 Union Title Co co . 22% Van Camp Milk Co ptd soe

. 52 Van Camp Milk Co 10 (By M. P. pil & Co.)

Market St. Suyesutiens Corp ..22.92

24.6 xEx-divid 4.53

219 I. Tr,S¢ Oil A 8.27 5.58

S L&P vig 8 102 Well Fd 2:88 14.16]

Only Minor

it is the breakdovmn in foreign trade.

1 1 | 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—Improvement; 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 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 i another way of saying what Lord Overstone said. More recently Wilfred I. King said “ideas are contagious and like some infectious disease sweep over an entire nation. . . . In the United States in the early aut in the New Era it did the New destruction. It

of 1929. . , faith ve way and when

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USE

CTH: 3 10 HR

nn 14 to 3% cent higher, and oats were Eh

+ | Ve-Car 6 mt ees

Kres| Kroger

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Lambert «cc...

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2 mn ne sees ae

Nash-Kelv

ees 10% Nat Biscuit .... Nat i

18% 14

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Tere mss

Raut

1, No Pacific cece . 12%

HE Fa

Omnibus Otis Elev Otis Steel ...... 10%

—P Pac G & El.... 26% Packard 4% Paramt Pict .. Para Pic 2 pi. . Park Utah .... 10% Parke Davis .. 31% 21Y2

FESS,

se sees

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Richfield oil...

+++

2 512 —S L-8 Fran ‘1% Roebuck . . - 33%

SH pf: 60 re 11

lelautogrph «.. 4% enn Corp .... 6% exas Corp . 397% ny as Ei « 8Y

rransamerica 107 Frans West Afr

L mo, , mT n ” Ti Ti mT A

FH LE HE

5 . 110774 107 —V % 2312 BL

Wabash 2Y Wabash I pf A .

U S Steel U S Steel of .

Vadsco - Sales ..

3 Vick Chem %

39 23% 22 3% 8

+1:

7 - 34 26 26 D2a% 10 7 106% 13 13 23% 23% .. 31% 37 .. 16% 16%

A 2 Narner Br pf.. ; 34 Wayne Pump . West Union ..

Vesting El ....

\ ' 1 \

estv avy Wheel Steel wool th

Worthington

Yale & Yellow

Because of these differences of ®

25 25 . 10% 10 Young Sheet’ .. 39 39

i+ Flynn Says Psychology Plays

Role in Business

By JOHN T. FLYNN WASHINGTON, Dec. 16.—In Washington various Administration leaders give their explanations of the business recession. Pat Harrison of '| the Senate Finance Committee says 5° | the slump. Chairman Marriner Eccles of the Reserve Board says it is the unbalance between industrial and agricultural prices. Mr. Hull says

unbalanced prices are the reason for

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, borrow money. “Even when the limit seems nearly reached they try to get the last dollar. The wish is father to the 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 be-. lieved the depression could be checked by issuing rosy statements. The same theory of course has a good deal of support now. There is no doubt that psychology plays a

S | role; but I think it will have to be

conceded that it is a minor one. The emotional disturbances of ‘the people are tions to other and more fund: tal causes. They are not themselves causes. The psychological theory is not any sounder than the

sunspot theory.

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

i | night session tonight, if necessary,

but it appeared doubtful that action

2 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 more Fascist than the Lee substitute.

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

3 |a 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. F. of L. plan, after one of the most turbulent sessions in years. Abt 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,,

7 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 pre-

* | side 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 session. But in this dispute party leaders are keeping. hands off.

BEECH GROVE BUS | SALE IS APPROVED

. Sales of equipment and tra . 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 hew

corporation was approved at a pub-

lic hearing Dec. 13 by Charles Adams, Beech Grove mayor, who

represented bus patrons of the In-

dianapolis suburban city. The Indianapolis Motor Inns had operated the line since September, 1935.

BUSINESS EDUCATION

Strong Accoun Bookkeepin Stenographic and i TR courses. Day and yening Sessions. Lincoln 8337. Fred W. rincipal. Central Business College

Architects and Builders re hitents and oe Indpls.

Colonial

Savings and Lean : Association 28 South Illinois St.

NEW YORK CHICAGO TORONTO . SOUTH BEND FT. WAYNE "EVANSVILLE BOSTON CINCINNATI

Indianapolis Office

ih 18

THOMSON & McKINNON

New York Stock Exchange New York Curb ‘Exchange New York Cotton ‘Exchange New York Coffee and Sugar Exchange New. Orleans Cotton Exchange Chicago Stock Exchange Chicago Board of Trade Winnipeg Grain Exchange,

And. Other Leading Exchanges

wl! 5501

LUDLOW WINS SIGNAL VICTORY IN ‘PEACE AMENDMENT’ FIGHT; BACKERS PREPARE FOR COMBAT

218 Signatures to Petition Assure Action During Next Session.

f By DANIEL M. KIDNEY Times Staft Writer.

WASHINGTON, Dec. 16 Nearly four years of hard fighting for his “peace 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 the nexs session. Nine of the. 12 Indiana Cotigrosss men signed. Those refusing were Reps. Charles A. Halleck, sole. Hoosier Republican, and Reps. Arthur H. Greenwood and John W. Boehne Jr. The resolution provides that the Constitution be amended to require a referendum on United States participation in any foreign war. If 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 1935, when the 74th Congress met, I introduced two or three war referen-

dum proposals, the perfected one being introduced in February of that

year “pr 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 so 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 declared.

RULES TAXDUE 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 Be Superior Court which held that these sales were taxable at the lower wholesale rate of 1% 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

alreacly 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 amount and split the costs evenly

Opposition to Proposal Is Strengthened by Stand Of Secretary Hull.

WASHINGTON, Dec. 16 (U. P.). —Proponents of the Ludlow War Referendum Resolution today pree pared to combat leadership efforts to prevent the proposed Constitutional amendment from coming to the House floor despite completion of a petition to discharge the Judi ciary Committee from its consider ation. They expressed confidence the ree quired 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. ilull, 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 eX= 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 4. terior of China.” :

Clapper Sees Pressure

By Administration

By RAYMOND CLAPPER . | * Times Special Writer WASHINGTON, Dec. 16—The Ad« ministration is opposed to the Lud« 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 neces sary two-thirds majority is not like« ly to be registered. The Adminise tration will exert all possible undercover 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, Congress felt that American rights had been infringed by submarine warfare 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 further 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. 16 (U.-P.).— Alexander = ManefT, 19-year-old hitch-hiker, today pleaded guilty to a first-degree murder indictment in the attack-slaying of Louise Horne beck, dentist's assistant, but Come mon Pleas Judge D. A. Cook said he felt the youth should be granted a

full trial, and ordered he be tried in January. before a three-judge panel,

between them.

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