Indianapolis Times, Indianapolis, Marion County, 4 January 1938 — Page 7

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AGE 6

ONE

Jo uc

T0 MORE

THAN THREE POINTS|:

oS ~

I ading Is Moderate; * Aircraft Higher; Rails Firm.

NEW YORK, Jan. 4 (U. P.) .—Stocks rose one to more than three points in moderate trading today and held around the highs in the early aft-

ernoon. U. S. Steel reached 56%, up 3%. Bethlehem ‘touched 612, up 3%; Republic, 17%, up 1%; Youngstown Sheet & Tube, 40, up 2%; National 60%, up 1%; Crucible, 36%, up 23%.

Douglas led the aviations higher, reaching 41%, up 2%. Coppers strengthened under the lead of Anaconda which was up 17% at 307 Rails including most of the Erie issues firmed small amounts. Silvers mounted with the other metals. Farm shares were up a point. Automobile stocks were strong with Chrysler at 49%, up 3; General Motors, 312, up 1%, and Hudson, 8%, up 1s. . Westinghouse Electric jumped nearly 4 points to 103 and General Electric was up more than a point. Building shares were lagghrds with the leaders barely holding their own. American Tobacco shares gained more than 2 points. Consolidated Edison rose nearly a point. # # #2

Today's Business At a Glance

CORPORATION NEWS

Baltimore & Ohip Railroad Co., week ended Jan. 1, carloadings, 17,-

109 vs. 17,992 previous week and|2r® 2

28,096 year ago. Bank of Manhattan Co., December quarter earnings, 40 cents a

share vs. 39 cents previous quarter Jan

and 38 cents year ago; full 1937 year earnings, $1.71 a share vs. $1.50 in 1936. Masonite Corp., 16 weeks ended Dec. 18, net profit, $339,847, equal to 58 cents a common share, Vs. $376,366 or 65 cents year ago. Safeway Stores, four weeks ended | Dec. 25, sales, $29,147,814 vs. $27,400,666 year ago, up 6.4 per cent; 52 weeks, $380,320,284 vs. $340,024,244 year ago, up 11.8 per cent. Chicago, Milwaukee, St. Paul & Pacific. Railroad Co., week ended Dec. 31, carloadings, 14,250 vs. 13,999 previous week and 15,262 year ago. Electric Power & Light Corp, 12 months ended Oct. 31, consolidated net income, $9,497,778 equal to $1.10 a common share vs. $7,554,629 or 53 cents previous 12 months; 3 months, $2,158,144 or 21 cents vs. $2,144 916 or 21 cents year ago. United Gas Corp, 12 months ended Oct. 31, consolidated net income, $11,097, 492 equal to 22 cents a common share vs.-$10,969,158 or 21 cents previous 12 months; 3 months, $2,279,543 or $1.68 a second preferred share vs. $2,620,926 or 3 cens a common share year ago.

DIVIDENDS

Transamerica Corp., semiannual, 371% cents payable Jan. 31, record Jan. 15. W. T. Grant Co., final for discal year ended Jan. 31 of 50 cents on common, payable Jan. 20 record Jan. 10. Lerner Stores Corp, regular quarterly, 50 cents on common payable Jan. 15 record Jan. 10. Transamerica Corp., semi-annual, 37% cents, payable Jan. 31 record Jan. 15.

NEW HEAD OF STEEL FIRM TAKES OFFICE

Perry Expresses Optimistic Faith in Country.

PITTSBURGH, Jan. 4 (U. P)— John L. Perry today took over his

new job as president of the Car-}i

negie-Illinois Steel Corp. with an optimistic faith in the country but admitting the present mouth” policy of consumers in buying steel may continue for some time. The tall, white-haired, former president of Tennessee - Coal, Iron & Railroad Co. another United States Steel Corp. called in newspapermen to say “howdy” yesterday as he spent his fist day as president of Carnegie-Illinois. “This country should always be doing business,” he said in reply to , queries concerning the present eco-

nomic recession fon ne the possibility | 33

of improved busin While believing “that the present

hand-to-mouth policy of buying | —$8.50.

steel may continue for some time, he expressed the opinion that actual

consumption of steel was on about 8.50

an even rate.

fairly ‘Anything that he might say regarding’ contractural relations with Baby. bee

N.Y. Bonds

By United Ppess 25 BOND PRICE INDEXES 20 2 20 60. Indus. Rails Util. Bonds veer 80.8 69.8 94.2 301 935

“hand-to- | ou

Porker Prices Remain Steady; Top Is $5500

Hogs held generally steady on. all weights of barrows and gilts and backing sows here today, according to” the Bureau of ‘Agricultural Economics. Top was $8.50 on best 150 to 180-pound butchers, while packing sows bulked ai $6.15 to $6.65, with a top of $6.75 on good lightweights. Several 5 cent premiums on strictly choice, uniform lots of hogs put in appearance. : There was an active trade throughout the cattle market. It was largely a steer and yearling run, with kinds selling under $7.75

5. | comprising the bulk and selling fully

steady. Several loads moved from $8 to $8.65, with good to choice bullocks held at $9 and above. Plain lightweights sold. downward to $6. Heifers cleared actively at an early hour at strong prices and 25 cents higher over the close last week. A few loads of medium to good kinds went at $7.25, with bulk from $6 to $7. Cows were steady, low cutters and cutters from $4 to $5.25, with common to medium from $5.25 to $5.75 and a load of good around 1100pound fat offerings at $6. Bulls were unchanged at $5.50 to $6.50 for sausage offerings. Vealers were 50 cents lower at $11 to $11.50. At steady prices, good and choice native lambs moved at $8.25 to

showed no change at $4 down.

Reprinted from He a Times eign 5. 38 3% 8.85 8.50 .$ 8.20@ 8.50 8.10@ 8.50

choice.

choice. . choice: . choice. . choice. .

Heavywelghts— (250-290) Good (290-315) Good Packing Sow.

213. 2315100 ob amo Gon AS

choice. . choice. .

San hter

m -140) "Soe and choice. .

(i000 Am a1s] 030000 WW DIDI BD ewe om comm mo

00 S&S 09 P90 AP 09d

0 anna by Oe

—Receipts, 1300-— (550-900) Good

Far

F800 a0 00055 SHESHRNSuSssd Pe

QUINOUINUNOUO

C . (900-1100) G 0 0,

pri

Col (1100-1300) Chotce

Goo Medium .. (1300-1500) Choice Good

aika2333333283

99909999909

(550-750) Choice Good

(750-800)

od Common, iedfum ee Low cutter and Me utier

Good (beef) Cutter, common and medium.. Vealers —Receipts, 400-— Good and choice Mediu: Cull ad common

(250-290) Good and choicz.. 7.00@ mon, medium. 5.00@ 7.00 rons and Stocker Cattle / Steers (500-800) Sood and cho mon, medi (800-1050) Good and cho Common, medi

838s

Sano ~100 30 QO

Sw on

Heifers— Good and choice common and medium ow!

Good Common and medium SHEEP AND LAMBS —Receipts, 3500—

oa S38 O00 OU ODOM

00 3 SOO

on lh So ho oor aS

WES (90-175) Sood and choice. . Common, medium.

CHICA 1.) .—Hogs—Re-, ceipts, 25.00 000. intiuding S000, directs. Mars« ket. lal 5c higher; most advance on 2301b. eights up; packing SOWS, heady to

00d packing SOWS, se 40 a6 370, Cattlo—Rocsipts 6500; calves, 1500; improved Ag in oe trade; steers and yearlings’ abont o e yesterday. 's close: m Rrkst, more little higher i

; ‘numerous 0; best yearlings, “around d beef cows now 25¢ grade cows, strong to 15¢ : bulls sharing advance: weighty shipper vealers at $12 strong: bulls $7. ES) cep Receipts, 15, including no directs; fat lambs, very slow; early indications, fully 25c or more lower; bids, rather sharply off; talking, downward from $8.50 on and choice lambs now held for $8. "5 and above; indications steady on sheep. AOL $4’ on tholee ewes,

Ton F).—Hops— Market, steady: 0, Hic 150.1 b: 3 160-170’ tos. 8 "170-180 10 ibe 3 86:

> s, $8. wn. Cave gs, 0.50

1: —Hogs—5@ Fb: 45: 160-180 0%. 25; 200-225 1bs., is 1bs. a oom 5: $ roughs, $6.50; 40 the, $5.25. Calves--$11. 50. Tanah

CINC. INNATT, Jan. 4 (U. P. Receipts, 2400; none dress, no Bones:

bs. A e—Receit 550; ‘calves, 250; £8 acl! i on “relia light sup-

medium rs. sh: aa Heog 600-10. bull’ ighielght ioe absent; $5, 23 5.75: top nore” dic

* 200d aoe d sba 52 most

~ Curb Stocks

Bv United Press ORK, J 4 stocks oP stea ay. .

Am Sup Pow . Cities Serv. “ae

siesennsecs. yo

u. S. STATEMENT TP

t expenisss Jan 1 4 curren fiscal year t pared with. a Ter go ie? tity o 1586.1

18, 4 HE 2 £0 ist 114.6083

adh THE

gab 3 : 59,983.5 ; Li

$8.75, the latter price also paid for Ere finished Western offerings, which are 10 cents lower. Slaughter ewes |

: gen Eieotrle” X G&E

0 | Ge

SoS. a0i3s: 8.40; Sogo Seo’ . 300 7 96,

(U. P.).—cCurb

. suspend ; |declared unconstitutional by the Su- A | preme ‘Court. The laws again be-|listened

.).—Govte “for the |

Allegh AllegC Alleg on Allied Stores “ot i09t Allis-Chal 48%, Am Ca

ison ATES wnt a2 9 At] Refinin . 20¥s Aviation Coip: . 3%

+. e—B— ald Loco et wi, 8 9s

. . 107% oe 97

61%, 33% 17% . 20%

udd: Mfg ..... 4% Budd Wheel... 3%

Clb HE Xie -

Calumet & H .. Campbell Wy .. Canad es 14 Can 1 Case Gent’ Pouidiv . En’ Mans f His Va 5 Nw Ry . o “1a :

RL: +:

ba Con Textile ... Coatainer

oo 16% an

Curtiss-Wr A '.

Rs £ cag ww 3, Dome Mines ay &i Douglas Air . Du’ Pont

HE HEE EE EH

61% 4% 5% 7% First N _ I'S Strs .. Flintkots : 30.

Ger Wood And. 5 Gen Am Tr ... ae oo 413,

Sn Mot : LE De oe Gt North pf ... 23°

30 15%

5% 42

® Yesterday ae

NEW YORK STOCKS

By United Press.

DOW-JONES STOCK AVERAGES, 30 INDUSTRIALS Yesterday ona veveens 120.57 Week ago ivekansusanssesre ss 118.98 Month 280 icccecvosissessss 128.31 Year B80 -..cocoevecconcess«. 199.07 High, 1987-8, 194,40; low, 113.64, High, 1936, 184.90; low, 143.11, Jersvhsesnanases 20.35 ee00800s000s0000 28.01 Month BELO .coosvevgesscnsnies 32.01 Year ALO ...cosceeecsscasess 53.68 High, 1937-8, 64.46; low, 28.9%, High, 1986, 59.89; low, 40.66. 20 UTILITIES Yesterday «..oececisacncceces 20.46

—0.28 —4.52 +2.10 +135

Week ago ...

Month ago Year ago High, 1937-8, 84, 54; Tow, 1. 65. High, 1936, 36.08; low, 28.63. 70 STOCKS Yesterday .oocccencecccsscess 40.24 Week: ago sesscnsessvecancess 30.62 Month ago sesss0s0sbesevenis 43.19 Year ago .«.cceecccnsons sees. 63.94 High, 1937-8, 69.67; low, 38.87. High, 1936, 66.38; low, 51.20

Net Last Chasige 1 + t18%...

High Low Kelsey Hayes B/ 4% 4Y Kennecott 37% 31% Kresge SS 15% 15%

11% 3%

( {+11 4: 1:

a psu Nat Ie d Nat Stee Nat ap Denn 18% N Y Air Br 38 N Yr Central

: “99, tl 10%

Cen

HHH++] H+ HH

No Am Avn .. No Pacific ..

tis Steel Otis Stl cv 1 pf 49 Owens Ill Glass 5912

Green H L 16Y, Greyhound 6: 9% 3/ Grant pf or 20 a

Sng ++ ++

Houston ol v Howe Sound .. Hudson Motor . Hupp Motor ..

2Y, 622 6 44% 7 313% 6%

76% on Ein C Son .... 8 8 >

INVESTING co. S

(By tae Ns ye Dealers a Ad La 2 i 33 2.05] ” > C FK1 1g 15.02 Fd FK2 9.63 10.5

6% — Y%

. 5.05 Fidelity . Fiscal Fund Inc. Ins See

ns Gr

PBn'Cp 1 80 1 3.00 ot i t : ES Soll" Se

9.8 Ky TBI 2157 23.57 Trs A Bk B "61 C FB3 14.61 15.96| Well Pd Ba! % 13.52

BANK STOCKS

Bi Central Bank of Manhattan. . ae ankers Trus . B Brook! a1

entra Chase

ru; Hanover

le a ee Continental

. 1 49%, 50%,

seevsesss1745 1785 seeee eee... 10% 113

oe . se00es0sgsnse

A atinydis KN jational City

| Schenley

. 8% G .. 45% ees 32 31

. 68% 13 2% 1% 17 . . 43% — 20% 297% Dist. . 25 24% henley Dis pt ii 15 ul 1 20% 5

Reo Elk fo eyn Spr eyn Tob B .

= HHH HE HE] ioe aelp

43%

St Jos Lead ...

DEE ELE] . Be

Std O Cal 29 Std Oil N J .... 468'2 468% 46%

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.) The followin uotations do not re sent. actual “bids or offerings, but merely indie ate the approximate market leve on buying and selling inquiries or recent transactions.

BONDS Cita Ind Tel (TH) 4 H Tel & Tel

Bid Asked s Ya. ..101 104

4s 55 Richmond W W 5s '57 Se Water Lo, Foi 49 vee. 100 iS oo “se

. Works 6s 49 . Trac Term Co 6s 57 STOCKS

Belt: RR St Yds com ......... 50% elt Yds rd 52 Gent Int Pwr 7% Hook ok SD = The" 0! Ho rug Inc c ind Gen Serv Co. 65. en ° [nd Hydro Elec 7% p of ndpls Gas com .e ndpls P 2 Lt pfd’ 6% ndpls. Pwr & ri pid 8%% . Indpls Water Co nfd 5% Lindo Nil Life Ins Co com.. 22

cree. 10 ees.. 101 saree 48%

Van Camp Milk Co pd Van Camp Milk Co co

w_ York Trust ...

1 94 (J 1 ‘Title Guarantee +2 31

LJ. S. Ought to Take Definite Antitrust Stand, Flynn gi ty

"There are in W

Union against monopoly, monopoly

xMarket 3 investment Corp. 23.13

By JOHN FLYNN Times Special Writer NEW YORK, Jan. 4—Assistant Attorney General Robert Jackson, has stirred up a good deal of a hornet’s nest by his attack .on monopolies ashington a large number of Senators and Rep* resentatives who are genuinely opposed to monopolistic practices. As a matter of fact, there is a Federal law and a law in every state in the

(By M. P. Crist & Co.) xEx-Divi

practices and restraints on trade.

Some state and Federal adminis trations have attempted to enforce these laws. All have made some effort at enforcement. Strange as it may seem there were more. prosecutions under the antitrust laws under Coolidge than any other President. For years the Democrats, however, denounced the Republican Administrations of Harding, Coolidge and Hoover for failing in a sufficiently 1 Heros, siminisidtion: of these aws. When the Democrats came in under Roosevelt, therefore, one of the surprises of the generation was the complete scrapping of -the antitrust laws by Roosevelt. | However, in time the NRA which ed the antitrust laws. was

came operative. At about this time the President : transferred from the

resenting one of - the largest Wall Street law firms in their antitrust Sases, His last case was to represent on itby the Hoover Administration. of only was he the paid attorney of large violators of the antitrust

virulent enemy of the antitrust laws. He was the one man in the formation of the NRA statute who was most interested in killihg the anti{trust laws. Yet when the NRA was killed, he was -the man selected to administer and enforce the law he believed to be public nuisance. : ~ This, however, is not all. 3 Justice’ Department was, and, so far as I Snow, is is sil shot Shrough with

‘businessm calling for a more vigorous ment of antitrust law

sugar trust in an attack made |

laws, but he was a convinced and |

en in New York’ roma |

High Low: tax alice 5

i i 4 £

-War

Sunshine Min

Syming-Gld xv. Tie wa ou. a a Transmeries 1 1 200 ih Cent-Fox . 19% 1)

Union Carb . Un Pacific

asses

" : 2%

«12 13% i" ad

4 1%

Batsad =

yu J)

thE eH

SE EER a

ars EF BOs SEER aR

NER

Yellow Tr ..... 9% 8% Young 8 & W . 13%; 13%

+ hl |

%| CHICAGO WHEAT AND

GORN PRICES CLIMB

Grain Trade Slackens After

Early ‘Large Volume.

CHICAGO, Jan. 4 (U. P.).—Wheat

*| trading slackened after the early

bulge today on the Chicago Board of Trade and realizing selling be-

gan. At the end of the first hour wheat was 1% to 21% cents higher, corn was 1% to 1% cents higher and oats were % to % cent higher. Volume of trading in the wheat pit contihued sizeable but despite heavy profit-taking prices maintained a level just below the early tops. Reports of a good export business in North American wheat, placed around 1,250,000 bushels of all positions, were the principal bullish factor. There were no wheat receipts. Corn prices climbed more than a cent on reports that exports of U. S. maize had reached 1,500,000 bushels, principally to the United Kingdom, Rotterdam and Antwerp. Brokers, acting for elevator and shipping interests, were principal buyers in corn. Profit-faking was liberal but unable to check the general upward trend. Receipts were 53. cars.

WAGON WHET City grain elevators are paying for No. , i other grades ob their merits. Gash corn, new No. 2 yellow, 47c. Oats,

B a INE 4 (U RATeY ~—Gral futures opened higher. Whest— February, i 0412, up 3c; rch, 81.05%, up 3c. Corn—Jantary Y, 84360, unchanged: Penrus $131, up vee: eens 31th. ar na —8pot, 30¢, up | "98 ee. D

LIV ERPOOL WHEAT

Ter. 81 i si Toy sf i sri te aa 37% 1 4 11M 1.13

NEW YORK, Jan, 4 (U. P.).—Noon _foreign exchange low: cl “Cable Rates

000 903 —.0004 —.0002 —.000 000

0000% 2% 2%

+.0000% $0002”

+.0000% +.0005 4.0012

‘4.0063 —.00:2% +0001

_ LOCAL PRODUCE

ickens—Heavy breed 8 i EA under a tbs.” 140 ot oe Sand is heavy springers, RE ahd over, lec: } Parhorn a 180; oa; roand 5. 9c. 3 1 strictly’ fresh country & oS

110% :

oe XCHANGE|

ocala General Says No

Check Is Possible on Expenditures.

WASHINGTON, Jan. 4 (U. P)~ Acting Controller General R. N. Elliott charged today that at least six vernment agencies have not com=-

have been received and expended audit.

said that these agencies were the Electric Home and Farm Authority,

Corp., Home Owners Loan Corp. and the Virgin Islands Co. “Such agencies,” Mr. Elliott said,

their receipts and collections with the Treasurer of the United States

(disbursing) accounts of the accountable officers thereof, from which accounts the funds are.ex-

“Accordingly, under such procedure, the collections are not covered into the Treasury and are never reflected as receipts and expenditures on the books of the Government, with the result that hundreds of millions of dollars have been received and expended by the Federal Government or agencies thereof without having been covered into the Treasury and for which a

had.” Three of the six agencies, Mr. Elliott reported, do not file any accounts with the General Accounting Office. While the remaining three render accounts, Mr. Elliott charged, “the funds thereof have not been covered into the Treasury and appropriated as prescribed.”

LOCAL MAN HELD

: i Vi Arrested by deputy sheriffs when he. allegedly sped by the scene of an accident on U. S. 52 just outside the city limits, James Hall, 31, of a downtown hotel, today was held on charges of transportation of illegal liquor. The deputies late Sunday, arrested Hall on charges of reckless driving and, searching his automobile, found 145 gallons of liquor in the rear of the car. He told them he became nervous when he noticed a police car at the scene of the accident and attempted to avoid being stopped.

1937 WHOLESALE ‘GROCERY ERY SALES UP

NEW YORK, Jan. - Jan. 4 (U. Py Wholesale grocery sales for 1937 may approximate . $4,200,000,000, compared with $3,900,000,000 in 1936, Dun & Bradstreet, Inc., estimated today. ‘General consumption of groceries has been maintained at a relatively steady level despite the decline from the preceding year’s showing since September which will cut gains over a year ago to 3 to 10 por cent, the authority said.

SEASON ON RABBITS TO CLOSE MONDAY

Next Monday, the common cotton-

tail or field rabbit again will become a respected Indiana citizen and resume the relatively peaceful life of a noncombatant as the hunting season ends. It has been two months sifice the hunters began blasting and the State Conservation Department says many a rabbit was taken in a season of good sport. But more rabbits every year are victims of motor cars than fall be-

: | fore hunters, the Conservation De-

; 38@3eiac: Ne 3 a 3a

|GLASS REACHES 80

(Prices quoted “by Wadley Co.)

CHICAGO PRODUCE

CHICAGO, Jan. P.) ~—] ket, easy; recelpts, 503 ‘cases; extra firsts, 23c; less than cars, 24%e;. fresh Sioeed prsts., SAIS, 3%; Jess than cars, lac; Storage dir dirties, p18; re: di fo aa: c; refr Be elf eliigorator 3 wr 0g ar, arket, steadier; recei

| ots iim 1bs. (new form); extra

91 .» 31Y%>@32c; a rts 30 ale; e dat specials. 3 Rag Vie; standards, tralized scor ely 30%c; ria 1” 9

score). oultr) ry Market, steady; receipts. trucks: ducks. Bae, os, Fic? Caring chickens, 24@325¢ s, 20@322c; broilers, 23c: 4 ne orn hens, i6c. 1 ; Daisies, ‘The

rahaderate: dem teady; Idaho Susse a 4001.50: Colorado Rec MeS143 zal. 58: North akots ‘Bliss itisncbots Sle mumin $1.10; gvisconsin Ro 3 ons Calterel, Qu v per. Deon crates, $1.80; a or or a ate 4 a Bi 8, k. sshrriva als, 70; on ra :

New Business Books Available | at Library

The following new business books Ens! hei at the business nch of le indicn- : apolis ‘Public “Li ts THE song 4 YCE oo:

os Sombinatia y pulaicpter | gfaber thd’

; hy Rg R. eae: La British co-operative n newspapers. Joop D FOR nrry, by 8 F. Af et pe with" Not Care as ail k

"state seioal ha eh Cont

HOW TO BE goon. 0 wo |

partment said.

TODAY WITH REGRETS

“WASHINGTON, Jan. 4 (U. P.).—Senator Glass, senior senator from Virginia, greeted with “regret” today his 80th birthday. “Yes, regret,” Senator Glass said.

Vac; “I deeply regret living to see such

revolutionary changes in the administration of a once demgcratic Government.” The “unreconstructed rebel,” President Roosevelt has termed Him. is looked upon, despite his 80 years, as one of the outstanding defenders of old-line Democratic principles. He is Is sul a powerful force in the Sen-

His birthday will be ' celebrated

rack | quietly with his family.

Bo : :

FOOD PRICES

CHICAGO. Jan at PA P.) io APR Jog Michigan _MclInto el Bam Michigan Efefntosh, pshiel m 95¢ Carrots—Iili:

Tow, yellows, & tle chigan eilows, $1.20 (Hc Wises slows Golorads Paiencias st:

whites, $1.35

HUDSON PLANS NEW CAR DETROIT, Jan. 4 (U. P.) —Hud-

5; Iowa

‘1} son Motor Car Co. announced to-

i it will redouble its presen: force and spend 11 million ‘dollars in the next few weeks. in production of a new, low-priced automobile. The Nn

announcemen; | was made by A. ® Bari, PEssitien:

of the company.

with general accounting laws | and regulations, and that as a re-|: sult hundreds of millions of dollars || without a proper accounting and| In his annual report for the fiscal year ended June 30, 1937, Mr. Elliott | |

Federal Deposit Insurance Corp. |i Federal Farm Mortgage Corp., Fed- | | eral Savings & Loan Insurance ||

“follow a procedure of depositing |

to the credit of official checking 1

proper accounting and audit is not

Times-Acme Photo,

Mrs. Dan Kite, of Alton, Ill, is shown with the hatchet she used on a slot machine smashing campdign. She visited 10 taverns and wrecked 13 machines before surrendering to police, who could not find a law prohibiting the act and freed her. It was reported that her husband owns a tavern, and thai her action was a blow at the syndicate

which- controls the machines, but which would not allow Mr. Kite to

have one in his place. against gambling.

Her activity, it was said, was not a campaign

In Detroit to Bring End

ON LIQUOR CHARGE

yellows, | I

Frank Reverses Father’ s Step and Quits Politics To Enter Business.

DETROIT, Jan. 4 (U.P.).—Frank Couzens stepped out of office as mayor of Detroit today, and thereby removed his illustrious family name from public office for the first time in nearly a quarter of a century. Twenty-three years after his fa-

James Couzens, left: business to embark upon a brilliant political career that brought him international renown, Frank is foresaking public service to return to private business in which his father made a fortune. “My contribution ta the civic life of Detroit has been made,” said the retiring mayor, who had an excellent record during his seven years in office. But his retirement from public life was not, close friends said, in line with original plans of the elder Couzens, who had hoped to see his sons and possibly his grandsons follow his career.

Amassed Wealth Quickly

Friends said, however, that Mr. Couzens, now 35 and in good health, may later be urged to make a bid for higher governmental office. Frank Couzens leaves the mayor-

pied in his phenomenal rise to a world figure. Many attributed the political singularity and vast fortune to the late Senator to a stroke of luck that brought him into the infant automobile company founded by Henry Ford, a move that made the elder Couzens a multimillionaire in a few years. : From Chatham, Ont. where he was a church organ pumper, James Couzens came to Detroit when 17 as a freight checker. making $40 a month. Alex Malcombson, a coal company executive, needed & man for a job and picked Mr. Couzens. When Mr. Malcombson’ becarne interested in a horseless carriage the young engineer Ford was making, he invested in the experiment and decicled Mr. Couzens was the man to watch these interests for him. . The horseless carriage business prospered so much that Mr. Couzens recommended its incorporation in 1903 and was made its busipess manager at $2500 a year. Mr. Ford, the mechanical genius, was drawing $3600. With $1000 saved, borrowed and earner, Mr. Couzens bought 25 shares of Ford stock. Twelve years later he turned his earnings back to Mr. Ford and received $30,000,000. That was after 1915 when Mr. Ford and Mr. Couzens came to the parting of the ways, generally understood to have been caused by disagreement over company policy. Entered Public Life Mr. Couzens unauspiciously enteged public life in 1914 when he

was appointed street railway commissionér. A few years later he

ther, the late United States Senator

alty chair his father once occu-:

. Frank Couzens

was elected mayor. Then he was named police ¢ommissioner. Gove ernor Groesbeck, seeking an ener getic young man to fill a Michigan vacancy in the United States Senate in 1922, chose Mr. Couzens. Two years later Mr. Couzens ran an€ was elected, and in; 1930 he was reelected for a second term. He died last fall at the age of 64. Friends say that the elder Couzens had a far-sighted political view for his family. It was his intention, his intimates said, to retire from the Senate and have his son appointed to the vacancy. Now, however, Frank takes the name out of public life, going out of politics and back into business to follow his father’s philosophy: “Get interested in one business; put a little money into it and a whole lot of bone and sweat. That's what make success—not money.” The new Detroit mayor is Riche ard W. Reading, former city clerk, who defeated Patrick H. O’Brien, candidate backed by the Commite tee for Industrial Organization.

TRANSIT COMPANY SOLD TO D. P. DAUM

Officials of the Louisville & Ine dianapolis Transit Co today ane nounced sale of the company’s ase sets to D.sP. Daum, for $4250. The Interstate Commerce Commission approved the sale in Washington today. . Mr. Daum operates a truck line from Chicago to Indianapolis through Indiana points, including Anderson and Muncie.

FILING CABINETS

; Regular saving from your income is a SURE way. The compound dividend feature of our plan gives your savings the extra power that speeds you fo

Li Sart your gecount here i Build financial power for yourself our safe Wu INSURED way. :

TRANSFER CASES i

Ascension of New Mayor *

To 25-Year Couzens Epoch

(

~ 4