Indianapolis Times, Indianapolis, Marion County, 7 January 1938 — Page 24

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PAGE 24

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NEW YORK STOCKS | EASE UNDER LEAD:

OF STEEL SHARES

Gold Issues, Utilities Hogs Advance

and Rails Show C 10 Cents Here: Resistance. : NEW YORK, P.).—Stocks reacted

Jan. 7 (U.| moder- |

Light

account and gilts ad-

cal kilier and shipper

under lead of steel and moto nder lead of steel and motor [all ‘Weights Of barrows

gencold |

shares. Losses, however, erally were small. Rails, mining sha and

{strictly choice, closely sorted light{weight hogs utilities premiums over the established showed best resistance. FeO to the Bureau ws . {of Agricultural Economics. : X S. Steel eased “s to 58'z, Beth- Top was $8.75 for best 150 to 180lehem a similar amount to 624, and pound averages. Packing Republic 2 to 183. A fair demand [worked a little stronger developed at those levels, however, sod Son EoD ¥® gw Ng sone abel : 3 good lightweights to and a few resistance to extension SY el rough heavies down to $6. and Chrysler of Usual light unloads of cattle inNonferrous metals were | cluded hardly enough steers to make steady at small losses. Anaconda, 12 market. odd lots comprised mostKennecott. International Nickel and | Plain and medium lightweight ofAmerican Smelting all had narrow \erings from W500 bo $7.25, indi- | fractional declines. |viduals higher, Heifers and cows Consolidated Edison held near its Predominated, selling generally previous close of 237 in a steady Steady. A few medium to good ility group. Southern Pacific was [lightweight heifers made $7.40, with up 4 at 20, while most other car- bulk Kinds from $6.25 to $7. Low riers had slight fractional setbacks. Cutter and cutter*cows ranged largeDome firmed in a steady gold min- [IV from $4 to $4.65, fat offerings upsection. Oils had small losses. Ward to $6. Sausage bulls continued American Can lost 2 points, West- |(0 clear actively inghouse 1 and du Pont 1%. with best heavyweights at $6.75. " n Vealers were steady at $12 to $12.50 lon good to choice offerings

~ ’ : i 24) : ! Trading in the sheephouse held 1 oday S Business generally steady on practically At a Glance

epresented classes. Good and choice GENERAL BUSINESS

{native lambs American Zine Institute reports

| $8.75, the latter 12 double-decks of finished December shipments all grades zinc 9 545 short tons vs. 32,676 in No-

Western lambs. Two doubles of fed vember and 59.512 year ago; De-

yearlings made $7.50. ewes were the exception steady deal, losing 25 $3.75 down. cember production 51,787 tons Vs. 49.393 in November and 46.940 yea: ago : Dun & Bradstreet reports retail Jin trade this week 2 to 8 per cent over week and 3 to 10 per cent over vear ago: wholesale 4 to 12 per cent over last year. CORPORATION NEWS Gas & Electric | ries, 12 months | income $436,722, share

1'es

and decline stiffened. General eased % to 33% to 52.

”

the 1 at

to cents to sel

Dec.

7 50 7.55% 8.65 7.65 8.65 rrows and Gilts— 1140-160) Good and (160-180) Good and (180-200) ‘Good ‘and 200-220) Good and (220-250) Good and (250-290) Good 2nd (290-350) Good and

last jas

CaP

choice choice choice. . choice choice . choice . . choice. .

General Water, Co and subsidia Nov. 30, net 95 cents a 1212 or 99 cents,

> =3:355005%0 so mnsias

to common

and choice 8.45a

DIVIDENDS 725G

& Electric Corp of 81.50 on 6 per and $1.25 each rred and 3 per

Feb. 15,

rid CATTLE Gas Receipts, 400

“ter lies

Columbia egular qua: preferred “A per cent pref preference pavable n. 20 Electric Co., regular cents on common pay20

i Press)

-1100 1100-1500) 1 1300) Choice ali) 300) Gooa

cent on > cent

NABBPVI-TOIODM DISD UNDD

quarterly 25 ble Feb. 1 record Jan Copvrig} 38. bY

“NINN D PD =IN 4 “10000 4 DDD rt tt >

Comm Yon ole nd Heifers— (550-750) Choice 556-750) Good Heifers

WHEAT PRICES SIP | CoE AFTER EARLY GAINS

Corn Maintains Level Above

? lings excluded

Ye y Previous Close. Good thee (All ts) Medium 1 rand common Vealers — Receipts, A] s) Choice All weights) Good Ad ats! Medium common eg Calves 230-400) Choice 8.50@10 1230-400 Good 6 39% 8.50 1230-400) Medium 5.00% 230-400) Common 450@ Feeder and Stocker Cattle LeArS—

(500-800)

Common Low cutter and cutter Bulls

tall weights) -

CHICAGO, Jan, 7 (UU. P) $00 Despite news and developments [avorable to holders of wheat, the (i market, felt pressure after the open- Cull and ing and losses replaced early gains on the Chicago Board of Trade today At the end of the first hour wheat was 3% to 5: cent lower. corn was 1. to 4 cent higher, and oats were unchanged to 's« cent up. Heaviest of the selling today was credited to an Eastern operator and in addition there appeared a strong inclination, in the face of the decline, to grab up profits generally. Some of the buying, however, suggested export business and it was estimated export sales today will reach 1,000,000 bushels Wheat receipts were 16 cars. Corn iost part of the early gains but maintained a level above the previous close on shipping interest buying Export takings today, it was estimated, will reach 400.000 Corn receipts were 212

weight

Choice Choice ) Goes Good ) Medium Commom

50%

300d and choice and medium SHEEP AND LAMBS —Receipts, 4000—

Comm 0 n

Lambs

Good a 0 omm 01

nd choice and medium CHIcagQ Jan uh U. 2) ce 1,000, including 10.000 rect neven, 15-25 cents higher; pack1e. 15 cents higher: *op. $8.60: pnd | choice 150-200 lbs., $8.35% 5, most good packing sows,

1000: calves, 500; cleanup market. hardly \ hd heifers here : ©“ L Ret: few loans, common and medi ing for ens S selling ee 7.65; i good loo r X ) only few loads ofscaling 1406-1bs.: another runay market on cutter and common beef ows at $5.25 down; fat cows good to hoice. $35 50% 6 25: JUnA WAY trade on bulls $7.25 down: $7.10 Rractical top; vealLow Ne rs ¢ i 89. 504 11.8 1 S11e% 1.13% | Sheep—Recei 7 ‘ fictuding 100 diIrian 11 11474 cts \ fat lambs, steady 2 int, native, SR [email protected]; $4 on choice,

Curb Stocks

By United Press

els. ipts,

WAGON WHEAT

LIVERPOOL WHEAT

ARGENTINE GRAIN INOS AIRES, Jan. 7 (U. P.).-Grain Rires opened oi dere Wheat —February 10%. up 2° ae farch L. Ova, 1 , up 2%s¢; a: Jer o p. { N TaD R Tu. | NEW YOR Jan. {3ec. March, $1.35%, ub | stocks opened Arn n. 7 (U. Py | Am Cyan B | Am G&E - : > Carrier Cp . : . 1 Cities Service 2 ElB & 8 Lake Sh Lockheed Niag HP . Pantepec Oil x Technicolor .. oR x

“3 (O03 (YA

» a

FOREIGN EXCHANGE

Jan. 7 (U. P.). — Noon Jan

NEW YORK, for firm

reign change oreigh exchang Net Change pound) : 00's England (1 i rate) tes 2.90 00: .99 00 1-64 4200 ) Eges—Market, unsettled; receiots. cases; fresh graded firsts, cars, 22%c; than cars, 22%c, RE firsts, cars, less than cars, 223 { fresh checks, 18c: | age dirties, 18¢: frigerator firsts,

“less 2314c; 7c, storre-

storage checks, fresh dirties, 19c: cijrent Jeceipts. 2%¢ ic - ards, 20'sc. refrigerator stand

~Market, easy; receipts, 649 672 Extra firsts (90-912 score), 32 extras (92 score), 32!,c: firsts. 30 seconds, 28@297zc¢. specials, 23 @331.c; standards, 32'5¢c; centralized (88 score), 30%c: centralized (89 score). 31'4c Poultry arket, trucks: ducks, 184 240: chickens, 23@25¢; hens. ers. 22c; turkeys, 18@ 24c;

n _Cheese—Twins, 17@17%c: 171% @17%c: longhorns, 17'2@17%c Potatoes — Supplies, moderate: demand, light: market, steady; Idaho Russet Burbanks, $1.37@ 1.45: Colorado Red McClures, $1.55: Michigan Russet Rurals, $1.10; Wisronsin Round Whites, 8S. Commercials. sales, less than carlols. per Sues: o Nlorida Bliss Triumphs,

[email protected]; U. 1.60. de Trivals. 42. on track, 180; ‘

(krone) Au istralia (pound) Austria (shilling) Czechoslovakia tkor.) Finland (markka).. Greece (drachma) Jugoslavia (dinar) New Zealand ‘pound) Poland ( Portugal Rumania Argentina (off 1 pes) Argentina nt Brazil Chile Peru Uruguay Mexico

gross ‘Ibs. @32%c 30@ 31 Yc;

+.00's

0001%; leghorn hens,

2001 daisies, 0005 -.0005

(silver peso) Hongkong (dollar).. Shanghai (vuan; India (rupee) Japan (yen)

LOCAL PRODUCE

Heavy breed hens, 4'%2 lbs. and up, under 4'z2 Ibs... l4c: Leghorn nens, heavy springers, l'z lbs. and over 18¢ Leghorn springers, 1!z Ibs. and over, ‘5c: | heavy stags, 13c; Leghorn stags, llc; bare- | back broilers, 15¢: old roosters, 9c. | Eggs-—No, 1 strictly fresh country run | eggs, 21¢; (each full case must weigh 55 Ibs.. gross. A net deduction of 15 cents for, Sul) e under 55 Ibs, will be

<-.0001 0007 % 0001

4 shipments, —.0002

See Final Edition of the Times for Closing Stock Quotations |

18c;

all | Comnw & | Cong-Nairn r " { anged from $8.25 10 | ont Paicen price also taking | fed | | Container

Slaughter |

Top Is $8. 75]

hog receipts here today were | A C ately in quiet dealings today outmatched by demand on both 10- | Armin and | { Atl] C Line ( - | At] {vanced 10 cents, with several lots of |

commanding 5 cents]

THE INDIANAPOLIS TIMES

FRIDAY, JAN. 7, 1938

— High Low 12 15 Va 187 4

Allegh So . Al Cp pf $30 w Alleg Steel

Alpha P Cem .. Amerada Bank Note Br Shoe ..

anh .. . Car & F...

ad & Si Roll Mill Smelt Stl Fdies Sugar Type A Water W 12% Zine Tle Anaconda 333% Andes Cop 1D 111 63% Armstrong CKk.. 353 Atchison 38!

Refining Atlas Corp pf. Aviation Corp .

i Barnsdall

Bendix Avn

| Bth Steel

SCWS | to bulk

| BRlyn-M

Blaw-Knox

Borg-Warner .. Bdgept Brass .. Briggs Mig

i Buroughs

| Bush

| { !

| Case,

at. $5.50 to $6.50, |

| Cuba Co

| Curtiss-Wr A’

i Deere

15 | Dresser

Yl am Gn Ba _ .6: : Std Oil 5.3

| Instl Securities, 1Aa.

—~Hogs ‘Re- |

[email protected];: 250-300 1bs.. | $6.50

to make |

to choice |

| features which C Wh going on behind the scenes in our

th ‘been contemplating expanding on a | large scale the war preparations of

erm Butler Bros Butte Cop 33% Byron Jackson. 18> | Cal Packing Calahan Zinc .. | Campbell Wy

| Canada Dry

Can Pacific J 1 Celanese Cent Foundry 5 Cerro de Pasco 421. Ches & Ohio . 34% Ch & Nw Ry 1% Chi & Nw Rv pf 35s Chi RI & P 1 Chrysler 523 Clark Ea 20 Climax Moly Co 40%a Colgate-P-P 10 Col Broadcast A 201 Co! Broadcast B 20 i Colum Gas 87% Col Pictures vte a Com Inv Tr 3934 Com Solvents FE 4 : So pf 39% 391, 3¢ : |B | |

5g 1814 . 23%

10 6% ad

Cons Aircraft

Cons_ Oil

{

#1 2 aA

Cont Bak A Cont Bak B Cont Can F

Cont-Dia Cont Ins Cont Mot Cont Oil Coty Crane Co Crosley Road Crown Cork Crucible St

3 Os be UY rt 0 C0 DO a oa BD + D 39 IND RF oe od - = oe

0 aaa

Del |

ro &

387,

1 Cub-Am_ Sug 5 curtiss-Wr 434 167g

& Co Del & Hud D lac & W... Dome Mines Douglas Air B

East R Mill Eaton Mtg Elec Au to- Lr

| Citz Ind Tel 1 ||

Gas 183, $7 of 401,

DR 47g

{| Hayes Bdy . Hazel At Gl .. | Hecker Prod | Herc

| Homestake

{ III Central | Inspiratn

| Kroger

| Leh Val RR ..

| recent transactions

= {Ind Tel Co 58 60 .n | Ind Railway . | Interstate Tel & Tel Sia 53

By United Press...

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Yesterday Week ago Month age Year ago High, 1937-8, 194.40; low, 113.64, High, 1936, 184.90; low, 143.11. 20 RAILROADS

4.81 -—0.%1 -1.43 +118

Yesterday 29.46 32.1% 55.31 low, 28.91. 59.89; low, 40.66. 20 UTILITIES 21.43 "ar uiaen sensi NOLS 21.98 36.52 High, 1937-8, 37.54; low, 19.65. High, 1936, 36.08; low, 28.63,

Month agd .....vvevus ‘eres Year ago High, 1937-8, 64.46; High, 1936,

Yesterday Week ago

High . 173% 187% 24

Low 17% 187% 23%

Last 171% 187% 232

Flintkote . Foster ' Whi Freept Sulphur

Gabriel A 2 Gen Cable 12 Gen Cable A... 24 Gen Electric. ... Gen Foods .... 3 Gen G&E A Gen Gen Gen Rt Gen Sen

Goodrich Goodyear .. . Graham Paige. Gran ve. rani Union .. Gt North pf... Gt Nor Ore .... Green H L .... Greyhound Cp...

Hall Print

dr .. D3 Holland Furn ..

Houd-Her B Houston Oil Howe Sound Hudson Motor Hupp Motor

a ees HDODBOWOWINLIT » a NNN

Cop... ne ‘er Iron Harvester Hvd EI M Marine. . t Mining Nickel P&P Yui P&P pf .... &T

Johns-Man

Kan C Sou Kelsey-Hayes Kresge G&B .

Lehman win Lehn & Fink .. Libby Mce&L .. L-O-F Glass . 9

I udlum Stl

LOCAL ISSUES

(By Indianapolls Bond & Share Corp.) The Following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries or

| Penn

| St | Savage Ar

BONDS

(TH) 45s 15. Tel & Tel Ft W Sigs 53 . H Tel & Tel Ft W 6s 43 Ind Asso Tel 42s 65

Tac 5s

| Indpls Water Co 312s 66

| Morris § &

~N ~ CO.S Dealers Assn.) 12.93 Invest Bank Corps 4.54 Banc BI 21. 1 Bos Cp 12. 50 79! Schelikpt 1.12 JliInv Fd Cn 9.87 y CFB2 2 p

NVESTING the New York Security Fd 12.

11 Fd 4.13 1 H Cp 19.5 71

(By pom

Bus

POS RIN IW DW Wr

[7 Taio) Soot “888288

bot shad od pinged PIA DLDNS

| | {

6 3

1 d,

a Quar In n 10.02 ! 05/Rep Tr 9.53 10.03 05 Rep Inv 39 5.13 el am Inc 9.29 4,

ED i.» 14.78 AR | Am Tr 2.50 Util 54 St Sup Cp A

- 8 “lI WDLS

Dan PWwHIWT

Gen Cap Gen In Tr 4.70 Group Securities ari 1.13 Al 1to B'dg Chem

1.29 Soven Inv 5.11'Spen Tr | Sta 1.23 Std .84 State 32

10h NWO rt a al rt N=] BD ~ Woo 8 w

Sup New Trt St InC In D » Oil A >

Trst Ind USA P A T

ad GDWwB oD BENIN DI RODDED NON N DOD

1.01 13.50

HW NNO

3k Gn Ins Cb 11 Ins C Del 8

™ra

wwe

100 wen “Fa

8 7 14 50

Ind | Indpls P& 1t "nt 6%

| N Ind Pub $

| Smith Alsop P&V pfd

“ } Union_Title Co com . ‘Van Camp Milk Co pid

Kokomo Water Works 5s 10c_Stores 5s 50 5s 65

Muncie Water works & P 6lzs 47

Noblesville H I hio Tel Serv 6s 47 s 57 .

Seymour “water & 5s 40 | TH Trac & L 5s 44 TH Water Works 5s 56 T H Water Works 6s 49 Trac Term Co 5s 57

STOCKS

| Un

{ Un | United Corp | Un El Coal 2 | United Pruit | Un Gas Imn

Bey Sia vs | Ind Gen Serv Co_ 8% nN .. | Ind Hydro glee 7% pid .. pls Gas con . Indpls Pwr & Lt phd, 8 % Indpls Water Cc pfd Lincoln Ntl Life ins So’ com PR Mallory com Serv Co pfd . N Ind Pub Serv pfd 67% |! N Ind Pub Serv pfd 7%.. | Pub Serv of Ind 675. { Pub Serv of Ind 77; | Progress Laundry Co com

| Smith Alsop P&V com erre Haute Elce Co 67%

NSD Neal I DANIBLINB-TINOD

— — »

Van Camp Milk Co com (By M. P Crist | XMarket St. Investment xEx-Di vidend

BANK STOCKS

& Co. Corp. 22.64

| Wayne Pump

| Bank of Man lnteen

Bankers Trus Bank of New “York Trust

"| Brooklyn Trust . | Central : "| Chase "its 3 |

Hanover

Chemical . wavy . 512 1 Commercial ... { Continental 1 122

10. -50 { ' | Empire Exchange

First National Guaranty .s Irving Manufacturers National City

2.02 | New York Trust 96 | Public

Title Guarantee

Panay Incident Was

| | Timely tor|

Roosevelt Plan, F lynn Claims 3

T. FLYNN Times Special Writer NEW YORK, Jan. 7.—Last week I outlined here a proposal made by | the Maritime Commission to the Senate that the Government pay out a | | large subsidy of many millions to the Standard Oil Co. to build 20 oil |

By JOHN

tankers.

It now turns out that the incident | ing such tankers would of course referred to had features of the most | cost a great deal more than those

profound importance. They are illustrate what is war-minded Government. The President for some time has

| the Government. To ¢o this, of

a | course, he realized the necessity of 1; | filling the American people with a

CHICAGO PF PRODUCE |

sense of alarm, South America seemed to be the place which offered

5 700 | the most fertile field for war scares.

| The thesis was that the fascist nations would attempt to penetrate South American countries, stir up fascist revolutions and then send | men into those countries as they | had sent them" into Spain. We had to be prepared, according to the President's formula, to resist with the might of arms any such schemes. | But then came the Japanese in- | vasion of China. Here was a war ready to hand. The President has conferred with Army and Navy chiefs and outlined a great program of armament. How big it will be no one can tell. But the important thing is that it has actually been launched. Last November—before the Panay incident—the President, through {Joseph P. Kennedy of the Mari- | time Commission, approached Walter Teagle of the Standard to sug- | gest that the Standard Oil Co. and | other oil companies build among | them 20 oil tankers which could be used or 1e avy. Jeer:nedy pr

widy b

| pared to pay the extra cost of build-

needed in the oil business, since the oil companies are satisfied with 13knot ships while the Navy wants 18- | knot ships. The President was pre-

ing the speedier tankers, reserving the right to take them over at any time. This proposal was put to a large number of oil companies, the Standard practically agreeing to underwrite the construction of 12 of the | ships. And thus the matter stands. This is the launching of the war program. It illustrates how great sums of money may, when the program gets under way, be diverted to war purposes without being a part of Army and Navy appropriations. In the last four years hundreds of millions have been spent on Army and Navy purposes without appearing as such in the military and naval budgets. The object of these tankers is to provide the Navy with fast oil ships in the event it is necessary for the Navy to operate in the Orient. This story puts the incident in its ‘proper light—not as a raid by Standard Oil on Government money, but as a plan by the Government itself to make a beginning in its big-Navy program.

NEEDS A SAFE DEPOSIT BOX/

Superior Oil

| Texas | Texas Gut Prod

{ Truax Tra | 20th Cent

| Union Carb

| Un | Un

! Wabash

| Wheel

NEW YORK STOCKS

Net Last Change

acy RH .... Madison Sq G.. Magma .. - Maracaibo Ex Marine Mid ... Marshall Fld Masonite cCrory Mer tyre Porc. McKeesport . McKesson & R.. McKes'n & R pf Mead Corp “ iy Sh .. Men Mesta Mach Miami Cop .... Mident Pet .... Midland Stl “en

Corp.

Mullins Mig B.. Murray .... .

Nash-Kelv Nat Biscuit Nat Dairy Nat Gypsum Nat Lead Nat Mal & Stl C Nat Supply Penn Nat Tea . Natomas

No Pacific

Ohio Oil Oliver Farm Eq Omnibus . Otis Steel

1 Owens Ill Glass

Pac G & El .. Pacific Lig

{ Packard

Parafiine Co Paramt Pict Para Pic 2 Park Utah Parmelee RR Pfeiffer-Brew Phelps Dodg Phil Morris Phillips Pet Pitts Sc & B Pitts St Pitts United Poor B Press Stl 2 Proctor

| Pillsbury

& G Public Serv Pub Serv Pure Oil Purity Bak

Radio Radio nf N Radio-K-Or Republic Stl Revere Cop Reyn Soring . Revn Tob B ... Richfield Oil Roan-Antel

Jos Lead

Schulte pf Seab'd Air L .. Sears Roebuck Sharon S H .. Shell Un Oil Silver-King Skelly Oil ..... 3: Socony-Vacuum 15'% So Por R Sug .. 2 South Pac . South Rv a Sparks With ... Sperry-Corp Spiegel Inc Square-D-B ... Std Brands .... Std C Tob "ul Std G & E of 10 Std G & E 6 pf 20 Std G & E 7 pf 24 Std O Cal . 32 Std Oil Ind 35: Std Oil N J .. Dh Stew-War “a Stone & Web .. 0 Superhtr Be wf

Corp 427, 4% Tex G Sul 30 Tex Pac. T Thermoid Tinmk-D Ax Timken R B Transamerica Trans West Air Tri Cont

9% 3% «1a 441; 12% 6%

o 213% — Fen 755% Oil Cal . 203% rac pf . 81 Aircraft Cp 263% Air Lines . Biscuit Un Carbon Carr Fast

Fox

@ nN

In Poverbd U 8S Gyrnsum S Hoffman . Ind Alc

3 ®t “TD UN 3 NS 00 et 1 30 P i] aa 3)

Wabash pf A Warner Bros Warren Br Waukesha Mot

West Union Westing El Steel White Mot Wilson & Co | Woolworth Worthington Wrigley

Wd a

03 DEI mRAD NDNAODTNENDI

~ 2»

>»

| Yellow ™r

- > ~

| Zenith Rad 15% 15%

N. Y. Bonds

By United Press BOND PRICE INDEXES 20 20 20 Inds. Rails Utils. . R20 69.5 94.0 eek ago 80.3 SL 91.0 Jinn ago S15 a 924.3 Year ago 91.5 100 105.8 | Two years ago 91.9 86’ 104.4 1937 high 95.0 101. 106.0 1937 low LUN 69. n3 1936 high MR 100 106.2 1936 low 90.0 81, 103.5 1935 high «Na 86.4 103.8 11935 low 83.6 710 89.3 (Copyright, 1938, Standard Statistics

NEW YORK, Jan, 7 opened steady.

Yesterday

“Ne

Anaconda 4'zs Argentina 4s Feb. Atl Coast L 5 hi N

S Stand Oil N J Youngstown 4s

U. S. STATEMENT

WASHINGTON, Jan, 7 ment

with a year ago: Fxpenses

Receipts 3.236.856,

216.984.430.690 oday’s Purch. Insct. Gold .

INDIANAPOLIS CLEARING HOUSE

$3,138,000 879,000

Qleatings Deb

a ds

P.).—Governexpenses and receipts for the current fiscal vear through Jan. 5. compared

This Yea t Yea . $3,961) 679.355 40 $3. 630. 11, 988. 79 050.33 2.2

Total Purch. $5,021.75 $1, 995. 728,894.72

WPA NONRELIEF - STAFF HALVED

FOR ECONOMY

‘Agency Still Hopes to Stay | Within Appropriation For Year.

WASHINGTON, Jan. 7 (U. P).—~ The Works Progress Administration seeking to keep within its $1,500,000,000 appropriation for the 1938 fiscal year, has cut the number of its nonrelief employees to the lowest point in the agency's history, it was learned today. A confidential intraagency report, prepared by the Division of Research Statistics and Records, showed that WPA is trying to give more relief per dollar than ever before. It revealed that 97.2 per cent of all persons on WPA rolls had been certified by local relief groups as needing aid. The remaining 2.8 per cent includes foremen, supervisors and directing officials. The percentage of persons on WPA rolls actually needing relief is at a record high for the three years of the agency’s existence. Officials said that despite the increasing relief rolls caused by the recession, there had not been a corresponding increase in the number of nonrelief employees. WPA administrative employees are not included in the non- | relief percentages; they are cov- + lered by a special 5 per cent alloca- , | tion in the 1937 Relief Act.

| Nonrelief Jobs Halved

than a Pear ago the percentage was | still over 5. { Massachusetts, Rhode Island and * | Vermont reported that 99.6 persons out of every 100 on WPA rolls needed relief: Louisiana reported 99.2. | On the other end of the scale, Alaska showed the lowest percentage of needy relief because one of the 11 . i on WPA projects there was a foreman or supervisor. New .. | Mexico showed $5.3; Missouri, 95.5; + | District of Columbia, 95.6; Pennsylvaria, 95.8. Relief officials still hope to oper- | ate within the $1,500,000,000 appro- | priation. Statistics presented by | Assistant Administrator Corring3 ton Gill before a Senate commit- | tee studying relief and unemploy- | ment showed that the Jan. 1 relief | enrollment of 1.667,000 persons was less than half way from the Oct. | 2 low point, of last fall to the esti- | mated seasonal winter peak which . | usually comes at the end of February or early in March.

Two Aids Noted

| Two outside factors are expected * to aid WPA in keeping within the ; | appropriation: "| 1. The Social Security program of J unDIOy ert compensation is exviens to spend $225,000,000 during the present calendar year to care :| for an estimated one million unem- . ployed workers. x 2. The 61 power projects of the » | Public Works Administration, lib- ¢ | erated from injunction by Monday's Supreme Court decisions, will pro1 *% | vide an estimated 100 million mana | hours of work. Administrator Harho L. Ickes hopes to have these : projects in 23 states started by next « | month and operating at peak con- | struction capacity by early summer.

C. 1.0. Backs Wider WPA Employment

WASHINGTON, Jan. 7 (U, P).— The Committee for Industrial Or's | ganization today had indorsed the ® Schwellenbach-Allen resolution calling for expansion of WPA employ3, {ment facilities and repeal of the 1, | Woodrow amendment to the 1937 1. | Relief Appropriation Act. “al Letters were dispatched to all % | C. I. O. unions urging support of the resolution now on the Senate . ar. It was declared “in line [Sah the policy of the C. I. O. as | stated by Chairman John L. Lewis in October at Atlantic City that the Government must assume its responsibility to provide work for all unemployed workers who can- [ not find employment in private in- | dustry. »

59 TO BE ARRAIGNED IN CRIMINAL COURT 1

NO aay sw

5 | |

1 1 ia 1 1

1 1

a |

81.8 SLY | 83.0 | Too. |

(U. P.).—Bnonds | the largest group who will plead Open i | before Judge Frank P. Baker. 104!

| Two traffic cases are on the | docket, that of Roy Worland, |charged with operating a motor

he " | vehicle while under the influence

of liquor, and that of Raymond Hawley, charged with failure to stop after an accident.

NAMED SHAKE SECRETARY

Miss Hilda Schmock, Michigan City, today was appointed secretary to Indiana Supreme Court Judge Curtis G. Shake. Miss Schmock has been employed in the Attorney General's office. She expects to begin her new duties Monday. Judge Shake was sworn in Tues«< day to succeed Walter E. Treanor, who resigned from the Indiana tribunal to become judge of the U. S. Circuit Court of Appeals at Chicago.

THOMSON

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

Indianapolis Office

& McKINNON

New York Stock Exchange New York Curb Exchange New York Cotten Exchange New York Ooffee and Sugar Exchange New Orleans Cotton Exchange Chicago Stock Exchange Chicago Board of Trade Winnipeg Grain Exchange

And Other Leading Exchanges

| Mr.

“living to see such revolutionary a once democratic government.”

ington home,

his daughter's wedding anniversary,

Not Too Glad to Be 80—

Though recipient of a merry birthday embrace from Granddaughs= ter Nancy Boatwright, Senator Carter Glass of Virginia wasn't too happy about reaching his 80th year.

He announced that he regrets changes in the administration of

It was Nancy's birthday, too, and

jointly celebrated at their Wash=

STATE AIDS TO STUDY UNION MILK DISPUTE

Commission und Coller to Attend Conference.

Indianapolis milk distributors and members of the dairy workers’ union will meet tomorrow with the State Labor Commission and Marion County Area Milk Administrator Leon C. Coller, Labor Commissioner Thomas Hutson said today. The distributors and the Milk, Ice Cream Drivers, Salesmen and Helpers and Dairy Employees’ Union 744 still are working under a truce adopted to end the recent milk delivery suspension. A provision of the truce was that if the union and distributors could not reach an agreement within 60 days they agreed to call in the Commission and the Administrator for consultation.

STANDARD OIL CO. ENTERS RATE CASE

WASHINGTON, Jan. 7 (U, P).— The Interstate Commerce Commission today authorized intervention of the Standard Oil Co. of Indiana in a railroad freight rate complaint filed by petroleum products marketers of several Midwestern states. The complaint charges unfair rates on petroleum and peroleum products shipments from the midcontinent field to Colorado, Kansas, Minnesota, Nebraska and the Dakotas. Without specifying any amount, the Standard Oil asked that it be given reparations if the rates were found unreasonable,

COTTON PRODUCTION LIMIT PROPOSED

WASHINGTON, Jan. 7 (U. P) — The Department of Agriculture disclosed plans today for a cotton acreage reduction program designed to hold 1938 production to 10,500,000 bales. The Agricultural Adjustment Administration hopes to remove between 8,000,000 and 9,000,000 acres of cotton from cultivation this year, leaving approximately 26,000,000 acres to be planted. The 1937 cotton loan and subsidy program already binds farmers who received either a loan or a subsidy to comply with whatever reduction program the AAA announces for this year.

GARNER BREAKS RULE, ATTENDS FDR DINNER

(Mrs. Roosevelt's column, Page 22)

WASHINGTON, Jan. 7 (U, P.).— Vice President Garner broke his “early to bed rule” last night to attend a dinner in his and Mrs. Garner’s honor at the White House. Mr. Garner re-established the custom of having the President give a “Vice President's dinner,” after making a reciprocal agreement with Roosevelt last year to cancel both that social function and the Vice President’s dinner for the President, About 85 guests were present, including Senators and Representatives, Army and Navy representatives, and ‘several friends of the Roosevelt family: Labor also was represented by President William Green of the American Federation of Labor.

RAE TO CONTINUE AS POLICE INVESTIGATOR

Roderick Rae will not resign as scientific investigator for the Police Department, Chief Morrissey had announced today. “The differences have been ironed out and Mr. Rae will remain with the department,” the chief said. Mr. Rae said Wednesday he was

| (U. P.).—~Wendell Forrest

LIQUOR COMPANIES

WARNED BY TUNNEY,

NEW YORK, Jan. 7 (U. | James J. (Gene) Tunney, former world’s heavyweight boxing chame pion, today pledged himself to work for “the general public welfare” as chairman of the American Distilling Co. His election to the post was ane nounced yesterday. In a statement following the announcement Tune ney said: “The leaders of the indus try must remember that it is only by the sufferance of the people that they are in business. If my voice will stand for anything at ail in the industry it will be to make it responsive to its obligations, both social and moral.”

JUDGE CHALLENGES COMMITTEE LETTER

Geckler Asks Opportunity to Answer Statements.

P)—~

Juvenile Court Judge John TP, Geckler today had sent a letter to the recently organized Juvenile Court Committee challenging it to give him an opportunity to answer “certain libelous matters” contained in a circular.

Judge Geckler said the Committee's secretary had promised to bring the letter to the attention of the Committee at its next meeting, The circular, Judge Geckler said contained questions and answers concerning the procedure and working staff of his court. The Committee was organized a month ago. At that time the officers declared it would be devoted to ob=taining a “new era” in Juvenile Court pencions.

BLAST KILLS CHILDREN OF ALLEGED SLAYER

ELIZABETHTON, Tenn, Jan. 7 (U. P.) .—Explosion of dynamite today killed the three children of Harmon Gouge, confessed murdered of Arnold Tollett, and critically injured Gouge's wife. The blast occurred at the Gouge home at nearby Hampton while the family was asleep. Sheriff J. M. Moreland said he had arrested four persons, including Tollett's sister.

RETURNED FOR TRIAL

Jan. 7% Bowers, 19-year-old confessed killer, was feturned here today to face trial that may send him to the electric chair. He is charged with the slaying of Mrs. Wilma V. Carpenter, 38, formerly of Indianapolis, and attempted rape of her companion and business associate, Mary Griffin, 22, last Dec. 15.

Report of the Condition of the

WESTERN SAVING & LOAN ASSOCIATION

OF INDIANAPOLIS, INDIANA

Marion County, Indiana, at the close of business on December 31, 1937.

~—RESOURCES—

Pirst mortgage loans Real estate owned office building) Investments: S. Government “(including Other investment Cash on hand and in

NORRISTOWN, Pa,

. $130,158.50 (exclusive of «. 5,000.00

obligation

securities. .

banks.... 76,313.05

. $912, 171. 55 LIABILITIES. -

Renurchasable or free Shures: Installment shares .. Mortgage pledged shar Contingent fund Undivided profits

Total ....... State of Indiana, w

. -'$ali, 570, y 0,489.6 27.00.00 27,111.70

"County of Marion, ss: e, the undersigned Qaicers and fins tors ok the WE RN SAVING & TOAN ASSOCIATION of Ir Indiaha, do ba, swear that the above siales ment is true, J. P. FRENZEL JR. President, WM. EL, cretary, OTTO N. FRENZFL, Director, CARL H. BALS, Director, E. SWEENEY, Director Subscribed to and sworn before me this 4th day of January, 1938, HOS, Publie,

“packing up” to leave. Nature of the “differences” was not revealed.

A. RESSLER, Notary My commission expires April 3,

JANUARY

MONDAY

ENERGIZE LAZY DOLLARS

Funds invested here by January 10th will participate in dividends July 1, 1938, with earnings figured from January lst.

Check your investments for safety and income. our saving and investing plans, call at our office or write for free folder.

1 Bh 4 = Ratlnoadmen s

For information regarding

Dividends Paid in 1937 $879,073.36

$312,171.55