Indianapolis Times, Indianapolis, Marion County, 17 February 1938 — Page 16

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NEW YORK MARKET ADVANCES RANGETO

‘OVER THREE POINTS

Copper Shares Gain As Export Price Increases. ~ NEW YORK, Feb. 17 (U. P.) —Stocks advanced today

after a steady opening and volume increased slightly.

‘Around noon the list had

gains ranging to more than 3 points. Particular strength was noted in * copper shares on a rise in the export | copper price. Steels were up a point or more. Ralls displayed quiet strength and substantials gains were noted in various high priced issues. Kennecott reached 38%, up 2%; Anaconda 33%, up 1%; American Smelting 50%, up 1; Phelps Dodge 25%, up 1, and Cerro De Jasco 40%, up 1%. U. S. Steel was at 547%, up

- 133, and ‘Bethlehem 567%, up 1%.

Chrysler reached 56%, up 17%; American Telephone 136%, up 1%; Du Pont 117, up 2%; Case 93%, up 2%: International Harvester 65, up 2; Santa Fe 36%, up 1%; Montgomery Ward 34%, up 1%; Standard Oil of New Jersey 50, up '%, and Westinghouse Electric 97, up 3%. . #® # o

Today's Business At a Glance

GENERAL BUSINESS

Dun & Bradstreet reports week ended Feb. 16 bank clearings $4,297,187,000 vs. $5,578,656,000 year ago... Engineering News-Record reports construction awards this week $45,001,000 vs. $54,831,000 last week and $42,558,000 year ago.

CORPORATION NEWS Baldwin Locomotive Works 1937

consolidated net profit $407,377),

.equdl to 32 cents a common share vs. net loss $2,163,949 in 1936; Mid-

vale Co. and subsidiary 1937 net |is:

profit $1,341816 equal to $6.71 a share vs. $1,266,167 or $6.33 in 1936.

Caterpillar Tractor Co. January net profit $176,726 vs. $710,890 year ago; 12 months $9,634,526 vs. $10,106,349 previous 12 months. Colorado Fuel & Iron Corp. December quarter consolidated net loss $491,019 vs. net profit $108,263 or 19 cents a share year ago, and net profit $442,080 or 78 cents in September quarter of 1937, final half net loss $48,939 vs. net profit $446,921 or 81 cents a share year ago.

Detroit Paper Products Corp. 1937 | Stee net profit $11,407 equal to 39 cents 001100) a common share vs. $166,674 or 79 . cents in 1936. (13

and subsi$153,815 vs.

"Federal Screw Wor diaries 1937 net profi $50,454 in 1936. Panhandle Eastern Pipe Line Co. 1937 consolidated net income $3,"159,528 vs. $1,711,185 in 1936. Standard Cap and Seal Corp. and - wholly-owned: subsidiary 1937 net

profit $733,215 vs. $674,819 in 1936.

Southern California Edison Co.

Ltd. 1937 preliminary net profit $13,-

| 136,126 equal to $222 a common share vs. $12,760,550 or $2.42 in 1936.

DIVIDENDS

Bullard Co. 25 cents on common payable March 31 record March 4

. ws. like payment year ago.

Crucible Steel Co. of American $1.75 on preferred payable March 81 record March 16. -On Dec. 24 last -a dividend of $3.75 was paid on arrears. Empire Power Corp. 50 cents on pating stock payable March

pany paid 50 cents each March 15, June’ the Sept. 15 and 75 cents Nov. 10 and Dec. 15.

New York Transit Co. 15 cents

payable April 15 record March 25 vs.

‘payment ‘year: ago. Pullman Inc. 37% cents payable ‘March 15 record Feb. 25. In 1937 company 873% cents each on Feb. 15, May 15, Aug. 16 and Nov. 15 and special $1.25 Dec. 1. = James Talcott Inc. 15 cents on common payable April 1 - ED March 15 ‘vs. like payment Jah. 1. (Copyright. 1038, by Sud Press)

Curb. Stocks

‘By BT speed. stes . 1 (OU. PB): - -— Curb ocks. 9,

+.13-18 five 25.

Year 380 «eee0v 8 . Two years ago. 93.3 2958 high co... 88.0

. 1038 low cvesns 19.6

41987 high ecsee 90.0 1987 OW cesvcee 80.1 1986 high .+xx:. 343 90.0

rere ses0cssse

eseessven ro

2 DENIED LENIENCY; THREE WIN F PAROLES

.| steady; shea 4

17 (0. five: uns 2800, Jpeluding 100. dir oh, .j tive, uneven

[Porker Prices Show Gain at

coolers, higher quotations in that

hog prices upward 25 cents today,

cultural Economics. The advance applied to all weights of barrows and gilts, with| packing sows 10 to 15 cents up. Top was $9.25 for best 160 to 180-pound butchers. Most of the packing sows comprised médium and heavyweight offerings from $6.75 to $7.25, with lightweights scarce and selling upward to $750. Occasional rough heavyweights sold down to $6.60.

the fat cattle market, as compared with the week’s previous trade, was a narrow demand and weak: market on heifers scaling: over 750, pounds. Otherwise all classes cleared in a dependable fashion, maintaining the slight advance posted to date. Lower grades of she stock predominated, that is cuttery and common beef cows and plain and medium heifers. Steers cashed largely $6.50 to $7.25 for good heavies, while merely medium lightweights scored §7, handyweights ‘outselling the heavies around 50 cents per cwt.. The practical cow top is $6.25, cutter grades $4 to $5. Good and choice vealers at $10 to $11.50 were unchanged, top, $11.50.

slow, prices not established at a late hour, but indications around steady. Native offerings sold unchanged at $7.25 to $7.50 on good and choice offerings, lower grades down to $5.

Feb. 8. 9.

Barrows and Gilts— (140-160) Good and

4 BI BD

(250-290) Good t0-3u9 Grog Pac or (275 80 "Good (350-425) Good

(275-550) Medium

Slay hter Pi doo: : 100-140) oo ane choice. .

00 Medi} HOON WY boy bob Wag ao como ooauma

—Receipts, 800— (750-900) C

C C Ci

(1100-1300) od {1330 jst) Goos ae (750-1100) Medi gm dliod-1500 Mediu (750-1100) Common (plain)...

Steers and Heifers— (550-750) Go

(750-900) Good (8 0-900) Medium 550-900) Common 3

~3bopanbaennen

PII © -1-30000-3-3008009% e ¢ § iS

a A ents) Medium utter and common

Vealers —Receipts, 500— (All weights) Choice {A weights) Good All we! an

—Receipts, 400 (250-400) Choice

: 10 record March 1.. In 1937 com-| Steers—

(500-800) Choi (200-1000) Cnoice (500-800) Goo 800-1050) os reset . 500-1050) Medium .....doees 6 PN. 0) Common 5

(356-350) Good and choice.. Common, medium"

SHEEP AND LAMBS | —Receipts, 3000— |

20 Soa phan carench en

Lambs—

( ; 1. Good 1. Med 5.178 6. . COMMON seescssse erase 4.75 5.

Of Good and choice . 158 3.00 Common and medium 2.50

CHICAGO, Feb. 1% :(U. P.).—Receipts, 14000, Inoiding. 3000 directs: market’ 10 to 15 ¢ ents eer: active at advance; fap $895; 230.370 Tbs. $8.3058.85: 250. . [email protected]; good medium

buyers; pe Tackers Tie 15 to 125 cents ar IE Se 2, own “moderate, eifer sup moderate, bulls . steady to Denk: Nel hty Rt ks pulls, 36 65; 1 t g ausage bu ; vealers to $11.50, but mostly ul down, Sheep—Receipts, 10,000: 1 no directs; fat lambs weak to 10 cents lower late Wednesday; top, Puls includ , 96-100-1b. averages, * [email protected] rs antbs 10 to 15 cents hi gher hy ‘[email protected]; t held $7.65 Upw! ward: indications are

P.).—Ho

CINCINNATI, Feb.

Ogs— AC- - 200+ 2 one 0 $9. 85 1005050 140 Sop. oy ’ he, Se 8.35; bc eosin sows, 25 cents

80 gher at $6.50 ttie—Re ar 250; calves, 150. Stead 28 11; Eh. Dackag Jy oad lots lots’ light tees p to g a beet COWS, 15 ste cutters and es $3.75@ oul ow sausage bu $6 350; vealers steady to weak. practioll Lop er . ep—. direct. - Steady, er lambs quo d dl:

cluding none ‘good native ewe and wethd from [email protected]; common an nes isn grades, $5@7; most slaughter

ewes, ih LAFAYETTE, 17 25 P) -— RURS B Gat gat in ally 8.50; 280-325 Ibs, T4008 i $8.50 ; sio@

arket 30 t high To 186 iis Zi ar. cents or 2180-2 00 lbs. 3.85; 200- 220 1bs., $8. 40 240-260 1bs., $8.35; 8 0-280 : 44 260:300 1bs:, PSs: 335 1bs., 7.85; 32 $7.85; 350-375 Ibe. :

bb ok Sak La oush: Si.2b ig! ags, Calves, $1 ; FOOD PRICES Pe a ay SST? $08 —Mdeti n fugs, 136. 02ds, EE

crates, dati

Ses Fitial Edition of the Ti Times : for ey

Local Market|gs 5 Light dressed -stocks in eastern |S 2

end of the trade and meager live’ : marketings locally conspired to force Goty

Co according to the Bureau of Agri- Cudahy

Fair Morse | Firestone e pt A. ah “The only material difference in}’

TANONOOD

nba ono

Si : weight 55) DY ro re Or a umwsieh 30 heavy Packl $15 $T@ ght utcher ]

eale: outside on x

CHICAGO, 4 P. : ‘Michigan McIntosh, oo $1.8. Y SaDler Po-

THE INDIANAPOLIS 1 a

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2505 5 550 5 5 5 0 50 En Be Bo Bo 3 It ft

Bald Loco ct wi 9 Bendix, avn Ohio

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se2Babnngs Pitti ii 14+ a see

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fist See. Dome Dul § 8 & At Du Pont

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27% 89 fe 17%

b+: +1:

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Holland Furn.. 30 fe

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[n In Int P& Ln [nt T&T For..s

Trading on fed western lambs was Bike ott

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Yesterday’

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Tri-Cont ..... 20th Cent-Fox

“NEW YORK STOCKS

; By United Press

DOW-JONES STOCK AVERAGES

High, 1938, 134.35; low, 118.49. High, 1987, 194.40; Low, 113.64.

20 RAILROADS

Yesterday ¢ Sesencecssvense Week 080 ccccocone

. 28.71 —0.38 «eo 2041 +098 ees 30.45 0.48

High, 1938, 32.83; low, 27.08. ‘ High, 1937; 64.46; low, 28.91. 20 UTILITIES oF sevisssasnsiseneess 18.98 +002 Week ago soee ve seevne es 18.85 -=0.01 Month ago oe ee deena 21.04 +0.38 Year SFO coevvce Sovecssenese 34.75 =040} High, 1938, 21.86; low, 18.25. t High, 1937; 37.54; low, 19.65. . Lid STOCKS |

Yesterday ssessccnvsscesancge: “05s "0.10

Week ‘B80 © . sessecvvedenes sede 40.78 +0.89 ‘Month a ssnssss sescscescss 43.25 +0.71 Tear ago :

High, 1987; 09.67; low, $8.87.

Bian "Low Revere Coby 14 Richfield oe Tv © 8 a a ese “1 1% 11

aaa Wee

Na] Lt

Std Qu . Std Oil N J +... 49

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] togrph ... 5Y Texas. or * 401

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Vick Chem .... 39

UNEXPECTED BUYING “LIFTS WHEAT PRICES

Argentine Corn _ Supply Is Reported Dwindling.

CHICAGO, Feb. 17 (U..P.)—An] unexpected buying movement wiped out early wheat losses and brought advances to the market today on the Chicago Board of Trade. At the end of the first hour wheat was % to % cent higher, corn was 3; to 1 cent higher and oats were 3% cent higher. An upward action on light offer-

| | ings after the start of thé session in-

Dacifi Mills . Packar:

Ene Dx + Doe “ue Puri

Eastern al-

duced short covering. houses followed the upturn,

| though there was nothing in the

news to account for the sudden de-

“{ mand. Export demand was fiat, but

Republi Bi

ean co. ’S

(By the Inv. birs. Conf. Inc.) Bi id. Asked. Bi Adm Fd 11.49 12.22| Invest Bank, ARH 3.83 4.23! Ban Bl am Qo p 19. 3 21.0 00/Inv Fd B3 n Eq “io iH gi 1]

id. As! Corps.

of ae et D9 4 tr a,

a" 0d 30" RANESANRONEDO

Bra gi 22. 36 6 23.81( * og S4 Bull Fnd 12.50 13 8 Md Fd a .00| Mass av

a VEO 1 1p 80 © 1 BIW E10 ED ata Ai is TRIS EERRBEE Cae InoRoH@mo0MR 25

SEIS

5.00{ Su Cp B 3.98 a »

‘8g . Gen Cap 3% 64 30.80] “ D Gen In Tr 4.40 4.79/Supvsd Group Securities St - Bldg 1.14 124 “ D Chem 1.11 1.21} *“ Oil A Invest 4

67 Pet 102 1.1 RR Eqt . Tob 9 Incrp Inv 16.07 17. 28

LOCAL ISSUES

(By Indianapolis Bond & Share Corp.)

The Yollowin quotations So not repre. or offerings, but merely

recent transactions. BONDS

American Loan Co 5s 46-51.. Citz Ind Tel (TH) 42s 61.. i Tel & T W 5%s 58.. WwW 6s 43.

oraer- | ohio T

ndpls Gas com . Indpls 41 5 Lt fd 6% | di EE 62% Ss Hater Co xlincoln Na i Lite

FEE Fun’Se gery Co a pr 3

Pub Serv Se &, Pub Serv o

Progress Yo raay Hg ree Terre Haute Elec Co 6%. Union Title Co com. . Van Camp Co Van Camp M (By M. P. Crist & Co.) Market St. Investment Corp. . sm 23.89 xEx-Dividen

LOCAL PRODUCE

breed hens, 42 In And 2 1 lbs. 14; leghorn ringers. 1 %, Ios. an sprin Soostors, 90

Thigr

l4c; and over, old

s—No. ch full case oa Set deduction. bot”

se unde tter—No. Base: No. 2° Bie 200 ianttersat—Nos 1916: (Prices its by Wad; bt"

... | $1.34, > he Dg (Today 7 .... |sterling ys &; 02%.)

Jigh Low . Mareh ee.$1.1 $1.11% cove 1.10 eo. 4 July

Vac; 15¢; turke s, sols:

R , ident $1.10

eo gr

1, strictly | fresh count: mey. ru Tan. | “cents oi

there was. sonie nervousness over price discussions in Washington and the foreign political situation. Wheat receipts were 10 cars. . Corn prices advanced on. profes-

. | sional volume and early losses were

" | completely erased. Broomhall reported that export business in Argentine corn is dwindling rapidly and exporters here looked for an upturn in demand. for U. S. maize. Corn receipts were 188 cars,

WAGON NE ain elevators are pa 0. 2 oy feo: other grades on Tog. fo ee gash corn, new No. 2 yellow, §0c. Oats,

mae

ARGENTINE GRAIN BUENOS AIRES, en: 17 (U. P.)., =— Grain futured opened

firm. 4 eat Penruaty, $1.07, up %ec;: March, Corn February. 653gc, uncha ange Oats—Spot, Flax—Februar

83%ec, unchanged; May,

2c unchan . $1.33%, age, 8c; March,

es WHEAT S. { equivalents based on $1.117 11042

Cl 81 Hi i 107 L 09%

u. s. STATEMENT

ASHINGTON, Feb. 17 (U. P.).—Govaa expenses and reecipts for the current fiscal year through Feb. 15, compared with a year a 0

Prev oss

May “a. 1.11%

. 110% 1.09

Expenses . ReCeipss 3, 63 2, fic. 970,143.671.87 1.94 : Net Datel HH 87 Cash Bal.. 009.

3, Work Bal.. 1,236,257,039. "960, Pub. Debt 37,587,803,500.93 34, as 883%

Gold Res. a2 9, 527, 687.74 11, oT, 198,460.57

Customs: 11. 52 2m 045 8%.91. Inact. Gold. fortgnd 913. i 81.31% 03,

INDIANAPOLIS CLEARING HOUSE

Clearings 2,370,000 Debits ..rcesinsccsssisonnessascses ; 703,000

| CHICAGO PRODUCE

s—Market, unsettled: cases, Tre jresh raded Rema, Je

‘less Trl cars, 17

18%e; current recei Butter—Market, eta:

Score) ~ 2 28%

Sec. A Fi an 290; extn (83: seo!

Arsts, ‘28 4620 ans (Coe ste, 28@28%c, secon Staite; special

oultry.—Market, 8, do. ‘receipts, 1 car js@aze. geese, ig hens, ng" cl "chickens, 23@34c; fryers, i “20@32ic: leghorn hens,

- 18 @18%0: daisfes. 15%

He > Sibetals ry sjoys market. Ne track s sales, joss than Sark ots, S pe $1.3 Bi aiid, ; a “tra ck, 256;

shipments. T 9,

Last Yea, $4, 76. 64 474. 50 $4, 542, 003, 2. saul B

Es mma a os 1.607; 677,428.65 gwitzer!

i 8 Yhist ve 30 Woolworth «2

J Slow TE cee. Cue n 19%

SON OF a FILES $100,000 SUIT

Lewis Spencer, 12, Rocuses |

'P.R. R. of Negligence.

College president, today filed ‘sult in Superior Court against the Penn- | sylvania Railroad for $100,000 damages for: personal: injuries. - The petition claimed the boy was

et prs crippled permanently when his

bicycle was ‘struck by a Pennsylvania train at last Aug. 2. His right arm- and leg were amputated, the petition says.

| The company was. charged with’ lea

he Franklin speed limit, and rs to provide tchman,

| proper signals and & Wa

Railroad company - officials here declined comment. other than that a previous suit in Johnson, County Circuit Court had been dismissed.

CURRAN WILL DENY COMMUNISM CHARGE

WASHINGTON, Feb. 17 (U. PJ). —Joseph Curran, president of the O. I. O. National Maritime Union, ‘appears ‘ before the Senate ' Commerce Committee today to’ deny

¢ | charges that he is a Communist.

Joseph P. Ryan, president of the International Longshoremen’s Association, an afiiliate of the A. F. of L. made the charges in testimony before the committee Feb. 9. He also charged that Harry Bridges, Australlan-born = maritime union leader and a director of the C. I. O,, was a Communist. Chairman Royal S. Copeland of the Commerce Committee, has denied requests by Mr. Bridges for an opportunity to answer the charges.

LANDON CONDEMNS

WALLACE POLICIES |

TOPEKA, Kas., Feb. 17 (U. P)—|

Alf M. Landon took Secretary of

Agriculture Henry Wallace to task|

today “for broadcasting to foreign nations that the United States has a great actual and prospective surplus of farm crops.” Mr. Landon charged Secretary Wallace with responsibility for recent slumps in the prices of farm commodities. “Wallace’s short-sighted tactics in lamenting our burdensome surpluses have simply suggested to the foreign buyer that he can: purchase at lower prices,” Mr. Landon said. tactics are ruinous and unfair to

‘Kansas ‘and Middle Western. farme

ers. ”

ON TOMB OF ALBERT

BRUSSELS, Belgium, . Feb... 17 (U. P.)~—Herbert Hoover, on his first visit to Belgium since he was food relief director during the World War, arrived today and held a brief reception at the United States Embassy. 0 Then he motored Ambassador Hugh Gibson to Laeken to lay wreaths at the tombs of King Albert and Queen Astrid. Today was the anniversary of ‘Albert’s death. Queen Mother Elizabeth went to Marche Les Dames, where the King was killed in a fall while mountain climbing, to attend memorial ceremonies.

FOREIGN EXCHANGE

YORK, Feb. 17 (U. P.).—Fore exchange lower. Following are noon cable rates on major currencies: ble Rates Nes Change England (pound) .$5.03 3-16 00% (60-4. b. r.). ju nx r vt

(korun 03528 Finland: {marks} .0222 Greece (drac 0092

Jugoslavia (dir. rd SRE

ortu, al

uma (lew) -0076

Argentina (unofti 3158 rgen DESO) ..... .2650 Brazil Gamtireis . 0595 Chile (peso) .- - gue

Sik > 5 pes gp 2

3 Argent ina (official

. Hon, gk {aollan) Shan Seber (vu n) .

India ( a Pos ses a Japan (yen) ..... .2907

—————————————— GIRL SCOUTS TO RALLY

Sixty Girl Scouts were to assem- | ble at the Indiana World War Me-

tional head of Women Voters, speak on “Present Day Plans for Peace.”

property, if acquired by property, less deprec sonably. co (not

the end of the useful life of the basis of

‘ber of years

"YOUR INCOME TAX | No. 24—Depreciation Allowances ie,

The amount to be recovered by Sepreciation {is the cost of the : purchase after Feb. 28, 1913. If acquired {|” ~ by purchase subsequent. to that date, the basis is the cost of the ¥ ation sustained prior to March 1, 1913, or. the value on March 1, 1913, whichever is greater. The proper allowance for, depreciation is that amount ‘which should be set aside for the taxa ble yens in

the aggregate amount so set aside, Ths the salvage: value, will at

he depo ui of ling 1s nok based wpm the J: he of var pg lg abita which. constructed.

‘with a rea-

“Such’

| Mr. Ho

HOOVER Cave WREATH |

She is a member of the Burroughs School of Music staff.

PURDUE RADIO SHIFT TO THIS CITY URGED

Four Educational Institutions Advocate Transfer.

Representatives of four State eduinstitutions today conferred with Floyd I. McMurray, ‘State Superintendent of Puhlic Instruction, on the possibility of removing the Purdue University radio station to Indianapolis.

Purpose of the change would be to conduct a state-wide radio education program, it was said. Officials of Indiana and Purdue Universities and Ball State and Indiana State Teachers Colleges, attended the conference. ;

Times Special WASHINGTON, ‘Feb. 17—Purdue University’s petition to move its broadcasting station from Lafayette

| to Indianapolis and step up the

power, was set for hearing today by the Federal Communications Commission Zor March 18. -

COUNTY SUES HORLT OVER TRUSTEE BOND

Court Asked to Order Posting of Additional Sureties.

County Clerk Glenn B. Ralston today filed suit in Circuit Court against Leonard A. Hohlt, ‘Perry Township, asking that he be ordered to post a new bond or additional sureties to his present $75,000 bond. The petition asked that, if the defendant does neither, Judge Earl R. Cox should declare Mr. Hohlt’s office vacant. Mr. Hohlt was ordered to ‘appear on March 1. The Clerk charged in his petition that e County Commissioners were of the opinion the bond was insufficient to safeguard the monies t handles. The bond, signed by taxpayers and citizens, was approved on Feb. 2 by Ju Cox after he had granted the petition of the Fidelity & Deposit Co. of Maryland for relief from liability on the bond it ‘had provided for the trustee. Sho after the new bond was approved, the Commissioners adjudged it insufficient and threatened to declare the township office vacant unless it was increased. Other Perry Township taxpayers had filed a petition asking that such action taken, asserting the bond should cover at least $130,000 liability. ;

COAL PRICE ORDER SUSPENSION GRANTED

CHICAGO, Feb, 17 (U. P.).—The rcuit Court of Appeals today the National Bituminous

i stitioned for relief from the Co! jon’s orders, which they driving buyers to other

Martin, United Automobile tional presitoday that “the U. A. W. to all war” as he retorted

ate), whareey I he

‘the cost or

and razed, but sexviceatile or

ARMS 1S HELD

TO WORLD NAVAL CONPETTION

Ten Months Is ‘Taken as Probable Grace Period Before Race Begins in Earnest;

TL S. and Britain in Accord.

WASHINGTON, Feb. 17 (U. P.) —Agreement on inter national limitation of armament within the next 10 months seems today to be the alternative fo a costly world-wide naval race at the expense of taxpayers in every quarter. of

the globe.

Prospects for naval limitation are not bright although spokesmen for the United States, Japan and Great Britain,

.| the three major naval powers, have within the past 10 days formally indorsed arms

limitation or reduction. ’ These hopeful statements are brutally modified by the fact that Great Britain and the United States, with much in common, have been able over the years to find a mutually acceptable basis of limitation only with the greatest diffi-

| culty. Japan on the one hand and

the two English-speaking powers on the other have not been able to find common ground at all.

Ten Months Grace Seen .

The United States and Great Britain now are in comparative accord on naval limitation. - American naval strategists have modified their insistence on the big 10, ton, 8-inch gun type of cruiser which the British did not want the United States to possess in large numbers, - As Between Japan and the AngloAmerican theory of naval limitation disagreement steadily widened from the 1922 Washington arms conference until Japan's delegates finally bolted the latest of these conferences which met in London in 1936. v Ten months is taken as the probable grace period before the naval race begins in earnest because the new American program for construction of three more battleships and 66 lesser vessels scarcely would be underway before then. Once the United States begins to lay keels it is not likely to scrap vessels even before completion. Whether the American Treasury will be com-

‘pelled to raise the entire 500 million

dollars’ which the new program is to cost will depend on developments after first keels are laid. The hill will provide that the program may be interrupted any time to comply with any arms limitation agree=ment which may be reached. Japan ‘Will Find Means” Mr. Roosevelt's strategy in proposing an emergency building program to be completed over a period of years was expldined in terms of need for national defense. Another factor was the thought that the United States, by demonstrating willingness in addition: to undoubted ability to spend billions on arms, might persuade less wealthy nations to reconsider the economic hazards of unlimited naval construction. Japan's . confident reply to that strategy was uttered by Vice Navy Minister Isoroku Yamamoto. He said “means will be found” if Japan must expand her fleet to meet competitive building. Of the three methods ‘of dealing with armaments, the first, which was adopted at Washington in 1922, seems to be both unlikely and unfeasible. That was the actusl scrapping or reduction of armaments. Backed heavily in 1922 by Great Britain and the United States—we did most of the scrapping—the actual scrapping plan is proposed now by Japan. The other two methods are: 1. To freeze existing fleets and curtail future building under agreement to limit the size of guns and the tonnage of individual ships and the number of vessels which might be built. Any fleet then would be limited as to total tonnage and as to tonnage for each type of ship. 2. Mere limitation of the size of guns and tonnage of individual a: but no limit on number of

3. ” Limitation of gun sizes, Sip

tonnage and numbers. of ships, a

procedure combining both qualitative and quantitative limitation, was effected at the 1930 London naval conference. Six years later the naval powers retreated to mere qualitative limitation dealing with

‘gun sizes and ship tonnage. Japan

was not a signatory .to that agreement. . The belief of other signatories, the United States, Great Britain and France, that Japan. is building guns and ships larger than treaty powers. can construct has served’

now to scrap even that compara-

_“bull-whacker drivin,

tively moderate qualitative limita. tion. In its stead, Japan proposed in & note on Feb. 12 “a drastic reduction in naval armaments, the total abolition of capital ships (vessels of more than 10,000 tons) and aircraft care riers which are ‘aggressive: in their nature.” Naval strategists contend that to abandon those types of large vessels would make the: United States and Great Britain impotent except in their home waters and, therefore, powerless to protect their trading interests throughout the world. The United States has rejected such a program once and doubtless will do so again. "The bald fact seems to be that the United States and Great Brit ain consider Japan an aggressive power, a potential trouble maker, | and for that reason, if for no other, would not agree to the Japanese type of naval reduction which prac« tically would disarm either fleet e high seas. era n is on a spending spree. Her (Chinese -adventure is costly. Internal economic pressure, of whi there is ‘no immediately alarming symptom, might persuade Japan to come to some kind of naval agreement.

EVANSVILLE GERMANS DENY LEGION CHARGE

No Attempt Made to Form Nazi Group, Says Leader.

EVANSVILLE, Feb. 17 (U. P.).~= Carl Dreisch, leader for many years of German-American societies here, vigorously denied today the state ment of Homer L. Chaillaux, Lee gion Americanism chairman, that an attempt had been made to form an Evansville unit of the AmerikaDeutscher Volksbund. “There never has been an effort made to organize Nazi sympathizers into brown shirt groups here,” Mr. Dreisch said. “Evansville Germans are .too deeply engaged in. their own American . way without exciting themselves about political changes in Germany If Germany wants Naziism and is satisfied, that is German ’s business—not ours,”

FARLEY SUED FOR ‘MILLION BY ON BY HOOSIER

WASHINGTON, Feb Feb. 17 (U. PJ). —John Minnec, Gary, Ind. who conducts the Cosmolinko Protective Association, today had filed a mile lion~dollar suit against Postmaster General Farley for issuing an order preventing Minnec’s firm from use ing the mails. Mr. Minnec,; who filed ‘the suit personally, contended : Mr. Farley's order was cal and ‘ highhanded” and a “sad reflection” on President Roosevelt's - “fireside”

chats aimed - at promoting oonfle ! &

dence and recovery. He described ‘Mr. Farley as 8 a mule team” and charged the Pos 1 Depattment was a “Russianized O. G. because he was given no Fearne before the order was issued. ° Mr. Minnec’s firm is » mutual benefit association.

ANTILTAGHING BILE ¥ TO BE DISCUSSED HERE

E. Frederic Morrow" Nr New York, National Association for ‘the ‘Ad vancement of Colored People officer, is to discuss the Wagner-VanNuys Antilynching Bill at a mass meeting at 8 p. m. tomorrow at Phyllis Wheatley ¥. W. C. A.

Colonial

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