Indianapolis Times, Indianapolis, Marion County, 31 March 1938 — Page 18

PAGE 18

STOCKS LOSE GAINS

F OPENING RALLY

IN' NOON

TRADING =

\eneral Motors Y Tumbles to New Low.

NEW YORK, March 31 (U. P.).— “Me stock market rallied fractions “> more than a point in early trading but toward noon the list slipped com the highs with volume light. U. S. Steel reached 413%, up 17%. ~ut at noon it was back to 40%. zethlehem touched 44, up 1%, and then eased. General Motors, which sold as high as 27%, up %, dipped to a new low at 27 later. Chrysler lost part, of a gain of 2% points. Railroad issues eased from their highs. inion Pacific gained a point to 60 and then lost all of it. Santa Fe and Pennsylvania registered small declines. Douglas Aircraft was strong, rising 2% points to 33%. United Aircraft ‘touched 21, up %, and Boeing Airplane 22%, up 1%. Utilities and oils were firm. Standard of New eJrsey sold at 41%, up 13%. Case Rose 2% to 67% .to.fea-

ture a firm farm division. s 8 ”

Today's Business At a Glance

GENERAL BUSINESS

Dun & Bradstreet reports week ended March 30 bank clearings $4 505,667,000 vs. revised figure of $5,187,752,000 previous week and $5.762,202,000 year ago. Engineering News-Record reports this week construction awards $37,109,000 vs. $49,149,000 last week and $34,678,000 year ago. National Coal Association reports week ended March 26 bituminous coal output about 5,360,000 net tons vs. 11,368,000 year ago.

CORPORATION NEWS

Acme Steel Co. 1937 net profil $1,898,091 equal to $5.78 a share Vs. $2,157, 671 or $6.58 in 1936. Associated Gas .& Electric System week ended March 25 electric output 82,408,824 kwh, off 8 per cent frog year ago. Brewster Aeronautical Corp. 1937 net profit $19,328 vs. $36,866 in 1936 Burlington Mills Corp. 1937 net profit $715,594 equal to $1.31 a common share vs. net profit of predecessor constituent companies and subsidiaries $970,568 or $1.78 in 1936.

DIVIDENDS

Amerada Corp. regular quarterly 50 cents payable April 30 record April 15. Royal Typewriter Co. 75 cents on common payable ‘April - 15 record

April 5 vs. like payment Jan. 15. (Copyright, 1938, by United Press) eee.

BUMPER FORECAST SENDS WHEAT DOWN

Corn Prices Off Fractions Under Light Trading.

CHICAGO, March 31 (U. P)—A cron forecast, placing the 1938 win- [ ter wheat yield at 692,000,000 bushels, toczy turned traders bearish on the

Chicago Board of Trade. At the end of the first hour wheat wa: % cent lower, corn was 3 cent low=r and oats were unchanged to 14 cent lower. Irs. E. H. Miller, woman crop expers, placed the coming crop at the highest total since 1931, when 820,553.000 bushels were reaped, and the third highest yield in history. The Miller forecast, however, was offset . somewhat by reports of frost in some sections of the belt amd such forecasts ‘for today in Illinois, Indiana, Kansas, Jowa and Missouri. Oklahomg and Texas points also feared heavy frosts. Wheat receipts were 27 cars. Corn prices were lower in relatively light trading. Some fair buying of September corn was regarded in some quarters as for foreign accounts. Corn receipts were 343 cars.

ARGENTINE GRAIN BUENOS AIRES, March 31 Uo Grain Jolures 0 ened Sead April, 987%¢c, 0 Cs 31.0035 off Soc. © Corn—May, Ad inchs ged: 68Y4c, unchanged. Oats— iL need: unchan ed. Plax—April, $1 Ti unchanged; ay, 81.25%, unchan ged.

WAGON WHEAT ty gram on ele EVators are paying for No.

grades on their merits. ts corn iy Fo. % Oats. 6c

U. S. STATEMENT

VY ASHINGTON, March 31 (U. P.).—Goverrment ex receipts for the current fiscal year through March 29, compared with a year

Last Yes Exp- 638 407,146.67 $5,491, a83, 520.69 Bey MEEAL HERE Gross pot: 3,108.622,050. 9 170 ih 3

toms -. \9 focars gold cert. fund ine. ..$4, 0,000.00

INDIANAPOLIS CLEARING HOUSE

7 | directs.

Small Outlet Drops Porkers

Hog prices dropped another 10 cents today under narrow shipping outlet even at relatively low levels, according tothe Bureau of Agtloutural Economics. Receipts expected to total around

5500 head proved burdensome, with clearance uncertain at this writing. Top fell to $8.80 for best 210-220-pound butchers. Only a few small

rounds. Packing sows held steady to weak at $7 to $7.75. Order buyers ' carried orders for both steers and she stock, and a limited run of fat cattle cashed on a steady basis, despite declines reported at other governing markets on Wednesday. For the

curred in steer cattle while she stock is selling in the strong side. A car of good to choice 1100pound beeves went to the Eastern seaboard at $9 for the day's top, with well-covered weightier short horn steers at $8.40. Most steers were light weight and grading medium to good around $7.75 to $8. A

heifers reached $8.75 for the week's best price on this class. A pen of young cows on the heifer order realized $6.65, with other beef cows down to around

again today, boosting the top to

stocker and feeder sales this week, but numerous lots of medium and good steers and heifers went out at $7.25 to $7.75.

less than 1000 head consisted practically of shorn offerings which sold around 25 cents lower. Approximately 800 head of good to choice

$7.50 to $7.75. Odd lots -of wooled native lambs were mostly kinds from $8 down.

Qo UO 09 0999 Seed

mo 3:38 000mm

(290- 350)

Packing Sows— (275-350) Good (350-425) (425-450) Good vee (275- 530) Site’ Slaughter Pig (100-104) Good 2nd Mediu

Ol 233.323 ~30000000000 3 “at ODI STEER DD oan oom -1 WH ANID NV B-I-IR oo ome oaoouewm

=Rewinie 574 (750-900) . oo (900-1100) (1100-1300)

) (725-1100) Steers and (550-750)

(750-900) (550-900) (550-900)

Good

Common

All Weights— Good

fom Toutter and CGiier a Bulls Li Ex ood (beef) rig .weights) Medium utter and common

Vealers —Receipts, 500— (All weights) Choice .. . (All weights) Medium (All weights) Good Cull. and medium

—Recteipts, 446— (250-400) Choice Good

Medium .. Common

Feeder and Stocker “Cattle Ste. rS—

{ (200-1 (500

(800-1 (500-1

Heifers— 1550-750)

Good ..ceceeccess Medium Common

Good and choice . Common medium

SHEEP AND LAMBS —Receipts, 995—

ssssocas

Sal. Caaf OF 0000 Da amos us oo ooooce

‘Lambs—

ww Nao SS wed

Good and choice cveses Common and medium’ co veve A

pw B30

CHICAGO, March —Hogs— Receipts, 10,000, ine “2560 directs. Market, slow; steady to 10 cents lower; mostly, 5 to 10 cents off; 10 ; smal lots, $9.10; 150-240 lbs..” $8.75@9: 250-330 1bs.,. [email protected]; 290-350 ., [email protected]; 350-550 1bs., packing sows, [email protected]. Cattle — Receipts, 3000; calves, 1200. Trade, steady to strong, despite small receipts, market, slow; shipper demand narrow; lower grades get best action; stockers and feeders dull; market weak and lower: fed heifers and cows, steady to strong; vealers, 258 30c up; selected vealers. $10.50; bulls, S| eep—Receints, Ty 000, Including 1800 Late Wednesday fat lambs, 13 3 25 cents lower thall Tuesday; good choice wooled. $7.85@8 3 LA "clipped. $7.90; ewes, $5.25: today’s trade slow, indications; steady: good to choice lambs, $8 @3.25: probable top, $8.

Mar vesxsesssenss eusssenasinn $2,124, 000

evsensessanron

bits 00 Ponth clearings ..ceseseesee 71,057,000 Month debits ....c...c00...

DAILY PRICE INDEX

EW YORK, March 31 (U. P).— = Bradstreet’s daily weighted ik index of 30 basic commodities, cor ied for United Press (1930-32 u=is 100): To iorday mew low) ........ 109.76 We=k ago 11 es ssB ess RRO II OIII BRS 113.89 Me 1h 3 ope oy 157.10 ceiver 111.06 109.76

Ceqasensestasenssne

en PE

105 nigh (Jan. 10) . 195: low (March 303... gw Carel 3) =

Fc iowing are ay. ie rates on major 6 Rates Change Emgioad (pound) $4000 — 34 cr GRD Shed’ Gow

0526 .1690%, -— ~8001 ne 016

.2203% "8

111.00 | $8.70:

ies 639.000 | $3.2

8.60; So 008 50: 160-500 ao. $83 25 @8. $8 down. Roughs, $7. 25 down, es. $10.

Lambs. $7. Rouehs CINCINNA ATI. March 31 (U. P.).—Hog Receipts, 2100, Saat direct: market fajrly

active, steady: > $8. $7. 3568: bulk good

100-140 packing sows. $6. ST. ttle—Recaints, 250, calves 200; seleahle yv_ light. eenerally fully steady: odd lots and indivdual heads 1bs. steers and yearlings, 8 758.25: (good Bia: 38 a low

Zne medium weight heife TS, ood beef OWS, [email protected]: very cutters, $4 and less: practical.top sausage ls $6. 3 Jealers Scrong, jon. 9. eep—Receipts. none ect: - qu ed nominally steady, but undertone Su. good ewe and ur wooled lambs, 35.3 @9: common and medium grades. $6.50 8; slaughter ewes mainly $2@

Ses Final Edition of the Times for

Closing Stock Quotations

week, only slight losses have oc-|

short car of choice 718-pound |g

$5.50. Vealers advanced 50 cents e

$11. The weather has been against Sat

THE INDIANAPOLIS TIMES

NEW YORK STOCKS

By United Press

Adams Ex

To $8.80 Top/t £4

Bayuk Cig .

Best Beth Stee

liberal | BElY

Butte Cop & Z.

Carriers Case Celanese Ches & Ohio hi Pneu i Pn T RI&P

Comwlth & Cons Oi

Supplies of lambs estimated at|SUba

Curtiss-Wr

Deere & Co ...

clippers sold on local account at Da 5

Eitingon Elec &

Elev Pur & L El Pw

Fair Morse ..

Firestone Flintkote

Hayes Bdy

Homestake Houd Her Houston Oil . Hudson Motor. Hupp Motor

Cons Alrcraft 2

. 36% 6%

Curtiss-Wr A

Hig

Barker Bros ... Bendix Avn Res 0

eel 4 Bl ss I Decker 1 remiums re repor early |1 p u were reported on early ohn ALS)

Calumet & H...

Cent Foundry : hMStP&P Df.

1's 11%

7 Vs 1;

15%

1 Il 2i% oe 1072 4

24 Va

oA . 1%

Ya .

3% 127

. 18% 2

2 Magic, | In 3s ger shot 21s

ve 20% Fajardo Sug casi ad

Foster Wheel ..

Hecker Prod .. A

9» £

Ae Net h Low Last Change

Y, Es }

CD rad Cbd hhh BD ph San Fl LE EEE ee

re 33

51a

tl pet pe un BD

Pht +]

ihe he

BE ©9°00°00°00 “oa

Sa N®

SEI et be hr

202 27

DD ELE Eb

Hudsn aor Min 21% 219%

B. Adm Fds 8.9 Affil Fd 3. Am H Cp 16. Am Bus 2 Am Gn Std Oil Bnk Ntl In i Basic Ind Bos Fd

NWO =o ®

Can Gent Trst 17. C

BO mI 0D WH SWS

xa Forsh Bnd 238 Fd ny 5 2 30 3.60

~a Gen Cap

Gn Inv or 3.56

indicate

Americ Citz a: >

nd Tel Co 5s nd Railwa nterstate

Pub Tel 4's

[rac Term Co

Tndnls Cas ¢ Indpls d Pub 8 b

Terre Haute

Union

Marke! XEx-

: iy itt 12¢:

S—N

pt BID OOO NID DN 00 Pye O UNE i Ur 58828825"

3.26 24.05

3.64

25 i 30 4.13|8 » &6

3.87 Tr bg Securities | Auto 5 162

oan Co 5s 46- a . el (TH s 68

& Tel nd. Asso Tel 4%:s 6

Inc 6s el & Tel 5155 63 Indpls Water Co 3'2s 66 Kokomo Water Works os 38 . Morris 5 & 10c_ Stores 5s 50. Muncie Water Works s— | Noblesville HL&P 5% hio Tel Service 8s 4

5s 51

L 612% XN Ind Pub serv Se In

Vv 0 xProgress Laundry Co. com. Elec Co 6% Title Co com . Van Camp Milk Co pf ...... & Van Camp Milk Co com .....

.. {By M. P. Crist & Co.) Be Investment Corp v

Savy broil ers, ers. 3c. broilers. 1%2-2} Va 1bs., 18;

Cc. No: 1 strictly fresh sountry Fi Wise: each ‘case mus

net

Bid As 8.53) Insts Securities Lia; nk Grp 2 1.01 17.75] 2.89) Hal 1 ‘Bos 5.28! In 2.05

S 6.41 3,

INVESTING CO.’S

(Inv. Bird. Conf. Inc.)

1.13 Cp 9 Eons 00 2 Fe C 74 (.89 Kev CFB2 17.85 CFB3 10.93 1 10.84 6.42 10.04 07

Grp Invest Bank

Sovgn Iny 51 .57 §pen Trsk 12.19 2 i d Am Tr 2.00 Site Sy Tn 754) 8 upervise st St In et .

LOCAL ISSUES (By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids ‘or offerings. but merely the approxiniate market based on buying and selling inquiries ot recent transactions:

level

NDS Asked 98

5s 65. . s 47 ..100 Hee vee. 98

vichmond W W 5s 57 Seymour Water Co 6s 49 .....10 [ H Trac L 5s 44

Belt RR St Yds com .........

. 0 Ind Hydro Eleo neh nid Indpls Pwr & "Lt oid 69% .. P&L §2 59 a%.

o-oo

19.22 20.65

LOCAL PRODUCE

reed hens ulls io jee- i "od

| fourth in corn specifically, Lew S.

| opened steady.

4 | Brazil 8s ‘26... MT 42s

u ded tion

with

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS Yesterday ...cccovsvesceces ..100.9% Week ago. sesasssssssseseass 114.64 Month ago levsesssevssesnees + 128.23 YEAr BF0 -:vo.vvernrinoenas. T8519 High, 1938, 134.35; low, 100.9%. ‘High, 1937, 194.40; low, 113.64. 20 ADS

—0.95 +0.26 —1.16 —122

Yesterday .....:{cocecs. esses 19.21 0. Week 280 ...secdecceccsscscs 20.99 Month a0 ...ccteoccsosasses - Year 880 .....-.0e0s.ne ead High, 1938, 32.33; low, High, 1937, 64.46; low, 28.91, 20 UTILITIES Yesterday ... cere 15.18 Week 280 ..ccccccsee esses 19.31 Month ago sessesegcesesnseas 19.50 Year ago . 31% High, 1938, 21. 86; low, 15.18. High, 1987, 37.54; low, 19.65. 0 STOCRS

eseovsgases

See Month 280 .c.cccccesoonsesss 41.62 Year ago High, 1938, 44.42; low, 31.61.

High, 1937, 69.67; low, 38.87.

. Net High Last Change

Johns-Man: ...

Kelsey-Hayes B 3's Kennecott 28 i Kresge SS 15%

3s 27% 15%

Leh V Vy. Coal ot. rR...

Loew's... ....' 85 Lone Star Cem. 26 —MSug cts 1 mod gt 3 Gl

CITY'S — iS GRAIN MART CITED BY HILL

High Ranking Told at Dinner Honoring Bradford.

Indianapolis ranks between sixth and eighth in the natioh’s grain markets and is between second and

Hill, Grain and Hay Club vice president, declared last night at a dinner at the Board of Trade Building in honor of Freeman Bradford, new traffic manager of the Indianapolis Board of Trade. Mr. Hill said grain handled here had increased from 8,000,000 bushels in 1905 to. more than 40,000,000 bushels now.

U Mr. Bradford, who was appointed |

to the post after the death. of Leonard A. Banta, formerly was sec-retary-traffic manager of the Sioux City, Ia., Grain Exchange.

N. Y. Bonds

By United Press

BOND PRICE INDEXES 20 20 20 - 60 Indus. Rails Util. Bonds 558 504 81.9 4 99.1 54.2 90.4 4.6 .. 814° 649 933 598 92.8 96.7 103.1 91.5 91.7 918 105.1 96.1 83.0 70.0 59.4 82.5 1938 Low . 5.8 50.3 87.9 1.4 1937 High ..... 95.0 101.2 106.0 ' 100.7 1237 Low ...... 80.4, 693 92.3 81.1 1936 High 100.4 106.2 100.2 1936 Low A 84.7 103.5 93.3 (Copyright, 1938, Standard Statistics Co.)

NEW YORK, March 31 (U. P.).—Bonds

Yesterday ..... Week ago ... Month ago .. Year ago 2 Years ago.... 1938 High

Net Open Change wer JOM

Canada ys =

s Phelp s Dodge 3% hil pine § Ry 4s . Sout! 4s 28 Us Rubber 5s

Curb Stocks

By United Press

NEW YORK. March 31 (U. P.). stocks opened steady. : Py yCurh

Net Bragll TLAP ...oeiovereeno. ,20eh Change EEE RENE IR RR 1 Cities Service cesses 19% ons Cop 3% El B & 8S PAA Nia pec Oil Techicolor,

sess c0ncsnnnae

PEEL EEE

6's 67s (Pon 10% 10

0 Am Av No Pacific

t+ +E]

eyn Met _.... Reyn Tob B ... L-S Fran pf.

FEEEE © BE

Lid bh I mes

Ii ig 015% —T . 33% 2% . 265.

acif: Un Areratt cp 21 Un Air Lines .. 6 2Vs

Ll 24% 5

cae lT

Vanadium 12 23: 2%

Va-Caro Ch oes

Walworth ...... 5% Warner Bros .. 37% Warren Br .... 2° | West Air Bke' 1r16Yy Westing El .... 68% White Rock Wilson 9 Qverland pA

wi 37% 37 11%

'oolwor ol ee yorthington '.. 12 Fe 10% 93 1 91% 25%,

9 Ve 26% 9% -

5 3% 2 ‘16% 65%

8 . 2Y 32

Yellow Tr Young . Young Sheet ..

Zenith Rad ... 10 10 Zonite .....1.« 3% 3Ys 3

CHICAGO PRODUCE

Eggs—Market, steady; receipts cases; fresh graded firsts, cars, 1 less than cars, 17c: extra firsts, cars, 1 Cc: 17%¢; dirties, as; Sur rent receipts. 3%: checks, 1ldc; rage packed firsts, 19c; storage packed Pr

Butter—Market, steady. ‘receipts 576,469 ross pounds; extra firsts (90-812 score) aia G28e; sxiras & 92 score) 29¢;; ILL c; conds, H Gane standards, 8c; entrar

. score), Poultry—Market, ® steady to firm; 5 true ks;

10% 914 262

re-

19%%¢; io Turkeys, 15@?25¢: broilers, 23@24c; 14% JE daisies, 14% liberal; demand, Idaho Russet BurSoh

110:

i : A Cc; lon rns, 1 oes—Sup

isconsin . Round ites, Onics, Wisconsin Green Motta ins, $1.10; 1}

gan Russet Rurals, 3.1 New Stock-—sSuppiies, liberal; demand; es,

rack hs, [email protected]; Triumphs,

Ver Sweringen Rail Fn Sues cr oF $870 SEEKS

Trust Firm for Stock Proxies

NEW YORK, March 31 (U. P.).—The battle for control of the one-

time three-billion dollar Van Sweringen railroad empire moved into the courts today when Robert R. Young filed suit against the Guaranty Trust Co. and charged the latter with serving Morgan interests,

Mr. Young instituted the suit for

the . Alleghany Corp.—top-holding] company.of the empire—as its chairman, with the authorization of the executive board of the organization. The suit seeks to compel Guaranty Trust to turn over to Alleghany proxies for 780,100 shares of common stock of Chesapeake Corp. for the special meeting of stockholders

of the latter which had been called |"

for April 4 by President Charles L. Bradley. of the corporation’s board. The Guaranty holds a controlling portion of the stock of Chesapeake Corp. through usual indentures| co.ve under Alleghany bond issues for which it is trustee. Wins Restraining Order Mr. Young won the first point in his attempt to maintain control of the empire which 'he purchased from a foundation created by George | Ball, Muncie, Ind., glass jar manufacturer, when - Judge Albert C. Coxe in U. S. District Court issued | Bank an order restraining Guaranty from voting the 12 peake

and Co. Inc., and up against him in an effort ta wrest

control of Uhesapeake Corp. to pre-| dissolution of the latter and |

ghany has the right to vote the 780,100 shares of Chesapeake Corp. stock’ now held by Guaranty because collateral under the bonds by which the stock is held appreciated to more than 150 per cent on March 2.} Remainder of “the 1 ,278,000 shares.

of the corporation’s stock which | Guaranty holds is pledged as collateral behind other Alleghany. bond

Mr. Young is chairman fssues.

~The various interests ts vhmed. bi Mr. Young as his opponents charged in- the suit Th meeking to to “their self interests” against] the interests of Slockhoiders and the pu “4

BANK CLEARINGS NEAR,1934 LEVEL

NEW YORK, March 31 w. P)— Bank clearings in fhe week ered March 30 dwindled to

of | lowest level in more

1; |

car-

THURSDAY, MARCH 31, 1088

3 Victims of Navy Bombing Plane Crash

. Five naval fliers are feared to be dead after a bombing plane crashed into the sea off Waianae in the Hawaiian Islands during maneuvers. bers of the crew reached shore by swimming. The

’ body of Lieut. L.

Two mem-

Times-Acme Telephoto. O. Crane, pilot (left) was removed

from the cockpit of the wreckage along with that of another unidentified man. W. H. Lear (center) avia‘ton cadet, and B. I. Windham, pilot, are missing,

‘Text tof Roosevelt's Dictatorship’ Letter

: WARM SPRING 8 Ga., March 31 (U. P.) —The text

¢ | of the White House statement

on the Byrnes Government

Reorganization Bill follows: During the last 10 days the President received comparatively few letters and telegrams relating to the reorganization bill now pending in the Congress. The pros and cons were about equally divided. The smallness of the number compared

7 | with the flood of telegrams sent to

members of the Senate is proof positive that the campaign against the reorganization bill was the result of

BANDIT ESCAPES

IN GUN BATTLE

Policeinen Trade Shots With Suspect in Chase Through Streets.

A gunman, believed to have been the holdup man who robbed Mrs. Birdella Canaday, 35, of 454 W. 16th St., of $15, escaped from police today in a running gun battle. { Answering the holdup call td’ the

Canaday lunch room last midnight, Sergt. Walter Baase and Patrolman Edward Meyers noticed a suspect at Wh Bh nd Boulevard Place. y stopped to question the — a suddenly drew a gun and shouted: “If you get out of that car I'll kill you.” : Sergt. Baase disregarding the warning, drew his gun and started toward the suspect. The man, a Negro, fired once and fled. Officers Open Fire The officer pursued firing three shots. Turning into 17th, the gunman fired again at the sergeant, the shot going wild. Patrolman Meyers, seeking to head off the gunman’s flight, had run into Boulevard Place. He saw the man run between houses in the 1700 block and opened fire, emptying his gun. None of the shots apparently took effect. The gunman fled across Capito! Ave. near 19th St. where Sergt. Baase again sighted him, firing one shot at the suspect. Meanwhile, police said they had statements from three men alleged to have confessed robbing Ralph C. Lemcke of 1308 Central Ave. of $200 in cash and an $800 diamond ring on Jan. 1. Edward Crane, 51, of 337 W. 16th Place, reported he was slugged and robbed of $15 by & holdup man who waited for him near his coal

; | shed, "Police were unable to determine.

any motive for the attack on Paul Havens, 16, of 615 E. 52d St., stabbed on the left wrist by an assailant. The youth was standing at 52d

| St. and College Ave., he told police,

when the man whom he knew suddenly drew a. knife and lunged at | him. The boy took the knife away from the man in the struggle. The attacker drew another, stabbing him {in the wrist. Police held the assailant, 74 years old, on assault and _| battery charges.

SHARE OF 9 MILLION

LOS ANGELES, March 31 (U.P). —Through the estate of her husband, who left only $870 upon his death in 1922, Mrs. Mary Bennett, 81, today sought a offe-third thterest in property worth nine miljin dollars in lem, New\ York : Petitioning for Jetters of administration, the widow claimed that 99-year-old leases given by Fred Bennett's grandfather in Harlem Flats have expired, and the propSHY reverted to the heirs.

TYPHUS DANGER IN‘ CHINA WAR ZONE SEEN

SIAN-FU, Shensi Province, March 31 (u. P.).-~More than 50 million people’ in the’ Central China war

bag face one of the greatest

typhus ‘epidemics in modern history, Dr, H. H. Mooser, of Zurich,

Switzerland, told the United Press

today. | “The disease already is here and

danger is Refugees. ol Central nina are filthy ith typhus-carrying lice

ESS Ron

kkeeping. Sten. ed Hectatari cour. ;

organized effort on the part of political or special self-interest groups because during the last five years, where there were real questions of public policy at issue, the President’s mail was flooded with letters and telegrams on both sides of the question sent by citizens who communicated with the President voluntarily rather than as the result of a propaganda campaign. To a letter from a friend received a few days ago, the President has replied in the letter which follows. (The name of the correspondent is purposely withheld because he did not write for publicity purposes): “Many thanks for your letter telling me that you are concerned over the charges in several newspapers that the reorganization bill, now before the Congress, would make me a dictator. “1.%As you well know, I am as much opposed to an American dictatorship as you are for three simple reasons: | “(A) I have no inclination to be a dictator. “(B) I have none of the qualifications which.would make me a successful dictator. “(C) I have too much historical background and too much knowledge of existing dictatorships to make me desire any form of dictatorship for a democracy like the United States of America.

OTHER PRESIDENTS ASKED

“2—The reoganization bill now before the Congress is the culmination of an effort starting over 40 years ago to make the business end —i. e., the Executive branch—of the Federal Government more businesslike and more efficient. Seven or eight of my immediate predecessors in the Presidency have recommended - similar | reorganization measures. “There are two methods of effecting a business-like reorganization. It can be done by complex and detailed legislation by the Congress going into every one of the hundreds of buredus in the Executive Department and other:agencies. “Or it can be done by giving to the President as Chief Executive authority to make certain adjustments and reorganizations by Executive order, subject to overriding of these Executive orders by the Congress itself. “I would have been wholly willidg to go along with the first method, but attempts at detailed reorganization by the Congress itself. have failed many times in the past, and every responsible member of the Senate or the House is in agreement that detailed reorganization hy the Congress is a practicable impossibility. “We come, therefore, to the second alternative—reorganization by Executive order, subject to overriding by the Congress.

CONGRESS HANDICAPPED

“3, In any reorganization you. will realize, I am sure, that if it changes existing administrative setups, con-

solidating jobs or makes other kinds of savings, either from the point of view of cost or from the point of view of bureaucratic authority, such changes are bitterly fought by thosc who Stand to lose some authority and by those who are so wedded to existing practices that they go to any length to prevent the slightest change which seeks greater efficiency. “Several states have put into effect reorganization of their departments. These changes have resulted in some economy. But chiefly these reorganizations . in state governments have increased the efficiency

$1 or %5 000... Your SAVINGS Are INSURED

SAVE | Weekly and

Write for FREE Savings Bank and Folder on

ms URED

it is now drawn,

Insured Up to $5,000.00 ANY AMOUNT viet Monthly vi Accounts Invited

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‘of thé state governments to a very

marked extent. That result is what we seek in the bill now before the Congress. “4. You know that when over a year ago I recommended a ree organization bill to the Congress all parties and all factions agreed on the need for such a measure. You know, too, that a year later a carefully manufactured partisan and political opposition to any reorganie zation has created a political issue created it deliberately out of whole cloth. “5. The opposition has planted bogies under every bed. It is said, for example, that the work of the Army engineers was to be abolished, in spite of the fact that the Cone gress, and the Congress alone, can determine who will do river and harbor dredging and build flood control levies. It is charged that the splendid work of the Forestry Service is to be hamstrung—hamstrung, I suppose, by the best friend fore estry ever had in the United States. It is charged that the extremely efficient Veterans Bureau or the ex-| cellent Railroad Mediation Board is to be damaged beyond repair. I cite these merely as examples of a score of equally silly nightmares conjured up at the instigation either of those who would restore the Government to those who owned it between 1921 and 1933, or those who for one reason or another seek deliberately to wreck the present Administration of the Government of the United States.

‘PRESIDENT WOULD YIELD’

“§, One point remains: There are those who honestly believe that every minor change, every minor detail of conducting the business of the administrative branch of the cc posi should receive in

ect a positive Congressional approval before such changes go. into éffect. The bill in its present form makes the executive orders relating to such changes—and most of them’ are minor—subject to disapproval by the Congress within 60 days by joint resolution. Let me state to you categorically that if such a joint resolution’ were passed by the Congress, disapproving an order, I would, in the overwhelming majority of cases, go along with carefully considered Congressional action. “I can think of no cases where the President would not gladly yield to a clear expression of Congres= sional opinion. “But there are two eopehit reasons why the bill should go through as “The first is the constitutional question involved in the passage of a concurrent resolution which is only an expression of Congressional sentiment. Such a resolution cannot repeal executive action taken in pursuance of a law. The second is the very remote pose sibility that some legislative situae tion might possibly arise in the future where the President would feel obligated to veto a joint resolu tion of the Congress and properly require a two-thirds vote to over ride his veto. I repeat that I visue alize no such possibility between now and 1940, when the authority given is to end. “Thus you will see that charges of dictatorship are made -out of whole-cloth—even if I wanted be a Sickator, Which, heaven knows, I do not. “With every good wish, “Always sincerely, FRANKLIN D. ROOSEVELT. n

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