Indianapolis Times, Indianapolis, Marion County, 26 February 1940 — Page 4

"that the utility industry gets itself

PAGE 4

SEG WILL BEGIN INTEGRATION OF UTILITY SETUPS

‘Show Cause’ Orders to Head Public Hearings Before Commission.

The. Securities and Exchange Commission within the next week or two will initiate integration proceedings involving the nation’s major utility holding company , Systems, it was learned authoritatively today. It will mark the first large-scale effort by the SEC to bring the systems into conformity with requirements of the five-year-old Public Utility Holding Company Act. The SEC plans to issue a series of “show cause” orders proposing to : integrate the operating properties of about 10 of the leading public utility systems on a “reasonable” geographic basis. These orders will call

for public hearings to be held as soon as convenient to the SEC and the companies. Integration necessarily will require corporate readJjustments.

‘Not a Death Sentence’

Chairman Jerome N. Frank said that the SEC's object in administer-

WASHINGTON, Feb. 26 (U. P).—|"

The fathir, arandfather and great-grandfather of Miss Ann Hodges (above), 217 N. Now she is opening a school here to teach the art of

Hamilton St., were puppeteers. marionettes and puppets to both adults and children.

LIMESTONE JOB NOT DEFINITE

ing the holding company ast is 10 Fina] Action Awaits Return

preserve private management. “The purpose is to restore healthy. vigorous private ownership and management and to avoid duplication of the sad financial history of the railroads,” he said. “The purpose of Congress and the e of the SEC is to see to it

into such shape that it doesn’t get to the point of going over the edge into Government ownership.” The law defines an integrated public “utility system as one which may be economically operated as a single interconnected and co-ordi-nated system, confined in its operations to a single area or region, in one or more states and not so large as to impair the advantages of localized management, efficient operation and the effectiveness or regulation.

Two Already in Compliance

‘At least two major holding company systems are already in compliance with the Holding Company Act. They are American Waterworks & Electric Co., whose integration plan was approved a few years ago, and Utilities Power & Light, which was reorganized in Federal Court. Three other systems will not be jnvolved in the proceedings the SEC is about to initiate. They are the Associated Gas & Electric, which will be reorganized in Federal Court

Of Roosevelt From Southern Trip.

Times Special ; WASHINGTON, Feb. 26.—Award of the contract of the first unit of the War Department Building to John McShain, Inc. Philadelphia, on a low bid of $4,377,000, using Indiana limestone still is tentative, it

was learned today.

Rep Eugene B. Crowe (D. Ind),

officials

the

Bedford, said he was informed by Federal Agency that the final decision is to be held in abeyance until March 4. when President Roosevelt will take final action.

Works

Although he feels certain that

both the War and Navy Buildings, estimated to cost a total of $50,000,000, will be made of Indiana limestone, Rep. Crowe still faces a fight from the stubborn marble bloc of Southern Senators and Congressmen. Featuring that fight was a charge made by Rep. Sam Hobbs (D. Ala.) that the Indiana limestone interests brought pressure to bear on Senator Sherman Minton (D. Ind.) to aid them in swinging the deal.

This Senator Minton promptly de-

under the Chandler Bankruptcy Act, and Columbia Gas & Electric Corp. and American Gas & Electric Co. which have plans before the SEC.

ovide Definitely for Your Family

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Member Federal Deoosit Insurance Corp.

ITTY Pr TRUST EEN

nied and said that “it is made out of whole cloth.” “We have just begun to fight,” ‘| Rep. Hobbs declared. “The same power that made the $10,000,000 appropriation for the construction of this first unit can repeal it. “We'll kill the whole project before we let them get away with it. “This is not yet a Republican Congress, and we are not going to let some Indiana Republicans win a { contract through a threat to defeat { a Democrat up for re-election.”

Shampoo and Styling Included ..

oil IRL 0

Permanent Wave

: $75

Tuesday and Wed. Only Shampoo and Styling. .35¢

SEARS, ROEBUCK ano CO.

OF LIFE INSURANCE SECURITY ana SERVICE

97 YEARS

- |

ADMITTED oe

Cash in banks and offices . . .

United States Government bonds . State, County and Municipal bonds . . .

Per cent 4.13 25.49 5.06

“ee bre $59,641,609.07 368,128,484.30

73,065,618.68

- Canadian Government, Provincial and

Municipal bonds . . . . . Other Foreign Government bo "Railroad bonds . . . . . . . Public Utility bonds . « . « « Industrial bonds. . . . . . .

Preferred and Guaranteed stocks

Mortgage Loans (at cost) . . Real Estate (at cost or less) . Policy Loans

® oo eo 9 oo

. 49 03 15.19 12.76 4.08 1.04 15.40 4.04 10.13

7,123,271.60. 419,202.09 219,400,612.12 184,321,240.05

nds

14,946,025.00 222,510,907.11 58,375,449.41 146,355,064.85

ea ® 5 0 0 0 0 0» * © 0 0 0 0 0 0 0

Premiums in course of Collection. nd

Reinsurance due from other Companies Interest and rents due and iccrued . . . Cash advanced 10 pay policy claims. . . deposits: in sus-

Estimated amount of pended banks recoverable .

1.09 99 00

15,782,881.05 14,224,461.95 21,884.00 00 40,853.39

Collateral deposits as security for pay-

ment of rents and mortgage loans Real Estate taxes paid in advance : « « «

Total Admitted Assets .

.00 59,500.00 .08 1,080,463.54 « «+o + 100.00 $1,444,467,622.33

Left in Daze By Busy Day |

Times Special SHELBYVILLE, Ind., Feb. 26.— Things are working smoothly now after ‘a hectic day for the family of Mr. and Mrs. Clarence Campbell. Here’s what happened: 1. George Campbell, 18, their son, was shot accidentally in the leg while hunting. : 2. Mr. Campbell helped extinguish a $6000 fire at a neighbors home. ‘ 3. Just when the day was over,

be midnight, Coyle, another son, .

was struck by an automobile while walking in a downtown section.

M'GUFFEYITES PLAN PAGEANT AT PARLEY

The Indianapolis McGuffey Club will stage a pageant at the National Federation of McGuffey Societies annual meeting at Oxford, 0., in July, A. E. Rettig, local president, announced today. More than 150 members of the local club held their 15th annual dinner last night at the Y. W. C. A The club was organized on Feb. 21, 1925, at the Claypool Hotel with 82 members. Of the 138 charter members, 19 are living and 10 were present last night. Each of the 10 received a carnation from Mr. Rettig, who presided. Next year’s dinner will be held on Feb. 21.

Prof. H. C. Minnick, dean of.

Miami _ University gand secretarytreasurer of the Mhtional Federation, was the honor guest last night. Prof. Albert Mock of Butler University was principal speaker. He traced women’s education from the 16th Century to the present time. A letter from Irvin S. Cobb, author and humorist, was read.

Mr. Cobb said this generaton needed

“another McGuffey or so.” “We need a healthier generation,” it read, “healthier in its thinking and in its appreciation of good English and decent themes and worthy idealism.”

, [KENDALLVILLE JUNKS OLD FIRE FIGHTER

Times Special KENDALLVILLE, Ind, Feb. 26.— The fine department’s 22-year-old fire fighter is doomed for the junk pile,” a City Council nounced here. At least $800 is needed to repair

the wagon, so the Council decided

it was best to make a special $2000 appropriation for a new one. Officials said it ‘will be 60 days before the new chassis is com-

{ BALANCE SHEET, DECEMBER 31, 1939 |

pleted.

frm hea ths

Continues Tradition . . . .

edict an-|

| Lewis.

MANUAL SENIOR CLASS ELECTS

Robert Timmons President; Washington Honor Group Names Officers.

Robert Timmons, son of Mr. and Mrs. Leonard E. Timmons, 803 Sanders St., has been elected president of the senior class at Manual High School. Vice presidents elected for the two senior roll call rooms are Allen Smith and Jack Hoyt. Betty Shortridge and Charles Hill were chosen secretaries and Ed Dersch and James Noble, treasurers. Carl Eggert was named to fill a vacancy on the senior council. |

Betty Dunn is the new president

‘of the Washington High School

chapter of the National Honor Society. Other officers are Ruth Downey, vice president; Dorothy Mueller, secretary; Lyndell Dickerjson, treasurer; Boris Dimanchefr, sergeant-at-arms, and Charlotte Padgett, program chairman.

James Kirkhoff has been elected president of the Nature Study Club of Tech High School. @ Nadean Jones was elected vice president; Marilyn Vice, secretary, and Harold Johantgen, treasurer.

The Home Economic Tech has elected Barbara J. Mead president. Other offiters are Martha L. Santers, vice president, and Shirley Lahman, secretary.

william Wilson is the new president of the Marco Polo Club at Tech. Other officers are “Louis Young, vice president; Mary Bradway, secretary; Frank Taylor, critic, and Betty Ruth Brown, reporter.

The first spring semester Issue of Le Journal Francais, publication of the Tech French department, has been distributed. Frank Blair was editor-in-chief. Page editors were Dorothy Taylor, Katherine Bradley, Marilyn Vice and Fran ces Bertuleit.

1 —

Charles Riemer, president of the Ben Davis High School senior class, has appointed three committees to write the class will, prophecy and history for “The Keyhole,” Ben Davis yearbook. Members are Robert Winnings, Dorothy Alvey, Harry McClelland, Joseph Ponder, Ruth Schmidt, Walter Appleby, Phylis Angleton, Betty Fisher, William Hedrick, Grace Wyland, Julia Wilson and Chalmer

HIS YEAR The Mutual Life Insurance Company of New York celebrates its 97th Anniversary. The first policy in this long established Company ‘was issued February 1, 1843. Admitted assets on- December 31, 1939 were $1,444,467,622, an increase of $45,040,126 over 1938. New insurance for the year was $201,732,621 and the total insurance in force at the end of 1939 was $3,740,731,467. Payments in 1939 to Policyholders and their Beneficiaries under their contracts, amouated to $134,155,356. The Trustees have set aside $17,784,266 for Dividends in 1940.

LIABILITIES AND RESERVES

Policy Reserves . © 00 0 a 0 0 Supplementary Contract Reserves

Other Policy Liabilities . + « « «

Premiums, Interest and Rents paid in advance . 58,970,094.12 :

Miscellaneous Liabilities

> eo 0 ¢

Reserve for Taxes. « o 0 0 oo ¢

Set aside for Dividends in 1940 .

Reserve for Future Deferred Dividends « « o o :

$1,254, 159,089. 00

94,865,027.38 adsl

16,209,380.10

4,299,590.63 Sense 2,536,949.32 A ‘. 3,150,750.00 - 17,784,265.42

1’ eo ee 0 06 00

39,087.38

* Fund for General Contingencies and Depreciation of Securities, Real Estate Mortgages

and Real Estate « « « 2 oc ¢ co ¢ 0 60 00 Total Liabilities and Reserves . « « « «

$1,423,482.10 $1,444,467,622.33

OBstablished after transferring to this fund a Paria! reserve of $1,550,000 which was included in “Miscellaneous Liabilities” in the Company's balance sheet published as of December 31,

1938 and after making voluntary additions o,

$2,560,829 to the above policy reserves.

Bonds subject to amortization under the provisions 4 the New York Insurance Law were taken at their amortized, i. ¢., their book values. Nea-amortized bonds and preferred stocks were

taken at market values at December'31, 1939, pub,

hed under the auspices of the National Association of Insurance

MMESSEONE' Ses.

Securities carried at $16,196,957.92 in the above statement are deposited with various governmental departments, or banks acting «s depasitaries, pursuant to insurance dows or insurance

department guibordsarions; #n addition securities carried at $673,200.00 are deposited with banks pendmg exchange for cash or other secuvities,

She Mutual Life

Insurance Gompanyof View York

G. R. DOUGLASS, Manager

SECURITY AND

_—

eh A

EX.

’

fore ll 25 Monument Place, Indianapolis

Club at

. Tiny Folks’ Costumes . oh

When she hasn’t been dressing puppets, Miss Hodges has been dressing people—at New York wardrobe shops, at the Gary Children’s Theater, and at the Federal Theater here. Above are some of the costumes she puts on puppets.

Sees Growth of Reporier s Mind in Stokes’ New Book

By JONATHAN DANIELS | Editor of The News and Observer, Raleigh, N. C., and author of ‘“A Southerner Discovers the South.”

He was as green as they grow them in Georgia, which is sometimes pretty green, when he came to

Washington to begin the years of

work as reporter for the United Press and Scripps-Howard news. papers which brought him to the Pulitzer Prize in 1939. He stood before Warren G. Harding in awe. With diminishing awe but increasing understanding he has stood close to the mighty ever since, and cloge also to telephone and typewriter in all the lean years and fat years and years crooked and bewildered and bold which brought him and America to this hour. Those years made a Time! And few men are so well qualified to tell it as Thomas L. Stokes. He has told it well. But the tremendous story of America in those years is, I think, less significant in this book than the story of the American who is Stokes. The history is waiting in the documents. The human details to enliven and illumine it have piled up in the columns and the magazines and the hooks; but Stokes has written out of knowledge with wisdom not merely a great reporter’s record of the great things he saw, but the record also of a changing and growing American of good will and stout mind.

Low Wages Remain

Tom Stokes would almost have us believe that his story which has taken him across changing administrations and in Presidential trains across a changing land is merely the description of the escape of a Southerner from the South. He has named his book after that process, and pointed it in the pages. ‘The Southerner, he says, carried a chip on his shoulder ready to fight instinctively in defense of things as they are. It has been too much so, certainly. Slavery is gone, but low wages remain, and defense of them. Sometimes the Bourbon and a new industrial carpetbagger have joined hands. Election laws disenfranchise thé poor whites as well as the poor blacks. Southern demagogs and sometimes even more destructive Southern reactionaries stand in the Congress in stubbornness against some necessary reforms. But those things and those men are no more Southern than Tom Stokes is. The truth js—and Stokes himself says it without emphasizing it— that this chip on the Southern shoulder is a term to describe an attitude of complacency and acquiescence of which by no means are Southerners only guilty. His book is the drama not of a Southerner’s but of a man’s escape from the fixed herd thinking and seeing in defense of what is, which may as completely shackle a Republican from Massachusetts as a Democrat from Geor-gia-—even, as Stokes suggests, a New Dealer contemplating his own very new but very dear status quo. It is the special quality of the story of Tom Stokes’ escape that it grew in terras of the great events he watched for a great audience, and yet remained the growth of the mind of a single man.

Pity, Gentleness Grew

The essence of this autobiography of an American mind may go back to the mill village Sunday

who thought perhaps more in terms

cial and economic welfare. A gentleness and pity was in this Southern reporter certainly before he left the South. But it grew in terms of a will for a better America at hearings before committees which une covered big plundering and equally big insensitiveness; on a day in Washington when the chief of staff - of the armies rode very grandly to direct the dispersal by force of the Bonus Army; in the company of dry Coolidge, bewildered Hoover, gay Al Stith, Huey Long, in smoky committée rooms and convention halfs, in the fine rapture of the first Roosevelt days. It grew in slums, too, and on

new Southern garment factories. And at last beyond exaltation in reform the man grew to a mature faith, which had in it a sting of

iasts for reform at last may learn to wear the chip on the shoulder which Stokes thought he left in’ the

_ | South.

We have had a great many books by reporters in recent years. They have told us, often with vividness and wisdom, about our world and our land. But none I think has written s0 excellent, as well as so unconscious, a picture of the mind of the Aroeri-

/{can reporter at its best as Thomas

L. Stokes has done. That iss ge, for in important regards his is d retjcent and a seemingly impersonal Advertisement Relieve Pain

Nouriios Of Rutumatiom,

‘| be happy to believe is the mind of

School teaching of Stokes’ father, |

of poor whites’ souls than their s0-}

dusty prairies, and, back at home, in|

disillusionment, that. even enthus-|’

. Ie — rd pap rE BR gr

book. His private life is scarcely in the book at all, but his private mind emerges from the story of public evens as a mind we could

the informed American.

The story of that mind’s growth, free: from cynicism, close to the great affairs of an often cynical world, is bath grand story and the basis for the soundest American patriotism.

‘New Dealers will not like all of it, nor Republicans, but Americans will find here a report on America worthy of their attention. Southerners will know Stokes has not escaped. He remains as Southern as an increasing Southern awareness of the necessity for dealing with serious Southern problems. And that is as Southern as Bilbo or Bob Reynolds even if it

ways to treat the distressing symptoms.

that|

would not produce as many votes.

Young Mothers! Do What Your Mother Did About

COUGHING COLDS |

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