Indianapolis Times, Indianapolis, Marion County, 25 March 1941 — Page 29

WEDNESDAY, MARCH 26, 1941

- N. Y. STOCKS

CREDIT UNIONS ~ GROWING HST

Baby Bonds’ Have Reached |

$100,000,000-a- Year Stature Since '34.

By NED BROOKS Times Special Writer WASHINGTON, March 26 ernment-chartered credit unions— the “baby banks" for small borrowers and savers—have grown to $100,000.000-a-year stature since the first association opened for ness in 1934. The unions, co-operative and self-governing, supply the needs of members of small means for ready cash, at the same places where thrifty workers may receive a generous return on their savings, a. ON last

Gove

busi-

vear's loan volume of $£100,000,000, borrowings averaged $110. Farm Credit Administration officials. estimating that 85 per cent of America’s wage earners are beyond the reach of bank credit. sav that most of this business would have gone to loan sharks except for the existence of the credit unions.

Under U. S. Charter

On Jan, 1; the FCA 3782 Federal unions were in operation. an increase of 666 in 1940 Membership during the v e a r reached 1,125,000, a gain of 275.000. Since the Credit Union Act was passed in June, 1934, naming FCA as the supervisory agency, the Federal associations have made 2.800, - 000 loans totaling $284.000,000 with a charge-off of only seven one-hun-dredths of 1 per cent for unpaid debts. On Jan. 1 the unions has assets totaling $71,000,000 and outstanding shares, represented by the deposits of members, of $66,000,000. The Federal unions operate under FCA supervision but are managed by the membership. Most unions will make “character” or unsecured loans to their members up to $50, and will lend more on co-signed notes or collateral such as automobiles or real estate. Loans cover such a wide variety of prime needs as food, clothing, shelter, medical and hospital care and such other needs as school tuition, help

reported,

to relatives, house repairs, insurance, |

vacation trips. Finance Cars

Many unions recently have enfered into competition with automobile finance companies in supplying cash for new or used cars Credit union members frequently use their union to consolidate an accumulation of debts. The success ‘wof the unions has induced many banks to seek small loan business which they formerly ignored. Rates of interest are moderate for this type of small loan. Most frequently the rate is 1 per cent a month, calculated on the unpaid balance. Sometimes the rate is lower, even one-half of 1 per cent in some cases. With little overhead, no profit ard rare expenses for investigations, the unions have certain advantages over commercial smallloan agencies, To insure the membership is restricted having a common bond. such workers having the same employment, trade unions, religious societies and fraternal associations

loans, 10 groups

safety of

Adve er tisement

A Million Dollars lo Relieve Hemorrhoids

It is estimated that over a million dollars annually is spent for various remedies for relieving piles. Yet any druggist will tell you that soothing, cooling, astringent Peterson's Ointment will allay pile torture in a few minutes, 35¢ a box, 60c in tube with applicator. Peterson's Ointment stops itching promptly, brings joyful relief, 2, Money back if not delighted.

time providing |

directors and officials elected by

Net Last Change

la Va Am Airlines Am Am Am Am

Am Sugar 18 1 la | Yesterday * Week Ago Month Age Year Ago

Aviation Corp ‘

Balt & Ohio Balt & Ohio pf Bangor & Ar p Barber Asphalt

32 Be

534 201, 01,

w+ +

By UNITED PRESS DOW-JONES

Yesterday

Month Ago 22.3¢ Year Ago .

Yesterday Week Ago Month Age Year Ago

STOCK AVERAGES 30 INDUSTRIALS 1 +0.39 —0.3% —0.01

117.66. 111.84.

133.59; Low. 152.80: Low, RAILROADS

High (1941), High (1940),

i Low, 26.54. 32.6%; Low, 22.14. 15 UTILITIES

High (1941), 2 High (1940),

+ 0.08 0.05 0.01

0.13 18.81. 18.03.

20.65; Low, 26.45: Low,

High (1941),

High (1240),

WORK ON BASES FORGES AHEAD

| Bucyrus-Erie

Chain of Outer Defenses | Gan“ Bacinic "*.

To Cost Estimated $318,050,000.

THOMAS I. STOKES Times Special Writer WASHINGTON, March 26.—How formidable a bulwark the United States is building in the Atlantic and Caribbean on bases acquired from Great Britain in exchange for| 50 destroyers is revealed now to Congress. An estimated total of $318.050,000 will be spent by the Army and Navy in developing this chain of outer defenses stretching from Newfoundland in the North Atlantic to British Guiana on the northern coast of South America, it is disclosed in testimony by Army and Navy offi-|

cials to the House Apropriations! Bl Pub S Erie 1 pt . . 1

and Naval Affairs Committee. Though they are ostensibly naval | bases, Army development much larger than that Navy, sorts of construction estimated at $200,000,000. | Thousands of troops will be sta-

for the |

area to make these outer defenses! of the Panama Canal impregnable, ! along with naval types of aircraft. occupies a highly strategic post for |

| Barker Bros .. : 3°

| Case J Cert-td 6 pr pf 283, Ches Chic Gt

Deere & Co Del & Hud . Elec Pwr & Lt

bulks | Fed Min & S...

with the Army outlay for all Gen Electric Gen Motors Gen Rty & U 1 Graham- Paige Gt North pf Gulf Mo & Oh Oh

tioned on islands in the Caribbean Gu M.&

Net Last Change 4 3'4 1 TMV + x 15% + 1a . 2 1

High Low

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1's 1's 35a 35a

mm 15° 17% 21 103

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Chi Pneu T .. 13%» 13% 3'% 8 Chrysler Clim Moly

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643, a Co 34 1234 2 “

Col Pictures : f / . ! Col Pictures nf : ] - 12 Com Inv Tr ... | Com Solvents . Comw & So Comw & Comwlith Edison Cons Cons Cons Cons Cons Cont Cont Cont Mot Cont |{Cub-Am Sug .. ! ’ ssw Cutler-Ham MM 7 ‘. | Army

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fron Sug vessels and all! Horst

Trinidad, which Houston oil

defense of the Caribbean, will be a ne Central

veritable arsenal, with mately $90,000.000, nearly a [of the total, to be spent there.

Committee Wants Cost Estimate

unird i

11 Cent pf

approxi- Inspiration Cop Int Nicke) 2

« T

Kan C Sou pf | Kennecott

The appropriations committee de- | Kresge S8

clined to include funds to reimburse | owners of private lands to be ac-| (quired for the army bases, ‘mated at $3,750,000 by Lt. Col. Rob-! ert W. Crawford of Staff, until it gets more information | about the cost. Lieut. Col. Crawford submitted a table to the committee showing that |

51,760 acres of land are to be used Nash-Kelv by the Army on the eight bases—| Nari Aviation . Maya- Nat, Jamaica, | yy ¢

Trinidad and NY NH &

Newfoundland, Bermuda, guana in the Bahamas. Antigua, St. Lucia, British Guiana—of which icres are private lands, The average cost of the private lands for which the United States] must pay is $140 an acre. but price per acre $2000, Lieut. Col, explaining that be high, lv developed lands. while in hinterland in Newfoundland land price may be much lower.”

U. S. Can Terminate Agreement

Rumors that there is a provision! the agreement for

the!

le i by Lieut. the United States, however, terminate the leases at any time by! one year's notice. Nor, he said in|& rental costs.

Initial contracts for construction |

Kro

25.7174 No Amer Davia BR acres are Crown Lands and 25986 No Pacific ....

the pac G6 & ® .... varied from $40 to packed Crawford testified, | Paramt Pict ... “in Bermuda it may | Banke Rs . where there are some high- | pere Mat pf

the | Pillsburv Pitts & W Va | Plvmouth Oil. . | Pullman | Pure Oil

Great Britain were quashed by | Rens

8 Col. Crawford, who said that! Republic Stl’ 18 mav Rustless I&Stl. .

oger G&B

| Lig & My B. esti- | Loft, ‘

Inc

the General | McGraw El

Kes&Rob pf

| Melville Sh

ident Pet

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ere Mat pr pf 5¢ Phillips Pet

PW PII BI DOO DN 1B

cancellation | Radio

eading

So Am Gold or | South Pac ..

; | Spiegel Inc response to questions, are there any |Spienel ne , |Std Oil Ind .

: Ba pf 20; . 26;

on the Army bases all have been let, | Texas Corp

revealed. | The United States does not pay anything for the crown lands, ex-| cept where certain private rights on them must be extinguished.

You'll be surprised how much style and quality you can get for so little. We make no fantastie

elsimzs for our Sujts but , . are good e and : our price when new!

Others $5 & $8

Holds Any G ment in Lavaway

| | |

ar-

and work already has started, it was Fae®

Union Carb Un Pacific .... Un Aireraft United Corp 1 Un Gas Imp Un Mer

Vadsco Sales Vanadium Victor | Vir Ry

Young Sheet

FRANCE TO

rationing will be extended to chocolate chocolate rations limited to children {and old people, | today.

& Pac

ide W A 5)

8 Steel

Chem . | Pl... 3

hp ER

RATION CHOCOLATE IN APRIL

VICHY, March 26 (U. P.) —Food

effective’ next month with

it was announced

New ration cards distributed to-

1, |—has a total floor | square feet.

vs |Chemical Warfare Service is the of-

U. S. CONVERTS

THE a TIMES

PAGE 9

Study Warehouse Plans PORT MAY GET

EMPTY PLANT |

Fairbanks-Morse Factory to Be Used as Warehouse For Chemicals.

By SAM TYNDALL

The U. S. Army has wasted no time in converting the long-vacant |

ical Warfare Service warehouse. Six weeks ago the signing of the | lease was announced. The plant, lo-| cated at 21st and Northwestern Ave, |

There were 2900 broken panes of | | glass. The remodeling of the four-story brick building will require another! week, but the Army already has moved in large crates of chemicai supplies. Besides replacing the broken windows, Contractor Orville W, Wise and about 125 helpers have installed 243 feet of firewall, along with a

= new sprinkler system and new elec- |

trical wiring throughout. Elevators Reconditioned

The dirty gray walls were brightened with paint. Two large elevators were reconditioned. A brand-| {new spur track of the Belt Railroad | was laid alongside of the building. The cost of remodeling is about | $60,000. The building—in two units space of 203,000 It will be the biggest warehouse in the

probably chemical country. Maj. Thomas F. McGovern of the ficer in charge of the warehouse. ‘Restricted’ Information

Contents of the crates arriving] daily is “restricted” information, but, (in addition to chemicals, they are |reported to contain thousands of gas masks . Approximately 50 civilian em-! ployees of the Chemical Warfare Service will operate the warehouse under Maj. McGovern, in addition to a “sizgfple” force of uniformed guards. The warehouse will serve as a distributing unit under the Central Chemical Warfare Procurement District, with headquarters at Chicago.

NEED FOR

{peachment trial.

‘office during

| Fairbanks-Morse plant into a Chem- | §

had been idle since January, 1940. &

Contractor Orville W. Wise (left),

Vacant plant becomes a chemical warehouse.

VINCENNES TRUSTEE ‘Bull Fight Fans Tired of Garza

MEXICO CITY, P.).—Lorenzo Garza, formerly regarded as the best Mexican matarecent

IS FOUND GUILTY,

VINCENNES, Ind., March 26 (U. P.).—Prosecution attorneys were ex- | pected to ask today the immediate! removal from office of I. Grant! Beesley, Vincennes Township Trustee, who was found guilty in an im-

dor, whose performances

At the conclusion of the trial yes- ifietsa 3 terday, defense attorneys said Beesley had 30 days in which to ask for a new trial and that he could retain that time, He would | leave office automatically, they said, if a new trial were not granted Beesley was found guilty by Spe-! cial Judge Frank Gilkinson in Knox Superior Court of wilful neglect on three of 19 charges of negligence in the administration of township poor relief funds Beesley was acquitted on 16 other | accusations in a ruling which found him guilty of error but not of williul | neglect

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F. W. Roesener, maintenance engineer of the Fairbanks-Morse Co., and Maj. Thomas F. McGovern of the Army Chemical Warfare Service go over remodeling blueprints of the old Fairbanks-Morse plant at 21st St. and Northwestern Ave. Maj. McGovern will take over for the Army next week when the long-

have aroused the ire of local fans, was convalescing from a leg operation today. Physicians operated on a wound, a bull, had healed properly. permitted to continue

leave treatment

The matador announced his intention of going to Hollywood to

“inspiration” bles with the fans.

NASAL

RRITATION

~NEW RUNWAYS

nd Calls for $8000 In Apron Extensions and Parking Space.

Plans are being made for a major extension of concrete aprons and jparking areas on two sides of the Municipal Airport Administration Building, it was announced today. The project would cost an esti‘mated $8000 and is made necessary by tentative plans for the construction of a $30,000 addition Administration Building, announced several days ago. Airport Superintendent I.J. (Nish) Dienhart and City Engineer M. G. Johnson said, following a conference on the plan, that concrete aprons to the west and south of the [city hangar would have to be ex-

It’s Great!—

‘“HOOSIER

March 26 (U.

unsuccessful the bull-ring

to the -

You Should Read

A COMPOSITE PORTRAIT

|tended by as much as 150 feet to accommodate airliners since the' lobby of the Administration Building is to he enlarged and extended west by about 60 feet. At the same time, Col. Roscoe Turner said he plans to construct a concrete apron from the north side of his new school hangar to join the extension of the city apron. With the addition of aprons to both the Turner building and city hangar, the entire 380 feet between {the ‘two buildings would be paved Under the airport Adminstration Building enlargement program, the front or west end of the building is to be extended west to.provide an enlarged lobby and increased space for airline offices in addition to an observation pavilion. The enlargement is to be paid for by funds advanced by the three aire 4 operating through Indianapois

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which never Garza was the hospital at his

after his trou-

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