Indianapolis Times, Indianapolis, Marion County, 28 October 1946 — Page 8

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BANK WEEK

Stock Exchange Expected to Follow Action Decided ‘on|

By Association Poll of Members.

United Press Financial Editor ‘NEW YORK, Oct. 28.—A poll which may well determine whether or not the year-around five-day week for finance will come in the near future has been started by the New

York Bankers Association, it]

wero FW SEEKS NEW HOUSING ACTION

700 commercial bank members, askOfficers Want to Nullify

ing them to go on record for or against five-day operation throughConvention Indorsement. By DOUGLAS SMITH

out'the year. Scripps-Howard Staff Writer

It is known that the New York Stock Exchange is almost certain to WASHINGTON, Oct. 28.--Na-tional officers of the Veterans of

follow whatever action may be taken by the big commercial banks Foreign Wars are seeking to nullify the action of the latest V, F. W.

here, and the New York curb exchange and security markets in other sections of the nation are exconvefition in indorsing the Wag-ner-Ellender-Taft housing bill. Louis E. Starr, new national com-

to follow the pattern set by mander, said delegates indorsed the

the “big board.” bill “without knowing what it was.”

While the general impression in Wall street seems to be that the He termed it a “socialized housing bill,” not recommended by the con-

empire state's commercial banks are unanimously in favor of closing on Saturdays throughout the year, many up-state banks, and more particularly those which serve farming communities, are opposed vention’s housing committee, Newspapermen who covered the convention, held at Boston early this month, reported the resolution indorsing the bill was passed unanimously after it was offered.

Passed During Confusion Mr. Starr, however, says that because of the confusion and noise the delegates did not know what they were voting on. He considers the resolution invalid, and has asked the judge advocate general of the V. F. W., Edward H. McAloon of New York, for a ruling. The council of administrators of the V. P. W. will decide whether the action was legal when it meets in Chicago" Nov. 15, Mr.” Starr said. The council, composed of the national officers plus 14 district representatives, is not required to acecpt Mr. McAloon’s opinion. “I am sure, from talking with V. FP. W. members all over the country, that a majority of our membership is opposed to this bill,” Mr. Starr said. Wanted Further Discussion A minority of the convention's housing committee was responsible for bringing the resolution to the

Sentiment Divided A spokesman for the New York State Bankers association expressed the opinion today that sentiment throughout the state is probably fairly even divided for and against a five-day banking week. Last year, the legislative commitfee of the association sponsored legislation in Albany which permitted banks tq close on Saturdays during June, July, August and September. All banks in this city took advantage of this legislation. It seems doubtful that the state association would sponsor new legislation providing for a yeararound, five-day banking week at the coming legislative session unless a great majority of the commercial institutions throughout the state favored such a step. However, unless up-state ‘banks are strongly opposed to such action, may be passed which would make a five-day week pets

'to recommend that the question be referred to the permanent Vi F. W. legislative committee for further

Results of the poll will be turned over to the association’s council of administration, which then will} oo co decide the policy to be followed. The national comma... r's stateProponents of a year-around five- |, .,,¢ wag the first disclosure of the day banking week were greatly en- |... within the V. F. W. on couraged eafly in October when |), ng although the controversial Arthur > McCain, Plesident 01 ihe resolution was passed three weeks Chase National bank, ago. largest commercial institutions in| “yg gare also declared that price the world, came out in favor of |, nirols should be lifted immediately * | from housing construction materials, but he said he “had not gone into” the question of whether ceilings should be increased on rents and new homes, The apartment house owners in Seattle who have announced their refusal to rent vacancies until the larger commercial and savings |geilings are increased “have as much banks in New York City are con-|right to strike as anybody else does,” fronted with personnel problems Mr. Starr observed. Reminded that which sway them to favor a five- y PW. posts in the state have day week. | condemned the “strike,” he said: Personnel officers of Wall street | “we can't control all the posts in bamking isin ons admit frankly our organization. They are speakthat they fin ncreasingly = ing for themselves.” ficult to attract high-type job-seek- | ——————

ers to work ss dys in Wank when. TATE COMMUNITIES GET HELP FROM FWA

other lines without having to work WASHINGTON, Oct. 28 (U. P.).—

on Saturdays. Moreover, labor unions are making strenuous etforts | to enroll bank workers. The federal works administration Agitation in the east for a five. has announced advances to several day banking week is not confined [Indiana communities to finance to this state. : plans for new community construcThe Connecticut Bankers associa- | tion. tion recently mailed a questionnaire| Included were Hobart, $14,040 for to all commercial and savings in- [sewer system improvements at an stitutions in that state, asking their {estimated cost of $414,000; New Alstand on Saturday closings and the |bany, $6700 for new elementary Massachusetts bankers association school costing $270,000, Spencer, just completed a canvass on the | $5460 for sewer system -extensions same subject. This week, the costing $156,000; Perry county; $11, Newark clearing house association {800 for county hospital costing passed a resolution proposing that $428,000; Michigan City, $6420 for New Jersey banks be closed every new central fire station costing Saturday throughout the year, $167,160.

CROSSWORD PUZZLE

Canadian Official

Personnel Problem Aside from other considerations,

Answer to Previous Pussle

HORIZONTAL VERTICAL insiGne OF Ad Pictured 1 Span US. Ay adian Wealth and 2 Come buck DrvISHoN _ ‘welfare _ minister Pia : 1 Entestain 5 Kiloliter (ab.) k 6 Lampreys 22 His depart- 39 Natural fats 18 Brain passage 7 Indian ment — the 45 Nevada city 17 Falsehoods 8 For fear that needy 47 At that time 19 Flower 9 Average (ab.) 25 Esthonian 48 Remainder 20 Owing 10 Dry (comb, island 49 Area measure 21 Owin form) 27 Explore 50 Station Property 11 Stepped 30 Vat 51 Assistant 23 Accomplished 12 Gaelicbard 32 Dread 53 Sorry 24 Gram (ab) 13Sewingtool 35 Turn 55 Tear 25 Either 18 Exists 36 Wild ase 57 Cerium (ab.) 21 Stops 38 Meal 59 Parent

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{ STUDIES

floor, he added. A majority of the M committee, he said, was preparing|}

Confer on Safety Parley Program

Charles C. Roller (left), William H. Block Co. operations director, confers with Karl A. Ziegler, Block’s director of customer relations and services, on the program for the (Central Indiana Safety conference here Nov. 14 and 15. Mr. Roller is co-chairman of the conference program and Mr. Ziegler will preside at one of the sessions. The conference is sponsored by the Indiana Safety council W. A. Hughes, Indiana Bell Telephone Co. ptesident, is general chairman for the affair.

Cattle Market Is Active Under Sharply Higher Prices

- | Medium OO Caisse srins [email protected] The cattle market was active to Medium ang it rarecennns 1050090. day at the Indianapolis stockyards 3 Ewes (Shorn) Good and chofce .........i.. 7.00@ 8.00 under sharply higher Prices Coen Ay OS am senEyars s.00@ 7.00

Vealers displayed a gain of $1 and hogs likewise were 50-cents higher than Saturday and $1 above Friday's prices. s Slaughter lambs’ followed the trend with 50-cents to mostly $1 gains,

LOCAL ISSUES

Nominal quotations furnished by Indianapolis securities dealers.

STOCKS

Agents Fin Corp com Agents Fin Corp pfd......... American States pfd......... American States cl A..... *L. 8. Ayres 44% pid... Ayrshire Col com....... Belt R Stk Yds com Belt R Stk Yds pid 0

GOOD TO CHOICE HOGS (11,90) Butchers

Bobbs-Merrill 42% pid Bobbs-Merrill com.... Central Soya com.... Circle Theate Comwith Loan 4% Consolidated Industries Consolidated Industries Cons Fin Corp pid........... Delta Electric com............ Electronic Lab

Good to Choice— GONE. +... os-spsv 3 3 - 300 pounds .......ce0 k 50] Pt Wayne & Jackson RR pfd. 93 300- IR Bounds 33 0003 50 Herff-Jones cl A pid.......... 14% 15% 330- 360 X .50 6s 360- 2 Good

400- 450 pounds 450- 550 pounds Medium-— 250- 550 pounds Slaughter Pigs

Medium to Good {J Nat Life com 17 i . POURS. ........... [email protected] | Kingan '& Co 6 Philip P. Page, vice president and | which are no longer subject to price | controlled by OPA included u CATTLE (2000) Kingan & Co 8 x Lincoln Lean : % |general manager of the Chicago |controls. Some light open shelves holstered platform rockers, break- | Sod 28 05 | Lincoln Nat Life 5% pid... 7 0% Journal of Somme; will speak io are called whatnots, although OPA front secretaries, window seats, pier [email protected] | ngatic ASphalt .......... 9 71, | the Kiwanis club at a noon meeting | gijdn't say exactly what sort of ajcabinets, upholstered headboard Good— 30.00| Natl Homes com Sons sireees i: Wednesday in the | whatnot it had in mind. | frames for beds and drapery, winRo. 300 DOGRED sssreerasess 133081330 Nha Antlers hotel. As for the wallabies, OPA an- | dow-shade and upholstery trim-1100-1300 POUNDS ovsrvrsresss 18 804 00 Eo Mallory com a” “What Are the mings. F300.1500 POUNAS .eesereenvee [email protected] Pub Serv of Ind som Business rents ACTION NEEDED T0 Also freed of controls were - fur-700-1100 POUNAS ....ecivenns 13.50@ 18. Tv o day?” wi niture scarves, mats, doilies and I ly Hounds «1arnrreeen 30518 Bind a & E 43% pt the subject of : chair sets; chenille numerals, al-700-1100 pounds crssen [email protected] Sukely<Yan 0 A pig ven Bo discussion. A phabet letters and other insignia 600- B00 POUNAS .......cscss [email protected] | Terre Haute Malleable ....... graduate of {such as used on athletic sweaters; H01000 pounds +... [email protected] | US Machine com Washington and | hook apd eye tape: and grey cotton 800- 800 pounds .......eiess 17.00023 00 | United Tel Co 2% Lee university| WASHINGTON, Oct. 28 (U. P).| 300" SR tape; 800-1000 pounds ..evoevnenes 17.50@ 22.00 POND Mr. Page is UNRRA Director General Fidrello insulation tubing. Medium NDS§ . Rw 500+ 30 pounds veesee rr 13.500 17.501 Amierican loa Ns “ saxees n a" : member of the | LaGuardia said today that u S STATEMENT 500-900 pounds - i: 3 120091330 Btibner Fertilizer 5s 54 ...... on . Philip agricultural in-|prompt United Nations action is ode 008 Siar: :s oy. ia), 430g10.00) Sh, 01 Com Bldg 343 B1.....- Tent # dustry relations| needed to avert a new food crisis d 2 4.50 Citizens Ind Tel 4%s 61 .....103 wee WASHINGTON, Oct. 28 (U. P.).—GoveI Sd onIOR inne: 1 ae Columbia Club 1's 58 ....... 33 ane committee of the Illinois state | which he said may shatter Europe’s|ernment expenses and receipts for the Canner .. A ein: 6300 828) consol eS nis, ‘97 .|Chamber of Commerce and the and China's “precariously poised | ITent seal Year ihroagh Oct. 34 com0 Sdn Hiryoroty fk; 7 § | Chicago Beller Busines bureau. | nancial structure: Tr + inh + Si g D004 (all weights) ......ss [email protected] | ;napis P&L 3%s 0 ...... 1.105% 107 Despite larger food crops this Recelpts 11,490,961,254 12,895,618 424 Goal cc rvesireessoree snais so locos Railways Co ss ¢7...- M0 9 | NEW FIRMS AND year, Mr. LaGuardia said, neither CHL, ,.c, opuutawaus 1311908 so Medium o.oo oininenrens 11.506 14.50 | 11,vestors Telephone 3s 61... 96 9 “ PARTNERSHIPS China nor UNRRA - aided eastern |public debt 263,744,851,765 262.013.662.314 Cutter and common ...... [email protected] | gunner Packing Co 4s 54 ... 99 .... European countries will be .self-|Gold reserve 20388024178 20,038 203,626 CALVES (450) N Ind Pub Serv 3%s 73...... 105 107 Stout Hardware Co. 1629-31 Howard st. rer Good and Sholee, ta 1104119 Pub Serv of Ind 3%s 75. «+108, 107% Retail, Dardare, Floyd B. Clark and |Sufficient. oi JNDIANAPOLIS BANK CLEARINGS Com n m am eee \ o b Tel 4's 356 ........ . reas - I Cl » MEP ce rcs sirsirrriannns ,230, Sulla” (75 pounds up) ....... 12.00@ 15.50 Pab i Ava 3565 oars. OT Brown Rectrls. Rr 7 Michigan st.| Calling for effective international | [luc M® ec cccieee 17,599,000

ety Parley Program [HOUSING EFFORT CALLED FAILURE]

rn By eC RS PY Ae Fe hs . as :

Senator Says 50,552 Units Are Empty, Misplaced.

WASHINGTON, Oct. 28 (U, P.).— The administration’s emergency housing programs, past and present, were attacked by Republicans today as-examples of bungling and inefficiency. ” Senator Bourke 'B. Hickenlooper (R. Ia.) said the present veterans emergency housing program Was a

| | “colossal failure” and called on the

riext congress to “do something about it.” He said he might introduce remedial legislation “to get the materials flowing.” His statement came after Senator Brewster (R. Me.) released his copy of what he called a “long suppressed” report charging blunders, waste and inefficiency in wartime housing construction. Senator Brewster said the report was submitted to the senate war in. vestigating committee in April, 1945, by a staff of experts appointed when the group was headed by President Truman, Built Where Unneeded While the report dealt Nimarily with wartime housing, Senator Brewster said, its recital of “errors in administration” by the national housing agency should have been studied in outlining the post-war needs of veterans. “The administration's various agencies and bureaus concerned with housing failed miserably,” Senator Brewster said In a statement released through the Republjcan national committee, “and the public is facing the penalty of that failure. He said that seven months after the national housing agency was established, Mr. Truman, then

-« |a senator, said federal officials were .|doing “their utmost to conceal the +|inefficiencies and whitewash the .|failures of building construction.”

The report charged, among other

.""|things, that wartime housing units

were often built where they were not needed. On Feb. 1, 1945, it said some 50,552 units were unoccu-

: ipied, 46,826 of which were fully

equipped.

i |Page to Speak on

Business Trends

Officials of Marmon-Herrington Co. and the Indianapolis Railways stand-beside the first trackless trolley to be produced by the local truck manufacturers: Front row, left to right, are: A. W. Herrington, Mar-mon-Herrington board chairman; Charles Guernsey, vice president of Marmon-Herrington, and Harry Reid, Indianapolis Railways president. Back row, left to right, are David M. Klausmeyer, president of Mar-mon-Herrington, and James P. Tretton, vice president of Indianapolis railways.

40 Coaches to Be Produced By Marmon-Herrington Co.

Marmon-Herrington Co., Inc, today delivered the first trackless

Herrington entertained Indianapolis Railways, city and state officials with

a luncheon at the Columbia club, After the luncheon the guests] were to board the trolley at the! corner of Pennsylvania and Ohio

trolley to be made by the company to Indianapolis railways. The new coach is the first of an order for 40 that the truck manufacturers will produce for the utility. All coaches will be of the 44passenger type. Personal delivery of the coach was made by A. W. Herri n, chairman of the board of directors of Marmon-Herrington. In honor of the occasion Marmon-

route. Presently Marmon-Herrington has on hand orders for nearly 200 of the new trolley coaches. The rate of production now is two units per week. cities have orders on file for the coaches.

Miscellaneous Household Items Decontrolled by OPA

WASHINGTON, Oct. 28 (U. P).— nounced dollar-and-cent. increases OPA dealt with everything from [in the cost of leathers made from whatnots to wallabies today in re- such imported stock as buck, kangamoving ceilings from additional roo and wallaby. This will mean an items and boosting prices of others. |increase of 12% to 16 per cent in It listed ‘whatnots as among the shoes made of those leathers.

miscellaneous household items| Household furnishing items de-

sts. for a ride over the Central ave. |

A number of .midwestern|

Lo ai oNDAY, OCT. 25, 1048

APARTMENT CITY

620 Living Units to Be Constructed. An “apartment city” costing $5,«

470,000, the largest housing be cd)

of its kind in Indiana, is to be d veloped at the northeastern edge of the city by the newly formed Meadowbrook Co. The development, located at East« ern ave, and 38th st, will include 620 living units grouped in 37 apart ment buildings. : Also planned are an auditorium for community meetings, a restau rant, super-market, filling station and motion picture show. . Construction is expected to begin about the first of the year and first occupancy is expected next summer, The “city” will extend five blocks along the north side of 38th st. and northward to Millersville rd, 153.7 Acres Bought

Officers of the company are George Sadler, president of the Union Federal Savings and Loan Association; Lloyd Allen, of Allen &s Kelly, Indianapolis ~architects and engineers, and J. E. McManamon, attorney. ‘The firm of Allen & Kelly will construct the project. The company has acquired 153.7 acres of the old Roberts Dairy farm, The family homestead and the present plant of the Wiliam H,

Roberts & Sons, Inc, will not be.

affected.

The project will contain 126 five. i

room units with twe bedrooms, 63

with two bedrooms, and 431 four room units with one bedroom. A parkway will be constructed along 38th st. so traffic from the develope ment can reach the shopping cene ter without traveling on 38th st. The federal housing administra« tion is assuming a mortgage come

000, the largest ever to be arranged in the state for this type of project, according to R. Earl Peters, Indi-

ana FHA director, Vv Yq

eager

Listen ts | “BUSINESS HIGHLIGHTS”

{ ? by Merrill Lynch, Piarce, Fenner & Boome

Every night Monday through Friday

WFBM—10:15 P.M. 4

Oak Heaters

THREE SIZES TO CHOOSE FROM, STARTING AT

$17.25 wives

Feeder and Stocker Cattle and Calves |Trac Term Corp 5s 57 ....... » 98 |Appliance sales and service. Lymsén E.|aid, he said they must be given Patterson, 1035 8. Arlington ave.; Thomas “Warm Choloe— Steers SEs-diyidend. P. Grissom, 28 N. Deany st. iss grants or loans to finance imports LOCAL PRODUCE we have Sovsal AWar ol 500- 800 POUNAS ..evsencians [email protected] on baa 103 Boas. 1once UNRRA is dissolved. ea or very. | Boing ponds + [email protected] TRUCK WHEAT side ave.; Eula Ensslin, 227 Hendricks pl.| “If imports cannot be financed,” PRICES FOR PLAN? DELIVERY 500- 800 POUNAS 1.ervusssess [email protected] 8 ne or et duns | he said, “these countries may well are iey, Hes 4% Int 3na over, Ne Ral FURNITURE CO. 800-1050 pounds s...ecnseene 14.00@ 16.50 t k te. W McG ’ hs 4 og ot 2h hy is 2U Medium indianapolis four, mille and grain le-| trucks, eic. Wi O. McGaughey, 1647 Win- | face another food crisis in IST FOE Lorne, bose oosters. Toc: ducks: | 414 E. WASH. — FR-03T4 g- vators are J ushel for No. p ly y iC, hy a - 5-100 pounds «i.iceriees 12.50G14.00 | ; red wh (other grades on their merit); srahe Mattress Store. 1607 N. Capital sve. which would set back their slowly 10c; goose. 10c; No. 3 poultry, 4c less . . Se i corn, new, 0. ellow, - er shel, atiresses, ngs, ets. arold B chi- an 0. . 00-900 pounds ........... [email protected]] Sor” Na "3 white, $145’ per bushel; oats, | ardson. Riley hotel. recovering industry and shatter| “gy ce wo. 1, 88c; No. 3, 85c. HELBY FURNITURE CO SHEEP aan | testing H pounds or better Te bushel; i Mn and Repair Co. 2708 their precariously poised financial . Fees: Current receipts, 54 ibs. to case, m 0. ow soy beans, per cent m orthwestern ave. General painting, s " grade arge, medium, 47c; A ol Good and choice 21.00@ 23.00 ' ure. $3.00. Robert Byvne, 3999 N. Layman ki structure. grade B large, 44c; no grade, 25¢ 1113 SHELBY MA-0453

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