Indianapolis Times, Indianapolis, Marion County, 11 February 1948 — Page 13
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Inside Indianapolis
A PENNY, lost or gained, wouldn't worry you - much, would it? How about a half-cent, quarter or an eighth? Wouldn't me. , That's what was puzzling when 1 watched the - blackboard at the Board of Trade. Marker George Michael would change 217 to 218 and someone would groan and say, “Should have waited.” Corn would fly the air. Some
paper-and-pencil laden individual would dip into
a pan of wheat and toss it down his gullet as if it were peanuts. My first thought was that everyone in the room was n—guess I'll have to say it—speculator. As a matter of fact, when I read the words soy beans, wheat, corn, oats and rye, I had the feeling 1 was reading Mattie Girl at Hialeah in the
felt positively wicked. Albert Deluce, commission merchant for Lou Hil. Grain Co., explained that I was all wet. “All these men you see here merely bring the puyer and seller together. We're merchants in the true sense of the word.” “How about pointing out an honest-to-good-ness speculator?” Mr. Delice took a few kernels of wheat and pegan chewing. “I'm trying to tell you that we do legitimate business up here. Most of us work for some grain company or else own our own mills.” .
Buy Low, Sell High
THEN HE pointed out Dale Phillips and Ed Shepperd of the Cleveland Grain Co.; Jake Kiefer and Merrill Guild of the Indiana Grain Co-op and William Honeycutt of the Winslow Grain Co. “Helping Mr. Michael with the board is Glen
QUIVERING FRACTIONS—It's up. down, George Michael records the movements of corn, wheat, oats and soy beans as "tictated” from Chicago.
It's
- marked May corn from $2.21 to about 47¢c.
‘to a term which I still don’t understand even
By Ed Sovolo
Steinhart of Allison-Steinhart & Record Co.” said Mr; Deluce. “Say, you could be a if you had the money. All you have to do is buy a few thousand bushels of
Very interesting. A couple hundred bucks practically for free, eh? Mr. chimed in and pointed out that in practically no time I could lose my pants, too. “And your shirt,” added Mr. Deluce. Not so interesting. y The ticker tape kept rolling out on the floor and Mr. Michael, under the watchful eyes of wheat eaters, marked changes. ' Little bitty changes. I wondered what would happen if he
=== Tearful Toothache Wins Prize For Clermont Camera Amateur
Stop Thinking Like That
MR. SHEPPERD and Mr. Deluce grew pale. “Here, eat some wheat and stop thinking like that,” they said. It's safe to say the type of wheat the merchants eat will never be popular on the breakfast table. Neither will corn, oats or soy beans. I'll take mine puffed. bombarded, cracked or shot out of a cap pistol—with cream and sugar. They claim it a habit eating out of the sample trays. Helps them think.
Somehow or other Mr. Shepperd got around
after practically everyone in the room except Sam. Harrell, president. of Acme-Evans, tried to explain it. The term is hedging. After several attemnpts, honest tries, too, I had to admit that hedging was clear as mud. Several old-timers agreed hedging could be that clear, Lawrence Earle, Standard Elevator Co., told me to forget the board, wheat, corn, oats and the like, “Say you bought a ton of coal at $12" he began. “Then you turhed right around and agreed to deliver that ton for $13 to someone.| A contract would he made. If the price went up to $20, you'd still be safe’ But you wouldn't buy before you had a customer. All you're doing is trading in contracts, see?” “It would be the same if you were hedging on a ton of pig iron,” confirmed Don Jenkins, vice president and grain buyer for Acme-Evans. Well, now it was pretty clear. You buy what you haven't got, sell to someone you don't see, deliver three or four months in the future and everything winds up just dandy. With no yen to indulge in hedging or speculating. sniping at the pans of grain until it was coming out my ears (It does get to be an unconscious habit), I watched the market close. As a big C went under each column, all the| merchants went into a huddle. The maneuver is called “establishing the price.” The. master hand in Chicago had written on the wall. Until the market. opened at 9:30 in the morning, grain prices were closed. No fudging until then.
Old Doc Brack
CHAPEL HILL, N, C,, Feb. 11—-0ld Dr. Brack Lloyd died last year, which might be the reason the University of North Carolina is putting in a four-year medical school and its own 400-bed hospital. They got to do something to take up the slack Brack left behind him. Brack was one of the last country doctors. He was a character. He wore a pinched-up black hat, slept in his clothes and had dirty fingernails. If he had an office, it was on the sidewalk of Franklin St. or In Eubanks Drug Store. But he was a mighty good doctor. The hig boys called him in on the tough cases. He was using sulfa drugs on pneumonia before its use was sanctioned by the State Medical Association. His obstretrical
record was probably the best in the state.
Dr. Lloyd was. picturesquely profane. irrevs erent and he never sent out a bill in his life. He would just as leave take a pint of whisky as a check for delivering a baby, and often did. He always wore his black hat when he was operating. Said he couldn't see to cut without it.: He loved animals, and his hogs were always fatter than anybody elses. When -one--of - the university's most revered: venerable sages died, to the accompaniment of much written. and spoken elegy, Brack spat and said: . “He's a-sittin’ in a front pew in hell right now. Any man who'll let his livestock perish to death out of pure stinginess is duty bound to go to hell.” The departed professor had been notorious for his bony horses’ and emaciated dogs.
‘Wait'll | Get My Hat’ A FRIEND of mine once had a huge ulcer on the back of his neck. Brack looked at it and sald’ “That thing needs cuttin’. Wait'll I get my hat.” a He went outside to his car, and came back with a mustard jar full of surgical instruments in his hand, his old black hat on his head. He straddled the patignt, wiped a scalpel on his sleeve, and
By Robert C. Ruark
The patient's wife was hor-|
commenced to cut. rified. | “Don’t worry,” Brack said, hacking away. “1| was born sterilized. I eat germs.” The patient] got well in a hurry. - ! Dr. Liovd loved to play poker, and he always carried a straight flush of cards in his pocket. It| was signed by the cronies who were present when he hit the flush, and was greasy and tattered from handling but his fondness for poker deprived him| of sleep. On a maternity case one time, he decided it would be at least an hour before baby came, and he was yawning. It was pretty late at night.
‘Move Over, Sister’ :
“YOU GOT another bed in this hoiise, sister he asked the expectant. mother. He called all women, from professors ladies to servants “sis-| ter.” “No, doctor Brack,” she said. “This is the! only one.” | “Then move over a mite, sister,” said Dr.| Lloyd. “I aim to ketch me a little snooze.” | Although Dr. Llovd had topped off "his medi-| cal instruction at a famous Eastern university— and had, I believe, headed a big héaspital up North| before he came home—he was not an admirer of fine-haired education, especially when it concerned women. He once remarked to a lady who was acquiring knowledge somewhat late in life: “Cut it out, sister. It'll make you no money and get you
no friends.” 3 I~
They say an early, unfortunate love affair! turned Brack sour, made him into a character; and perhaps accounted for his formal religion. It is interesting that there were three preachers, of different faiths at his funeral. They tumbled | over themselves to excuse him for his lack of sur-| face Godliness, and at least one dominie turned | and upbraided the congregation. He said maybe! Brack would have joined the church if the people! in the church had been better people. 4
A ——
Angell's Angels
WASHINGTON, Feb. 11 — Ali right. fellow angels, look what we did for the mysterious proprietors of the broken-down and béaten-up Andrews Bteel Co., of Newport, Ky, Turned ’'em into millionaires in spite of themselves. “Do-_you- spell that, ‘steel’ demanded -Rep.
“George H. Bender of Ohio, “or do you spell. it,
‘steal’? The federal hot-shots, who spent the taxpayers’ cash, laughed, but they weren't amused. : Rep. Bender and his fellow Congressmen. were trying to find out what the government wanted with a steel company whose president, Paul Angell thought so little of it he threatened to sell the whole works for junk. = The Army thought it needed the ancient steel works to make shells, but it changed its mind. The War Production Board continued to insist on leasing the plant, which everybody agreed was out of date. So the good old Defense Plant Corp., a subsidiary of the Reconstruction Finance Corp., Put up the cash. “Our objections were very strenuous,” testified James L. Kelehan of the RFC, “but the WPB insisted.” ' . iF So the government leased the works for $75,000 a year, It paid Angell & Co. $400,000 as a Management fee for producing 400,000 tons of Steel, spent $310,000 remodeling the works, paid $800,000 for the steel on hand when the lease Was signed and sold it back later at a 60 per cent dis¢ount,
Government Violated Ceiling “IS THAT ALL?” demanded Rep. Bender.
It wasn't. The government paid $12 more per"
ton for the steél than the going OPA price. ‘You mean the government, itself, violated its
By Frederick C. Othman)
| ; own: price ceilings?” Rep. Bender cried. ; i “Oh no, sir,” replied Mr. Kelehan. “The OPA| set a special ceiling for this steel.” 1 Rep. Bender said he supposed Mr, ‘Angell pronounced his name, “angel.” ’ “But the government. the taxpayers, were the angels in this case,” he added. 4
‘Where Is Mr. Angell?’
IT TURNED out that we angels put up better than $13 million for the steel plant that nobody | wanted, bought the steel it produced for a price| higher - than any large steel mill charged, and] still managed to lose nearly $3 million. | “Angels.” ‘'moanéd Rep. Bender. “And where is Mr. Angell?” : The .committee attorney, Henry Glassie, didn't | know, He'd tried tq, serve a subpena on Mr. Angell in his Chicago real estate office, but was informed that he was traveling in Mexico. “The Angell has flown to parts unknown,” Rep. Bender , observed. owned the Andrews Steel Corp. Mr. Glassie said the Lehman Bros.; banking house of New York, | bought most of the stock in it from the Andrews | family before. the war and later sold it to a Mr, Charles Stamm, who in turn seemed to have turned it over to Mr. Angell. | Strenuous efforts to discover who actually owned the corporation added up to no Information whatever, Mr. Glassie said. “For that matter, the corporation doesn't even own the steel mill any longer. When the government got through with the plant it was such a slick, shiny and modern mill |
+ |
that Mr. Angell sold it to the Detrola Corp. after | the war for better than $3 million. Fellow angels, I don't know about you, but I don't feel so good. :
The Quiz Master 7??? Test Your Skill 27?
What is the smallest appropriation the United States Congress has ever made? Several times Congress has passed a deficiency Appropriation amounting to only one cent. ® TATA What is meant, by the Knickerbocker school of writers? money were followers of Washliigton Irving. 3 ® group included Fitz-Greene Halleck and oseph Rodman Drake.
A
What is meant by “clock stopping” in Conas?
In Congress and also In state legislatures |
where there is a time limit on the length of wes- | sion, there often remains “must” legislation. It is then customary to stop the clock to preserve a| semblance of law observance. ¢ * 9. Who was the father of history? 3
Cicero gave this title to Herodotus, Greek his- |.
torian who lived about 400 B., C. eo @ What animal can go the longest without food | ~when it is.not Jraating? : he | seal does npt eat for approximately three months.
disinterest in!
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SECOND SECTION
"PAINFUL" WINNER"
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“WEDNESDAY, FEBRUARY 11, 1048
— Tears on 9-year-old
Mickey Powell's cheeks indicate
a »
that maybe this prize-winning picture in The Times Amateur Photo Contest wasn't posed. His father, Arnold Powell, of Clermont, Ind., earned top laurels of the week with this entry. It was taken with a 3!/4 x 4/4 Speed Graphic and Arrow Pan film. ;
HONORABLE MENTION—A New Castle,
Ind,
entrant earned honorable mention with this zoo photo.
He is Walter Grunder Jr., contest. millimeter
{1m
a newcomer to the weekly
Heé used an Argus C-3 camera and 35 Exposure was 1/50 second at f: 8 on
Super XX film. It was a cloudy day.
Four Others Capture Honorable Mention . With Entries in Times Weekly Contest
By ART
WRIGHT
ANOTHER week of The Times Amateur Photo Contest brought
to a Clemont, Ind., resident.
He wondered -who actually|,.+ a new group of amateur shutter-clickers and brought top laurels
First prize went to Arnold Powell whose picture of his son's
“agony” with a toothache caught the judges’ decision. Mr, powell Employment Security will get a check for $5, the amount given to the first prize winner |
WORD-A-DAY By BACH
dh — - (re-stor a-tiv)aou TENDING OR ABLE TO BRING BACK TO A FORMER. STATE; CAPABLE OF RESTORING AND RENEWING
[RESTORATIVE
WHAT'RE YOU BEGFIN') | Bain’
|each
week since the
|started last August.
contest
winners were Walter Grunder Jr. of New Castle, a newcomer, and a 12-year-old Indianapolis boy, Jim Beatty, 1204 E. Kelly St, The contest will continue as long as!suitable entrjes are received, The deadline wach week is Friday midnight. Entries received after the deadline will be judged in the following week's contest. ” ” ~
THE FIRST prize winner.and several honorable mention photos are published in The Times each Wednesday. Bring or mail photos to: Amateur Photo Contest, Indianapolis Times, 214 W. Maryland St., Indianapolis 9. _ There are no charges for taking part. Amateur photographers may enter any number of pictures in one week and may take part any
‘ number of weeks, even after win-
ning. . v 8 » ~
AN AMATEUR is one whose chief source of income ‘is not
Among the honorable sieistion]
ted associate counsel tg counsel inne casualty ‘company. i Sail J
Exposure was 1/200 second at f: 16 with flash on cameras.
YOUNGSTER WINS — Jim Beatty, 12, of 1204 E. Kelly St. was the youngest entrant fo win laurels. This reproduction was made from a small Kodak print, E
Lmber, type camera and film |
used; type Highting, shutter-speed |and diaphragm’ opening. { | All entries become the property | {of The Indianapolis Times and {the decision of the judges is final.
I
Division Books Exam
|vision today announced an oppor(tunity for Hoosiers to learn office machine operation at a starting salary of $130 a month, The training is open to residents of the state who have two years of general office xp anos or four years of high 1 and who can pass a qualifying examination to be given March 13. Applications to take the exam must be filed before March 4. Forms may be obtained at di-
Personnel Division in the State House.
John A. Henry Named
Attorney for Firm
John A. Henry has been elected general attorney of Continental Casualty Co. and Continental Assurance Co. by the boards of ai rectors. He previously was counsel of the casualty company, ; At the same meeting, Oliver
The Employment Becurity Di-| |
vision branch offices throughout)’ the state or at the office of the|’
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ndianapolis Times
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PAGE 11
RUNNER-UP — John G. Hale, 634 N. Riley Ave, city letter carrier and a former winner, won honorable mention with this outdoor scene he titled, "Day's End." He used a Zeiss Mirrorflex camera. 1 /50 second at f: 22 and Pan Press. :
.
Exposure was no filter, The film was Super
‘SPRING BONNET —John £. Kleinhenz, 2432 Pack
Ave., public relations director for: the Indianapolis Water Co., seamed honorable mention with this one. He used a BeeBee camera, Exposure was | /100 second at f: 16 with flash bulb. The film was Plus X.
Carnival—By Dick Turner
/
0. 6 PAY. OFF,
“Pork | don't understand the value. of money, but how will | 4 on earn f don thpend a little once in awhile ;
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