Indianapolis Times, Indianapolis, Marion County, 17 September 1952 — Page 26
$i,
PAGE 26
- Truman
Harry and
Free-Swingi
By DAYTON MOORE United Press Staft Correspondent
« WASHINGTON, Sept. 17—{ WASHINGTON, Sept. 17—| President Truman today ac-|President Truman and Sen.| cused the Republicans, par- Robert A. Taft (R., O.), who
ticularly Sens. Joseph R. Mc- disappointed each other by,
Carthy of Wisconsin and William not being nominated for Presi- | E. Jenner of Indiana, of using|dent this year, squared off today subversive for a verbal battle which could] |overshadow the main sampaign
the “immoral and weapon of the big lie.” Mr. Truman also took an ap-
parent dig at GOP presidential nominee Gen. Dwight D. Eisen-| remarks for years. And although | hower for supporting the Wiscon-| billed as a preliminary bout, their | sin and Indiana Senators who are! duel this fall may rival the big,
up for re-election. “A man who uses the weapon of the big lie is not a good man,” the President said. “He should be rejected by all good citizens, regardless of party.” Mr. Truman spoke to the National Conference on Citizenship, celebrating the nation’s first annual Citizenship Day. “It is the ‘duty of our political parties and our candidates to go before the people with the facts,” Mr. Truman said. “Unfortunately, there is a tendency in this country today to resort to the use of the big lie in order to reap personal or partisan advantage.
“It's a Big Lie’
“It is a big lie, for example, to| say that we tolerate Communists | and other disloyal persons in our|
government. It is a big lie to attack one of the greatest gen-
Taft Open ing Feud
By JOHN L. STEELE United Press Staff Correspondent
| attraction.
They've been exchanging barbed |
| Sen. Robert A. Taft today |
| joined the list of “big name”
speakers booked to ply the po- | litical campaign circuit in In-
| diana, | Mr. Taft will speak at Elk-
| stadium, according to national and state GOP spokesmen. The speech: at 8 p. m. will coincide with a statewide party observance of “Bill Jenner Day” in honor of Sen. William E. Jeni ner, a candidate for re-election. =: | contest between Gen. Dwight D. | Bisenhower and Gov. Adlai E. | Stevenson.
ite candidate” for the House.
Things didn’t
erals and patriots whom this|way. Mr. Taft, who badly wanted
country ever had and call him traitor.” Although the President mentioned neither by name, this was
an obvious broadside at Mr, MecCarthy, who has spearheaded Re-
a the Republican nomination, was
licked by Gen. Eisenhower at the
| Chicago convention. Mr. Truman decided to move out of the presi-|
dential mansion next January. But that didn’t end their feud. Mr. Truman fired a verbal broad-
hart Oct. 10 at a rally, prob- | ably in ‘the high school football |
During the pre-convention days| this year, Mr. Truman and Mr.|
Taft called each other “my fayor- | White |
Contest Deadline Near
work out that|
NEW COUNSELOR—Samuel Brown (left), Peru, takes over
this semester as head counselor of men's residence halls at Indiana
| Universi
in Bloomington, replacing S. G. (Chris) Savage (right), who will be assistant professor of journalism.
|
For Parade
+ There are only four more days
of Homes
Prizes will be awarded two
|in which to enter the special let- weeks after the closing date.
|
|ter-writing contest of the Parade
publican charges of Communists . of Homes, chairman Carl F.| in government, and Mr, Jenner, Round One Comes Up (Tony) Spickelmier announced who with Mr. McCarthy, has side in Mr. Taft's direction yes- today.
branded Gen. George C. Marshall a “traitor.” Gen. Bisenhower, while stating his strong disapproval of the at-| tacks on Gen. Marshal, Army Chief of Staff during World War II and later Secretary of State and Defense, has pledged that he will support all GOP candidates “from top to bottom” as part of the “Republican team.” Mr. Truman said the big lie is| “a weapon of political warfare” used by Hitler and Stalin and “just as un-American as they are.” He said the technique of the big live involves: ONE —‘‘Making a charge against one’s opponents which is frightening and horrible and so extreme that nobody could believe that a. decent person would make it if it were not true.” TWO—"“Repeating the lie over and over again, ignoring all proof] to the contrary.” | “The big lie technique is im-| moral and subversive,’ he said. | “It is not a weapon which democratic society can afford to use. It violates the rules of the political game which underlie our constitutional form of government. It violates them in just the same way that riot and revolution violate them.”
Refuge for Scoundrels Truman said that com-
Mr.
terday, and the Ohio Senator is expected to counter attack tonight in his first campaign speech for the national Springfield, O. (It will be brdadcast in Indianapolis on WIRE at 9 p. m.)
Mr. Taft's speech will ring the
bell on round one tonight. The Ohioan has booked a 19 - state speaking ‘tour which will take him from coast to coast pound-
ling on his “Liberty Versus Social-
ism” theme. Mr. Truman is scheduled to stump 24 states during an 8500 - mile whistle - stop trip. He starts his tour Sunday.
For men whose names won't door even appear on the ballot Nov. 4, doors
their duel should be a pip. Mr. Truman wrote the AFL convention yesterday that a Republican victory might make the Taft-Hartley law ‘even more oppressive and unfair than it is at present.” He added that Gen.
made his peace” with the chief author of the law,
Almost Face-to-Face
GOP ticket from
{Eisenhower apparently ‘now has|
Mr. Taft already has said he
will have dealing in personalities.” Mr. Truman has been among his favorite targets. The President and Mr. Taft
will come close to a face-to-face $19 v meeting in their transcontinental|weighing 190-250 pounds. Light |
touring. They will speak from eq 185 pound - {the same platform on Oct. 8, at Poumiery sold al 318
munism in America “has been gnenandoah, Iowa, during a “Pan-
badly beaten” as a result of the cake Day” celebration.
government's “relentless fight.” | probably miss connections by he said |few hours because Mr, Truman
will talk first.
The Communist Party, has been losing strength in the
country chiefly “because our democratic sogiety has been success-
Adlai to Talk
“no hesitation about
i
The contest offers more than| $3000 worth of prizes and features as top prize $1000 on the| down payment of any house. in [the Parade of Homes, Mr. Spick-| | elmier said. | Deadline for entries is mid- | night next Sunday. To enter) write a letter of 50 words or less on “Why I Like the Parade of] Homes” and mail it to the Marion! County Residential Builders, 136) N. Delaware St.
Other Prizes Listed
Other prizes to be awarded in-| clude’ A GE ironer, Modernfold| a set of aluminum storm; a gas conversion unit,| Formica cabinet top, outdoor fire-| place unit, corner china closet,| {full length mirror, Sealwall water-| (proofer, a TV lamp, a set of bath[room fixtures, a vise, three maple {chopping blocks and 15 Youngs{town electric clocks.
Hog Prices Here Steady to Strong
| Barrows and gilts sold steady [to strong in trading today at the Indianapolis Stockyards. A top of $19.90 was bid on hogs |
19.50. Sows weighing 270-325!
They’ll/pounds had a price range of | a $18.25-18.50.
Little was done on steers and |
| yearlings. Utility and commercial [COWS
sold at $15.50-18. Choice] and prime vealers brought bids | of $30.50133.
| barrows and gilts
3 - fogs 8000; active ful in Jpeeting the needs of our, Wi 1 Si 25 LED 4 3 4 \ ssteady to strong: 190-250 pounds ,$19.65-| me Fi n iIsconsin 1875 Lap $19.90; 250-290 pounds. $19-19.50: yy a : 3 x <L i Fa -185 pounds $18-19.50. 120-180 unds | in making the country “safe RN Cr, 1. Sept. : 316-17, few $17.50; Sows Gneven Ds y : os v. Adla . evenson as steady: ‘270-325 pounds $18.25-18.50: 300-| against the internal threat of 400 pounds $16.75-18; 400-500 pounds $16-|
communism” the President said, virtually decided to go into Wis- |;
“we are not engaged in an ef-/consin next month for a single fort to stamp out differences of campaign shot at Sen. Joseph R.
opinion, but to root out a con- McCarthy (R. Wis.). Mr. Stevenson's Wisconsin.
spiracy.” “People who
persons with .Communists
not helping to make our nation for his attack against Mr. Mc-
secure.
Taey are simply creat- Carthy, according to a tentative
confuse innocent plans were not settled as to date, | are but Milwauke will be the place
7 Cattle 1100: calves 400; steers and yearlings opening slow, lttle done; lack of quality a slowing factor: high good tol choice near 1000-pound steers bought tof Brrive at $31.50; choice medium weights] $31.50: steers held around. .-$33--or-more: cows moderately active, steady on canners| and cutters, weak to 50 cents lower on] utility and commercial: utility and com-| mercial $15.50-18 canners and cutters $12-16; vealers slow, steady: market not fully established: chofce and prime $30.50 33: commercial and good 325-30 Sheep 1500: fed western yearlings bousht
ing a smoke screen behind which campaign blueprint. : ; to arrive at $21; native spring lambs about the real conspirators can find! The Democratic presidential fieady: choice and prime 336-2630, top ” ” 3 3 3 : 27 200C te choice 21.50-25; uel refuge. 5 nominee, meantime, busied him- ewes scarce, steady; largely $5-7, sprink-|
Mr. Truman personally wel- self with get-away plans for his comed into the American ‘“fellow- first extensive Eastern tour which ship” a group of men and women Opens tomorrow in Connecticut. A
who were to take the oath of
full itinerary for this trip was ex-
ling $8
What, No Slingshots
WESTERN FRONT, Korea —|
American citizenship following pected from Stevenson head-| Chinese Communist soldiers crept| his speech. 2 quarters today. {to within a stone's throw. of} ——— Mr. McCarthy's name seemed
Voegeler to Tour | With Sen. McCarthy |
MILWAUKEE -— Sen. Joseph
fto
dominate the néws in the Stevenson camp in the wake of two developments last night:
ONE—The governor met with ~
Thomas E. Fairchild, the Dem-
United Nations positions early to-|
day ... and threw stones, |
Local Truck Grain Prices
Wheat, $2.02
| | McCarthy will maker a five-day Ocratic candidate opposing Mr. White corn. 3190. " . " fell p , 58. tour through central and southern McCarthy for re-election. Mr.| on %"™ Wisconsin next week with Robert Fairchild urged Mr, Stevenson to Soybeans. $2.77. Voegeler, American businessman! Visit. Wisconsin, : imprisoned by Hungarian Com- TWO—As Mr. Fairchild depart- Produce munists for 18 months, Steve ed, Mr. Stevenson followed their - cic rmapp—— 1 Miller, Marshfield, chairman o¢f discussion of McCarthyism by is- Ege FOB Cincinnati: Consumer grade: the McCarthy Club announced Suing a statement which did not 62-64':; U. 8. medium white, 52'-53c: e -arth) nnoun br 1x 50%3-53c¢ wholesale grade 2 > br n m -53c 8 3 yesterday. mention the Senator by name nerciaily graded, 40 per cent; extra Sen, McCarthy will introduce The governor warned that “an NE Duel, Dooun mix: 2-30. | Mr. Voegeler who will make the atmosphere of fear and suspicion small. 30-31 principal speeches during the ®P8endered by the irresponsibles” a se DT ICtt ne crosses: was eroding int . and white, 31-34 hens, heavy, 21-24 tour. h."” 8 0 the area of free hens, light ’ 14 15¢ old NO TEIS, T4c eee rrr tr rere ee ~ IE . i keys, young hens, 36c: young toms / . . 1 e st re S110 2-13c / 01? VA, 77.4 [said a Stal ement was issued, fit Heavy type hens and fryers weak at | 8 preamble, in observance 'o%er prices. turkey market quiet, prices| {of Constitution Day, today. But . Butter—Creamery. 90 score, The: premthe timing of its issuance had the lum butterfat at 6lc. regular, 38e. -
34: (11H
141 W. WASHINGTON ST. @|
. ~|zens “against infringement of! PERSONAL | government,” Mr. St 8 : idelifu “Toa |Smemmen.” ar.'stevenson| Ng waste of time
TRUST COMPANY 123 EAST MARKET STREET |
MEMBER FEDERAL DEPOSIT INSURANCE CORP
earmarks of a new Mr, Stevenson dig at Mr, McCarthy, Asserting the necessity of al-
ways protecting the rights of citi-|
“But a citizen may well suffer
the loss of these rights at the hand of a fellow citizen as well as at the hand of government. “Does anyone have true free-
NO
No walking No saving of receipts
If you've misplaced the special Parade of Homes map printed in The Times special
section last Saturday, more maps are available at the L. S, Ayres Auditorium. Also available there are
entry blanks for the contest. Other displays at the Auditorium include pictures of hundreds of homes in the show, the contest prizes and special
| exhibits of building materials.
THE INDIANAPOLIS TIMES
Charges Jenner
And McCarthy U
Business Notes
By J. A. LIVINGSTON |
WASHINGTON, Sept. 17 | Sometimes a business can be too!
ble for business, bad practices de-| velop. 8o, the Securities & Ex-| change Commission shortly will| {send out a questionnaire to mu-
tual funds.
The SEC hasn't any definite evidence of wrong-doing. But it| |
| |
wants to find out whether all mutual funds, which cater to the small investor, maintain" high| standards in their relation to) their stockholders. The fear oh don’t call it a suspicion—is that all don’t. :
The questionnaire is designed) to find out how much in-and-out buying-and-selling of securities| mutual funds engage in. The SEC’s worry is that some mutual funds may deliberately create commissions for their favorite brokers—so as to encourage brok-| ers to sell their shares.
A second questionnaire may also go out to brokers—to see| whether they are deliberately) switching clients out of one mutual fund into another—for the self-serving purpose of collecting] nice commissions.
|
Grown Like Taxes
The competition in the mutual fund business has grown like] taxes. Back in 1940, about 85 mutual companies had assets of] under half a billion. Today, about | 160 companjes have assets of] three and one-half billion. About one-third of" this seven-fold in-| crease came from appreciation in market value of securities, about two thirds from sales. | In that tremendous sales rise] lurks temptation. The success and growth of such established funds as Massachusetts Investors Trust, Wellington| Fund, Keystone Custodian Funds, | Fundamental Investors, Affiliated | Fund, and so on, invited .new-| comers. And each fund wants to} maintain—or better—its position. | The postwar years have been particularly propitious. The stock | market was rising. Mny persons)
Sree
in lower-income brackets had funds for investment. And mutual funds provided a sound way
good. Then it gets over-competi-| for the small investor to pur-| tive. Then, maybe, in the scram-| chase a diversified list of securi-| ing that on ‘a $1000 transaction
ties under experienced management. . A good way to make money in the securities business was either
| to operate a fund, or sell one, ar|
both,
Very Profitable
Securities dealers — brokers — found mutual funds to their liking, commission-wise. Most mutual funds carry a loading charge,
eent. Thus, if you buy $1000 of a fund, from $80 to $90 represents commission. It’s like the commission a life insurance agent gets, or an automobile salesman. Of this com-
)] e'T
(mission, the broker will get $60, which he'll share with his salesman, That $60 looms big, consider-
on the New York Stock Exchange [the commission might be as low as $6 and would be unlikely to go as high-as $35. That's not all. | Brokers enjoy a two-way commission business in selling mutual funds. Mutual funds customarily give brokerage business to dealers who sell their shares, They have to invest the new money. They buy General Motors, or
| estimated at 8 per cent to 9 per| American Telephone, or Gulf Oil.
| These orders might just as well | go to friends. This is called “reciprocal business.” And the SEC fears it may | lead to malpractice. Will mutual
| funds, particularly the newer
Local Stocks and Bonds
~Sept. 17, 1952
STOCKS Bid J. D. Adams Mfg. FC
Asked 17%
American ‘oan 0% ......u0 9 “a American Siates Class A ... 74 ve *American States 48% pfd ... 24'a Ayrshire Collieries com ..... 17% 18% L. 8. Ayres ¢a% pid ........ 100 103 Belt RR & Stk Yas com .... 3 36% Belt RR & Stk Yds pid ..... 63 66 Bobbs-Merr' COME yu esuuns 12 are Bobbs-Merrilh 4%4% ofd .... Buhner Fertilizer 5% pfd ... 95 Central Soya COM ........... 35% 3%
Chamber of Commerce com .. 22 circle Theater com 0 Citizens Ind Tel 5% ofd .. 50% “Commonwealth Loan 4% pfd 80'z 84 Cont Car-Na-Var 1 1% Cummins Eng com Cummins Eng 4)2% pfd astern ind Tet 5% pfd . Eouitable Securities com Equitable Securities oid ..
Delta Electric com ..... 14 Family Finance com .. oe | Family Finance 6% otd Hays Corp_pfd . oe Hamilton Mig Co com ‘eee Herff-Jones Class A pfd .. oe *Home T & T 5% pid. inva Hook Drug Co eom " *Ind Asso Tele $2 pfd. 38% Ind Asso Tel $2.50 pf .. . Ind Gas & Water com........ 25% Ind Mich El 4%% pid . ... 98 103 *Indpls Ath Club Realty Co... 70 sais Ind Pow & Lt com .......... 39 39% Indpls Pwr & Lt pfd....... . 92 Ly *Indianapolis Water 4%% pfd 99 rau Indianapolis Water 5% pfd...105 ii Indianapolis Water com...... 17% 18% Jefferson National Life com Mn 1s Kingan & Co com .. 5 5% Kingan & Co pid... 58 63 Lincoln Nat Life .. 134% 138'2| ynch Corporation .... 13% 13%] P. R- Mallory ......i..,. 33 35 Marmon-Herrington com 5% 8 tMastic Asphalt ...... . 81 6% **Natl Homes com ..... . 18 19'a Ind Pub Serv com . ...... 25 26% N Ind Pub Berv 4'4 pfd...... 91'2 95 N Ind Pub Serv 4!3 pfd . 258 274 *N Ind Pub Serv 456 pfd .. 25% 26% Progress Laundry com -.. 20} 22 Pub Serv of Ind 3'z2 pfd .... 83 87
[nd Asso Tel 3s
6
WEDNESDAY, EP 17, 1052 * ® . he Big Lie’
SEC Plans to Open Mutual Funds Probe
ones, generate brokerage merely to encourage Gealers to push their shares?
Here's How
It could happen this way. A sponsor of a fund goes to a successful securities dealer and says, “Look, we'll give you commission business to more than match your sales of our fund.” 8o, if the dealer sells $100,000 of the fund's shares, then the fund, in turnm, will give the dealer orders for more than $100,000 of stock exchange securities. . Such promises aren't always easily kept. For every $100 of money from new sales, mutual funds pay out $25 to $50 to stockholders who cash in their shaves, Not only that, but the fund, itself, may not be fully invested. It may have a cash reserve. Thus attrition takes place. A mutual fund's sales of its own stock invariably exceed its pur-
| “Pub Serv of Ind com........ 32% 33%| chases of underlying securities, | coe 449 cee Sehwitzer-Cummins $3 pid a 17% ., [But this attrition in brokerage | So Tn COM ....coennne |So Ind G&E 4.8 pid ‘104 |can be made up partly through Tanner & Co 52% pfd . 96 | shifts in investments. lerre Haute Malleable . 13% 13% Jokhem-Oll Tk Pump... . 13% 16%| The fund may shift from oils | gnitea Helepnons s% sid lg» ..llto rails, or airlines to movies, or | 0! COM vovvcvanmnne ene NE ET Ts Cy me | . e ca y Allen & Steen 68 .. _......u0 ” ss A AT ean I als 60 2 + lvice versa. Such shifts are a nec «| SIRGTICAD geonlty jaen 38.) 1oe|essary part of investment man« ! |Bastian Moriey & a. . Ses’ Ll agernent. They're what the mu. | e . “ees | Bunner Fertilizer 5s 58 ‘96 ‘|tual fund sponsors are paid for, {Ch of Com Bldg 4%s 61 . 98 9 | But, by the same token, they're Eoitanis Securities 58 60 5.. 98 .|paid not to overdo it; too. (ndpla Paint & Color Ss 641 08 Jao ndpils (] an bs PTT rn . » » Indpls Railways 5s 67 + § vate | Ingle Rellwars vee Going Fishing
The SEC wants to find out If
Langsenkamp 6s 658 . eene Masplehurst Fr ino 5 67 . 32 um shifting occurs solely to create |Sbragne Device ta 011111 88 |brokerage. In other words, is TE Biviasna *'EY. tock Dividend. |OVer-trading taking place? .
Crow Screams Alarm,
| Saves Master in Fire LOS ANGELES—Ivan Kirov credited his pet crow with saving {his life, Mr, Kirov said Rimley, the jcrow, screeched an alarm yester-
day when fire broke out in his
{second floor bedroom. | “He squawked, beat his wings (and made a terrible racket,” Mr. 'Kirov said.
At the same time, the SEQ wants to make sure that the securities dealers, themselves, are not over-trading their cus« tomers—switching them out eof one fund into another for the purpose of earning commissions, Some people will say the SEC is on a fishing expedition. And se it is. The hope is there’s me catch. As Donald C, Cook, SEC chairman, sees it, the temptation for overtrading exists, He wants to be sure it’s not yielded te.
[dom of speech when not only his |
IMMEDIATE INSTALLATION [views but his very character and| on {reputation are to be subjected to| SIDING, ROOFING AND GUTTERING | irresponsible, distorted attack by | Open * Checking Account at 24-Hour Service others? Is anyone truly guaran-| ) HOOSIER teed the right to a fair trial when American National = Today! society hears only the attack, and CONSTRUCTION and SIDING (CO, judges him guilty until he proves] 107 N. Alabama St. MA-3346 | himself innocent?" !
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»
WEDNES Board T New Fir
The Safety formal possessi three new fireh it over to Fir for operation, The station, Engine House 1462 N. Emerso cock said it wi equipped toda tomorrow, , The building tablet with the lican Mayor C Safety Board as the building architect and t At the time ! stalled, there w from various Mr. Clark was the time the planned and th The original names of fori Democrat, and The other tw 900 W. Washi 46th and Cary expected to be city in three w
‘Thanksgiv To Orphan
DULUTH, Mi man who ear “Thanksgiving sponsored an : ing dinner at tl home died last Joseph Oreck the First Street had been a ri 1892, He was |