Indianapolis Times, Indianapolis, Marion County, 2 October 1940 — Page 23

WEDNESDAY, OCT. 2, 1980

BUSINESS

Indiana Banks Have 300 Millions in . Idle Money, FDIC Report Discloses

By ROGER BUDROW .

INDIANA BANKS HAVE NEARLY 300 million dollars in idle money, if you read between the lines in the Federal Deposit Insurance Corp.'s report released today. The Government corporation which insures bank deposits up to $5000 made a survey on June 29 of the 475 insured commercial banks in Indiana.

It found that their resources totaled $1,058,709,000. Deposits came to $950,706,000. About a third of these deposits were time deposits (t he depositor gives 30 or 60 days notice *before he wants _ the money and thus draws better interest rates.) + The remainder of the money was deposited on demand (the owner can draw it out anytime he wants it.) A cheerful note (for the banks) was shown in the increase in loans they made during the year. Loans and discounts went up $36,371,000 to $303,083,000. Indiana banks are still putting a lot of their money in Government bonds, the report disclosed. The . banks hold $253,482,000 in such securities and $115,605,000 in other securities. To arrive at the 300 million idle money figure, add all the loans and discounts the banks have made to0gether with the bonds and securities they hold. Subtract this from their deposits and the idle mone€y totals $278,536,000.

2 ® 5

AMERICAN STOCKHOLDERS received more dividends last month than they have for any September since 1937. The total disbursed by 1321 companies was $244,467,348. August declarations, however, were $371,918,736 for only 936 corpgrations.

Roger Budrow

E- 3 2 INDIANA FACTORIES are using far more electricity than they did a year ago, according to the Public Service Co. of Indiana. In its financial report issued today, the 90-mil-

lion-dollar utility reveals that thus Good

far this year its sales of electricity are nearly half a million ($432,690) ahead of last year. Profits, too, are improving. The company’s net income for’the first eight months was $1,250.730 which is almost a third of a million better than last year. ” 3 8

"NEWSPAPERS HAVE been crammed with billion-dollar figures lately. Working on the idea that the average man probably doesn't comprehend how much & billion

really is, General Mills figured out G

this comparison: Multiply 24 hours a day hy 60, the minutes in an hour—that’s 1440 minutes a day. Multiply that by 365 days a year—that's 526.600 minutes. Multiply that by 1908, the number of years since the Day of Resurrection — that's 1,002,844,800 minutes since.the“Day of Resurrection, ‘slightly over a billion.

o ” 2 ODDS AND ENDS: The joke is on the Electric League of Indianapolis. They had planned an ‘“AllIndustry Renaissance Rally” for mid-September but business rallied so they haven't had time to stage the rally! The League reports 38%

of the new houses built this year in Marion County have been equipped with electric ranges (29% last year) and 17% with electric water heaters (13% last year). . . . To conserve coal, Germany is instructing home owners and tenants to keep room temperatures below 64 degrees this winter, vacate rooms which are not necessary. . . . A Columbia University professor has developed a method to “dim the shine’ ’in men’s pants. . . . could wrap the American rubber industry’s annual production of gar- - den hose around the world’s middle and still tie a substantial bow in the ends. . . . It was one of those round-about reports (a Rome newspaper printed a dispatch from Norway) that said the British are considering substituting the Canadian dollar for the pound sterling in England as part of a plan to establish a single currency in all the Empire. ih The New York Central Railroad's, president, Frederick E. Williamson, today estimated that 25.000 freight cars will be filled every week with national defense . materials alone.

You |

BOOST IS MADE "IN HOB PRICES

Sellers Get 5 Cents More Than Yesterday at Stockyards Here.

Sellers of hogs at Indianapolis stockyards sought a 10-cent price boost today but buyers wanted to pay the same prices they paid yesterday. After an hour of dickering, an agreement was reached which lifted prices a nickel per hundred pounds for hogs weighing 160 pounds or more, which comprised the majority of receipts. The Agricultural Marketing Service reported an extreme top of $6.55 was paid for some very fine hogs weighing between 230 and 240

poses the highest price was $6.50.

steers and yearlings were snapped up by Indianapolis packers up at prices as much as 25 cents above yesterday. mss —— Repts. Oct. 26 9537] 1 ... 27. ... 635 10,339] 2 ... 28 ... 6.30 3000 30 3 Ss

Barrows an 120140-

Sept. Top Top Repts.

.$ 6.45 9359 + 16. 8356

Packing 3 200: 300 $

0- 500 Slaughter Pigs M 90-120.. 4.40- 4.75 160- 200.

Slauslser Cattle & Veslors klein, 907)

Bulls C500. 11.50-12. 50 {Ycarlinas excluded) 900-1100. 11.50-13.00! Good 3 6.75- 7.25 1100-1300 12.00-13.25! Snows. 6.50, 7.00 1300-1500. 12.00-13.50 Medium 5.75- 8.75 —_ [Cutter and 750~- 900. 10.00-11.50/ common. 5.25- 5.75 900-1100. 1.50! Vealers 1100-1300. 1300- 311500. 10.00-12. 00! Mediu | Common an 750-1100. 7.50-10.00! medium 1100-1300. 17.56-10.00|Cull . Common— , 750-1100. 6.00-"7.50!

Steers, Heifers

2 3011.50) ¢ 7.00- 9.5 .5

Steers (Receipts, 178)

Choi ich 00-0800. 9.75-10.00 500- 750. 11.00-12. 00 800-1050. 9.25-10.00

Good— Good— 500- 750. 9.75-11.00 “550 "gon. oh - Heifers ! a. 1050: ho

hoe 00. 10.75-11.75| “560- 1000. ood — |Common-— 9.75-10.75! Coo 900. 6.25- 7.25 | Calves (steers) 7.50- 9.75iGood dnd choice— down 9.50-11.25 5.50- 7.50! Medium 8.25- 9.50

ws -'900 6.25- 17. 50] 500 down 8.50-10.00 5.50- 6.25 Calves (heifers)

Mediu Cutter Good— com a 4,50- 5.50/ 500 down 8.50-10.25 Canner .. 3.50- 4. -S0/Medium

6.00- 7.28

Common— 500- 900 300d. 5 vo

SHEEP AND LAMBS (Receipts, 1442) ood and choice Medium and good . Commo Ewes (wooled)

Good and choice a Common and medium

P. D. Houston, chairman of the American National Bank at Nashville, Tenn., is the new president of the American Bankers Association. He was elected at the association’s convention in At-

lantic City.

MOSKINS

CLOTHING COMPANY

131 W. Washington St. Directly Opposite Indiana Theater

FRACTURE BEDS Can be rented at the new HAAG’S ALL-NIGHT DRUG STORE 22nd and Meridian

WASTE PAPER

AMERICAN PAPER

STOCK COMPANY RI-6341 320 W. Mich. num m—— ARRIOL

SalI

Largest Selection in the State

INDIANA FUR CO.

29-31 East OHIO St.

ELINED ErirTeD | Women's LEO TAILORING CO.

And

235 Mass. Ave.

TRY A WANT AD IN THE TIMES. THEY WILL BRING RESULTS.

OUTFITTERS TO MEN, WOMEN and CHILDREN

(ivingstons THE MODERN CREDIT STORE 129 W. Wash. Indiana Theater

' Is Opposite Us. % Exacting . . . WATCH REPAIRING AT LOWEST PRICES

STANLEY JEWELRY Co.

113 W, Wash. . Lincoln Hotel Bldg.

Fall Fashions $2 & $3.85 5 LEVINSON

Your Hatter

SHERWIN WILLIAMS

Has a Paint for Every Purpose. COSTS LESS Because it Lasts Longer.

pounds but for all practical pur- 4

The relatively small supply of fed A

8.25- 9.25 &

7.25- 8.25 &

0 down 7.50- 8.75!

5 Davison Chem .

"THE INDIANAPOLIS TIMES Income From Farm Products Levels Off

DOLLARS (MILLIONS)

1.000

800

600

0 .

JAN. FEB. MAR.

department said.

APR

MAY

different from

JUNE JULY AUG. SEPT. OCT.

Income from farm marketings is not likely to increase as sharply from August to September” this year as in 1939 when farm prices advanced about 11 per cent, according to the Agriculture Department. ever, income in September is not expected to be greatly four months of the Year is likely to be at about the same level as in thé corresponding months of 1939, the

NOV. DEC.

Howa year earlier and during the last

High Low —

24 42% 43

Am Zin

m Coa Armour Ill Armstrong Ck. Artloom ... Asso Inv pf.. Atchison Atchison pf .... Atl G & W Ip

Aviation Corp .. 4%

| Bald Loco ct .. Barber Asphalt. Ben Ind Loan.. Beth Steel 80%, Blaw-Knox vo TQ Bosire Air .... 161% Bohn Al & Br.. 27': Bond Stores ... Borden 193 Bower R B .... Bdgept Brass ... Briggs Lik Bklyn-M Bu Bulla

16% 1138 19%

163s

Burroughs . Butte Cop & ‘z-

Campbell Wy. Carpenter 8 84.

Celunese

—- OCP g=un Ge :

aN Naicars = OCNDI—g

Nw an Borers © @ 0a

CaN

QV ads

7 Col paciilres pf 2034 & S pf 5714 Edison 305% dison . 27 Cons Coal vtec 4% Consum Pr bf 10274 Cont Son 19% 4 Cont Mot Cont Oil Del 17% Copweld Steel = 203; Corn Prod . 53 Crane Co .... 223% Crosley Corp .. 5 Crown Cork ... 43 Crucible St .... 32 urtis-Wr ..... 8% De 83

8% . 229 Va

6% 223%, 14 4 781% 1383s 179 1162 Ya

a "81;

East R Mill . Elec Auto-L .... 37% EIPW&L 3s PM; : EIPw & LSD Eng Pub S Erie 1 pf ....

1 Freept Sulphur.

Gen Gen Gen Gen Gen Gen Gen Stl C pf .. 48 Gillette 8 35 pf Glidden .. Goodrich pf FE Graham Paige.. Granby Grant WT .... Gt North ot .

Fleciric en od

| 1+

+4 | + er: om ol Tenn 2 ban NE

341, 28% —H— 22% 22% 155s 15% fee

3415 28%

Harb Walk ... Herc Mot ....

+H 4

Ill Central Ill Central pf .. 1 Inspiratn Cop Insshs cts M Interlake Ir ... Int Harvester .. In

Pe RTD 10ND 100

~——

tad

=A °@ Na®

Kelsey-Hayes A.. Kennecott . Kresge 8S

Laclede G . L-O-F Glas® ... Lily Tul Cup .. Lock Aircraft. Loew's Lone Star Cem.

Mack Tr ..... 25 Macy RH .. Martin (Glenn)

Monsanto Fra Mont Ward

Nash-Kelv . Nat Distillers’ .

6 Nat Fe 514 i 3 Nat Sup 2 pf. 10

STEEL INDUSTRY EMPLOYMENT RISES

NEW YORK, Oct. 2 (U. P).— Employment in the steel industry rose by 11,000 in August bringing the total employment gain to mora than 100,000 in the 12-month period, the American Iron and Steel Institute reported today.

employees averaged 560,000 in August compared with 549,000 in July and 458,000 in August, 1939. Pay rolls of the industry jumped to $83,837,000 in August from $82,215,000 in July and $67,894,000 in August last year. Average wages dropped to 85.1 cents per hour in August from 85.6 cents in July while they totaled 84.7 cents in August a year ago. The work week increased to 36.7 hours from 36.5 in July and 36.2 hours in August, 1939.

Oldest Loan Brokers In the State.

VONNEGUT’S

| Yesterday .

Otis Steel ... /2

Pitts Coal ..... b5'z a

The Institute reported that steel s

LOANS

The CHICAGO

196 EAST WASHINGTON ST.

NEW YORK STOCKS

By UNITED PRESS

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Siamese dati 134.33 .. 131.15

+1.69 —0.29

Yesterday Week Ago ... Month AZO .cc...... Year Ago . High, 1940, 152.80; tow, 111.84. High, 1939, 155.92; low, 121.44. 20 RAILROADS

+0.02

29.05 28.83 28.85

Yesterday Week Ago Month ARO .....%.ceeusneine Year Ago ; 33.88 High, 1940, 32.67; low, 22.14. High, 1939, 35.90; low, 24.14, 15 UTILITIES Week Ago ....... Month Ago ...... Year Ago High, 1940, High, 1939,

cesses esssseseiann

21.93 22.29 22.60 25.16 18.03. 20.71.

-+0.24 +0.05 +0.10

sees tasenre

26.45; 27.10;

low, low,

Net Last Change 26'2

High 2612

Low

New. Mining ...

No Am Avn ... No! Pacific ....s

958 : Pi cG & El .... 293 Paci: Mills ... 12 Packard ..... 3% Pan Am Airways 15 Paramt Pict . 1 Penn RR Peoples Gas ... Pet Corp Am... 4 Phelps Dodge . 321% Phillips Pet ... 3578 Coal

293 12

CORN, WHEAT SELL

+2.42|E

-+0.16 S

1 3 Union Carb .

LOWER AT CHICAGO

CHICAGO, Oct. 2 (U. P) —Wheat | Ww.

was easy on the Board of Trade today in light trading. Other grains

were about steady. At the end of the first hour, wheat was 1&8 to 4 cent lower, DeSomer 82%. Corn was unchanged off 13 cent, oats up 's cent. Rye > ls to up a cent, and soy beans off % to % cent. | “The private crop reports released today showed little change from the official Sept. 1 forecast for corn and spring wheat.

CHICAGO LIVESTOCK

Hogs—Receipts, 12,000; opened fairly active, strong fo 10c higher than Tuesday's average, Hesing with most of early advance lost lk good and choice 210-300 lbs., $6.55@ 6.65; early top, $6.70: most 175200 1bs.. $6.10 6.45; few loads 310- 300 1bs., [email protected]; few light sows, $6.3 and above; most 300-350 lb s., $6.20@ 630: 450 1bs.. [email protected]; %i50, 500 lbs., ‘s5. 30s 2 1200; fed

Cattle—Receipts, 8000; calves, steers and yearlings, 15@25c higher; all grades shared upturn; largely steer run with good to choice offerings in sizable supply. sprinkling strictly choice and kinds all weights here; early to $13.75, some heid around $14; best yearlings, $13: light steers, $13.35; liberaly supply all weights, $11.50@13; several loads, $13.25@13. 65; not much ter $9 execpt common grassy native and Southwest killers at $6.50@7; stockers steady. heifers fully 25c higher on starvation run with all grades sharing advance; few heifers above $11; cows steady to weak; weighty cows very dull in face of impending Jewish holidays; canners and cutters, $4.25@5; vealers 50c lower; practical top heavy sausage bulls, $7. 10; most Jeyiors selling $11 down: very few early at $11.50 or better on Kosher account. IE pe 4000; fat dmg Hostly steady, older classes firm? $9.35 five decks good to choice 91- 15° Rat into lambs; popular price good to choice natives, $9.25: some held slightly higher: few merely good lots, $99.10; fed od Texas year. lings,” $8.15; slaughter ewes, $3.7

OTHER LIVESTOCK

FT. WAYNE, Oct. 2 (U. P.). Steady to 10c higher; 220-240 1 200-220 1bs., $6.25; 180-200 |1bs.. 180 lhs.. $5.85: 240-260 lbs. lbs., $6.20; 280-300 1s. $6.10: 325-350 Ls

— Hogs j— bs.,

$6.35. $6.05: 160$6.25; 260-280 36; 15: 300-325 lbs., S. 1bs., $6; 130-140 3 00-120 1bs., roughs, $3.75. Calves,

$4.25; stags, $11. 50. Lambs, .

$4; $8.75 CINCINNATI, Oct. 2 (U. Salable, 3500: total, ] 5 cents higher: top, $6.50: 250- 300 $6.45; 100-140 1bs., [email protected]; packing sows, $565.50. Cafitle—Salable, 300; total, 875. Calves, 400; grainfed about steady, bys grass fed, weak; good to choice around 1250-1b. steers. $11.75: other lightweight good steers and heifers, 32. 50@ 10; sausage bulls, $5@T7. Sheep-—Salab le, 1000; steady; good offerings, [email protected]: Dest early sales, $9.75; slaughter ewes, $2@

DAILY PRICE INDEX

NEW YORK, Oct. 2 (U. P).— Dun & Bradstreet's daily weighted price index of basic commodities, compiled ‘for the United Press (1930-32 average equals 100): Yesterday .. sedeicenes 118.30 Week AZO civneisliessreceess 11748 Month ASO ..c.usiie vies oie.. 115.01 Year Ago reeds eees 118.41 1940 High (Jan. 2) 123.34. 1940 Low (Aug. 19) 112.42,

FOREIGN EXCHANGE

NEW YORK, Oct. 2 (U, P.).—Following are noon cable rates on ma or currencies

Cable Rates Net Ch England (pound) ..$4.04 00% Canada Italy Finland (markka) . Switzerland (franc) weden (krona) Japan (yen) Mexico (peso)

LOCAL PRODUCE

Heavy breed hens, 12c; bareback hens, 11c; Leghorn -hens, 9c: bareback Leghorn hens, 8c; Barred and White Rock springers, 13c: other colored heavy breed springers, 12c; Leghorn springers, 1ic; areback springers, 9c: old roosters, 6c. Indiana Grade A large eggs, 24c; Indiana Grade A 3 ae. 20c; small Grade A

eggs, 13c: N 306@30'2c; No. 28@ 1, 25c; No.

Butter—No. 28'sc. Buttertat No

C. {Counsry yPickuD prices auoted by the Wadley Co.)

on on Everything!

Diamonds, Watches Watches, Autos, Cameras, Clothing, Shotguns, Ete.

JEWELRY

C0. ING.

Net High Last Change 6% Ya 82 y 12%

64 33% 24

Pitts Ne & B.. Poor Ya

fk 4]

Pure O 5 pf.... T9is

Reo Mot vie. -1 Rep Stl 18 | Repub Stl pf A oh Revere Cop .. 11 Ban Met 3394

Tob B . Biontielq Oil." “8% —— . 3 18 13 hy 84 11% 83 167% 8Ya 19

—

P+++1

Ct bt OO 1 —- la

St L-S Fran Seabd Air L.. Seabd" oil Va Sears Roebuck.

aL Lm PERL R AD rl : : ae oe

Socony-Vacuum So Por Sug South Pac . SouthSouth Rv of. Sperry corp. Spicer Mfg ., td G&E

3 ON® ROE

NaN birt =

COMI CORBIS pt pt’ GOO

~J p ~T D ee ® a

® a

Superhtr A Swift & Co ...

++]: Sy

Texas Corp ... Thompson Pr .. 34

+1 = as

. 43 Twin RE .

Und = Fish: .e Union B&P .

+4+1

Un Pacific Un Tank ..... Un Aircraft

+l;

ST Un Stores A.

Walworth

& Lk BE pf.. a Wheel Steel 243} White Rock 5% Willys-Overland 21g Wilson & Co.. 4Y2 Wilson pf 0 35 Woolworth .... 33%; Worthington. = .21%te Wii

15%

21 i 19 A

Yellow 1

V2 v;

LOCAL ISSUES

The following guctations by by the Indianapolis Bond & are Corp. do not represent actual Sx offerings, but merely indicate ‘the approximate market level based on buying and selling quotations of recent transactions. Stocks

Agents Finance Corp com. Belt RR & Stk Yds com ... Belt RR & Stk Yas pid 5% 54 Central Ind Pow 17% pid.... 71% Hook Drug Inc 0 1312 Home T&T Ft Wayne 7% pfd 50 Ind Asso Tel

Tr 15 15

sees

Bid V2 : 55

Ask 9 56 : o> 151, 53

110

N Ind Pub Serv 5'%2% pfd.. N Ind Pub Serv 67, pf . N Ind Pub Serv 7% pfd.. Progress Laundry. com- Sew Pub Serv Co of Ind 67% pfd... Pub Serv Co of Ind 77» pfd... 91 So Ind G&E 4.87 Terre Haute Elec 6%

Van Camp Milk pfd Van Camp Milk com *Ex-dividend.

Bands

on| American Loan 5s 51.

American Loan 5s 46 Citizens Ind Tel 445 61 Crabbs-Reynolds- Taylor 5s 42 97 Home T&T Ft Wa Home T&T Ft Ind Assoc Tel Co 32s 7 Indpls P&L 3Yis 70 . 1ndpls Railway Inc 5s “87. Indpls Water Co 3'%s 66.. Dorr ouve T&T 5%s 53 98 Kokomo Water Works 5s 58. .104Y; Kuhner Packing Co 4's 59..100 Morris 5&10 Stores 5s 50 ..100 Muncie Water ors 55 65. .1041% Nat Silk Hosiery 5s 4 N Ind Pub Serv 33s i) N Ind Tel 4'2s 55 Pub Serv Co of Ind 4s 69. Pub Tel Co 4's 5f Richmond Water Wks 5s 57. Trac Term Corp 5s 57

10712 60 1071% 103 107% 6Ys WAGON WHEAT Indianapolis grain Slgvators are paying for No. 1 wheat. 77c; subject to market change: other grades on their merits. Cash

corn, No. yellow shelled, 59c¢; white shelled. 67c; No. 2 white oats, %a1e.

It's really a pleasure to drive this route . . . The burnished gold of the trees, the winding, velvety smoothness of the KENTUCKY ROCK ASPHALT pavement, especially between Bean Blossom and Nashville . . . makes you want to sing the praises of nature. Kentucky Rock Asphalt is also a product of nature, that is why it's so GOOD.

Proved on the Speedway as well as the Highway to be

CONGRESS 0,KS| Baity Promoted

TAX ON PROFITS

Recess Until Mid-November May Be Substituted For Adjournment.

WASHINGTON, Oct. 2 (U. P.).— Administration leaders hope to determine today whether Congress can recess .until mid-November or will be forced to remain in almost continuous session for the rest of the year. All hope of an adjournment until Jan. 3, 1941, when the new Congress convenes, has been abandoned. Senate leaders are trying to get a recess until Nov. 11 or Nov. 18— after the election—but House leaders are not sure that they can get agreement to it on their side. Congress is expected to clean up its pending calendar by Saturday night or at least by a week from toaay. If a recess to a definite date is not agreed upon, a series of threeday recess will be ordered with a gentleman’s agreement that no legislation be acted upon.

Quorum May Become Difficult Senate and House leaders said that if Congress doesn’t recess soon, it may be difficult to find a quorum for daily sessions. Only 252 of the 435 members of the House answered a quorum call yesterday. Daily Senate attendance has been around 60. A major barrier to a recess was cleared yesterday when both the

. House and Senate approved the con-

ference report on the excess profits tax bill and sent it to the White House. The tax bill is designed to prevent “war millionaires,” raise $1,000,000,000 in new revenue and stimulate defense industries. In addition to imposing excess profits taxes ranging from 25 to 50 per cent, the bill would provide for five-year amortization of industrial facilities built for defense production, remove the Vinson-Trammel Act's profits limitations, and raise the normal corporation income tax— on firms making more than $25,000 —from 20.9 to 24 per cent.

Two Methods Possible

The bill permits corporations to compute their excess profits on either of two methods: 1. “Average Earnings”’—Whereby a normal income base would be fixed on the basis of profits for the years 1936 to 1939, inclusive, of which 95 per cent plus a flat $5000 exemption would be free from excess taxes. The excess profits imposition would he due on all profits in excess of the 95 per cent—plus—$5000. 2. “Invested Capital”—Under which excess profits would be imposed on earnings in excess of 8 per cent on the invested capital plus a flat $5000 exemption.

Schedule Graduated

The new tax then would be imposed on the excess profits according to this graduated schedule: On the first $20,000 (of excess profits) 25 per cent;

On the next $30,000: 30 per cent. On the next $50,000: 35 per cent. On the next $150,000: 40 per cent. On the next $250,000: 45 per cent On all over $500,000: 50 per cent.

Other revenue provisions would permit:

1. Corporations whose normal income is $25,000 or less, to carry over for one year unused portions of their excess credits, provided their income for the second year was less thai $25,000. 2. Parent corporations to file consolidated returns for themselves and all subsidiaries in which they own 95 per cent of all classes of ‘stock. 3. The Commissioner of Internal Revenue to make adjustments to meet “abnormalities” relating to income, such as income from tax refunds, legal claims or similar unusual sources. | The bill also authorizes the President to establishe a Government insurance system for Army con2| scripts and National Guardsmen called into active service.

Incorporations

Farm Bureau Building Co-operative, Inc., Farm Bureau Building, Indianapolis: agent, Hassil E. Schenck, same address: 1000 shares common and 500 shares preferred of $100 par value: own, operafe. estate upon co-operative basis: Schenck, I. H. Hull, Everett

Corporation, Indianapolis,

Inc., Columbus. . H. Martin, "Third .. Columbus. Wabash Poster Service. Inc. Vineepnes change of agent to Oris H. Wright, P. O. Box 240. Vincennes. Excelsior Manufacturing Co.. Inc.. Michigan Citv. change of agent to Samuel K. Flue, 1404 Washington St.,

Ray Adams and Jack Adams, Michigan City. Sealsiration of trademark. ‘Wizard 88" —Class 15: .oils and greases. Associated Shippers, Inc.. Indianapolis. amendment changing name to Corbin Shinpers., Inc Farmers State Bank of Tyner. Indiana. dissolution Second Well Hotel Megurdy. Evansville: agent, Cameron, 107 S. t 450 shares of $26

Firs . par value: prospect for oil and gas: S. Cameron, T. Anderson. W. D. Anderson. The Crown Point Bible Church, Inc., Crown Point; Laurence LaCroix. Oscar O. Fisher. Paul Psion, Georne Phillips, Albert Van Wienen

Michigan

Corp.. R. S. Evansville,

Brown County in the Fall .,

dis- N

R. F. Baity . . . becomes. Standard Oil's chief here.

Twenty years ago R. F. Baity was a filling station attendant in Indianapolis filling gasoline tanks, checking the oil and cleaning off windshields. ® Today Mr. Baity became manager of the Indianapolis sales office of the Standard Oil Co. of Indiana—the same company he started working for 20 years ago. After he was a filling station attendant, Mr. Baity became general salesman, motor oil and specialty sales promoter and sales manager. He continued to advance in the company, becoming assistant manager at South Bend and Detroit. He was then promoted to general sales promoter-reseller in the general manager's office at Chicago., The managership at Davenport, Ia., was his next step —the one before he was transferred here to succeed R. S. Orr, who is being transferred to La Crosse, Wis.

SHIPPING SHARES RISE AT NEW YORK

NEW YORK, Oct. 2 (U. PJ). Special issues, notably shipping and shipbuilding shares, advanced while the general stock list turned irregularly lower in afternoon trading today. Most major issues registered fractional losses after an early rise that carried the averages to near the recent high level—the highest since mid-May. : Traders sought out issues that would profit from defense orders. Shipbuilders are very active and even though the new. excess profits tax will take a big toll, the stocks were heavily - purchased. Electric Boat was active and gains of more than a point were noted-in Amer-

ican Shipbuilding and New York.|

Shipbuilding.

IMPORTS OF GOLD

TERMS BOMBING A ‘TRADE WAR’

Nazis Reduce Portion of

London Warehouses, Docks to Ashes. By JOHN W. LOVE

Times Special Writer 2 The German bombings of London can be thought of as a trade war,

{though other aspects of the great

battle have obscured its commercial . side. . That wonderful line of docks and warehouses which reached eastward from the Tower of London for many miles, much of it now in ashes and

other wreckage, was not merely the

center of supply for the British Isles; it also handled large quantities of merchandise for the: Low Countries, Germany and Scandi navia. With the merchant fleets, it composed the physical machinery of

‘Britain's trade with the continent,

It is the material part of the “British system” which Hitler says he is going to destroy. Over these wharves in a normal year have moved more than three billion dollars’ worth of imports and exports. The quays themselves measure 36 miles, and it is unlikely that any great mileage has yet been made unusable by ships, but the targets appear to have been the warehouses just back of the wharves. :

Goods Removed

A few days ago the Government was ordering wholesale merchants to truck-their stuff away from the river as fast as possible. If the Germans succeed in ruine ing this vast aggregate of docking, carga-handling and storage space they probably would expect their ports of Bremen and Hamburg: to take over the business when the war is ended—provided, of course, the British bombers leave enough ‘of the machinery of these ports intact. The London wholesale system consists of the docks, the warehouses, processing and packing plants and office buildings. The big docks, like the St. Katherine's, the London, the West India, are more often mentioned in Berlin dis-~_ patches these days than in British, Associated with them, and also in: groups some distance away, are the warehouses; such as the Commercial Road, with eight acres of floor space, and the Cutler Street, with five acres: The Cutler Street carried an average merchandise stock valued at 25 million dollars some years ago.

Finance Center Near

- West and north of the docks, beginning about a quarter of a mile east of the Bank of England and the financial center of London, is

_|the office district for this business. Tourists seldom get into

it, but some American business men have found its congestion fascinating.

SLACKENING SOME

In and around narrow Mincing | Lane, so small a street that only

WASHINGTON, Oct. 2 (U. Py. ~!the larger London maps show it, is

Imports of gold for the week ended |

Sept. 25 totaled $78,384,980, a de- | cline of $28,964,211 from the pre- spices,

vious week. Most of the gold came from Canada, which sent $50,391,445, presumably to be used for war purchases. ‘Japan sent $6,163,481, while $5,794,536 was received ‘from - the Union of South Africa.

BUSINESS AT A GLANCE

By UNITED PRESS -

American Petroleum Institute re‘ports week ended Sept. 28 crude oil output averaged 3,799,950 bbls. daily, up 178,900 from previous week; gasoline stocks 82,373,000 bbls. off '587;-

000. Edison Electric Institute reports week ended Sept. 28 electricity output 2,669,661,000 kwh. record high | and 8.1 per cent above year ago vs. 2,628,667,000, up 7.3 per cent from year ago, previous week.

U. S. STATEMENT -

WASHINGTON, Oct. 2 (U. P.).—Government expenses and receipts for the current fiscal year through a) 30, compared with a year 2go: s Yea Las ar Expenses +82 299,266, 771. 82 $2 1% 575, £6. 44 Receipts ,000,676.56 Sis. 515: 3301. 3

966, 1.71 . 2 1 07, fa 89 . = 680.330,883.51 072,940,246.73 5 a 1244.381,623.86 3 71,482,690.47

81,260,585.91 ,675,981.87 | 1,515,859.96 88,335,633.68

2,1 1.4 De 0,8 Gold Res.. 6,9 Customs

INDIANAPOLIS CLEARING HOUSE Olearings ,.. i... cvsavensancedens 34, 338,000 Debits

FOOD PRICES

CHICAGO, Oct. 2 (U. P.). — 5 Pete Michigan Elbertas, bu.. [email protected]. Apples— Michigan Mackintosh, bu., 90c@$1.15. Celery—Michigan, crates, 40@85¢c. Tomatoes— California. lugs, Sn Spinach—1Illinois, bu., 25@40c. Cauliflower—Colorado, trates, 95¢c@ $1, 05. Carrots—New Mexico, crates, $3.75@4. Lettuce—California, crates, $2.40 @3.25. Sweet Potatoes—Tennessee, bu., 95c @1.35. Onion Market (50-1b. sacks)—Minnesota Yellows, 55@56¢; Illinois Yellows, 40 @60c; Utah Sweet Spanish, $1.02'[email protected];

Idaho Sweet Spanish, $1.05.

“especially if you travel the direct

“route south, Road. 35. *

geared to your tires. It’s safe anywhere and economical, too.

KENTUCKY ROCK ASPHAL

DER

Produ

. Formed and Sponsored py (

SETI

a rabbit warren of offices where the Londoners deal in sugar, cocoa, rice, shellac, rubber, tea, drugs, copra, ivory, hides, skins and quicksilver. ' Close by are the grain market and the ocean shipping officess. To the west lies the wool market—which must have suffered. severe losses to stocks inh the St, Katherine's Docks. Between the financial district and the Thames are thé iron and steel offices, and west of them the fur listrict. And so. on—for, more than any other city in the world, London is a collection of well-defined trade areas in close propinquity. All these markets have had business on the continent, some of them very large business. Most of Europe's rubber was handled through these offices, much of the spice business with Amsterdam and Hamburg, a good part of the copra . (dried cocoanut), much or most of the furs, and so on.

Markets Expanded

The last war increased the concentration of European trade in this little spot, and here is one of the reasons for the present war. London, already a great fur market, got most of what St. Petersburg gave up in the revoiution. Already the largest market for African produce, it succeeded to most of what African importing had been done: by Bremen and Hamburg. $ The Germans. are supposed to

have designs on ‘some of the terri-

tories from which. this produce comes, but if the docks, the warehouses dnd the offices are ruined in the same war, then the Germans may expect to take over markets whole. Millions of people in England depend on them for their subsistence, though, and in the interval of their re-establishment, either in London or Hamburg, millions on the cone tinent will also. suffer.

Tod 1

tte ction of Kentucky Rock Asphalt.

Long Standing