Indianapolis Times, Indianapolis, Marion County, 28 October 1940 — Page 4

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" the election 10 per cent and the

- remain unsolved” and must be faced |

PAGE 4

~ BUSINESS

WALL SERERD TION stock market

| Stock Market Expected to Behave as |] “ ~~ It Usually ,Does Before an Election : — By ROGER BUDEOW —

EXPECTS A TYPICAL PRE-ELEC-this week with advances when Willkie

Seems to be gaining and losses when Roosevelt seems Li

be strengthening. There hasn’t been such a

Fission is paramount

: great deal of outright predicting what the market will do yet.

Although election dis-

at the moment, the market community ||

ates the war as a bigger influence on stock prices.

Some of the experts have rated war 90 per cent on the basis of influencing the market. The letters [written daily (by the big broker a g e house contain comment on the political situation buf there is a tendency to be very |careful in at makir any

R ng Roger Budrow

comment that would be considered anti-Administration. : Just now tiie job of | examining the brokerage letters is an easy one. There only is a handful and unless “the market becomes more active, there may be even fewer. x 8 #8 | ALFRED P. SLOAN JR, chairman of General Motors, ‘warned to- , day that the major economic problems of the depression years “still

by the nation when the present defense boom ends.

He predicted high production and

a “superficial” prosperity for the

nation for the next two or three | * years. His dour comment on phe | long-range economic aspects of the!

defense program contrasted sharply |

with the earnings ‘statement pre- | 160-

sented for the third quarter and| _ first nine months of us year. * General Motors sales and earn-| ings for these periods topped, all records since 19229 a the excep-! tion of 1937. remote outlook, executive adopted a gloomy view. To the extent that Government | spending brings about prosperity | and stimulates production of war materials, he said, “to the same extent do we increase the price that ultimately we must y, particularly if the expansion| be accompanied by an abnormal increase in | general prices.” :

® » »

ODDS AND ENDS controversy with the Stock Exchange has a to it. The Chicago, Philadelphia and San Francisco ex- | changes asked the SEC to prevent the New York exchange from enforcing its rule on multiple trading (which would divert business from other exchanges in thefcountry). It was found that all th complaining | exchanges have almost identical | rulings on their own statute books! | . . . Heavier loading of freight cars offers one of the greatest oppor- | tunities to reduce railrpad operating expenses, the Association of Ameri-| can Railroads helieves.|, . . StewartWarner Corp. and subsidiaries had a net profit of $317,439 for the third quarter. . , . General Electric has advised its stockholders that it is) willing to do “absolutely essential” national defense jobs|even though - there is no profit in-them, provided | there is no loss. . . . Noblitt-Sparks Industries, making automobile accessories, had a $653,596 profit for, the nine months ended Sept. 30, compared to $512,008 in the first - nine months of 1939. . . Douglas } Aircraft reveals it “will step up pro-| duction by ‘placing ore than 75} “million dollars of work in the hands _,of subcontractors. i a County received $2,34¢ state distructions f r 1940 from gross income tax funds, the division reported today. Of t is amount $1,-| 512,700 was received by schools and $337,052.25 for welfare aid.

LOCAL ISSUES

The following quotations by the Indiane apolis Bond & Share Corp. do not represent actual price of offerings, but merely indicate "the approximate market level

based on buying and selling quotations of recent transactions. Bid

Stocks gents Finance Son hii m. a RR & Stk . 82 . 54 82

the | automaqbile |

The SEC New York comic angle ton, Detroit,

Ask Bel iE

Ft Way 8 J pid. ind Asso Tel Co $6 pf

08, 56 15c lower: 220118

0 €o . Van Camp Milk pid. Srpavenee Van Camp Milk co

. ata Amerlean | Jon 2 51

mer, 1zéns

— NOOORODOO000O

Trac “Ex- dividend

~ Quick Relief From Pile Irritation

30 years ago a [Buffalo druggist

creatéd an ointment for relief from! the itching and smarting of Piles. It|

brought such quick cooling, soothing, astringent relief that its fame spread throughout the country, and made Peterson's Ointment a favorite in thousands of homes, Ass your druggist for a 35c box of Peterson’s Ointment today, or 60c tube with applicator. Money back if you

220- 240

| Co

PORKER PRICES FALL 15 CENTS

Top Quoted Here Is $6.15; 12,475 Hogs Arrive At Stockyards.

’ Hog prices fell 15 cents at Indianapolis stockyards today as 12,475 porkers arrived, the Agricultural Marketing Service reported. Broad demand developed for lightweight hogs weighing under 210 pounds, however, and by the end of the session many of these were selling at prices only 10 cents lower than Saturday. The top, still paid for good and choice 230 to 240pounders, dropped to $6.15. The general run of medium to good grades of steers, yearlings and heifers, while a little uneven, leveled off at steady prices. Vealers lost | 50 cents to $1, selling at $11 top.

Oe, Top Repts. Oct. Top Recepts. i 6.30 11,752] 25 .,.. 6.30 11,313 Te oo. 640 10,305) 2% .... 6.30 2500 24 ....$ 630 1167528 .... 6.15 12,475 Barrows and Gilts | Packing Sows 2 p40 3 4.90. 5.50' 270- 300..$ 6.00- 6.10 140- 160 5.80- 6.00] 300- 330.. 5.85- 6.05 0 5.80- 6.00; 330- 350.. 5.80- 6.00 5.95- 6.10,Good— 6.10- 6.20, 360- 400.. 5.70- 5.90 6.05- 6.15 400- 450.. 5.60- 5.75 6.00- 6.10] 450- 500.. 5.50- 5,65 5.90- 6.05 Medium— 5.85- 5.95] 250- 500. 4.50- 5.65 Slaughter Pigs 90- 120 4.65- 5.00

180- 200 200- 220

240- 270 270- 300 300- 330 330- 360 Medium

5.40- 5. 90) 5.40- 6

Franke, vice president; and Urban

30 YEARS WORK T0 BE HONORED

30 in Meat industry Here Will Receive Awards For Service.

for Kingan & Co., will receive a gold service button from the Ameri-| 4 can Meat Institute in Yecogniion {At of his 50 years in the meat-packing |

industry. -

200 00" With regard to the "Slaughter Cattle & Yealets (Receipts, 1639)

Ch Buils 750~ 900 $12.00-13. 25' (Yearlings exsluded) | 900-1100 12.25-14.06/Good .. "38 75- 7.25 | 1100-1300 12.75-14. Di eecane. . 6.25- 17.00 1300-1500. +12.75-13.i5 Medium. £.50- 6.25 | |Cutter and 3301 1900.

10.50-12.00 1300-13007 10.43-12.73, ood and 1300-1500. 10.75-12, 75," Choice : Mimo. 4.00-10.75 Common an 50 1100-1300 8.00-10. 3 medium: 3:30- 9.30 |” Feeder, stocker

6.50- 8.00] ES Steers, ( Receipts, 748)

ch Heifers |cnhoice— oice— , 500- 800. 9.50-10.25 500- 750. 11.50-132.50, Joo. 1050. 9.50-10.25

Good— 500~ 750. 10.25-11.50,C 8.50- 9.50 Choice Heifers , 8.50- 9.50 1300- 1500 12.75-14.00| 500- 1000. 7.50~- 8.50" Commo

od — G30 900 11.25- 12, 25} 500- 900 6.00- 7.50 Medium alves (steers) 500- - 900. 7.50¢ 10. 26/Giood and choice—

Com wn. 9.50-11.25 500- 900. 5.75 7.75, 50% 2.00 9:50

| 500 down 8.50-10.00 5- 7.25 Calves (heifers) edit 5.25- 6.25/Good— Cutter and 1 500 gown, 8.50-10.25 common 4.25- 5. 25 Mediu Canner.. 3.00- 4.25! 500 ym 7.50- 8.75 SHEEP AND LAMBS (Receipts, 3748)

Good and choice .......... ..$ 9.25- 9.50 Medium and good \ 8.00- 9.00

9.50-11.00

nmmon— 1160-1100.

’ 500. "800. 200. 1039. Med

Good

2.75- 3.50

Good and c¢ %.00- 2.75

Common ay Dice tiGia vane

CHICAGO LIVESTOCK

Hogs—Salable, 18, 900; general bene fairly active; mostly 10@15 5 freely; bulk ood and hor "200-500 aD [[email protected]; 80 lbs. sneraily [email protected]; most Yell ‘nnisned 170-190-1b. lights, $5.75 ws. 10; bulk smooth pa ns ng Sows, Soyn, Jiizats heavier weights y y 19 attle—Salable, 18,000; calves, - 2000; strictly good and choice steers and yearlings ‘steady: largely on order buyer acount, but more medium and goo cattle in crop and these slow, weak: bidding generally around 25c¢ lower; several loads mweieht steers, [email protected]; load or i oe $14.50: best vearlimgs early, $13.65; increased ES heifers slow: best fed kinds steady: others weak; ‘few loads. $12 and better, but comparatively little above $11.50; her classes pening = teady: few choice vealers 2 $11.50; ighty sauSage bulls to $7.10; approximately 4000 estern grassers in run, including around irect to feeder dealers. Sheep—Salable, 5000: fat lambs and vearlings slow: early bids around 25c¢ lower on fat lambs at $9 on good choice natives; asking near a: sheep and | feeding lambs R teady: part ck good to choice Western slaughter wes, 34 3 50; common down to $3: medium grade M tana white faced feeding jambs, $8. 651 8.75: inferior light common kinds down to $7.25; solid-mouthed breeding ewes, $5.

OTHER LIVESTOCK

CINCINNATI, Oct. 28 (U. P.).—H Receipts, 4775; holdovers none; butchers scaling from 160-250 lbs. 15c lower than Friday and Saturday; ee and heavier Yoistis oe lowe er bs., $6; 16002150 1bs., $5. 4005.65;

180 $4. 005, 15; most good pack-

100- 140 Tos ing sows, Batt) le—Receipts, 2075: calves, 450: most sales around steady; moderate action on steers and heifers; bulk around. $5. 20 8; cows and bulls mostly steady, 1085 lbs. $8.75, and 1093 lbs. at $9.25: 725-800-fo, heifers, [email protected]; limited numbers 910-1b. steers, $11.25: cutter cows, - $4.50 @ 5.25; sausage bulls, $5. 2a: top, $6.75: good and choice, 11 top, $12;

> . “800: fairly active and enerally steady with last week's close; ew lots gaod to choice irucked-in nea by ‘lambs, [email protected]; small lots surictly choice. 75-1b. ewes and wethers, 3; most common and medium grades. $6. 50 @ 3 : slaughter

“een

1bs., $5.95; 18 $5.60;

S., 3 . $ 140 1lbs.., $4. 45." 1bs., $4.35: roughs, $5.25; stags, $1; calves, $1150; lambs $9.

AUTO PRODUCTION, SALES SET RECORDS

DEBPROIT, Oct. 28 (U. P.).—Automobile and truck production zoomed last week and sales records were shattered as output in the automotive industry broke the season’s previous high mark for the third consecutive week. Production was estimated at 117,350 units by Auto-

Z| motive News.

The trade paper predicted that October production, already at 425,922 units, may soar to a record of near 500,000. More than 112,000 cars and trucks were produced the previous week and only 78,834 units during the corresponding week in 1939 when Chrysler divisions were closed by strikes. Buick reported its domestic retail [Sglivestes during the second 10 days 0 ber totaled 10.319 units to make October sales to date total 20,738, a gain of 31 per cent over last year and the best October business in history. Oldsmobile retail sales also set a record for the first 20 days of October with 12,225 cars, a gain

/ gre not delighted with the relief.

pee

of 37 per cent over last October’s.

present, property. plan will integest you.

We Invite Applications for Loans on Homes

“+ Loans for new purchases—and to refinance Our convenient repayment

THE UNION TRUST COMPANY,

Capital and Surplus $3,000,000.00

‘Member Federal Deposit gnsurance Corporation

CONSTRUCTION HERE : RISES 42 PER CENT

oo | responding period, the F. W. Dodge

s— | George Stiver, Kiefer-Stewart Co.;

Twenty-five others at Kingan & Co. and four employees at Armour & Co. here will receive 25- year) silver service awards. The four at! Armour & Co. are Jerry Bostic, John Patterson, Donald Reid and | Jerry Strothers. | Two women are included in the | Kingan group. They are Miss Stella | Nicholas and Mrs. Louise Forestal. | Others receiving 25-year awards at Kingan & Co. are Floyd Armi- | tage, Robert Crawley, Emmett Far- | ris, Porter Ferrell, Virgil Ferrell, ! Richard Forestal, Edward E. Glenn, O. R. Guthrie, E. H. Heaton,| Canada Jackson, W. F. Johnson, Luther N. McKinney, Leslie Owens, | Roy Owsley, Samuel Peek, George | Savich, James Shively, .James Sweeney, Nicholas Thomas, Jack | Williams, G. L. Wilmoth, William | C. Wilson and George Wyatt.

Construction in Indianapolis at}: the end of September was 42 per cent ahead of last year at the cor-

Corp. reported today. In six of the first nine months this year’s construction has ‘exceeded last year's, according to Thémas E. Toll, Indianapolis man-

this year 94 per cent of the construction in Indianapolis was pri-ately-owned and the remaining six per cent was publicly-owned.

Name Rules Committee For Safety Contest

the committee which will make rules for the third annual Inter-Fleet Safety Contest. They are J. J. Steuerwald, Indianapolis Power °& Light Co.;

John C, Brennan, Commercial Motor Freight, Inc.; Walter Davenport, Indianapolis Brewing Co.; Frank Howard, Crown Laundry Co.; Clayton Marsh, Kuhner Packing Co, and Ed Jensen, Bridgman Dairy Co. until Nov. 1.

BUSINESS AT A GLANCE

By UNITED PRESS

General Motors Corp. September quarter net profit after Federal income taxes but before excess profiis | x taxes $15,597,030 equal to 31 cents!

5s. |@ common share vs. $8,627,268 or | Nat B%: | 15 cents year ago. |

Brunswick - Balke - Collender Co. | and subsidiaries September quarter net profit: $1,100,135, vision for Federal income taxes at, new rate and estimated provision | for excess profits taxes, equal to | $2.40 a common share vs. $1,235 593° or $2.69 year ago. Delaware & Hudson Co. and subsidiaries September quarter net income $311,641 vs. net loss $766,654 year ago. National Cash Register Co. and subsidiaries September quarter net profit $392,554, after Federal income taxes at current rates, etc., equal to 24 cents a share a $116,272 or 7 cents year ago. Dividends Allegheny Ludium Steel Corp. regular quarterly $875 on preferred payable Dec. 2 record Nov. 15. ‘Bunker Hill & Sullivan Mining & Concentrating Ceo. regular quarterly 25 cents on common payable Dec. 2, record Nov. 12, Compania Swift Internacional regular quarterly 50 cents payable Dec. 1, record Nov. 15. Grand Union Co. fourth distribution of $1 on each $5.45" original face amount of dividend arrearage certificates, payable Dec. 2 against surrender of distribufion coupon No. 4. This leaves oltstanding a balance of $1.45. It was voted to terminate at close of business Nov. 30 right to exchange dividend ar-

of the company. McGraw Hill Publishing Co. 15 cents on common, payable Dec. 2, record Nov, 19, vs. like payment Sept. 3. Sherwin-Williams Co. 75 cents on common payable Nov, 15, record Oct, 31, vs. like payment Aug. 15.

Tidewater Associated Oil Co. reg-

ular quarterly 15 cents on common, payable Dee. 2, record Nov. 8. _

A H. A. O. Speers, chief hog buyer

ager of the Dodge firm. Thus far g

Seven safety chairmen comprise 1

Entries will be received | May

after pro-| Ne

rearage certificates for capital stock y

Left to right are: Guy H. K. Wilde, executive secretary.

THE INDIANAPOLIS TIMES Realtors Erect Signs at City Limits

This sign at Road 29 and the city limits is one of 14 erected at each major arterial highway entering the city by the Indianapolis Real Estate Board. Traffic counts show that nearly 31,000 automobiles carrying 77,500 persons will pass the signs daily.

Williams, Board president; R. A.

N.Y. STOCKS

: Net High Low Last Change A Allegh Cor Allegh I ud Sil 23 Allied ah em ..168 Allied Stores . Ta Am-Haw 88S .. 352

[44++1 111:

+]:

Roll 133s Smelt 7 ot 14245 Woolen . .. Ve Woolen pf.. 5038 Anaconda 23% Armour Ill . + Bo Armstéon Ck.. 30%; As Dry Gds 1 pf 75 Alehison 17 . 133%

Ad Refining’ .- 22 ‘Aviation Corp.. 4% PB

Bald Loco ct... 1634 Barnsdall 8 Bendix Avn ... 30% Ben Ind Loan . 20 837 12414

Beth Steel Bliss & Laug hlin 19%

Beth Stl 7 pf Borden Briggs Mfg .... Bruns. Balke ‘ua dd Mfg . Budd Wheel |. Byron Jackson .

Cannon’ Mills .. Certain-teed ... Checker Cab Ches Corp | Chi RI&P 6 of. Cluett Peab .. gottm Gas .... om Solvents .. Eom with Ed .. 3 Cong-Nairn Cons Edison ... Container 1 Cont can

ont | Coneibie St new Curt Pub .... 46 Curtiss-Wr ....

Davison Clem. 8Ys - D Lac & 3% Douglas Aire . 8 Duplan 8ilk ... 3 Duplan pf . 11104 111'2 Du Pont . 11170% 150%

East Al i 37

3 93%

37 43 141; 36% 57s

Eng Pub

Fair sMorse Freept- Sulphur

Caple ....

. 45 33%

Graham-Paige . . Greyhound Cp..

Here Pdr ..... 15 Homestake ..

Ill Central .... Inspiratn Co

Jewel Tea ... Jonas Man ane a

Le 213 bo & Fruk . L-O-F G Lockneed Atreti i

68 21% 11% 5

4 28 27 21%

MacAn & For. 30 Mes Kt f Ae y_pr » Marshall Fla © 15 Martin Parry ..

20% 2

Masonite Corp.. DS Mekeesport ares Ro

McKes & . Melville SK .... 2 Miami Cop .... Minn Hny . Mo-K Tex . Mission Corp .. Mohawk Cp ... Mont Ward ... 3 Muilins Mig B.. Murray

Nash-Kelv Nat Acme ... Nat Biscuit ... Dairy .... 1 Nat Dept st. Nag Distillers 20 6

Ste N ¥ Dock. pf.. er

o Amer $i No Pacific ....

a . La

1 +1: sas

| rr. &

Quis Steel tis Stl cv 1 pf

Para Pict Para Pict 2 pf. Parke Davis .. Phelps Dodge .. Phillips Pet ... Pitts Coke Iron. Pitts Sc&B 6 Pitts 0 pr “pt. Pub Ser 3 Palmas

ad] . Ban Sti “as Reyn Met Reyn Spring ..

Jafewa ears kelly “ars nider Pkg . 2 Socony- “Vacuum outh u

td Oil N J.. tew-War . unshrine 1 Min’. . yming-G xw..

Texas Corp Te A oii.

Axle... Tri-Cont

Union Cath . P ves

United Corp . United Cp pf.

Thi a

"ELASTIC LN -Fe lo 2 NN Yi HOS/ERV ELTS

13:41 I TASS

245 MASS. AVE. JE al

2 . 32%

4{Year Ago

‘3; Saturday

‘1, |Un Mer&M

2 | noted

By UNITED PRESS

DOW-JONES STOCK AVERAGES | 30 INDUSTRIALS Saturday .. Week Ago Month Ago ... Year Ago High, 1940, 152.80; Low, 111.84, High, 1939, 155.29; Low, 121.44. 20 RAILROADS Ne snces iar aesie nie 28.65

—40.81 Tou

Saturday Week Ago Month Age +0. 12! —0.035 | High, 1840, High, 1939,

; Low, 22.14, . 24.14.

10.25 Week Ago .. Month Ago . conan Year Ago .......c..ciuu0uvis 26.0% High, 1940, 26.45; Lew, 18.03. High, 1939, 27.10; Low, 20.71.

High Low Last Change 1155 = 113;

11% : «+. 10% 1014 Titer vase S2Vy 22V, 14

63%s 1 v« 128: | 125 is

Un Gas Imp ‘es 4 Us

\ j \ DN 3 \ ) 3

oodward Iron 30% Woolworth 37s

Yellow Tr Young S&W

Zenith Rad .

STOCKS SLUMP IN LIGHT TRADE

From Previous Close At New York.

NEW YORK, Oct. 28 (U. P.).— Stocks made an irregular decline to-

i» |day in light trading.

A few high-priced issues made wide changes but a majority were off fractionally from the previous close. American Chicle feli 67 points to 1204 and Allied Chemical 4 points to 167. Jones & McLaughlin preferred rose 2 points to a new high at 100. Losses of a point and more were in Westinghouse Electric, du Pont and Douglas Aircraft. ~ |Sears, Roebuck gained nearly a ® | point. Another rise in steel operations to a record high in tonnage output failed to aid steels. Fractional losses were registered in U. S. Steel and Bethlehem Steel. mm American Telephone was up nearly a point and small gains were recorded in Chesapeake & Ohio, Goodyear, Lockheed, Texas Corp. and Woolworth. Coppers, utilities and leading motors had minor losses. Uncertainties over the war and the political situation. were factors in the market irregularity.

£ISTANDARD OIL: PAYS | OVERTIME WAGES :

KANSAS CITY, Mo., Oct. 28 (U. P.).—The Standard Oil Co of Indiana has paid more than $92,000 to 2800 employees in 14 states in making up the difference between the sums they received and the overtime to which they were entitled under the Fair Labor Standards

4 |Act, it was announced today.

Walter W. King, acting Regional director of Wage and Hour Division of the Department of Labor, said

+ “y|no legal action was taken in the |G {2|case. The

company’s minimum wages are higher and the maximum

a” work week has been lower than the

minima prescribed by the Fair Labor Standards Act.

FOREIGN EXCHAN GE Be are YORK ‘cable ean’ Flori Howe rencies nia Chaps ato. o 1- Th ‘hos 2323 .2387 «2345 2085"

—.0007 —.0001 +.0000%2 +.0005

LOCAL PRODUCE |!

Heavy eed hens, 12c; bareback hens, llc; Leghorn areback Leghorn hens, Barred a whit te.Rock springers, 13¢; "other Ee) heavy breed spring. ers, 12c; Leghorn apringers, 1lc; bareback springers, 9c; old roosters, 6c. Indiana grade i darge eggs, 26c; diana u-

ride A 22c; el 8s, sacl No.

grade utter. 1, agate; 3c; butterfat, No. 1, 28¢c; No. Te. wigrantin F pickup prices’ quoted by the

In‘small

NEW DEAL'S OIL ACTS IN MEXICO HELD HITLER AID

Guffey’s Opponent Charges Moves Started Dictator - On' His Conquests.

By FRED W. PERKINS Times Special Writer WASHINGTON, Oct. 28.—Out of the heated Senatorial contest in Pennsylvania comes an offer to prove that Hitler was started on his conquests with the help of Mexican oil obtained as a result of the activities of New Dealers.

Jay Cooke, Republican nominee, id in Philadelphia that if’ elected

over Senator Joseph F. uffey, Roosevelt follower, “he wil} “press to wherever it may an in-

quiry into all the Washington connections with Mexico's expropriation of American and British oil properties, and the barter sale to Germany, in the 18 months preceding the war, of more than 10,000,000 barrels of oil. According to official Mexican records, nearly the same quantity of Mexiean oil was sold and transporied to Italy, and 1,023,341 barrels to Japan.

Inquiry Demand Buried

A demand for an inquiry into the entire Mexican oil situation, and

. (Majority Are Off Slightly,

American connections with it, was made by Senator Bridges (R. N. H.)

| shortly before Hitler invaded Poland. |. +1.10, It was buried in the Senate For-

eign Relations Committee. i) The oil was sold to Germany *| through the work of William Rhodes Davis, international oil broker of { New York, whosg world-wide op-

fiction career. Senator Guffey has stated under oath tha# in 1937, before the Mexican expropriation was proclaimed by President Cardenas, he visited |

nessman who has been identified | as in the Davis employ.

In a call’on the Mexican Presi-|

dent, I' deposition,

Senator Guffey said in a he discussed the busi-

| ness on which Messrs! Davis and.

| Jones had gone to Mexico City. Ex- | propriation took place about: six | months later, and Mr. Davis was | given the Mexican contract to act as a sales agent for the oil from the seized properties.

Data Kept Secret

The State Department is known to have much data on the Davis operations in Mexico, but officials | refuse to make it public.

disclosed that in 1936 he was probably the largest individual contributor to the Democratic campaign fund, through large gifts reported under Mr. Jones’ name. In Mr. Davis’ New York office is displayed a photograph of President Roosevelt with the inscription, “to my friend; Maj. Davis—Franklin D. Roosevelt.” He is one of the 35 underwriters of the Hyde Park Library which is to preserve the Roosevelt official papers. Mr. Davis once was an occasional caller at the White House and State Department, but has not been seen recently at either place.

WHEAT PRICES RISE AFTEREARLY SLUMP

CHICAGO, Oct. 28 (U.P.).— Wheat rallied to around previous closing levels on the Board of Trade today after an early dip of around 2 cent under liquidation pressure. At the end of an hour, wheat was off % to up '% cent, December 841%. Corn was off % to 2 cent, oats unchanged to % cent higher apd rye unchanged to 4 cent off. Soy beans were weak with losses of 1% to 1% cents.”

There was little feature to the wheat market on the early dip, but

Balkan developments were a factor. Later trade became more mixed and some short-eovering appeared.

Corn developed a steadier undertone at fractionally lower levels,

vor the selling side. It was believed some selling in the Chicago pit was against purchases in an outside market, probably Kansas City.

\ WAGON WHEAT

Indisnapols 6; grain elevators are payin or 9c; subject to marke shanige; other Re on their merits. Cash No. 2 yellow shelled. 62c; No. 2 white shelied, 68c; No. 2 white oats, 3lc.

U. S. STAT EMEN T

WASHINGTON, Oct. 8 (U. P.).—Goverment expetises) and re: pie far the current fiscal year through Oct. 25, compared: with a year age

33 83 311 oF

,768,3 ,265 080. HT .248,136.48( 4 1952. 83: 1,215, 1221 330.33 .33 ,099 309, lof of 41, 0 8; 787

"493 5.947 485.08 -95,292, sor 1 11913:340,350.08

ast Yea ..83 2 163 oy: 13. #1

Expenses

Customs .

INDIANAPOLIS CLE RING HOUSE Clearings «ve $2,791,000 Debits «+ 9,518,000

DAILY PRIC EIN INDEX

NEW YORK, Oc! 28-(U. P.). — Dun & Bradstreet’ daily weighted price index of 30 »asic commodities, compiled for United Press (1930-32 average eq:ials 100): Saturday ceusaseee 12043 Week 880 .....eesfsrsesesss 120.30 Month 2ag0 v...oovisesiesve. 118.35 Year 820 .........iser0uiser: 118.34 1940 High (Jan. 2) .......... 123.34. 1940 Low (Aug. 19) ......... 112.42

RHEUMATISM

RELIEVE PAIN IN raw MINUTES Rheumati

sstsevensnant renee

Rn a

Bont. suffer. Ask your

pole fot NURI#O ea this sussaitee.

on Ever thing!

Diamonds, Washes, Autes, C/meras,

LOANS == EE

¥ The CHICAGO

JEWELRY Co, INC.

there was some evidence that new |:

but local sentiment continued to fa--

Chapter Leads

The Indianapolis chapter of the National Association of Cost Accountants, whose membership has increased from 138 to 176 since June, is in first place among the association's 66 chapters, ac-' cording to William Kenneth Miller who is in charge of the Stevenson Trophy competition for membership.

UNIONIZE ARMY CAMP WORKERS

Forced to Join to Get Jobs, Employees on Texas Cantonment Say.

Times Special | EL PASO, Tex., Oct. 28. —Workers

+008 erations in petroleum and its prod-|on the Army's hew three-million-—0.21 ucts have produced a stranger-than- dollar tent-camp cantonment here

said today they had been required to join labor unions before they could get jobs on the project. Unskilled workers said they had

—0.26, Mexico City with Mr. Davis and |been required ‘to pay $15 initiation +004 Walter A. Jones, a Pittsburgh busi- | —0.05 |

q fees to the hod carriers, building {and common laborers’ unien. Caripenters said they paid an initiation fee of $55 to the carpenters’ union. In some cases non-union men emtployed on the cantonment were re{placed by union men. | Unskilled workers, who constitute most of the 4000 men to be em|ployed on the job, apparently: have |achieved a closed .shop despite the rejection of their closed-shop demand by the contractor, J. E. Morgan & Sons. This is the result of employment, methods. The contractor, when he Ineads labor, requisitions it through

ice, which has an office on the grounds. The employment service requisitions labor from the business agents of the unions.

MONDAY, OCT. 28, 1940

‘| law’s ‘exemption clause would

’

WAGE-HOUR ACT EXEMPTS FEWER “THAN EXPECTED

Administrator Explains Professional Monthly Pay Must Be $200.

WASHINGTON, Oct. 28 (U. P), —Wage-Hour Administrator Philip Fleming today charagterjzed as “misapprehension” reports that his recent definition of the wage-hour re=move large groups of workers from maximum work-week provisions. His statement was made in identical letters to Joseph Curran, presi=dent of the Greater New York Industrial Council (C. I. 0), and B, O. Lum, financial set¢retary of the Seattle Association of Technical Engineers and Architects (AF). The general tenor of the letters was that exemptions from the 40hour work-week limitation would not be as widespread as was gen=erally believed ‘when, on Oct. 14, he first issued the new definitions of executive, administrative and professional employes. . do not have any authority 4p refuse exemption in the case of ‘bona fide executive, administrative and professional employes,” he wrote. “I do, however, have the responsiblity to define and delimit those terms. The recent revision of Part 541 of our regulations represents my considered judgment on appropriate definitions and limitations. “The revised regulations do not grant any exemption. They put into effect the exemptions granted by Congress, but with adequate safeguards against abuse.” He said that thé major change in the definition of professional workers was addition of the require= ‘ment that to be exempted as professionals they must receive at least €/$200 a month, He also noted that they must meet five other qualifica=tions. Their work must be intellectual and varied in character, must require the exercise of discretion, and must be of the type which cannot bé standardized; not mare than 20 per cent of the work-week can be devoted/to non-exempt work; and “the work must fall within either one of the recognized learned professions - of the recognized artistic . professions.”

FOOD PRICES

CHICAGO, Oct. (U ).—Apples. Wise consin Moki Ro “a. [email protected]. Celery, Michigan, crates, 35@ . 0c. Tomatoes, Cali= fornia, lugs, $1. [email protected]. Spinach, Illinois, bu., @60c. Cauliflower, New York, crates, $111.10, Carrots, New Mexico, $3. Lettuce, California, crates, [email protected], Sweet Potatoes, Tennessee, bu., 85c@$1.30, Onions (50-]b. sacks) —Iowa Yellows, 55c; Minnesota, yellows, 55@60c; Colorado, sweet Spanich, $1.05; Oregon, sweet Span= ish, ,$1al.

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