Indianapolis Times, Indianapolis, Marion County, 29 October 1940 — Page 19

¢ «it ig the Lg

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TUESDAY, 0C

29, 1940

dustry Launches Cam Its Story to the “American Public]

~~ By ROGER BUDEOW THE MANAGEMENT OF INDUSTRY DOES NOT

NEED to be “conscripted.” It alfeady has volunteered. And| of more business into government rather. than more government into business, that is pushing|

ahead the defense program. “Those are the opi of the National Associ

nions of H. W. Prentis Jr., president ation of Manufacturers, who will be

chief speaker at the Indiana Manufacturers’ Association’s

annual meeting here tg

Mr. Pregl, who is also president of the trong Cork Co.,| believes : that “industry’s opponents have had the floor for several years. "Now industry is embarking upon a campaign to show that business is aware of its grave responsibilities | in this crisis, cpnscious of its place in American Hite and trying sinRoger Budrow cerely to fulfill its mission of creating and maintaining jobs and producing goods.” Charges - that! industrialists are “war mongers” and “war profiteers” are branded by Mr. Prentis as “utterly false.” He says “the true leaders of industry know that profits of war are illusory and that wars breed misery and depression.” Mf. Prentis said the manufacturers’ campaign is not political. "It has to do with economics, not politlc§—the economics of our| Ameridan way of life, involving pur individual right to work, save invest and pursue our economic agtivities as free men and women.’ , +In reminding the public 0 - try’s pledge. to co-operate,

indus~ th the

Defense Commission and its pro-| gram, Mr. Prentis declared that in-|:

dustry “recognizes that th tragic lesson of this hour is that the capacity and : efficiency in m nufacturing production determine fhe nation's ability to defend itself.” mn. THERE ARE reports that the FHA will get a billion dollars more in mortgage insurance authority

from President Roosevelt soon. Rea-| Medi

son is that FHA’s insurance busi-

ness this year is very good and the c

ospects for next year are Very bright because of defense activities. FHA, through last week, had $2,600,000,000 of insurance on| home mortgages and rental and | group housing projects. The preserts limit is three billion dollars. “8 8 | ! |AYRSHIRE PATOKA COLLERIES, big Indiana “coal mining firm, had a net profit of $120,050 |in the fiscal year ended June 30, which is equal to 84 cents on 142,265 shares of capital stock. | : a 8 = ODDS AND ENDS: The steel industry is pressing into produc-

tion’ many facilities previously con-|G

sidered “semi-obsolete” but orders are. piling up faster than they can

be filled and delivery delays have been extended further, the magazine Steel asserted today. . { . The second annual campaign to| popularize the Americal “dunking” of doughnuts. is underway and the industry expects this week's sales will be above last year’s 78 million dollars. . . . Fairchild Aviation Corp. had $5,240,346 in unfilled orders on Sept. 30 compared to $1)988,362 last year. . . . Goodyear is making rubber track blocks to be vul¢anized to metal plates. for a large number of combat tanks. . . . September production of 50,975,000 pounds of American cheese set an all-time record for the month. . . .|A new hand lantern, smaller than| a car spotlight, is on the market] (costs $12). It is claimed you can read a newspaper by its light a halfmile away. . . . Although fewer men have been prospecting, this year because of the war, five new gold discoveries have been made in Ontario, according to the Toronto Financial Post. . . . Army and Navy contracts totaling nearly ei t billions have: been awarded since the - national defense program |swung into action last June, according to the Conference Board. Almo t onethird of the huge outlay went to manufacturing plants and| shipyards in the Middle Atlantic|industrial region. No defense contracts had been placed in New Arkansas and North Dakota beginning of October, New| New Jersey, Virginia, Califo Massachusetts led in that or . Alfred P. Sloan Jr. General Motors chairman, estimated that 24 million rsons visited the company’s sfuturama” exhibit at the New York World's Fair during the two-year showing. . . . The year 1940 (will go the records as the best with active Corp.,

Mexico, up to York, ia and Liaise)

construction year since 1931, residential building the most since 1929, the F. W. Dodge

predicted today. : LOCAL ISSUES

x Monday, Oct. 28 The following. quotations pi the Indiane apolis Bond & Share Corp. do not represent actual price of offerings, bub merely indicate the approximate market level based op buying, and selling afftaviens nsac . i ols Teams x Stocks Bid Ask . Corp com..... 7 Agents Finance SOIT Som: 111 5a t RR & Stk Yds fd ntaral Ind Pow 7% vid.... 0! ru

Gas com 1 “Hydro Elec

PX com t Hndpls P&L ‘ *In

= ater 0 Life inc com pi

Lin Na vy 52% REE ET (

Ni Serv 6%

id. erv 7% pid Pub dreary on ro of I 0 Did 4.8 1 a 0% pid co

a Bonds an Loan 5s Blie.onsre:y

to o 5 6 TI ot Works bs

morrow.

34 | Gustoms /2

PRICES ON HOGS

Top Slumps to $6.05 Paid For 230-to-240-Pound Porkers Here.

Hogs weighing more than 160 pounds sold 10 cents lower at Indianapolis stockyards today, the Agricultural Marketing Service reported. Lighter weights did not change 1n price. The top fell to $6.05 paid tor good and choice 230 to 240-pounders. Vealers sold 50 cents higher with a top at $11.50. The Marketing Service reported 2118 salable cattle were received, 628 calves, 13,840 hogs and 2420 sheep.

Oct. 23

24 ” “ee 25 “en

Top Repts.| Oct. Top Repts. ...9 640 10,375 26 '....8 6.30 2500 6.30 11,673-28 .... 615 12,475 6.30 11,313| 20 . 6.05 13,840 Packing Sows 5.90- 6.00 5.80- 5.95 5.75- 5.90

5.65- 5.86 5.60- 5.75

Barrows and Gilts | 120~ 140 § 4:90-:5.50/ 270- 300 § 140- 160. 5.40~ 5.75} 300-~ 330. 5.70- 5.85,330= 350. 5.80- 5.95/Good—

5.9 5.8 5.75~ 3.85]

160- 200. 5.40- 5.80] Slaughter Cattle Choice— | 750- 900 $12.00-13.25] 900-1100

4.50- 5.65

Slaughter Pigs 90- 120. -4.65- 5.00 & Vealers (Receipts, 2118) (Yearli Bel 12.25-14.00/Good TR XE 6.25- 7.00

0 vie 1100-1300 12.75-14.00/Sausage. . 400-1500. 12.75-14.00, Medium.. £5.50 6.25

Gooa— 730 900. 10.50-12.00° par hh Ss . 10,75-13,75|C ond and

750-1100. 8.00-10. on 1100-1300. 8.00-10.76/ cyl

Feeder, Stocker

OMIM OI = | 750-1100. 6.50 8.00] ers Receipts, 628)

Steers, Heifers notfec 9.50-10.25

hoice— I . 500- 800. 300 750, 11.50-12.50 00-1050. 9.50-10.25 - - 000 — 500-750. 10.25-11.50,G90d— Heifers 800-1050. Cholic

oice— Medium — 750- 900. 11.25-12.75( 500-1000. Good mon == 750- 900 11.25- 12.25| 500- 900. Medium — Calves (steers) 500- 900. ,7.50- 10.25/Good and choice— Common — | 500 down. 9.50-11.25 500- 900. -5.75~ 7.50, Medium-— 500- 900. 8.00- 9.50 w. | 500 down 8.50-10.0 0 .25- 7.25 Calves (heifers) Medium.. 5.25- 6.25/Good— Cutter and 1.500 down. 8.50-10.25 common 4.25- 5.25/Medium—

8.50- 9.50 7.50- 8.504

Canner... SHEEP AND LAMBS (Receipts, 2420)

Good and choice Medium and good Common Ewes (wooled) Good and choice ........... ees 2.75- 3.50 common and medium .... 2.00- 2.75

1 ra \ . 1 CHICAGO LIVESTOCK Hogs Receipts, 19.000; active, generally 10@15¢ lower; bulk strictly good and choice 220-300 1bs,, $66.15; 300-380 lbs, $5.90@ 6.10; wel finished 180-200-1b. lights, $5.75@6; gond packing sows, mostly $5.75 6; 400-500 Ibs., [email protected]; extreme weights around $5.25. Cattle — Receipts, 7500; calves, 1200; strictly good and choice steers and yearlings steady but not much done with sell« ers dsking higher prices; steady undertone on all grade steers with supply relatively small and not much weight in crop; few loads Sunieuy choice and prime steers bid $1414.25; best yearlings, $13.65; heifer supply small with quality rather plain; mostly [email protected] kind: heifers steady and all other classes slaughter cattle unchanged; stotket and feeder trade active on country account late Monday with biices. ‘strong compared last week's slow close, Sheep—Receipts, 3000; lambs fully 25¢ lower; bulk good native range and fed Westerns, $9.10@ 9.25. top, $9.35; good to choice 91-1b. fe shorn lambs, $8.10; today's trade Rothing done early; bidding 25c lower or aroun $9 on good to choice native lambs; asking steady or around $9.25; few good to choice slaughter ewes steady at $4.40.

OTHER LIVESTOCK

CINCINNATI, Oct. 29 (U. P.).—Hogs— Receipts, 3775; active; weights 160 lbs. up 5c lower than Monday; sows 25c lower; top, $6.15 for good and choice 200-250-1b. butchers; -140 1bs., [email protected]. Cattle—~Receipts, 660; calves, 250; general market: steady with Monday but slow;

serene

@9.50; part load goo type yearlings, $9.75; part choice around 800-lb. heifers, Sheep—Receipts, 800; active on light supply; few lots good to choice [email protected]; choice ewes and wethers absent on earl edium, [email protected].

d 540-lb. baby beef load ood to $11.25.

rounds; common and FT. WAYNE

., $5.55; 240-260 1b $5.80; 280-300 lbs., ’ 325-350 lbs., $5.65; 350-400 lb 160 1bs., 45; lbs 1bs., $4.95; 12 $4.45; $11.50. Lambs, $9

N > FOREIGN EXCHANGE NEW YORK, Oct. 29 (U. P.).—Following are noon cable rates on major currencies: Cable Rates Net Chg. England (pound) $4.03% —.0013 Canada (dollar) Italy (li Finland Switzerland (franc) . Sweden (krona) Japan (yen) Mexico (peso)

LOCAL PRODUCE

Heavy breed hens, 12e; bareback hens, llc; Leghorn hens, 8c: bareback Leghorn hens, 8c; Barred and White Rock springers, 13c;: other colored heavy breed springers, 12¢; . Leghorn springers, 1lc, bareback springers, $9; «ld roosters, 6c. Indiana Grade A large -eggs, 26c; Indiana Grade A medium Ss, 22c;. small

v ; No. 2; 16c. . 32%a@33cy- No. 2, 30:@ . 1,°28¢c; No. 2, 27c, (Country pickup ‘prices quoted by the Wadley Co.). ! nn

- U. S. STATEMENT

WASHINGTON, Oct. 29 (U., P.).—Government expenses and receipts for the current fiscal year through Oct. 26, compared with a year ago: This Year Lust Year Expenses ..$3.061,623,531.16 $3,128,065,192.69 Receipts .. 1,774,772,748.85 1,724,514,327.54 Gross Def.. 1,286,850,782.31 1,403,550,865.11 N 346,132. 1,393,623,215.15

Gold Res. ..21,493.984,917.45 17,071.990.254.65 96,434:815.56 116.906.701.96

INDIANAPOLIS CLEARING HOUSE Clearings ......... 0 vevviiavines $3,159,000

Launches Campaign to Tell

FALL 10 CENTS,

5.50- 7.50| B: 8.50- 9.50] & 6.00- 7.50] &

3.00- 4.25| 500 down 17.50- 8.75 g

00 Jos down, | E

late Monday fed g

bulk around [email protected]; few lots up to $9|1n¢

| Kelsey-Haves

; | Leh

N.Y. Dock .... 5| Norf & W pf..

.+ 1.208/382/182.08 1212,780.885.02 5 Pub, Debt. .44,104,604,143,44 41,024.808.069.96

nudsen, Auto

Aad ”

' THE INDIANAPOLIS TIMES

efense

‘Three

STATE DEFENSE

AWARDS TOTAL |

118 MILLIONS

Indianapolis Firms Get Latest Contracts From Army.

Times Special WASHINGTON, Ocl. 29.—The award of a $12,671,030 contract to the Bendix Aviation Corp., South Bend, and the $26,000,000 additional for the Charlestown powder plant, brought defense expenditures in Indiana over the $118,000,000 mark today. The latest Bendix contract was made by the Army Air Corps for aircraft armament. Up until Oct. 15, the grand total defense expenditures in the state from June 13 were $79,452,837 ac-

j| cording to a tabulation made pub-

WrrraA

Defense Commissioner William S. Knudsen, center, meets with nation’s leading automotive manufacturers to explain how they may help speed plane production. all types of parts except engines for 12,000 planes to be built within next year. From left to right are Edsel Ford, president of Ford; Mr. Knudsen; K. T. Keller, president of Chrysler, and Paul Hoffman, president of Studebaker, picturéd in Detroit.

Mr. Knudsen asked aid in manufacturing

N.Y. §

Net ' High Low Last Change

Allegh Corp ... Allegh Lud 8tl.. Aliled Stores ... Am Ai Am Am H Am Loco Am

m Am Am Am

m Am Am Am Smelt Am Am Am Anaconda Asso Dry Gds..

3ald Loco

Butler Bros ....

Callahan Zine .. H

Cent Aguirre .. Checker Cab ..

Chrysler Climax Moly C Col & So 1 pf.. Col Beast A.... 2 Colum Gas .... Comwlith & So.. Cons Copmns . Cons Edison ... Cons Oil

C /2 Curtis Pub .... ‘1 Curtiss-Wr ... y

Davison Chem . 6% Dist Seag .... 17% Dow Chem .

Du Pont. +.... 170%

East Air Lines. 37's 37 Elec Auto-L ... 36% . 14, Lt . 57% El Pr & L $6 pf 35% 5% El Pr & L $7 pf 393% 4 Eng ‘Pub 8 .. 8% 8% a

Flintkote .... 16% 16%

Gaylord Cont . 12 Gen Electri . 34% Gen 35% Gen

Gen

Goodyear Granby 5% Gt North pf ... 28 Gt W Sug pf ..131_ Grevhound Cp.. 11% fle

ieee

Homestake .... 48 Houd-Her B ....12% Hud Bay M & 8 19

Inspiratd Cop.. Interlake Ir .. Int Harvester.. Int M Marine.. Int’ Nickel .... T&T...

Johns-Man .... 67% Johns-M of ....127 Jones & L 7 pf 102'2 102%; —t A 16Y Kelsey-Hayes B 7% Kennecott .... 32%

Val R R.. 2! 22 coi. 457

45, 207% 87% —M— 7s 1% 387 387% 7% 7% Ne , 22% 18% 20% 8% Newport Ind .. 73% NYC & St L pf. 29% . Big 11312 20!

7 102%;

162 TVs 32%2

16; TVs 32%

2Y2 45Y, 207

7% 387s 1%

McKeesport ... Mont Ward ....

Nat Acme ... Nat Biscuit.,.. Nat Distillers. . Nat Pwr&Lt ...

No Amer . No rr) 8 : —0 Owens Ill Glass 53%

Pac Am Fish... T% Pac G&El ..... 29% Pac Tin Cons... 3 Pac West Oil... 5% Pan Am Airway 16 31% 231% 37;

. . - ~~

Parke Davis ...

enn . Peoples Gas .... Pere Mat pr pf Phelps Dodge .. Phillips Pet ... 3 Pub Serv Pullman_ ..... .

iar +

5 EERE

Radio pf Reading ....... Republic St Reyn Met Roan -Antel ...

-- =

Savage Arms .. Schenley Dist... eabd: L..

Aa ®° x

Cle + iin

oc-Vacuum ... Sparks With -. Sperry Corp .. td Oil N J... tew-War

+11: HER

Debits 8,384,000

Stone & Webb :

= o

8% 8%

ii" State's Steel Mills Are Busy

1932 1933 1934 _ 1935 1936 1937 1936 1999 1940

Over the top! ‘The chart Indiana University’s Business Research Bureau has been keeping since 1932 to show how busy the state’s steel ~ mills are simply didn’t go high enough to record the present near[ord activity, In September the mills operated ats94 per cent of capaci pe “r . . b" -s. —- wg » v 9 - > I nt »

By UNITED PRESS

8| Week Ago

12|sidiaries nine months ended Sept.

¢|@ common share vs. $694,206 or

"1 |sidiaries fiscal year ended Aug. 31

.,,|a common share vs. $4,463,992 or

ff linties fprofit $317,439, after Federal income , taxes and Excess Profit taxes, equal

T10CKS

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS seevsssesassnncses 13197 sessssssssscsssess 131.98 Month Ago teessesupens 134.33 41.69 Year Ago .....c:iuivies sees 151.88 1.33 High, 1940, 152.80; low, 111.84, v High, 1939, 155.92; low, 121.44. :

20 RAILROADS Yesterday ecccovve... Creeeee Week Ago ... Month Ago .......... vssves . Year Ago «........ PERN High, 1940, 32.67; low, 22.14, High, 1939, 35.90; low, 24.14.

15 UTILITIES

-—0.49 +0.61

Yesterday

28.46 28.77 29.05

Yesterday Week Ago Month Ago Year Ago . High, 1940, 26.45; low, 18.03. High, 1939, 27.10; low, 20.71.

a High Low

35% 35% : 5%

. Net Last Change 353; 3% 9 on + Ya

91, 2878 Is 2 ee

Texas Corp .. Ti

Tri-Cont

Union Carb Un Aircraft Un Air Lines... United Corp . United Drug ... « 11%

SMe 74% 74% .s 39 39% 39% 18%; a 185% 2s g 2p 11% 113 3% 3% 4 642 124% —Y— Vanadiu 341, Va El & P 6 pf.117

moe 3 Virginia Ry pf. 33

3412 117 Ya 33%

Walgreen Walworth .... Warren Br of..

Yellow Tr .

ses 219 Young Sheet.... 41

15 40%

BUSINESS AT A GLANCE

Great Northern Railway Co. nine months ended Sept. 30 net income $6,451,124 equal to $2.58 a share vs. $1,764,306 or 70 cents year ago.

Hamilton Watch Co. September

63 cents a common share vs. $371,555 or 83 cents year ago. Link-Belt Co. and subsidiaries nine months ended Sept. 30 net profit $1,780,740, after Federal income taxes under Second Revenue Act of 1940, but before provision for Excess Profits Taxes, equal to $2.37 a common share vs. 957,436 or $1.17 year ago.

' Loose-Wiles Biscuit Co. and sub30 net profit $700,789 equal to $1.07

$1.04 year ago.

Canadian Carloadings for week ended Oct. 19 totaled 58,931 vs. 64,522 previous week and 62,345 year ago. Federal Reserve Board estimates week ended Oct. 19 department store sales up 6 per cent from year ago. Otis Steel Co. Sept. quarter net profit $464,665, after Federal income taxes but before excess profits taxes, equal to 30 cents a common share vs. net loss $184,517 year ago. Sherwin-Williams Co. and sub-

net profit $4,828,746 equal to $6.57

$5.96 previous year. Wheeling & Lake Erie Ry. Co. nine months ended Sept. 30 net income $3,109,628 equal to $693 a common share vs. $2,180,106 or $4.17 year ago. Shell Union Oil Corp. and subsidiaries September quarter net profit $3,165,249 equal to 21 cents a common share vs. $4,548,236 or 31 cents year ago. Stewart-Warner Corp. and subSeptember quarter net

to 26 cents a share vs. $55,948 or 4 cents year ago.

263 BUSINESS FIRMS FAIL DURING WEEK

NEW YORK, Oct. 29 (U. P.).— Business failures in the United States in the week ended Oct. 24 totaled 263, compared with 262 in

quarter net, profit $296,403 equal to.

STOCKS STEADY AFTER ADVANGE

Steel Shares Lead Rise at New York; Trading Is Light.

NEW vofix, Oct. 29 (U. P).— Stocks held steady in light trading during afternoon dealings today after a morning rise of fractions to more than a point under lead of steel shares. U., S. Steel was up a point at 647:. Bethlehem was up nearly a point. - Automobile issues were steady and some aircraft stocks made small advances. Rails and utilities were steady. Allied Chemical gained 1% to 168%. Western Union and American Telephone rose nearly a point.

CORN, WHEAT SELL LOWER AT CHICAGO

CHICAGO, Oct. 29 (U. P.)—An easier tone developed in the Board of Trade wheat market today after a brief period of steadiness at the outset. Other grains reflected the downturn. At the end of an hour wheat was off %4 to 3% cent, December, 843% cents. Corn was unchanged to % cent lower, oats off 4 to 4 cent, and rye down 3% to 5% cent. Soy beans were unchanged to 3s cent lower. December wheat was under concentrated pressure shortly after the start of -trading and led the dip in the Chicago market. Corn lost an initial show of firmness, partially in sympathy with wheat and December declined around 3% cent from the early high. WHEAT

WAGON

Indianapolis grain elevators are paying for No. 1 wheat, 80c; subject to market change; other grades on their merits. Cash orn. 0. 2 yellow shelled. 62c; No. white shelled, 68c: No. 2 white oats, 3lc.

STOCKS OF WHEAT ABOVE ’39 TOTAL

WASHINGTON, Oct. 29 (U. P.).— The Agriculture Department today

reported stocks of wheat in interior |}

mills, elevators and warehouses on Oct. 1, was 188,618,000 bushels.

The total wheat stock in the| A

country was 548,364,000 bushels, compared with 494,520,000 bushels for Oct. 1, 1939.

The stocks of wheat in mills,|M

elevators and warehouses were 21 per cent larger than a year ago, and 16 million bushels more than the 1938 stocks. The increase is in the hard red spring wheat states and in Nebraska, Kansas, Idaho and Texas. .

N. Y. MEMBERSHIP SELLS FOR $43,000

NEW YORK, Oct. 20 (U. P.).— 8t A New York Stock Exchange mem- |’

bership sold today at $43,000, up $3,000 from the previous transaction and the highest price since May 14. It was the first sale in more than a month, the previous transaction having taken place on Sept. 26 at $40,000.

lic today by the Office of Governernment Reports. : During the first 15 days of October, the following contracts were made in the state: Army: National Automatic Tool Co., Richmond, drilling machines, $4560; U. £. Rubber Co. Indianapolis, inner tubes, $34,503; Portland Forge and Foundry (Co. Portland, ammunition components, $94,000; Link-Belt Corp., Indianapolis, same, $155,000; General Motirs, Anderson, same, $466,900; U. S. Machine Corp., Lebanon, same, $398,000; Sweebrock Aviation Co., Ft. Wayne, bags and aprons, $51,840; Marinon-Herring-ton Co., Indianapolis, trucks, $61,900; Evansville Metal Bed Co, Evansville, steel foldilig cots, $34,400; General Tire ancl Rubber Co., Wabash, rubber bands, $12,293; Graver Tank and Manufacturing Co., East Chicago, ténks, $14,878; Albert Given Manufacturing Co, East Chicago, serge trousers, $8662; Cavalier Garment Co., Evansville, same, $5900. Total Army contracts for 13 days $1,342,836. Navy: Seymour Woolen Mills, Seymour, wool blankets, $172,518. The.breakdown of tlie grand total from June 13 to Oct. 15 includes $78,608,230 in Army contracts; $395,286 Navy; $375,825 WPA defense projects, and $73,526 Office of Education defense training.

U, S. MACHINE TOOL BOOM IS PREDICTED

ENDICOTT, N. Y., Oct.:29 (U. P.). —Machine tool production this year will total “at least” $450,000,000, contrasted with only $185.000,000 in the boom year of 1929, according to Tell Berna, general manag:r of the National Machine Tool Builders’ Association. Addressing the Amgrican Society of Tool Engineers here last night, Mr. Berna said manufacturers faced with defense orders will get all the tools they need “but tliey can’t get them all at once.” “A manufacturers tooling up for increased production does not need all of his machine tools at once,” he said. “The plant. must put into shape; jigs and fixtures gotten ready; men and executives have to be hired, and raw material purchased. “What usually happens is that at first only a part of thse things are ready and therefore ohly a part of the new machine tools ¢an be put into production, Gradually, as the whole program rounds. intc shape, still more machine tools can be put to work. We believe we ¢an meet that time-table.”

Incorporations -

Noblesville Heat, Light & Power Co., Noblesville, preliminary dissolution. Covington Downs, Inc., Fi, Wayne, dissolution. Zenith Motor Express, Irc., Indianapolis, amendment changing nama to Acme Cartage, Inc. Pepsi-Cola Terre Haute Bottling Co., Inc., Terre Haute, ‘amendment changing name to Pepsi-Cola Bottling Co. of Terre Haute, Inc.; also change of agent to weo Murphy, Brazil, Ind. Brulin & Co., Inc., Indianapolis, amendment authorizing 1600 shares preferred stock of $25 par value and .changing numer of directors to four: American Central System. Inc., 301 E. Van Trees St., Washington' agent, J. O. . same address: 17/0 shares Class preferred of $1 par value, 7500 shares Employees Preferrac value and 210 shares | of value; transportation business; J. O. Killion, J. A. Lottes, Ray M. Allen, H. C. Nelson, Charles L. Meeks, C. L. Barnes,

. 8. Denny. % ; Illinois Producing Corp., Illinois cororation, change of agent to Jacob hite, 1511 Merchants Eank Bldg. Indianapolis, and change of acldress of principal Indiana office from Evansville, Ind., to JH Merchants Bank Bldg., Indian-

apolis. Parroll Carfwright, Inc,, ‘'exas corporation, change of agent to J. C. Dolan, 961 N. Meridian St.. Indianapalis. . Harold N. Simpson Co., Iilinois corporation; admitted to Indiana’ to sell feeds, proteins and food concentrates for live stock and poultry. Danney ater Colle¢tor Corp., of New York, New York corporatini: admitted to Indiana to install water collector units. Brookhaven Mfg. Corp. Terre Haute: change of agent to James Kesner, 100 N. h St., Terre Haute.

of $10 par $100 ar

NAMED VICE PRESIDENT NEW YORK, Oct. 20 (U. P.).— The election of Charles A. Tatter= sall as a vice prsiedent of NiagaraHudson Power Corp. was announced

today by Alfred H. Schoellkopf, president of the corporation.

September Employment in U. S. Highest Since Oct., 29

NEW YORK, Oct. 29 (U. P.).—The total number of persons employed in the United States rose to the highest level since October, 1928,

during September when 869,000

jobless received employment, the

monthly report of the conference Board stated today.

The board said that total employment in September was 48,404,000, compared with 47,477,000 in August, 46,346,000 in September last year and with the October, 1929, total. of 47,925,000. In March, 1933, regarded as the “bottom” of the depression, only 35,884,000 were employed. Jobless persons during September numbered 6,829,000 compared with

the corresponding 1939 week, Dun & Bradstreet, Inc. reported today. Failures with liabilities of $5000 or more aggregated 113 against 119 in the preceding week and 186 a year ago. Canadian insolvencies amounted to 24, compared with 17 in the previous week and 33 in the like 1939 week.

DAILY PRICE INDEX

NEW YORK, Oct. 29 (U. P). — Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100): Yesterday ........vceevrssie. 12029 Week Ago C800 00000000 00000 120.95 Month Ago Ses screen e 118.39 Year ABO ... en:+cvvisovens:118.36

1940 High (Jan. 2) .........s 123.34

(Aug. 19) Essen en ie 112.42] oo

7,698,000 in the preceding month, with 8,192,000 a year earlier, with 14,762,000 in March, 1933, and with the 1929 average of 429,000. : The September total of unemployed was the smallest since October, 1937, and represented a decrease of 1,363,000 persons - from a year ago when the war broke out

abroad.

In reporting its figures, the board estimated that the nation’s total labor force had incressed by more than six and a half million persons since 1929, Manufacturing and construction industries reported September employment gains of 348,000 and 68,000 persons, respectively, largely reflecting the national defense program, while a gain of 307,000 in agriculture was reported as contra-sea-sonal. The emergency labor force—WPA and €CC—not ineluded among those employed, declined 40,000 from August to September, to 1,967,000

persons.

Oldest Loan Brokers In the . State.

The 146 E#

LOANS ===,

CHICAGO

T WASHINGTON ST.

on Everything!

mn ——————— |, | ees

Diamonds, Watches, Autos, Camiras,

JiWELRY C0, mo

3 i

H. W. Prentis Jr., president of the National Association of Manufacturers, will speak at the Indiana Manufacturers’ Association’s annual meeting at the Columbia Club temorrow.

U, S. MAY BUY T STATE PEANTS

Limestone Company Officials Negotiate With War Department.

Times Special WASHINGTON, Oct. 20—Officials of the Indiana Limestone Co. are negotiating with the War Department and National Defense Advisory Council for the sale of seven Indiana plants for defense purposes, it was learned today. Five of the plants are at Bedford

and two at Bloomington. They could be used either for defense industries or for inland storage places it was pointed out. The officials have conferred with Assistant Secretary of War Robert Patterson and Harry Crooks of the Defense Council. The latter sent Frank Bennett of the Council’s staff out to inspect the plants and a report on their usefulness for defense purposes is expected shortly. One of the arguments made for the Government buying the plants was that there is ample labor available in the limestone area to man any industry which might be inaugurated.

LEWIS INDORSEMENT DERIDED BY PERKINS

PITTSBURGH, Oct. 29 (U. P.).— Secretary of Labor Frances Perkins betieves that John L. Lewis’ indorsement of Wendell L. Willkie for the Presidency will not make much difference in the vote results. “I do not think it will have much influence one way or the other,” Miss Perkins said yesterday. She declined additional comment on Mr. Lewis’ speech. Miss Perkins forecast President Roosevelt's re-election, saying “I beiieve Me. Roosevelt's strength is much greater than is guessed generally.” She paid a two-hour visit to the Irvin plant of Carnegie Illinois Steel Corp. and made a short speech at local Independent Roosevelt headquarters and the Labor Roosevelt headquarters.

PRODUCTION: OF TIN HITS FASTER PAGE

NEW YORK, Oct. 29 (U, P)— World tin production in September totaled 22,600 tons against 19,100 tons in August, the Internationl Tin Research & Development Council reported today. Total production for the first nine months was placed at 167,400 tons against 111,300 in the corresponding 1939 period. ‘ . United States deliveries were 81,814 tons in the first nine months compared with 46,620 tons a year ago, an increase of more than 75 per cent. World stocks of tin, including smelters’ stocks and carry-over, increased 1,692 tons during September to 52,824 tons at the close of the

BANK DECLARES DEFENSE TAXES

Guaranty Trust Criticizes Method of Levy but Not Principle.

NEW YORK, Oct. 290 (U. P.).== Businessmen neither fear nor Ope pose “fair and reasonable taxes" on excess profits as a corollary of national defense, the Guaranty Survey, monthly publication of the Guaranty Trust Co. asserted toe day." ;

“Business as a whole clearly ace cepts the principle underlying the law, that the defense program shall not be used as an opportunity for private enrichment,” the periodical stated. : “The question of immediate prace tical importance in connection with the newly enacted tax . . . ape proved by the President on Oct. 8, is that of its probable effects on business conditions in general and on the defense program in partice ular, Burden on Big Firms

“The fairness of its provisions and its prospective influence on the fis cal position of the government, while by no «means unimportant, are of secondary consequence at a time of national emergency, except in so far as they may bear on the rearmament efiort.” * : While admitting that *in some respects” the law is better than some business quarters had efpecte ed, the bank criticized the imposie tion of tax rates “not according to rates of return on invested capital but according to .the absolute amounts of excess earnings, a feae ture that had no parallel in the tax structure of the World War period.” ! “A progressive tax on corporat earnings, whether excess Tore with rates graduated on the basis of absolute amounts instead of rates of return on investment, is difficult * to justify on either economic or equitable grounds,” the bank said. “Such a tax tends to place the pheaviest burdens on the larger corporations, rather than on the more prosperous.” . Billion-Dollar Yield

A corporation’s ability to pay taxes is determined, the survey. pointed out, not by its size or the amount of its net income but “by. the rate of return that it succseds in. earning on its invested capital, Consequently, if progressive rates are applied to corporate incomes, they should be based on rates of return. and not on absolute amounts.”

. The survey pointed. out that this year the excess profits tax 1s exe pected 'to yield around $500,000,000

and about $1,000,000,000 an thereafter Rialsy

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