Indianapolis Times, Indianapolis, Marion County, 10 December 1940 — Page 21

American Industry Moves Cautiously

In Seeking New Buginess in Mexico

MEN WILL CONTINUE to}

move cautiously in any business dealings with Mexico until they are sure that President Avila Camacho can put. his| promises fo work, according to Business Week.

- All the fanfare of inatiguration of the new presi

ident does not obseure the fact

‘that Mexico is in-the midst of serious economi¢ difficulties,

the magazine says. . Mexico’s oil industry—much of which ‘was expropriated: from British and American owners—is in seridus need of. new equipment, new| capital and new} markets. Th ¢ railroads taken] over by Mexican} workers are suf- - fering from lack of rollin, it is-cl ed. The [utilities and the mines which * are still operated by _ foreigners have not been mod- . ernized or enRoger Budrow larged during most ‘of ‘the last six years because of the antagonism ,of the Cardenas government toward all foreign-con-trolled business. Despite all these things trade between the two countries is increasing some: - And during the last four or five months (when Cardenas began a more favorable treatment of industry) .numerous American business men have turned up in Mexico City seeking trade opportunities. L 2.8

SOME TRADE quarters, believe that announcement of a treaty between Russia and Nazi-dominated Slovakia may be the answer to the question “What does Russia do with

U. 8. cotton?” Terms of the treaty|

lovakia while (now

provide for sale of cotton to which has few - cotton ‘mills, her old compatriof, Bohemil part of Germany) has a tile industry. ; 2 2

5 s ODDS AND ENDS: Indol tant constituent of perf

, impornes be made from coal and nitrogen from the air, du Pont announces.

.. . Stewart McDonald, FHA head|1100

who resigned recently, has been

elected a director of Baltimore &| 780-1100.

Ohio Railroad. . . . Lake City Bank at Warsaw, Ind. has joi the Federal Reserve System. «ls +» Chicago & Eastern Illinois ‘Railway is expected: to be out of the cu under private management by the end of the month, first of the major railroads” now in reorganization to do so.-. . . How can a fac engaged in defense production contribute to . defense? Forstmann Woolen Co. of Passaic, N. J., permitted non-employees to Ke the company’s self-improvement courses in machine shop practice and blueprint reading. Enrollment tripled to about 75 and nearby Joirerass plants can use the graduates. . . . Trade reports say soy bean prices have gone up (25 cents from September to Novembér) becalise lard production is due to drop early next year, leaving a bigger market for soy beans in making margarines and cooking oils.

LOCAL ISSUE

The Sliowine SJuotatione by th apolis Bond do t actual hk of offerings, b {nd cate the approximate market ased on buying and selling quotations of recent transactions. Stocks Ask Agents Plpence gor com. a 9 kK Yds 58

Belt RR & Belt RR & & Six Yds pla’ 53.. i “% 822 16 53

111

e Indiannot repreut merely

- Wa 5 at Silk Hostery 5 Ind Pub Sry 3 109% + Ind Tel 4%s 55.. .e 60 b Serv Co of Ind és 69..

Co - RE mond Water Wks 8s 57... 384

¢ Term ‘Corp “58 57

DAILY PRICE INDEX

NEW YORK, Dec. 10 (U. P).—

3 he 6%

Dun & Bradstreet’s daily weighted |&

price index of 30 basic commodities, compiled’ for. United Press (1930-32 average equals 100). Yesterday SOR BVNNNNPRNNRINNN 123.80 ‘Week ago ees00se cents ersnee 124.07 Month 880 cccoccscccsceasss 122.29 Year 880 ...cconioivsvarseaes 120.62 1040 high (Nov. 29) ceseeesso 124.32

stock, |

ge tex-| eo

and} goo ie 13.00formerly imported from Europe, can 1100-1300

rts and Good

tory not|Good—

, eS Western Tn .50

: active, 55 Token steady;

PORKER PRICES "REMAIN STEADY

Top Here: Holds at $6. 2% for Second Consecutive Session. |

For the second consecutive day, prices paid for hogs at Indianapolis stockyards did not change, according to the Agricultural Marketing Service. The top price held at $6.25 for good and choice 220 to 230-pound hogs. Vealers also were steady with a top at $11.50. The Marketing Service reported 2600 salable cattle were received here today, 590 calves, 15,000 hogs and 2614 sheep.

SORT Top Rcpts. 30 12,000 13,000 11,250 11

Dea; 3.

courennesasssrrsasansese.§ 6. est eseeere xxl

1 : 7 2,500 9 138,000 10 wesase | 15,000 Eetiows 3 and Gilts| Backing Bows Good to Ol Good t 130-140 = 4.8 san Ju0- 300 ese 3-888 HE i 0: § $60. rs : -40- 8.75 6 "400.. 8.50- 5.7 200 450. . A 50- 500.. b5.36- 5.50 > edjum--Gi 50--500.. 4.60- 5.50 , | Slaughter igs Medium and Sood 160- 200. 5.60- 5.90] -90- 120... 4.35- 5.00 Siaughuer Cattle & Veslers fReceints 2600) | (Fenriins. 18, tude) ..$ 0.75- 1.25

6.50- 7.45 5.50- 6.50

i 5.80

000 9s0censsesevsssesnecese

od .... edi . 10. Aa; 50 tothe

500. 10. 25-13. .25| Good and ch glee. a <. 7.15-10.25| Common edium.

a3? 00-11. 50 + .1,75-10.25, 150- 1100, 6.50- 7. 28 Steers, Heifers

Choice— 500- 750-

v Ste (Receipts, *500) 11.25-12.76 choles 10. ob

9.2! 500- 750. 9.78-11 2s! 800: 800- 1050 9. i8310.00 00 Heifers .. 8.25- 9.25 Choice— 800- 1050. .

750- 900. 11.25-12.50| Medi 3:75. 98% 750-900. 9.50-11.35/C ny 355. 2.45 -! on Medium. S00. 900. €.00- 7.35

500- 900. 7.75- 9.75) Calves (steers) mon— ( 500- 900. . 6.00- 7.50] 500 do down... 5.00-11.00 ium Cow Meo down. 8.00- 9.00 Tg. 5- 7.25 As (heifers) - 6.25{ Good JE Choice— Cutter and, 5.0 2 NY go own 8.26-10.00 - edium-~— Cr. 3.60- 4.60| 500 down 7.00- 8.25 SHEEP AND LAMBS (Receipts, #614) Lamia.

Good and choice .. Medium and good

Common Yearling Wethers good ang choice 7.50-

Med ae Ewes (wooled)

Good and choice oe 3 Common and medium ° .

ood Medium

.$ 9.25- 9.78

vie 828-925 i 8.2 7.5! 4.

25- 4.00

Hogs ~ Racal th 30, 00 ois to all; ¢ lower; 6.20; generally 1 Glos 20-1b. averages, %ehRa 6.20; mostly se oes, 15 for 230 b. weights; Boss, oe-a10 Pe ng is 6 355 ng si * Cattle Rece Be 7500; > 1500; all hy eIlings 4 nd good and ‘choice mefumweight and weighty steers, steady; eral market fitloned kinds all weights relatively scarce; comm el pnd med um fade an steers gr - In insiances hig ee Tse Tower x stock sattle bred yearlings, sellin and w; deman Sail y well Jovi weighty steers ers steady to 25c lower: mehowing decline; cows 10: on choice 5¢ or more

down broad for flesh at $9@10;._ hei dium grades s off; bulls, strong: Yealer s steddy weighty offer ings; light kinds lower; extreme n vealers, $1; weighty sausage bulls oy Per 35; choice fed steers scaling 1 Jane. 58: -sold up to $14.26:- b yearlings Kr supply steers sold at He 15, 35; ulk “medium "grades un-

5500 59 ry So; BOX ed 4 held slightl lambs, 0.8 0° 5A y

; 80 Ea terns early, os as 3 es, $9: 2 loads good’ %0 choice light fed A $8.35; few feed-

g lambs, $8.7

OTHER LIVESTOCK

Dee. 10 ( g5—

CINCINNA' U. P.).--Ho Salable, 3600: total, 3975; Boldavers. B50; top, $6.30; 180-200

. $6.10; 100-140 1bs.,

a Pood Vi

ine ’ e500; © alves, 250; limited ghimbet op jae Steers and heifers $9.5 [$56 -1b, heifers, : bulk of § os go heifer - comprise: cutter to medium kinds around [email protected]. generally steady; good to Sholce trucked-in phat To? lambs,

YNE. Dec. Pe lower; 220- 340 5.95: 180-200 Ibs The; 240-260 1bs., $5. 98: i: ind" 1bs.

120-130 1bs.,

roughs, $5.25; 8 1.50. Lambs, $9.25

: "stags, $4. Calves,

BLISS HEADS ASSOCIATION:

" NEW YORK, Dec. 10 (U, P). — George L. Bliss has been elected president of the Railroad Federal Savings and Loan Association to

1040 1 Ave. 19) - 1124

indianapolis Bond and Share Corporation MARKET CRN SRR

129 EAST

succeed ‘Walter J. _ Moore, retired.

A —

‘|the Pittman Act of 1939-the so0+

mE] =

Laundry-

'% |even though private individuals may :2: [not do so.”

200 October was $7,314,000,000 compared

? 5.45- 5:0

¢ |nen

.80- 3.25 P

CHICAGO LIVESTOCK [Scions

ket very uneven with "well con-|:

OBE os. right sale?) 9; |exempts from its terms any Govern-

., |ment-controlled corporation. Hence §5: |the act doés not bar loans to Eng-

oy listed countries, the loan section of

| to ‘belligerents) makes no such spe- : cific exemption.

| Dulles, an’ authority on ‘the subject; | Act the question was raised, -

[FARM INCOME HIGHEST SINCE '29 BOOM YEAR

Estimated 1940 “he Set Above 10 Billion. in U.S. Reports,

: WASHINGTON, Dec. 10 (U. P).| Mr. Wallace's visit to Mexico for the|— Farm income this ‘year has

reached an ll-year peak. Agriculture Department reports indicate 'a gross farm income of at least $10,500,000,000 — largest since

1929. It will be approximately $750,-|

000,000 higher than last year. In terms of purchasing power, farmers can buy about 8 per cent more than they could in that peakyear of - “prosperity,” 1929. ‘The prices which farmers pay are lower than they were in that boom year.

Only twice since 1929 has farm|:

income exceeded $10,000,000,000. That was in 1930 — $10,337,000,000 — and 1937--$10,425,000,000. Last year gross farm in-ome—including the things produced and consumed on the farm —totaled '$9,768,950,000. Gain Is Nationwide During the first 10 months of this year — for which complete reports are available—cash farm income was ‘1 per cent higher:than for the same months of 1939. Virtually every section of the nation shared in the increase. . Last year farmers had a cash ihcome of $8,539,602,000, comprising $3,237,996,000 from the sale of crops, $4,494,541,000 from sale of livestock and- $807,065,000 from Government payments, That was $500,000,000 larger than the 1938 total. Cash income for January through

with ($6,833,000,000 in the same period of 1939.° Government payments comprised $617,000,000 of ‘the 1940

compared with $640,000,000 in|:

figure, the first 10 months of 1939. Cotton Less Favorable

The bureau of agricultural economics predicted that November and December farm income reports will show some increase over the corresponding months of 1939. Cash income in both months was expected to exceed $1,000,000,000. Although all groups “of ‘farm products have shaded in the increased income, most of the gain has resulted - from larger returns from grains, dairy products and meat animals. Cotton farmers recelved a smaller increase.

' LOCAL PRODUCE

| Heavy breed hens, 12c¢; bareback h 1ic;- : 1gghomn 1 a Bareback 1s Te ghorn ; 48 - ers, 3p: other colored heavy bree pring: ers, -12c; Leghorn springers,: i barebac springers 9c; old roosters eys— Young toms, No. 18¢¢ No:'2 % No: 3,4k4cy oid

toms, No. 1, 10¢; I Ducks—Full i: No. and fat, White, 5 Ibs. and over, 7c: white, under 5 1bs., §olored, 5 lbs. and over, 6c; under 5 1bs.,

Geese—Full feathered and fat, 7e.

gs, 24c; . small Grade A and Ne. 2 Fas tac 15¢c; 7 he 2:

Butter—No. 36%2c; SE ovotat. ' No. Gal ’ No. (Country pickup prices quoted by the Wadley C 0.).

U. S. STATEMENT

WASHINGTON, Dec. 10 (U. P.).—Government expenses and recei pts for the current fiscal year,. through vy Soft pated with a ‘vear a

This Yea on $4.33 3.257, 308.22 $4,092,086, - 2,340.106,482.58 2.297.616 893,159,825.64 Firs 7380 .,462,375 64 1,709:91 347.300 1 13 ; Ha ota ao

3 77.09 bh a 841 HI 41, 30, 218) 946.55 ,403,564.63 17,418,057,112.71 36, 691,230. 230.57 15%, 943, 025.13

INDIANAPQL S CLEARING HOUSE Glearings .e

FOOD PRICES

CHICAGO, 10 Ww. Apples Michigan RL bu. 3 5. 15@1. 35. CelBese Tomatoes

ory ichigan, Squares 35 2892.50 , Spinach —

Florida, lugs, 90c. Sot Dr) ew York, 1.85. Carrots — California, . Lettuce—California, crates; eet Potatoes—Tennessee, bu., dons ,(50-1b. sacks) —Minne-| Towa Yellows, 372 @

tion of the ¢ Gifoss

Twelve weeks ago an air photo of the plot upon which stands the building at. left, would have shown| , a muddy fleld. The building that| 4 stands on that site today is a modern foundry—one city block long and one block wide—the result of a rush-order job by Delco-Remy

JONES PREDICTS

Industrial Production December Expected To_Be Highest.

WASHINGTON, Dec. 10 . P). —“Substantial gains” took place in the November business picture with

durable goods industries to capacity production, Commerce Secretary Jesse H. Jones reported today. : December industrial production, Mr. Jones predicted, will be the “high point” of the business year, as it was in 1939; business increases] | are indicated in many flelds such|Z as electric power output, freight ¢ar

“Assuming that the war in- Europe continues,” he said, “the. de-. mands on industry in the next year will“multiply—for. defense purposes, | 5 for export to England-and its allies and for increased. civilian Sidi ments as national income expands. A few industries have already moved | to meet this expected increase in

8c; | demand. What has been done up to

date, however, is not enough.”

“ HEINZ C0, SUES FOR [2 GROSS TAX REFUND;

Citing alleged {mproper applicaHeinz Co. today sought refund of |S

Treasury: Department in a suit Hleg in Superior Court Room 3. ° The plaintiff asserted that certain Indiana customers were served from

| branches outside of the state -and | that accordirfg to the Act, income}!

derived from these sources was not taxable. Taxes for which a refund s—|1s sought were paid for 1937, 1938 and: 1939.

were ‘the State Treasury Department and -Governor M. Clifford Townsend, Joseph M. Robertson and Richard T. James eonsiituiing

A 87%c; Cotorado t ct nish, 1.30; Utah Sweet Spanish, $1.30. Spa sh,

2 Johnson Actin Background.

In British

By LEE G. MILLER

Times Spec

- WASHINGTON, Dec. 10.—~Much

the department.”

Loan Situation

£ ) ial Writer

argument is heard” here for and

against repeal of the Johnson Act of 1934 in order to legalize loans to

|England. But as a matter of fact

the Johnson Act appears to have

little practical bearing on the situation, for these reasons:

1. Even if such loans were made

and Henry Morgenthau call England “a good risk,” it is doubted that}: many banks or individuals would invest in a British loan—except for|g

legal, and even though Jesse Jones

driblets out of friendliness. (That is, unless the loans were secured by British gold and giltedged securities in this country— and why should England borrow on these at high interest when she can convert them into dollars by out-

2. The Johnson Act specifically

land by, say, the RFC—although Jesse Jones has indicated that this and other agencids under his control ‘would hew to» the “spirit” of the act. + 3. The Johnson Act does not apply to belligerent Canada, an important British source of munitions and! men. A different picture is presented by

called Neutrality Act. Whereas the Johnson Act (which is concerned only with -debt-defaulting nations) explicitly permits loans by Govern‘ment corporations to such black-

the Pittman Act (forbidding loans

However; according to ‘Allen W. “during the debate on the Pittm never: satisfactorily settled, as to

whether any of the Toaning agencies of the U. 8. Government—the Ex-

The same question might appl to the two-billion-dollar ht Sply

feasible and advisable to lend. h both ik for Sostriatien o of plants”. for Eng: lan

tion fund controlled, by Secretary Morgenthau, out of which Argentina and China are being assisted. Senators consulted today said they | felt sure that the Pittman Act did

forbid loans by Government corporations. = Nevertheless,

of that measure in Ocfober, 1939, the Senate rejec "36-45, ‘an amendment by Senator Taft (R. 0) which would have forbidden Government corporations to finance ex:|gr ports to belligerents. Later, also, Senator Nye (R.N.D)

offered a substitute bill which ap-|}® plied the loan ban‘explicitly to Gov~ Lm

ernment instramentalities.” The Nye

‘|substitute lost, 22-67.

During the debate Senator Reyns olds (D. N. TC: warned of reports that, under the" bill,” agencies like the RPC “might consider it ‘bath | Macy

The Act of 1040 increasing ‘th Export-Import. . Bank's \eiding authority forbids the. bank

purchase. of munitions. ‘However, if either the Treasury for the RFC to England ‘tomorrow, it 4s hard to séé “how they could be” overruled— save by act of Congress. That is to say, it would be difficult to bring

about a court test of the legality

of such action. A taxpayer might try to bring suit, but he would have

a hard time provie that be had}

been. | suliclendy to give him standing in

An alr ‘view of Delco-Remy’s n

Division, General Motors Corp. un-

FURTHER GAINS,

Ml in

the defense program pushing many an

loadings and department store sales. {

Income Tax, H. 3 Cont Bak

1]$1513 in taxes paid to the Indiana | xo

Defendants named in the ‘suit Bun

ag00000 wo

the record| discloses that during consideration|™

Kl He Fore & Rob - ‘hia R pf 26

lend to| Minn-] war debtors in default. or for ‘the

gers to advance credits|

der the. national: deterise program. Lotaiat at the ‘eastern edge’ of An‘the “foundry “Will niake i castings and metal ‘parts for the famous Allison | Dowd onion Te mr demon ores The foundry was completed ih

dams” Ep . se

B57 Air Reduc > h Co

* Hin .. 35 0 8 a’ 5 (OE a 51 ‘51 FH 13 3 3

i a a op 78: EE 10% 7 \llied Stores... 71%. _T7 7 Allis-Chal “..s.« 34% 84% - Amal Leath .. 1 1oo1Ye 13475 eee \m Br Ehge vse 38 nn ie 9 jm 1 see 2% {1% ER a 2 $101 hh C1 Ay B Sr Sie | « 35 3 i Stl Tales. oe gi \m TRE 0 Am Jobaceo .s 68 m Tob + 90

ur a pr pi-51

es i Si \tchiso . 16 \ chison DE see B81 C Line

ARacon nac .o = ol

1 Refining a. - : tlas Corp Aviation orp: ve wn

& meses

wl i

Batt & Ohlb. i: 3% rnsdall .... Ee AVR . 98 Cy

HEIL i“, i=

7 . Ps

(

5 hes Ohio’ t o 5 Feu T

b+: +408

as hs

10% ‘10% 2 16 13-18 8% 28%

i i nd Ya duh 413%

. «so

ont Ins ....%. 39 ont 0il Del ave Cont Mot

om _ ve Cream Wht 18 Grom Zeer ot 1 Crucible St " udahy

I: +: Pe : Te Fibbdl bp

* jbo x

Lis Spi

see Sain 55

+. 163 Du Pont pf .. rias%

Elec Boat

3 Elec Pwr&Lt Wa

or 18%

Fajardo Sug .. 19

+H HHH + Slay

tH |

‘

. .

: 5b = i

1id

Go Go C Gt r . Gt North of | Gt North pf..

rasa

Hack Wat pf.. Walk p

E re

re ifm

+o 10%. 10

and Stl .

er chem of

Ag ig be N Marine. . fost gue! 24 PoP do - Siiver ie 108 108 T&T 1% fe Jones Igh 7 pt 101 101

DEERE SE aig 2

.®

n In In n nt: [n In [n [n

. i. . ie

Kaufm

KE Fae 5 a eo de Lambert ....... 13% 12% on & lnk... 4 1. ; Tl 281d 2814 1734

H+ +

‘Froew's I... Loew’s pf Lone Star,

fd FEE

108% “

= SR

HEE PE FL

. 28s ruins

B.88 ESE:

34s

Joi

2 4

Me es 1st 25% e! Mident Pet 2 14% Midland Stl .. 44% Mina-Mol pt

a BEES, CHGS BI

. 81%

2 Fe

“a. Yesterday svsieviseinsaeviee 3158

|! High; 1940, 82.67; low, 22.14.

i 2

72 | ohio ® Otis

castings plant at Anderson, The new "castings foundsy

70 per cent of the time normally required to construct such a industrial unit. The Allison plant}. was unable fo fill all their needs ‘for aluminum castings from out-' side sources. To keep pace with increased production of the Allisbn motor, G. M. decided to create its own source for the castings.

_N. Y. STOCKS.

8y UNIJED PRESS DOW-JONES STOCK AVERAGES

80 INDUSTRIALS Yesterday ssssececsassvesses 131.46 Week Ago essevecessnsopenne 180.78 ‘Month Ago sfvsssvsetscerne 187.41 par Ago: .... ‘ High,71940, 152.80; low, 111.84. High, 1939, 155.92; low, 121.44. : 20 RAILROADS

+0.17 =0.15 =0.71 -0.12

=0.03 +0.24 +0.07

Week Ago sesescscrssssesess 25.00 nth. Ago sescssssscsessace 80.20 Yar AZO oe.covvecsecenssss SLSL High, 1989, 35.90; low, 24.14. - Nad 15 UTILITIES Yosteilay essretvesvenshsare S010 Week ©se0sencceesecne 20.25 Month Ago esesessssssscsses 21.68 =D. Year Ago Csvsescrssaetaessns 24.70 H 1940, 26.45; low, 18.08. Vs High, 1939, 27.10; low, 20.71.

Net High Low Last Change Mo Pacific .... 3-16 3- -16 3:16 .i..% Monsanto ' ..es. + 80% 80 Ya Mont Ward oe Th ~3TWs. 7 -— Ys Ne

ayy oq 10% 10%

Nat Auto _Pibres. Nat viation:: Nat Biscuit Nat Gp

Nat

Joa Neisner Newport 26... 28% fewport Ne Ns ki 08% 108%% 4

426% +115 163 '16%2 > 17 ‘17% “81a 6%

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AFTER

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574 ud ?

. +1t dats :

Swa | Ss

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Proct & G ae Bub Serv 5 Pure Oil Sa

“B18 ning ea #3 iT te

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Cr INO

Sannin’ 8 ¢ 2 pareyh L 12% -.

ae +

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FRE SRR SSE

Seri Pr tone & Web... Stodobaker J Jun Oil

8 wift & Co -.

2 i 3%

28%

387% ae 33

4 5

nd Ell ih ver + 3304 33% hion Carb . 1% 1% Un Pacific “78 un Aircraft ..

[ex exas, Cop ees G Sul . 8 PC&O Tex Pac LT.

hird “Av Ry.. hompson J R. T AX

8 8 Plywood . . 22 z 3 Realty .. 13 ¢ g Rubber Fe 259% 2 Iniv’ Pict 1 al : es Vw Va I ‘cac pf .. 11 mW

i pf A.. alworth. . El 7 "pt. ;

esting El par Steel cae # ilson & Co. 4 Woodward Tron. 32%

} PE

Yellow alae gr

fi IF of Th A ’ ne St br 7% 17% +

! - J U if 0 0 0 \J

4 32%

17%

: ih

Zonite Cpewasiss 2% ..

~ COMMERCIAL 1 LOANS

In Co-operation With

[R001 RO

$2480

WASHERS

Up to $30 Allowance on Your Old

Washer on a New A. B. C. 225 E. Wash. ER & B-% a. 4010

BED BUGS

Use

and Get Rid of Them

5 ye

SHUR DETH :

heli

‘Haag's—Hook's and Other Drug Stares, or PHONE US—LI neolnt Lig 41 hE 2 | FREE DELIVERY

ARNOTT EXTERMINATING ow.

THE DEFENSE PROGRAM

TONAL BYYK

at bidianapolis

‘aluminum casting per month. Pro-

| Stocks sagged to net losses of frac_ttions to a point in afternoon trading

# sss SEs

| 000, against, the previous sale of $33 sinde

‘developed “a ne today after ¥ showing re the start.

The building ‘st right 1s Deico-

p Division. The foundry will — approximately 800 persons and. be capable .of manufacturing 300,000 pounds of

Juetion de is bis to begin ghmost

STOCKS SAG IN LIGHT TRADING

Attempt at Rallying Fails ‘But Preferred Issues + Make Gains. ‘NEW YORK, Dec. 10 (U. PA

‘today after an early attempt at {rallying. Volume was small. ~ Bethlehem Steel dipped to 88%, off 1; U. S. Steel 69, off %; Chrysler 16, oft 8%: du ‘Pont 163; “off 1; American Can - 81, off 13. Jnternational Paper 16%, off '%, and its preferred - 69, off 1%, and Phillips Petroleum: 40, off: %. ; Fractional losses were: made by Consolidated Edison, ‘Douglas Aircraft, International Nickel, Lockheed, “Montgomery ‘Ward, North| .¢ American, Publi Service of New Jersey, United Aircraft, Union Pacific and U. 8. Smelting. A few preferred issues registered wide gains and some made new highs for the year. Widest advaiice was in Allied Stores preferred,

Recent improvement in the ‘mar‘ket was reflected in the market for | Stock Exchange memberships. one sold ‘at $40,000 and another at $36.

000 which was the: lowest 1899. :

“ RN

ovember since 1016.

ey WHEAT Holl | FIRM AT CHICAGD|=:

CHICAGO, Dec. 10 (7. P)—|

Wheat: on the Board of Trade

A feature was the relative strength shown in the current, delivery: Other grains scored moderate gains. in sympathy: with the bread cereal. At the end of ‘the first hour-wheat

was up % to % cent, December, 90¢:| Corn was up % cent, oats unchanged}

to % cent higher, rye % to 5 ‘cent

cent. - 7 ch3iana ous” gra slow A -aye payin s grain eléva Posh 83c; subject to mark ne Ae he BE on their merits. Cash

rn: Ne w shelled corn. $e: new No wile” elled corn, 86c:

2 White 0 FOREIGN EXCHANGE|| &

YORK, Dec. 10 (U. P.).—Following are noon cable rates oo ie Rate syTIencies:

England (pound) 5: Spesates Net Cus, Canada oa oy 86% nia iT 0208 Switzer! ag franc) .e

which made & new high at 79 up 4.|

up and soy beans were up % to %I

| WAGE- JORERN

WORRIES ( CHEFS.

Ibivision Already Waving

Restitution in Some - ~ Instances.

By BRUCE CATTON Tinies Special Writef CL WASHINGTON, Dee. - 10~Ene 24 forcement of the Wage-Hour Law =

|is running into ‘one of the ode”:

problems that ever vexed. a ‘Clove: ernment agency. The penalty’ ordie narily used in enforcing" the Bw » getting too stiff to use. This penalty is the requirement - thdt an employer’ who has’ been * paying sub-standard wages’ pay up: all back wages due his workers. Bo. far it has been the chief cifib: in the hands of the ‘Wage-Hout Divis sion’s inspectors. : Fe But now the law has been nl effect for over two years. ‘Suppose / h an inspector ‘discovers. a - small’ business ‘man who has been ‘below : the minimum ever since -the low went into: ‘effect. ‘He ‘can require’ | this man ‘to live up to the law from ‘ Sjpow. on—but if he made him - pay’ Jup the accumulated wages’ his" workers | ‘should have ‘been getting” for two years he might simply pus * him out. ‘of business by handing © him a bill he couldn’t pay... i The division is already waiving . restitution in: some : cases.. By: . waiving it, the co-operation .of ‘a. number of trade associations is obs. ained. A wage-hour . official, . tance, will tell trade association executives something like this: : “We haven't been able to fe a spect your field yet and probably’ won't for some months : to come.* Meanwhile, we know -perfectly well that some of your peopls arent paying the wages this law” requires. Gét them’ into line’ mows in return, when we do make inspections, Lt bo] 15 a : ing the law's req ts ‘at PEN time of the Tn ‘will ‘ba okay, even though he Aid ‘have been disregarding it in the’ past.” This doesn’t mean thas the W Wages. Hour Division has abandoned. the idea of getting restitution of back, . wages. In October, for instance, it brought about payment of upward of $1,000,000. What. is happening is simply that the job of gé universal observance of of the law is being put first.’ :

COLUMBIA CLUB % “DIVIDEND ORDERED.

' Judge Joseph T, Markey of Sue’ perior Court Room 1 has ‘ordersd a $5 dividend paid on each, share. x the first preferred stock: of ‘Columbia Club, In so doing,

] Sova the petition ot p an. “The U. 8. Steel Corp. reported | its]. ; November shipments af. a new: high.

AUSER NAMED DIRECTOR . NEW YORK, Dec. 10 (VU. PD). om. right Corp. has - a i the appointment of W. ¥, to the newly created post . of personnel director of the come

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