Indianapolis Times, Indianapolis, Marion County, 16 December 1940 — Page 21

EC. 18, 1620

SINESS

Those

Who Fear Inflation in U. S.

Are Overlooking the Basic Factors By ROGER BUDROW

+ MANY OF THOSE WHO THINK THIS COUNTRY is headed for some sort of inflation simply aren’t looking the| facts in the face, according to the current\Magazine of Wail

Street.

When the gold content of the dollar was changed, there ‘was ro inflation as many predicted. Today there are many warnings that the rising Government debt means that inflation is on the way but the magazine says the growing debt

is a “co-incidental factor rather than a direct cause.”

“But what. chiefly concerns most individuals is whether an important rise in the cost of living can be expected. © The answer is no.” The article then points out that this country has a “perennial glut of farm products” an d so there is no economic reason for a rise in food costs. Except in a few communi- : ties affected by > the armament Roger Budrow boom, there is . no housin shortage, so why should rents 2 up? the magazine asks. othing, household equipment and automo- } biles are tending toward higher prices but no significant inflation is expected for some time. inally are such miscellaneous ite S$ as utility. services, insurance premiums, operation and maintenance ‘of your car, interest on debt, taxes on your home if you own one, medical and dental care, the cook’s . wages, amusement and recreation, ‘Junior’s college bills, ete.

fixed. You needn't fear any sub‘stantial inflation in this general area.” ” ” ” * WALL STREET was disappointed fast week over failure of the stock ‘market to make a better showing on the British successes in Egypt. It ascribed lack of demand for stocks to the persistence of tax:selling which is expected soon to be cleared up. Heaviest of this sort, of

- gelling has been in the low-priced 1300.28

shares such as Commonwealth & Southern, -Schulte, Seaboard Air Line Railway and New Haven.

~ ® » 2

ODDS AND ENDS: U. S. sent 71|~

million pounds of condensed milk, milk powder and other preserved milk to Britain the first 10 months of .this year compared with only 274,000 pounds last year. Britain used to buy it from continental sources now cut off... . The Agricultural Marketing Service says early inspections indicate a corn crop of lower, quality than last year’s unusually good est. . Colombia, in the next 10 to 20 years, will pay 45 million dollars to American bondholders on Colombian bonds that have been in arrears. . Ernest T. Weir, National Steel Corp: chairman, reports 10. per cent .of his company’s steel is being ex- ' ported. . . . Indiana ranked third among Corn Belt states in planting hybrid this year, according to Middle West Soil Improvement Committee. Iowa was first and Illinois gegond,

of PENALIZED FOR

FRAUDULENT -GLAIMS 3%

Ninety-one persons have been fined, sentenced to jail or both for fraudulently claiming. unemployment benefits and 21 others have re-

ceived heavy penalties for forging %

signatures of beneficiariés to job in-|3 surance checks, the State Unemployment Compensation Division reported today. Wilfred Jessup, Division director, also revealed a number of other cases are under investigation. More than $75,000 in illegally claimed benefits have been recovered and returned to the fund during the 32 months that job insurance payments have been made in Indiana, he said.

DAILY PRICE INDEX NEW: YORK, Dec. 16 (U. P.).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United ‘Press (1930-32 average equals 100):

Saturday .. Week AgO ... Month Ag0 ..... Year Ago _ 1940 High (Nov. 29) ... 1940 Low (Aug. 19)

Plastics Plant For New Jersey

BOUND BROOK, N. J, Dec. 16 (U. P.).—A new plastics plant costing “several millions of dollars” will be ‘erected here next year by the Union Carbide & Carbon Corp. it was announced today. Construction will get under way this month on a 200-acre tract adjoining ‘the Bakelite Corp. . plant, another Union Carbide unit, and is expected to be completed within eight of nine months. The’ new plant will manufacture vinylite plastic, a product of vinyl resins which has been on the market for several months and which, according to Union Carbide chemists, can be used ih more products

S000 0000000 123.09 ves 124.19 roses 124.32

Most of D these costs are either standard or D

csbavivrsssrress ss 1204000 ssc00sssnsserne 123.89 $4.5

PRICES ON HOGS RISE 25 CENTS

Top Boosted to $6.55 Here; 13,000 Are Received; Vealers Steady.

Hog prices spurted 25 cents higher at Indianapolis stockyards today, chiefly because fewer hogs were received, the ‘Agricultural Marketing Service reported. The top rose to $6.55 for good and choice 220 to 230-pounders. Vealers were steady with a top at $12. The Marketing Service reported 1460 salable cattle were received here today, 506 calves, 13,000 hogs and 2725 sheep.

Receipts

Barrows znd Gils | Packing Sows Guod to Choi 1Good to Choice— 120- 140 $ 5. 15 S 5.65! 270- 300 $ 3 Zo. 5.85 140- 160. 5.50- 6.30] 300- 330.. 0- 5.80 ‘ 2 8: 5.15

5.60- 5.75 5.50- 5.65 5.35- 5.60

500. . 5- 5,60 6. 21 er Flas |Medium and Good-— 6.20) 90- 120.. 4. 65 5.25

Slaughter Cattle & Vealers (Receipts, 1460)

..$ 6.75- 1.25

6.50- 7.25 5.50- 6.50

4.75- 5.50 rs

common. eale

0.25- 30 Good and choice... 10.50-12.00 7.50-10.25| Common and 7.75-10.25| -medium. $33 9. -50

ommon— : u 750-1100. 6.50- 7.50] Steers, Heifers Choi ; 5000 F50Good— 500- 750.

m— 75-1100. 1100-1300.

and Stocker Cattle (Recetuis: 506) 1 ’ 11.26-12.78| Choicens To 9.25-10.00

0. : 9.50-11.25i 800-1050. * 9.25-10.00

2 Good— Heifers 500- 800.. 8.25- 9.25 Choice— 800-1050.. 8.25- 9.25 750- 900. 11.00-12.25 Medium— | 00. 97.25- 8.25

ood— 500- : 750- 500. 9.50-11.00/Common— Medium 6.00- 7.25 Calves " (steers)

500- - 100 7.50- '9.50| Com |Good and choice— 500- 900. 6.00- 7. Lt down. 9.00-11.00 a

Cow wn. 8.00- 9.00 ’ 6. 00- 7. 25) ° a (heifers) 5.50- 6.00|Good and Choice— Cutter and 2 2 own 8.25-10.00 common 4.50- 5.50 M Canner. 3.75- 4.50] Moo ‘down 7.00- 8.25 SHEEP AND CATTLE (Receipts, 2725) Lambs

Good and choice Medium and good

Good ... Medium ..

$ 9.25- 9.75 8.25- 9.00 5 00- 8.00 Yearling Wethers Good and choice Medium

7.25- 8.00 6.75- 7.25

Ewes (wooled)

Good and choice Common and medium.

CHICAGO LIVESTOCK

CHICAGO, Dec. 16 (U. P.).—Hogs—Rei 21,000; active, generally 10@ 15¢ op $6.45; bulk good 2nd choice averages, $6.30@86. $6.3 p; well-finished -180- 200: 3. [email protected]; good packing Sows, bs. down, [email protected]; ne kinds, [email protected]. Cattle Receipts, 12,000; calves, 1200; medium to good rade steers, yearnings and yearling heifers predominating In crop; early steer trade steady on all on? little done, however, and trade 11 on other than strictly good and choice verings: most: early sales, [email protected]; much. in :crop of value to sell above 3. 25° $15 bid on choice and prime wont steers; load choice 1400-1b. bullocks, $1 stockers and feeders scarce, fully steady, mostly = [email protected]; - choice heifers firm,

others slow, steady; choice to prime 976 1 COWS | Tnd &

1b. averages, $13 w above $11; strong to $6 downward: bulls strong; weighty Sausage offerings to $7.35; vealers steady at $10.50 down: mostly $9@10. By i 5000; little done early; most packer bids around 25c lower on fat lambs; asking prices stron ger or about $9.3 50n good to choice fia good to choice native is "to traders around steady at $9.25; asking above § on best yearlings.

OTHER LIVESTOCK

CINCINNATI, Dec. 16 (U. P.).—Hogs — Salable, 3200; total, “4100: holdovers, none; most weights. 15¢ higher’ 160-180 1bs., 20c | up and offerings under 140 1lbs.: ‘sows | steady; top, $6. >a on 180-250-1b. weights; 250-300 1bs., $6.40; 300-350 lbs., $6.15@ 625; 160-180 1lbs., %. 45; 140-160 lbs., $3.75 @86: 100-140 lbs. $4 [email protected]; packing SOWS, $4 75@ 5.25. Cattle_Salable, 1100; total, 1250; calves, ediu nd good steers around 850$9. 25@10: heifers around $9.25@ cutter and. common heifers and . cutter and comnion, canners, [email protected]; sausage tbs, few sales

he 390; $9.50@9. 75: ewes, $1. [email protected], on erat $3.

FT. WAYNE, Dec. 16 (U. P.). 20@25 Sorts higher; 220. 240 ,25; 180- 200 1bs.,

— Ho 1s. St $6. 20

150-160 Ibs. i 1bs., $5 bs., $4.75; roughs. $5.25; stags, $4; calves, a 50; lambs, $9.25.

BUSINESS AT A GLANCE

By UNITED PRESS

New York Central R. R. Co. Ten months ended Oct. 31 net income $5,278,336 vs. net loss $1,554,079 year

ago. Pittsburgh & Lake Erie R. R. Co. Ten months ended Oct. 31 net income $3,973,005 equal to $4.60 sa share vs. $2,108,896 or $2.44 year ago. Southern Pacific Co. Ten months ended Oct. 31 net income $1,619,749 vs. $1,653,241 year ago. DIVIDENDS Continental Steel Corp. Fifty cents on common payable Dec. 26 record Dec. 19, bringing total payments for

than any other known i

3 —

1940 to $1.50 vs. $2 last gear,

ATLANTIDA .'. leading

should include one or gladly send you will show

320 EAST. 42nd STREET:

i 10 EXPORTERS AND THEIR ADVERTISING AGENTS: These Magazines are the LEADERS in ARGENTINA “class” magazine (monthly) J PARA TI... . leading woman's magazine (weekly) | LA CHACRA.. leading farm magazine (monthly)

3 EL GRAFICO . leading sports magazine (weekly) BILLIKEN .... leading child's magazine (monthly)

Bach is dominant in its field. Your advertising program ore. Information which we will

JOSHUA B. POWERS, Inc.

Publishers Representatives

you why.

NEW YORK CITY

New home construction is keeping pace with industrial expansion, according to reports by the Federal Housing Authority. FHA - insured mortgages on privately financed home building in key manufacturing centers show a: 53 per cent increase over 1939. In Indianapolis

» scattering]

o 28 5 ., | Richmond ‘Water Wks ‘58 57.. $5.95;

SUNE-JULY-ALIGUSS JUNE-JULY AUGUSY

FHA sppraital on new construction.

the gain is above the average. -

STATE POULTRY GROLP FORMED

New Organization of Dealers.

A new organization of Indiana poultry dealers has been formed to improve the quality of poultry marketed in the state. ~The organization is the Indiana Poultry and Egg Improvement Association, Inc. Fred Dearmin of Dearmin Produce Co. at ‘Odin is president; Carl Barefoot of The

uo | Barefoot Poultry & Egg Co., Muncie, 3.05 is vice president; and A. M. Feist of

The Wadley Co. at Indianapolis is secretary-treasurer. About 20 dealers are members of the organization now and it is expected 50 will join before the membership drive is completed.

veloped whereby . poultry raisers foi: the poarer grades, instead of just

one price for all grades. It is also expected that a bill will

{be introduced at the forthcoming

Legislature, adding, two members to ing consumers and another repre=

passed, thé new organization would be in. a position to have one of its members j ree esenting the dealers.

BROKERAGE OFFICE HERE TAKEN OVER

Fenner & Beane today took over thie Indianapolis brokerage business |°% formerly operated under ‘the name of Atkins, Hamill & Gates in the Insurance Building. Wilfred E. Smith, manager of the Muncie office of Fenner & Breane, and James T. Hamill, a partner of Atkins, Hamill & Gates, will be joint managers. Atkins, Flamill & Gates henceforth will have no dealing with the public, but will remain an inactive firm until its assets, such as stock exchange memberships, are liquidated. The firm has been local rep-

last five years. iz 4 New York firm with 55 branches in this country and abroad.

N 3 LOCAL ISSUES The following quotations by the Indlangpolis 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. . Stocks Ask Agents Finance gon 0 9 Belt RR 3tk ¥Y Belt RR 5 stk Ys oid 5s. ch Ww. 83%

N ES d Pub | N Ind Pub Serv 6% bl N Ind Pub Serv 1% %% ’ pid. Progress sundry

Union Title Co con Van Camp Milk pid.. {Van Camp Milk com i Bonds

American Loan 5s 51 American Ioan 5s 46 Citizens Ind Tel 4Ys 61 fraboy ie olds-Tavior 5s 42.

ndpls P&L 3Y% ndpls Railwa} ndpls Water s 6 Kokemo Water Works 5s 58.. Sohne Packing Co 4'%s 59 . Morris 5&16 Stores 5s 50 Muncie Water Works 5s 85.. t_ Silk Hosiery 5 42 nd Serv 3%s 69..

td dd ed et pt dh fd od id dod $d

he 6%

Trac Term Coro 58 57

' U. 8. STATEMENT

WASHINGTON, Dee. 16 (U. P.).—Gov-|N>4

ernment curent fiscal year hig pared with a year ago

This Yea ast Yea . $4,420, 548, 26. 33 $h aie. 35. 326. 3 2,468,263,820. 7,928. x 952,284,441. 9 : i 841" 398. 00 ]2 33,254,191.99 1, 3,798.00 1,865. 3 5.0 £4 3

expenses and receipts for the h Dec. 13, com-

Expenses . Receipts .. Gross pet. Net Def... Cash Bal.. Work Bai. . Pub Debt. 3%, y Gold Res...21,886,663 ,107,683.9 Customs .. .142,348,546.68 162, 95( ).461.63

BANK CLEARINGS DROP MODERATELY

NEW YORK, Dec. 16 (U. P.).— Bank clearings in 23 leading cities

moderately below the preceding sponding 1939 period for the sixth successive week, Dun & Bradstreet, Inc., reported today. Transactions in the measured cities for the latest’ week amounted to $5,597,765,000, a gain of 1.2 per

period’s total of $5,530,334,000, and

Dreyinee week.

Fred Dearmin of Odin Heads [Au

the State Egg Board—one represent |

senting dealers. If the measure is|g

resentative for Fenner & Beane the gg Fenner & Beane}

303.000 °

in the week ended Dec. 11 dipped |B

compared with $6,114,832, 000 in the Std

High Low

edie 41% orp 1a Ch oww 10%

aif "3614

.e 247s 2

Atl Refining .

Bald Loco ct .. 17% Balt & Ohio 3a Bangor & Ar of 30% Barber Asphlt . 10a Beth Stee TY Black & Decker Josing «3

n Boston & Me oe jucyrus-Erie ..

Mr. Feist said ‘plans will be de-|Ganad

would be paid higher prices for bet- So ter quality poultry and lower prices | Chrysler

Climax "Moly Co Cluett Peab . 3 Colum Gas ... .Com Credit ..

Cong-Nairn ... Cons Aircraft .

Crucible pf . Cudahy cae Eidan Pub ....

Curtiss-Wr . Curtiss-Wr A..

8 1% . 28% i vane 12 12 18% ‘18% 184% 1647

—Ey

33% 3

12 18

164

Del & Hud . Dist er i Dresser, 1g + .

East Alr LEast Kodak .... Elec Auto-L oo Elec & Mus Ind Elec Pwr & Lt.. 4% El Pali | Fs pf 4 coat oY oo 41 67s . 7-16 Ys.

sn Fair Morse 451, Fed Wat 8S A % Fid Phen ..y.,+.39 °° Firestone T' ... 15%

Eng Pub Ss Pause Bldg ..

451% Ya 38% 15%

Cable A... 1 Electric .. ds. 3

Gen Gen

Gt Nor Ore ..) Gt North pf ... Gre vhornd: Cp... Gull Mobile&Oh 9 He 3% . 9-18 caf

12% 11

Hayes Mfg .... 9-18

Hupp Motor .

Inspiratn® Cop.. Interlake Ir .. Int M ne 97% 237% 15% 70

61% 105%

Johns-Man Jones & L 7 of 10594

Kennecott

2 Kelsey-Haves A 8.5 2

Leh P Cem.... Leh Val R R.. a Lehm 21

an L-O-F Gla 43 fockhd Atrerafi

ueller Br .... 22 urphy G C ..

No . No Bacio. viese

33-11 ohio. Oil

Otis Elev Outlet

5 | Owens Til ‘Glass

Pac an Fish... Pac a8]

enn : Peoples Dr suis Pere Mat pr pf. Phelps Dodge. Read c I

week but held above the corre boy

Pullman «s.esss 26

Republic St... 23 Richfield Oil ..

Servel Inc .

cent over the corresponding 1939 South Pac

18%:

Std O Cal Std Oil NJ ... 33%

MORTGAGE LOANS ON HOME

Loans for new purchases—and to refinance present property. We invite you to call and discuss your financing plans with us.

THE UNION TRUST COMPANY.

Capital and Surplus $3,000,000.00 Member Federal Deposit Insurance

Corporation

an - 10% Va

3014 12% 2%

12% 1 11

% Net: Last Change

Ya Ya

‘1 — ty pt —-— Ys

ar — Ya Vo CRC

. ® | ward Bak pf .

3, |W Va

Ya 3

33%

1-16 | Week Ago ....

120th Cent-

Ys | Young Stl Dr.. 17

N. Y: STOCKS

8y UNITED PRESS

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS : —0.04 +0.17

Saturday

Month Ago ... Year Ago ...ce.c0d.s High (1940), 152.80; Low, 111.84. High (1939), 15.92; Low, 121.44, . 20 RAILROADS Week ARO .ccoivesnncenrcnnsns Month Age Year Age High (1940), 32.67; Low, 22.14. High (1939), 35.90; Low, 24.14. 13 UTILITIES Saturday .......0.0 $oseseses Week Ago : Month Ago Year Ago High (1940), High . (1939),

26.45; 27.10;

Low, Low,

: Net Last . Change 1% 16%2 22

High Low Superior Oil .. 1% 1; Superior Stl :.. 16% 1613. Swift & Cao 22.23

ree 39% 39% 6%2 6%

39%, 6%

Texas Corp,

Und. Ell Riel oe 3 Union B & P Union Carb ... 7 T%

Un Air Lines .. United Corp ... United Corp United C| pt . Un Gas Un Mer & Pits 1, 9 Tob eeeis & or

Vanadium Vick Chem ...

34 Bn 43 —We— 14% | 14% 3s 35 | 20Y2 il 118, 17%. 11%

Weyne ) Bros oe ayne Pu pW Pa of i

West Hh Su Air Bes. 03% 10974 16 32, 32%

p 25 , 200s 102%

ot 6% 16 Woodwara Iron 35 Vy 32% Woolworth 32 12 32Ya —— 15%, 41%

Yellow Tr Young Sheet ..

15% 41% 17

15% 8 ll — 3

LOCAL PRODUCE

Heavy breed hens, 12c: bareback hens, llc; Leghorn hens, 8c; bareback Leghorn

s thens, 7c; Barred and White Rock spring-

Yy 13 367%

ers, 13c; other colored heavy breed springers, 1l2c; horn springers, pe bareback springers, 9¢; old roosters, 6c. urkeys—Young fom, No. 1 : 17c; k> ¥ Ton eb

tc! 1c. Ducks, ‘full feathered and fat, White > lbs. and over, fc; white, under 5 1bs. colored, 5 lbs. and over, 6¢; under 5 wo! 5c: geese, full feathered and fat, 7c. Indiana Grade A large exes, 25¢; Indiana Grade A medium eggs, 22c¢; small Grade A and No. 2 oo Sire) no fre 1%e, Butter—No. 1, 391s No. 6 c¢. Butterfat-—No." Tae s (Country pickup ies SLE oe ‘the

« | Wadley Co.)

is rencies

: FOREIGN EXCHANGE

ORK. Dec. 18 (U. P.).—Following: are YORX cable ‘rates on major curable Rates Net Chg. England {pounds eae $4. 037% —. 00% Canada Hol lar) « .

Pinland Ta harkka) 3witzerland (franc) vole Sweden (krona) Japan (yen) .. Mexico (peso)

shosese . 5

We’ ve Sought,

Ross said today.

mote business welfare,” he declared. The dean of Butler University’s business school told Indianapolis

2 is |member of Chartered Life Under-

H+

FRI EEE

. > oe

sli #l 1s

ta No

PEELE HL +0 0 ps . - . .

FE FEES FEE

4 I++:

wn [eves

writers, meeting at the Columbia Club, that four factors which de4 veloped, between 1933 and 1940, in

asthe past have always resulted in

boom activity. These factors are accumulated depression shortages; building up of an unprecedented supply ‘of money based on 75 per cent of world’s gold supply held by U. 8S. and bank deposits of about four billion higher than in 1929; interest rates at an all-time low; and a world-wide tendency toward inflation. On the other hand, “certain retarding factors! developed during the last decade,” Dean Ross said.

se @|at a slow: pace. .

* |REPORT CITES OF RAILROADS

$15,000 Was ‘Tail Wagging $3,000,000,000 Dog,’ Senators Charge.

WASHINGTON, Dec. 16 (U. PJ). -—Two members of a Senate Interstate Commerce subcommittee charged today that George A. Ball, Muncie, Ind., manufacturer, managed to obtain control of $3,000, 000,000 worth of railroad assets through ownership of $15,000 of stock in the Mid-America. Corp. Senators Burton. K. Wheeler (D. Mont.) and Harry S. Truman said Mid-America was .a “mere portable. convenience which could be. taken along by a businessman’ on a trip, as one takes a traveling bag.” Their investigations, they added, showed that a “very small tail was wagging a very large dog.” The subcommittee, which has "been investigating railroads and railroad holding companies, reported that Mid-America was set up as a holding company by the Van Sweringens to salvage their

basis of their vast railroad empire. Two-thirds of the necessary money for incorporation was supplied’ by Mr. Ball and one-third by George A. Tomlinson, Van Sweringen at-

02 torney.

Meet in ‘Hotel Room’ ~ The hglding company was So 5| obviously a “personal basket,” the two Senators said, that its first “directors meeting was held in a

‘| New York hotel room although

Mid-America was incorporated in Ohio and its only office was in Cleveland. The last meeting, “before it was discarded like a cast-off shoe,” was held in a different New York hotel room, they added. The Van Sweringen brothers died before they could benefit from the Mid-American setup, and control passed :to- Mr. Ball, the two Senators reported. Through his ownership of $15,000 he found himself in a position to control $3,000,000,000 worth of railroad assets formerly belonging to the Van Sweringens, although much: of the assets were tied up in bankruptey courts. Change in Law Asked

Control of. these assets gave Mr. Ball the power to influence the | the disbursements of a quarter.of a million dollars annually for railroad supplies and salaries, it was charged. From this situation, the report said, “there results a dangerous concentration of power in the hands of individuals and the

| temptation to misuse that power.”

The report called for amendment

‘lof existing laws which permit the | “passing of railroad and related

properties from holding company to holding company beyond the reach of the Interstate’ Commerce Commission.”

y #

WHEAT, “CORN SELL SOMEWHAT LOWER

CHICAGO, Dec. 16° (U.: P)— Wheat prices on the ‘Board of Trade lost a minor fraction of a cent at the opening today. Trade continued Other. grains followed the action of. the bread cereal. At the end of. the first hour, wheat was off % 10 14 cent, Degember, 80@ 87; c.. Corn’ was unchanged to off Yc; oats off lc; rye off 1c, and soy beans dipped % to 1c. WAGON WHEAT:

I tors are pa) 3 aubect hg Sane

0 No. 4 new yellow shelled

No. 4 white shelled corn. ig Ne Vite oats, 32c.

Sy — Is N ew datry, Dean Ross Says

The armament industry is the new industry America has been seeking the past 10 yeafs to end unemployment of labor and capital, Dr. M. O.

But “it is a tragic circumstance ‘that the stimulation we have been seeking is coming from the production of weapons of destruction rather than from goods which tend to increase standards of living and pro-

“There was doubt and uncertainty as to the use to which the newlyacquired economic powers of the Federal Government over agricul-

ture, industry, trade and commerce would be put. “The national population increased only 7 per cent from 1930 to 1940 as compared to an increase of 16.1 per cent from 1920 to .1930. « “Another significant retarding factor was the failure to develop a vast new industry to give employi to unemployed capital and la= or But rearmament has changed the economic picture :- in this country now and “industrial activity is pick< ing up at an amazing rate.”

National Optical Stores. Co.

CHRISTMAS SPECIAL!

GIVE GLASSES FOR XMAS A really useful gift for yourself or loved one. with “Engraved Gold Filled” rimless mountings and perfect vision TORIC lenses, for far or near vision, at lowest factory prices. All lenses ground on prescription of Licensed Doctor.

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124 W. Wash. St..

Open Tues.,” Thurs. and Sat. Eves. i to 9 P. M. Stores in pXineipal Cities. Founded 1897 !

LOA

= Oldest Loan . Brokers in the State

The CHICAG

146 E. WASHINGTON ST.

on Everything!

Diamonds, Watches, Autos, Cameras, Clothing, Shotguns, Ete. JEWELRY - COxlne.

BALL CONTROL |

holding in the Allegheny Corp.,

Arnold Joerns, president of Resources -Corporation International, and other company officials, were named in an indictment returned "by the Federal Grand Jury ai Chicago on charges that they defrauded hundreds of investors of seven million dollars by fraudulent sales of stock in Mexican timber development.

STOCKS LIST. TURNS LOWER

Little Attention Paid to Favorable Business Reports.

NEW YORK, Dec. 16 (U. P). — Stocks turned lower in afiernoon trading today after early irregularity. Losses extended to a point in leading issues. A few special stocks held advances ranging to 3 points in Jones & Laughlin preferred, which made a new high. ¢ Around the end of the third hour Bethlehem Steel was at 75%, off 1; U. S. Steel, 69%, off 32; Montgomery. Ward, 373%, up %; Woolworth, 32, off %: Union Carbide, 71%, off 4; Chrysler, 15%, on 1; Eastern Air Lines, 333, off 7 . Sears ‘Roebuck, 77%, off 3, and ii Airlines, 59, off 1. Business news continued. tavorable, although little attention was paid to it. Tax selling went ahead in many issues and this accounted for inability of the list to recover,

NEW PLAN FOR ‘PLANE MAKING WILL BE TOLD

Labor Leader Says Unused Capacity of Auto Firms Is Basis.

CHICAGO, Dec. 168 (U. P.) —Details of a plan by which the unused capacity of the automobile industry can be made to produce 500 airplanes a day will be revealed by: & Detroit labor group next week-end, I. F. Stone, Washington editor of Nation Magazine, announced on the University of Chicago Sunday. round table broadcast. Mr. Stone said the plan had been placed before William & Knudsen, director of national defense produce tion, three months ago. He said the plan included the manufacture of plane cbody parts and aircraft

‘|motors through sub-contracting of

parts orders to numerous plants but was not concerned with the assem-

| bly of planes. Mr. Stone appeared on the round : table broadcast with Paul Hoffman, president of Studebaker Corp.; ‘Harold 8. Vance, former member of the National Defense Advisory Commission, and Neil H. Jacoby, University of Chicago economist. He defended labor from charges ‘that defense production had been slowed by organized workers and said strikes had been responsible for

‘| the loss of only 10 working days in

the aviation industry since the start of the European war. Mr. Hoffman defended manuface turers from criticism that they had gone on a “sit-down” strike on the defense program by explaining that only 20 per cent of the automotive industry’s machinéry could be cone verted rapidly to war production on an assembly line basis. He said a minimum of 10 months would be required to make the normal annual éhanges in design for automobiles alone. Mr. Jacoby, who summarized the - discussion, ‘absolved labor, industry and Government of individual responsibility for defense production lag. “Familiarity with the problems being met and solved by these groups would ‘demonstrate that delay is unavoidable,” he said. “Ine creased production to-satisfy the na« tion's needs is already resulting from

experts said.

FENNER

“WILFRED E. SMITH

: December 16, 1940

MEMBERS NEW YORK STOCK EXCHANGE and other leading Exchanges

Announce the opening of a BRANCH OFFICE "

INDIANAPOLIS 10 EAST MARKET STREET Riley-7521

{

Co-managers

the S3-operation between these groups.” :

& BEANE

JAMES T. HAMILL * ~

ie WHILE THE REST OF THE TOWN SLEEPS HAAG'S ALL-NIGHT: DRUG STORE

22d and Meridian IS OPEN

KNOERLE TIRE GO., Inc.

2421 N. Meridian St. BEART

Distributors fof

U. S. | TIRES

Exacting . . . WATCH REPAIRING AT LOWEST PRICES

STANLEY JEWELRY CO.

113 W. Wash. Lincoln Hotel Bldg.

Make Woodworking Your Hebby. Use

DELTA MOTOR DRIVEN TOOLS Exclusively at =

VONNEGUT’S

120 EB. Washington St.

LOANS THE INDIANA TRUST C0.

Allied With The Merchants National Bank |

——

USED TIRE | BARGAINS ope veOOEIDROOTS

GOODYEAR SERVICE STORE

Delaware at Walnut = RI-1436

MACHINIST 181, W. South LI-6212

MARILYN FURS

A Better Fur Coat

| LEON

Te]

GEO. J. EGENOLF.

FUR COATS Largest Selection in the

INDIANA FUR GO.

29-31 East OHIO St.

NYaeRd

TO MEN, WOMEN and CHILDREN

MODERN CREDIT? stons 29 W. Wash. ftsss Ronis DRESS-U

NO MONEY DOWN

Begin Conyenient Payments Next a

OPEN EVERY NiGnT Except. Friday XMAS TAILORING CO.

235 AVE SAXOPHONE

ms E. Ohio St. LL. 4088 Hunting

tnting 62.99, $3.98, $4.98

KINNEY'S

138 E. WASHINGTON ST,

For Less Money! .