Indianapolis Times, Indianapolis, Marion County, 9 January 1941 — Page 22
THURSDAY, JAN. 9, 1941
), BUSINESS
Scrap Steel Dealers Told to Cut | Prices or Government Will Do It By ROGER BUDROW «==
THE DEFENSE COMMISSION HAS CRACKED dws For several months now the
on the scrap steel dealers.
og price of scrap steel has been There have been charges that the metal was be ing “hoarded” by dealers to force prices higher. Current, too, are reports that dealers are “raiding” each other's territory| ‘and: charging the steel mills higher prices because they have to go farther afield to obtain the scrap.
This week the Commision ‘‘sug'gested” that scrap steel prices, now ranging. between $23.50 and $24 a ton, be reduced to not more than . $20 a fon. Un< “suggesis folthe Comthreat-~ “clrastic
less. its tion” lowed, mission ened steps.” The | demand that prices be reducec. is the “most drastic action pn prices that has been taken by any G ove rnmental authority” since the world War, Iron Age magazine declared. - Iron Age said it is the first time that the Defense Commission “has really made any dictatorial attempt to control prices, its previous efforts having been confined to per= suasion.” The importance of ste¢l scrap prices is not hard to understand. Steel is our basic industry, | If steel scrap becomes more expensive, the price of finished steel becomes dearer. Inasmuch as steel is the foundation of all our big manufacturing, the effect of higher steel prices would force production costs upward in thousands of factories. And at this stage in the defense program, the Commission | doesn’t want such a thing to happen. » » 8 CONVEYOR BELT technic applied to ‘key defense industries would step up production appreciably, Paul W. Van Order, manager of B. F. Goodrich Co.’s| beliing | ! division, believes. Use of the conveyor belt has cut the processing and assembly times in tank, plane and gun factories ‘and shipyards “far below the mu ini-/ mums of the first World War,” he
said, 2 » ”
BURLEY TOBACCO growers in Indiana prefer marketing qubtas set up for a three-year period instead of one, a final count by thp Agriculture Department shows. In all 3113 voted for a three-year quota, 172 for one year only but 1417 are against qudtas altogether. Most of the burley tobacco. in this state is grown in Clark, Dearborn, Harrison, Jefferson, Jennings, Ohio, Spencer and Switzeriand counties. In the voting for dark air-cured marketing quotas; 77 voted for three years, 11 for one year and 25 against quotas. Spencer and Warrick counties grow most of this. EJ “ # f ODDS AND ENDS: Defense and
Roger Budrow
other Federal funds boosted Puerto.
Rico’s buying power in 1940 enabling her to spend 100 million dollars for U. 8. goods, most in 20 years. . . .
- War risk insurance rates on cotton i
shipments from Egypt to England ° have been reduced. . . .| Soviet
.agents- are trying hard to secure |-
machine tools for early shipment aren’t having much success, erican Machinist reports. . . biirgh Plate Glass Co. today nounced a new glass developed ! suse” on sub-stratosphere aires whose pressurized cabins ree strong, tightly sealed windows. glass if broken, will not leave frame or release the cabin preste because its middle layer is Jxible and can be . bolted down. Spain is reported negotiating for 12 million bushels of Argentine |} wheat.
v yy \ LOCAL ISSUES The 1 flowing Syictanions by the /Indlanapolis rp. do .of repree sent actual 4 of offerings. but mere! jRdicary the’ approximate market level sed on buying and selling quotafions of recent transactions . t : Stocks ents Finance Corp com.... RR & St
om Ft Wavne 7% ofd’ # Ind Asso ae Co §6
& M E d 2% og Sn D ig Is Sra Elec. T% s com
3 Is P&L
Bo Boon 5% td. 1 nion. Title Co con » i 30 Van Camp Milk p Van Camp Milk Som . Bonds
American Loan js 1 American Loan
Ex- divide:
LOCAL PRODUCE
12¢: bareback hens, hens, 8c; bareback Leghorn Barred and White Rock : other colored heavy ve. 136} leghor) springers, springers, 9c: old roosters, 6c. large eggs, 8c: 7c; Indiana '? eges, 12c;
a3 sas: No. 2, 31% 29c.
88 |%[email protected]
mounting.
TOP HOG PRICE SOARS TO $7.85
rm ———
Heavier | Weights Benefit Most in Upturn Here; 8050 Received.
The top price paid at Indianapolis stockyards for hogs soared to $7.85 today, the Agricultural Marketing Service reported, highest since last September. Weights between 160 and 250 pounds were 15 [to 25 cents abive yesterday while heavier weights advanced 10 cents and weights uncer 160 pounds remained unchanged from yesterday. | The $7.75 top was paid for gcod and choice 240 to 230-pounde:s. Vealers were strong to 50 cents | p higher with a $13.50 top. The Marketing Service reported 087 salable cattle, 474 calves, 8020 hogs and 3050 sheep were received.
Dee. ? ec. an. . Jan. Jan, Jan, Jan. Jan, Jan.
Packing Sews
ood 10 aT 6. 80wt. 6.45-
Barrows and Gills |
ood to Choice—- |300! - 140 $ 6.00- 6.60 370- 200.. 140- 160. 6.5 8 330.. 160- 180. 180- 200. 200- 220. 220- 240. 240- 270. 270- 300. 300- 330 330- 340. Medium— 160- 200. 6.75 7.00]
Slaghter Cattle & iVealers a: 980)
| gn [(Yeariings excluded) $12.50-14.00/Beef-— . 13.25-14.175 Good 7.75- 8.05 1100- 1300. 13.25:14. 3 A ol 1300-1500. 13.50-14,75 : 7.75- 8.00 ood— 7.00- 7.75 750- 900. 1 9800-1100.
1100-1300. 10.75-13.50 Food and oice.. 12.50-13.t)
1300-1500. Medium — 70-1100. 8.50-10. 13(Common and 8.5010. Bl medium . 8. 200-1180 00- 8.0 7.00- 8. 50]
1100-1300. ommon— 780-1100. and 3 8t ooh Cattle Steers, Heifers { tee: Choice— (Recerny 474) 500- 750 11.50-12.75/Choice— 000+ 0-800 9.25-10. ol 500- “750 10.00-11.801¢ 900-1030. 9.235-10.0 Good -—
Heifers 300 3%. 8.50- 9.25 holce— 050.. 8.50- 9.25 750- 00 11.50-12.50| a0: 7.50- 8.50
Good ~ hire 900 10.00-11.50/Comman— 0 6.50- 17.50)
Medium— , 500- 900. 8.00-10 00} Caives “(steers) ommon-— and choice— 500~ 900. 6.50- 8.00] 30 Sewn. 9.00-11. 0( 1500 fown. 8.0017.0 - 8. 00 Calves (heifers) 4.95 1.00/Good and choice— 1.500 down. 8.25-10.0¢ . AaMediu Canner... 4.00- 5.00) 500 own. 7.00- 8.2
SHEEP: AND Las (Receipls, 3050)
Good and ‘choice 8.75- 9.50
Medium and ‘good
| sented the Terre Haute
a : — THE INDIANAPOLIS TIMES - Pork Prices Show Slow Rooney
|
PERCENT L [
120
__ Income from cattle
f
Income of
_—
industrial workers
Income from hogs"
“ry / | I l
192) 1922 1924
demand for The Depart: in hog prices
GAS PURCHASE SUIT IS FILED
Injunction Sought Against Sale of Terre Haute Utilitizs Property.
P.).—An injuiiction suit seeking to block purchase of Indiana Gas Utilities Co. properties by the newly formed Teire Haute Gas Corp. has been filed|in Vigo Court No. 2. The action, filed in the name of
ice Commissipn order authorizing the purchase yas obtained by fraud. It named deféndants the contracting firms anc¢ co
The complai nt, asking a permanent injunction against the transaction, alleges! and Cook’s son, David, who reprefirm commission hearings, “confederated, conspired and zonnived together” to enter the orde:, The suit cherged Cooks previously had declined tp act in hearings because his son’ was a member of the corporaticn’s legal staff, and
during the heering. Both Cook and McCarty signgd the order, but Stuckey, who heard . the evidence, dissented, Last Thursd ay the 'Commission buy for $1,250 0)0 Terre Haute, West
properties of I hdiana Gas Utilities.
AUTOMOEILE SHARES WEAK ON BIG BOARD
NEW YORK, Jan. 9 (U. P).—
9.00| Weakness in aijtomobile shares and |. | strength in sp; peal issues featured
the stock mark ot today. The main |E! list made an iriegular advance with price’ changes small and dealings light. Otis Steel first convertible preferred made a new high at 50%,
7.25- 8.5(C Yearling Weathers
Good and choicp i 8.25
Ewes (wooled)
Good and choice .!. . wesinsuee 3.26- 4.00 Commis and me adinm 2.50- 17. |
CHICAGO LIVESTOCK
Hose 1 116,000; opened active and later trade nosy, 4
hm 3 . $7 20@
oe Receiiy 0 cents he
some 270-300-1b. averages, 180: 4 packing sows, 400 Ibs. Wg 5. oases: most 400-500-1b. vd @6.40; heavier weirhts, $5.75@8. Cattle—Re eipts, 5000; calves, 700; steer | trade moderately active, strong to 25 cents, mostly 10 to 15 cents higher: Roi ing strictly Y choive in run; good grades predomiliating at "35 hm Th: top, 14.35 for )=-1b. steers of long yearling type; Best eiters, $11; this class steady; bulk [email protected]; cows active, By to 15 cents Yiaber: Jel ty. cutter | on common beef cow type to $ 3; bulls | unghange heavy sausage and cho od: " weighty vealers
7000; late Wednesda A steady to
Bull vealers, ulls 2° $8,
'0 has; Receipts, fat HA Conn cents lower;
85. 50: lambs
odey’'s trade; slow,
rices; good to cholte fed wooled lambs
eld above $10: some early .ales around steady, $9.85@10.
3 Y OTHER LIVESTOCK CINCINNATI, Jan, 9 (U. P.).olo —_ Receipts, 2675; achive, uneven Ea 25 cents higher; tops $7.85; 100- V0 $5.75 || 26.30; . s0 5 cents higher; mostly Cattle—Receipts: 550; calves, 200; steers and heifers inclined: ta be slow: lots, $11.50 @12 with good 1160-lb, weights ot outside; medium beef cows arou $6.50; vealers weak to 50 cents lower. ood and choice, 2@13. Sheep—Receipts, 100; nominally steady early, Good and choice
on light SR 85-1b. native. lambs listed, [email protected];
trucked in 8,50 :
ob 8 ioe don 50°
Jan to 0 ol WH 200-250 do $6. Yai. 20; A own, $8.75@9. 75.
YNE. Ji An, |
Maen Y. Oc Tib:30 200 S560: . 325 Js. ve rough S, lambs,
$5.75;
a 13tbe. $10. % gs.
$19; HONSBERGIER APPOINTED PITTSBURGH, Jan, 9 (U., P.).— The appointment of CG. W. Honsberger as manager of the Westinghouse Electric & * Manufacturing
120 ¥ $4.50; calves,
Co.'s Louisville office was announced
9. load | fed Western Joa "25 cents || i 5. Det no early|s 3 largely account |; strong to fully 256 ‘cents higher asking|
k (00 bales and mil!
up 4 points. Columbia Gas pre-|g | ferred spurted 3 points. Paramount
and Bush Terrainal preferred cer-|gen g & tificates made new highs for 1940-G
1941.
Min for American Can sent | Cys
that issue up gutlook for ngs repor Sone
all gain. Steels, : aircrafts, coppers lan 1s were fim, Rails met good ‘demand early in the day but receded from the highs when the car loadings report; showed a smaller ‘than season gal in. Bonds were flim with trading the most active tive singe 58 September, 1999,
U.S. S. STATEMENT
WASHINGTON, Jan. 9 (U. P.).—Government ‘expenses and receipts for the current fiscal year through Jan. 17, Sompared with : oa Wear ear --§5.4 063, 944.54 $4, 943, % 9. 139.68 3 03 38. Sa 08 $2,827,7.17,501.97 2,115,711,6317.71
T6456. 425.43
Customs ..
. INDIANAPOLIS CLEARING HOUSE . Clearings
Debits 10,714,000
Hon Rayon Organon said today.
The magazine, published by the "Pextile Economic; Bureau, Inc., asserted that although cotton con= suption in 1940 was a record 8,000,is are operating at 2 present stock of untry is ample to needs.
peak capacity, th ¢otton in this co meet any future At the close of[1940, the Governraent loan-stock was 11,000,000 bales end the latest crop estimate places the probable yi feld at 12,686,000 bales. |{Consumption of raw wool (scoured “ basis) was estimated at 405,000,000 pounds for 1940, the best
“2% | volume since 1948, but stocks of
FRACTURE BEDS Can Be Rented at the New . HAAG'S ALL-NIGHT DRUG STORE 22nd and Meridian | ELINED
; Men's 'EPAIRED
And
OUTFITTERS TO MEN, WOMEN and CHILDREN
MODERN DREDIT STORE 29 W. Wash, | 5"Goponie tn
BUSINESS "EDUCATION
Strong Aecounting, BSockkeeping, Stenogra hic and te retarial courses. nd ov ening (essions. Lincoln
‘apparel wool in {he United States
ai the. end of the year exceeded Supplementing | ‘this supply are
; | adequate quantities of foreign wools : |sént here becaus? of the British
blockade and tke recently concluded SEsceTaRt between the United States ard Great : Britain covering storage of 250,000,000 p;unds of Austr lian wool ol upon
1926
TERRE HAUTE, Ind, Jan. 9 (U.|3x
00 Lenore H. Johnson, Terre Haute), housewife, charged a Public Serv-
commissioners Moie| S20 Cook, Perry McCart and William P - | Stuckey. i
Cook and McCart, |B
at |B
asserted - McCert was ill at home sg
authorized the ‘Terre Haute firm to |S
Terre Haute, Clinton and Brazil (c
'189,327,086.92 Loft.
1928 1930 1932
Net High Low Last Change A:
Adams Exp ... 7 Aan Foduer 11! 40
Air -18 Alrean Lud. sil. 36% Allis-Chal 1
B&LE f 43% pels tA 36%
Rad & Rol Mill .. 18% Ship Bud. 38% T&T 181%.
Am ‘Tobacco Tria Am Woolen pf . 88% Avaconda 27% Armour Ill .. 5 Arm Ill pr pf". . 31% Atc nip on Aa & G & WwW I pf 16 p Refining .. 231% ck [
Aviation Corp . . BY
Jd Loco ct .. Balt & Ohio .. Balt & opl..
Burroughs .....
Canada Dry ... Carriers - Gen 2 Celotex > Ches %
Chi RI&P ..... hickasha C .. 13 hry 70
sler Cluatt Peab oe Colgate-P-P ... 1 Col A Broadcast A ol Broadcas. B Colum .e Com Credit ... Com Inv Tr Comwlith Edison 2 Cons Aircraft. . Edi .
Cont Bak pf Cont Can ie Cont Oil Del '..
Cran . Sracibie” 8st ... Cudah
Curtiss Wr oii: Curtiss Wr A..
ere & Co ..
$ Mig .. Du Pont pf ...
16% * $6 ‘of. 28% > M 4
aa
BH El pvat Pw: End John
+ Toa
Fair, The .. Fed Mogul .... 14 Firestone T ... Flintkote 1
FEN SSF BS w ®
Gamewell Co .. Ind
thE El:
. -
- Pt bt BD Jd bt ht DD CNC
8 ae
t § revhound Co.. Guant Sug f..
rN BENJI BN 24 He]
ioe 31% ev Ba
to
73 14% 90
Homestake Houd-Her
D4: +4442 + * ry Sp 3
13% 13% 6212 82% I 362 36% 26 26
Jarvis Co . Johns-Man ....
. .
+ *
Kenneco'f ..... Breage 48 ..... Kress 27 27 Kroger G&B ... 28% 287% wl 22V, 25% 21%
27% 1814 39% 39 ot
Jaslede Gof... h Cem .
Mack Tr
Rayon oy Gains at The Expense of Silk Usage
NEW YORK, Jan. 9 (U.P.).—New records were established for cotton, wool and rayon consumption in 1940 and the textile industry began s—| (he new year with mill activity at the best levels in history, the publica-
The gain in rayon consumption, however, was at the expense of silk| . usage, which slumped to the lowest levels in
20 years.
which American manufacturers can draw; Rayon yarn ption, in competition with , rose to 390,000,000 | Ari pounds last year, thé magazine said. This volume exceeded the previous record year, 1939; by 8 per cent. Although operating at peak capacity, the rayon filament yarn industry at the close of 1940 had on hand
the irreducible minimum,” the magazine said, adding that at no time last year did supplies exceed two weeks’ needs. Present supplies of silk are believed adequate, inasmuch ‘as 1940 consumption amounted to only 312,+ 867 bales. Total visible supply in Japan at the close of 1940 was said to be “nearly twice” that at the end of 1939, and further evidence of the adequacy of supplies was seen in
Government that the cocoon erop must be reduced 14 per cent next season.
EFITTED ; TT ILC
Da 8387. Frea W. Chee. Drissipal
INS.
on on_ Everything
Diamonds, Watches, Autos, Cameras, Sieinas by Sabie, Ele.
93d"
Industrial workers’ wages and farmers’ income from cattle have turned sharply upward but income from hogs is making slower progress, according to this Agriculture Department chart. There is less foreign pork and lard now and there is more competition from vegetable oils which compete with lard. sent finds consumers are showing more preference for beef and says another unfavorable factor is that processing and distributing costs have increased, affeqting hog prices more than cattle prices.
N. Y. STOCKS
By UNITED PRESS DOW-JONES STOCK AVERAGES
Vs | Week Ago ...
= * 2208s
Ya Virsinlan Br: 4
only four days’ supply, “essentially
og k 1936 1938 1940
1942
30 INDUSTRIALS _ Yesterday .....cocov0eses.., 133.08 essssssnsansses 130.57 Month ARO .c..coeasevscecss 132.14 Year Ago High, 1940-41, 152. 80; low, 111.84. High, 1939, 155.92; low, 121.44. 20 RAILROADS Yesterday .
. | Week Ago...
Month Ago ... Year Ago . High, 1940-41, 32.67: low, 22.14. High, 1088, 35.90; low, 24.14, : 15 UTILITIES: Yesterday ..cccceceenccenss . Week AZO .....vuice0e ssecaes Month Ago .. Year AO ....coneee sseseren High, 1940-41, 26. 45; low, 18. 03. High, 1039, 27.10; low, 20.71.
20.08 19.86
oe. C —0.56
-+0.38 —1.92
+0.01 -+0.01 —0.04 -—0.42
25% 107%
Macy RH 25% 25%; Mkt St Ry pr pf 10% ‘Martin (Glenn) 30 Marup arrP . 12
30s
9%
© 12 52%
3 % ; 24%
o Ya
Mo Pacific . Monsanto ..... 88 Murray
No Amer No Pacific ....
A ghio oil
Oti, TVs Si.B ji Glass "he 49%
Pas An Fish..
Paramt Pict bara Pict Penney
4 .. 3% Je
: ai 8
iB 112 7
Tob B Rifter Dent ...
Safeway 5 pf...
SSanRates
FERRESE JESSE 8
et 0
Swift Int
Texas Cor Te: X Pos . herm moid fhomuson I Pr .. Fimk-D Ax Ta
['ri-Con Twin c RT o
a carb ...
we Boland
-3 £2 OS
tt Dua &
Sh free
Va
dd adiu 5 Vaccaro iF ta
<a
Add lA AAA SSNS RSS asSS << -
Jalwort snnents 6 arner “3 res Of 8 . 20% Jes Oil & 8S pf. 71% Vest 2 Jest t
pl. nion. ... Air ke .
tin, /] t vh son /ilson Bo 0 oodward Tron. 33
oolworth
shor Trier iT 4 00 PRICES
rl Etappies
i "0 8
3 33%
i
29%, h =
Michigan, eal sconsin’
el Sweet Spanish, $1. Tolls a x :
Lu Nothing Hu to A or 0) BE
FREE ERR
Net " Low Last Change
10% + 0 :
» |at Petersburg;
THE HH
HAE id bbb] 4
Ht
HHH]
DHE HEHE ER RIE 3
CC IS
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OWS, § olorado sapan. (yen)
Sensational NEW POLICY Glasses on 10-Day Free Home Trial
10 39 Days Free!
ag Us ntil Satisfied
{major commodities averaged high-
+ | ington for final action.
« |build storm and sanitary sewers in
% : L Sales Executives
| May Co. Chicago, business engi5 dinner meeting of the Indianapolis 4 | Monday at. the Indianapolis Athletic
% gineer to Selling.”
i Air-Conditioning
+ | Kerotest . Manufacturing Co. 2|olis at the Spink-Arms Hotel to-
15 | Pressure,”
1
INDIANA FARM PRICES HIGHER
14 of the 17 Major Products Average Above 1939 Levels. Times Special LAFAYETTE, Jan, standpoint of‘ farm prices, Indiana farmers had a better year in 1940
than in 1939, Purdue University reported today. Fourteen the 1T
er during the year, On Dec. 15 the Indiana farm price index (using 1910-14 as 100) was 96.8 or 1.9 points higher than a month eariier and 7.8 points higher than a year ago. Indianh farm price index: for all of 1940 was 92.5 compared with 91.3 for 1939. Favorable for farmers was the
index on Dec, 15 was 116, the same as a year ago and that the prices paid by U. S. farmers was 122, same as a year earlier. Purchasing power of farm products in Indiana on Dec. 15 was 79 compared with 75 a year ago. Comparison of ‘actual Indiana farm
Avera, 1910-14 $ 58
94
Year 1940
Bz
+ 2
, PRBORD, 3, 255338383338
Wool,
NE PROPOSED WPA PROJECTS APPROVED
Nine proposed WPA projects totaling $1,035,892 have been approved by State WPA Administrator John K. Jennings and submitted to Wash-
Among the proposals is one to
Speedway, costing $40,408. Others include a $298,056 street and alley improvement at Marion; a similar $491,450 project at Ft. Wayne; a $7936 improvement of Linton’s sewage treatment plant; a $16,407 public school project for Crown Point. Others are a $2667 improvement of Pike County infirmary building $2715 improvement of Boonville’s publie schools; a $25,839 addition to Monroe County’s garage and grounds at Bloomington; and a $150,414 state-wide publishing project of Indiana State Teachers’ College.
To Hear Simmons Harry G. Simmons of the G. F.
neers, will be speaker at the regular Sales Executives Council at 6 p. m.
Club. Mr. Simmons will speak on the “Reactions of a Business En-
Ferrill to Discuss
H. E. Ferrill, engineer for the of Pittsburgh, Pa., will speak at the monthly dinner-meeting of the Air
Conditioning Council of Indianap-
morrow night. Mr. Ferrill’s topic is “Suction and Liquid Line Refrigerant Operating analyzing the typical performance characteristics of refrigeration units in modern air conditioning. systems.
39th Payment Made By Morris Plan
Howard M. Coots, Indianapolis Morris Plan vice president, announced today the institution has paid its 39th semi-annual interest payment, Interest -is compounded at the rate of 3% per cent on Jan. 1 and July 1. Additions to savings recvived before Jam. 16 earn interest from Jan. 1.
WHEAT PRICES RISE IN LIGHT TRADING
CHICAGO, Jan. 9 (U. P.).~Wheat prices on the Board of Trade moved fractionally higher in an extremely light trade. Other grains ruled steady to firm. At the end of the first hour, wheat was up % to 3, May 873%c.- Corn was unchanged to up %; eats unchanged; rye unchanged to up %, and soy beans up % to 7%c.
WAGON WHEAT
to anapolls grain elevators are payin Ho. Powhe t, 84c; subject to marke change athe!
San) isa 280 p0 ae ne tias § sot
Je: 2 NE :$ 1 shelled corn, 0. 3 white oats. 8
FOREIGN EXCHANGE
NEW YORK, Jan. 9 (U. P.).—Follow< ing are noon cable Tales a ma {r curfrencies Rates Net Chg.
Z
Pid Et Sith the smal et RIAL you
and you a 1 ;
once be
FACTORY PRICES
u take 8 fin bat at or
AT END OF "40|
9—From the|
fact that the U. S. wholesale price 4
* | treasurers;
Vice President
° William P. Flynn, who is vice president and a director of Indiana National Bank, was elected a vice president and director of Union Trust Co. also at yesterday’s annual stockholders and directors’ meeting.
Union Trust Stockholders Elect Flynn, Alig New Directors.
A vice president and two new directors were added to the Union Trust Co. at its annual stockholders and directors meeting yesterday. William P. Flynn, vice president of the Indiana National Bank, was elected vice president of Union Trust Co. and director. Cornelius O. Alig, Union Trust Co. treasurer, also was elected a director. All other officers and directors were re-elected. Arthur V. Brown is president; Volney M. Brown, assistant to the president; John E. Regd, Alfred S. Gauding, J. Floyd King and Alan A. Ritchie, vice presidents; Cecil A. Berry, vice president and trust officer; Mr. Alig, treasurer; Clarence R. Kuss, secretary; Everett E. Lett and John “W. Luckett, assistant Richard A. Kurtz and ‘Hirman W. McKee, assistant secretaries. Ezra C. Knoop was promoted from assistant auditor to assistant secretary. George E. Hack was promoted as assistant auditor te Damon O. Bailey, auditor, Directors re-elected include Fred G. Appel, Charles O. Britton, Arthur V. Brown, Volney M. Brown, G. A. Efroymson, Edgar H. Evans, Charles M. Fultz, William G. Irwin, Herman C. Krannert, Myron J. McKee, Wilson Mothershead, Norman A. porty: Charles S. Rauh, Peter C. Reilly, O J. Smith, Samuel B. Sutphin and Russell L. White.
GENERAL MOTORS SALES SET RECORD
NEW YORK, Jan, 9 (U. P).— Total sales of General Motors Corp. to dealers in the United States and Canada, including export shipments, established new all-time highs for December and the full year 1940, the Sorporalion reported today. Sales for all of last "year were reported to 2,025,343 cars and trucks against 1,542,776 in 1939 and 1,108,007 in 1938. December ' volume amounted to 223,611 units.against 217,046 in November and 207,637 in the corresponding 1939 month. Sales to domestic dealers for 1940 were placed at a record high of 1,860,354 cars and trucks against 1,364,426 in 1939, and volume for December also reached a record|'® peak of. 204,473 units against 198,064 in the preceding month and 188,839 in December, 1939. Total sales to consumers in the United States for 1940 amounted to 1,827,241 unis against 1,364,761 in 1939, and volume for December was 174,610 units against 181,41 a month earlier and 156,008 in ‘the 1939 month.
DAILY PRICE INDEX
NEW YORK, Jan. 9 (U. P.)'—Dun & Bradstreet’s daily weighted price | + index of 30 basic commodities, compiled for United Press (1930-32 av=~ erage equals 100): Yesterday .dee:seceesseresens 124.54 Week ago s0eiBRseRes esse 124.89 Month ago . SP 0esRRIB IIRL OR 123.90 Year ago 1940-41 High (Jan. 6, Its oo 124. 93
MAY BE SOLD i]
Negotiations Opened; fo Bid Expected.
NEW ‘YORK, Jan. 9 (U. P)~— Formal negotiations were opened here today for sale of me $187,000,000 Puget Sound Power & oy Co. to public power agencies in Bonneville Dam area of the State -
‘of Wash!
ington. Officials of the Engineers Pub Service gos. which copitegle Puget Sound u y, conferred: 4 Washington delegation headed b Dr, Paul J. Raver, dor dos the Bonneville Power Authority, and it was understood that a formal hia would be submitted for the prop
erties, Above 83 Million? - ve on? Dr. Raver disclosed last month that ‘he was preparing to: offer on behalf of the Puy of tle, Wash., and public utilit tricts in the Puget Sound area, it was believed that his bid top by a considerable margin $83,000,000 reported to ‘have a Offered by the Seattle interests. last July.
gineers Public Service Co. had characterized the $83,000,000 bid as “not worthy of serious consideration,” on the grounds that the properties ine volved represented an original ine. vestment of $119,000,000. Face Competition Puget Sound Power & Light is the largest single private utility inthe Seattle area, servicing some: 850,000 consumers in about 450 communities of western and cen~ tral Washington. Both the Bonneville and. Grind Coulee power projects, however, are large potential sources of electricity in that area, and since their inception the Puget Sound company has been facing increasing ‘competition in the form of Publiciy.oagraiig projects.
WIERTON STEEL CO,
Construction of a new blast furnace and 45 additional coke ovens by the Weirton Steel Co. will increase the company’s pig iron and coke capace ity 40 per cent, and will add approxe imately 240,000 tons per year ‘to ine got capacity, E. T. Weir, company head, revealed today. National Steel Corp., parent ore ganization of Weirton Steel, enlargement of blast furnaces in its plants at Detroit and Buffalo, with the improvements at the three plants expected to cost about $18 000,000. National Steel's pig iron capacity will be increased by a proximately 700,000 tons annually as a result of the building program. Work at -the Weirton, W. Ve.
‘| plant will add approximately na.
tons to the annual pig iron cal and the program is expected fo: completed late this year. The on yard will be extended, cranes, power
* [lines and other types of equipment’
installed and plant buildings will be enlarged or erected at Weirton. “Without additions to
pig iron capacity will make pobsitle a substantial increase in the pros duction of steel ingots with’ sulne | equipment,” Mr. Weir said. '
BUSINESS AT A GLANCE
_ By UNITED PRESS 10 Alaska Juneau Gold Mining Cov 1940 profit $1,187,600 vs. $1 354,500 In. 1939. ma
subsidiaries 12 months ended Nov, 30 net income $14,919,850 equal to $2.94 a common share vs. $13.410570 or $2.51 previous 12 months. 8. 8. Kresge Co. December. sales $26,363,483 vs. $25,887,725 year ago, oo» 1 13 per: cent; 1940 sales $168,162 $152, 737, 839 in 1939, up 3% per cent.
National Power & Light Co. and
income $2,773,117 equal to 43 cents a common share vs. $2,187,672 or 32 cents year ago. New York Telephone Co. Nov ber net income $2,235,730 vs. $2,778, year ago; 11 months ani ok, w. $31,581,991 year ago. Western Auto Supply Co. ber sales $6,703,000 $5,515, ago, up 21.5 per cent; 1940 your 18.9 per cent.
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PUBLIC AGENCY
Puget Sound Power & Light
Spokesmen for the parent ¥in- :
OUTPUT IS BOOSTED
PITTSBURGH, Jan. 9 (U, Po
steel producing facilities, the new
American Gas & Electric Co. and 4
$53,926,000 vs. $45, 336,000 in 1, wp
Vaz yA LL :
xX 3
AJ
subsidiaries November quarter net fi