Indianapolis Times, Indianapolis, Marion County, 22 January 1941 — Page 17

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BUSINESS

. Local St

ockyards’ Business Boomed |’

Last Year, Annual Report Reveals By ROGER BUDROW

ONE OF THE CLOSEST LINKS THAT Indianapolis _ has with the surrounding farming areas is the Indianapolis

~ stockyards.

And business at the §lockyards boomed last

year, setting a 16-year record.

Charles S. Rauh, presid Stock Yards Co., reported at

ent of The Belt Railroad &

the annual meeting yesterday

that a total of 3,370,874 head of hogs, cattle and sheep were brought to the local stockyards by farmers for sale

during 1940.

This amount is a 20.7% increase over the previous year. The farmers received about 90 million dollars for this livestock. A total of 2,

485,547 hogs were shipped here, 33% more than the average for the past five years and the fifth consecutive year a record has been set. During one day in November 22,043 hogs were delivered by truck. Most of the hogs were brought by trucks—in fact only 19,888 came by railroad cars. % More than 200 packing companies from 20 different states, from Maine to Georgia, bought hogs here. Out-of-state packers bought more hogs here than they did at any other stockyards in the nation. Indianapolis packers bought 52% of the hogs here and 52% of the cattle. Cattle receipts also set a record, Mr. Rauh reported. More cattle were shipped here than ever before —189 ahead of the 10-year average. An increase also was shown in: the calf division but a small reduction "+ appeared in sheep and lamb supplies. #: 8 » EVEN IF THE Legislature does change the Gross Income Tax, it won't affect your tax on last year’s income, Gilbert K., Hewit, Gross Tax Director, says. And that tax deadline is just a few days away— Jan, 31. : ¥ on a SERVEL, INC. the Evansville reyo gerater manufacturing firm, made net profit of nearly three million dollars ($2,969,976) in its year ended Oct. 31, a pamphlet report shows. Profit for 1939 was $2,926,265 and for 1938 was $1,572,469. 4 an SOMEWHERE BETWEEN Sacramento, Cal, and Omoha, Neb., a “plow train” is digging a deep furrow, layable telephone cables and * then ‘covering them as-it goes along. It is building a 1600-mile underground cable, costing 20 million dollars, for the Bell System. The new line will comprise two cables which avoid highways and are equipped so 12 talking channels can be set up for each two pairs of wires, one cable for westbound channels, the other for eastbound.

s 2 2

ODDS AND ENDS: Citizens’ National Bank at Evansville and American National Bank at Vincennes have revolving doors operated with photo-electric cells which start the doors revolving when a cutsomer nears, quits when - he has passed through. Agriculture Department says that Canadian cotton mills which have been buying Brazil's cotton because it was cheaper are buying from U. S. again because the fiber is more reliable under certain conditions. . . Retail food merchants, cautious at the start of the year, have begun stocking up in a big way to cash in on the “way food prices are going up, American Institute of Food Distribution, Inc. says . . . . American Machinist reports ‘auto manufacturers are going ahead with plans to introduce new models this fall even though national defense demand caused cancellation of the New York auto show. . Labor unions opened negotiations with Crucible Steel and U. S. Steel Corp. vesterday (labor contracts with both firms expire shortly) and stocks of both companies went down on fears that if higher wages are granted, profits will be less. . Wholesale furniture prices at the New York show are 2 to 7 per cent higher than last fall and probably will go * higher. . .- RCA has built a microscope that can magnify 100,000 ‘ . times and takes pictures: with electrons instead of light waves.

TEXAS BOOSTS U. S. PRODUCTION OF OIL

TULSA, Okla, Jan. 22 (U. P). —American oil production, paced by. . a large increase in Texas, climbed ‘283,555 barrels daily during the geek ended Jan. 18, the Oil & Gas Journal reported today. The trade weekly said production

averaged 3,605,835 barrels as compared with 3,372,280 barrels daily for the previous week. Texas increased from 1,120,450 to 1,341,200 barrels with resumption of fulltime production.

DAILY PRICE INDEX

NEW YORK, Jan, 22 (U.P.).—, Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for the United Press {193032 average equals 100): i Yesterday 00008 Q0GPIONIORIGS 124.03 ‘Week ago ssesessssssescesses 12494 Month ago sssssscsssscsssss Holiday Year ago sesscssvsssscscsasnse 120.7. 1940-41 high (Jan. 9, 1941)... 125.21 1940-41 low ne 19)........ 112.42

RINSO PRESENTS "BIG TOWN" 7 P. M. Edw. G. Robinson

.Ona Munson

. | chase of a 15% -acre tract adjoining

BUSINESS LOANS SHOW INCREASE

Federal . Banks Report New Records. ) WASHINGTON, Jan. 22 (U. P.) —

member banks in 101 leading cities continued on the upgrade in the week ended Jan. 15, reaching another mew high for the current movement, the weekly condition

today.

$5,040,000,000, representing én increase -of $710,000.00 over a year earlier, The central reserve cities accourited for most of the latest]. week’s rise in commercial loans with New York contributing $1.000,000 and Chicago banks $5,000,000. Loans to brokers and clealers, however, dropped $38,000,000 at all

cline of $87,000,000 in the previous|c period. These loars were off |% $27,000,000 in New Ycrk City. Holding of U. 8. Governmen} direct and guaranteq¢d obligations increased $43,000,000 in the Chicago district, 441,000,000 st New York, and $86,000,000 at all reporting banks. Total loans and investments of the |C reporting banks weve $25,669.000,000, an phpTense of $55,000,000 in the | wee

$56,000,000 in New York, and|pg $43,000,000 in the Chicago distriet, with an increase of 209,000,000 for |g all reporting banks, lifting the total to & new peak at $22.703,000,000.

in the San Francisco district and

ernment deposits wer: off $17,000,000 | in the Philadelphia district,| $14,000,000 at Chicego, $13,000,000 at New York, and $93,000,000 for all banks, . Deposits. credited to domestic banks rose $36,000,000 in New York, | $35,000,000 in Chicago, and $112,- | 000,000 at all oh, all banks,

SHIPBUILDING F FIRM

REARNY, N. J, Jun. 22 (U. P) — Federal Shipbuilding & Dry Dock

panding its Kearny property and facilities in order to expedite construction on naval and ‘merchant shipping work allocated to it under the national defense program, The company, a subsidiary of U. S. Steel Corp is arranging for pur

the Kearny yards from CarnegieIllinois Steel Corp., U.!S. Steels largest steel producing unit. Company officials: said the ex-

shipways, an outfitfing basin, and equipment and service bulldings,

ders for construction of 42 U. &,. Navy vessels and 10 rnerchant ships. Fifteen ships were completed in the Kearny yards last year. More than 10,000 men are working here now, Jhany of them oii a khree-shif t as

BUSINESS AT A GLANCE

By UNITED PRESS :

Federal Reserve Bank of New York estimates week enced Jan. 18

year ago. American International Corp. Dec. 31 net assets equal to $6.66 a com-

$3.60 year earlier. American Type

Dee, 31 net profit $59,608, equal to 10 cents a share, vs. $62,611 or 11 cents a year ago; IDecember quarter

a share, vs. $43,581 or 8 ‘cents year ago. Commonwealth & Southern Corp. week ended Jan. 18 electricity output by subsidiaries; 182,803,866 kwh, up 12.1 per cent from year ago. Public Service Electric & Gas Co. week ended Jan. 16 electricity output 75,108,294 kwh, up 11.9 per cent over year ago. West Virginia Coal & Coke Corp. and subsidiaries preliminary "1940 profit after charges and: depreciatiorn $97,453; December quarter profit $184,379 vs. $86,958 year ago. Rustless Iron & Steel Corp. 1940 preliminary net profit $1,280,799 equal to $1.28 a comnion share vs. $1,090,876 or $1.13 iti 1939. Sunshine Mining Co. 1940 preliminary net profit $2,556,136 equal to $1.71 a common share vs. $3,173,23€¢ or $2.13 in 1939.

GAS PRICES RAISED NEW YORK, Jan. 92 (U. P. Bocony-Vacuum. Qil Co. today announced that posted prices of Mobilgas in tank cars, F. O. B. af its terminals throughait New York and New England will be advanced 2-10 to 3-10 cent a gallon, effective Jan. 23. . Posted prices for: tank wagon deliveries will be increased .accordingly. No chang: wilf be made in posited prices in Cireater New York:

DIL NOON (E.S.T) LUKAS- HAROLD i: OR Lafayette . New ark y will e applications for contract = RR RGN RENAREE PLANT, ndianapolis, Indian. 1 pra for a JSitigle contract. embricing tion site, engineering erect installation of _equipmen i die

eb. 1 1941, THE PORATION, at 80 receiv

Reserve Member 2

Business loans by Federal Heserve |; Atchison Atchison pf. Atlas Cor Aviation

These commercial, industrial and |= E agricultural loans rose $7,000,000 in B

the latest period to a ftctel of Hi M..

Demand deposits-iidjusted rose |

certain other miscellaneous. crane N

Federal Shipbuilding né¢w has or- NY Ship Nor d: West. .

department store sales inn New York |; and Brooklyn at 2 per cent over a {Pub Serv

mon share vs. $4.53 on June 30 and.

Founders, Inc.|. {and subsidiaries nine ‘months ended

Chiet construction features of the St. Lawrence power and seaway project proposed by President

N.Y. STOCKS

ite A

Sol Colu

ast Air Lines . Eatin Mfg Elec Elec Pwr El Pw & L $7 Ey 30

Time deposits increased $47,000,000 | Fed Mot $49,000,000 at all banks. U.'S. Gov- Gen Am Inv

|Gen en en

|G Ge,

| Homestake .. |Hud Bay M&S

Int

Co. announced toda; that it is ex-|Kre

Ma Ma M M

Alickh ©: fod sti at

Bye om go statement of the System showed Er

Callahan_ Zinc. Canada . Celanes Cerro de, Pasco 31 Chi R 1 CR > & % 6 of & -1¢ Chrysle: $B Cleve £ Im nt 13 Glues Peab..

Com rods . reporting banks following the de-|Zom Inv Tr

nt Hy nt M Marine

PLANS EXPANSION © Ex

Lo Inc Cott, Tn

{By UNITED PRESS i

mys | [Low Last change

30 INDUSTRIALS Yesterday &.. . 128.20

esses scenscene

4p 22% 156 Month AZO ..seeseecsasensss Year Ago ... High, 1940-41, 152.80; low, 111.84, High, 1939, 155.92; low, 121.44. 20 RAILROADS Yesterday cccceccccccccccces Week ALO ....ccececeveccss Month AS ...coeeecessecese Holiday Year Ago , . 90.98 High, 1940-41, 32.67; low, 22.14, High, 1939, 35.90; low, 24.14. 15 UTILITIES Yesterday @ecssgensenstoces

ed Caras 5} . Holiday

: eT 2

- 3H

28.90

FE ase

thn

Boi: :

Month Ago ... Year ARO cccceecccnes Sesnne High, 1940-41, 20.45; low, 18.03. High, 1939, 27.10; low, 20.71.

Holiday

Roosevelt are shown inthe Toronto Financial Post diagram. They include an 85-foot houses at the southeast corner of Barnhart Island; the main dam at the foot of the Long Sault Rapids; and a four-foot control dam at Iroquois Point, an iiana just north of the town of Iroquois.

DOW-JONES STOCK AVERAGES

-1.04 Week Ago eesessssesnevesces 181.51 0.98

seeeessne seeiee 147.00 41.51

+0.05 . 2008 —0.25

+0.67

« 2004 —0.11 Week AO ....cco0csvscenses 0.44 —0.10

25.18 +0.18

High Low Posi G Sul .... 37% 31%

Ww A Oil. Hey ACL, By,

++ ++

SERA

7 0 1

COMI

1% «13

CR “ee see

Union B&P ...

LLL¥: Sas

* . .

BIH TNe O +

U 8 Steel 66% 5 U 8 Steel pf ..128% 128 ann Yr eee 31

Lil: BRN Hn

80 Brogdoast A 20 . 5

fi 4:

Valworth .

EE aw aE ay

orthington ... 21% ox,

- th + #1141415

phe oe

bie

STOCK PRICES

Yellow Tr Yellow Tr r pf...110% 119% 119 ‘10 119

& W Pont

Autorr:,

sear oF

1i+11

37%

of seveees 3%

. . * . .e . . . .

Though List Resists . Selling Pressure. NEW 22

FREES

sil:

h YORK, Jan. North CE B 15%

T fost

natn

ened.

SRE

den

cluded Allied Chemical, Interna-

Nickel ....

DICH BIW wn Ty

OAR

up a point.

FOES REP

held a one-point rise. slightly higher.

®| buying.

pansion plans now call for additional | Nat

No No No

Ohi

PAC

Par

net profit $62,958, aqual to 11 cents Soup Ry 24

Otis Elev

Pan Patino Mines .

ears ade uck. . 5% Skelly "oil snes Cal Ed

Woks Involved, in Millions

“Strikes, in Thousands

SS 3 bo

erations on defense supplies.

ord hi loadin

sonal decline.

LOCAL PRODUCE

Heavy breed hens, 130. bareback hen Leghorn hens, 8c; bar back 7c; Barred and other colored “hea ghorn springers 9c; old rooste!

r 6 of. Amer Avs, Pacific .....

o Oil

7b breed springer 13¢! 1c: Pareback EDringers, ific Mi go Am Airw.. amt Pict ..

Grade 4 medium Grade A and No. eggs, 12c; no Gass

. —No. 1, 33@88'%c¢; Ne. 31he. tN OT 38; >. % 32 {oountry, pickup prices gq ion Wadley Co.)

m eggs, 15c;

NEW YORK, Jan. 22 ( are noon cable rates “aie” Cufralieies:

850 0%

( ound) ee. .83 0505

(dollar) 8) iis

t L-8 Fran.. es

eo)

WAGON WHEAT

dignapolis Kram, elevators are p tor Ho. 1 wheat, 82c; subject .~ |change; other grades on + Y|corn: New ao 4 new yellow shelled co Ke ; new No. 4 white shelled corn, : 3 white oats. 336

During 1917 } Emergoncy: 44 trikes

: ame Strikes,

; Workers | Er a olved |

1916 1920 1924 1928 1932 1936 1940

Despit: the recent oh ilignting of ‘strikes in defense industries, the is actually on the decline’ and is far of national emergency in and numbet of

. Net Last Change

RISE SLIGHTLY +z:

Goo Traders Are Cautious Even 58

(U.P) — y | Stocks advanced during morning | good dealings today, eased from the highs y | and were steady in the afternoon at small net gains. Trading light-

Practically all leading issues held fractional advances. Exceptions in-

tional Nickel, Sears Roebuck, Western Union and Public Service of [Good New Jersey, which had minor losses. | Medium Steel and motor shares were Cann firm. Crucible Steel preferred was Texas Corp. with a Ww gain of nearly a point, featured a ood firm oil section. American Airlines Rails were

Traders continued cautious, although the list registered pressure better than in the previous session when a substantial decline came after a rally failed to attract new

Business news continued favorable, reflecting the high rate of opIron Age reported steel orders piling up sland operations at a record high. Electricity output reached a recfor this time of year. Car for last week were estimated at 708,000, a less than sea-

indiana od ly large eggs, 17c; Indiana Be 5a: Indiana. small

the

FOREIGN EXCHANGE

U. P.) —Following

£8 Change | Co 11-16 + 1803. 16

Sets,

to a eir merits, Cash ODN. I$

Good to Choice— 4] 270- 3

si150ar 13.50.

and power

__PRIGES ON HOGS ARE UNCHANGED

Top Holds at $8.50 Here as 4595 Are Received; Vealers Steady.

Hog prides, which fell 40 cents here yesterday, did not change today, the Agricultural - Marketing Service reported. The top held at $8.50 for good and choice 220 to 230-pounders. Vealers also were unchanged with a top at $14. The Marketing Service reported 854 salable cattle, 401 calves, 4595 hogs and 777 sheep were received.

5 I eat 355238E

Barrows and “Gilts Good to Chyleg 20- 140

renoba ta AOIOON

OUNMOUINO ONIN

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NN SII I0HNHIN 9 PID W=DNI-T © 233-30 00000000003

— JO oO;

oS ©

Packing Sows

—- Loven a oo D-II omen

@ @93 aaa oo

“WL 2

250= 500 seececrvecccircnnns . Slaughter Pigs Medium and Good— 90- 190

Cattle & Vealers (Receipts, 854) Steers

Slaughter

cvesssesase ®0ssesesentscses

@hesevssesssvene

2883 3323

di 750-1100 ccoeseocecsnccee

1100-1300 ccecovcceccocecscen 5:00 11:00

vo 1.50@ 9.00

errhinbresneesis 11.50013.00 oh eucees 1128@1130

“Heiters Choice— 750- 900 [email protected] | IN G080- 000 . [email protected] Mo = 900 .eseesscagecaarcsces. [email protected] oo 500- 900 S00 ett ett nn Yeetore 7.00@ 8.50 Cows side sesPetsanecens coves 10e 8.25

S34 7.25 6.25 4.50 (Yearlings excluded) : cesses T175@ 8.25 os 1.50 35 1. “00 15 6.25 7.00 Vealers Goo1 and choice .......... "ee 13 [email protected]

Common and medium 209133 ull 8.50

“000 stents,

ium and common ......

Feeder and Stocker Cattle Steers

(Receipts, 401)

[email protected] sesevcscssese [email protected]

[email protected] [email protected]

8.50@ 9.25 7.50@ 8.50

- 800 e000 se 0008000000000 «1050 000 200000 ann nts edium-— )=1000 | ceccovcevcsacencoses Common— 500-

Calves (steers) Good and choice— 500 down "ed +» [email protected] . [email protected] (Calves, heifers) Good and Sheioe 500 down « [email protected] 1.50@ 9.00 SHEEP AND LAMBS (Receipts, 777) Lambs

Good and choice and good

[email protected] Medium

9.25 é 10.00 Y 9.00 Yearling Wethers

food and choice A .25 7.75- 8.75 Good and c¢

$358 54 Common By medi 3. rieerses 3.50@ 4.50

CHICAGO LIVESTOCK

Js 000; early trade mosts lower; Soe bids 1508. 35; few 8.45; most

Hacking

Hogs—Receipts, ly weak to 16 ce

ore Y80 240 ui selected oan 58: 40 250-290 1bs., Str averages, "down,

[email protected]; 435-850 0s. generally $6.75 7.00: ttle — Recel 10,000; calves, 800; nel steer ow Me grades predominating; market very slow with few earl sales’ around » cents lower. mostly $11 13.75; however, new top $16 paid for prime 13601 Towa fea steers; killing uality Xe

ff Sart 50 and eds

50@ 11: 3 others Ee , eak; bulls steady; h heyy Saucafe kind to $8; yealers we. s lower; few cho ice Nelghty re yp itd but mostly $13

A Sheep _Receipts, 6000; fat lambs slow and 16 to 25 cents lower; Ye

and lots am ne ot $10.65 and above; fully steady.

OTHER LIVESTOCK |

SINCINNA TI, Jan. § le, 3000; total 2180: otdovess, trade, active; 180 Ibs. up, 5 cents fighter weights and roy, ie -300 1bs., $8; 140-160 1ibs., [email protected]. 323; "535; calves, slow on slau; sd Io an ; early sales about steady; 900-1b, steers, $11; present, to little lower on most oO BE os Veak calves, steady; and choice,

100; trade active and A ; scattere lots choice 83-91-lb. trucked-in Jabs, $10.75@11; few medium to good. $10.2 [email protected]; Sominon and meby, $8@10; common and medium slaughter ewes, [email protected].

f cows steady cutters to $6;

St b1 Hof i 1bs..

he bg, Se. 18F 160-190 1bs.

$7. 95 fier de

5 a 1 $5; Bote” $18.50;

fe id i

gas 8

v. S. STATEMENT

W. Jan. 22 (U. P,).—Government expenses and receipts for "the current fiscal year through Jan. 18, come pared with a year ago:

Expenses

ond & J | sent actus) price of ® ofertas. approximate ! | based on buyin

1 loads |B fat sheep |C

Hoge ~ | Ta

AYE, Jan. chet: JH 5 | Hom

[BANKERS FEAR

Therefore Support Lend-Lease Bill.

By JOHN W. LOVE Times Special Writer

WASHINGTON, Jan, 22.—“International banker” used to be a smear phrase, like _warmonger or appearesr today, but your international bankers again come in through the front door here and hang their hats on the same rack with the family. This is because several of the leading bankers are all out for the “lend-lease’” program, among them Thomag W. Lamont of J, P. Morgan & Co., and Winthrop W, Aldrich, chairman of the Chase National . Bank. In addition to such motives as fear and consequences of German aggression, as it is seen here they have a powerful additional reason in the menace of the German barter system to the old habit of financing governments and private enterprise through overseas lending. If Hitler won the war it is generally believed he would extend the German method of blocked exchanges, clearing agreements, governmental control of trade, and the swap .of one nation’s goods directly for those of another. Foreign loans of dollars to he repaid over 20 years or so might go the way of the Sunday ride in the surrey.

British Sell Back The American securities which

7498 | England is liquidating in this counSin try—$335,000,000 worth so far, ac1 500 cording to the Treasury—are in part

those which British international bankers distributed over there in years gone by. When London's “city” was doing most of the banking of the world, American houses arranged for the financing of American railroads in London, and now the old shares of Union Pafle, Norfolk & Western, Pennsylvania and other properties show up “vested” inf the British Government for disposal here. The liquidation cf international banking is itself being accelerated this winter, and if Hitler destroyed the power of England he might practically wind up the bankers by installing his own substitute for both sterling and dollar finance. He has definitely said he would abolish the gold standard.

Russia Follows Suit

Experts in the Commerce Department say the Germans never went very far in the use of barter in place of the long-term financing arrangements which have usually been handled through loans placed by international bankers, but that the scheme might be adapted for that purpose. Even Soviet Russia has been able to get along with international bankers more pleasantly than Hitler has. The Chase Bank for a number of years handled financial business connected with Russia's imports of machinery. The Russians sold their own bonds in foreign countries, using time-hon-ored methods of finance.

STORE WILL OPEN IN CIRCLE TOWER

The ground floor of the Circle Tower Building at 9 E. Market St. has been leased by Klein & Kuhn, 706 Guaranty Building, to Alex Schamberg who will open a women’s apparel shop there about Feb. 15. The storeroom will be redecorated, equipped for air-conditioning and utilize fluorescent lighting. It will be known as Schamberg’s ae Shop Around the Corner.” Office alteration and layaway on ments will be located in the basement. The store will stock sportswear, daytime and evening dresses, coats, sweaters, hosiery and accessories.

Local Finance Men To Meet in Gary

Several Indianapolis men active in the personal finance business will attend a dinner meeting of District 8 of the Indiana .Association of o|Personal Finance Companies in

Gary tomorrow.

They include Paul A. Hancock of Model Loan Service, Inc., association president; Irvin Wesley, association

off |[secretary; €. Anthony Jordan and

William Kraber of the Lincoln Loan Corp.; Lawrence L. Umphrey of the American Loan Co. association treasurer, and Robert C. Hamilton the asociation’s exeecutive secretary.

LOCAL ISSUES

the Indiannot Te but merel market lave) and selling Quotations o recent transact ons ocks Bld Ask

Agents Finance oo som. os Belt RR & Stk Yd

‘The follows ghotations by by apolis B

indicate the

Van Camp M Van Ca amp Milk com

68 51... steseae. 88 sete x

eeessses 1

American Loan

ick Cae: Indols

N Ind Tel REL Sd Begevs gi ter wis sae)

pe VIR ca *Ex-divi

Check Itching

_ First Application

-..106% 1884 ,

NAZI BARTERING]

|| Big International Financiers

Dr. Albert Haring, Indiana University marketing professor, will speak at the Indianapolis Sales Extontives Council meeting at 6 . m. Monday at the Indianapolis hae, Club. He will tell how Sales e SYitives can profit by the

RAIL HEARINGS ARE POSTPONED

N. Y. Central Petitions to Abandon Six Trains In Indiana.

Public Service Commission officials announced today that they would continue a hearing at a later date on a petition to abandon six New York Central Railroad Co. combination trains operating in southern Indiana. Ralph Hanna, public counsellor, said the Commission would present further evidence to show that the trains were necessary for public convenience. In yesterday’s hearing, Al Spatz, Cincinnati, cost adviser for passenger operation of the N. Y. C. testified that the trains in question were operating at a loss. O. J. Repschlager, Anderson, N. Y. C. trainmaster, told the commission that bus schedules could be adopted to supplant the rail routes. The six trains operate between Anderson and . Elkhart, Louisville, Ky., and Jeffersonville, and Louisville and Greensburg. According to Mr. Hanna, separate hearings on the petition will be held at times not. yet set in Elkhart, Goshen, Warsaw, Wabash, Marion, Alexandria, Anderson, Greensburg and North Vernon. Similar hearings may be held in other towns which would be affected by abandonment of the trains, Mr. Hanna said

OFFER LECTURES ON ALLOYING IN STEEL

The Indianapolis chapter of the American Society for Metals is sponsoring a series of five weekly lectures, beginning Monday night at Hotel Washington, based on the book, “Alloying Elements in Steel.” The. lectures will cover the various elements which are alloyed singly or in combination with iron to form the many steels “custom made” for modern needs. The fee charged those attending the course will include cost of textbook. Dr. A. E. Focke, research metallurgist at Diamond Chain & Manufacturing Co., and P. B. Jensen at International Harvester are in charge of the series,

Mackey Heads

State Cleaners

C. A. Mackey, 23 W. 16th St, has been named president of the Insured Synthetic Cleaners Association of Indiana. Other officers are Dave Clark, vice president; Ralph Duckworth, recording secretary; Willlam Dill, treasurer, and Edward Matthews, financial secretary.

WESTINGHOUSE FIRM: TO TRIPLE OUTPUT

PITTSBURGH, Jan. 22 (U, P.).— Westinghouse Electric & Manufacturing Co. will triple its defense production in 1941, A. W. Robertson, chairman, said today as he predicted that national defense output soon will satisfy “even the most severe critics.” Westinghouse produced approximately $18,000,000 worth of defense materials last year, Mr. Robertson said. Westinghouse plants handling defense and related orders have increased employment from 25 to 100 per cent during the last 12 months, the board chairman said, as he disclosed that his company’s employment roll increased from 49,519 in January 1940 to more than 56,000 mM at year’s end.

BAIRD HEADS DEALERS NEW YORK, Jan. 22 (U, P.).— Robert W. Baird, president of the Wisconsin Co., Milwaukee, has been

elected chatrman of the board of| isfled

the National Association of Securities Dealers, Inc.

“RAYON OUTPUT

HITS NEW PEAK

German, Italian Production Boosted to Substitute -For Cotton, Wool.

NEW YORK, Jan, 22 (U. P.), — World rayon production reached a new record high during 1040, with output of rayon staple fibre exceed ing filament yarn production for the first time in history of the industry, the Textile Economics Bureau said

y. Total rayon production was placed at 2,500,000,000 pounds, an increase of approximately 250,000,000 over the previous peak of 2,227,0( 000 set in 1939. Output of rayon filament yarn rose to 1,150,000,000 pounds from 1,145,000,000 in 1939, while production of rayon stable fibre jumped to 1,~ 350,000,000 pounds from 1,082,000,000, Japan About Same «5 The sharp gain in stable fibre production largely reflected “the tremendous increase in the output of the German stable fibre industry,” the Bureau said. Italy's proe’ duction also increased, while Japan's held at approximately the 1039 level, “The Axis powers’ need for a sube stitute for foreign-grown cotton and wool has been the principal stimulus to this great growth of the world staple fibre industry over the last few years,” the Bureau said. U. 8. Sets Record 3 United States rayon production also set a record in 1940 with a total of 471,200,000 pounds compared with 379,900,000 in the previous year, Filament yarn output amounted to 390,100,000 pounds in 1940, “the first time since the world rayon industry ‘came of age’ that any one country has accounted for such a large share of the world’s rayon yarn output.” Output of this type yarn in 1939 amounted to 328,600,000' pounds. Rayon consumption in the United States aggregated 487,800,000 pounds, a record high, compared with 458 465,000 pounds in 1939, the previous peak year.

WHEAT TRADE IS VERY DULL

Soy Bean Prices Rise but , Other Grains Almost Unchanged.

CHICAGO, Jan. 22 (U. P.)—An undertone of easiness prevailed in the wheat market on the Board of Trade today ‘in an extremely dull trade. Soy beans exhibited a firm tone while other grains showed ne material change. At the end of the first hour, wheat was up % to off %c, May 85%c. Corn was unchanged to up 4c; oats unchanged to up %; rye unchanged to off sc, and soy beans up % to %c. Scattered local and commission selling was noted at the opening, but resting support was again evie dent in the market at around yesterday’s low points or 85% for the May delivery and 79% for the July contract. Predicted moisture was received overnight over most of the grain area, but traders considered the technical position of the market improved by the recent decline and were disinclined to press the selling side. The May delivery showed relative firmness, a reflection of scanty offerings. Outside markets were mixed. Official forecast indicated further precipitation. over the grain belt and lower temperatures in parts of the West and Southwest and rising tem peratures, in other states. . The Federal Crop Insurance Corp. is re-, ported to have suffered losses equal to 7,000,000 bushels of wheat in its $overage of the 1940 wheat ep, Preliminary compilations are: {to indicate that indemnities ‘were paid on about 22,000,000 bushels Pe premiums paid equally on 18,« 000,000 bushels. Corn futures held steadily in quiet trade. Commission concerns were on both sides of the market in a small way. Bad weather is expected to interfere with the marketing of corn.

HOUDE LOSES SUIT ON SHOCK ABSORBER

BUFFALO, N. Y., Jan, 22 (U.P). —-Federal Judge John Knight ruled yesterday that the Houde Engineering Corp. of Buffalo infringed upon patents held by the Pennington A Co. of Cleveland in pro= ducing hydraulic shock absorbers. Judge Knight declined to award punitive damages, and announced that a master will be appointed. to determine the amount of actual damages the Pennington company

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