Indianapolis Times, Indianapolis, Marion County, 29 January 1941 — Page 6
BUSINESS
Profit of U. S. Steel Corp.
More Than 100 Million Dollars|
By ROGER BUDROW
THE BELLWETHER OF v. S. INDUSTRY—giant U.
S. Steel Corp.—held its annual meeting yesterday and of|! The first know was—how much profit d
course made news.
“Big Steel” made more (actually $102,181,321).
‘This was the best in 10 year
Buf the company didn’t pay all fts profit out in dividends—in fact only ‘a relatively small proportion was used that way. Newspapermen
asked President Irving S. Olds after the meeting why the company,
‘in effect, didn’t
“loosen up”
and give stock- |
holdersa greater share of profits. Mr. Olds’ answer gave the n e wspapermen to understand the company was preparing for any possible contingency, even to the extent .of building new steel mills, and setting aside money for dividends in a future depression when the company might not earn enough to pay dividends. Among other things brought out in the annual report were: The company has assets of 47212 million dollars; its capacity for making
Mr. Olds
. steel has been increased nearly 7 J
per cent, and Mr. Olds believes this|.
country's mills can turn out all the|" steel needed for U. S. and Britain. J
® 8 ”
: J INDIANAPOLIS department
stores made an 8.8 per cent gain in sales in 1940 over 1939, Federal Reserve Bank at Chicago reports. Only two other large cities in this district—Indiana, Illinois, Iowa, Wisconsin and Michigan—did any better. They were Flint, Mich., 20.8 per cent, and Detroit, 10.4 per cent. Ft. Wayne (up 74 per cent) and Milwaukee (up 7.2 per cent) and Grand Rapids (up 7.3 per cent) were next after Indianapolis. ” n 2
G ONE OUT OF every 15 families
in the U. S. depends on the milk business for a livelihood, the Milk Industry Foundation says, adding that milk is the largest single source of farm cash income, larger than cattle, twice cotton, three times wheat and five times tobacco. There are 25 million cows on three-quar-ters of the country’s seven million farms, it added. 2 on ” ODDS AND ENDS: When build-
- ings now beirig constructed are fin- |}
ished, this country will have almost four times as much factory space devoted to making airplanes as a year ago, Aeronautical Chamber of Commerce says. . Agricultural Marketing Service believes farmers are holding oats, anticipating higher prices soon. . . . Ten per cent more men’s clothing will be sold this year than last, with Midwest industrial centers doing best trade of all, A. W. Zelomek, Fairchild Publications economist, predicts.
DAILY PRICE INDEX
NEW YORK, Jan. 29 (U. P.). — ‘Dun & Bradstreet's daily weighted price index of 30 basic commodities, | § compiled for the United Press: (1930-32 average equals 100). Yesterday Week AZ0 .ceccrsvcessnccnn. 124.31 Month AgO ....c.-<.+s.. Holiday Year Ago . ; 1940-41 High (Jan. 9, 1941).. 125.21 1940-41 Low (Aug. 19)
U. S. STATEMENT
WASHINGTON, Jan. 29 (U. P.).—Government expenses and receipts for the current fiscal year through Jan. 27, compared with a year azo:
This Yea Yea ..$6, 136. 286. 071. 08 $5, TN “ioe, 743. 71 1214,595,43 2,997,603,337.66
ustoms .. 187,073,396.90
INDIANAPOLIS CLEARING HOUSE
seessssess ares susan $3,072,000 Hevits 5,036,000
Check Itching First Application
' ‘Agonizing itching of ugly eczema, Rash, Tetter, Ringworm, Pimples, Scabies, Toe Itch is checked in ONE APPLICATION of BLUE STAR OINTMENT. Repeat as peeded as mature helps heal. Money back if
eennee 11242(C
thing everyone wanted to id it make? than, 100 million dollar; profit
The year before it made about 40 million dollars ($41,119,934). dividends, there would be enough left to pay $8.84 on each share of common stock compar
After paying the preferred
2d to $1.83 the year before.
| {
PORKER PRICES ARE UNCHANGED
on Holds at $8. at $8.30 as 3995 Hogs Are Received at |. Stockyards. ~
Hg prices were unchanged at Indianapolis stockyards today. the top holding at $8.30 for good ard choice 240 lo 230-pounders, the Agricultural Marketing Service reported. {Vealers also were steady fo 50 cents higher with a $14 top. The Marketing Service report:d 1124 lable cattle, 482 calves, 3795 hogs 1d 1268 sheep were received.
| | | | {
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HOG PRICE RANGE
= Liddiddd
Barrows and Gills to Choleas.
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5 Fa hter Pigs Medi im and G 00d— 5 190 6.60
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**Eiitis, ‘Heifers’ L.60@ 8.75 [email protected]
®0scisscen seston
Heifers
[email protected] 4.50@ 9.75 £.00@ 8.50 "25
4.38 .00@
®0 cesses secer stare
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B00 oe ivaicrsniis cdo . Cows ease cases ss acr enunafine 8.25 7.25
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"Feeder and Stocks ‘Catto ® on vore 482)
cesresesnsncscnodes [email protected] esssesessescsnacdose 1} 1,[email protected]
[email protected] [email protected]
1.50@ 9.25 1.50Q 8.50
seer ccscecnesan hoya
ood | nM
ees ee. 0000000000000 ev0scesesissstscince
Calves (steers) Good and choice— [email protected] [email protected]
tosses desane
Me essssses ess aedopese [email protected] 500 down ....... 1.80@ 9.00 | SHEEP, LAMBS (Receipts, 268)" bs
ood and choice fedim and oo ver
earling Wether food and ee
"Ewes (wooled) jana. Shoies,
Hove
8.75- 9.25 1.75- 8.75
4.78
FIRST jar fails to satisfy. Try it todey.
3.50@ 4.50
|| Nett Biscuit 2
PF sesesssssssseescoree 1. [email protected]
6.25 So Gli
8.50 M
a “facelifting” process.
Two more downtown Indianapolis office buildings have undergone These two modernized structures house the Turner Building & Savings Association (left), 116 N. Delaware St., and Peoples Mutua! Saving and Loan Association (right), 118 N. Delaware.
N. Y. STOCKS
Acme Steel .... Air Red
Am
Rll M cv 2t Ship Buil
Anaconda Armou
Atchiso! Atl C Tine seene
Bangor & Ar pt Ben Ind Loan. Best & Co Boeing Air .. Bon Ami B... Bond Stores . Borg-Warner
Budd Mfg B : Br nEon Burroughs ....
Cal Packing ...
Carriers & Gen. | Celanese ..... Celotex pf Cerro ae Pasco. Ches cor Ponio
Ches y Chic Why pf. Col Fuel&Iron.. 1 Gas
Col . hier Cattle &_Yealers (Rece pts, 1124) Gprawion & So.. Pp C
omwlth Edison
Cons Edison Cons Oil Corn Brod’ of. 1 Crane Co Crucible St .... Curtiss-Wr A..
Davega Deere &
Dev & R A.... Doehler D Cast
Strs.. CO.vee
East Air Lines Elec Pwr & Lt. Eng Pub 8
Fair Morse. ... Foster Wheel ..
Gamewell Co .. Baking ... Elser wel G&E A .. Motors . Rty
Li
Gt North p Green H Greyhound Cp’ J Grum Air E ’ Guant Sug ....
Ham Watch Hann a5 pf
Lehm Libby *McN&L Lizz & My pf..
Loco Lockhd Alrorai} 5 ew's
G&E
10.00 | Mack Tr ....... as
Marine Mid ... Marshall Fld .. Martin (Glenn) Martin Parry ..
Mont Ward .. Molin PL eed
Nash Kelv_ ..... N Ch & St LL
- | Nat
PAPER
AMERICAN PAPER
STOCK COMPANY RI-6341 320 W. Mich.
FUR COATS Largest Selection in the Slate
INDIANA FUR CO.
29-31 East OHIO St.
SHERWIN WILLIAMS
Has a Paint for Every Purpose, COSTS LESS Because it Lasts Longer.
VONNEGUT’S
FRACTURE BEDS Can Be Rented at the New HAAG'S ALL=NICGHT DRUG STORE
22nd and Meridia LH eas)
5‘ OUTFITTERS T0 | MEN, WOMEN and ry
MODERN CREDIT mh
[1129 W. Wash. BS.
Is Ovposite Us. | Exacting “ils WATCH REPAIRING
AT LOWEST PRICES STANLEY JEWELRY CO.
113 W. Wash. Lincoln Hite) Bldg.
Special Purchase
Men's And
ELINED EPAIRED EFITTED | Women’s
LEON TAILORING CO.
r Felt HATS $2.00 .EVINSON
Three Stores
235 Mass. Ave. USE YOUR CRED at AQAA MOSHING CLOTHING COMPANY
131 W. Washington St. Directly Opposite Indiana Theater
MARILYN FURS
WV A Better Fur Coat For Less Moncey!
Norwalk T Ohio Oil ....:.
Pac Am Fish... G & El...
a penn g, 8 cts. Penn Pere: No ‘pt. Pere Mat pr bt Ph ia Co 6 pfin Pail s Pet ale
ire. Plymouth’ “oi. u Iv
Radio Republig Sti’ Repub Stl pf A Schaniey I Dist} oe
Shell Un O11 || Shell Un Pt v
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Roll Mill 1 1e
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8% Bdgpt Brass ... |! Brown Shoe ... 30
Calumet & H .. 9
on Coppernms | 0| Cons Edison ot 10854
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a 67% "18074
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i 19%
Dai 4H 1 : | Nat Distiilers & ad... 16
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[SHOULD QUICKLY RELIEVE IT | QUICKLY RELIEVE | SHOULD QUICKLY RELIEVE IT |
By UNITED PRESS
oR DOW-JONES STOCK AVERAGES
30 INDUSTRIALS Yesterday Week Ago Month Ago . Year Ago High, 1940-41, 152.80; low, 111.84, High, 1939, 155.92; low, 121.44. 20 RAILROADS Yesterday Week Ago Month AZO sssssvncsssssnees Year Ago High, 1940-41, 32.67; low, 22.14. High, 1939, 35.90; low, 24.14, 15 UTILITIES Yesterday ........... cessive Week AZ0 .......ccvise. . Month Ago ......... RN Holiday Year Ago 24.70 —0.28 High, 1940-41, 26.45; ow, 18.03. High, 1939, 27.10; low, 20.71.
20.18 0.14
Net Low Last Change 19'2 192 ¢ 9 9 . - 33, 18 . 199 -_ 1 xv. 24 + 13 oe. 35% + 1 345%; , — Va « BY pA Hees . 19% , Baris 1 7 4 V4 . 34%; ; s .“ 5% 1g 23% 23% ?
High
y
& Coil. G Sul
Tex A 4!
Texas & Pac ..
Timk-D Ax
Trans&WA Tri-Cont
Un . Un Aircraft ...
Air Lines ..
=
S Steel 86 Univ Pict 1 pf. 13915 139% — 31% 31'2 24, 24,
Vanadium .... Va-Car 6 of..
West Air_Bke.. 1h)
Wilson ~ & a ;
Yellow Tr .... } Young Sheet.. 39 Young Stl Dr..
15% 39 16%
STEEL SHARES LEAD
MARKET DOWNWARD
fEW YORK, Jan. 29 (U. P.)— Weakness in steel shares unsettled
s|the stock market today. Both lead-
ing steels—U. S. Steel and Bethle-
: hem—had 2-point declines.
‘Wall Street's outstanding reason for the decline was fear of United
"% | States entry into the war.
Market experts interpreted favorably the U. S. Steel earnings report showing a new high since 1930, but
:|many were disappointed over the $1
dividend, Another item against steels generally was the move of
et labor leader Philip Murray to form
a council of equal numbers of la- ,| bor and .management to allocate » steel orders and generally supervise the industry. Steel men disagreed
,|with Mr. Murray on his statement
that steel capacity was not being used to its full advantage and foresaw no bottlenecks.
CARL WILSON HEAD
OF GRAIN DEALERS -
Carl T. Wilson was elected presi- :
dent of the Indiana Grain Dealers Association at the closing association sessions yesterday. Mr. Wilson, succeeds Walter R. Beck, . Shelbyville. , Other officers elected were Luther E. Greenwood, Rensselaer, vice president; Fred
|X. Sale, Indianapolis, secretary; R.
B. McConnell, Indianapolis, treasurer, and Miss Eva S. True, assist-
Directors elected for two-year terms include Mr, Beck, Maurice D.
Campbell of Bunker Hill, Floyd W and Fred |t
Crown Point, Antell, Princeton.
FOOD PRICES
29 - (
crates,
ish,
MEMBERSHIP SOLD NEW YORK, Jan. 29 (U. P.)— Arrangements for the sale of a membership on the New York Cotton Exchange for $3700 were completed today. The price was up $200 from te last previous trans-
action.
Qldent st Loan Rie 3. Tale
i NS
The CHICAGO ’
146 E. WASHINGTON ST.
on on Everything!
Diamonds, Watches, Autos, Cameras, Clothing, Shotguns, Etc. EWELRY CO, Ine.
“la day.
113.50 trade; heifers in very light supply:
EXPERIENCE IS DEFENSE NEED
‘Executives Drafted for Strange Jobs—Because They’re Needed.
By JOHN W. LOVE Times Special Writer WASHINGTON, Jan. 29.—Worst of all the shortages, bottlenecks, choke-points, etc, in this country is the shortage of management, Skilled labor in the metal trades has been scarce in some places for months, foremen - and supervisors are having to rush their training in many a growing plant. But the scarcity which cannot be remedied for years is in the top, management of producing enterprise. And there is none whatever to be found in some of the critical items of munitions production. Experience no longer exists in this country. Result is that the War Department is calling in companies which never had anything to do with munitions and assigning them the jobs of running shell-assembly plants. From Soap to Munitions
Proctor & Gamble, the Cincinnati soap company, is going to manage the Wolf Creek ordnance plant at Milan, Tenn.; Goodyear Tire & Rubber of Akron the bag loading works at Charlestown, Ind, adjoining the big powder mill, Engineering companies have been drawn in. Sanderson & Porter, Inc, and Stone & Webster, Inc., both of New York, whose specialties have been the public utilities, will operate ammunition loading plants, at Ellwood, Ill, and Wilmington, Ill., respectively. Todd & Brown, Inc, New York, will run the La Porte, Ind. loading plant; Day & Zimmerman, Inc. also of New York, a similar plant at Burlington, Iowa. An artillery ammunition works is in reality an assembly plant. Hither come the forged and machined shells, the brass shell casings, the fuses, the explosives (TNT,, DNT, etc.) and the smokeless powder, or “propellant” as the Army calls it, which hurls the shell out of the gun. For the largest shells the propellant is not packed in the casing but in bags. The Reason at Charlestown The management company has
|the responsibility of training the
workmen, under Army direction, in the delicate business of fitting these glements together, and then in directing the plant according to modern methods of manufacturing industry. The supply of management for the powder and explosives industry, which manufactures material for the shells, was also small, but it consisted of a few companies like DuPont, Hercules, Atlas and Trojan, and contracts were made with these for the management of
2 the Charlestown, Ind.,, Ravenna and
Sandusky, O. Radford, Va., Wilmington, Ill, works, which is yet completed. Because there were not enough
and none of
a {management groups in this narrow ‘ field to go around, the plants were
stepped up in size. Charlestown,
2on the Ohio River, was tripled to 2 | $74,000,000, others doubled or more. 1; |The second and even third contracts a {announced last fall and this winter
made it appear the Government
. | Was increasing the magnitude of
its program. It now stands at around 1,000,000 pounds of powder The Charlestown plant alone will make more than half of it. Chrysler Makes Tanks
The great size of several of the establishments in other lines of armament, such as airplanes and tanks, was due to the same shortage of experienced management. No one in this country was building tanks, and so Chrysler was persuaded to build the world’s greatest and first specialized tank factory near Detroit. Another industry in which management will be asked to spread into unaccustomed fields is shipbuilding. Structural steel companies, boiler, water-tank and industrial equipment companies in the Pittsburgh and Chicago districts through Ohio and Indiana and along the Pacific Coast, are being requested to take a hand.
CHICAGO LIVESTOCK
eceipts., 10,000; fairly active, WL 10¢ higher but 15¢ up; bulk good choice 8.10; most 250-290 lbs., A 350-1b. averages, $7 [email protected]; most packing Sows, oe down, [email protected]; heavier inds, @ na Snare 8000; ‘calves, 800: fed steers and yearlings strong to 15c¢ higher but buying side still resisting advances; early sales largely on riety and order buyer account; load strict Prime held i $16; few loads mos and steers, [email protected] ittle to sell above $14; mostly R106
ba o i a Soin
light weights, and stricily good and c oice
weighty ly others slow best early, $11.80; mostly so@1l. ry trade! cows a iv’ active, firm: strong weight cutters around $5.85: bulls more active, 10@15¢ higher; weighty sausage kind, 85; few choice weighty shipper vealers to $14; this class steady. Shee . late Teusday fat
opening moderatel active and steady to Seng: about six loads g to choice 90-103-1b. fed Western lambs, [email protected]; early top, $10.85; heaviest weight at inside price; medium to g ind exas lambs, $10.25; common throughoit, $9; good choice han ed yearlings, S350: asking to on fed ewes,
OTHER LIVESTOCK
Savane 2000 “tot i ig ‘aldo. RE Cr ow 0! a 0! 00 Ibs. $7.4 Ibs... $8 88.20;
bs.. £, 110-140 1bs., i W150 sl SOWS,
Cattle Sajabls total, 425; calves, 250; mediu Fd heifers, [email protected]; 780-1b. heifers. "$1 50: medium and g ) by 50, steady; yood
weight
$6 and above
11 for good and $2.50 3.50 for medium to good lames, ewes.
U. P.).— 0 Be 190-210 Ibs. 33- 250 5-300 325-350 150-160 130-140 100-1 1bs., $5; calves,
Jan. Ho Ho 160-190 50-275
29 gE, 3 i0;
7.95;
3 30: $7.20; $7.10; $6.60; 3%: .10. Roughs. 13.50; lambs, $10.
LOCAL PRODUCE
Heavy hens, 12c; bareback hens, C Leghorn hens, 8c; bareback horn bape 7c; Barred and White Rock spr ngers, 13¢; other colored heavy breed sprin 12c; Leghorn apringers, 11c; barebac Spring. ers: 9¢; old TS, Indiana Grade ig large ngs. 17¢; Indiana Grade A medi eggs. Indiana small Grade A and No eggs, 12¢; no 33@33%2c;
grade, —No 1, No, 2, 3l@ "Butertat'—No.
Butter 31%ac 1, 28¢c; Te. {€ountr Pickup prices quoted by the 0.)
Wadley
| Asthma Agony
asthma Sh an ge usands quickly and
stags,
now to help nature remove cess mucus and p slap. Mendacu ig not jection, Just
2440 N. Meridian St. | ~
35:1 said.
Or Call
most individuals. Forms may be obtained upon
come for 1940 was derived from
of $5000 or, regardless of amount, fession, rents, or sale of property » » »
emphasized that a taxpayer who
1941.
September 15 and December 15.
Your Federal Income Tax If You Didnt Get a Tax Return, Write
Forms for filing returns of income for 1940 have been sent to - persons who filed returns last year. however, does not relieve a taxpayer of his obligation to file his return and pay the tax on time—on or before March 15 if the return is made on the calendar-year basis, as is the case with
the offices of collectors and from deputy collectors of internal revenue in the larger cities and towns.
and annuities and was not in excess of $5000, should make his return on Form 1040-A. A person whose gross income was in excess
Failure to use the proper form presents difficulties to both the taxpayer and the Bureau of Internal Revenue.
gaged in a business or profession is required to use Form 1040. The return must be filed with the collector of internal revenue for the district in which the taxpayer has his legal residence or principal place of business on or before midnight of March 15, The tax may be paid in full at the time of filing the return or in four equal installments, due on or before March 15, June 15,
for One.
Failure to receive a form,
request, written or personal, from
A person whose gross insalary, wages, dividends, interest
was derived from a business, prois required to use Form 1040. n ” »
Therefore, it is is liable for a return and is en-
DRAFT REPORT ON OIL MEASURE
Opponents of Regulation Charge Unemployment Will ‘Result.
A House Committee was preparing its report on the oil regulation bill today following two hours of spirited debate at a public hearing yesterday. Groups aligned against the bill charged that its passage would retard business in southwestern Indiana and throw hundreds of families back on relief. Proponents of the bill, which would give the State Conservation powers to regulate all phases of oil drilling and production, told the committee that it would conserve the state’s natural resources and prevent future collapse of the oil industry. Opposing the bill were members of the Indana Farm Bureau, landowners and southern Indiana business men who charged that regulation of production would drive independent operators out of the field and “destroy prosperity.”
“Stop Waste”
George R. Jefirey,, attorney, who represented sponsors of the bill, said it was not intended to limit production at this time but “to stop the waste of resources and prevent damaging wild cat activities.” “This bill would not affect normal production,” he said. never be necessary for the Conser-
except in the event of excess production.
are interested in is taking all the oil they can out of Indiana and then move to another state . . . want to stop this waste of resources.” ~ Schenck Opposes It
Ralph Esarey, State geologist, said the Conservation Department was sponsoring the bill to protect the state from “useless waste of its resources.” Hassil Schenck, Indiana Farnf Bureau President, opposed the bill on the ground that it would “curb an Indiana industry.” “Oil production in Indiana is far below the consumption so I think it would be a great mistake to pass the bill at this time,” Mr. Schenck said. “We're not wasting any oil in Indiana, the farmers need this industry to solve their financial problems.” Harvey Hull, Indiana Farm Bureau Co-operative Association manager, said passage of the bill would discourage explorations of Indiana fields.
Grumme Supports Bill
F. Harold VanOrman, Evansville hotel operator, said southern Indiana business would suffer a setback if the bill was passed. “This bill would ruin business in southern Indiana and end all the prosperity that business has enjoyed from the oil industry,”
Fred Grumme, Indianapolis sier Oil & Gas Producers Association legislative director and Independei't Petroleum Institute of America board member, was the only oil man at the hearing who urged passage of the measure. He said the industry should be protected wth regulations for orderly operations.
JACK FOUST EDITOR The
Hoosier Farmer Reports the News of The Legislature 12:40 P. M. Daily on the “HOOSIER
FARM CIRCLE” 12:30 to 1:00
WFBM
$
Indianapolis ¥
“It may fom
vation Department to limit output 8 “All these independent operators |%
we |N
W heat Prices Recede Again
CHICAGO, Jan. 29 (U. P.).—Continued bearish sentiment among the trade, a reflection of favorable crop conditions, big supplies and slow flour trade, led to another recession in the wheat market on the Board of Trade to new low ground since last December. Losses, however, were confined to small fractions of a cent with resting absorption appearing around 38% cents for the May contract. Soy beans showed sharp losses. At the end of the first hour wheat was off 3 to 3%c, May 83':c. Corn was off % to 7c, oats off 4 to sc, rye off % to 3sc and soy beans off 1% to 2'sc.
LOCAL ISSUES
? The Rows uotations dy the indianapolis Bond & Share Corp. do not represent actual price ol offerings, but merely indicate the approximate market level ks on buving and selling quotations.of recent transactions. Sto Ask Agents Finance 9 Belt RR s Stk 5 68 Belt RR Stky Yds as as Central nd Pow sh % P x. Comwlith Loan pid
Drug Inc : ah Fu Wayne 1% ofd. Ind Asso Tel C
Gas Ind Hydro Elec 7% jndpis P&L com Indpls Pal 5% % pid Indpls Water 5% d Nifcom Nat Life
ena
American Loan 5s RY ans 99 American Loan 55 46 .........100 Consold. Fin. 5s 50 oi Citizens Ind Tel ye 61. e T&T Ft Wayne 5%s .. Crabb-Reynolds-TayIoF 5s 42.. T&T Fu Wa 6s 103
T ner Packing Co 4} 2 49.. Morris 6&10 Stores 5s Muncie Water Works 5s Yes. ee 104% Nat Silk Hostery 5s 4 9 Ind Pub v 3%s
Pub Tel ‘Co 408 5! Richmond Water Wks 5s 57.. Trac Ter rn Corp 6s 57 Ex-di eng, ©
FOREIGN EXCHANGE
NEW YORK, Jan. (U. P.) .—Following are noon cable rates on, mia or currencies, e
England (pound) olla r)
Palade 2
EE gran). Sweden (kro Japan err Mexico (peso)
STEEL cone
C. I. 0. Head Says His Plan Will Step Up Output Of Industry.
WASHINGTON, Jan. 29 (U. P.) — Defense officials today studied a plan offered by C. I. OY President Philip Murray for organization of the entire irons, steel and tin ine dustry into one great production unit. Mr. Murray claimed that the plan would increase steel production 5,290,195 tons a year. He warned that unless the industry is put on a more efficient basis automobile production will be curtailed so much next year because of lack of steel that “unemployed automobile workers will be walking the streets.” He proposed immedaite creation by President Roosevelt of steel industry council, consisting of an equal number of representatives of management and of the C. I. O.'s Steel Workers Organizing Committee, with a Government representative as chairman. It would “undertake to put present idle capacity into operation, accuratedly determine expansion needs and co-ordinate production facilities with armament and non-military needs.” Despite the fact that the steel industry is reporting to be operating at 99 per cent of capacity, he said, it is behind attainable production by almost 6,000,000 tons per year. He said there was no labor shortage, but that employment of steel workers and salaried employees was 26,106 below the peak of 603,106 in August, 1937. : To correct “illogical distribution of orders and lack of co-ordination,” which he said has resulted in some steel companies receiving a “disproportionaie” amount of steel armaments contracts, Mr. Murray would . create a “top. scheduling clerk” for the entire industry—*just as each mill: and company has a scheduling clerk” to achieve highest possible productive efficiency. The plan, designed to achieve total steel output,” was submitted to President Roosevelt, other Ade ministration officials and to William S. Knudsen, director general of the Office of Production Management. It was based on a survey of steel production possibilities by the Congress of Industrial Organizations.
BUSINESS AT A GLANCE
By UNITED PRESS Atlantic Refining Co. and subsidiaries 1940 preliminary net profit $6,219.00 equal to $2.11 a common
2|share vs. $5,028,000 or $1.66 in 1939.
Deere & Co. and subsidiaries year ended Oct. 31 net income $12,171,778 equal to $3.33 a common share vs, $7,627,355 or $1.82 previous year. Duquesne Light Co. 12 months ended Nov. 30 net income $9,778,117 equal to $3.90 a common share vs. $10,205,833 or $4.10 previous 12 months. Hollinger Consolidated Gold Mines, Ltd. 1940 estimated net profit $5,771,099 equal to $1.17 a share vs. $5, 682,429 or $1.15 in 1939. Industrial Rayon Corp. and subsidiary 1940 net profit $2,392,477 equal to $3.15 a share vs. $1,348,924 or $1.77 in 1939. Island Creek Coal Co. and subsidiaries 1940 preliminary net profit $2,321,113, equal to $3.65 a common share, vs. $1,586,121 or $2.42 in 1939.
WAGON WHEAT
or Janepoliz grain elevators are payin No. 1 wheat, 8l¢; subject to marke
Hi : other Trades. on their merits. Cash
corn: Ne new yellow shell corn, 54c; new No. 4 white shelled corn, 58¢; No. 2 white oats, 32c.
to your morning paper
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Even though you feel secure in the possession of property and investments, it may be accurate to picture everything you own as lying bottled up behind your fountain pen. For, unless your signature authorizes a careful plan for the future disposition of your estate, it may be distributed —not according to your desires and your family’s special requirements—but as an impersonal law decrees. A comparable situation may exist if you have not revised your Will recently.
In the amount of time you customarily devote
it is possible for you to
complete a conversation with your attorney and our Trust Officer which may bring fnanela) benefits of immeasurabl g