Indianapolis Times, Indianapolis, Marion County, 17 February 1941 — Page 15

MONDAY, FEB. , 1941

b BUSINESS

Ailing South American Market

By ROGER BUDROW

THE UNITED STATES IS TRYING TO EASE ne shock of war depression in one of South America’s major It is another effort, such as

Export-Import Bank loans, to cement our relations with

- industries—coffee raising.

Latin America.

Almost 90 per cent of the world’s coffee is grown| in Latin America, according to Business Week. The blackout

of the European market has shipments to this country.

‘But prices started upward again as soon as U. S. ratification of a quota agreement seem assured. The new quota system approved by the Senate is an attempt to substitute an inclusive agreement of all principal coffeeproducing nations for the heretofore unsuccessful attempts of individual nations to regulate production and prices, Business Week says. If it works Roger Budrow it may furnish a guide for future attempts to control marketing of other commodities and products. Business Week says “Uncle Sam is going to see to it that housewives pay a few more cents a pound for . this important berry. Reasons: (1) It increases good neighbor relations and makes for hemisphere solidarity by contributing to the prosperity of the Latin American nations; (2) It will increase purchasing power in those countries so they will be able to buy more from us; (3) It is up to the U. 8S. to cushion the impact of war on the economy of Latin American countries, many of whom are dependent on revenues from coffee for a large part of their existence; and (4) The American housewife doesn’t know within a few cents a pound what her coffee costs her, anyway.” "A good many budget-wise housewives will take issue with the last statement. But at least from now on, they will be noticing how, in one way, they are contributing directly to better relations with South America. 2 J ”

THE COST OF living was about the same on Jan. 15 as on Dec. 15 despite slight increases in the cost of rents and food, according to the Bureau of Labor Statistics. Meats, fruits, vegetables and staple foods were higher but butter and eggs were lower, for the country as a whole. Clothing costs were lower although work clothes such as overalls continued to rise. gy = a ODDS AND ENDS—National Association of Manufacturers asked 900 concerns if they would be able to deliver their defense orders on time set in contract and 93 said yes, 25 said ahead of time. . . Willys-Overland is going. to cut down on.using zinc. in strictly orna- " mental car parts, complying with a Defense Commission request of the auto industry. . . William McChesney Martin, presient of Federal Reserve Bank of St. Louis, and father of N. Y. Stock Exchange president, is 65 and plans to retire March 1. . . President Dean R. Hill of Mortgage Bankers Associations thinks building homes for families with $1000 incomes or less (he says there are 15 million such families in America) is best way to escape post-armament depression. + « The 28-mile Arcade & Attica (New York) Railroad, chiefly a freight line that owns only two passenger coaches, had to borrow a coach from the Erie line Saturday for its annual meeting of stockhgqlders, mostly farmers and business men who live along the line and who put their money into the road in 1917 to keep it going. It has paid a million in wages since then, showed a small profit for 1940. U. S. STATEMENT WASHINGTON, Feb. 17 (U. P.).—Government expenses and receipts for the current fiscal year through Feb. 14, compared with a ye year. 3 List 841, 877,003.12 $5,811, 548. 3.065, 82

Customs .. 803,912. 12.34 = '325,566,830.30 INDIANAPOLIS CLEARING HOUSE

AN $ 3,413,000 10,114,000 | N

OTHER LIVESTOCK

YNE, Feb. 17 (U. P.).—! ¥320-240 lbs., $8.10; "180- 500. 10s. o 30 22 .85; 240-

$7.15; | American Loan 8s 51

good “packing

50 otal, °1150; calves, 400; steers and heifers strong to 25¢ high er; cows stronger and bulls fully stea y: edium and good lightweight steers and [email protected]; load good 610-1b. 10.65; occasional lightweights cutter and common steers and hei as [email protected]; cutter and common cows, 8s. strong wei canners mostly on 50@8; ey 1g) or eight and Ear : we an breds $7 down to $6.50: - 870-10, ib, LR Steers. $10; Bes W Sod to strong da and choice, $12.50@ tI cine inaividuaie, $14: common and medium, $8.50@12; culls down

0.50; good to choice saibe Py er; gheep Steady, fat

This nearly demoralized prices last year when quotations were the lowest since 1921.

.|Failure of buying power to follow

3.50; [T

S. Coffee Drinkers To Helo

diverted practically all of the

6. M. PAYROLL HERE TRIPLED

$12,390,607 Distributed in City; Total for State Tops $36,000,000.

The General Motors Corp. payroll in Indianapolis, spurred by the vast expansion of the Allison warplane engine plant, shot up to $12,380,607 last year, more than trebling the amount of the previous year.

than a million dollars a month, with the figure going considerably higher for the latter part of the year. or the current year, it may go to $2,= 000,000 a month. A part of the $8,403,000 increase resulted from increased activities at General Motors’ Chevrolet Comnigrcial Body plant here. Payroll increases also were reported by G. M. in the three olher Indiana cities in which it has plants. The total] G. M. payroll-in the State

287,750 for 1939. At Anderson, the Delco-Remy and Guide Lamp Divisions reported combined payrolls of $18,607,555 last year, compared to the previous ¥ear’s total of $14,811,596. The Delco-Remy battery plant

cie had a combined payroll of $4,126, 3% last year, compared to $3,080,43 The "Chevrolet plant at Rok 0mo reported $1,674,997, compared to §1,267,282 the previous year. Representatives of the corporation reported that its payrolls for all plants last year totaled $492.1246,017, the highest in its history.

PRICES FOR WHEAT, CORN MOVE LOWER

CHICAGO, Feb. 17 (U. 2P).— Prices for wheat on the Board of Trade today moved lower @affer showing firmness at the ouiset.

the upturn and weakness iri corn influenced local .and com ssion house pressure. The near-by month dipped to the]. lowest level since late in September and the deferred months were down

fore demand developed in suificient|I volume to digest the offerings. Initial upturn was due to mocerate buying inspired by the action of stocks. At the end of the first! hour,

corn was off % to %c; oats off 3% to Yc; rye off % to %c and soy beans off 3% to %ec.

y - WAGON WHEAT nana olis grain elevators aré vayin for Pos eat T6c; subject to marke change: other wader 2 shett merits. Cash

w No. No. 3 white oats, Tao.

LOCAL ISSUES

The following ghuotations by the Indianapolis Bond & . Ae agh represent actual price or pes ngs, but wierely indicate the approximate market Jove] based on buyin og a and selling quotations of

recent transac Stocks Bid | Ask

Age nts _Pinance som. SOM +4 T% pelt RR & hk Yds veo BS Belt RR_& k Yds a ieee «38 Central Ind Se 4.7% pr. 97 Com 6% pid

of Ind 89 69 f 2m Serv Co of oh ol bid. 119

com.. Bonds

American Loan 55 46.....c...1

ES PAA SB *I53S28SE8 ©:

n &10 Stores 5s 50 ... june e Water Works 58 65.... Nat, Tie Hosiery 42 .. . 91

FooD PRICES

on BJ: ~Ap ples— ja Cer:

Colorado Sweet

‘able ewes, eligible, around $2. 50@3.

YOUR FINANCIAL

ore reseives b Th a ed by our officers. discuss your problems and to

When you come to us for advice 8 Ww BS pia, Jop adul 2 nd make use of the services we

find o hevwtur THE UNION TRUST COMPANY

Capital and Surplus $3,000,000 Member—Federal Deposit Insurance Corporation.

PROBLEMS

pendly manner in ‘which you much easier or you 1

solution,

sis The CHIC ye

LOANS

WASHINGTON ST.

on Everything! Diamonds, Watches, Autos, Cameras, Clothing, Shotguns, Ete.

CAC JEWELRY

CO. Inu.

Am This is an average of a little more A

was $36930,000, compared to $23,-|S

and Chevrolet parts plant at Mun-| Son

‘Hershey ot ois

to new low ground on the crop be- Int

L.ehm wheat was off 3% to %c, May '78%c; Jock!

shelled corn, be; N

First working model for the 25-ton tank Chrysler will produce.

High Low —fi—

20% 37% 43

20% 37V 43

31 3%

6 1302 65%

Adams-Mil .... alr Redut ee...

Rad & Am Roll Mill.. Am R M Am Am T&

82 150% a a . 23% :

u 4 4% Armour Ill pr ‘pf B1 “3 51. Foon... Ck.. 28% 28%

oom ‘.. we 20

Atchison ger 3% m

Bald Loco © 3. Balt & Ohio. Bass o CO cose Beth Steel .... 77

PEE HLH

CertainCertain- -td 6 pf. 27 Chrysler Colgate P r eos Colum ' Gas ictures ... 4% olvents . 8%

So pf 50 ih Edison 28% Bak A ... 8

Curtis Curtiss-Wr e.e0 7% oD 19% 19% . 65% 65% (124% 124% ia .-128 . 20% 7

RIE ee

Deere & Co ... Douglas Aire . Dow Chem

East Kodak . Eaton Mfg Elec Auto's,” ore

Elec ; Ya El P : T $6 pf. 24% Erie %

1285 27% 1313

24} 24) AY 13% 13% Clune

5% . 30 5 34

tH +

Florsheim A .. Foster Wheel ..

Gar Wood Jd.

Tots 33 - P =O EF GEESE

Granby Gt Nor Ore ... Gt North pf...

wWwWen

110% 110%

fe 6% 19% 80

Ill Central .... 63% Indpls P&Lt .. Inland Stl Int Nicks

DHE

nt or Int T&T For..

Kennecott Kleeee 8s Kress ....

> ++ HH HH

Nat Pigeuis . Nat Cyl G Nat Distillers . No Am No Am Avn No Pacific .... Otis Steel . Owens Ill a.

Pac Am Fish ... 7 pac Ost 1 Df... G&El ....

£383.08909 - SoaasiSudao ot) Se gen aa

= aon S33 HRREE,

PLE HLL

: : 3 t es 17% . 32 Ia oir . ow 1 Gn

avage Arms .. 39% Scott Pa 3

833m FREES

iid

30% 35 3 284

8 11%

No. 18

1: +: +

Ta reese owas

= ae Yo

F &

By UNITED PRESS °

Net Last Change

- >

a. ~

FREER

oO. N SENSE

-. -

N.Y. STOCKS

DOW-JONES STOCK AVERAGES

30 INDUSTRIALS Saturday ... Week Ago Month Ago ... Year

essesssncssscess 118.55 secsssiscensennees 124.19 cesonscessanss 120.24 0 sesesrrsinee esesane 148.46

+0.89 -0.52 -—0.51 -—0.26

High (1941), 133.59; Low, 117.66.

High (1940), 152 20 RAILROADS Saturday .. Week Ago .. Month AO s.ceecase Year Ago High (1941), 20.73; Low, 26.54. High (1940), 32.67; Low, 22.14. 15 UTILITIES

.80; Low, 111.84,

Saturday cceccccercccoccccss 18.95 Week ABO .cevcseqessscesees 10.89 Month ARO cevescoccscescess 20.15

YOR ARO .cvcoasecensscscces High (1941), 20.65; Low, 18.85. High (1940), 26.45; Low, 18.08.

High Sours AE PR. . 3 A

Swift As Co © wees : 330

xn . . R14 orp 35

Low

Telaut

Union Carb .... 62 Union El Mo ‘pf. 113 Un Aircraft ... 36

Valworth syne Pump P&P Jest Air Bie. .

eatin,

7hite Mot .... 1 iilys © Oreriid! “3 rate cove

13% 33

Young Sheet 15

» 3% Young Stl Dr.. 15

Farmer’s Field Turned Into - Arsenal Site in Less Than Year.

By MILTON BRONNER Times Special Writer

DETROIT, Feb. 17.—Come the first days of next fall and five big 25-ton tanks will roll out from a new Chrysler plant in Detroit every day of a five-day week if Edward J. Hunt, bustling godfather of the defense project, knows what he’s talking about—and he usually does. The tanks will be ahead of schedule—to cap a feat of turning a farmer’s field into an arsenal in less

than a year. “We have let no grass grow under our feet,” says Hunt. “President K. T. Keller of the Chrysler Corp. was asked last June 8 if he would make tanks. June 9 he discussed the matter with other Chrysler officials. He then went to Washington and talked with the War Department. June 12 he went to Rock Island to see what medium tanks looked like. June 13 he returned to Detroit and conferred with H. L. Weckler, vice president and general manager of our concern.” The result: Hunt was transferred immediately from his job as general staff master mechanic and told to take charge of tank production. First he tackled 136 pounds of blueprints, a map of the plot of ground outside Detroit, and the plans for building thereon a $20,000,000 Gov-ernment-financed plant, which could fill an order for 1000 tanks costing $33,500,000. Hunt assembled 197 of the company’s -experts to study the blueprints. Ready in April

The Government let the contract last Aug. 15. Sept. 11 ground was broken for the tank arsenal; steel workers began Nov. 19. The plant is booked for completion by April Machinery already on order will be installed then, and by early fall the

‘7 | first tanks should be completed.

FOREIGN EXCHANGE

NEW YORK, Feb. 17 (U. P.).—Follow-

¢|ing are noon cable rates oh Psy

rencies 18 | England (pound) Canada (dollar) .. anes {yan . Finland (markka) . Switzerland (franc) Sweden vhs) eve Japan n) Mexico peso)

Tot Che.

of —.0001%

LOCAL PRODUCE

Heavy hens, Me No. 2 hens, 1lc; Leg-

horn Ps,

and nite

ghorn hens, rl Py 3

The.

and oe 19¢; No. 3 oo 16¢c; roos-

ters, Indiana Grade “A” args eggs, diana Grade “A” medium Le 13 diana small Grats “A” an 0. 11¢c; no grade, Bu pt Wadley C

RALLY IN STOCKS

Butterfat—No. 1, 39¢c; N

13c; Inc; In3 eggs,

12¢. tter—No. 1, 32% @33¢c; No. 2, 30%@ 0. untry y' pickup prices ' quoted by the

AT. Y.

rally in early trading today, pped slightly from the highs be-

fore noon, and ruled steady

in aft-

ernoon dealings. Volume lightened. Early gains ranging to more than a point in leading issues were partly retained. As the list turned into the fourth hour, several stocks still were a point or more net higher, including Allied Chemical, American Can, du Pont, Union Carbide, Midland Steel Products and New-

port News Shipbuilding.

Steel issues held fractional gains and motors were firm. Johns-Man-ville was up nearly a point and Loew’s was strong. Oils were firm. Chesapeake & Ohio, with a one-

point rise, featured railroad

stocks.

Traders ascribed the rise to tech-

nical factors after a sharp

decline

in most of last week’s sessions. Several favorable corporation reports were issued and business news

+ 'generally was good.

or business. If his home or deduction for the loss sustained.

is deductible,

for income-tax p

Your Federal Income Tax.

How to Deduct Losses Sustained From Casualties, Thefts and Wagers.

To be deductible, a loss arising from “fires, storms, shipwrecks, or other casualty” need not be connected with the taxpayer’s trade his automobile is destroyed by fire, or his summer bungalow damaged by flood or storm, he may claim a

Loss of property by theft or burglary is an allowable deduction, and need not be incurred in trade or business. Hence, the loss oc casioned by the theft of jewelry or an automobile used for pleasure and convenience is deductible. ‘It must be established, however, that the property actually was stolen. Should circumstances attending the loss leave the owner in doubt as to whether it was stolen or lost, the claim would not be allowed. : Losses from wagering transactions are allowable only to the extent of the gains from such transactions. A loss is deductible only in the year in which it is sustained, .even though, as in the case of a theft or casualty, it Ray nok | not be discovered until a later year. Losses compensated or otherwise, of course, are not deductible. However, in the event ‘th amount of insurance is not sufficient to recompense for the loss sustained, the excess of the loss over the amount of the Insurance

for by insuran

In general, losses|for which an amount may be deducted for in-come-tax purposes must ‘be evidenced by closed and completed transactions, fixed by identifiable events, bona fide and actually sustained during the taxable period for which claimed. For instance, a person possessing stock of a corporation eannot deduct from gross income any amount claimed as a loss merely on account of shrinkage in value of such stock through fluctuation of the market or otherwise. In the case of an individual the loss allowable in such cases is that actually suffered when the stock is disposed of. If any securities (that is, shares of stock in a corporation and rights to ‘ subscribe for or to such shares) become worthless during the taxable year and are capital assets, the loss resulting therefrom shall, urposes, be considered as .a loss from the sale or exchange, on the last day of such taxable year of capital assets.

The Government will supply the tank engines and the armor plating. All the rest of the material will come from the company. Much of this will be in the form of rough castings and forgings from outside plants. The Chrysler job will be finishing and tooling this material

s|and assembling. ' The tanks will be

nine. feet high, nine feet broad and 20 feet long. They will have ‘a crew and assembling. The tanks will be one 75 mm. gun, one 37 mm. gun, three 30-caliber machine guns and an anti-aircraft gun. The engine will have 400-horsepower. “It's a complex job,” says Hunt. “For instance, the stuff that goes into transmissions alone requires 1000 hours of work.”

5000 to Work

While the arsenal is being built, the company is getting well along with such preparatory work as making hundreds of blueprints, placing .|orders for machinery, gauges, dies and precision tools, and considering matter of personnel. Hunt will require 5000 men and expects to pick

i | most ‘of them from the 50,000 in the

Detroit plant of his company. The arsenal will be 1380 feet by 500 feet. It will be streamlined in operation, materials flowing along through the various processes until at one end of the building completed tanks will be hoisted by cranes onto waiting railway flat cars. To get five tanks daily, 88 will be in constant process of construction.

INSURANCE TOTALS

SPRINGFIELD, Mass. Feb. 17.— Massachusetts Mutual Life Insurance Co. today reported $1,989,685,~ 982 of insurance in force at the end of 1940, representing 520,290 policies. During the year 30,752 new policies representing a face value of $126,452,377 were written. Almost 40 per cent of these new contracts

covered additional insurance on the lives of present Massachusetts Mutual policyholders, Bertrand J. Perry, president, reported.

GOLD IMPORTS DIP FROM RECORD HIGH

WASHINGTON, Feb. 17 (U. P.) — —Gold imports dropped to $9,862,795 in the week ended Feb. 5, a de-

previous week’s record high, Commerce Department said today. Canada was the leading shipper, supplying $4,933,012. Japan sent $3,046,001. Gold ' held at Federal Reserve banks for foreign account increased $12,380,533 to $1,860,485,511.

BUSINESS AT A GLANCE

By UNITED PRESS Louisville Gas & Electric Co. (Delaware) and subsidiaries 1940 preliminary net income $1,403,450 or $1.56 on combined “A” and “B” vs. $1,401,048 or $1.55 in 1939. .

National Biscuit Co. and subsidiaries 1940 net profit after depreciation, foreign exchange loss, Federal and foreign income taxes and writedown of $400,000 of plants, real estate, machinery, etc. Totaled $10,748,826 equal to. $143 .a common share vs. $11,033,702 or $1.62 on the same basis in 1939. Nehi Corp. 1940 consolidated net profit $952,743 equal to 85 cents a common share vs. $1,048,722 or 93 cents in 1939.

Owens-Illinois Glass Co. 1940 net income $7,223,034 equal” to $2.71 a share vs. $8,434,915 or $3.17 in 1939.

Willys-Overland Motors, Inc. and subsidiaries December quarter net loss $47,991 vs. net profit $36,201 year

ago. M. A. Hanna Co. and subsidiaries 1940 net profit $3,022,132 equal to $2.33 a common share vs. $1,904,317 or $1.23 in 1939. st nreal Corp. 1940 net profit 068 equal to 28 cents a share vs. Sam 20, or 17 cents in 1939, Southern California Edison Co. 1940 preliminary net profit $12,179,771 equal to $2.24 a common share vs. $12,701,916 or $2.39 in 1939. Corp. and subsidiary 1940 1940 net profit $548,774 equal to 58 cents a common share vs. $587,648 or 64 cents in 1939. Union Bag & Paper Corp. 1940 net profit $2,120,946

NEARLY 2 BILLION:

crease of $156,252,332 from the|f ir the '

RETAIL TRADE BEST SINCE '30

Lincoln’s Birthday Sales Highlight of Week, Authority Says.

NEW YORK, Feb. 17 (U. P.).— Wholesale and retail trade were active last week with the latter reaching the best volume for the period since 1930, Dun & Brad‘street, Inc., reported today. Dollar volume of the week’s retail trade was estimated 9 to 15 per cent over the corresponding 1940 period, compared with a year-to-year gain of 9 to 12 per cent in the previous week. “The exceptional success of Lincoln’s birthday sales was the highlight of retail developments of the week,” the trade authority declared. “Stores’ promotional effort was somewhat greater than last year in many cities and advertising linage showed an increase of more than 5 per cent. “Shoppers who turned out for sales events were described as ‘good spenders.” Interest in the better grades of merchandise was said to be marked, particularly in apparel and home furnishings.” Dun & Bradstreet said that despite the lateness of Easter this year, spring merchandise “was already moving at a good rate.” Broadcast gains in retail trade over a year ago were still concentrated largely in Southern and Midwestern cities, although there was increasing evidence of the spread to other sections. On a regional basis, the following percentage gains were shown over a year ago: New England and East up 8 to 14; South, 10 to 19; Middle West, 9 to 15; Southwest, 10 to 16; Northwest, 7 to 12; Pacific, 9 to 13. “Mail orders calling for immediate delivery bulked heavy in wholesalers’ new business,” Dun & Bradstreet said in commenting on that division of trade. “Forward covering and staple and semi-staple goods also continued active. “Deliveries remained the major concern and in lines most closely related to defense needs buyers were attempting to meet requirements for many months ahead.”

ALLOCATE GOUNTY FUNDS TO 20 BANKS

The Marion County Finance Board held its bi-ennial meeting today and allocated approximately $10,000,000 of county funds to 20 Marion County banks. ‘The largest single holder of county funds for the next two years will be the Indiana National Bank in which 42 per cent or about $8,000,000 may be deposited. Other large holders will be the American National Bank, which will be permitted tq take up to $2,682,800; Fletcher Trust Co., $2,397,040, and the Merchants National Bank, $2,371,010. The banks usually carry from onethird to one-half of their maximum allotment at any one time. The Board includes in its personnel, representatives of the County Treasurer’s office, Auditor’s office, the City, the School Board and the three Marion County Commissioners.

Incorporations

The New York Pattern Co. Ine. ? New York corporation, admitted ‘to Indiana to manufacture paper dress pP& 8. Montgomery. County Boys and Girls 4-H Clu ul. nec., Crawfordsville; no capi ital stock; Robert McClamrock, phon Gray, Virgil "Merritt, Homer E. )1 4 Varynit Mills, Inc., 101 E. Wayne St. R. Moos, same

in; soenk. Herman address; ares no par value; manu-

facturing i) selling textile materials; ArM. Kriedmann, D. E. Newman, L. Ci re ci. Awning Co. of New Albany, ne, 208 Main st. New ; _ agent, Wilbur Hutchens, 211 Bank St., New Albany; 500 shares "without par value; ‘manufac turing and selling Awning. Venetian blinds, gleam. er chairs, hardware supplies, etc.; Wilb OR Hutchens, Fred A. Anson, Eleanor vi nso. scl Lock Co. ne., Hammond; amendment changing GT of directors to seven. Nard Trucking Co., Inc. a 726 Coltage Ave., Indianapolis, agent, Frank A. Nard, same address; 1000 shares nt Spar value: hauling construction materials for highways. bridges, etc.; Frank A. Nard, Lester W. Eaverson, Alice D. Eaverson. 30 W. Tth

Marcus Avenue, Gary rbert J. Morris,

age 708 Broadway, ‘Gary: 100 shares at $10 par cleaning and dyeing business; Da J. Marcus, Herbert J. Morris, Edwin ae S. Leath & Co., Inc., domestic corporation; change of location and resident agent, Jacchb _S. White, Suite 1511, Merchants . Indianapolis, Ind. i on ¢f Lincoln Chevrolet, Inc. Legonier, Ind. Change of location and resident agent of Petroleum Haulers, Inc., Suite 1511 Merchants Bank Bidg.. Indianapolis, Ind.; agent, Jacob 8. White stration of the words Southern ntation by Cane Growers Sales Co., ., under classification No. y

Ss. Swine Growers AssociaDanville, Ind.; resident agent, H. H. Pleasant, same address; no capital stock: to encourage the breeding of he Jughest types of O. I Swine in India R. Balkema, R. W. Ellis and H. H RY cans,

Foundation Director J. Steel Gow said spending efforts to overcome the depression have undermined the economic life of the United States. “By encouraging masses of the people to look to the Government for economic security, they have encouraged popular distrust and suspicion of business,” Mr. Gow said. As a consequence, the initiative and courage of business have been crippled, he declared.

“By thus stifling the growth of the very resources upon which Government must draw . . . they have set the nation on a course which is an ever contracting spiral toward economic exhaustion.”

The war and defense program, the report said, will bear heavily on our economy. The former by alteration of world trade channels, the latter by possible reduction of living standards by impressing men, money and machines into production of non-productive defe materials. “Defense activity will stimulate economic activity,” Mr. Gow said, “and thus tempt us to conclude that we have at last overcome the persisting influence of the depression. “However, this activity will be an rosperi

to $1.01 a share vs. $965,583 or pte in. 2080, fs,

1. | mission,

08 E.|tentative date for the wheat refer-

d,| The corn carryover will be about|m

45. |ing to more than 3,250,000 needy

New Head of SEC?

Edward C. Eicher, member of ‘the Securities and Exchange Commission since 1939, is being mentioned as the successor to Jerome Frank as Commission chairman. Mr. Eicher, stanch’ New Dealer, is a former Congressman from Towa.

FARM-DEFENSE LINK IS SOUGHT

Wheat and Corn Limitations yi May Be Part of Revised Farm Program.

WASHINGTON, Feb. 17 (U. P.). —Important changes in the New Deal’s farm program are being discussed today in an effort to coordinate it with national defense. Farm, defense, Treasury and Congressional officials are studying ag-

ricultural problems raised by the new “defense economy.” Although

there were indications that the “wait and see” policy of recent

action. Plans being discussed include: 1. Wheat and corn quota limita=tions on marketings of 1941 crops. 2. A “two-price” program on both domestic consumption and exports. 3. Higher loan rates that would place virtually all surpluses under Government ownership, : 4. A new processing tax for selffinancing of a large part of the farm program.

Program Inadequate

are agreed on one thing: The

to meet the world situation and the national emergency. Co-ordinator for the new program is Chester C. Davis, Federal

representative on the Defense ComFarm officials said a quota refer-

that corn growers “very probably” would be asked to vote marketing quotas. May 31 has been set as the

endum. A corn referendum would be held in late summer. : The United States will have an estimated 385,000,000-bushel carry-

wheat prospects are the -best in years. Wheat acreage is the same as last year and normal production would be about 850,000,000 bushels.

400,000,000 bushels. Two-Price System

The “two-price” system for disposing of farm surpluses—both as to domestic consumption and export—is finding increased suppert|, among farm officials. One of its chief supporters is Vice President | & Henry A. Wallace. The food and cotton stamp plans, |g which are supplying food and cloth-

persons at one-third less than regular prices, will be expanded to 5,000,000 persons by July 1 and to as

C.|many others as available money

Falk Foundation Warns of U.S. "Economic Exhaustion

PITTSBURGH, Feb. 17 (U. P.) —The ‘European war and the American national defense program plus Government spending threaten standards of living in the United States and head this nation toward “economic exhaustion,” the 1939-40, Falk Foundation report warned today. In a digest of the report, prdduct of independent research financed by endowments of Leon and Laura Falk, Pittsburgh philanthropists,

will allow by 1942.

produce the goods which contribute

Good to Choice— 120- 140

330- 360 Good--

no action has been agreed upon,|Co

Virtually all of the consultants Good—

present farm program is inadequate| Med

Reserve Board member and farm|pfediu

endum on wheat is “certain” and|Mediu

over of wheat next July. Winter Good

HE INDIANAPOLIS TIMES me PAGE 18 1 New Chrysler Factor fo Produce Five 25-Ton Army Tanks a Day by Next Fall

PRICES ON HOGS

ARE UNCHANGEL

As 12,400 Arrive at Stockyards.

HOG PRICE RANGE

eseesesessssncssnsess 8.28 . eres 8.35

Hog prices at Indianapolis stocke

‘| yards today were unchanged from the prices paid in the majority of sales here Saturday, the Agricule tural Marketing Service reported.

Today's prices, which were 10. cents below Friday's, left the top aé

$8.25 for good and choice 200 and 210-pounders. able cattle were received, 643 calves,”

A total of 2050 sale

12,400 hogs and 2369 sheep.

HOGS Barrows and Gilts

JeNEEsE

3 58

Sesebessrsnane

i“

ediun 180- 200 pounds ....ee Packing Sows vers $7.28

sssvsssrscene 1

Good and 270- 300 300- 330 SON RIRN NS .

0 360- 400 pounds 400- 450 hounds . 450- 500 pounds Medium. 250- 500 pounds

Slaughter Pigs

Medium and Good 90- 100 POUNAS ....csec0e00ee B.TSQ 6.60

CATTLE

1 1, 1. sesetesr sate 8. 7.28 7 6.

:: $884

Ses RstRARNAN 8 . 6.15@ 6.90

Steers

wih i 5 CHE

ood 0-900 DOUNAS ceverceesornne 00-1100 “Soin 8S saves cesssne 8 cecsesnns

- 1500 Pounds eseestsensse

5 1100 POUNAS ..ecsevssesne Los -1300 pounds «...ecoeccice

750-1100 pounds .. Steers, Heifers shave senseae [email protected] vereisenases 0501038 Heifers O70: 500 DOURAS +eeeeereeses 11.35012.60 rite sous 500- 900 pounds

7.75@ 9.00

esssesaneen

Cholce— oat? 50 pounds .

500-' 750 pounds .

mron— 500- 900 pounds .

months soon would give way to|Seotum

(Yearlings excluded) Be

00d .eecescssssscecssesceee T128@ 8.00 Sausage

Goo oe s4seenbers Medium Seeanses iit 13 Cutter and common ...ceeoe 8 Good and “choice 1350 Conon and medium ! 12.00

Feeder and Stocker; Cattle Steers (Receipts, 643)

cosnnensens B18 gions 1731008 8.250 8.78 1.500 8.28

Chol 500- %00 pounds . 800-1050 pounds

500 unds 800.108 D3 Pounds :

“00st 0sssnne, ssesenncscene

jum 500-1000 pounds Common — 500» 900 pounds . Calves Good and choice— 500 pounds down e

see eterno

steers) 9.7501150 8.50@ 9.78

“tts ssstane

1) 500 pounds down ...icicnnene Calves (heifers) Good and. choice— 500 pol ounds dOWR eoesvvcceces 500 pounds down ...

SHEEP, LAMBS

[email protected] “i 1.500 9.00 (Besipts, +2360)

Good J. choles . Medium | and good Common Yearling Wethers Sood Mr and choice ...

(wooled) il Good and. che medium .. creessee x 78 I

CHICAGO LIVESTOCK

mip — Receipts, 10,000; active to alli 5@10c Ln spots more wel bes Jinde er 3 230 lbs.; top, “ 10 28034 The. % a

Zool and ch i SH ato-Do. Juteness, iho 50] ib. oy onenglly | $ n good bs. 1G 17.25, with 25-850-1b." kind usually. $8.7 Cattle—Receipts, 15,000; calves 330i ed Steghs and earlings steady to to 3 §iudes predominat. gn “inoving most owen; Wy A limited now ow medium as: well a iy

Roce steers sieady: 2 508 $9. steer trade; fair ny faa rime selling of $10 Ywaward as wi

12.50 upward; little here of values seu bo $14; early I a anding a

To i, EE Sirping at a 8 mei jum and goe od ki Kind showing Test | most decline; ot ao

Sows and Si

ter cows lle up to $6; velgnis® 9000; very little sold

bulls to $8; sg TB, weak, mos down, although chioce malin g $14. ts or above $10.75 oor a and oncle Jorn Low str few just good Th Jams it 20

medium $0 good fed lambs done on fimited supply 5 t

Ie Hau ei A Jskin

'' DAILY PRICE DY

NEW YORK, Feb, 17 (U. P.).—= Dun & Bradstreet’s daily weigh! price index of 30 basic commodi compiled for United Press (1930-33 average SquAls 100): Saturday ......ce0snen00en00 12318" Week Ago cssssesseccescencee 123.86 Month Ago S00 PIE NNR NINIOINNDY 124.55 Year Ago este sescenetncntine 119.20 1924 High (Jan. 9) ..cceeeee., 12821

to standards of living.”

Don’t let shortage of ready cash kee engraved gold-Aile ed 24 glasses wSORpi ete ground lenses, { R OR N fround on proscripiion

Fouvinge

uarante or no

| 1941 Low (Feb. 13): euuceens

O) Licensed Registered Doctor of Osteo

15-DAY FREE TRIAL!

yourself by 33 days actual test, at our risk. Perfect satisfaction

123.08

viessssesees 9.78@11038° setentsettee ‘8.50@ 2.78 2 sess enenene 1.0@ 800

‘EAR THEM 98 Eng As PT ME

N at our new low: STios. pathy.

Easy Samant;

terest, to WPA workers,

No extra charge of any kind for credit . payments. Price is same as for cash. No inno carrying charges, Credit

Pay as Little as 50c Weekly

- A National Organization

VEYA OPT

po an agi

Top Remains at $8.26 Hers |

Slaughter Cattle & Vealers (Receipts, 2050)

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