Indianapolis Times, Indianapolis, Marion County, 10 March 1941 — Page 4
~ try to discourage such
USINESS
Japanese Government Corners Silk; Are Shipping Firms Playing Fair?
———— By ROGER BUDROW
SILK, RUBBER AND CARGO SHIPS aren’t Page One news yet like machine tools and aluminum were last week
(when those two were placed ‘defense needs).
under strict priorities to meet
Nevertheless, several interesting things
gre going on in these commodity and transport industries. For instance, silk traders claim the Japanese Government has engineered a corner in silk (has 119,000 bales in
storage) and has artificially boosted the price.
Japan more foreign exchange
This gives (badly needed) but cuts prof-
its of U. S. manufacturers and helps sale of du Pont’s nylon.
Rubber traders claim the British
_ and Dutch steamship operators in
the Far East are not playing “first c ome first served” with all rubber planters in the Far East but are playing favorites wit h the big plantation operators. Thus U. S. rubber buyers must pay the price asked by those few who can obtain ship space to get rubber over here. - Prices on “peace” South America and the Orient may be higher if priorities are imposed on. shipping facilities. This may seem illogical in view of the fact that if ship priorities are imposed,
Roger Budrow
. the Government will surely put a
ceiling on shipping prices. But the. point is that the big American lines would be the ones under strict priorities (and price) control and not the smaller lines operating under foreign flags. The big linés would be busy with defense cargoes whereas the smaller ones carrying “peace”. commodities from abroad would be free to set their own prices. And when a free-for-all scramble develops for -shipping space, rates go up. : » ” = SEC WILL FROWN upon any Industry seeking to sell stock to obtain money for any purpose that will conflict with ‘the defense proam. SEC Commissioner Sumner T. Pike said the commission would industrial financing which might create competition for labor or materials needed in defense work. If the Priorities Board of Office Production Management finds that labor or materials are likely to be unavailable, the SEC will insist that notice of this be displayed promently in the prospectus of the stock offered. : + # 8 = - THREE LARGE CONCERNS with Indianapolis branches did bet-
. ter last year in the matter of profits
than they did the year before but another’s profits went the other way. Earnings of Link-Belt, Ste-wart-Warner and National Malleable & Steel Castings were higher but Borden Milk (Indianapolis branch is Furnas Ice Cream) profits slipped a little. Their annual re-
_ ports show:
1940 1939 $2,514,380 Link-Belt $1,733,058 $1,470,804 Stewart-Warner $ 553,224 $1475956 Natl. Malleable $1,260,670 $7,582,617 Borden Milk $7,979,837
As far as “humanizing” annual reports—ordinarily just cut-and-dried pages of figures—Borden Milk
sets a high example, even going s0|q
far as to devote a whole page to “Elsie,” their advertising cow. But they give essential statistics, too. The 126-million-dollar milk corporation, which has branches in erre Haute and in the Gary-Ham-ond district, paid out $2,222,524
or products, wages and taxes in|g,,,
diana, the annual report shows, The other three did not report on their Indiana bpersiions separately. ” ODDS ' AND ENDS: Average American should have had $1.38
more in his pockets at the end of |
February than he did the month before, the Treasury says, because
total money in circulation (for each | cull
person) on Feb. 28 was $66.28 whereas it was $64.90 on Jan, 1, . . Open contracts -in the wheat market on Chicago Board of Trade Thursday fell to a new low since records have been kept. . . . In San -Prancisco’s Chinatown, ‘Bell Tele‘phone has Chinese operators who must speak English in addition to five Chinese dialects and must memorize name and address of each telephone subscriber because users usually ask for whom they want by name, not number. . SEC has decided to force the Edison Electric Institute, fact-finding and service agency for the 14-Million-dollar utility industry, to register under the Public Utility Holding Co. Act. , The Treasury's drive
products from r
PORKER PRICES 3 GENTS LOWER
Receipts Bulge t to 10,775 Hogs at Stockyards; Top is $7.95.
HOG PRICE RANGE Top Receipts ; 6,702 8,585 5,553 1,500 7.501 7,907 8,014 5,461 7,871 M Sviraevivieniry 1,000 March 10 ...... Sheen eees a 10,778 A 5-cent reduction was made in most hog sales at the Indianapolis stockyards today, the Agricultural Marketing Service reported. Hogs weighing 160 pounds or mqre sold a nickel lower while lighter weights were unchanged from Saturday. The top was $7.95 fer good and choice 220 to 230-pounders. Vealers were steady with a $12 top. The marketing service reported 1384 salable cattle were received, 553 calves, 10,7775 hogs and 1281 sheep.
HOGS
Barrows and Gilts Good to Choice— 120- 140
LINO WD OW 3-1 POOP OOOOW
7.100 6.75@
7.800 7.00 6.90
6.85
2 S9-999a9990
D 3S
Teo "300 pounds Packing Sows
Good and Choice— 270- 300 pounds 300- 330 pounds 3.30- 360 ‘pounds ..eeeceococs
00 — 360- 400 pounds ... 400- 450 pounds 450- 500 pounds edium~ 250- 500 pounds Slaughter Pigs
Medium and Good—
90- 120 pounds 5,26@ 6.10
Slaughter Cattle & Vealers (Receipts, 1384) Choi
1300- 1300 pounds 1300- 1500 pounds .. 0
S99 SPD
ediu 750-1100 pounds 1100-1300 pounds
ommon-— 750-1100 pounds Steers. Choice— 500- 750 pounds .............
Uo ocoow Qoowm
9
2 au obo ooo
. Heifers [email protected] 00d — 500- 750 pounds .. .......... Heifers
Choice— i] 900 pounds .eeseceecsss 11.00912.00 750- 900 POUNAS ..ccocensees [email protected]
Medium: Poa. | 800 pounds .cscceusesess 8.00@ 9.50 7.00@ 8.00
Com 500- 900 pounds
330
Qu Gutter ond common Canner
Bulls’ (Yearlings excluded) 7.75@ 8.50
7.75@ 8.25 Me dium 7.25@ 1.75 Cutter and common ........ 6.25@ 17.25 e
Good and choice 31. Nas 00 Common ang medium JF -Na1n.s a Feeder and Stocker Cattle Steers Hod Receipts, 00- 300 ounds 0.00@11. 00 1050 Dounas ve 00081: 9.00610. 0 [email protected]
00- "800 pounds ,. 00-1050 pounds =. 8.25@ 9.00 1.50@ 8.25
Medium 00. 1000 pounds
500- § 900 © vounds .............. Calves (steers) Goo. and ehoice— oo Doulas downy: .........0..
500 Annas down ‘ va Calves (heifers) Good and choice—
500 pounds down [email protected] Medi
500 pounds down 1.50@ 9.25 SHEEP, LAMBS (Receipts, 1281)
; Lambs Good and choice .. Medium and good Common ... ENE ‘Yearling Wethers Good and holes
10.00211.75 [email protected]
to get money from “little investors” will probably be worked on a stamp ‘ pasis, using 10, 25, 50 cents or. $1 stamps to be pasted in a special book. When the book is full, investors can trade it for a U. S. bond. A $25 10-year bond would cost $18.75, for instance, and the
p SE would get back his $18.75;
plus interest, totalling $25, at the end of 10 years.
; DAILY PRICE INDEX
NEW YORK, March 10 (U. P.). —Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United
> Press (1930-32 average equals 100):
vos
-
~
Saturday ........... oe 125.10 Week 3280 .. co veesseeeseis. 124.30 Month 280 ...ceceaceeeerasn 123.86 Year ago devennsnes 1193112 1941 High (Jan. 9) ........ 125.12
Mediu . ‘Ewes (wooled) Good and choice .. rca Common and medium ........ 3.
CHICAGO LIVESTOCK
Hogs — Receipts, 15,000; opened slow: wegihts under 235 mostly steady with Friday's average: heavier butchers steady to 10 cents lower: some bids 4 cents off; $7.90: bulk 180-240 1bs., [email protected]; 240-270-1b butchers, 3 [email protected]; 330 lbs. generally. $7. [email protected]; most 400-500-1bs. packing sows, $6.75; extreme weikhi, $6.50 Cattle — 20 co 13,000; calves, steer trade mostly steady to wea
1000;
grading good on choice; local and outside accounts; largely $9.25 @12 on trade; few loads, [email protected]. with strictly choice around 1200 lbs.,, weight sold above $14: ‘sizeable run heifer Setrs lightweight steady: others weak to shad lower with many bids 25 cents off: ie
firm with [email protected],; , $11.50. pract tical)
slow and heads, steers, Shee early
steady: bulls best weighty sausage, weak: Practical Sop
Receip ts. no
. 1941 Low (Feb. 17) ......... 123.03 held
Western ewes, steady Hl $6.5
PERSONAL
and Possessions.
A COMPLETE TRUST SERVICE SINCE 1893
' More and More Men and Women are turning to TRUST SERVICE for the Preservation and Conservation of their Estates
THE UNION TRUST COMPANY
Capital and Surplus $3,000,000.00 Member—Federal Deposit Insurance Corporation
CORPORATE
Broken Lo State
The C
LOANS
146 E. RIGA hab
on on Everything!
Diamonds, Watches, Autos, Cameras, AGC Shotguns, Ete. JEWELRY CO. Inc.
*] Allied Chem ... m a
50 | Gannett pf
5| Kress
used in tire production, falling
Inspector watches carbon black, in form of extruded pellets, such as
into drier to extract moisture.
Net High Low Last Change
20 38%
Adams-Mil .... 20% Air Reduc ..... 38} Allegh Corp ... Allen Indust ...
+ Ya
} V8 1 + A Am Crys Su AmgF Pr 87 Am Hide & L.. Am Rad & § 8 Am Rell Mill .. Am Smelt .... Am Am Sugar Am|T Am Am
Bald Loco ct .. Ball & Ohio ... Bath Ir Wks .. Bendix Avn ... 36 Best & Co .... Beth Steel .... Bigelow San .., Boeing Air .. Bolin Al & Br 29 Bdgpt Tirass ... Briggs Mfg .... 33%
Cal Packing .. + 18% Callahan Zinc . Celanese pr pf. 183 Cent Viol Sug Chis & ohio" .e 3gne Chic E Il ' Ds Chiysler Climax Moly Co S014 Coll Gag of A.. 78 Com Solvents .. Comw & So pf. 5318 Cons Aircraft . 25 Cons Edison pf 05, Cons Oil 12 Coltainer iss 1372 Cont Bak E .. 3 Cont (an... Cont Mototr rane Co Crown rr o.. Crucible St .. Cub-Am_Sug: .. Curtiss«Wr ....
Deere & Co ... Deere bf . D Lar
Do ugls Di Pont
ip 3! 1 Pha Not G 2074
—F— 24%, 133s
24, 13%
Fajardo Sug ... Flintkote
1915 105 Gon Electric .. 33% Gen Motors ... 43% Gen Motors pt. 124%; Gillett¢ S R ’ 127
Gamewell Co ..
Grey) hound &: Gu Sug Gi aon nt .
Hblly Bug ......
Inspiration Cop | Interlake Ir Int Farvester .. Int M
Bust D Kan (@ Sou pf . 1 Kelsey Hayes A Kennecott .... 33 cree 227s 26 }
\ 1a Kroger G&B .. Va 1a 3a Ig
3% 21% 35%
Leh v jcoal eal fenm L-O- F "Glass ue
3 213
2 36% 35'a
3, | Saturday
. 137% 37 =
a Month Ago y | Year Ago
a Saturday
‘4 | Libby MeNeL .
n Lorillard
, 41 Soeast, Grevey 1
. | Sperry Corp ... ; Std Brands ....
Std Oil Ind . 8 St w h 4
g | jasamerica .e
N. Y. STQCKS
B8v UNITED PRESS —
DOW-JONES STOCK AVERAGES
30 INDUSTRIALS 121.47 —0.12 -—0.98 —0.52
+0.01
| Week Ago Month Ago Year "Ago High, 1941, High,
133.59; low, 117.66. 1940, 152.80; low, 111.84. 20 RAILROADS | Saturday "| Week Ago
High, 1941, 29.73; low, High, “1940, 32.67; low, 22.14, 15 UTILITIES
Weel. Ago
Moath Ago
Year Ago High, 1941, 20.65; High, 1940, 26.45;
low, 18.81. low, 18.03.
Low 51% 894 237% 32, 187% 17%
High 5! 2 89% 23% 32
Net, Last Change 512 4 8914 237% 32 19%
Ligg & Lockh+ Aircraft Loew's Loft,
Manati Sug ... Martin Parry .. Mident Pet .... Mo-K Tex pf Mullins Mig B.
Nash Kely ....
Elev
Pac G&El Packard
«| Pamamt
Phillips Pet ... Procter & G ...
4 Raybestos
fispublie. St :
, | Reyn
Reyn Mer pf ad Re Tob B .. Richfield on...
Schenley Dist... Smith Cor T ...
South Pac ....
Std O Cal
17%
43a 112
43g Bik cont... Ne se Fe { Union Carb. ... 65% . 383% f . 25% 41s 66 23% a . 90% 58% Univ Pict 1 pf.157
6515 38% 257s
66 2314 2133 903g 57% 155
HEE |) i+:
Warner Bros .. Wheel Steel ...
| +444
Young Sheet .. Young Stl Dr .. 15
I
Wood Ships, F Reveal War's
weakness ~-mostly on steers with weight |'wood. best action on]
lightweight steers and yearlings on both!
. « Japanese cargo shipbuilders
ew New Tires Economic Pinch
WASHINGTON, Marhc 10 (U. P.).—Italian housewives return empty tin cans much like Americans leave empty bottles for the milkman.
have abandoned steel in favor of
. New auto tires are disappearing in Europe.
These and other commercial and industrial quirks were reported today by the Commerce Department as evidence of economic changes
resulting from the war.
In addition to new developments abroad for sidestepping shortages of
medium and good grades, $9410.79, cons essential materials, there have been )
i reports of several inventions of mili{tary importance. German scientists. were reported s experimenting with a silent airplane engine which would enable bombers to approach enemy objectives at night without detection. Berlin cleims were cited, reporting “a certain amount of success has already been achieved” with the silent motors and that such motors were used in the Polish campaign. “It is also claimed that several ships in operation in the North Sea have. been successfully equipped with them and that the experiments are being made on both gasoline and Diesel engines,” the department said. Gierman engineers -also were reported to have developed a new electric express locomotive capable of hauling eight cars at speeds well over 100 miles per hour. Britain has urged housewives to use sodium bicarbonate in cooking fruit to conserve sugar supplies. Gierman production of metallic containers has been sharply curteiled because of military needs. Many commodities now come in
glass Sontainers,
A metal shortage in Japan has|” caused the use of wood instead of iron and steel in: building small ships for “near-sea” service. Cost of a wooden Japanese ship was reported as being half the cost of a steel vessel of the same dimensions. -In Italy, ‘according to the Commerce Department, housewives give their grocer empty tin cans for each new one when purchasing canned goods. E. G. Holt, leather and rubber expert for the Bureau of Foreign and Domestic Commerce, said it was virtually impossible now for a private citizen of European countries to get new automobile tires. He said reports from abroad told | py of wholesale stoppage of civilian use |S of automobiles because of military requirements on rubber and ay stocks. Some new tires are available im Britain, but motorists are urged to
.|have old tires retreaded.
The Italian Government has ordered all owners of auto tires and tubes to report holdings, and has notified the public of the Government’s. right to requisition them for military use at any time.
THE INDIANAPOLIS TIMES Carbon Black, Lengthening Life of Tires, Has Big Growth in 15 Years
~%| channel process.
‘1, | Hom Wa ‘ : Crabb-Reynolds-Ta lor 5s 42... Home T&T Ft W v 03
‘4. | Muncie Water Works 4 8|N Ind Pub Serv 3%
nsfer|! of privately-owned tires from one 3
@
Other Industries Become Large Users of Gas By-Products.
By E. K. TITUS Times Special Writer NEW YORK, March 10.—It was the discovery that the use of carbon black in rubber would make tires much stronger that led to the remarkable growth of the carbon black industry. Production in the United States now is around 500,000,000 pounds annually. Sales by United Carbon Co. alone grew from 34,068,007 pounds in 1925 to 137,942,125 pounds in 1940. Today’s present tire life of around 25,000 miles compared with 3000 to 6000 in 1912, is ascribed to carbon black and some other materials. Rubber today is an all-important strategic material, huge quantities of which must be brought from the other side of the world, over routes that might be blocked by war in the Pacific. Far larger quantities, however, would have to be brought in, were it not for the tremendous improvement in mileage.
Soot From Natural Gas
The carbon black is made today in Texas, Louisiana, Oklahoma and Kansas, by burning many millions of natural gas flames, and collecting the soot from them. Each particle of the black is less than half a millionth of an, inch in diameter. The particles fill in the pores of rubber. About 30 per cent of the material in a tread is carbon black, Dr. Isaac Drogin, director of research of United Carbon Co., stated. In the industry as a whole, 49 plants operated in 1939 with total daily capacity of 1,714,000 pounds. Production that year was valued ,at nearly $13,000,000. An estimated 347,270,000,000 cubic feet of natural gas was used in the process. More than 85 per cent of the black, according to Dr. Drogin, is used by the rubber industry in varying proportions. Carbon black also imparts jet blackness to printing ink, gives paints and lacquers their deep black gloss and is used in such items as typewriter ribbons, carbon papers, cosmetics, confectionery, fertilizers, batteries, plastics, phonograph records, chocolate candy, explosives and in coloring concrete. Channel Process Used United Carbon produces by the The black is very fluffy when scraped off the metal surface where it is deposited by the flames. It is reduced in volume by compression or conversion into
o | dustless pellets before being shipped
to the rubber industry, usually im tank cars containing 35 tons. Production today is mostly in the hands of eight companies. United Carbon has plants in Monroe, La.; Borger, Tex.; Sayre, Okla. and elsewhere. At the Borger plant alone the company has 4,100,000 flames. It buys natural gas from
| Phillips Petroleum and others an
also owns wells. During 1940 50.5 per cent of the
,|company’s net sales were carbon black, 46.5 per cent natural gas and
3 per cent gasoline, oil and other products
LOCAL ISSUES
The lowe Jotauions by the Indianapolis Bond & Corp. do not repre-
‘sent actual price of offerings, but merely
indicate the approximate arket level
m ‘5, |based on buying and selling quotations of . recent transactions.
Stocks Ask Agents Finance Co. Ine. 9 Agents Finance Co. Inc. riz Bel R 58 105%
“Van Camp Milk pfd
Van Camp Milk com
Bon | American Loan 5s 3
American
? | Consol F'
n 5s 50 Citizens Tad Tel 4%s See e T&T ayne She’ . 107% 8 10012
103 03
omo Water Works 5s 58... SERA ng Co 3 49... Morris 5&10 Stores 5s i .. .++100 5s
Nat Silk Hosiery 5 100
1083 [36 10134 |© 100 107% 3
. NEW BONDS ISSUED
BY FLETCHER BANK
Fletcher Joint Stock Land Bank of Indianapolis has issued what is believed to be the first sale of taxable joint stock land bank securities since the Government removed |} tax exemptions on Federal bonds
this month. The issue comprises $1,600,000 of 1%2 per cent Farm Loan Refunding]! bonds, maturing March 1, 1946, (with optional redemption March 1, 1943) to obtain funds to redeem $1,637,000 of 3'% per cent bonds, op-
[emel for redemption on May 1 this ng ‘of the total issue, $1,000,000 ap-|Fr
proved by the Farm Credit Adnfinistratjon have been »ffered publicly by Lee Higginson Corp. and Alex.
a short term loan by the joint stock land b
U.S. STATEMENT
WASHINGTON, March (U. P). Government Year thr and Feoelpis for the current fiscal thon h March 7, com-
Foy dm
+ a1. S57 «1,
3 1 toni. i] wt
INDIANAPOLIS OLEA CLEARING HOUSE Glearings $9
Sresanttann ean
tesesacen
EXER] tear caesens
LOCAL PRODUCE
Sil
PEISOn. 10 another 18 J
zing
NAZI, ITALIAN MONEY FLEES
Believe Billion Dollars U. S. Transferred to South America.
By EDGAR. ANSEL MOWRER
Copyright, 1941, by The Indianapelis Times br 6 d The A Dally News. Inc.
WASHINGTON, March 10.—German and ‘Italian money has gone out of this country so fast in the last few weeks that® Uncle Sam’s ice-tongs would probably close on little of them, if any attempt at a general freezing of European funds in this country were now attempted. Last fall, when the idea was first broached, it would have been different.
The German and Italian money is believed to have gone to South America, as a billion-dollar rote increase there testifies.
The Japanese are also transferring their funds to south of the equator. The Yokohama Specie Bank has transferred credits formerly held New York to the extent of $9,000,000 to Brazil. The Portuguese Bank of the Espirito Santo has withdrawn a large part of its funds in this country. A Swedish bank has transferred at least $1,000,000 to Brazil.
Approve ‘Do Nothing’ Plan
Curiously enough, instead of deploring the lost American chance to aid Britain by laying hands at least upon the remainder of the German and Italian money here and controlling the movement of the rest, certain American authorities are using the migration to South America as a reason for continuing to do nothing in this respect.
“What is the good of half closing a leak?” These people ask. “Since the money we wish to seize has already gone to South America; and since there was never the slightest idea of freezing South American funds, why bother about the matter any more? Besides, what is the justice of freezing Italian and German funds, while leaving Russian and Japanese funds untouched?”
Conflicts With Policy
This argument overlooks the fact that the United States Government is committed not to a policy of peacetime justice, but of “all aid to Britain short of war.” Germany and Italy are actively at war against Britain, and to seize their funds, many of which have been used in this country for purposes inimical to us, seems to most people a proper short-of-war measure. Japan and Russia are not yet actively at war with Britain, and Russian specialists—or some of them—see for the first time a dim chance of real Russian opposition to Germany.
But it was the other argument that won out, for, at the beginning of this week a determined attempt to secure acceptance of a freeze-in of European funds subject to a license system of release was, for the third or fourth time in the last five months, blocked by the State Department.
PROFIT-TAKING NIPS WHEAT PRICE RISE
CHICAGO, March 10 (U. P.).— Wheat futures opened higher on the Board of Trade today but
profit-taking nipped the advance and prices dropped approximately 1 cent, ac to 7% off Saturday's close. At the end of the first hour, wheat was off % @7%c, May 85%e¢c. Corn was off 4 @3%c; oats off % @'%c; rye off 15@ %c; soybeans off 12 @ %c. There was small but general buythrough commission houses. Corn futures more than lost opening gains, influenced somewhat by
in
2 the reaction in wheat.
WAGON WHEAT
3 white oats. 32¢
QTiLR LIVESTOCK
—Hogs—
i _ne new No. 4 yélow shelled corn, b4c:
at
$e. 25: stags, 35; calves, 1750, Ted rn jambs, [email protected].
CINCINNATI, March 10 (U. P.) ble, 3000 head;
y. cline on barrows ‘and’ ilts scaling 200 lbs. i. $7. Rood and SBolGe Fades ~1b. Do ‘and ilts: 1bs., $7. 80-300 jy 51 38: .95 "o5- 180-200 lbs. 85
ars. 00 nd, E320 140
God. grades packing [email protected] Ly active, prospects avorable for CleaTaDOS Cattle—900; calves, 450: active, stronger market; steers and heifers selling Algund $8@9, strong to 25¢ higher and ver 720-760-1b. heifers, steers, $9.50: cutter an 6.75; few medium to COWS, and above; strong weight canners, $4.50@ 5.50; sausage bulls, $7@8f125; vealers, active and steady, and choice, $11@12; common and medium, $7@10; culls, $5 and
and instrumentalities the first of| pelow.
Sheep—200; fat lambs active and steady: good to choice 84-1b. wooled lambs, $11; Slipped a Averaging 96 1b., $0.75; few wooled shee esp, steady; small lots good wooled — $3
FOREIGN EXCHANGE
NEW YORK, March 10 (U. P.).—Follow-
in re noon cable Tates a curTene fos: Ie Fates fe Chg.
‘3328 .0505 0215 34
Brown & Sons at 100%. The bal- ag, : ance will be used as collaterial for|, .
“FooD PRICES
CHICAGO, March 10 (U. P.). Avge Michigan Jonathans, oli gi: 35 lery —Mi 1.75. Tomatoes
igan, y3auates —Mexic Soguse 43.8 ie. ots California,
bu grates. 31 as, Carrots = — Cal lifornia, crates sh Teds .50. sweat A tosses Toons bu. [email protected], Onions (50-lb. sacks) ollinis Seliow ws, 50@60c; Michigan Y
FLUORESCENT LIGHTING Commercial and and: Industrial
CENTRAL & Supply Oo.
0 | current president of the Stock ExNo. | change, has been conscripted for
»|garced as a compromise between the | ~|lold guard and the new reform 0 Jos: (group, but many of the latter faction still are pressing for greater
1.50 orowing in New York, however, espe-
Se MONDAY, MARCH 10, 1041
New SEC Head?
Leon T. Henderson. . . . Administration’s choice.
Leon Henderson Expected To Keep Price Control Job Also.
(Copyright, 1941, by United Press.) NEW YORK, March 10.—Leon T. Henderson soon will assume the dual office of chairman of the Securities & Exchange Commission and “czar” over national defense price stabilization, a high Washington source told the United Press here today. Mr. Henderson, this cource said, was hastily recalled to Washington last week from a Caribbean vacation and soon will announce his acceptance of the SEC post just vacated by Jerome N. Frank, who has accepted a Federal judgeship. Regarded as the forecast price expert of the New Deal Administration, the dynamic Henderson has been a member of the SEC since 1939 and last year was named to the defense price stabilization commission. The new member, however, was reported to have been at odds with other Defense Commissioners over price regulating policies and it was understood that President Roosevelt’s decision to transfer price control to the SEC was aimed at eliminating this friction in an important defense job.
Capital Drivé Seen
The President also was said to believe that the SEC with its huge accumulation of corporation information, would be the logical agency to direct a price stabilization program. Mr. Henderson’s appointment, too, was linked in Administration circles here to a forthcoming drive by the SEC to revive the nation’s stagnant capital markets—starting with the New York Stock Exchange. In his new post Mr. Henderson will assign the actual work of securities regulation to Commissioner Sumner T. Pike, the United Press informant said. Mr. Henderson will devote his full time to what the Administration regards as secondary only to the immediate task of rearmament—oprice stabilization to prevent a runaway inflation resulting from the defense boom.
Pike Plans Appeal
Mr. Pike, it was disclosed, is planning to start his new regime by appealing to all members of the financial community, in and out of Wall Street, to co-operate in a national effort to start the country’s financial wheels turning. The ' Administration is said to be ready to go to great lengths to “appease” the market community because it feels that private capital will have to play a major role in raising the billions of dollars that will be needed to finance rearmament. As a prelude “to this “truce,” it was learned, the SEC intends to press for a further reorganization of the New York Stock Exchange
INCOME TAXES
Wider Base and Better Wages May Bring 1941 Total to 3 Billion.
WASHINGTON, March 10 (U. P.). —Treasury officials predicted today that receipts from 1940 income tax returns will total approximately $3,000,000,000—the largest direct assess= ment on United States’ citizens in history. War in Europe, war in Africa and war in Asia is the cause of it all. When the deadline rolls around Saturday midnight, some 16,000,000 Americans — another ecord — will have made their contributions to defense, or at least the first of four quarterly installments on that ob=ligation. Many more in the lower income brackets are also donating voluntarily to make America strong,
Pays for Defense Mostly
Several hundred dollars—the exact amount is difficult to estimate—has been received with returns on which no tax is due. Many of the contributors! ac-
company their donations with letters explaining that the sender wishes the money to apply to national defense. Chances are better than 50-50 that they get their wish because all contributions of this nature are placed in the Treasury's so-called “‘general fund” which is used to pay for defense as well as ordinary Governe ment expenses. Congress added: millions of pere sons to the taxpaying fraternity when it adopted nwe tax regulations lowering exemptions for single persons and married couples to broaden the base and increase the Federal Government's take. It upped the ante more by writing in a new provision in the tax law—a supertax to help finance the rearmament drive. Wage Rates Higher
These two factors, officials said, are the primary reasons for the predicted history-making collections during the coming year. Another is the defense boom with its resulting higher wage rate. Some officials believe that receipts may even exceed that estimate of $3,000,0000,000 and may go far ‘toward reducing the $6,189,000,000 Federal deficit predicted by Presi dent Roosevelt in his recent budget message to Congress. The total, however, will be unknown until the final quarterly installments are payable next Dec. 15.
TEXACO DEALERS MEET TOMORROW
More than 400 Indian Refining Co. zone representatives, salesmen, consignees’ and distributors for Texaco products in the Indianapolis district will meet at the Columbia Club tomorrow. Sales promotion and advertising plans for the year will be discussed, according to S. C. Bartlett, local manager. High company officials expected include H. W. Dodge of New ‘York, Indian Refining Co. vice president and Texas Co. general sales manager; Walter Hochuli of Chicago, Indien Refining Co. vice president and manager of Texas Co.'s central territory; and P. E. Humphrey, of New York, edi= tor of the company publications. Mr. Bartlett will be assisted im the meeting by Dixon Guy and J. A. Winger, assistant managers; George C. Pfaahler, superintendent of sales promotion; J. F. McLaugh= lin, Indiana superintendent; P. E, Coochran, Kentucky superintendent: EB. R. Snider, Ohio superine tendent, and C. H. Coe, Southern Iliinois and Southwestern Indiana
management and final elimination of the so-called old guard as a pol-icy-making group in that market. William McChesney Martin Jr,
military service and several candidates already are being groomed in Wall Street for his $48,000-a-year post. Mr. Martin's election to the Exchange presidency in 1938 was re-
co-operation with Washington as a means of restoring public confidence <|and big markets.
Fight Looms \
Support for the reform movement is believed strongest among the nonWall Street members who recently ilhave been demanding a greater voice in the Exchange management —particularly the “Bradford Committee” operating out of Chicago and Nashville, Tenn. A formidable opposition to the old guard Exchange group also has been
cially among the smaller brokerage houses which, have long been opposed to the “private club” theory of market inanagement. - These groups are expected to put forward several candidates for the Stock Exchange presidency as soon as the new SEC regime goes into operation. Announcement of these candidates may then touch off the finish fight for which Wall Street's
superintendent.
WAR ISSUES GAIN AS AID BILL PASSES
NEW YORK, March 10 (U. P.) — The stock market was strong in afternoon trading today with volume improved. War issues held gains ranging to more than 2 points. Passage of the Lend-Lease bill by the Senate plus an array of favor= able corporation news aided the list, experts said. The steel industry furnished the features in news—a rise to just under 99 per cent of capacity in steel operations and U. S. Steel's February shipments at a. record high for that month.
Shipping and shipbuilding shares were in demand. Steels mdved up with Bethlehem and U. 3. Steel nearly a point higher. Air line stocks gained a point or more, Sugars made new highs. Savage Arms made a gain of 2! points to 43%. Coppers were firm. American Telephone rose a point to 16212.
OLD MONEY ORDERS CASHED
ASHLAND, Cal. (U. P.).—Poste master J. H. Fuller received from a woman in Greece two uncashed money orders for a total value of $200 which had been issued by the Ashland postoffice 34 years ago. Apparently, the woman had only
rival factions have been waiting.
learned of their value recently.
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