Indianapolis Times, Indianapolis, Marion County, 2 May 1941 — Page 31
PAGE 30
BUSINESS
Public Still a Little Puzzled About Defense Bonds Campaign
By ROGER BUDROW
A GOOD MANY PERSONS ARE STILL A LITTLE HAZY about the defense savings stamps and bonds, judging
PRICES ON HOGS FALL 10 CENTS
Top Slumps to $8.60 Here;
11.032 Porkers Received; Vealers Steady.
HOG PRICE RANGE
from questions the Post Office clerks had to answer yesterday when the campaign opened. The stamps do not carry any interest. In other words, | the Government gets free use of the money until enough stamps are accumulated to buy a bond—the cheapest one is| $18.75 which matures in 10 years at $25. That means the Government is paying 2.9 per cent interest.
The stamps are pasted in pocketsized albums. When full, they are exchanged for a bond. If one of these stamp albums is lost, the finder can cashi it and no questions asked. Therefore, 1 is a good iaea to write the owner's name and address on the outside even though there is no space proRoger Budrow [.3.4 for this. The 10-cent album is an exception. It has a place for name and address but that would not prevent the finder of a lost album from cashng it, The bonds, on the other hand, are registered and may be cashed | bv the owner. But one thing public doesn't seem to realize about these bonds is that the names of two persons may be signed as coowners or that a beneficiary may be designated. Another question asked frequently was, “What is the difference between the baby bond and the new defense bond?” Post Office clerks reply that the value of a defense bond increases more slowly for several years than the baby bond but makes up for it later. Both have the same maturity value. Many seem to think that later on the campaign will reach the fervor of the old Liberty Loan drives of the World War (the Treasury insists that nothing of the sort will happen). At any rate, there were no long waiting lines at banks and post offices yesterday. The nearest thing to World War buying was the man who came up to the window with a coffee’ can filled with $700 of savings. He bought bonds for his famjlv. and several in-laws. Late in the day the main Dost Office figured it had sold about $1000 Work of stamps and $12,000 worth of bonds but this, of course, was an incomplete figure for the city because banks and other postal branches hadn't reported. n » ”
NEW ON THE MARKET:
rubber ¢ ti oe eo with | this year compared with $211455
ent to give it a glare-proof | the first quarter of 1940, President Iod Soden. a EE Being | D- A. Williams reported today. less visible from air, hignwayswould| The 1941 March quarter earnings not be so vulnerable to possible|are equivalent, after preferred divimemy bombers. | dends, to $1.40 a share on the 200,bes are now being sold which, |561 shares of common stock outproduce soapless suds or) standing compared with 89 cents a fabr ics, dishes, silverware. |share for the first quarter last year. re making wallets of that| ar william$ said net sales for tr ens ent and flexible) ye quarter totaled $6,107,850 comused for belts, SUSPENGErS,|.,req with $3.864,706 for the corre-ev-chains sponding 1940 period. The regular Farm tractors can have their fuel| artery dividend of $1.75 a share tenks refilled automatically with a... pe preferred stock and a divinew vacuum pump. Attached to the dend of 25 cents a share on the engine, it sucks gas into tanks. | common were declared Feb. 14 and When illed, an automatic paid April 1 to stockholders of rec-
‘tank Is 1 shutoff valve operates. ord on March 14.
Other Wars
The defense savings stamps and bonds are a major method in financing British-aid in this war it| and the American rearmament pro- | gram. Following is a summary by the American Banker magazine of how America financed other wars. 1. War of 1812 was financed almost entirely by loans. 2. Civil War brought heavy income, profits and excise taxes to the North, but in addition berrowings amounted to $2,600,000,000, consisting of $1,044,600,000 long-term loans; $8906,300,000 in-terest-bearing notes; $458,100,000 non-interest bearing notes, and $207,700,000 temporary loans. 3. Direct costs of SpanishAmerican War were only about $582,000,000, of which $382,000,000 came out of additional taxes and $200,000,000 from borrowing. 4. World War. If loans to ‘the Allies are included, 32 per cent of the direet cost was met by increased taxes; or nearly 50 per cent if the loans are not included; the remainder by borrowing. Costs of all these wars are very difficult to estimate, because to direct costs must be added subsequent pensions and interest on war debt. Cost of World War to United States at present time about 60 billions, or twice the direct cost of the war itself.
CONTINENTAL STEEL EARNINGS IMPROVE
Times Special KOKOMO, Ind., May 2. — Continental Steel Corp. earned $313,122
only
the
x un
ODDS AND ENDS: Steel in-|$44900 in the first quarter for Fed- | dustry could operate as high as) eral excess profits taxes and $159,102% per cent of rate capacity all|775 for Federal normal income taxes, this vear by speeding repairs and making a total of $204,675 Federal reducing length of shutdowns, |in tax provisions. American Iron & Steel Institute believes . . . Nylon hosiery shipments will account for about 17 to 20% of total full-fashioned hosiery shipments to retailers this year, National Association of Hosiery Manufacturers estimates. National Association of Manufacturers says| 4539 American factories not mak-
=
SALE OF SECURITIES
NEW YORK, May (U. P).— | American Telephone & Telegraph | | Co. is considering public sale of ap-|c& ing armaments now are ready to|ProXimately $150,000,000 in new sestart whenever they get Govern- | curities for refunding and new con-| ment orders. . . . British have sold | struction purposes, financial quarall their holdings in Wayne Pump/| ers reported here today. Co. and New York, Chicago and St. More than $50,060,000 of the pro-|s Louis Railroad (Monon) 6% pre- | posed financing, according to these ferred stock. . General Electric is | sources, would be used for expan-! substituting chromium- -plated cop- sion and construction to meet the | per for aluminum in its lighting |increasing demands of national de- | reflectors to conserve aluminum. ..|fense on the Bell System's facilities, | Pacific Print Works, one of the | while about $95,000,000 would go to- | world's largest printing cloth mills, | ward refunding of A. T. & T. 5% will move from Lawrence, Mass. to! per cent debentures due Nov. 1, 1043. Lyman, S. C. About 1300 Lawrence | It was understood that the com-| employees will be out of jobs. pany’s proposed financing youla, de-
consist entirely of convertible UNION PACIFIC WINS [dentures RAIL: SAFETY AWARD
CHICAGO, May 2 (U. P.).—The National Safety Council today announced winners in the 1940 railroad employees’ national safety contest. Contest rankings were determined! according to casualty rates of killed plus injured per 1,000,000 man hours of work. For roads with 50,000,000 or more man-hours of work, Union Pacific's 2.23 rate was the best. Chesapeake & Ohio was second with 442, and Chicago, Milwaukee, St. Paul & Pacific third with 4.60.
CHICAGO GRAIN
Opening prices today on the Chicago Board of Trade, as reported by Thomson & McKinnon, were:
May July Sept. Wheat— S91 @.91% $.90%@.90% $.90% @.90%
orn— 681: @.68% .68% 68% 338
oa
«
|
Sykes President Of Inland Steel =
CHICAGO, May 2 (U. P).— Wilfred Sykes, assistant to the | president in charge of operations for 11 years, was elevated to the | presidency of Inland Steel Co, today. Mr. Sykes succeeded Philip D. | Block, president for 22 years. Mr. | Block was made chairman of the executive committee. Elections were (held by directors after the annual stockholders meeting yesterday.
WHEELING STEEL ELECTS WHEELING, W. Va, May 2 (U. P.).—William W. Holloway, president of Wheeling Steel Corp. was elected chairman of the board of directors yesterday to succeed the late Alexander Glass. A. J. McFarlund, executive vice president, was
Oats— s% elected to the presidency and Arthur
36% @.36% 54% tive committee.
a. 46 541 yz Out-of-Pawn TTS, You'll] be surprised how wou $ 50 ity. Five and six times our price when new!
style and quality Others at $i HOLDS ANY GARMENT IN "
lL)
N
you can get for so little. We make no fantastic claims for our suits but . they. are good qual $5 and $8 LAYAWAY!
Good e' hot Inet profit for the first quarter of Gono", md © oice.
Choice—
wil | Medium and good The company made provision for| Common
A. T. & T. CONSIDERS |*
CINNA Receipts Soko: mite
| counted 25@ 50c under t
C. Stifel was elected to the execu- $6
| April
{April 2 April April § {May 1 . 8.70 Blay 2 vues siieaiaiiiiad ... 8.60 11,032 A 10-cent ‘reduction was made in all hog prices at the Indianapolis stockyards today, the Agricultural Marketing Service reported. . The top slumped to $8.60 for good and choice 200 to 210-pounders. Vealers were unchanged with an $11.50 top. The marketing service reported 426 salable cattle, 769 calves, 11,032 hogs and 1052 sheep were received.
120- 140
9 @WEBNE® 1-1
3 233 2 Soussssndh 00 9900000900 000000 1-3
232 33= # Nwossagees
pounds pounds ...
m-— 500 pounds oS aughter Pigs
“25%0-
Maio and Go 0- 120 AL ’
: CATTLE Slaughter Cattle & Vealess (Receipts, 426) Steers Chotoe-— 750-20-13% «1300
11 13 1500
750- 500 poun undi’ 900-1100 pounds . 1100-1300 POUNAS .e.vnvsnanass 1300- 1500 pounds ..
0.1100 pounds ... 1100-1300 pounds Common 750-1100 pounds
Steers, Heifers TI°%50 pounds ......... “el Good
500- 750 pounds ........eee.. [email protected] Heifers
eesenrenens 10.25Q@ id
Csancsnsene
veeseess [email protected] 750- 900 pounds ..ecevveccc.. 10.00911.00 580% 300 vounds "ans [email protected] 500- 200 7.75®@ 8.75 8.50
ae
8.009 8.50 3 hia 3 a
7.50 « 1, [email protected] [email protected]
setsntene
secssncnssnes
Medium Cutter and common. Veaters and cholce..
Feeder and Stocker Cattle Steers (Receipts, 769) Steers
11.25 11.35
9.50210.28 [email protected]
8.75@ 9.50 7.75@ 8.75
10.28
unds 10.35
- 800 . 800-1050 Pounas .
500- 800 pounds 800-1050 pounds Medium— 500-1000 pounds
evs snnn
cssstsassnane
csssnttansnns
500 pounds dOWR ..essveinen [email protected]%
Calves (heifers)
Good and choice—
500 pounds dOWD ...eevrsiann [email protected] Ne nds do _. [email protected] SHEEP, LAMBS (Receipts, 1375)
[email protected] Good and choice ey 8.50@ 9.50
and choice ommeon and medium ...c..ee. $308 5:8 5.80
CHICAGO LIVESTOCK
Hogs—Receipts, 7000; market slow: generally steady 3 10 cents lower; most loss n hogs wel 250 lbs. and over; 18070 lbs, $8. 0a 75, top, $8.80; 270-330 {lbs., $8 100860. sows steady to 10 cents Wo 400-500-1b, weights, $7.75G8 —Receipts, 1000; calves—>500; exa sluggish trade on very moderate Supply fed steers and vearlings, most les weak to unevenly lower than late yer no strictly choice cflerings ere, bat medium to strictly good kind all representative weights at new low on crop: best E1050 $11; several loads and lots, 3.50; 1303-1b. fleshy ood (grace Bt GL 5; some stesrs wit bid; all other classes very active and ey however. cows strong to shade higher:
lower:
The five new trackless trolleys that Indianapolis Railways, Inc, will put in service next week are longer than’ the present ones. The trolleys, built at a cost of $62,000 by the J. G. Brill Co. of Philadelpia, will seat 44 persons. Present ones seat 40. Also the new trolleys are more streamlined. Interior lighting is different, seats are of tubular steel and a new type of window eliminates necessity of window bars.
BRAZIL BANKS NATIONALIZED
Axis Controls Six of Nine Foreign Institutions in Country.
By ALLEN HADEN 141, by The Indianapolis Times icago aily News, Ine.
BUENOS AIRES, April 30.—(By
Copyright}
banks operating in Brazil are sub-| ject to Axis control. This fact is believed to have been the prime motive for Brazil's recent bank nationalization decree providing that all bank capital must ke owned by Bra-
zillans and that no foreign banks can accept deposits.
tion decree the country hopes to meet every emergency. In case the war should end with Germany controlling Europe, Brazil fears the six Axis-controlled banks would serve as instruments of totalitarian influence. Even now the Germanic Bank and the German Overseas Bank pay agents for propaganda in the states of Santa Catharina and Rio Grande do Sul. Both states have large unassimiliated German immigrant populations.
Decree Is ‘Good Business’
The decree provides for “arrangements” or compromises in the five years before it goes into effect on June 30, 1946. That means that if Britain wins the war the decree can be left in the air by “arrangements.” The move is part of President Getulio Vargas’ nationalization pro-
30 | gram bolstering Brazilian prestige
and may be good business besides. if arrangements are’ net made foreign banks have two alternatives: Either get out or sell their capital to Brazilians at prices set by the buyers. The selling banks have a time limit on their bickering and the buyer merely has to wait until the time limit expires.
Clipper) —Six out of the nine foreign
Brazil is playing safe, not know-|C ing which way the European war is co likely tc end. With the nationaliza- S
Ae
High Low
ah h Corp .... 7-16 7-16 pt s 0 ww 5% 5% Allied Stores .. 52 Allied Stores pt. Tn Allis-Chal 26 Am Airlines ....
Net Last Change 7-16 +1-16 ™Hh 512 TY: 26 42% 34 37% 19%
23%
+ 1 Am-Haw Am Smelt Am Sl Fdies .. Am T&T A ois Atchison .... Atl C Line At] Refining ... Atlas . Cor Aviation
Pe [++++ 144: 0
asa B9% orp.. 27%
Bald Loco ct ... 131%
N. Y. STOCKS
By UNITED PRESS
DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Yesterday Week Ago....... Month Ago Year Ago High, 1941, 133.59; Low, 115.30. High, 1940, 152.80; Low, 111.84. 20 RAILROADS
-—0.24 -0.77 -—0.01 -0.11
3 Yesterday
Week Ago . Month Ago Year Ago High, 1941, High, 1940,
29.95; Low, 26. i" 32.67; Low, 22.14.
Balt & Ohio ... 3% | Beth Steel .. 70% {Black & Decker 17% | Borg-Warner .. 17 Bdgpt Brass ... Burlington M .. Butler Bros ....
01% 16% 4'z —lC— Can Pacific .... 3% Cent Aguirre .. 18% Certain-teed .. Ches & Ohio . © ang CGt WRy $ pf yt Chrysler
3% 167 3
37%
| +
r+ rr 4
127%
REPORTS NEED FOR
EAST HARTFORD, Conn., May 2 (U. P.).—The nation’s airplane in-
dustry is turning out material for the defense program ahead of what a short time ago was considered an “impossible” schedule, Eugene E.
dent, said today. Now, however, the industrv is facing threats of temporary shortages] of strategic materials, Mr. Wilson| said. He anticipated early ration-| ing of magnesium for castings and nickel for alloys.
AMERICAN AIRLINES REVENUES INCREAS
NEW YORK, May 2 (U. P).—| Gross revenue§ of American Airlines, Inc, in the first quarter of 1941 rose substantially from the
year-ago level but increased oper-|
Excluding foreign banks was foreshadowed in the constitutions of 1934 and 1937. That the decree was suddenly issued while the Balkan] campaign was in progress underscores known opinions of home high Army and Navy officers and cabinet members that the Nazi forces will win. Hence, the hurry to get ahead of events and not have the move seem a direct slap at the o| Supposed German victors.
Returns $100,000,000 As a straight business proposition, the decree excluding foreign banks will throw back to Brazilians about one-seventh of all banking now
ating expenses and a larger provi-| sion for obsolescence and deprecia- | tion resulted in sharply reduced net|
earnings, the company reported to-| day. IN Net profit for the March quarter| after Federal income taxes and all other charges amounted to $71,060, equal to 5 cents a share, compared |; with $304,053 or 86 cents in the cor-| responding 1940 period. «Included)y in the 1940 quarter earnings was $110,025 profit on the sale of air-| craft. Gross revenues totaled $4,753,472 against $3,862,158 a year ago. Pro- | vision for obsolescence and depre- | ciation was $523,029 compared with
done by foreigners. In addition, the exclusion will return to Prazitiah banks around $100,000,000 out a total of slightly more than $6, 000.000,000 in deposits. The three non-Axis banks in Brat|zil are National City Bank of New|
America and Royal Bank of Can-
Cutters selling up to $7.25 and most beef . $7.50@ good to choice offerings, | $8. So and better; bull crop well cleaned > at $3.35 down; very little selling under | ; vealers, $9.50@12; kind scaling 140 | Tos. OT selilng very close to comparable e heavy, stock cattle slow; fed
gra offers EA 925 bs.
ped today's market at $11.25; Several loads making | $1010 10°75. eP— eipts, 5000; late yesterday; ted lambs closed steady to 10 cents higher; bulk 91-101-1bs. weosled Westerns, $11.10% 1.40; few best loads, [email protected]; ity kinds Slows to [email protected]; most Te [email protected]; today's trade; early lamb nerally steady with some wooled offering still held at siightly* higher prices; aroun fed Veo
two loads Westerns, foo ™ 9,
OTHER LIVESTOCK
-100 % Seals steady ht! ¢ $s 25 ‘a 3 May ~~ HOES
g — Ty as lowe hursd x a a chalee a 1808 20 1 Tao" Ts0 Ibs. [email protected] 7% S60 me
packing 4 TL Hoy [offerings $6.75@ 7.25, Y <mooth medium grade
than T
gr! ghtweights assy hogs dise above ota- | tion, trading active at the Bove qu and prospects favorable for clearance. Cattle—Receipts 450; calv 8-250: not articularly active but mostly steadv on heifers steres dull, S008 ind 25¢ lower an onday, um gond heifers and steers, $9. LST 25." ith part load iy _865- Ib, heifers, $10.40: Yoh > steers, cutter be $6.50@ strong canner offerings, $5. Sos 50: 1i - shely Eihds 5 and under: Saat 50; vealers stead 0 35a, Her ; common and Yeatone [email protected]; culls, $7 downward. ' Sheep_Receints. 200; bulk comprised of u deck 7-1. clipped lambs, out ray gat ag scattered lots mi to - ringers, SF : Shale 57.1b. weights 2% ode head
choice 3 sis ughter Ringers, 0 odd shorn
2 (OU. P.).~ 0
$0.7 weight | Beis
ce APAYETTE, May 2 11 cent 200-250 bs... 88 3 bie. : pigs, $7.75 Calves—$i0. 30011 dow
y rregular: x $8, 35 160-180 LS 5 2 1b 15:
oughs—$ : 1 1 Western, spring lambs. $11.50. Bibs
WAGON WHEAT Up to the close of the cago ‘ma today Indianapoiis flour mills ard elevators paid 83c het hushel for red wheat (other grad es on their merit) and paid 66¢c per shel for shelled new No. 2 vellow corn: No. 2 white shelled . 70c: No white oats. 33c
————————— INDIANAPOLIS Clear rin Hi CLEARING To LL 14,120,000
SEEKS FREE POSTAGE WASHINGTON, May 2 (U. P)—|c Rep. John E. Fogary (D. R. 1) has introduced a bill in Congress to allow soldiers, sailors, marines and coast guardsmen to send mail free of postage.
GARMENT DRIVE BEGUN WASHINGTON, May 2 (U. P).— | The American Red Cross has asked | volunteers in the 3700 chapters throughout the country to make
6,000,000 -garments for war relief|Pub Tel
during the next seven months.
ra N
lada. The Axis banks are Ger{manic Bank of South America, German Overseas Bank and Yoko-|, homa Specie Bank. Three banks o controlled either partly by the Axis | powers or with home offices in ter-| ritory now conquered by the Nazis are United Netherlands Bank, ItaloBelgian Bank and Franco-Italian Bank.
272 BUSINESS FIRMS FAIL DURING WEEK
-NEW YORK, May 2 (U. P).— Business failures in the United
| States in the week ended April 24 totaled 272 compared with 267 in the : week and 311 a year|S
preced earlier, Dun & Bradstreet, Inc, reported today. Failures with liabilities of $5000 or more amounted to 111 against 124 in the previous week and 151 a year ago. Canadian insolvencies were 16, compared with 14 in the previous week, and 30 in the like 1940 week.
LOCAL ISSUES
ollowing ons the Indianpo tana & share ¢ Co!
not represent actual price of yiaen pak merely indicate the roximate on buying and selling recent transactions.
Stocks Agents Finance Co. Agents Finance Co., Belt RR &
Hook Drug I
; fig hase. 18) T LA Wa
d Pin Serv 7% pfd..... Progress Laundry com 1 Pub Serv Co of Ind 67 pfd.. Pub Serv Co of Ind 7% pfd.. So Ind G&L 4.87% Serre Hallie Elec 6 e Co com
Van gmp Mi & oe
com ...ieeee 11 Bond American rican Loan 5 3.5%
seespanes
Siizens In Ind Tel 4¥%s 61 1 &T Ft Wayne 5%s .. Crabb-Revnolds-Tay lor 5s 42. . Home TAT Wayne 6s a. Ine. Assoc Tel Co 3%s 70.....10 Indpls Indpls Indpls Water Co 3's G8 . Kokomo Water Works 5s Kuhner Packin Morris 5 & 10 1 Muncie Water Works 5s 65.... Nat Silk Hosiery 5s 42 ... 97 N Ind b Serv 3%s
York, Bank of London and South |28000
mi level be Ry of Co
40 Rom 1 2314 E. " Fasghington St.. Indianapolis: agent. L. diiste
$350,614.
dl ncorporations
Montgomery County Farm Bureau Cooperative Assn Inc, Crawfordsville; | amendment increasing capital shares common an service stock of $5 par value.
Weigand, Inc, Ohio corporation; mitted to Indiana to deal in nishings, food products, ete.
Knox Development Co., Inc, Knox ape Alexander L. Jonas, Knox; 50 shares | $100 par value; building and real, estate| business; Alexander L. Jonas, F Whitson. Henry FP. Schricker, Weldon T. | Bogan, William Shaw, Paul Reed. | Orville W. Nichols. |
Chamber fsating and Air Conditioning | Co., Inc.. 418 N. Alabama St., Indianapolis; | agent, Aldo Chambers, same address, 100 shares no par value; selling heating and air conditioning equipment. Alde Cham- | bers Mabel] Chambers, George A. Lemcke. | Mary K. Lemcke.
Belmont Restaurant Corp, 2068 S. Belmont Ave. Indianapolis; agent. Michael E Haney, same address: 1000 shares of $5 par value: Michael E. Haney, Joseph Connor Ralph Shumate, James F. Cunningham. Producers Pipe Line Co. Delaware cororation: change of agent to Jacob S. hite, 1511 Merchants Bank Bldg, Indianapelis.
J. Schrader Corp., 315 W. Jefferson. ' South Bend: agent, E. L. Ridge, same : 1000 shares no fk value; real estate business; E. Ridge, F. Kramer, Mark Hooper.
Bob Wright Motors, Inc, 10% S, E. St., Evansville; agent, R. B. Wright, same address; 500 shares class A and 850 shares class B of par value; to manufacture, sell, rent, etc., automobiles, motorCycles, etc.: R. B. Wright, C. A. Buck Gilbert Johnson Goshen Biamping and Tool .Co., Goshen; amendment Ihereahins ,Sarital stock to 400 shares common and shares preferred of $100 par value Independence Hint Community Club, R. R. 2, Crown Point; no capital a social: Edwin L. Martih, Andrew Kazimer, Randall C, Meyer » Evansville Refining Co., Inc, corporation; change of agent Rehned. in care of Evansville “Refining Evansville. General Insulating and Wanufacturin Co., Alexandria; amendment of articles o
stock to] shares | {
2d- | urniture, fur-|
Delaware
Ine.. Rochester: pre-
nderson:. Adol a State Slack ON
TO a eon
Hen ad
inger Motor Sales, Tnc.
RA San 4) anging ' name to
Romin 317 N. Oa land Ave.
Bi na Ty e sales Yi. Lis , Rominger, Charles E. Selmier. William A.
vee Co Land O' Lakes Creameries, Inc., Minne sota RL admitted to Indiana to engage in agricultural products service business unon co-operative nlan Westland Telephone Co., Westland, disso-
tio: WES Farniture Co. mdiananolis:
Inc. t changing capital st 1000 shares of $30 Dar value to 1 shares no par value
All-Out Defense
MEDDYBEMPS, Me., May 2 (U. P.) —This little community went overboard for the new national defense bonds. Postmaster C. H. Bridges announced today that during the first day's sale, every one of the 99 residents bought either a bond or a savings stamp.
. * 100 5 ¥7...108%
7 II) 8
8 Yesterday .......c.vocvniunss
AIRGRAFT METALS *
Wilson, United Aircraft Corp. presi-|
Forrest | Sh
15 UTILITIES —K Week Ago Month Ago Year Ago High, 1941, High, 1940,
+0.10 17.84, 18.03.
2065; Low, 26.45; Low,
Cont Can ...... Cont Mot Cont Oil Del... Crane Co ‘e's Cream Wht .... Crown Zeller ... Crucible St ... Curtis AR Curtiss-Wr A...
Diam M
Dome Mine ...
East Air Lines.. Elec Pwr & Lt.. Equi Bldg ....
Fed Dep St cv. 8¢':2
Gen Motors .... 37% Gt North pf 25% Sun Mobile & O 3 GuM& Oh pt. 17%
70's
®25% 2
Helme G W .... { Holland Furn .. Holly Sug . Hud Bay M & 8 16%
Interchem Int Hyd El A. | Int Nickel ..... P&P Int T&T
Kennecott {ress
Kroger G&B
-
— »
Ih V .Coal ....
man 20 [Ham & Mv B .. 82% ji Re & Mv pf 1
Lockheed Aircft 207 7 jak In 18
Lone Star ‘Cem 37! a Lorillard . 15%
1+) +
“
i
Martin (Glenn) Masonite Cp .. May DS
IcK & Rob MoE & Rob ptf | Merch & Min .. 29 Mident Soot rele Mont Ward ... Murphy nf
263% 20
pt CORA RILI MIB Or AMD WIPO
Aviation .. Biscuit .. Nat Nat Nat 8p Nat Sup 5'2 pf. 50 Newpt News Sh 23 NY C&St L Pp! 343 No Amer | No Amer 6 pf.. No Pacific
Omnibus | Owens Ill ‘Glass.
Tac G & El .. Pac. T&T ... Packard Panhandle Penn RR Pet Milk . > Phelps Dodge > Phillips Pet .... Poor B ... Pub Serv . Pullman .. Pure Oil ....
Radio Radio Radio- | Rayonier ‘a'r Rec Mot vtec .. | Republic Stl
+1
Fa
Safeway 5 pf...111% Sears Roebuck.. 69 ell Un O11 .. Skelly Oil 2 South Pac Sperry Qorp ee 38 | Square D cave 3338 | Std Brands .... 5% Std G & FE 4 2% Std O Cal Std Oil Ind . Std Oil N J . | Stone & Web .. Studebaker .. Swift & Co .
111% 69 13 26
333% 5%
. 351% 57% 475 C20 i
rd 3%
- fa s 3% Y% ol Und Fl Fish ... 31 Union B&P ... 10% Union Carb .... 65 Un Pac pf ..... 82 Un Aircraft .... 38% Un Air Lines... 10% United Corp ... 5 Un Dyvewood ... Un El Coal .. U S Rubber ... U 8 Steel ......
EPH bhusy
Te" Gulf 3% Tide W A Oi] . T W A Oil pf..
Trantamerica ..
- a
= LIBO RM LI “« o~
Ors AD re
»
rd
1
» da Am a
13 33 1 27
pt £3
2 5
Bl
—ve 8 24% —t BGRW. 13% }
Vanadium
Walker
Worthington Young Sheet ...
HIT Dealers TTHTEL
ALIENS LAIR A AUTOMOBILE INLAND MARINE INSURANCE
for Careful Property Owner:
Substantial Savings
Wi. 2456
TAXES LEVELING BRITISH INCOME
Economist Finds $28,000 Net Return a Year Is Highest Possible. LONDON, May 2 (U. P). — Net incomes of Great Britain's
middle and upper classes are bhecoming equalized under pressure
of war taxation, the financial mag{azine “The Economist” asserted to-
To.15|98Y. ~0.02!
The latest budget, in effect, has imposed a ceiling on the net incomes of British subjects and the highest net income in the United Kingdom now “cannot be much more than $28,000 annually” the periodical said.
Persons with incomes over $16,-
. 000 annually, have $8000 remaining
after taxes; incomes of $36,000 are pared to $12,000; persons having incomes of $120,000 pay $104,000 in taxes; those with $400,000 incomes are assessed $376,000 and those
+ receiving $600,000 annually pay out
$572,000 in taxes.
The “Economist” estimated that “only a few hundred persons can now receive incomes of more than $16,000 a year,” with $28,000 the peak. “On the basis of the 1837-38 returns there would be about 35,000 incomes in the $8000 net class; just under 10,000 in the $12,000 net class; and only about 1000 in the $16,000 net class,” the authority stated. “The bulk of those belonged to Britain's leisure class. Such persons now not only find their spending income drastically reduced, but must provide for inheritance taxes payable after
. death from their net income.”
WHEAT GAINS GENT,
CHICAGO, May Wheat futures on the Board of Trade rosé nearly 1 cent a bushel at the outset under scattered commission house buying and short covering. Offerings, however, increased on the bulge and much of the gain was lost later. Other grains were steady to firm. Soy beans had an uneven trend. At the end of the first hour, wheat was up to 3c, May 91%e. Corn was unchanged to off 4c: oats unchanged to up %c; rve up % to 5c, and soy heans off 4 to up 11zc. A report that a national poll indicated that the majority of voters favor marketing quotas and strength in stocks accounted for the opening bulge. Slightly bearish construction placed on privat@ estimates of winter wheat crap prospects influenced Selling later later.
NEW STORE OPENED BY DEWEY MEEKER
Dewey C. Meeker, who has been in the heating business in Indianapolis and Terre Haute for 25 years, has opened a store at 2503 Roosevelt Ave., at the corner of Tacoma St. Mr. Meeker will continue to operate his sheet metal works and furnace repair business, in addition to the new stove, furnace and bottled gas business.
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NEW FOUNDRY AIDS ALLISON
General Motors Unit in Ohio To Make Aluminum Castings Molds.
Completion of a research foundry at Yellow Springs, O., which will produce new type aluminum caste ing molds for the Indianapolise made Allison aircraft engine, was announced here today by Allison officials.
The new satellite plant for the Allison Division is a part of the Antioch Foundry, of the General Motors Delco-Remy Division. In addition to seryng as a new source for the castings, the new unit will train personnel in the new casting process which also will be employed at the Delco Remy Foundry at Anderson, Ind. The new unit in Ohio providing 15,000 square feet of floor space and built of modern brick and steel construction, was rushed to come pletion in 120 days. The plant manager is Morris Bean, who was credited by G. M. officials as have Ing been largely responsible for the development of what is termed the revolutionary aluminum ecastin process. Along with the production of the castings and the training of new personnel in the process, G. M. officials said a research program will be inaugurated to further perfect the process. The new process will bring faster production of Allison motor parts and increased uniformity of the material. The process is based upon the use of plaster of Paris molds, long used in the production of art objects. While the facilities of the new plant will be directed chiefly to speeding production of Allison ene gines, the benefits of the research will be made available to other die visions of the vast General Motors Corp.
BUSINESS AT A GLANCE
By UNITED PRESS
Kresge Department Stores, Ine, and wholly-owned subsidiaries year ended February 1 net profit $149,431, Equal to 37 cents a common share vs. $80,418 or 8 cents year ago.
Marshall Field & Co. March quar« ter net profit $857,893. Equal to 33 cents a common share vs. $854,405 or 32 cents year ago. . Reliance Mfg. Co. of Illinois, March quarter net profit after Federal income taxes $39,151. Equal to 9 cents a common share vs. $80,759 or 27 cents year ago. Thompson Products, Inc. and sub sidiaries March quarter net profit $501,202. Equal to $1.58 a common share vs. $522,168 or $1.65 year ago.
DAILY PRICE INDEX
NEW YORK, May 2 (U. P).—= Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100): Yesterday .....cscseeessssess 129.95 Week AZO ...cosvesssnnssnss 120.35 Month ABO .eveceasesnsansss 129.02 Year Ago sevivaneee+ 100.37 1941 High (May 1)..eeees0e...12095 1041 Low (Feb. 17)... 000000...123.03
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