Indianapolis Times, Indianapolis, Marion County, 12 May 1941 — Page 11
MONDAY, MAY 12, 1941
BUSINESS
Broker Finds
His Customers Would Hold
On to Securities If U. S. Went to War
By ROGER BUDROW
IF SOMEONE WERE TO CONVINCE YOU that the United States would be at war by summer, would it be your
inclination to sell some or all
That is the question that the local Fenner & Beane office asked all its customers last Friday. For every one who said he would sell, eight said they would
hold on to their securities.
The brokerage house has about 60 offices over the United States. The same question was asked in all brancheg and about 3500 answers were received. The tabulation shows that 788 per cent of those who answered would not dump their holdings in case of war. An interesting feature of the Roger Budrow poll was that the industrial regions would be more inclined to sell than the agricultural regions. In this region, for instance, an average of 73 per cent would not sell. In the highly industrial northeast part of the country, only 71 per cent would hold on. But in the southeast, 82.9 per cent would keep their stocks and bonds and in the Southwest the average was the highest—84 per cent, ” ” »
INDIANA'S FARM price index, compiled by Purdue University, was the highest in April that it has been for several months and made the first increase since January. Each of the 17 major farm products rose in price during the month except rye and potatoes which didn’t change. While Indiana's farm price index climbed 79 points in thef
of your securities?
The answer:
\
MOST HOGS ARE 10 GENTS HIGHER
Lighter Weights Are Unchanged; Top Rises to $8.85; 9290 Arrive.
HOG PRICE RANGE Top Receipts
May 7 ..ciciennne May 8 May 9
CERT
Caan an, setae nrr ne
Most hogs sold 10 cents higher at Indianapolis stockyards today than they did Saturday, the Agricultural Marketing Service reported. Those weighing more than 160 pounds made the 10-cent advan while lighter weights did not change in price. The top was $8.85 for good and choice 200 to 210-pounders. Vealers were steady with a $12 top. The marketing service reported 1595 salable cattle were received, 930 calves, .9290 hogs and 321 sheep.
month, the nation’s index rose an even seven points. ”
” »
ODDS AND ENDS—A serious shortage in fuel oil is looming (due next fall and winter) and defense officials are planning to call in manufacturers of oil burners to see if civilian demand can’t be curtained. . The Indianapolis office of State Employment Security division helped 2552 persons get jobs during April, the most for any month this far. Interesting sidelight: Several months ago 6 or 7 out of every 10 applicants that were called would come in to talk over possibility of getting a job, but today not more than 2 or 3 out of 10 will—meaning many have found jobs. . . Commodity Credit Corp. reports 98,685,071 bushels of 1940 corn with a loan value of $60,129,833 were held under 104,635 loans on May 3. . Railroad equipment makers are worrying over whether they can get the steel they need for new engines, box cars and thus prevent a freight bottleneck this summer or fall.
Hoosier-born Emil Schram may ot | 13
actually get in to his Stock EXxchange presidency until July 1—he
HOGS Barrows and Gilts
pounds pounds
COOL
3 0 Medium — 160- 200 pounds Packing Sows Good and Choice—
00- 330 pounds 330- 360 pounds ......... Good—
360- 400 pounds ...eaecees "es 400- 450 pounds 450- 00 pounds ... Mediu 250- 500 pounds Slaughter Pigs Medium and Good— 90- 120 pounds .
CATTLE
O9050000003508.0000 00 2 23 gnRB IRL:
Slaughter Cattle & Vealers (Receipts, 1595) [Go oty Beers . .|Cholce~
pound 900- Ii pound 1100 pound a pound
800 pounds 900. 1100 pounds 1100- 1500 pounds .
pt fh ol Pi J Oreraps 85000
a833 J83
Medium— 750-1100 pounds
1100. we pounds en yx 5
wants a vacation.
BIGGEST BOND ISSUE |
IS LISTED BY CURB|’
NEW YORK, May 10 (U. P).— The New York Curb Exchange ad-
mitted to listing today $108,000,000 | Medi
in 3 per cent first and refunding mortgage bonds, due Sept. 1, 1965, of the Southern California Edison
Co.. Ltd., the largest single bond is | Medium to be listed on the ex- tid
sue ever change. Previously, the largest issue was $84,955,000 in 4s of the Commonwealth Edison Co., due 1981, admitted in August, 1935.
LOCAL ISSUES
The following otations b we Judas. apolis Bond & hare Qorp. 30 t represent actual ith oF offerings. But mere! indicate the approximate market based on buying and selling quotations of recent transactions. me
Stocks Agents ance Co. Afents | FRE R
bs 3 “Pra
Indols Sas 0 com yao MR a TS RT o
Camp M Van Camp Milk com Bonds American Josh Bt 5s S51 merican . a lh Tel Ws 61 .
Yo8 Richmond Water ke 5s 87. Trac Term Corp 5
today.
Sieyal
WAGON WHEAT close of the Chicago m ee nie flour mills and rs paid 88c per bushel for he a finder on their ane aid ise 0. vellow corn, Y2¢; No.
fren
merit)
corn; No. 2
white 2 white oats, 38c.
528 Massachusetts Ave.
% Mortgage LOANS
PROMPT ACTION—Low Interest
BLDG. & SAV.ASIN.
116 N. Tk st.
bushel for shelled new th shelled
750-1100 pounds
Choice 500- 750 pounds
- 750 pounds
+ [email protected] sees [email protected]
CT50: 900 bound - poun 1, : roan, 300 pounde [email protected] [email protected]
1.75@ 8.75
sett aaRRRN,
Cn 900 ) bounds Canaan om 500- 900 pounds
LEE
Good 8.50
3.00
ie
Beet. (Yotiin eh
Good ..... 8.25@ 8.50
8.25@ 8.50 7.9 18 18 11. ia i® * Feeder and Stocker Cattle Steers (Receipts, 930) Steers Cholce500- “$00 unds .. 300-1050 Bounds
500- 800 pounds 80C-1050 Medium Po a ve ) bounds Cesenetensnne
S00 900 t pounds . Calves ateers) Good and choice— 500 Founds down
Mediu unds down
Steinert enntene
Medi Ho . Coie, Cutter and common... eneee Good and choice . culo and medium. .
[email protected] [email protected] | a
8.75@ 9.50 1.75@ 8.75|2
Stasenngene
force nanny “ests ennenne
500 [email protected] Good and cholo WN pounds down........eeee. [email protected]
ume 500 pounds down.. eres. 80021025
SHEEP, LAMBS (Receipts, 321) Lambs (Shorn) Good and cho! = B.uvu ce sseitetes $925 \ Medium and good ‘ 1 Commo Ewes (wooled) Good and choice. Common and medium
—————————— UHICAGO LIVESTOCK Hogs—Receipts, 14,000; fairly Active: generally “Siron to 10 cents h
1b. weights, @8.80; top, $8.85 p iq freely; few lots big |'0 weights to $8.50; 400-5001 o $8G8 25 5; fanter ‘welgRly to around $8.40. v
0
ts 1900-1600-1b.
Bip ve sniefests in the market: 11.25 trade: early top i $12.25; some held around RY sizable su ply yearlings and Hight steers ‘sold at $10. and bstter, Jogether with several loads ight steers at $8.75@9. 25; medium heifers , Shout
raging around strictly choi k ono Song 4.75 down, Ih quotable $7 or better.
OTHER LIVESTOCK.
P we Tho 0 u HL Nigger. 3 3
CRRA
Ibs. ho 240-280 ibs, wk joe.
35; 285-300 go 3.20; RUSTY Ios. Te oR 0: 1. Re i ST Sh 4
25; 350. Cos BOE OR HOUSE ONCE
Hetingt +8
bank until the institution went out
LOANS
wie The he. SHIGA
Lei SoD fs] business in 1838.
on Eper verything! Diamonds, Watches, Musical Instruments, Cameras, Clothing, Shotguns, Ete. JEWELRY CO, Ine.
ceeereaes [email protected] | &
$n 8. LRLL A) tion.
: shares S mar us and
- THE "INDIANAPOLIS TIMES Hammond Turns Out Tanks for Britain
First of an ordered 500 28-ton tanks manufactured by the Pullman-Standard Car Co. of Hammond, Ind, for Britain rolls off the assembly line. They’]l be delivered at a rate of 10 a week by the end of June.
Net High Low Last Change
Allegh Lud Stl. 223% 223% m Can kid 79
APW A tonison Atchison pf ... 70 Atl C Line....
alt & Ohio... & f
Jurlington M.. 17 Byron Jackson.
Celotex pf .... 6 Cent Aguirre .. erro de Pasco
- -
EEE
tHE RE ¥
Goca Score Colgate P P Col Broadcast A
Crown Cork ... Crown Zeller ... Crucible St .... Cub-Am gue .“ Curtis Pub Curtiss-Wr A.
Davison Chem .. Deere & Co Del & Hud
East Kodak ... Ea Mf
0a Elec Pwr & Lt..
Incorporations
Indianapolis Co-o sociation, Ine. J3ss 1
gent, shares Trad of shares common witho par value; to manage, sell, etc., apartment houses, residence hotels, housin project s: Preston, Mima Preston, John L. Mattocks. General Baptist Err of Indiana, Ine, Wislow; no capital Stock; Claude A. go Joseph H. Curtis, C. E. Fisher
an Butler Stores Realty Corp., New York corporation; admitted to Indiana 10 deal | N in Yaw and general merch oy
tive Housing Asadison Ave. Indian-
K. Arakelian, Inc, Madera, tration of trademark, win Mission class 46: non-alcoholic
se str: ton of trademar ee hia hid: class coholic bever: Irving Py
Realty Inc, 5024 BE. New York
Ging, 108 E. Washington Se: In Sd EG shares without Rar 1a yale; real estate business; omas White, E. Glenn Inc.,
Whe Bar et hletic Club 0! ies ul Gary, Lure County, In nares Washington Kk; 8 a 2 athletic;
St.; no ca ital stoc Arthur Fritz Simmons, William Calhoun, Don Fritz SLnol ns. Don Hastings, Anka Sis yy Bldg., In Hanapolis; gS, same dress: 1 Rares Es ar value; Jnsur.
agency ngs, Harr Winnie, Sidne 4 Miller E 3 (eons tk P ney cing Qo. ware corporto or DYlav Oil Co. ation.
P. A Poeihuty, 1028
Foiger & ‘Kansas Cit ty, Mo.; tenis ehbao os do. Kansas “Mountain rey class 45: foods and ingredients o o0ds,
Security Trust Co. Indianapolis; ticles accepting provisions of the Indiahs Financial Institulons Act of 1933; 2000 shares of par value. Bra way Chocolate Co., Inc, New Castle: dissolution i Abe Jewel Shoppe, Inc, Muncie; dissouti
Bobilya Shoes, Inc., Ft. Wayne; dissolu-
Cal.} Be i8- :
in Wear "virginia co! Sentral Catbante
ange © nt ‘oan AAR
Coca-Cola Botting Co., Anderson, Ind., Inc, Anderson; amendment changing 00 | number of directors to five. ncie, Ind.
Coca-Cola Co., Mun directors atmehdin t changing number of
on Blevator Co.
: of Fran ie, endmen an capital stoc! WW 0.000 sh res. Comm oh ot our slack :
and b00 amendmen or L Sager, Town A i of $100 par vi se ouse alles and coaches; Harla L. Boers!
a a Medical a Dental v an Ay ice Breau, Inc. a. Jel 4 ah Cle evelnid* Ave o Shares of of}
nd: on ary
nt, re
r & am has. Bl AH Gln City Almer er Jr. Paul O. tueh hn, Lloyd G. International Rail Weld Corp., ID. Hiinols
| ist Serta sts hk aie mn gS : na
ays" Alotorcycle Club, Bush.” Berl THhK lo Fo Ke! ous pital agaliville, XT City, am dinent ii Loree oi ‘Washwin G. Columbus, estate ate and
In-
. Fox, Rove , poli; agent 5. W shares i jorence
SE
gn ‘re demi
Dannett, sity Ourp., BR. 11
is; 100" Senn
SALT BAKE CITY, Utah (U. P.). —Lloyd Peterson, 16, decided to rid the family garage and a nearby tree of Oe He soaked a roll of newspaper in and managed to burn the nest. But sparks fired the
"yy Fajardo sug ...
N dress to 190 Sibley Bro Ong, change of ad- N
ie. 10
th | Wi ues
.{be told at a meeting of the Indiana
N. Y. STOCKS
By UNITED PRESS
DOW-JONES STOCK AVERAGES 30 INDUSTRIALS Saturday ... Week ago .. Month ago ......oooieeianes Year ago High, 1941, 133.59: low, 115.30. High, 1940, 152.80; low, 111.84, 20 RAILROADS Saturday ...
+-1.08 +0.29 +4-0.29 -7.22
Cantar
, | Week ago ....
Month age ... Year ago High, 1941, 28.75; low, 26.54. High, 1940, 32.6%; low, 22.14, 15 UTILITIES
hy Saturday
Week ago Month ago ......... Ehasiuae Year ago High, 1941, 20.65; High, 1940, 26.45;
n.52 17.31. 18.03.
low, low,
Net High Last Change o_o. 2034 «33 wn Cpr
wo 29's
Low
203% 33
20% + 1} 33 ‘aes
t N Strs..
20's 397% 13 1434 12%
34 302 lov
11%
20's 397 13 12% 30% 10% 14 17%
Gen Electric M
ric graham Paige. H L
reen Greyhound cn, Grumman Air E Gu M&Oh pf..
. 30% 1014 14 17% sito: Hud Bay M&S. 1634 —— 203% 44, 14% 8's
16% 16%
Ill Central pf.. t Harvester.. t P&P
Intst D 8
20% 44; 14'% 8's
203s 44; 14's
+ | Jarvis Co a |Johns-M pf .
Kan C Sou .. Kaufmann DS.. Kennecott
Am sete 0 Am Avn ... No Pacific ....
Ohio Of] .iivse
ast “2 Pacing Mis + 133% n Am yirvey 101s Panhandle oI patams Plot .
. 33 adin vor 15% chi Oil .. ustiess I&Stl. 11
Sharon StI .... Simonds So Por R Su South Pa South R Std 1 N a
3pi Sun Swift Intl ..
« 53 oo 18% afl
«39 5'2
Texas Corp . 20th Cent-Fox .
nion Carb . + Boa
n Aircraft
undry Co. Plymouth; prelimi-|U i Ag J 4 y pre ml: v.58 &
R oo 23% Sub 1 pf. 89% n Stores A «13-18 13. it} wl —
anadium 243, 24 Virginian, Ry of 321% 321; Wa . We 16
Worn Bb f d
Hive Sher b of.
oolworth
orthington ..
J
ois Wl Yale & T ..... 1942 Foley ak Ya 13% Sheet 33% 33%
STORY OF ALLISON ENGINE TO BE TOLD
The story behind the develop tment of the famed Indianapolismade Allison airplane engine will
181% oe
1 ge
section, Society of Automotive Engineers, at Hotel Antlers Friday Ral: | ight. The speaker will be Ronald M. Hagen, vice president and chief engineer of the Allison Division of Gen Motors Corp. Only members of the society and approved applicants will be permitted to attend. Mr. Hazen is expected to describe the first Allison engine and its evo-
lution to the type now being made which permits various extension shaft arrangements to adapt it either to a pusher or a tractor type.
Features of the liquid-cooled
BRITISH BUYING HITS NEW PEAK
U. S. Sold $228,000,000 of Products to Empire In March.
WASHINGTON, May 12 (U. P) —Exports from the United States to the British Empire rose to $228,000,000 in March, the highest figure for any month since the outbreak of the war, the Commerce Department reported today. Total March trade in shipments from the United States to foreign countries was $357,000,000, the highest in more than a year and an increase of 18.18 per cent over February. The British figure included Egypt and other countries in the empire. Shipments to British regions of Africa and Egypt were particularly heavy, up $15,000,000 over the previous month, reflecting deliveries of war supplies. Exports to Latin America and European colonies in the Latin American area during March jumped 19 per cent to a total of $74,000,000. In trade with the Far East, shipments to Japan dropped from $11,100,000 in February to $10,100,000 in March and those to China from $8,900,000 to $6,400,000. March import trade was valued at $268,000,000, the highest in nearly four years, due principally to large shipments of materials from Latin America, British Empire countries and The Netherland Indies.
GRAIN PRIGES DIP ON SPECULATION HINT
CHICAGO, May 12 (U.P.).—Price trend in grain and soy bean futures on the Board of Trade was downward today. Extreme losses in wheat approximated 1'2 cents a bushel, while soy beans were down more than 3 cents. Resting demand checked the decline. At the end of the first hour, wheat was off 1's to 1'4{ cents, May 965% cents. Corn was Off 3 to a cent, oats off sx to 4 cent; rye off 14 to 3% cent, and soy beans off 7s
*(to 2% cents.
Sharp break in cotton and Washington news concerning proposed controls over speculative trading in commodity markets were depressing influences in wheat. Indication that the Administration would oppose 85 per cent of parity loans also was a disturbing influence.
SUMMER PRICES CUT BY SEARS, ROEBUCK
CHICAGO, May 12 (U, P).— Sears-Roebuck & Co. in the face of rising raw materials and manufacturing costs, has cut prices on shoes, tires, sheetings, and a wide variety of other products. The 208-page midsummer sale flyer catalogue, now in the mails, lists a 10 per cent reduction in women’s shoes and farm shoes and 5 per cent cut in men’s shoes; a 3 to 10 per cent cut on automobile tires, varying according to the grade; a 7 to 17 per cent reduction
s {On table radio sets.
OTHER LIVESTOCK
CINCINNATI, May 12 (U. P.).—Hogs— Receipts, 4050; market active; barrows and gins RoRling 160 lbs. up, 10¢ higher than riday and Saturday; lighter weights and nd cho sows steady; 10h: $8.90 for good and c¢ pice oes 20-1b. butchers: 160-180 Ibs., $8.80: 140-160 1bs., [email protected]: 100-140 Ibs. 3 iat 40; good grade packing sows, [email protected]; medium grade grassy hogs discounted 25@50c or more Cattle — Receipts, 900; calves, 50; all grades and Claes active on light run; sters, steady. bulls, firm: medium t oy ood eifers, $9.75@11, with outfed" for 700-765-1b. heifers, also for mixe rs and Jers scaling 640 lbs. a of 80 1150-1b, steers: good anda neta DONE $10. 75. but others sold $10.50 down to $10 and below: demand for lighter weight cutter and common steers and heifers brisk at [email protected]; cutter and weight cariners, $5.75 . occasionally "vealers, ully gO! y, $10. 504011.50. common and medium, $8. 50@ 10.50; culs, $7.50 and down occasionally. Sheep—Receipts, 100; scarcely enough on sale to make a market, few good to choice Springess Jueady at Si; most offerings, common 0d Erades es, jaa. 50; scattered old cop clipped lambs, [email protected]; sheep about steady; medium and good shorn slaughter ewes, $3@ 3.50.
common cows stron
COST OF LIVING ROSE IN APRIL
Conference Board Reports Increases in Food, Clothing, Rent.
NEW YORK, May 12 (U, P.).— Living costs of wage earners in the United States were increased fur-
ther during April by continued advances in prices of food, clothing and rents, according to data issued today by the National Industrial Conference Board. The Conference Board, reporting the findings of a survey conducted in 56 major cities, placed wage earners’ living costs for April at 286.9 per ceni of the 1923 average, up 0.7 per cent from the preceding month, 2.2 per cent over the yearago level and 21.2 per cent over the depression low reached in 1933. The latest average, however, was 12.2 per cent under the April, 1929, level, Rent Nears 1929 Level
Food costs, which represent onethird of the average budget, were up 2.3 per cent between March and April to 81 per cent of the 1923 average. The latest figure was 4.7 per cent higher than a year ago and 32.6 per cent over the depression low, but 21.4 per cent below the 1929 high. April rent costs stood at 87.8 per cent of the 1923 norm. up 0.1 per cent from March, 1.3 per cent from April of last year and 40 per cent over the depression low. The Board pointed out that rents last month averaged only 47 per cent under the 1929 level. Clothing prices in April were 733 per cent of the 1923 average, representing an increase of 0.1 per
{cent over both the preceding month
and the corresponding 1940 month, and were 20.8 per cent above the depression low, and 25.8 per cent below the 1929 peak.
Rise Greatest
Purchasing value of the dollar in April dwindled to 115.1 per cent of the 1923 norm from 1159 in March and 117.6 a year ago, but was well above the 1929 figure of 101 per cent. Each of ‘the 56 measured cities showed increases in living costs during April, with the widest rise at New Orleans where April costs were 18 per cent over the March level, and the smallest at Muskegon, Mich.,, where an increase of only 0.1 per cent was recorded.
BUSINESS AT A GLANCE
By UNITED PRESS
Allis-Chalmers Mfg. Co. March quarter net profit $596,469 equal to 33 cents a common share vs. $969,869 or 54 cents year ago; March 31 unfilled orders $72,372,294 vs. $21,313,400 year ago. American Home Products Corp. and subsidiaries March quarter net profit after Federal income taxes but before excess profits taxes $1,233,163 equal to $1.53 a share vs. $1,234,116 or $1.53 year ago. American Radiator & Standard Sanitary Corp. and U. S. subsidi= aries March quarter net profit $1,595,966 equal to 15 cents a common share vs. $440,754 or three cents year ago. American Stove Co. March quarter estimated net profit $245,589 equal to 45 cents a share vs. $111,188 or 21 cents year ago. Sidney Blvmenthal & Co. and subsidiaries March quarter net prof-
New Orleans’
it after Federal income taxes $177,- cy
814 vs. net loss $7,617 year ago. Bohn Aluminum & Brass Corp. March quarter net profit after Federal income and excess profits taxes $423,160 equal to $1.34 a share vs. $275,500 or 78 cents year ago. Brooklyn Union Gas Co. March quarter net income $639,224 equal to 86 cents a share vs. $622,642 or 84/2 cents year ago. Bunker Hill & Sullivan Mining & Concentrating Co. quarterly 26 cents on common payable June 2 record May 12 vs. like payment previous quarters. Chain Belt Co. including operations of Baldwin-Duckworth division, 12 months ended March 31 net profit $1,007,043 equal to $2.07 a share vs. $1,098,211 or $2.26 previous 12 months. Emscoe Derrick & Equipment Co. March quarter net profit $130,513 equal to 35 cents a share vs. $80,489 or 21 cents year ago. Gillette Safety Razor Co. and subsidiaries March quarter net profit after Federal taxes $603,066 equal {to 11 cents a common share | De vs. $696,447 or 16 cents year ago. Julius Kayser & Co. March quarter net profit $123,613 equal to 32 cents a common share vs. $45,725 or nine cents year ago. Lambert Co. March quarter estimated consolidated net profit after taxes $478,836 equal to 64 cents a share vs. $402,377 or 54 cents year
ago. Lehigh Coal & Navigation Co. and subsidiaries 12 months ended March 31 net profit $1,437,147 equal
ol to 74 cents a share vs. $313,640 or
16 cents year ago. Lone Star Cement Corp. March quarter net profit after excess profits taxes $948,597 equal to 90 cents a share vs. $966,597 or 57 cents year ago; March quarter sale $6,225,039 vs. $4,230,105 year ago. Minneapolis-Honeywell Regulator Co. and domestic and Canadian subsidiaries March quarter net profit before excess profits taxes $554,124 equal to 84 cents a common share vs. $294,704 or 42 cents year ago. ’
vision at our new low price.
. . I5 Days’ Trial! Convince yourself by day test, at our risk, that this is jhe biggest Dargain ever had, If perlectly satished after ls. A rial, mone refunded. hal etoun on prescription of lic doctor of
COMPLETE GLASSES—Call quick for this unusual offering. Modern stylish rimless glasses complete with “‘Gold-Filled" engraved mounting and TORIC lenses for FAR OR NEAR
CREDIT IF
DESIRED NO EXTRA CHARGE
Bits and Pieces
Singled out as the nation’s smallest sub-contractor on defense work was Clyde L. Walling, of Cleveland. He tooled up his double garage, parked the car in the driveway and now has five men working on a defense sub-contract.
PAGE 11
WAR NEWS IS HARD ON STOCKS
Steel Mill Operations Up To 99.2 Per Cent of Capacity.
NEW YORK, May 12 (U. P).— Stocks tended irregularly lower in afternoon trading today. The re=cession came when the' list failed to follow up Saturday's advance after a steady start. Some profit-taking came into leading issues and short covering dried up. Net losses generally were small and there were a few gains, notably in some war issues, including aircrafts and such stocks as Savage Arms. Steels were about unchanged “on balance. Chemicals held their own. Most of the news marketwise was favorable, but war news continued the predominate in market calculations and here sufficient bad news prevailed to temper bullish feeling. Car loadings pointed higher and it was estimated last week’s total would cross 800,000 cars and set a new high for the week since 1930. Steel mills of the nation are scheduled to operate at 99.2 per cent of capacity this week, a gain of 2.4
VICHY LOWERS HIGH INTEREST RATES
By PAUL GHALI
1941, by The Indianapolis Times he Chicago Daily News, Inc.
VICHY, May 12.—As the first step toward lowering of high interest rates in France, which in the last 10 years have seldom been under 6 per cent, the Vichy. Government today decided to call in eight series of
Credit National bonds and 25 series of Treasury bonds. In return bondholders were offered either reimbursement or the conversion of their 6 per cent bonds into new Credit National bonds naying 4 per cent. This new loan is being issued at par, which is an innovation here. The conversion covers about 12,000,000,000 francs ($240,000,000) and will mean an annual saving of 240,000,000 francs ($4,800,000). Owing to lack of business in France, few channels are now open to investors, and it is hoped that most bondholders will accept the conversion ordered today.
WALLISTER NAMED HEAD OF HARVESTER
CHICAGO, May 12 (U. P)— Sydney G. McAllister was named chairman of the executive committee of the International Harvester Co. today by the board of trustees. Effective May 15 he will leave his position as president of the company to fill the vacancy left by the recent death of Addis E. McKinstry. The board elected Fowler MecCormick, son of Mrs. Edith Rockefeller McCormick, president of the company. He is the grandson of Cyrus Hall McCormick, founder of the company.
FOREIGN EXCHANGE
NEW YORK, May 12 (U. P.).—Following are noon cable rates on major currencies: Cable Rates Net Chg England (pound) - 1,
Canada J “ree *France (franc) ......
Copyright, an
hi 0
arkka Ty (franc) . Sweden (krona) Japan (yen) Mexico “Pranste nse.
licen LOCAL PRODUCE
y breed colored hens, i No. 2 golored hens, 12¢: Leghorn hens, 12¢; No. Leghorn hens, 8c; springers, 3 lbs. and over, 18c; No. 2 springers, 15c; ite and Barred Rocks, 18c; colored breeds, 19c; cocks, Ts Bags . Bu Sor oo. 1, 37@37'%¢c; No. 2, 352@ 36c. Butterfat—No. 1, 32c; No. 2, 30c. nm pickup prices quoted by the Wad0
U. S. STATEMENT
WASHINGTON, May 12 (U. P.).—Government expenses and receipts for the current fiscal year through May 9, compared with a year ago
is Yea ast Yea 146, 656. "20 $ 5 1 Yo. 814, 463. 11 5,190.29 4,956,995,767.78 3,222,818,695.33 3 142,140,945.33 2,266,805,974.59 6 1,541,646, 206. 56 Pub v 42,725,189,598.66 Gold Res. 22,529, 18,858,0194,94.50 Customs.. 325,899,093.32 301,758,286.48
INDIANAZOLIS CLEARING HOUSE {leans po $5,5
le
Expenses. $10 Receipts.. 6, Gross Def 4 Net Def.. 4 Cash
Bal,
points over last week and only 0.6 point below the record high on a | tonnage basis established seven | weeks ago, the American Iron & Steel Institute reported. The gain for the current week, the second in succession, reflects resumption of activity at blast furnaces which had been forced to close down during the recent soft coal shutdown.
ADVERTISING CLUB ELECTS THURSDAY
Indianapolis Advertising Club offi {cers for the 1941-42 year will be elected at Thursday's meeting at the Indianapolis Athletic Club. Ed Van Riper of Sidener & Van Riper, Inc., has been nominated for president; Blayne McCurry, Rough Notes Publishing Co., vice president; Harold L.\ Ross, Indianapolis Athletic Club, secretary: William B. Smith, Advance-Independent, Electrotype Co., treasurer; and C. M. Davis, L. S. Ayres & Co., sergeant at-arms. The club’s nominating committee has nominated Jack Albershardt, Indiana Division of State Publicity; Howard Cladwell, Cladwell-Baker Co., and Rex Schepp, station WIRE, as directors for two-year terms. William E. McFee, manager of American Rolling Mill's copy and | plans department, will be Thurs= day’s speaker.
Got Your $67?
WASHINGTON, May 12 (U. P)). —If you were given your fair share of the money in circulation, you would have at least $1.07 more in your pocket than a month ago. The Treasury announced today that money in circulation on April 30 amounted to $9,070,707,795, or or $68.39 for every man woman and child in continental United States. This compared with $8,923,765,478: on March 31, or a per capita of $67.32.
INDIANA UTILITY HEARING POSTPONED
WASHINGTON, May 12.—The
-| public hearing of Indiana Hydro-
Electric Power Co. on a show-cause order relating to its accounting is= sued by the Federal Power Commis= sion has been postponed from today to next Monday, at request of the utility. The hearing will be at the U. S. Court House, Chicago.
Greene to Speak At Dinner
Fred T. Greene, president of the Federal Home Loan Land Bank of Indianapolis, will be principal speaker at the ninth annual graduation dinner for the Indianapolis Chapter, American Savings and Loan Institute, to be held at Ulen Country Club, Lebanon, June 19.
rl sp imate FOOD PRICES
CHICAGO, May 12 (U ¥%. 2} les Michigan Jonathans, bu., $1 Tomas toes— esiean, J lugs, $2@3. 13% - Illinois, bu., T5c@$1. CS uliaah, ie fornia¥® crates, $1.60@ 1.80. Carrots—Cali= fornia, crates, [email protected], Lettuce—Cali« fornia, crates, [email protected]. Sweet Potatoes —Tennessee, bu., [email protected]. Onions (50« 1b. sacks)—Illinois yellows, $2; Michigan yellows, $1.40
-—Ask to See the “Clifford” WATCH at
MODERN CREDIT STORE
129 W. Wash, diane Theater
Is Opposite Us. A EPAI EFITTED | Women's
LEON TAILORING CO.
235 Mass. Ave.
Men's. And
LADIES’
NOVELTY SHOES $ i 00, $i A1
KINNEY’S
138 E. WASHINGTON ST.
(3:9 RH 8 2421 N. Meridian St. FW
Distributors for
BAER {0h
The same high quality, but no increase in
price. H A T S £2.95 Harry Levinson d
Make Woodw SEL TA Hobby. Use
MOTOR DRIVEN TOOLS Exclusively at
VONNEGUT'S 120 E. Washington St.
LOWEST PRICES
Largest Opticians
in America
Principles of this firm own a large optical factory and the largest chain of factory-to-consumer retail optical
Osteopa thy. tions filled. Lowest prices.
Broken lenses duplicated, frames repaired and replaced. Oculists’ prescrip-
parlors in America.
124 W. Washington St. N t. Oren Brera nF BO
USE YOUR CREDIT at IVIIOISHSINNES' LINES eR Ne COMPANY
131 W. Washington St. Directly Opposite Indiana Theater
GEO. J. EGENOLF
MACHINIST
WHILE THE REST OF
"THE TOWN SLEEPS ‘HAAG’S ALL-NIGHT DRUG v . . STORE 22d and Meridian IS OPEN
181, W. South LI-6212 BARGAINS ..:.......... 196 GOODYEAR SERVIGE STORE
Delaware at Walnut R1-1436
Exacting . . . WATCH REPAIRING AT LOWEST PRICES
STANLEY JEWELRY 360.
Guaranteed WATCH REPAIRING DONE BY EXPERTS
42 W. W
H. H. ingen ne,