Indianapolis Times, Indianapolis, Marion County, 4 August 1941 — Page 4

PAGE 4

BUSINESS

} Tanker Shortage Caused Gasoline, Curfew, Not Lack of Production By ROGER BUDEOW |

THERE SEEMS TO BE

standing about the gasoline curfew in the East.

A GOOD DEAL of misunderSome per-

sons hereabouts seem to believe that gasoline and oil ration-

ing will be ordered here, too. Men in the oil industry 1

nsist that such a belief is all

wrong. There has been so much talk about shortages of

aluminum and silk and many

other things that some of the

public thinks there is a shortage of ol of oil and gasoline, =

That is the mistake. Texas wells’ aren't even working a full week because the Government doesn’t want an reruns o oil

The bh 4 m transporta-| tion. diana gels si some of its oil from wells right here in this state. But the| big proportion comes from the Southwest. It{ comes in pipelines, by railroad tank cars, some! by barges. And there is no short-|

age, so far, of these transportation {3

facilities. But the states along the Atlantic

Coast get practically all of their oil?

and gasoline by oil tankers which! come around from the Gulf Coast, chiefly Texas. Once there were 267 ocean tank- 4 ers bringing in the supply. But Britain needed some of them and | the U. S. Government turned them | over—arocund 100 of them.

and gasoline in the East. That is why Oil Co-Ordinator Harold Ickes) asked filing stations in 17 Eastern!

PORKER PRICES RISE 10 CENTS

Early Top Here Is $11 15: 7500 Hogs Received At Stockyards.

HOG PRICE RANGE Top

cecstsrenscsccssee. 11.80 « 1.38 wees 11.63 «ee 1LTS «ee ILSS

T.654 5372 5.623 4.000

s.000 the defense effort by borrowing at the banks.

1,000

A few opening sales of hogs at] the

| were 10 cents higher than Saturday's; That is why there isn't enough oil} {prices, the Agriculture Marketing

Service reported. The early top was $11.75 for good |

States to close from 7 p. m. to 7. to choice 200 to 210-pounders. The

2. m. How well his plan will work out remains to be seen. 2 = =

BRITAIN, GERMANY and Italy will pour 70 per cent of their national incomes into war spending this year, according to the Bank of International Settlements in Swit-] zeriand. = » » RED AND WHITE galoshes and other such colored rubber footwear are out from now on. The Rubber Manufacturers Association says colors will be con-

drab. Moreover, cloth-tops will be | used, unnecessary parts will be |

eliminated and fewer styles will | :

be offered. Their reason: To con- aeog 250- “0 pounds

serve rubber for defense needs: = = =

INDIANAS UTILITIES are} stocking up on coal for this winter.! |

They had a 65-day supply on hand; Slaughter Cattle & Vealers (Receipts, 58)

at the beginning of July, the Fed-/ eral Power Commission reports. | This means slightiv more than 700,-

000 tons. ih

2 2 5 \ BECAUSE of the growing I shortage of male labor, several |; cities are hiring women taxicab drivers, according to Barron's. A retail grocers association has a ready thought about having te hire women grocery clerks to replace men.

ODDS AND ENDS: bakery produces fuel for its own! trucks by condensing and distilling steam from its ovens to provide a 86 per cent alcoho] costing about 33 cents a gallon. . . . The Yokohama and Kobe silk exchanges have

i

{ i

® i {

reopened but the Government has| $F

Mediu . | Cutter and common { Canner

pegged all prices. , . . Consolidated Edison Co. of New York has hired 300 guards to protect its property against sabotage. is teaching all employees how to help detect trouble. e « « American synthetic manufacturers have benefited by the cutting off of Japan's big camphor sales. . , . Automobile makers are compiling figures showing how much 1942 models cost to make] and plan to ask the Office of Price Administration and Civilian Supply to let them charge higher prices, Wall Street Journals reports That § per cent increase in tire! prices should help profits of rubber | manufacturers. . There were | 47.208 bales of raw silk in N2w York! and Hoboken, N. J.. warehouses last | Saturday, all of which presumably will be taken ment.

WHOLESALE SUGAR HIGHEST SINCE 1937.

NEW YORK, Aug ¢ (U. P)—| Average wholesale prices of raw and |

be

refined sugars during the first seven! Sedum months of 1941 were the highest Common

for the period since 1937, Lamborn | & Co, sugar brokers, reported to-| day. The average raw sugar price, duty| paid, for the seven months was placed at 3.28 cents a pound against 279 cents a year earlier and 3.32} cents in the 1937 period. Average!

refined sugar price was 475 cents a Wheat ..... pound compared with 4.33 cents a So year ago and 472 cents in the 1937 Rye

periced.

WAGON WHEAT { Up to the close of the Chicago marke: | today Indianapolis Sour mills and grain} elevators paid Sic per buzhel for No 2} ved wheat ‘other grades on their merits). |

No. 2 yellow corn; No. 2 white shelled ¢

%5¢: No. 2 white oats, 33c.

orn,

marketing cattle were received, 600 caives, 7500] hogs and 1000 sheep.

{ Good and Choice — fined to black, brown and olive | 333° 330

Med: ag and Good—

i 2 - 1100 pounds

! ©00-1100 pounds

| Med {1100-1300 pounds Common—

! Choice—

Goo! 500- % | A Swedish | cneice— Good— 750- 900 pounds Medium— Comm

Good and choice [Gammon and medium Cull

Cholice— ; 300- 800 pounds §00-1030 pounds Good— 300- 800 pou Medium—

ver by the Govern- | Good and choice—

i Good S00 pounds down Medium

Good and choice .... (Som and medium

tail advertising in the week ended {July 18 showed a year-to-year in- Billions are owed to holders of oldand paid T0c per bushel for shelled newicrease for the 18th successive week, !

service estimated 1100

—Saturday, Aug. 2—

00 | 40 | 533 65

9 pound pound

0. 1. pound 21.

3 1 21 1 1

DODD

pot b

11.551 11.25] 10.85}

“ARI EN 2) Pyber

es 103% [email protected] | 10.35@10. 50 10.90@ 11. 40 Packing Sows

» por

pounds pounds pounds

pr VOD fet fot po

mono 8 U5% 835 ® 990 OBE v vo O00 DB NAD thet ph) Quin Swen

os on

Slanghter Pigs £[email protected]

- 1 pounds

C ATTLE

.

Re 00 pounds

1100-1300 pounds 300-1500 pounds

d— 730- #00 pounds

1100-1300 pounds LI pounds

150100 pounds

750-1100 pounds Steers, Heifers SO “Te pounds 950 pounds

. [email protected] [email protected]

. [email protected] cessssassaess 10.30Q11.7S [email protected] 7.25@ 8.00; al

3 3s i 3

@ 6.00

730- 990 pounds

3500- 900 pounds

on— 300- $00 pounds

8.25@ 8.73 2508 800 00% ie Vealers

Feeder and Stocker Cattle (Receipts, 23)

wo 55 «1 Nb» S19

unds 800-1050 pounds ... Bm ae pounds ...

on oy Pounds ...esinenns . Calves (steers)

i 3

. 10.30212.50 [email protected]

500 pounds dow¥n

am— 500 pounds down Calves (heiefrs)

and choice— [email protected]

500 pounds down [email protected]

SHEEP, LAMBS (Receipts, 0)

Lambs (spring) and choice and good

Ewes (shorn)

CHICAGO GRAIN Opening prices today on the Chicago Board of Trade, as reported by Thomson & McKinnon, were: TR May $1.091% SI. el $1.13 R253 sue. 1% 31 ADVERTISING GAINS AGAIN CHICAGO. Aug. 4 (U. P)—Re-

‘Advertising Age reported today.

U. S. Production Rises

1935 - 193%

100

VV

1939 isapQ

When the U. S. began its defense program late in 1939, the index of industrial preduction kept by the Federal Reserve Board stood Today it stands at about 157, highest in our history. How high it will go depends largely on whether durable consumer goods can be made while war goods are produced, according to the Retailers’ Advisory Committee. If they cannot, production merely will be diverted,

around 116.

ang the index may not go as high as

80

194) 1942

Receipts

onl 500 5.300

3 ot

33 situation is a three-point one:

RE

THE INDIANAPOLIS TIMES

Flynn Offers Three- Point Plan

ea a ay

“The Government must raise the money for the defense effort by taxation instead of bank borrowing,” says econemist Flynn. If it does, that would mean even more headaches for Secretary Morgenthau, extreme left, above, and the House Ways and Means Committte, to whom he’s explaining some of the present pains in the proposed new U. S. tax program.

Urges Ceiling on Prices and

By JOHN

Wages to Prevent Inflation

T. FLYNN

Times Special Writer

{Last of a series discussing prices and inflation.)

NEW YORK, Aug. 4—The primary

causes of the inflation and

high prices is the Government's persistence in raising the funds for

What can be done to

manage and control this phenomenon? It is obviously impossible to control prices unless you control the

cause.

ures to deal with the cause of the, | price rise. Moreover, you cannct keep the! { price of an automobile down by i making a regulation fixing the price jof an automobile. There are probably 5000 parts of an automobile. They come from thousands of factories. They contan all sorts of raw materials from steel to platinum and from hides to textiles. You cannot affect the price of the car unless you also control the price of those 5006 parts that go into it. The same thing is true of shoes and pickles and coats and beauty | lotions. The price of an article is a combination of the prices of the {dozen or the hundred or the thou‘sand things that go into it. And one of the things that go into it is labor. Whatever price control there is, therefore, must cover everything —labor, materials, profits.

Up to now the Administration has| shied away from this. ihave put a ceiling over all prices

the moment it went “all-out” for defense effort.

been too unpopular for politicians,

so instead they let Leon Hender- Ihdpis Gas

son talk, without the power to do Jung. Jaan) s P&L 5a pfd

anything important. Meantime, while fixing the prices a few things, Congress, President,

checked, the price level as a whole rose. Wholesale prices are now about 12 per cent higher than they were a vear ago. But a large group of commodities involved in defense production are 45 per cent higher. This is spreading and the tempo of the rise is increasing. Wages are rising, transportation costs are

rising, profits are rising and the] pg

whole vicious circle is getting into full swing. As to prices, therefore, the proper course is to declare a ceiling over all prices—raw materials, finished products and wages. Then adjustments can be made as rapidly |N as possible, but meantime, the rise will be temporarily halted. But only temporarily, since noth0% ing can be done until the cause is ?! reached—the pumping of more dol-

can this be done? 1. The Government must raise the money for the defense effort by taxation instead of bank borrowing. This will mean severe

land sacrificial taxes, but this is the

inescapable price we must pay if we want to go “all-out” for defense. 2. However the expenditures planned are so vast that taxation as a means of raising all of them is probably impossible. Therefore, the Government should, instead of borrowing from the banks, make every legitimate effort to borrow directly from its citizens. This is bad policy but it is greatly to be preferred to borrowing at the banks. In short, the program for protecting us against a grave fiscal (1) Drastic price control through an initial ceiling and running adjustment; (2) taxation as the primary source of funds, and (3) borrowing only from individuals and corporations rather than banks and on securities not negotiable at banks. This. of course, will be unpleasant. But no one, I hope, is talking

about this defense effort as a pleas- |g The alternative will] be enormously more unpleasant, be- |»

ant interlude.

cause the alternative is inflation. Life insurance companies owe their policy holders $144 000,000,000.

lage pensions by the Government. Billions are owed to men and women who have money in the banks— $65.000,000,000. Inflation will mean a sure devaluation of the dollar to at least half its present purchasing power, which will mean that half] the value of these vast sums will be swept away. submit to some unpleasant controls now to avoid these vast losses later?

sno | It sh ald | Central Ind Pow $%

But this would havel

| Indnls Water 5% pfd the | Indpls Water Class A com....

the politicians worked | Lincoln Nat together to raise the prices of others |N 0, —chiefly farm goods.

the prices of some things were]

And while}

|

Is it not better to!

{ Agents Finance Co Ind com... ¢ pid..

It is silly to be issuing regulations saying that the price of shoes Indianapolis stockyards today | shall not rise, without taking meas-|

‘Remington Rand

Reduces Its Line

BUFFALO, N.Y. Aug.4 (U.P) — Remington Rand Co. prepared today to discontinue manufacturing small typewriters and various lines of office equipment in order to conserve raw materials for national defense President James H. Rand said the company’s backlog of defense orders totaling more than $5,000,000 necessitated restrictions. The company holds orders for $4,000,000

{ worth of high explosive shells.

LOCAL ISSUES

Nominal quotations furnished by local gai of National Association of Securities

Stocks Bid. Ask 7% 9 Agents Finance Co 20 Belt RR & 124 Circle Theater com Comwlth Loan 5% pfd Hook Drug Co Som -“s Home T: Ft W Ind 5 Tel Co Be & Mich E

com Gen. Serv. 6% "pfd Hydro Elec 7% pfd

Indpls P&L com .

In Loan Co. 52% bpfd .. Life Ins com ... ‘nd Pub Serv 5'29 pid.. N Ind Pub Serv 6% pfd N Ind Pub Serv 7% pfd Progress Laundry com . Pub Serv Co of Ind 6%

Union Title Co com Van Camp Milk ofd Van Camp Mlik com

Algers. Wins'w W RR 4%s . American Loan 5: a American Loan 5s Cent Newspapers ales '42- 81. Ch of Com Bldg Co 4's 61. Citizens Ind Tel 4%s 61 Consol Fin 5s 5

103 102

10 105 100 105 105 110 64% -1081%%

Indols P&L 3%s 70 .. Indpis Railway Inc he 67

Co 4l2s 5 & 10 Stores 5s 50 . Muncie PAE Works 3s 65.. R Ind Pub Serv 33s Ind Tel 43s 55 “ae Pub Serv of Ind ” 69 Pub Tel Co 42s 5 104: Richmond Water Works’ 5s 100 Trac Term Corp 5s 5%... “Ex-dividend ©

‘Incorporations

lars into the blood stream. How,

ox Na Sales Co.. Inc.. Indianapolis disso-

Hi Sookiat 1 | Hour Cigarettes, Inc. . dissolution Marshall-Ht that Machinery Indiana. Indianapolis; dissolution «Columbia School Fumie Corp.. anapolis; dissolutio

The Ohio EA aiid Co.. Ohio corporation: admitted to diana to engage in general contracting and Sonstratuion of roads, streets and airports Leonard Construction Co w corporation: admitted to Indi fine - one gage In contracting and construction busness, Southern Ohio Quarries Co.: Ohio corporation; amendment of article - poration: rticles of incor Walker Realty and Investment Indianapolis; dissolution Shh ow nee Pamela Realty Cor Indianapolis; change of agent to Horny C. Atkins. 402 Ss inois St., Indianapolis. Prodexto Corp. Terre Haute: change of agent to Leonard B. Marshall, 71015 Ohto St., Terre Haute. Calumet Engineering Co., Inc, Hammond; Hhange of agent to Edwin Friedrich, 5218 ohman St., Hammond. Continental Baking Co.: poration; amendment of articles of incorporation. Schenley Distillers Corp.; oration; certificate of retirement of preerred shares. Valier & Spies Milling Corp.; corporation; Good Luck

Indianapolis n

Co. Indi-

Delawarg Ine. Tae from | Indiana. nc ndianapolis: cha ot disnapolis J. a ", Loonen, IY TN Eucla, ianapolis, and change o office to N, Euclid St. address

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS —0.01 1.36 1.98 . —0.08 High, 1941, 133.59; low, 115.20. High, 1940, 1352.80: low, 111.84, 20 RAILROADS Saturday Week Ago Month Age Year B20 o....iiibenvihiein High, 1941, 30.88; low, 26.54. High, 1940, 32.67: low, 22.14. 15 UTILITIES

High, 1941, High. 1940,

20.63; low, 16.82. 26.45: low, 18.08.

TO FIGHT TRAFFIC TO AND FROM WORK IN YOUR OWN CAR /

RIDE i THE BUSES

ano RELAX

anticipated.

DIANABOL LIS RAILWAYS,

a end §.5

\

AND TROLLEYS-

COOL OFF

i of | i

ORE SLEUTHING AID TO DEFENSE

Bureau of Mines Cheered By Results of Search For Metals.

WASHINGTON, Aug. 4 (U. P). —U. S. Bureau of Mines officials report that a corps of 500 technicians and engineers is making “unhoped for” progress in the nationwide search for new sources of strategic metals and minerals needed in defense production.

In less than two years of exploration work, they said, the experts not only have made detailed surveys of known mineral reserves but have discovered as well numerous new deposits of some of the most essential metals for the defense program, Much of the exploratory work has dealt with deposits of antimony, chromite, manganese, mercury, nickel, tin and tungsten found chiefly in Arizona, Arkansas, California, Idaho, Montana, Nevada, New Mexico, Oregon, South Dakota, Utah, Virginia and Washington. Officials emphasized that the chief purpose of the nationwide study was to grade known metal reserves so plans for processing sub-commercial grade ores could be made in advance of more pressing needs.

Surprising Discoveries Made But in several instances the work

18 {of the engineers was marked by {the discovery of unsuspected ore

deposits. One of the most important of the chance discoveries was made in the Yellow Pine District of Central Idaho, where an extensive deposit of scheelite of high commercial value was found in the course of testing low-grade antimony. Scheelite is a source of tungsten, so important a metal in defense that it has been placed under full priority control by the Office of

Production Management. Tung-

8% | sten- content steel is used almost

{exclusively in construction of ma-

{chine tools because |cutting qualities

{ {

it retains under

its extreme temperatures. The survey of the low-grade antimony in the Idaho field was taken solely as a means of determining the amount available, but in its midst the engineers discovered one strata containing more than 50 per cent metallic antimony —more than valuable enough for ordinary commercial use. Antimony is needed in making bearings and in hardening the lead in bullets

{and high caliber rifie shells.

Chromite Deposits Large

Exploratory work in chromite deposits in Oregon and Montana assured the bureau that the nation’s reserve of this metal, needed in making durable and rustless alloys, was far greater than previously realized. The engineers reported that great supplies of manganese, indispensable in smelting iron ore, were found in Nevada, Utah, Arizona, Arkansas, California, New Mexico, Washington, Montana and Colorado. Most of the deposits, they said, were far below commercial grade, but could be used in event regular sources are depleted. Surface exploration in the Bottle Creek district of Nevada resulted in

*

Delaware cor-|the discovery of a mercury deposit

of commercial grade. The bureau

Delaware cor- | Said work was under way on mer-

cury properties at Coco Hot Springs, Cal, and in Pike County, Arkansas, although in neither place were operations considered sufficiently advanced to permit conclusions.

Mercury Uses Vital

Mercury is essential in preparation of medicines and in making a special type of poisonous paint for ship bottoms which keeps the barnacie menace at a minimum. The bureau reported it was currently exploring deposits in Montana and on Yakobi Island, Alaska, for traces of nickel, essential in

o | Making marine boilers, armor plate

and rustless marine instruments. Nickel also is under full priority control.

By TOM WOLF NEW YORK, Aug. 4—The year 1941, like its current leading tunes, “Daddy” and “The HutSut Song,” will probably go down in musical history as one of the

most unorthodox of all time. It is a record year literally. For the first time since the halcyon record days of the '20’s— when a single recording, like Paul Whiteman'’s “Three o'Clock in the Morning,” sold over 2,000,000 discs — over 100,000,000 records may be sold by New Year's Day, 1942, More than that, some of Tin Pan Alley’s most sacred shibboleths are this year being made to sound way off key. For years music - publishing soothsayers have been chanting: “Rhythm songs aren't copy sellers.” Yet this year two rhythm tunes —“The Hut-Sut Song” and “Daddy”’—have run the scale of best-selling sheet music to the top key positions. While recordings are being bought so quickly that in several instances the manufacturers have been unable to keep time with their orders, many of the country’s leading music publishing houses have been muting expenses and quietly going into the red. The reason for this seeming paradox is not hard to discover. A music publisher receives anywhere from 15 to 18 cents on every copy of sheet music sold. For records, on the other hand, he gets from three-quarters of a cent to one cent per sale. Radio, not records, sells sheet music, And with the ASCAP-radio fight (though it seems now all but settled) sounding a very discordant note, sheet music sales so far this year have got the publishers moaning the blues. Even in normal times, publish= ers have never been able to blow fanfares over those categories of songs which aren't sheet music “copy sellers.” In general these include “rhythm songs,” novelties and “out of this world” melodies e., ultra-dreamy tunes or melodies too intricate for amateur musicians to cope with, Small wonder, then, that most publishers showed little interest early this year when three little-known songwriters (Leo V. Killian, Jack Owens and Ted McMichael) brought around a rhythm tune entitled “The Hut-

—i.

MONDAY, ATG. 4, 1941

It's a Jibberish Record Year, With Rhythm Tunes Like 'Hut-Sut' Making the Money

This foursome, the musical Merry Macs, started the nation singing

in gibberish when they introduced

Michael (left) is also of the song's three authors.

Sut Song.” Its novelty lyrics make the Jabberwocky sound like lucidity itself: “Hut-Sut Rawlson on the rillerah And a brawla, brawla soo-it,” says the song. Then it goes on to explain itself, in perfect (and meaningless) doubletalk: “Now the Rawlson is a Swedish town The rillerah is a stream The brawla is the boy and girl The Hut-Sut is their dream.”* It took a young Hollywood musical director named Walter Schumann to realize the song's possibilities — after almost every big publisher in the country had turned it down. Schumann formed his own music company, published the song. He stands to

BUSINESS AT A GLANCE

By UNITED PRESS Bohn Aluminum & Brass Corp. June quarter net profit after Federal income and excess profits taxes $344.004 equal to 98 cents a share vs. $296,278 or 84 cents year ago, Canada Dry Ginger Ale, Inc. and subsidiaries June quarter net profit after Federal and dominion income taxes $449,036 equal to 73 cents a share vs. $343,560 or 56 cents year ago. Cleveland Cliffs Iron Co. and subsidiaries June quarter net profit after Federal income tavxes $1,602,681 equal to $2.43 a common share vs. $982,723 or 91 cents year ago. Commonwealth & Southern Corp. and subsidiaries 12 months ended June 30 net income after Federal income taxes $14,317,962 equal to 18 cents a common share vs. $13.443299 or 13 cents previous 12 months.

Niagara-Hudson Power Corp. June quarter net income after taxes $1.906,061 equal to 13 cents a common share vs. $1,921,984 or 14 cents year ago. Carolina Power 7? Light Co. 12 months ended June 30 net income $3.680,822 vs. $2.851,113 year ago. Central Foundry Co. and subsidiaries June quarter net profit $116,679 equal to 17 cents a common

year ago.

ended June 30 net profit after Federal income and excess profits taxes

$593,934 or $2.12 a share year ago.

faries 68 months ended June 30 net profit after normal Federal income and excess profits taxes $2,950,640 equal to $2.69 a common share vs. $4,201,490 or $3.92 a share year ago. Minneapolis-Honeywell Regulator Co. and domestic and Canadian subsidiaries June quarter net profit after income and excess profits taxes $550,153 equal to 33 cents a common share vs. $316,112 or 46 cents a share year ago. Cosden Petroleum Corp. and subsidiary 12 months ended April 30 net loss $50,010 vs. net profit $178.723 or 15 cents a common share preceding 12 months. Butler Bros. 6 months ended June 30 consolidated net profit after Federal income taxes $511,762 equal to 27 cents a common share vs. net loss $419,180 year ago. Westinghouse Air Brake Co. and subsidiaries June quarter net profit $1,906,018 equal to 60 cents a share vs. $1,356,860 or 42 cents year ago: first half indicated net profit $4,011,380 or $1.26 a share vs. $3,204,000 or $1.01 year ago. Sonotone Corp. and subsidiaries, 6 months ended June 30 net profit after Federal income taxes $189,748 equal to 24 cents a common share vs. $135,304 or 17 cents a share year ago. Sun Qil Co. and subsidiaries, 6 months ended June 30 net income after Federal taxes $5,168,431 equal to $1.90 a common share vs. $4,973,-

265 or $1.91 a share year ago.

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optical parlors in America. repaired and replaced. Oculists’

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share vs. $53,151 or 7 cents a share] §

Doehler Die Casting Co. 6 months|§

$699,141 equal to $2.49 a share vs.| Glenn L. Martin Co. and subsid-| =

DAILY PRICE INDEX

NEW YORK, Aug. 4 (U, P)— Dun & Bradstreet's daily weighted price index of 30 basic commodities compiled for United Press (1930-32 average equals 100):

Friday ..141.18 WEEE BED ...convrverssesses 14200 MOM BED sosciscrssasensss 139.70 XO8P 080 ...cc.... o0010000+:113:20 1941 high (July 25) ..........142.02 1941 low (Feb. 17) ...... veer .123.03

OIL FIRM WINS SUIT

NEW YORK, Aug. 4 (U. P.).— The New York State Supreme Court has upheld officers and directors of the Barnsdall Oil Co. in the sale of 317,000 shares of common stock of the Bareco Oil Co., a former subsidiary. The suit, brought by a minority stockholder, contended that the stock was worth more than the 25 cents a share for which it

was sold.

“The Hut-Sut Song.” Ted Mec-

make around $50,000 on this mue= sical nonsense which has been recorded by more than a dozen different bands and which will easily sell more sheet music than such hit novelties of yore as “Music Goes 'Round and 'Round” or “Three Itty Fishes.” (Broadway wiseacres, mindful of the gibberish chant of the tobacco auctioneer, claim that when one big-time crooner finished singing “The Hut Sut Song” dur=ing a one-night stand in South Carolina, he found he had auce tioned off a plantation to a well= known tobacco company.) Last week “The Hut-Sut Song” moved over to make room for “Daddy” at the head of the sheet music sales list. This rhythm tune hit also had a strictly une orthodox start. Written by Bob Troup, an undergraduate at the University of Pennsylvania, it went unnoticed in small Philadelphia night clubs for almost a year. Then bandleader Sammy Kaye heard the song, liked it, had it published by a company in which he owns an interest. Not only is it number one sheet-music seller, but it is currently grabbing more nickels in juke boxes all over the United States than any other tune and promises to continue to do so for some time to come. Juke box record sales are key indices of musical popularity, for the nation’s 400,000 gaudy, automatic record players—heard in ice cream parlors, saloons and dance halls the country over—are more responsible than any other factor for the phenomenal rise in record sales this year,

*Lyrics reprinted through courtesy of the copyright owners, Schumann Music Co.

-=Ask to See the

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