Indianapolis Times, Indianapolis, Marion County, 7 August 1941 — Page 12

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THURSDAY, AUG. 7, 1041

Studebakers in New Firm [EXPANSION IN | a | STEEL SOUGHT

| OPM Wants More Bessemer {| Converters Constructed; Scrap Lacking.

i! WASHINGTON, Aug. 7 (U. P).— | | The steel industry was asked by the

Office of ' Production Management today to submit “with all possible speed” proposals for expanding production of steel by the Bessemer process. The OPM asked companies now operating blast and open hearth furnaces to consider the construction of Bessemer converters, in which steel is made from pig iron, in order to conserve present. inadequate supplies of iron and steel scrap.

THE INDIANAPOLIS TIMES

NEW YORK STOCKS

8y UNITED PRESS

DOW-JONES STOCK AVERAGES 30 INDUSTRIALS seaaasaasass 128.10 Week ARO ...iiitenannenanns 128.79 seasasesaas IRS

PAGE 12

BUSINESS

Employment and Payroll in Indiana i 2 Factories Turned Lower During July isk By ROGER BUDROW

NEW RECORDS IN BUSINESS are so frequent nowa- ai days that you sometimes wonder if they are news like they

Net High Low Last Change —f we 9% on 38% . 53 3a re. 3% . 1034 ss S204 .. 45% 12% «+ 10

«0.04 -0.16 40.15 +0.01 High (1941), 133.39; Low, 1135.30. High (1910), 132.80; Low, 111.84, 20 RAILROADS

c++: |

30.18 30.61

Ye Yesterday ... Week Ago .... . | Menth Age 29.18 4 | Year Ago 28.70 2 Wigh (1941), 30.88; Low, 28.34. High (1940), 32.6%; Low, 22.14. 15 UTILITIES

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Allied Stores pt’ 88% ONs-Chal ih . > & . \ipha P Cem used to be. Then, perhaps it is news now when business ime goes into reverse gear. | oe That is what happened in the employment and payroll am YN

situation in Indiana during July. Both lost ground. For Am six months in a row, those twin indicators of business health

had been setting new records.

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Und Bil Fish... Union B & P .. Union Carb .... 78 Oil Cai

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High (1941), 20.65; Low, 16.82. High (1940), 26.43; Low, 18.08.

Net Last Change -—1-16

High Low 13:16 . st Va

Indiana factory payrolls last month were down 7.7 per cent from June while employment was off 16 per cent. Why? The State Em-

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ployment Security Division report shows that Give manufacturing industries showed declines. These five more than offset the increases made by the other aine major manufacturing industries. Dimas Su Roger Budre tomobile factor- - jes shut down for the usual model changes, retooling and inventory taking. They always do that but this year they kept at peak production until the very end of the model year and then quit almost at once. “The rubber products industry, tobacco manufacturers and food and kindred products also had declines in July. The chief reason for smaller payrolls was the long July 4 holiday. | Many plants closed down entirely from Thursday evening until Monday morning. » Even so, employment and payrolls in Indiana factories were better than in May or any other month on record, excepting June. The state-wide trend didn’t hold trae for Indianapolis, however. Employment here rose 17 per cent over June and was 344 per cent ahead of July last year. Payrolls fell 3.2 per cent but remained 63.3 per cent greater than July, 1940. = = 2 ACCIDENTS are increasing in Indiana factories, the annual report, of the Indiana Industrial Board will show. In the first six months of this year there were nearly 14,000

RISE 15 GENTS

Top Paid Here Advances to $11.45 as Receipts Fall to 4200. HOG PRICE RANGE

July 29 ionic Jaly 80 ...ccoctictiennenens Jaly S81 Aug. Aug. Aug. Aug. Aug. Aug.

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Hogs weighing more than 160

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pounds sold 15 cents higher at the Indianapolis stockyards today than yesterday, the Agriculture Marketing Service reported. Lighter weights and pigs were generally 10 cents higher. The top

to 210-pounders.

Shortfed and grassy offerings sold

and more lower. steady to easy while canners and cutters were mostly 25 cents lower and bulls steady. Vealers were steady to 50 cents) higher. Spring lambs and slaughter sheep were about unchanged.

140 pOUNAS vioivnnnnan 186 pounds 180 pounds 200 pounds 220 pounds 240 pounds

injuries (13.981), reported by Indiana industries. than in the first half of last year. Of course employment has increased tremendously in the state. That may account for most of the sccident increase. And many in-| experienced workers have been hired. It remains whether or not accidents have increased use of overtime work or night shifts. ; = = ALLISON is expected to have another competitor in the liquidcooled aviation engine field—Continental Motors at Detroit. The firm is reported ready to begin production on such a motor. Ford has a 12-cylinder liquidcooled engine on the test block at the River Rouge plant now—I2 months after blueprints were drafted. Ford engineers hope the engine will produce 1800 horsepower. Allison's present motor develops 1323 horsepower but a more powerful job is in the offing. Packard's liquid-cooled engine is the British design, Rolls-Royce

Merlin,

ODDS AND ENDS: Lack of ships Cholee—

helps railroad business. Australian wool is now landed on Pacific Coast, sent east by rail instead of allwater route through Panama Canal. . _ Canada is hunting workers to harvest its tobacco crop. . . . Richard C. Hunt, director of Servel, Evansville refrigerator makers, bought 400 shares of the firm's com-| mon stock in June, SEC reports. | And William B. Stokely Jr, presi-| dent of Stokely-Van Camp, bought 1000 shares of the big packing concerns stock. . . . Real Silk Hosiery Mills stock has fallen $10 (from $38 to $28) since U. S. cut off silk trade with Japan about a week and a half ago. . . . Steel may be placed under full priority control, just as pig iron was recently, Iron Age believes.

DAILY NEW YORK. Aug. 7 (U. P).—Dun|

& Bradstreet’s daily weighted price index of 30 basic commodities com-

= ‘

gage equals 100): Yesterday

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1841 High (Aug. ©) .... 1941 Low (Feb. IT) ...

ALABAMA TO START

TEACHER PENSIONS! __. .

MONTGOMERY, Ala. (U. P).—

The State of Alabama will initiate] its new teacher retirement system]

next fall with an appropriation from the states surplus funds of} $400,000.

The Governor already has placed | jo $150,000 at disposal of the retire- [ibs $i0.80: ment fund, created by the 1939 leg- | B5. M&'%

isiature,

HUMBLE OIL HEAD QUITS NEW YORK, Aug. 7 (U. P)— Humble Oil & Refining Co. today announced the retirement of R. L. Blaffer, treasurer of the company since 1910 and chairman of the board for the past four years.

2% This is about 3700 more}

to be seen Good—

PRICE INDEX|

1 i piled for United Press (1930-32 aver-)

ceases 11497) cies 14811 SO craves 12308]

270 pounds 300 pounds 330 pounds 30- 360 pounds Medium-— 160- 200 pounds Packing Sows

Good and Choice = 270- 300 pounds ~ 330 pounds ~ 380 pounds

ODDS pet po or 1 5 6 5858 H3G 50 AOOIINDI OS 8 2383545553

566 &

8 ug =

#00 pounds - 450 pounds “ 4350- 500 pounds ....uvenn “ee Medium— 250- 300 pounds . Slaughter Pigs Medium and Good— 90- 120 pounds

CATTLE

Sessenaenae

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Cholce— 750- S08 pound 200-1100 pound 1100-1300 poun 1300-1500 pound

750 900 pounds ... $00-1160 pounds 1100-1300 pounds 1300-1500 pounds

“ pt “ 3

730-1100 pounds mOon— 50-1100 pounds . Steers, Heifers

i 433 2333 s33

[email protected] [email protected] [email protected]

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1.008 873 Q

Medium : . Cutter and common Canner ha

53334 AOD ow “1-108

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Good and cholce Common and medium ...

pia ame $32 23%

vesesanaases $10.28 \ vaiecessnsasce 10.00 Good— S500 Shasta 1030 Santas

500-1000 pounds On — 300- {00 pounds Calves (steers)

and cholice— 500 pounds down

Sustrsntracen

[email protected]

[email protected]%0 Calves (heiefrs) Good and cholce— Meadium— . pounds dOWR ...ii.aanee .

SHEEP, LAMBS, (Receipts, 1500)

Lambs (spring) Good and choice good

Ewes (shorn) Good and choice Common and medium

- OTHER LIVESTOCK

FT. WAYNE, Aug. 7 (U. P) —Hogs—10 @15c higher: 200- Ibs, $11.35: 180-200 lbs, $11.33; $11.10: 220-240 Ids, $11.18: $10.90: Ibs. $10.65: $10.50: bs, $10.35: ~ $10.23: 1 140-1 Ibs, $1033; 100-130 Ibs, $9.83. rough 7.73. Calves, $12.30. Lambs, $10.

veariings, $7.

FOOD PRICES

CHICAGO, gy TH (0, F schrhies New Michigan bu. @8$1. Spinach—Michigan, bu. ast Carro lifornia, crates, $2.25 t $2.7 @3.65. New Crop Sweet Potatoes—Tennessee, bu. [email protected]. Onions (50-lb. sacks)— Iiincis Yellows, @9%0c: Wisconsin Yellows, 5c; Kansas Whites, $1.75.

260-280

on FHA Terms

We like to encourage money to buy or build

est, FHA insurance).

120 E. Market St.

————

41, LOANS for Home Folks

Member Federal Deposit

“honie folks” by lending local homes. FHA terms

are planned to suit average families. The interest is limited to 415 per cent. This means that monthly payments on a new home may average as low as $5.81 per $1,000.00 (principal, inter-

See Our Loan Officer

The UNION TRUST COMPANY

Branch, 1225 Kentucky Ave. Cerporation

Aviation Corp..

Ba Balt & Chio Bar! Barnsdall

rose to $11.45 for good to choice 200 Rod H Be

Dry-fed steers and heifers were Beth Sta scarce and sold at unchanged prices. B

slowly, were bid unevenly 25 cents Be Fat cdws were| Borden

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Burlington M .. Burroughs Bush Term .. Butler Bros ... Butte C&Z

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Cutler-Ham ...

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GORN PRIGES RISE MORE THAN GENT

CHICAGO, Aug. 7 (U. P)-A sharp run-up in corn featured trading on the Chicago Board of Trade today with the December and May contracts moving to new seasonal

Yellow Tr ng S & . Young Sheet .

Zenith Rad ...

"% | peaks.

Wheat and other grains also scored gains. Soy beans were firm. At the end of the first hour

‘, jcorn was 1% to 12 cents a bushel

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higher with September at T783ic. Wheat was up 4 to 3sc, Sept. $1.12%. Oats 4 to !2c higher. Rye unchanged to up 2c and soy beans were unchanged to up 3sc. Corn trend was irregular at the outset, the effect of scattered buying

t|being partially offset by hedging

pressure. A sharp rally developed immediately after when buying through cash interests and professionals disclosed a paucity of offer-

4 ings. Prices rose more than a cent a bushel before reacting fraction-

ally from top levels.

WAGON WHEAT Up to the close of the Chicago market today Indianapolis flour mills and grain elevators paid 93c per bushel for No. 2 red wheat (other grades on their merits), and paid per bushel for shelled new No. 2 vellaw corn: No. 2 white shelled corn, as No 2 white oats, 30c; No. 2 red oats, Cc.

NEW YORK IRON ORE

FIELDS TO REOPEN

CLEVELAND, Aug. 7 (U. P)— The M. A. Hanna Co. anndunced today that it will reopen next June the Clifton iron ore fields in northeastern New York that have not been worked for T! years. The announcement said tha? mining operations will be put on a vear-around basis in the old fields and that a yield of 300,000 tons annually is expected. The Hanna interests have purchased mineral rights to 23,000 acres of ore land near De Grasse and plan to build employees’ homes in the area. A subsidiary operating firm, Olifton Ore Co, Inc, has been organized for the development. After some preliminary strip mining to take off ore near the surface, shaft

. imines will be operated.

$20,000,000 FARMED OUT SCHENECTADY, N. Y., Aug. (U. P.).—General Electric Co. has “farmed out” $20,000,000 in defense orders to nearly 400 firms to help

‘1, (Speed up the national rearmament 2 | program, Horace Wall, director of G-E's subcontracting program, an4 nounced f{oday.

CHICAGO LIVESTOCK

Hogs—Receipts, 8000: unevenly steady to 15 cents higher; bulk good and choice 180or $11.60; most PEGI So 3. bul -500-1b. @i0 with lighter

Sheep—Receipts, 3000; slow: few sales rd and choice native spring lambs at [email protected], around steady. holding strictly choice natives and Northwestern springers at $11.50 upward: two doubles choice fed yearlings, $9.50; odd lots fat native ewes, $5; bulk, $4.75 down. Cattle—Receipts, 3000; calves, 700; neral market active, stronger with instances to 15 cents higher on fed steers, yearling and yearling heifers; clearance d; even good to choice weight steers got dePonda le action following yesterday's acive closing trade; common and medium grade very scarce; canner and cutter cows ared best in cow class; bulls fully steady and vealers 25 to 50 cents higher: mos steers and JSazlings, [email protected]; top, $12.50 pad for P056-1b. choice but not prime Iowa ed yearlings: several loads, [email protected]; choice 1276-1b. Towa fed steers, $12.40; several loadsy1400-1500-1b. good grade heavy, [email protected]; 1508-1bs. bringing $11.60; not enough grass steers here to make a market on either killer or stocker account: cutter cows, $7 down: wel ry sausage bulls to $9; vealers to $13 paid for bunches.

U. S. STATEMENT

WASHINGTON, Aug. 7 (U, P.).—Government expenses and receipts for the current fiscal year through Aug. 5, compared with a year ago: Last Year timate 506,625,208.

-y

3 8

This Ye: $1,914,739, 518,

2 -3

1,399,112

4238053 2538922 Bers

LOCAL PRODUCE

Heavy breed colored hens, 5 lbs. and over, full feathered, 18c; heavy breed hens, der 5 lbs. full.feathered, 16c; Leghorn 0. 2 Leghorn Jens. 9c; ock,

2 1b

15¢; No. orn :pringers, 2 over, 12c; Tonghom rugs

15¢. ter—No. 1. 38':2@37c: Sul ) 35tzc; butterfat, No. 1%} Sc: Ne. 2, se & (Farm pickup prices quoted by the Wad-

and over, Ibs. and

J. M. Studebaker III :

Son and grandson of one of

dustrial use. It was in 1852 that

riages, the first Studebaker in the

S SWISS FIRM A NAZI FRONT?

U. S. Treasury Wonders Why lkap Wants to Buy Pelish Property.

By EDGAR ANSEL MOWRER Copyright .941, by The Indianapolis Times and The Chicago Dailv News, Inc.

WASHINGTON, Aug. T7.—German readiness to turn frozen dollar assets into mark holdings or even to deliver to Americans at Lisbon gold presumably looted from conquered countries in turn for American holdings in Germany or victim countries, has convinced American Treasury officials that the Germans are preparing a great peace offensive on the basis of their “new order,” and are trying to soften any existing resistance on the part of American businessmen. For this and for other reasons, the Foreign Funds Control is struggling hard to- prevent such transactions with loot, whether frozen here or not, especially when in favor of certain American creditors and to the detriment of others. Naturally, therefore, the Control seems to be awakening the hostility of those Americans who would benefit by the said transactions. A case in point is that of the Silesian-American Corp. This Corporation, which owns copper properties in Polish Silesia now under German control, is so much for-eign-owned that it is treated as a German and Swiss company. It has $2,500,000 worth of bonds outstanding here and its owner, the Silesian Holaing Co. is largely American-owned. Another Swiss company, Ikap for short, has $4,000,000 frozen under the Foreign Funds Control. One would imagine that Ikap would be delighted to have so much money here, out of reach of European tempests. To the contrary: Ikap wants to get its hands on the American share of the copper properties in Poland. It has, therefore, offered to turn over its frozen four million, $2,500,000 to the Silesian American Corp. bondholders, and $1,500,000 to the American owners, Brown Brothers - Harriman and Anaconda Copper.

Is It a Peace Feeler?

That's fine—says the Treasury— for those Americans who get paid off. But why should the Ikap people want to do this? If Ikap is genuinely Swiss, then its owners show a surprising desire to switch from dollar assets to mining properties of doubtful title in Poland now being exploited by Germany. Can it be that Ikap is either German or working in the interest of Germans? If so, conceivably the $4,000,000 that Ikap is offering have

one or more of the invaded countries whose assets the United States is trying to protect. Can the American Administration be a party to this? And just what are the Germans up to? Are they not trying to ikgratiate themselves with certain American business interests with a view to building up the latter's tacit acquiescence at a moment they launch a peace campaign based on their alleged “new order?” Is it proper that the Si-lesian-American Corp. bondholders and the American copper people be repaid in full when other equally good American creditors of Germany are receiving nothing?

Plan Frowned Upon

These are the sort of questions the officials of the Foreign Funds Control are facing not only in this case but in a dozen similar cases. In the process they are resisting considerable pressure from the Americans who might benefit by what the treasury is trying to stop. The chance seems to be, however, that what the Treasury considers morally right and politically preferable will prevail and no preferential treatment will be given to particular Americans singled out by Germany and no loot from conquered peoples will be used to buy off any Americans. The Treasury people feel that there is a sound basis for belief that Ikap is nothing but a front for German interests that are trying to acquire a legal title to stolen properties and offering payment in stolen funds for which they have no other immediate use. Unless some one can convince them that this is a mistake, transactions like the one proposed by Ikap will continue to be frowned upon.

founded the South Bend wagon concern that now manufactures automobiles, J. M. Studebaker and J. M. Studebaker III are now president and vice president, respectively, of the Studebaker Machine Co. of Chicago. They resigned recently as directors of Studebaker Corp. to form the new concern which will market hydraulic machines for in=

shop in South Bend with a capital of $68, to make wagons and care

been snatched by comquest from|N

the five Studebaker brothers who

John Studebaker set up his forge

transportation business.

Defense

Qui uiz Q—What are. the Tax Saving Notes issued by the Treasury? A—They are direct obligations of the United States issued in the form of Treasury notes and are dated in the month in which payment is received. Q—Where may Tax Savings Notes be purchased? A—Through local banks, from Federal Reserve Banks, their branches, or direct from the Treasury Department, Washington, D. C. Note—For «complete information about the new Tax Savings Plan, ask your banker or write direct to the Treasury Department, Washington, D. C.

MOST STOCKS SLUMP AT N.Y.

Some Selected Issues Gain; Sugar Shares Hold About Steady.

NEW YORK, Aug. 7 (U. P).— Stocks turned irregularly lower in afternoon dealings today. Selected issues scored moderate gains, but the main list slipped down slightly. The American Woolen issues, American Bank Note, Newport In-

dustries, J. I. Case, Davison Chemical, and Union Oil of California reached new 1941 peaks on moderate gains. Low-priced automobile equipments were quietly active but little changed. Rails acted somewhat better, with Santa Fe leading the way on 2 point gain to 291. Most other leading groups were soft, however. U. S. Steel and Bethlehem were down about 4 point each at midsession and Chrysler and General Motors had similar losses. Sugar shares held about steady. Shipbuilding issues were barely changed.

LOCAL ISSUES

Nominal quotations furnished by local Rutt of National Association of Securities a -

ler, 2 Stocks Bid. Ask.

Agents Finance Co Ind com... 7% 9 Agents Finance Co Inc pfd... 20 . Belt RR & Stk Yds com Belt RR _& Stk Yds bfd Central Ind Pow. 7%

Indpls P&L com . . Indpls Water 59% pfd ........105 Indpls Water Class A vees 14% Lincoln Loan oo 5%% ofd,... 3

soe lif Progress Laundry sees ten I Pub Serv Co of Ind 6% pfd... 64 Pub Serv Co of Ind 7% pfd...128 *So Ind G&L 4.8% nfd 7 Terre Haute Elec 6% Union Title Co com .cievene Van Camp Milk pfd.....coneee van Camb MIlik com ....cs0e0 11

Bonar

Algers. Wins'v W RR 4's ...100 American Loan 5s 51 . 99 American Loan 5 Cent Newspapers Ch of Com Bldg Co 4Vs 61... Citizens Ind Tel 4%s 61 1 Consol Fin 5s 99 Crabb-Revnolds-Tavlor 5s 42.. 97 Wayne 25-108

8% 03

ndpls P&L 3% ndpls Railway ndpls Water Co 3s Kokomo Water Works Kuhner Packing 4 Morris 5 & 10 Stores Muncie Water Works 5s N Ind Pub Serv 33s 69 N Ind Tel 4'2s 55 Pub Serv of Ind 4s 69 Pub Tel Co 428 55 04 Richmond Water Works 5s 57.100 Trac Term Corp 5s 57 «70 *Ex-dividend.

5s 58..104} s 49....100 s 50....100 65..

Teese

Expansion of the pig iron in-

dustry by 6,508,950 tons is under

consideration by defense agencies to supply iron for the Bessemer converters. x Operators were asked to check the possibility of air conditioning their blast furnaces as a means “of speeding up operation” and to list any facilities which could be en=larged. Steel finishing companies were asked to list their open hearth products which could be made of Bessemer steel if it were available, Bessemer steel can be used in wire, light structural material, reinforcing bars for concrete, pipe, certain grades of tinplate and for some ship plates. Two new cone verters, totaling 600,000 tons, al= ready are under construction ab the Edgar Thompson, Pa., works of the Carnegie-Illinois Steel” Corp. the OPM said. Meanwhile, Price Control Ade ministrator Leon ‘Henderson ane nounced that ceiling prices will be set this week on copper at 12 cents a pound. He said that 90 per cent of the current domestic copper out= put could be produced without loss for 12 cents a pound or less. Negotiations between the government and the copper producers “will begin shortly,” he said, to investigate the possibility of expanding present domestic production.

638,000 EMPLOYED IN STEEL INDUSTRY,

NEW YORK, Aug. 7 (U. P.).— Employment in the steel industry in June boomed to the record to= tal of 638,000 wage-earning and salaried employees, the American Iron & Steel Institute reported today. The June figure represented a gain of 6000 employees over the May total of 632,000 and compared with 535,000 a year earlier. The gain over the previous month was the 15th in succession. Total payrolls for June dropped - to $110,504,000 from $115,267,000 in May because of the shorter month, In June last year payrolls aggregated $77,388,000.

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