Indianapolis Times, Indianapolis, Marion County, 12 March 1942 — Page 10

Studebaker Atong First

“In War Goods Conversion A Jo Af

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A on its hn ore ders, probably. by the end of| 4a" this; month, it. will be employing 215 to 8 times: as ‘madly workers as it) did in peace-time.’ The phils value of its output will be corre-

sponding larger. Studebake:’s chief war for heavy-duty military airplane engines. Its ee new Siplane engine factories will ‘employ mote | workers its au } + plant did before the war. Sovarsl | smog lately, when labor unions were crit-| 2m icizing the slow= Am ness of the auto industry in changing over to|A% Tob 5°: war Dp duction, [4m Tob, oe

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But Studebaker is oho. the first of the automobile ‘to convert itself entirely [to war

show. Studebak made $2,486,397 net profit.

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LOCAL ISSUES -

Wednesday, March 11

Nominal quotations furnished by local Association ¢f Securities

"11340 welding units, nearly 1100|cC:

{Willys = Overland Survey :

‘Claims Auto’ Dealers Soy Aid Wa,

parts needed for America’s tanks, ships, guns and planes.

Governor Schricker containing the results of a nation-wide survey of

conducte@ by Joseph W. Frazer, president of the Willys-Overland Motors.

The survey, covering the largest

smallest cross-roads garage, disclosed: List Facilities

1. That Indiana’s 1262 automobile dealer shops have available approximately 8,850,000 square feet of] floor space. 2. That approximately 5700 skilled mechanics would be ready for armament work. 3. That Indiana's PRITTE Sn factory would be equipped with '460 lathes, 30 shapers, 340 electric drills; more than 1000 grinding machines,

buffing machines, 1360 spray units, 40 milling machines, 2400 partable drills and other equipment.

best American tool makers. The Frazer survey pointed out

parts where no great amount of precision work is required. Such a program is being successfully conducted in England, according to the report, where it is known as the “bits and pieces” program for small shops. The report said that the résponse from Indiana dealers during the course of the survey showed them lined up solidly ‘behind the war effort and anxious to harness their shops to .war production. Tke complete national report has been submitted to the war production board.

automobile dealer establishments!

metropolitan establishment and thel

Most of the machinery in the Gr: %| shops was reported as made by the

that the idle equipment could be |M used to manufacture armament |Common-

$e “tases severe sede

a 12.

Red

13. [email protected]

To.18011.7 CATTLE (1000) Slaughter Sais & Calves En

1100 aE pound

= i 1 183081338

50-1100 DOUDES «rss seenrerne 9.00010.75 Steers. Heifers & Mixed Choice— « : \

aaksses ceses 12.50013.50 esessssescss [email protected] [email protected] 7.95@ 9.50

[email protected] 3 3 008'3% .50 Medium Cutter and common 9:00

CALVES (589) Vealers (all weights)

Feeder & Stocker Cattle & Calves Steers

[email protected]

«18; : Rg 1

.4 0000000

Lyessisenntes fi

bounds , Sas sss ante. 9.35010.50 . (Steurs)

Inland Steel Co: Freezes: Salaries

Times Special CHICAGO, March 13-+The In land Steel Co. today “froze” fits pay to executives of the company for the duration. , Chairman Edward L. Ryerson said “this is in keeping with the conservative policy that has always prevailed with respect to 4H] comseqmion of Inland execuves.”

WHOLESALE. F000. HIGHEST SINCE '26

NEW YORK, March 12 (U. P).— Wholesale food prices in the week ended March 10 rose to the highest general level since July 1, 1926,

vs. $461,728 or $2.48 a preferred share in 1940.

Pls: 14

The year 1942 finds this country in the throes of a war economy. All of the country’s resources, all of its man power must be devoted primarily to the winning of the war if we are to preserve our institutions, cur freedom, our independence. How does this obligation, which rests upon every one of us, affect a life insurance comagement

A year ago we said in our annual

NEW YORK LIFE

INSURANCE COMPANY 97% Annual Statement;to-its. Policyholders

‘was involved —the

the Company considered the 'Company’s course of action in the light of war conditions. The course then

the Company’s contractual obliga: tions were further strengthened, its real estate and mortgage loan assets were reappraised on a strict basis, and the funds held for general contingen-

which are inevitably incident to such a war, these responsibilities and these opportunities are greater, not less.

The Company has fived through four wars in which the United States

War Between the States, the American War and the First World War. During each of these conflicts the Company continued to grow in and service, both to the policyholders and to the country. It safeguarded its assets, it met its obligations, and at the same time, when -needed, it aided in the financing of those wars. We must do no less today.

tection of selves. This

Mexican War, the carries with

strength.

will be sent

This action has added materially to the fundamental strength of the Company and to the long-range prothe policyholders them-

EE wiih ¥

strains and future adj te Rg The Statement of Condition of fo si the Company which 1 oh Rk, this report continues t hg reflect great Ti a

The year 1942 is & year for action, : oot words. In these circumstances report is made as brief as possible. A more complete report as of December 31, 1941, containing addition of interest a ha J

is important now that it

upon:

ble surplus was available for the pay-

ment of dividends

7’

for the year | 1942.

| STATEM ENT OF CONDITION wi December 31, 1941

ASSETS

Cahn band ef Bs...

ateed and preferred stocks owned by the Coms. pany is also available. These booklets may be obtained by writing to the New York Life Insurance Company, 51 Madison Avent Hew Roth. N.Y. »

LIABILITIES

Reserve for Insurance and Aunmity Contracts

. Present a —— : a Supplementary Contracts

Policy Clans i process of settlement;

or incurred but not yet reported. . . Dividends left with the Company...

nae . 1508ASS9

Premiums, Interest and Rents paid

+ im advance.

CEeeis “ssssnsessssies i

Reserved for other Insurance Liabili-

ties. “ee ASAI sss cast ensay ee,

Dividends payable during 1042... °

Beste for fuctuatons of Fossign Currencies”

sedincnssscnpnesssesed

: Mimelnaogis Lshiliios v1 syeens. “Total Liabilities... ce seve al Solidi {Earp @ oa

pr base