Indianapolis Times, Indianapolis, Marion County, 25 May 1942 — Page 24

PROFITS LINT CALLED ‘INIUST',

~ N. A. M. Says ‘Inequitable’ Curbs ‘Might Cripple Post-War Industry.

: CHICAGO, May 26 (U.:P.).—The National Association of Manufacturers asserted today that “undue concern” over war profiteering might cripple post-war industry. In a report presented at a war production conference sponsored by the N. A. M. and the Illinois Manufacturers association, the N. A. M. denied the unreasonable profits were “typical” in war industries. The report, analyzing war profits, advocated “maximum” excess profits taxation, but said that “any arbitrary limit on profits would be inequitable and impractical.” ‘Folly to Cripple All “Profit margins on gross business have been narrower since 1930 than they were in the preceding decade,” the report said. “Since the tax load will increase much further during the next two years, we may expect a further narrowing of the profit margin. “Instead of being unduly concerned about the possibility of ‘war millionaires’ the government should be thinking of the effect of war business and war taxation on the

soundness of manufacturing com- B

panies and their ability to meet the problems which will arise in the post-war adjustment period. “In striving to control occasional situations of high profits it is folly

to cripple all industry and enter- B

prise on which the country must rely when war is over.”

* Other Conclusions

65-page report: 1. There is no foundation for claims that the manufacturing in-

from civilian production. 2. There is no basis for the claim that manufacturers can afford to pay still higher wages and overtime rates because of excessive profits in the defense period. 3. Any arbitrary limit on profits should be inequitable and imprac- ~ tical if applied at an equal rate to all industries. It should accelerate the trend, observable for 10 years, profits and investment in manufacturing.

SUIT OVER ‘GOLA’

TRADEMARK ENDED:

NEW YORK, May 26 (U. P.).— - The Coca-Cola Co. and the PepsiCola Co. in a joint statement today |S,

By UNITED PRESS *®

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Cal packin Calumet Canada re v Cannon Mills .

dustries delayed defense work by (C wilful insistence on large profits ¢

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toward the destruction of|S

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Dn Cons Laundries. C RR Cuba pf. Cons Coal .

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orn announced amicable settlement of|Sorn

all litigation between the two or- o

ganizations.

The two companies, among the|S nation’s oldest and best-known soft S

drink dispensers, had been involved in litigation over trademark infringement and registration in the courts of the United States, Canada and other parts of the world for the past four years and longer. “The Coca-Cola Co. and the Pepsi-Cola Co.,, both of whose trademarks have been in use in

this country for over forty years,” E

the joint statement said, “an-

Cutler-Ham ...

Decca Rec Inc. 6 Deere & Co ... 21% Dac & W ... 3 Det Edison ... 16 Doehler D Cast 20 Dousizs Airc 5 Dow Chem py Pont 100%

East alr yilpes. 23% East 2Y2

nounced today that, following the{E'S ¥

decision by the judicial committee of the privy council, highest court

in the British empire, delivered |®

March 19, 1942, adjudging that the trademark Pepsi-Cola ‘does not infringe the trademark of Coca-Cola, a settlement of all controversies and

Fed Min Fed Mot Fid Phen Firestone

trademark disputes between them Flinthote

has been agreed upon. “As a result of this settlement, all litigation pending throughout the world is to be dismissed without cost to either party.”

LOCAL PRODUCE

Stl Folnsb Stl cv pf 331 Foster Wheel . 9% Fost-Whl pf .115 Francisco Sug 6 Freept-Sulphur- 31%

Gen Electric . Gen Foods ...

Gen R&U pf . Gen Refract ..

247s 28

Heavy breed, hens, full-feathered, 10c: Gen T&R

ean Ie, lored, 2 ers. to 8. , white and barr ed ‘rock, gic, ay n> uitry Egrs—C!

urrent receipts. “ Ibs. and up, |Gran

28¢c; |G small G

Eggs—Grade

Graded large, ade A oe 27c: Ane

rade A

Sova Ys No. 2 Je ’ No. ‘1, 37c; No. 2, (Prices on brodice © Jeltvéred at Indianapolis. auoted” by

0ANS

The CHICAGO °

Oldest L Losp

esta State.

G Goodrich pf ... Graham-Paige . nby

t Sug 1% Gulf Mob & Oh ah

Hack Wat 19%

146 E. WASHINGTON ST.

11-16 15

a0 13

6 21%, 3 16 19% 54 10 107

22%

3 4% 24Y2

16 21% 28

1% 2%

“19%

11-16 15 6Y, 20% 13 6 21%, 3 16 19% 55 10 107 23% 2Y,

25% 11% 1

41 1%

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+

£114:

[+11

2 17% 70% 5% 4%

24%, 16 21% 28 1%

2% 19%

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on on Everything

Diamonds, Watch Watches, Musical Instruments, Cameras,

Clothing, Shotguns, Ete.

EWELRY CO., Inc.

EC a

24430 N Meri IT 1g!

[RE- NEATING

of MOTH HOLES BURNT or WORN

- LEON “TAILORING Co.

. In the Middle of the First Block

2.

8 Mass Ave.

ARE—————

Buy’ United States VICTORY STAMPS | ¢

LIVINGSTON’S

129 W. Washington St.

Tob B.... 5 Richfield Oil...

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SAXOPHONE Instruction

INDIANA MUSIC CO. 115 E. Ohio St. — LI-4088

=|

Ci AT LL 2338) i Stores JES Ind A GUARANTEED d

1/2

AT OUR UsvAL

LOW PRICES

A 2

DOW-JONES ‘STOCK AVERAGES 30 INDUSTRIALS Yesterday ...cececovecccrccs Week Ago ese0esesgetesencee 97.96 Month ALO .ccooveceveccce 92.92 Year AO ...co.ocesessasees 115.95 High, 1942, 114.22; Low, 92.92. High, 1941, 133.59; Low, 106.34. 20 RAILROADS Yesterday ...cccoocccccvcecs Week AGO ..ccoccevencsssces Month ALO ..cv0c00c0vscence Year Ago High, 1942, 20.01; Low, 23.72. High, 1941, 30.88; Low, 24.25. 15 UTILITIES

-0.07 -—0.69 -0.97 -0.22

23.96 24.17 23.85 27.65

Yesterday ...cevcevevcvscce Week ARO .ccoccsece Month ALO ...ecoevecseccsce Year ABO ..ccovceveescscass High, 1942, 14.94; Low, 10.58. High, 1941, 20.65; Low, 13.51.

Net High Low Last Change . 80% 80% + % 4% -_ Ys ove in 58 + Y . - 31 21 + ¥% s 13%

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Ohio Oil ... on 6% 4, 12% 8

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Pn Pac Am Fish .. 8 Pac Finance . 13 Pacific Mills ... Pac T&T pt ..14 Pac Tin Cons .

8 13

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LOCAL ISSUES

Nominal quotations furnished by local Jit of of National Association of Securities

Stocks Bid Ask

Agents Finance Co Inc com. 207 Agents Finance Co Ing pid.. com

Bel 1

= Wane 7% pfd.. 50 nd Assoc T: Sesesvies Ind & Mich oe tals pra. Tec 1%

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Bonds s Wins" eens fer 2 American

bs “fesse Cent Newspaper 4%s 43-51 «-: Ch of Com Sa 51 To

fue

seesses

: Reports of German gains on some Ey sections of the Russian front slowed | G

3c | Steel had recovered all of

+ | issue reached 55, up 2%, on a favor-

7 year before,

. net sales $5,220,957 vs. $4,272,061.

. cents in 1940; net sales $4,057,634

4s |mon share vs. $250,030 or $1.21 in

S

High Low Toe Resthas sn ff 4 Pexas Co 33 8

Se

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11 29% 11%

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10% 29% 11%

Yellow Tr Young 8S & . Young Sheet ..

Zenith Rad ...

NAZI GAINS SLOW ADVANGE IN STOCKS|:

NEW YORK, May 26 (U. P.).—

10% 29% 11%

3''n

a moderate advance on the stock market in afternoon trading today.

In morning dealings, Bethlehem a % point loss made in the previous|©€ session, By 1 p. m. this gain was wiped out. from their best levels and in some instances, including Montgomery Ward, Loew’s and Pepsi-Cola, small losses were registered. Telephone lost half of a 1-point gain. Douglas Aircraft was an outstanding feature on the upside. The

able report from its first fiscal quarter, and held the gain. aircrafts were firm,

GRAIN PRIGES EBB; TRADE INDIFFERENT

CHICAGO, May 26 (U, P.). Grain futures continued easy in|y early dealings on the board of trade today. At the end of the first hour, wheat was unchanged to off % cent a bushel; corn off % to %; oats off % to 3%; rye off % to up %, and soybeans off 1 to up %. Indifference -on the part of virtually all interests was responsible for narrow fluctuations in the grain futures market.

BUSINESS AT A GLANCE

BY UNITED PRESS Adams Oil & Gas Co., 1941 net income $107,810, equal to 48 cents a share vs. $128,194 or 57 cents the

City of Paris Dry Goods Co., year to Jan. 31, net profit $102,193, equal to 31.88 a common share vs. $103,171 or $1.94 in preceding fiscal year;

Foremost Dairies, Inc., 1841 net income $163,515, equal to 34 cents a common share vs, $118,588 or 19

vs. $2,828,067.

Higgins Industries, Inc., 1941 net profit $785,643, equal to $3.88 a com-

1940; net sales $10,214,586 vs. $2,693,695.

National-Erie Corp, 1941

Reliance Steel Corp., year to(: March 31, net profit $807,059, equal to $3.20 a common share vs. $520,175 or $1.95 in previous fiscal year; net sales $13,681,645 vs. $12,836,417.

OTHER LIVESTOCK

LAFAYETTE, Me 26 (U. P.) Market steady; 0-200 1bs., Ais. Seeie 20-250 1bs., $14. 10034 30; 250-350 Ibs., i

Pigs, $13.50 down; Roughs, $13.75 down. Calves, [email protected]; Lambs, $14@15.

Steinkraus Heads Bridgeport Brass

BRIDGEPORT, Conn., May 26 (U. P.).—Herman W. Steinkraus has been named president of the Bridgeport Brass Co., succeeding Ralph E. Day who resigned because of ill health, it was announced today. Mr. Day will continue as a director. Mr. Steinkraus formerly was vice president and general manager of the company.

Ather leaders receded 30%

American | Beet.

Other|€

R net § 2 profit $275,690 vs. $144,999 in 1940.

[Ho PRICES UP |

20 GENTS HERE

Top Advances to $14.60 as © 6672 Hogs Arrive; Vealers Steady.

Hogs weighing more than 160 pounds sold 20 cents higher at the Indiangpolis stockyards today than yesterday’s prices, the -agriculture marketing administration reported. Lighter weights were unchanged. Today's top price was $14.60 for good to choice 220 to 240-pounders. Vealers were steady with a $15 top. Receipts included 1711 cattle, 615 calves, 6672 hogs and 141 sheep.

HOGS (6672) .

iii 4.5! 0 era Ya dh 330- 360 [email protected] Moon [email protected]

160- 220 po

. Packing Sows sssssssessse 14.15 14.10 14.10 3 2 14.05 0G 14 .00

3 [email protected] [email protected]

14.00 14.00 13.95

330- 360

Good— 360- 400 400- 450 450- so

Mediu 250- 500 pounds

Slaughter Pigs Medium and Good— - 90- 120 pounds CATTLE: (1711)

Slaughter Cattle & Calves Steers

cessscessses $14.50

pounds pounds pounds

esses escssessesne secsssvssencs

[email protected]

Choice—

8223

1300-1500 Good— 750- 900 900-1100 1100-1300 33002500

750-1100 pounds s.ecesscscece. IL.75@ 11001500 6 pounds rere 150@13;

750-1100 pounds ...c.c...... [email protected] Steers, Heifers & Mixed “every eee [email protected]

... [email protected]

23

bi 22

Cholice— 500- 750 pounds

00d— 500- 750 pounds

Choice— 350. 900 pounds ....cceeeee. [email protected] 00 350- 90 900 pounds ecsesscssses. [email protected] - 900° ) pounds sessnssssssss 11.00012.50

500- 900 | pounds ........e000. [email protected] Cows (all biking 1050 11.25 10.50

2.50 9.75 7.00@ 8.50

Bulls (all his (Yearlings excluded)

Ml scsesstrscsssnsnssnsncnn,

Sausage—— Good

[email protected] 11 A

CALVES (615)

Vealers (all weights)

Good and choice .... +314. 50 Common and medium .. [email protected] ull 2 [email protected]

Feeder & Stocker Cattle & Calves Steers

sececssseees $12.25 essessenscees 12.00

15.00

Choice— 500- 800 pounds 800-1050 pounds Good— 500- 800 pounds 800-1050 pounds Medium— 500-1000 pounds OMMmMON = 500- 900 pounds Calves (Steers) Good and Choice— 2 Jounds down eeieevee... [email protected] 200 rounds down [email protected] Calves (heifers) Good and Choice— S00 poutds down [email protected] 500 ands down . [email protected] SHEEP AND LAMBS (141)

Ewes (shorn) Good and choice

13.50 13.25 | ¢

— he [email protected]

24

Sh Good and HOR 7 14.50 Medium and good .. [email protected]

CHICAGO LIVESTOCK

Hogs ReceiDis: 14,000; fairly active, about steady with yesterday’ s average with gio cks 5-10 cents under best, top, $14.45;

; Calves—Recei al d steers and yearlings including yearling heifers strong, all interests in Ee with medium grade steers and all grade yearlings Relive; strictly . choice steers absent; best, $14.75; bulk, $12.50 and $14.25; choice heifers, $14.50; mostly, $12.50 Spd $13. 50; cows slow, steady, with cutters, 9.50 down; most beef cows bree $9.75 @l1; bulls strong to 15 cents higher, very active, i weighty sausage offerings to $11.15; rs steady at $15.50 down, choice southwest bred stockers and light feeders, $13@14; replacement market showing more stren th this week. Sheep—Receipts, late yesterday— fat lambs slow y steady; hen gou. bles 75 lb. California SprIngesy, § one deck, $15.35; choice native eprin gers, $16 bulk fed clipped lambs, $14@1 few at $14.50. Today’s trade—fat pan and springres opening around 25 cents lower; few sma a ood native Springers, $15.25@15. bles m Sood Calif Hy $14.50; better kind held hig choice 92 1b. fed clipped ae with Ni pelt, $14.50; fat sheep strong; small Cots shorn ewes, $6.50@7.

OTHER LIVESTOCK

INNATTI, May 26 (U

steady; top. $14.65 paid ood choice 180- as lbs. 2 32300 oe $14 55; 300400 1bs.. $14.40; 160-180 1bs., $14.50; medium to food 150:180 1bs., $14; good grade sows,

$12. Cate. Becei ts, 375. Calves—Receipts, 500; market active, limited SUDRIY. sleads, Sizable Sup ly 602-1b. heifer: ers 1 ot a a

to $13 eifers yes rady around 205051b steers, $12.75; common Ly! mi ers, $11@13; good

he nd better; canner ang @9.25; common and m . [email protected]; god ulls, sila .25; veal calves steady; top, $15; good and choice, $14@15; Common and medium, 311314; culls, $10 dow eep—Receipts, 300: Saady with some Wea Trderiont, top, $16.25 paid for good and choice 70-82-lb. sory 1amhe; good to choice 2 Slipped lap lambs, 50@:2; lambs with Ni 2 pelts $12. 5001 13.50; fat Slinped a ror ewes, $6.50 dow! Fr A NE,

10 cents high 220 1 30:

stags ‘Calves Sion Amite $14

S. STATEMENT

De May 26 (U. P.).—GovaT RT and receipts for the current year through May 23 compared with

a year ago: This Year Last Year ses $27, 087, 797,169.77 $10 ,968,393,877.31 - 313 1336.7 8,782, 268. 73 "268,216,747.97 i 794, 857 3. a Bal 3,222,887,485.33 Work Bal 2,460,980,453.28 Pub Debt 73,817,025,047.54 Gold Res 22, Ho, 177,515.51

,1 2,568,992,796.18 INDIANAPOLIS CLEARING HOUSE

Cleazin Seite sessras seat ansres Debits gs

in our properties offer a full range in price, size and type

— ed Indianapolis : Last Week Bank Clearings sesesscsccassssessss 920,817,000 Bank Debits csssescecessessansases $17,117,000 Postoffice Receipts 9000000 000ROOOOY $85,184 Building Permits ccceccccccccoscses $156,423 Houses Cs ar ssvusseas eserves $135,925 Apartments eesensesssnssnsnssee 0 Business .cccccecccesssscccscces $11,000 Industrial cccccccccensccscccces 0 Public «..cco00c0ereveccscsscene 0 Repairs & Alterations eecescoee $9,498 Applied for Jobs .........cecvesece 1,245 Received JODS ....c.ceceecsnrsncens 776 Filed Unemployment Claims ...... 312 Freight Carloadings: Inbound ....c.coceevv0ccscscnce 3,998 Outbound ....cceccov0000000000 2,318 Electricity Output (kwh) .e.cc.c... 15,204,000 Water Pumpage (gallons) .........254,730,000 Streetcar Passengers (May 16) .... 1,792,671 Telephones In Use (May 21) ...ce00 +121 Livestock Receipts (head) <cccocees 59,946 Cattle ccccececrcccccccnsccsnces 6,791 Calves vececcvisessssccnsoccccss 3,517 46,508 3,130 495,000 ' 324,000 34,000 108,000 RY@ ccceccecscscccscsssosccccee 23,000 17,000 SOYbeANS .ceccececssscsscescess 6,000 9,000

Sources of above figures: Indianapolis Clearing House Association, Indianapolis

Week Last Week Before A Year Ago $32,361,000 $22,372,000 $82,020,000 $58,441,000 $90,108 $99,709 $73,870 $571,723 $246,250 $200,000 $22,500 © $10,000 $50,000 $48,973 1,289 758 209

$10,370 1,262 791 264

3,869 2,571 15,473,000 257, 1,809,880 +212 61,946 6,181 3,660 49,121 2,984 662,000 431,000 17,000 200,000 0 14,000

4,856 2,751 13,930,000 284,830,000 1,423,098 +191 57,014 5,681 3,819 45,994 1,520 696,000 591,000 13,000 66,000

Hogs eessedesccessescescnceccee Sheep cc.cecosresccocccscsccncs Grain Receipts (bushels) cccocceces COIN .ccovvevcccrcscccscccsnces Wheat Oats

Center Township Trustee, Federal Reserve Bank of Chicago, Indianapolis Power &

tl Advocates Standard U. S.

Dollar.in Latin America

° NEW YORK, May 26 (U. P.) —Establishment of the United States dollar as a standard of value on a gold basis throughout Latin America was suggested today by D. Stewart Iglehart, president of W, R, Grace & Co. and of the Grace line, as a means of stimulating western hemisphere trade during and after the war. Adoption of a dollar standard along this line, the shipping executive said, “would help to insure the maintenance of a large volume of inter-South American trade after

of shipping space southbound combine to deny our neighbors many

$1,165,869,000

liished on a gold standard basis the

25 in the whole hemisphere would de-

the war, as well as substantial trade between all of Latin America and the United States.” “It is certain,” he added, “that if trade between the United States and Latin America could be estab-

exchange control and export-import permits could be eased and trade

velop much more easily now and after the war. “That action would also make it more difficult in the future for any foreign nation dealing in tokens such as askimarks.” Mr. Iglehart, whose shipping and trading companies have been active Jin ‘South American commerce for ®| nearly 90 years, asserted that the war is creating a great upsurge of trade among the 10 South American nations. He predicted that the volume of their intra-continental commerce would reach $600,000,000 next year, contrasted with almost $200,000,000 in 1939 and with about $410,000,000 in 1918, the previous record ear. “Gratifying though it is,” he said, “the increase of trade among the 00 (South American nations by no means satisfies their need for many manufactured articles which they dé not make. For these they look

things needed for their economic which Washington is conscious and

no doubt seeking to remedy.”

STATE UTILITY SUIT UNDER ADVISEMENT

LEBANON, Ind., May 26 (U. P.). —Special Judge Edgar A. Rice will take final briefs under advisement June 11 in the Public Service Co.'s suit seeking a permanent injunction against the City of Lebanon in the fight for possession of the utility's electric system. In final arguments yesterday, Public Service Co. attorneys asserted the city cannot take over the property without paying for improvements made since 1940 when a. Boone county jury valued the system at $210,000 Attorneys for the city charged that when title passed to the city control of additions and extensions was included. Judge Rice said he would study the briefs for several weeks before returning a finding.

Birtman Electric Co., 1941 net income $290,920, equal to $2.09 a com-

to the United States, but the shortage of such products here and ‘lack

mon share vs. $398,346 or $2.93 in 1940.

life. This is a hardship to them of tod

Business Summary

WE SL $458,002,000

1942 9% Chge. Thus Far ’42 vs. dl $533,818,000 $1,475,721,000 $2,011,819 $2,930,482 $2,322,105 4 $218,576

$1,939,031 $5,848,356 $2,298,975 $391,000 $893,494 ' $1,573,300 $181,400 $510,187 19,805 10,827 6,814

81,873 51,104 262,717,000 4,441,950 25,961,047 104,628 1,155,946 117,816 55,708 884,758 106,664 12,539,800 9,751,500 531,600 1,818,400

53,829 297,177,000 5,041,160,000 33,285,672 114,772 1,127,430 128,246 56,421 828,109 114,621 12,483,200 9,111,500 445,000 2,468,000 150,000 161,000 - 290,500 297,500

Postoffice, City Building Commissioner,

Indianapolis Office of State Employment Security Division, Pennsylyania Railroad, New York Central, Baltimore & Ohio, Illinois Central, Chicago, Indianapolis and Louisville (Monon); New York, Chicago & St. Louis (Nickel Plate); Indianapolis Water Co., Indianapolis Railways, Indiana Bell Telephone Co., Agriculture Marketing Service, Indianapolis Board of Trade,

Light Co.

DAILY PRICE INDEX’ NEW YORK, May 26 (U, P.).— Dun & Bradstrett’s daily weighted index of 30 basic commodities, come piled for United Press (1930-33 average equals 100):

Yesterday 00000000000 RYRRNN 156.89 Week ago vicusassessansnente 159.04 Month 880 eecccesesesseeses 156.85 Year 880 .....«.cssecenssces 135.00 1942 High (May 9) ¢c.eeee.. 158.34 1942 Low (Jan. 2) ...eeces.. 151.54

WAGON WHEAT PY the close of the Chicago Markos Indianapolis flour ee Sovarors paid $1.07 per bushel nd wi Jud wheat (other grades on their merits). 1 yellow she led corn was 8c pd bushel and No. hite shelled corn, No. 3 white hy 500 and No. 2 J oats,

Lh Lita

1 [UAL

but not if you have a ho.

reel to the sill cock.

kling for you during dry left in one place until a

Making of Your Yar helpful information.

COSTS LESS

Lugging hose around is always a nuisance—

se reel of the new

type. To soak your yard all you do is unreel as much of the hose as you need—then turn on the water. The main section of the hose is joined to the reel itself and not to the sill cock, and a short piece of hose couples the

‘Weeds can be pulled much more easily when the ground is wet. Weed just after a rain—or next best, soak the area to be

weeded with your

hose. The larger the

weeds, usually the deeper the roots—hence

a longer soaking of

the soil will be needed.

Plan to keep gardens within easy reach of : your public water supply.

Let a well-designed spray do your sprin-

weather. It can be large area is well

soaked—very convenient. Remember, it is better to soak the ground thoroughly once or twice a week than to sprinkle lightly every-day. A copy of our free booklet, “The

” contains - other

Ss Wet.

delivered day and night than anything else you buy