Indianapolis Times, Indianapolis, Marion County, 31 July 1942 — Page 18
PAGE 18
STOCK TRADING AT 1918 LEVEL
Many Corporations Cut Their Dividends and
More Are Seen.
By ELMER C. WALZER United Press Staff Correspondent NEW YORK, July 31.—Trading on the stock market during July exceeded the level for June but was the smallest for a July since 1918 with the exception of 1940. Bond trading was the smallest for any month since early 1941 but was above July, 1939 and 1940. Stocks ran up to new recovery
_ THE INDIANAPOLIS TIMES 1: Commando Carries Jeeps and Men
HEAVIER HOGS GAIN 10 GENTS
But Light Weights Sell 5 Cents Below Price Paid Yesterday.
A two-way market developed in hog prices at the Indianapolis stockyards today, the agricultural marketing administration reported. Shippers paid 10 cents more than yesterday for weights between 160
and 220 pounds but 5 cents less -for weights from 160 pounds down. There was no change on weights from above 220 pounds. The top was $14.85 for good to choice 200 to 220-pounders. Vealers
Average Factory Worker's Wages Have Kept Up With Living Costs
By ROGER BUDROW
IF INDIANA INDUSTRY FOLLOWS the wage pattern formulated in the “Little Steel” case, the wage level in manufacturing concerns will stay pretty much where it is. The war labor board, you remember, granted the steel - workers 44 cents a day more, an increase of roughly 15 . per cent, because the cost of living had advanced 15 per cent
* (on a national average) since January last year. The bureau of labor statistics’ quarterly report, which came in today, shows that the cost of living for Indianapolis has gone up almost IT per cent since
Record Broken
January, 1941. Average hourly earnings in Indi.ana manufacturing concerns are
now 18.7 per cent].
higher than they were on January last year, according to the Indi- ; ana Employment Security division. Rbger Budrow of course that is the average. Some concerns have not kept their wages in line with the increasing cost of living but others have done more than that. But, on the average, factory workers’ wages in this state have kept on a par with the rise in Hving costs. But it is in the non-manufactur-ing groups where agitation for wage increases is likely to be the greatest Because between January last year
and June this year the average|
hourly wage” in this category has gone up only 9.5 per cent. Thus their wages have not kept pace with the 17 per cent increase in living costs. ” ” #"
FARMERS’ POWER plants are being sought by the army for operating communication equipment at remote bases where current is not available. Gasoline, Diesel, kerosene or fuel oil driven motors, operating 110 to 220-volt generators (AC only) are wanted. This equipment can be used in capacities from 500 watts to 25 kilowatts and larger. If you have any to sell, get in touch with your county agricultural department war board. » » ” ODDS AND ENDS: Insurance men say at least 100 million dollars of bomb damage insurance has been sold. , Railroads are cutting down on passes. U.S. Rubber Co. is making bullet-resist-ant fuel tanks for bombers out of a fibrous material—no rubber, no metal. Oldsmobile plant at Lansing, working on ordnance orders, has cut from a seven-day week to ‘six days, may go to five, because .0f steel shortage, . Real Silk “Hosiery preferred stock, traded but little lately, went up $5 yesterday (from the last sale) . Indiana OPA has copies of 170 warnings against reckless driving, 64 arrest sheets made by state police to use when these drivers ask for new tires. . . WPB is hunting sec-ond-hand oil tanks and 4-inch pipe for a project in the southwest.
GRAIN PRIGES TURN LOWER AT CHICAGO
CHICAGO, July 31 (U. P).— Grain futures moved fractionally lower in early dealings on the board of trade today. Soybeans were in“dependently firm, but wheat dropped to new seasonal lows before recovering. At the end of the first hour, wheat was unchanged to % cent a -bushel lower, corn off % to %, oats
unchanged to off %, rye off % and soybeans up 1%.
S——————— a General Cable Corp. June quarter net income $421,570 vs. $1,049,216
CHICAGO, July 31 (U, R). —Officers of Inland Steel Co. announced today three crews totaling 664 men set a new shipping record for the 76-inch continuous strip mill by moving out approximately enough steel plate for the hulls of two Liberty ps in 24 hours. This sgme mill set a new alltime shipping record less than one month ago and was not expected to exceed it again for some time.
(ORDER HOTELS | REGISTER NEXT!
‘Rent Forms Must Be in by
15, Director Announces.
Registration of hotels and rooming houses in the Indianapolis defense rental area will start tomorrow, Herbert J. Reade, area rent director, announced today. The plan of distributing the registration form statements is the same as that used in the current registration of rental dwellings. The reason for the delay was due to the big job of printing and distributing the forms, Mr. Reade said. Rent control for hotels, rooming houses, transient apartment hotels and such businesses became effective the same time as did rent control for houses and apartments.
Aug.
sient housing accommodations, not only hotels (50 or more rooms) but all rooming house, transient apartment hotels, boarding houses, tourist homes and camps and even rented trailers are brought under rent control. Regulation must be completed by Aug. 15 Two copies are filled out and both mailed to the area rent director in the Board of Trade building. They should not he mailed to Washington, as some have done mistakenly.
250, SLASH IN TVA RATES PREDICTED
DECATUR, Ala, July 30 (U. P.). —A reduction of 25. per cent in TVA domestic power rates after the war was predicted here today by David E. Lilienthal, chairman of the Tennessee Valley Authority. Spea, community leaders, Mr. Lilienthal said TVA distributors have -accumulated a tremendous sum in earned surplus but warned “this is not the time to reduce rates which are already half the national average.”
DAILY PRICE INDEX
NEW YORK, July 31 (U. P.).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100): Yesterday Week. Ago...... Month Ago...
eeeeesaseress 157.61 tsseersensess.. 156.68
‘last year; gross profit from sales $4,874,798 vs. $2,437,557. fe —————
1942 High (May 9) 158.34. 1942 Low (Jan. 2) 151.54.
Medium Under the regulation for tran- 5
~The CHICAGO Stor
OPEN SATU
—Other to $4.95.
% Men’s
TYE ATT EE TEIN:
Well ale
Facsure! $1.49 to -$3.
14
AND MONDAY NIGHT UNTIL 9 0°CLOCK!
* Great AUGUST CLEAN-SWEEP SALE!
$7) 78
Values at
and Pants
Others 8.
e ® 146 E. Wash. St.—
RDAY NIGHT
$ 33°09 Slack Suits o Smart styles, well made, Blues, Greens, Tans . ang Grays. Cool and comfortable Small, medium and large sizes.
Slack Suit $1.98, $3.98
Slacks 1 30 waist
$1.98 and up
%* * “J MEN'S
—ALL-WOOL—YEAR ROUND
SUITS
Expertis are re — New. - Styles —
sulle Breasted Sodess — f New Pat-
Big Cho and Colors! SIZES!
BRAND NEW
were steady with a $15.50 top. Receipts included 6950 hogs, 375 cattle, 475 calves and 625 sheep.
HOGS ° (6950)
Gong to Choice— 140 pounds pounds pounds 00 pounds .... pounds ..
--#13. 50@14:25 ... [email protected] ve... [email protected] eees [email protected] .. [email protected] .. [email protected] [email protected] [email protected] . [email protected] [email protected]
160- 200 [email protected]
Packing Sows Good and Choice— 300 pound [email protected] [email protected] [email protected] . [email protected]
pounds ... pounds ...
pounds . [email protected]
450- 500 DOUNAS ..0evsreor.. [email protected]
edium— 250- 550 pounds ...... "ese re [email protected] ’ Slaughter Pigs Medium and Good— 90- 120 pounds CATTLE (375)
Slaughter Cattle & Calves Steers
Choice— 00- 900 900-1100 1100- 1300 1300-1500
Good 700- 900 900-1100 1101-1300 1300-1500 Medium— 700-1100 pounds 1100-1300 pounds Common — 700-1100 pounds
pounds pounds . pounds .... pounds
$14.00014.75 .. [email protected] er. [email protected] . [email protected]
pounds ... pounds .... nounds ...eee. pounds .
[email protected] [email protected] .. [email protected] . [email protected]
... 11,[email protected] [email protected]
[email protected] Heifers Choice— . 600- 800 pounds 800-1000 pounds
Good— 600- 800 pounds 800-1000 pounds Medium— 500- 900 pounds .... Common— 500- 900 pounds
Cows (all weights)
[email protected] . [email protected]
. [email protected] [email protected]
seseccaes "[email protected] [email protected]
10. Haul .00 0 8.00@ 9.25 6.25@ 8.00 Bulls (all weights) (Yearlings Excluded)
“esc secre.
8. CALVES (475)
Vealers (all weights)
Good and choice [email protected] Combmon and medium 10.50@ 14.00 Cull (75 lbs. up) [email protected]
Feeder & Stocker Cattle & Calves Steers
50@ 9.50
Choice— 500- 800 pounds 800-1050 pounds
ves [email protected] ceeeseses. [email protected] Good— 500- 800 pounds .. 800-1050 pounds
ceseecssess [email protected] [email protected]
[email protected] [email protected]
Medium— 500-1000 pounds ... Common— 500- 900 pounds Calves (Steers)
Good and Choice— a2 pounds down Medium 500 pounds down
Calves (heifers)
Good and Choice— 500 pounds down .
[email protected] [email protected]
CPI TRUWEeS [email protected] 500 pounds down [email protected] SHEEP AND LAMBS (625)
Ewes (shorn) Good and choice. . Common and choice . : Spring ambi. Good and choice Medium and good Common
CHICAGO LIVESTOCK
Hogs—Receipts, 10,000; good clearance on all weights 15@25 cents lower than Thursday's average; top, $14.80; bulk good and choice 180-240 lbs., [email protected]; most 240-270 1bs., [email protected]; 270-330 lbs., $14
ing before north Alabama|Medium—
[email protected] [email protected] [email protected]
| @14.40; light weights scarce, most 180-180
Ibs., [email protected]; sows scaling 325 1b sows, [email protected]. Cattie Receipts 1000; calves—Receipts, 500: limited supplies good and choice light and medium weight steers, fully steady at $15: several loads, [email protected]; no’ choice weighty bullocks offered; eastern order buyers and week-end trade taking bulk well-finished steers and yearlings, but medium and low good steers, weak and fully 25 cents lower for week; instances more; choice heifers steady, but all other grades weak, and as much as 50 cents under late last week; fed heifers, $14; grassy and short-fed kind, $0@12, and strictly good cows steady; all thers, weak to 25 cents, mostly 10@15 cents, lower; most fat cows, [email protected]; strictly good offering reach $11.50; canners and cutters, $6.75@9; bulls and vealers steady at $12.25 down and $15 down, JSpécuyely; few choice light vealers, $15.25. Sheep—Receipts, 1000; late Thursday: Spring lambs active and strong to mostly 25 cents higher; top, $14.40; bulk good and choice grade, $14@ 14. 35; six loads 85-1b. Idahos, $14.50; few yearlings, $11.50 down; small lots western ewes, $6.35; best natives, $6.25; most fat kind, $4. 75@6. Today's trade: Spring lambs active and fully steady; bulk good and choice natives, [email protected]; lower grades, generally $13. 50 down; yearlings very scarce; few head, [email protected]; loads lightweights Jou grade was $4.40; best natives, up to $6.
OTHER LIVESTOCK
CINCINNATI July 31 (U. P.).—Hogs— Rece. pts, 2300; weights 140-250 1bs., 25¢ en 5 1bs., 20c higher; heavier we: ights 15¢ higher: 1 lbs. down and sows 25c higher; top, $14.90 paid for good and choice 180-226 1bs.; 160-180 1bs. also 225-250 1lbs., $14.80; 250-275 lbs. $14. 25; 275-300 1bs., $14.25; 300-400 lbs., $14; m dium and good 150 150-160 Ibs., $14, 30; 140-150 lbs., $14.2 $13. 75: lighter weights off 25¢ 1 es 10-1b. FL in eight: good grade sows, $12.75@13. Cattle—Receipts, 350; calves receipts 400; supply limited, steady; few odd lots steers and heifers grading good, $13@ 13.25; 980-1b. good steers, $13.25; bulk common ‘and medium .beef cows, $10. 50@ 12.75; canners and cutters down to $8; ood cows up to $9.50; canners and cutrs, i ne. 75; bulls fess active; weighty bulls "35; common and medium mostly 9610. 75; vealers steady, top, $15; good and choice mostly $14@15; common and medium, [email protected]; bulls, $9.50 down, Sheep—Receipts, 1700; strong to fully 25¢ higher on top springers at $14 down; good and choice mostly $13.25@14; common and medium, $10213; culls down to $6; fat siaugh ter ewes, $5. 50 down; choice country graded, $14.85; good kinds, $14.25. P.).—Hog 220-240 lbs, 180-200 Ibs.
FT. WAYNE, July 31 (U. Steady to 15 cents higher; 200-220 1bs., $14.70; ; 160-180 1bs., $14.50; 240-260 1bs., ge, 260-280 1ibs., $14.30; 280-300. jos. $14 ‘300-350 Ibs. $14.1 -400 1bs., rH {50-180 1bs., $14.25; 140-150" bs. $14; 130-140 1bs., £13.78; 100-130 Ibs., $13 50, Roughs, $13. Stags, $11.25. “Calves, $15. Lamps, $13. Yearlings, $8@11. Ewes, $5 own, oe
Spiegel, Inc, June quarter’s net|n loss $698,917 vs. net profit $315,229 or 16 cents a share in the 1941 period; six months net loss $537,697
vs. net profit $490,710 equal to 21 cents a common share last year; 13| months ended June 30 net rofit
Expenses
After mobile units are loaded, fully equipped troops pour into all present-day domestic airliners.
A jecp moves up the ramp into the doubledoors of the giani 25-ton Curtiss-Commando (C-46) transport while another waits its turn. the ship and occupy folding seats along the walls. This huge Commando dwarfs
GERMANY'S OIL RESERVE FALLS
Now Has Only One-Third of ’41 Summer Supply, Magazine Says. -
NEW YORK, July 31 (U. P.)— Germany's fuel oil reserves have been sharply depleted by the 1941 and 1942 Russian campaigns, the Oil Weekly says in its current issue. Analyzing the German oil situation on the basis of available figures and estimates, the journal concludes: “The German high command can already see the bottom in
its reserve fund, but iis goal of defeating Russia is still far away./ Present reserves, the article states, are only a third of that of the summer of 1941, After setting up reserves for the occupied countries
0! in the west, Germany retained for
its Russian drive only around 2,000,000 tons or 14,000,000 barrels, Oil Weekly “said. “Evidently,” it coh et “this reserve together with the current
15 | production is not sufficient to re-
peat as broad an offensive as the fall offensive from the Finnish gulf to the Black sea and as announced by Hitler on Oct. 3, 1941.”
Had 7,000,000 Tons
The magazine estimated Germany’s weekly production of fuel oil at 240,000 tons, from the following sources: Lignite and coal liquefaction, 115,000 tons; benzine (benzol) production, 18,000; coal tar
with oil, 10,000; native and Polish fuel oil, 23,000 and Rumanian supply, 58,000 tons. “Germany's fuel oil reserves at the outbreak of the war,” the article said, “May have been near 7,000,000 tons and large enough to cover the entire German peace consumption for one and a half years. “The requisitioned Norwegian, Dutch, Belgian, and French reserves together with the favorable balance of production over consumption and the steady flow of imports
the German reserve fund and ‘increased it from 7,000,000 tons in the fall of 1939 to about 10,000, 000 in the summer of 1941. “This gave the German general staff a false security and a conviction that these fuel reserves would
s.| be sufficient to defe ia. oland down. $13.65; bulk good 400-550-ib., at Russia
Russian fuel oil from the Ru-
manian storage tanks was used for the attack on Russia.”
Russia In Peril
During the 23 weeks of last year’s summer and fall Russian campaign, Germany used a total of 10,250,000 tons of oil, the magazine stated. Russia produced 238,000,000 barrels of crude oil in 1941, the magazine said, against 218,000,000 in 1940. Of this 80 per cent was from the fields of the Caucasus toward which the Nazis are now moving, The current campaign against Russia, Oil Weekly stated, threatens to leave only a rail route from the caucasus for supplying the intefior. If that rail line were cut, the magazine said, “such a situation would call for the difficult. undertaking of bringing in oil supplies from the western hemisphere, through northern Russia. “The Russian oil industry, second only to that in the United States, already has had a revolutionary experience by reason of the war. And it faces a precarious future, which could bring scorched-earth destruction of oil properties that.would be terrible to record.”
U. S. STATEMENT
WASHINGTON, July 31 (U. P.).—Government expenses and receipts for the
current fiscal year throu h Jul - pared with a Year ago %; - g ¥.30. com
Foi 303.113 514 514. 23 1,404, 194 875. ¢ 5, 87 641. War Spend 4,168,607.418.62 : 868, Xi
2,588,130, a ,145,065.23 Pub. Debt 81,484,512,256.61 55. 17,994,481.85 Gold Res. .22,745,943.415.96 22, hei 90
INDIANAPOLIS CLEARING HOUSE Today
— Cleatings; NR $ 3,817,000
WAGON WHEAT
Up to the close of Lhe Chica, today Indianapolis fi mills a ae market elevators paid $1.12 Bor bushel ape 0. 2 ades on their merits).
red ’ heat (other No. yellow she bushel and No. white hell CON n. Sho: hite 25 42c, and No red
Nos. Ye
| + Brigg TAR
distillation, 16,000; alcohol mixture| Goodyear
from Rumania and ‘Russia filled] oor
‘| United Aircrati
N. Y. Stock:
Complete New York stock quotations are carried daily in the final ddition of The Times.
.
DOW-JONES STOCK AVERAGES 30 INDUSTRIALS 2 —0.20 To —0,28 +4-0.76
Month Ago ... J 52 —0.57
Year Ago High, 1942, 114.22; low, High, 1841, 133.59; low, 106.34. 20 RAILROADS Yesterday Week Ago Month Ago Year Ago High, 1942, 29.01; low, 23.31. High, 1941, 30.88; low, 24.25. 15 UTILITIES Yesterday Week Ago Year Ago High, 1942, High, 1941,
10.58. 18.51,
14.94; low, 20.65; low,
High Low Last, 9-32 9-32 t 1 P
24. | 63% | ies 4 | “eee
Allegh Corp ... Allied Chem . Allis-Chal Am Can .. Am Rad & 8 8. Am Roll Mill ... Am T & T .. Am Tob B Anaconda Armour III .... Atchison Atl Refining ... Bald Loco ct... Balt & Ohio ... Bendix Avn ... Beth Steel Borden Borg-Warner ... Ches & Ohio .. Chrysler 61 Comwlth & So. Cons Edison ..
42 9% 1189 i
eT
Curtiss Wr on Du Pont
Gen Electric ..
I +++ +++:
Int Harvester. . Int Nickel .
Dh
Kennecott Kresge SS ve 1 L-O-F Glass . Monsanto
+++
Oil Owens Ill Glass Packard param Pict .
++: +++]:
I++: +1:
Republic Stl ... Sears Roebuck. Socony-Vacuum
Studebaker .... Stew-War Swift & Co ... Texas Co 3 Timken R B . 40 Un Gas Imp.. U 8 Rubber ... U S Steel 4 U S Steel pf .. Warner Bros ..
3% 18 47% 109% 5% 24% 67
1344 28% 11
11 30%. 29%
Fhbb [HEE FREE HE
Ed Sheet ..
U.S. Is Becoming Wool Storehouse
NEW YORK, July. 31 (U, P.).— The United States, acting as a depository for world 2pparel wools, is fast building up 2a wool supply that is expected to reach 1,500,000,000 pounds soon, the New York Cotton Exchange said today. This action, it was expl: ined, partly reflects “the foresight of the federal government in creating a sufficient stock pile for any emergency, as well as to the desire to store wools in a ili tively safe place.” : “If the stock pile of wool in the United States approaches that level it may indicate -the processing in this country of much of the united nations’ militeéry and naval clothing requirements.” exchange added. “It’s use, at least for the duration, will probably be restricted to milita:; and naval requirements whenever dealers are unable to make adequate deliveries to mills, and, therefore, it should not function ‘as a price-depressing influence as long &s consumption remains near mill capaci
the | H
CHANGE SOUGHT IN PATENT LAW
Thurman Arnold Reveals Plan for Amendments
To Regulation.
WASHINGTON, July 31 (U. PJ). —Assistant Attorney General Thurman Arnold today asked congress to enact sweeping amendments to the anti-trust laws to curb what he termed “the misuse of our patent system.” Testifying before the senate patents committee, Mr. Arnold suggested that the attorney general be
.14| given the power to cancel patents «--lused to
“unreasonably limit the supply of any article moving in interstate commerce.” Mr. Arnold’s bill also would require infringement suits to be filed with the attorney general who would have the right to enter the case, and would require all agreements to assign or license patents
a|to be filed in writing with the at-
torney general. Mr. Arnold said he was not seeking reform of the “technical” aspects of patent law. He said he
% sought only to bar the misuse of
patents as “keystones to support industrial empires.” “My proposal is to curb illegitimate. use of the patent privilege. . .. To correct those pressing patent abuses which have so disastrously affected our war effort,” he explained.
Forces ‘Licensing
“No privilege has ever been subjected to such abuse by great corporate rackets as the patent privilege. Mr. Arnold said his bill would do two things: 1. Put a “real penalty” on abuses
1_ | of the patent privilege which violate
“the very purpose for which it was
4| created.”
2. Take away from illegal combinations the weapons which enabled
»|them to build up a combination
“against independent enterprise.” In addition ‘to the provisions requiring notice to the government of infringement suits and outlawing patents holding down production the bill would construe “any unreasonable failure or refusal to grant licenses” as an effort to restrain trade. The bill also would relieve patent holders who made prior full disclosure to the government of licensing agreements or other uses of patents privileges from the criminal penalties in the anti-trust laws. Civil injunction suits could be in-
«| stituted, however, regardless of the : prior disclosures.
LOCAL ISSUES
Nominal quotations furnished by local unit of National Association of Securities Dealers. Stocks - Belt RR Stk Yds com Belt RR Stk Yds pfd Bobbs-Merrill com Bobbs-Merrill 4%2% pfd Circle Theater com ..
Hook Drug Co com 12% Home T&T Gt Wayne 7% pid 2 Ind Asso Tel .% pfd
Indpls P&L com . Indpls Water 5% pra Indpls Water Class A . Lincoln Loan Co 5%% pfd . Lincoln Nat Life Ins com . N Ind Pub Serv 5%% pid
Progress Laundry \ Pub Serv of Ind 5% pa’ lens
Van Camp Milk pf Van Camp Milk og
Algers Wins'w w RE a ve American Loan 5s American Loan 5s % Cent Newspaper 4's 42-51 . Ch of Com Bldg Co 4'as 51 . Citizens lng Tel 4%s 61 . Consol Pin 5s 50
Ind Indpls P&L 3%s Indpls Hallway Co 5s . Indpls Water Co 3s 66 Kokomo Water Works 5s 58 . Kuhner Packing Ceo 4l2s 49 . Morris 5&10 Stores 5s 50 .... 99 Muncie Water Works 5s 65 . N Ind Pub Serv 3%s 69 N Ind ‘Tel 4%2s 58 Pub Serv oF Ind 4s 69 Pub Tel 4 5 Richmond Water yes, §s 57 .
¢ Term Corp 5. : TEx Dividend.
We Own and Offer:
25 SHARES INDIANA NATIONAL BANK STOCK
Come Earlier,
WPB Here Asks
Business men wanting to confer with priorities officials in the war production board offices here should do so before two in the afternoon because from 2 p. m. until 4 p. m. is the busiest part of the day for them. # Frank Hoke, WPB Indiana district manager, suggested that from 1 until 2 p. m. is the best time to obtain interviews without delay.
NELSON'S SUPPORT CLAIMED BY KAISER
WASHINGTON, July 31 (U. PJ). —Henry J. Kaiser, west coast shipbuilder, today told a senate military subcommittee that War Production Board Chairman Donald M. Nelson had assured him of “full support”
for his plan to build a fleet of 5000 cargo-carrying airplanes as a means of beating the submarine menace. “I am now free to disclose,” Mr. Kaiser said, “that I have had, ever since Donald Nelson came in, a tremendous amount of support from him. I have taken this up’ with him. He has given me his full assurance of his full support in the construction of these flying boats “He would want to know, of course, whether it is possible to get the things to build them—the men and materials—but I have the program under discussion with him,” Mr. Kaiser said. Mr. Kaiser made the statement
-when asked by subcommittee Chair-
man Josh Lee (D. Okla.) to describe the “pick and shovel plan” which would be necessary during the next few weeks to get the program started. “All I'm waiting for is the green light,” Mr. Kaiser said. “I'm sure I'll get approval if I can convince them I can do it. We must convince the Martin people and the Douglas people (aircraft companies) that we must all pull together.’ Senator Lee said he believed some of the government's experts were “too cautious” and recalled that President Wilson, during the last war, advised some of the experts to “take the word prudent out of your
’| vocabulary.”
“I never heard that word,” Kaiser said.
Incorporations
Naas-Sanderson Co., Evansville; preliminary dissolution. 25)
Pierceton State Bank, .Pierceton; shares of $100 par value; Fred J. Binkley,
Curtis C. Estep, Chas. F. Guy and others.
Schellschmidt Realty Co., Indianapolis; amendment decreasing capital stock to 18 shares no par value. Dovenmuehle, Inc., Illinois corporation; admitted to Indiana to engage in morte gage busines e Wm. H. Block - Co.,, Indianapolis; registration of trade-mark slogan, “F. of M.” (First of Month); class 48.
highs early in the month and then drifted down. The industrial and railroad averages retained some of the rise but the utility average lost ground. Inflation phychology was a factor in the recovery in the first part of the month. Later this was offset by tax news which was not to the market’s liking. The house passed a severe tax bill and the treasury asked that it be boosted by two billions. Corporations tried to adjust their earnings statements to conform with the proposed tax legislation with the result that many did not earn dividends.
, Steel Falls Short Many corporations cut their pay=- 4 ments to__stockholders, including such units as Youngstown Sheet & - Tube, Westinghouse Electric, Sperry, Wheeling Steel, and Mune singwear. The U.S. Steel Corp. did not earn its dividend in the second quarter because it allocated a large amount to first quarter taxes. The second quarter resulted in a 4 cent deficit on common. However, the corporation declared the usual $1 dividend. . Bethlehem Steel Corp. reported a rise of rearly 18 per cent in sales but’ a rise of 98 per cent in taxes levelled off the profits so that its net for the first half of the year worked out at exactly $3 a share which is just enough to meet divi dends. - Directors declared a $1.50 dividend yesterday, the same amount paid since the last quarter of 1940. Lean to Preferreds
Traders were leaning more to pre ferred stocks late in the month on the belief their dividends were safer than common stock payments. Railroad shares enjoyed a good market from time to time but didn’t make much progress in the average, Late in the month the market was dull because of the many uncertainties ahead, including reports of the leading corporations, dividend meetings, dividend reductions, the
-| increased Nazi drive against Russia
and the tax bill. Wall Street doesn’t expect that the tax bill will pass for at least ane other month -and some market men do not see a bill before election. Bonds had a fairly good market at times and the general average made a minor advance. Commodi ties were erratic because of uncere tainties over regulations.
LOCAL PRODUCE
Heavy breed suk, full-feathei>d. 18cg Leghorn hens, 15c¢. roilers, ‘2 lbs and over; colored, 186 white and barred rock, 19¢; weocks, (lc. Springers, 3 lbs. and over colored. 210g barred ng white rock. 22¢. an No. poultry 3 cents less. I". fl Nod En ere 54 Ibs. and up,
Graded Eggs—Grade A, large, 35c; grade A, medium 33c; grade A small, 26c; neo grass 26¢. ter—No. 1, 42% @43¢; No, 2, 40%Q@ ao” Settertat, No. 1, 89¢; No. 2, 36e¢. (Prices on produce delivered at Indiane apolis, quoted by Wadley Co.)
® ON ANYTHING ©
Autos @® Diamonds @® Watches Jewelry @ Clothing @® Radios ete.
GET CASH IMMEDIATELY
1H HIN
ILLINOIS AND OHIO STS.
‘Open to 7 P. M.—Sat. to 10 P. M.
Oldest Loan Brokers in the State
LOANS
The CHICAG
146 E. WASHINGTON ST.
on on Everything
Diamonds, Watches,
Musical Instruments, Cameras, Clothing, Shotguns, Etc.
JEWELRY - Ine.
J
al CONVENIENT LOCATIONS
DAVIS [LERNERS
Annual Sale Straw Hats
All Straws Reduced! ®
oi Hoss :
YOUR HATTER .
FRACTURE BEDS Can Be Rented at the New HAAG'S ALL-NIGHT DRUG STORE 22nd and Meridian
* AUGUST FUR SALE *,
EASY TERMS! FREE Storage
LIVINGSTON'S
129 W. Washington St.
__d
Make WoodwoSEL TA Hobby. Une
MOTOR DRIVEN TOOLS Exclusively at
VONNEGUT’S 120 E. Washington St.
CLL
& IIIT: 1 fi STAMPS
WE Buy Diamonds
HIGHEST asm’ PRICES
STANLEY "Jewelry Co.
118 W. Wash. Lincoln Hotel Bidg.
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JOH,