Indianapolis Times, Indianapolis, Marion County, 12 August 1942 — Page 6
N MEN T DEBT Indianapolis Stove Co. to Stay
In Business, Despite War el : President Has Told Recent Visitors He Wants to Cut
By ROGER: SUDEOW A LETTER IN THE MORNING MAIL TODAY is probPublic Expenditures ‘to the Bone’ After the War; Now Seeking Way to Control Wages.
ably the forerunner of many other such announcements. It is from Garvin -M. Brown, president of the Indianapolis : _ By MERRIMAN SMITH 3 United Press Staff Correspondent -
Stove Co., a concern that was established here in"1849, making it one of the oldest companies in the city. As has been mentioned several times, the war producWASHINGTON, Aug. 12.—President Roosevelt believes the American war debt can be paid off after the conflict ends by continuing heavy wartime taxes and cutting government
tion board has stopped Indianapolis Stove and several other stove manufacturers here and elsewhere from making any new stoves. That order went into effect July 31.
Figures ghov
o $175,000,000,000 foreseen now by Mr.
expenditures to the bone, it was learned today.
The president’s plan for amortizing the cost of the: ‘war in postwar years was outlined by him recently in talks with
national leaders.
Mr. Roosevelt, it was veportel authoritatively, believes that heavy taxes should be continued long enough to pay off
the billions being spent today by the United States in arming the united nations. Total government expenditures "this fiscal year are expected to reach $77,000,000,000, and the president foresees a public ‘debt of about ~ $175,000,000,000 by the end of the ~~ war. By cutting government ex- . penditures to a peace level of about -$10,000,000,000, and continuing a tax
Joad of about $20,000,000,000, the}:
‘chief executive believes the debt ean be amortized. Prolongation of the war for a . number of years; of course, ‘would
put the public debt higher than the
. Roosevelt. His ideas about amorti- . gation, however, would remain basically the same, according to his recent conferees.
Praised ,Mellon’s Plan
bi Oftca who ave talked with the ‘president recen e subject of Postwar finance also, said Mr. Roose“welt spoke highly of the ‘postwar 5 planning ‘of former Secretary of Treasury Andrew Mellon, who - served under Presidents Harding, Coolidge and Hoover. ‘The president, it was understood from these sources, thinks Mellon had - excellent plans for postwar finance, but made a serious fiscal mistake in removing the wartime tax load too soon, thus releasing a flood of surplus spending power . which Mr. Roosevelt believes contributed to the 1929 stock market ~The president's plan has the dual purpose of preventing a run-away - postwar inflation and paying off the war debt. .
Room for Public Works
“The ! $10,000,000,000 annual governent expenditure figure “reportedly iw wvisaged by Mr. Roosevelt would be higher than the peace years be- ~ fore the war, and probably would leave room for some of the public ~ works the president has been re- - serving for his postwar “kitty” to “help take up the slack of a country . turning from -wartime to peacetime enterprise. . In another economic matter of ~ more immediate importance,” the . president was reported to have told conferees that there must be some . form of overall control over wages, - and that the situation is too urgent - to subject the question to a con_gressional debate, which might last several months.
Asks Biddle to Find Out
: Consequently, Mr. Roosevelt has asked Attorney: General Prancis Biddle to review the presidential war powers with a view toward taking executive action on the Wage situation, - Mr. Roosevelt, it was unde . Was told by his congressional eaders that it would take at least two months to pass a brief resolution giving the president complete power to fix wages. It was then that the president called in Mr. Biddle. ‘Mr. Roosevelt's last public statement on the inflation situation was . that his studies were still in’ progTess. ‘
Ee —————————————— GREEN AT WPB MEETING Myron R. Green, industrial commissioner of the Indianapolis Png
: — WHEAT p to the close of Se Chicago market
{ply
MORE STRIKES IN WAR PLANTS
WLB Doesn’t Share FDR’s Apparent Nonchalance About Them.
By FRED W. PERKINS Times Special Writer WASHINGTON, Aug. 12.—President Roosevelt's: apparent nonchalance, as manifested in a press cnoference yesterday, about “wildcat” or unauthorized strikes in war plants, is not duplicated in other
official quariers that deal directly with this problem. _ For instance, Chairman William H. Davis of the national war labor board sent to spokesmen for 900 strikers in the Bayonne (N. J.) plant of the General Cable Co. a telegram which said: , “This company, as you know, is engaged in work for ‘the navy. Surely the members of your local union will not forget the boys who are fighting for us in the Solomon islands.” The General Cable strike,” not authorized by. international or local officers - of the International Brotherhood of Electrical Workers (A. F. of L.), provided the first instance of defiance of a war labor board finding. That federal agency, working under the “Little Steel” wage formula, denied a general wage increase, Reports here showed that 900 men had quit work. on naval. = electrigal installa - at Bayotine, and that 1200 miight Jom in a related plant of the same company. Chairman Davis said the Bayonne swrikers “must co-operate with their international union officers and the government to immediately resume production and redouble their efforts for the time that has been lost through the strike.” President Roosevelt said only a few work stoppages had come to his attention since national labor leaders signed a “no-strike’ agreement just after Pearl Harbor,
All ‘Unauthorized’
Records of the war labor board and of the labor department’s conciliation service show hundreds of strikes in war industries since Pearl Harbor. Head union officers say all have been “unauthorized.” Today’s record shows the following, in addition to the “General Cable Co. strike: A stoppage- at .the ' Cleveland Graphite Bronze Co., Cleveland, 0, with 1300 of 5000 employees out in a plant that is 100 per cent on war production and is said to manufacture a large part of the high:precision bearings for bombers. . A strike of 450 members of district * 50, United Mine Workers— drivers who haul coal to supe coke ovens supplying fuel for steel mills. of the Pittsburgh district. ; Centrifugal Fusing Co., Lansing, Mich., war work, 75 men ous.
Settled Quickly
Chicage, making a chemical for parachute = flares and .incendiary bombs, a strike that has idled 50 members of U. M. W., district 50. About 225 workers away from
ta | their jobs. in a plant that makes EH paper boxes intended to package] Lincoln
per 40-millimeter shells.
ie 30 net income $351,662 or $7.56
damage to war production will not look important in war labor board | gng statistics, which show that strikes
8 share on 6 per cent preferred vs. 0,544 or $7.53 previous 12 months,
at present involve a negligible percentage.
) N Past performances indicate that all of these disturbances will ‘be p> -| settled quickly, and that the total
coast ship builder, has received the “go ah
tons of cary» craft can to
a dtd
RENCH WEST AFRICA
23 Mn rer
Mass construction of flying cargo boats as an answer to the . U-boat menace is to be tested soon by the United iin s. Henry J. Kaiser, West ” signal from the war production board. Mr. Kaiser's authorization is ‘or 100 of the giant airplanes at the start, 40 later if they prove successful. This map compares the performances of proposed flying tui of up to 200-ton capacity with current means of cargo transport. By making many more round trips, 2000 70-ton air freighters could carr; annually‘te a given front as 100 cargo vessels.
41
same amount of cargo
HEAVIER HOGS
10 Cents Higher Than Yesterday.
Heavier hogs brought higher prices ‘at the Indianapolis stockyards today, the agricultural marketing administration reported. . Weights over 250 pounds were 10 cents higher than yesterday; those between 240 and 250 pounds 5 cents higher; while lighter weights were unchanged from yesterday. The top was $15.10 for good to choice 200 to 210-pounders. Vealers were steady with a $15.50 top. Receipts included 5450 hogs, 1000 cattle, 525 calves and 1275 sheep.
HOGS (5450) Good to Choice— 120- 140 pounds .. pounds pounds . pounds siesssscenns ‘16.
[email protected] [email protected] css.0ecses [email protected]
FOOD SELLERS GET ‘PRICE SQUEEZE’ AID
WASHINGTON, Aug. 12 (U. P.). —An “alternative pricing method” for food wholesalers and retailers
ministrator Leon Henderson may increase the price of hundreds of items in grocery stores by approxi-
tember. Under the new plan, amending general maximum price regulations, distributors caught with large inventories and “squeezed” when they failed to raise prices to meet increased costs of replacement will be offered relief without the Hgoessity of appeal. OPA expects to establish plan soon, probably the
e new. dle of
must remain at the March levels regulations.
try, more. than any other, had been hard hit by price freezes under the March ceilings, The new relief pro-
hardship cases by general regulapeals.
grocers were not buying full lines of food items -and-that warehouses were filling up.
BUYING IS SCARCE IN WHEAT FUTURES
CHICAGO, Aug. 12 (U. P.) —Scattered commission house buying and scarce offerings lent a firm tone :o wheat futures in- early dealings ¢n the board of trade today. Oats futures were independently weaker. Wheat gained 3% to % cent a bushel at the end of the first hour, corn was unchanged to % higher, oats off % to %, rye up % to 3, barley 3% higher, and soybeans up 3%.
LOCAL ISSUES Nominal quotations furnished by local Beat of N Association of Securities
ers. Stosta : Bia
Belt RR Stk Yi ds COMsssesoss 53 Belt RR Stk Yds a3 Sam» soe 56 Bobbs-M
. , | Circle Chicago Copper & Chemical Co., Some
PL eonevace d ...o0ees106
6 . Indpls P&L 5% % 70 pid essssee 91 ¢ Indpls P. om secoscne 1%
Progress Laundry ceiees 12 Pub Serv of Ind § = 7 ih Lh sess Union Title Co ssesesnbe
ewe ot0080 68 seo000es 11
Aen S
SUITS
® See These UNREDEEMED
| Clothing
Values Before You Buy!
”
+
fos
Si
2
_
announced last night by Price Ad- Am
mately 1% per cent in mid-Sep- B
next month. Until then, food prices Goodie fixed by general maximum price |! OPA officials said the food indus- | %
visions are expected to take care of N tions instead of by ingividual ap- ono oil
OPA said the action was neces- | Ean sary because it was reported that|P mney
"N.Y. STOCKS
Net Hh Low Last Change
Allegh Corp .. 9-32 Allied - Chem .. llis-Chal .
SHEAR LIAL TREE mrss
20 Borg-Warn eo 24% Bdgpt Brass .. 1% Ches & Ohio .. 31
Fl hl s+
H+ + ee Ew ss
> oe . vee -
Penn RR ..... Phillips Pet... 30% Procter & G... 48% Pullman 2 Pure Oil
+1:
BROS
on ® 0 os .
Republic Stl . Sears Roebuck Seryvel Inc
Socony Vacuum 8% 8%
~ |4+ | +
8y UNITED PRESS
| Year Ago
DOW-JONES STOCK AVERAGES
30 INDUSTRIALS Yesterday ..... eee 105.42 40.51 —0.07 +0.17 0.16 High, 1942, 114. 32; low, 92.22, High, 1941, 133.59; low, 106.34. "20 RAILROADS Yesterday .ccoocce 25.69 Week AZO ...ccccp0000000000 25,71 Month Ago 25.68 Year AgO .......... secescse 29.86 High, 1942, 29.01; low, 23.31. High, 1941, 30.88; low, 24.25. 15 UTILITIES Yesterday ccoccocccees Week ABO ...e00000000000000 Month ABO cecvecsssscoeses
sessc00s se
11.43 11.43 111.98 18.31 10.58. 1 18.51. /
High, 1942, 14.94; v 1 High, 1941, 20.65;
pe
Complete New York “stock quotations are carried daily in the final edition of The Times.
Fada
Standard Oil of New Jersey
To Sell Four Gas Concerns|,
PHILADELPHIA, Aug. 12 (U. P). —The securities and exchange commission today ordered a hearing for Sept. 22 on an application of the Consolidated Natural Gas Co. to issue $81,859,770 worth of common stock to the Standard Oil Co. of New Jersey in exchange for the total stock of four gas utilities now held by Standard. "a 3 : Consolidated, which is the holding company in process of formation, proposed to exchange the stock, its first issue, for $83,968,300 worth of capital stock, comprising the total stock of the four gas utilities. The exchange is part of a general program of Standard Oil to avoid being classified as a holding com-
pany. The » program was hecessitated by a SEC order in February denying Standard Oil an exemption order under the public utility holding company act.
would file simultaneously a registration under the act and a voluntary recapitalization plan if the exchange were permitted. If the commission ordered Standard to divest itself. of control over Consolidated, Standard would distribute to its stockholders all the stock of Con-| solidated it would then ‘own. The four companies are the Hope Gas Co., the East Ohio Gas Co., the| Peoples Natural Gas Co. and the River Gas Co.
+ MONOPOLY CHARGED |
BY SMALL PACKERS
CHICAGO, Aug. 12 (U.P. J) —Representatives of about 600 small meat
packing firms met today to form an Bi
OTHER LIV ESTOCK
, P.).—Hogs— Receipts, I Aus, oS Lig] 1bs., 10c higher, ‘others steal on, 8151 d gl
180-225 Ibs.; 14.90; Ss ib, $14.75: 275-300 dbs.
i 300-400 Ine. $14. 4.10; 160-180 be $150 me im $14. 130.140 1bs., $13.85;
good SOWS, “$1235@13.
independent packers’ association in Sood and
protest / ‘against “discriminatory” [si
price ceilings which. sliogedly favor|
large ‘concerns,
Spokesmen for the sinall inde- Sausage offerings
pendents charged that, because of their inability to obtain sufficient meat supplies under the price ceil-
ings, many of their number are be-|down to
ing forced out of business.
George A. Casey, chairman of the stead
meeting, declined to comment on
reports that the independents would #
withdraw from: the American Meat
Institute Which represents large and] H
selamerion. that’ and the department : ioe assieulbure mad Tailed to provise| [dations <0 the price problem.
ings u 4. $16.50 14; sogisho; $10 1250. 5
Fh prise good up to
Snéep — 5 has uigisho So 4 ti t
+. fat slaughter ewes, $5. down; good ligh weights up to.$6.
WAYNE, Aug. 13 12 30 P.). 15. ‘cents -240 Ibs. ; 360-380 Ibs., 4.25; BEE Big: 1 130-140 Ins
op
2 asin 26267-8 Be
"2319-81:
x 26270-G---+: oline,
Consolidated said that Standard bs :
;{of Chica: an war dep: tn
S Sage INDIA | =< 0IL. PE
can manufacture any of terials, contact the war n board, 10th floor,
oye these ©» produ ¢! Cirel = olis. 1: specific
risk indicates plans and ions are on file there.
{IDS WANTED
4 WY MISCELLANEOUS Invitation Date Bid Numbe:
Item Closes
Aug. |
8471-2 17 driv ah a
mpressors (gasoline-engine ift truck, heavy duty hoist, bination punch and shear
‘ardwood lumber: Birch, jorthern or Appalachian.. paper and gaper towels. . issware: 1441 waterWeried bottle type, 3-gal-
y mp, pencil sh: ‘desk 1 ry pen all ge steel not less than .095
K is:- Guide, Aiphabetical, ithout projec ectiol irs: Gra on. P-S| ‘neh bls blade of best quality :
shes: Ender, with brisrooden handle brush head ; be ‘less than 5 inches ‘uding tufts 1 jon 3 ' tank-
wagon: 1d drum deliveries, tankcar, {1a port-truck and marine deliveries in Al abana. Skane sas,
Florila, fetrgia, Lou= isia: i ississippi, North A rolina, rolinar Tenn
Soul. 8472—Laiiah (long i A Tiow pine car :ilt ' southern yellow pine or Douz us fir decking, spru plank in: 6477—Dis 1} Honstype transformers. . 6479—Cz! le (ead heathed and ar- °
ls I ding. type at
(bar phos: ho br wire and . resist-
ance vi 6474—Sc 10 ship, wate ar jofles},
17
TOU 11; 18
SS 24 ie
nd lon 3} 2320-8S1--.L anc JIN
2323-59 - & lanl;
2326- “81. “Hr tles on shall » long, it
rit, laundry, saltsoap pow er, and triso dine
ph, 6476—Co per cable an hale bus bar copper 31 6480—Elcct:i il ‘insulation (asbestos, cloth. il r, mica tubing and phenolic son Seeves, lead glesting, (rie pe Faye 6481—Ou ; lot boxes and covers ds, rn 2 rs
stations, Sleeve connectors, brass buzzers, inclosed
Hi A machine thread, soft fri: --white and black. ... . covers, circular, white hard fr sh, 13/16 in, Jlameter thickress to be not less than n., fr se on instrument table; sanita *y headrest covers; floss, 31 2 2 strips, glass jars, aseptic nap D-11—Ba: |
Medium n 500
$40,000 000 CREDIT FOR A .LIS-CHALMERS
© MILW 4 ZEE, Aug. 12 (U.P.)— | Allis-Chs:l rs. Manufacturing Co. announced today that it has arranged for i four-year bank credit of $4000), 0, the largest loan yet announced nder an executive order for fi icing war production. Arrangst nts were made with a group oi 1 ks headed by the First ‘Nations. | ak of Chicago, Walter Geist; 11¢ lent of the company said. « Ct. said notes under the credit ba: nterest. at the rate of|
pts, | 2% per 221 $15; | guarante
cent by he
:nt.
STANDARD FIT DECLINES
CHIC? 3 Standarc
$5.50 its subsi is
profit of il for the fi:
+ with $21, 63 ibs. the corre: 1x¢ ding
Earnir; i .| were aft: ovis for ede 1 ! incon
wer - building, Indianap-
18| 1100-1300
19 Beef—
sling as gems for she
pounds . ceescssscsas 0 oun nds ... 240- 270 pounds 270- 300 pounds ... 300- 330 pOUNAdS .cccsccsseses '330- 360 pounds .ceeeccccoves
14.35@14
. [email protected] 13. 85 14.00 cose [email protected] reersnenssove [email protected]
13.50:
Good— 400- 450 pounds ..ececescsese + 13.15
450- 500 pounds
Medium— 250- 550 pounds .
Slaughter Pigs Medium and Good-— 90- 120 pounds CATTLE (1000) Slaughter Cattle & Calves Steers
136
pounds .c.esess pounds ... pounds pounds
evens 814 75@ 15.50
14.75@15. 5 . [email protected]
1300-1300 ots Gong700- 900 900-1100
[email protected] [email protected] [email protected] [email protected]
seéoscsssvee
1300-1500 a Meédium— 700-1100 1100-1300
pounds pounds
seesesssensa 12.20013.75 [email protected]
®0ssccavesse
ommon — 700-1100 pounds 10.50@12,25
Heifers
Choice— 600- 800 pounds ..... seavas¥
800-1000 pounds: .s.sscecees. [email protected]
Good600- 800 poynds | tecv0cssones $13.00a14.00 800-1000 ds Sasso sot tare 13.00@14 -00
Medium 500- 900 pounds se.essesse.. [email protected]
Common-—
500- 900 pounds ....c.eces.. [email protected] weights)
+. [email protected] [email protected] 7.75@ 9.50 6.00@ 17.75 (Yearlings ' Excluded) ssescassssssssensosess [email protected] « [email protected] S200} ,25
Good
, CALVES (525) Yori (all wale)
1lCuli (76 lbs. up)
Feeder & ‘Stocker Cattle & Calves Steers
Chotoe— 500- 800 pounds ....eecesces 11% Ba 800-1050 pounds ceeccsccsses
500- 800 pounds ...ces . 1150012.50 B05 DOUNAS “eeeseceseess [email protected] 0 pounds cccevecoseese [email protected] 800- 900 DOUNAS ...ec.iseveee [email protected] Calves (Steers)
1 | Good . and Choice—
500 pounds down ........... 13.50015.00 i ee siasans [email protected]
[email protected] SHEEP AND LAMBS as) Ewes (shorn)
eee [email protected] «oe [email protected] .- [email protected]
Good and choice .. Medium and good . Common
cssesstsase essen
U.S. STATEMENT
WASHINGTON, Aug. 12 (U. ernment expenses current fiscal year through A pared with a Yar agor ©
Yea, Last Ye gir ¢ 21 98.70 Wer Bp. 5,992,387,671.57 383. ash 11
Receip! '953,932,2617.95 1 544.703.430. 01 2,660,409,508.53
Net. oh 815,970,621. 37:1 1,918,360,604. oa 650.
Cash Bai. 3,586,565,654.4 Fak 2 824,117,015. 2 Soon. 804.81 a ot 104. tt] sep Asn ——
INDIANAPOLIS CLEARING HOUSE |
ADVANCE HERE
Weights Over 250 Pounds]
¢id
and Jeceipts ior the
Mr. Brown is worried that the public ' will think his congern is .| quitting business altogether. That is not so. “The corporation has no intention of going out of business,” he states. . True, its manufacturing department will have to close ‘down unless (profitable w a r contracts are ob-
keep its repair department and Roger general offices Budrow open to take care of the Scones of stoves it has sold in this vicinity. It can still make repair parts and. still sell the stoves it had finished before July 31. And it has ‘assured its workers that when present government re-
employ them at their old jobs ins making stoves again. In case you've forgotten, the reasson for stopping stove manufactur in here is that the WPB regards Indianapolis as a .labor shortage area and any stove maker in such an area must cease production.
‘Jo| Those not in labor shortage areas
can continue, provided their business exceeds $2,000,000 a year.
#" » ” is introducing American foods to British menus, such as pork and
beans, corned beef hash, which may
0! help our post-war sales to them. . + « Rumors say plans are ready to
85| pump oil from Russia’s Baku fields south to British refineries in Iran, Most of the blueberry crop will be bought by the army... . You may soon see figshlights made of paper, chemically coated and reinforced.
Reason ' is shortage of metal and plastics.
BANK MAIL!
save TIRES
save GAs
save Time The * ‘Peoples Bank by Mail system is Simple, Safe and Convenient. You are sent a "Deposit" envelope printed) especially for mail ‘banking. You endorse your check "For Deposit Only" and it is safe. It can be used. for no other purpose. Your account is credited with your .deposit and ‘a receipt and new deposit envelope are mailed back, to you. Qut-of-towners, war workers and others are invited to usd this convenient service. Pay by
, Check! A cancelled check i is a legal receipt! :
Use “Peoples” Bank: for
Personal Loans Collateral Loans
PHA Repee Repair Loans oe Accounts Savings Accounts Travelers’ Checks Trusts Safe Deposit Boxes
THE PEOPLES
, tained. But it will
strictions are withdrawn, it will re- £
ODDS AND ENDS: Lend-lease:
if Nazis should get too close. . . . _
STATE BAN
Debits
\ .