Indianapolis Times, Indianapolis, Marion County, 10 November 1942 — Page 15

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Ay FRANCE “TRADE HALTED

Special License Is Needed; Payment on French Bonds in Doubt.

WASHINGTON, Nov. 10 (U. P.).— e treasury department, which has

- designated all of continental France|

as “enemy territory” and has frozen official French accounts in the United Sttes, will determine at a later date the status of private French interests in this country, it was learned today. When French assets in the United States were frozen following the fall of France in May, 1940, they were estimated at $1,600,000,000. The Federal Reserve bank notified all banking institutions that the lat-

est treasury ruling prohibits all|3

transactions with France in Europe, except on special license, and brings French nationals in the United States under foreign property control regulations. Previously, the tieasuiy had distinguished between “occupied” and “unoccupied” French territory in Europe. There was some speculation, meanwhile, regarding the status of the recently announced payment to vbe made Dec. 1 on $4,000,000 in French government bonds. Payment was scheduled to. be made through the office of J. P. Morgan & Co., Inc., to United States holders of such bonds. .

Suit to Continue

Regarding the suit by the Na(tional Bank of Belgium against the Bank of France for recovery of $238,000,000 in Belgian gold congigned to the French bank for safe-

keeping and later handed over to|-

the Nazis, banking quarters were of the opinion that it would-be held as scheduled. The suit was filed in the New York state supreme court

locomotive builder.

HOLDING GO, ACT IS CHALLENGED

North American Co. Claims Death Sentence Clause Unconstitutional.

several months ago. Treasury Secretary Henry Morgenthau Jr. said yesterday that the| treasury plans to examine closely! each application to withdraw funds| from French embassy and consulate | accounts as well as the individual accounts of diplomatic staff memIs. Strict watch also will be maintained on every application for a license to communicate with France on business transactions, and, for this purpose, all previously issued general licenses under which business was transacted were revoked as of yesterday. Secretary’ Morgenthau also explained that French colonies were exempted from the “enemy territory” classification “because control of that territory is not yet definitely determined.”

LOCAL ISSUES

Nominal quotations furnished by local unit of National Association of Securities Dealers. Bid Asked Agents Fin Corp com......... % ... Agents Fin Corp bid seers eee 20 Beit RR Stk Yds t RR SK Yds % td.

12% me Ft Wayne 1% pid 51 nd A Tel 5% pt 95 Ind & Mich 7% pfd Ind Hydro Elec 7% pid Ind Gen Serv 6% 21d. Indpls P&L 5% % ota. Indpls P&i, com Indpls Rlwys Inc. com Indpls Water 9% pfd Indpls Water Class A com. Lincoln Loan Co 5% pfd .. Lincoln Nat Life Tol com.

Tel Co 5%. ves Van Camp Milk pfd ... Van Camp Milk com

ceeees 11

American an 5s 46 98 Cent New spanes 1s 42-51 .. Ch of = n Elis Co 4s 5. Citizens Ina Tel 4%s 61 . 10 Consol Fin 8s 60 Coat Reymolis- Taylor 4s Home T&T Ft Wayne 6s 43...103 Ind Assoc Tel Co 3%s 70..105 ndpls P&L 3%s 170 Indpls Railway Co 5s & ndpls Water Co 3'%s 106% Kokomo Water Works os 58..104% Cuhner Packing Co 4Y2s 49.. > Morris 5&10 Stores 5s 50.. Muncie Water Works 5s 66. 104s N Ind Pub Serv 3lzs 69..

NEW YORK, Nov. 10. (U. P.).— North American Co., oldest of the nation’s utility holding companies, today challenged the constitutionality of the “death sentence” clause of the holding company act which would force dismemberment of the giant concern. Charles E. Hughes Jr., counsel for North American, in a brief filed in the U. S. circuit court of appeals for the second district, stated that forced sale or other disposal of property under the “death sentence,” is not within federal control as contended by the securities and exchange commission. Hughes said the “death sentence,”

section 11 (B) (1) of the holding |g company act, as interpreted by the &

SEC “would involve an extension which is both vast and unprecedented and which effectively ‘nullifies the basic constitutional conception that the federal government possesses only delegated and limited powers, and that the subject of an exercise of power derived from the commerce clause must in fact have direct relation to the regulation of actual interstate commerce.” He also stated that “death sentence” is a violation of the fifth amendment of the constitution because it “involves destruction of valuations through compelling divestment at valuations determined, not between willing buyers and sellers, but between forced sellers and unwilling buyers.” The brief stated that forced sale or North American properties at any time since passage of the holding company act would have resulted in heavy losses to the stockholders of the company.

Disputes Data

North American alleged that the SEC ' had erroneously interpreted and applied the statute and that it is premature for the commission to proceed with forced divestment under section 11 (B) (1) prior to carrying out the requirements of section 30 of the act, which authorizes and directs the commission “to make studies and investigations of

public utility holding companies,

the utilities served or which can be served by public companies, and

101 ithe manner in which the same are

Richmond Water Wks 5s 57..108 ¢ Term Corp 5s 57 81 Ex divide nd.

LOCAL PRODUCE

Heavy Jrced, hess, full-feathered, 19¢c;

ens Springers 1% Ibs. and over: colored, 20c; barred and white rock, 21c; cocks, 10c. ibs. and over; colored, 20¢;

All No. oultry, 3 cen 4, Eescirent receipts A ‘e. and up,

/ Graded s—Grade A, large, Soe! grade A, a re: grade A small, 2 no

grade, Se Butter—. 48Q483c; No. 8, 460@ 46'5¢; Tit No. 1, 46¢c; No. 2, 43c. (Prices on produce delivered ‘at’ Indian. apolis quoted by Wadley Co Amerada Corp. and subsidiaries September quarter net income $762,817 or 97 cents a share vs. $510,065 or 65 cents in June quarter this year and $717,625 or 91 cents year ago; 9 months $1,971,169 or $2.50 a share vs. $1,817911 or $2.30 a share year ago.

“ALL RISKS’ | INSURANCE

| persons! J Property

sin the home ovate at the cleaner’s, in res® quien or hotels — from the | common hazards of

GRAIN DEALERS

MUTUAL

JY €

or can be served, to determine the sizes, types and locations of public utility companies which do or can operate most economically and efficiently in the public interest.” Hughes’ brief charged that a “summary of economic data” previously submitted to the court by the SEC outlining so-called abuses in

the development of holding .com-|

panies and their practice was a conglomeration of ‘respondents’ own findings made in other cases arising under the act, opinions or excerpts from privately written

books ‘mostly after the passage of;

the act, and excerpts from or statements based on reports of the national power policy committee and the federal trade commission— all obviously designed to create a hostile atmosphere, buf none illuminating the essential issue.”

| GRAIN TRADE IDLE: PRICES DIP SLIGHTLY

CHICAGO, Nov. 10 (U. P).— Grain futures held steady to weak on the Board of Trade today in light trade. ~ At the end of the first hour, wheat was unchanged to off % cent

: | a bushel, corn off 1 to %4, oats un-

changed to off 3, and rye off % to %. Soybeans were inactive. Grainmen adopted a sideline in-; terest pending the outcome of the senate session Nov. 17 in which the into office of price. administration ceiling action is scheduled for consideration. The - Armistice day holiday Wednesday and the government November crop estimate on corn and soybeans scheduled for release

this afternoon contributed to a dull

and evening-up type of market.

C Hayes Steel Products, Ltd. year

to July 31 net income in Canadian currency, $388,027 equal to $4.31 a

| share vs. $315,680 or $3.51 in

the

. | Zenith Rad .,.

Holiday

Major security and commodity exchanges in the United States will be closed tomorrow, Armistice day, but livestock and produce markets is some areas, including Indianapolis, will operate as usual. The London Stock Exchange and markets in Canada and South America will operate as | ‘usual.

N. Y. Stocks

High 3 Allis-Chal ..... ae Am Can

Am Rad & SS " Am R & SS pf.150 150 ciee Am Roll Mill . 11% a 11% — Y Am T & T 1 + Ya Am Tob B .... Am Water W .. Anaconda .e Armour III .... Atchison Atl Refining ... Balt & Ohio . Bendix Avn ... Beth Steel ees Borde

Last Neh ast Change 26% — Se 70 + Ya

6% ...e

EA Ya Ys ’ Vs 3s “yy Ya Ya “Ys Y Ya Y%

+11:

Corn Prod . Curtiss-Wr ’e Douglas Airc . Dow Chem .... Du Pont East Kodak .,.139 Elec Auto-L ... 3 Gen Electric Gen Foods Gen Motors ... Goodrich Goodyear Hecker Prod .. Hudson Motor . Indpls P & L.. Int Harvester. Int Nickel ..., Int T & T... Johns-Man .... Kennecott Kresge SS . Kroger G & B. L-O-F Glass .. Monsanto Mont Ward . Nash-Kelv ... Nat Biscuit ... Nat Cash Reg. Nat Dairy . N Y Central ... Noiiv 8 Sparks

i Owens Ill Glass 51V, Packard 2% Pan¥%Am Airwys 22%, Paramt Pict ... 17Y, Penney Penn R R Phillips Pet

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Finishing touches are being put on these huge propellers for navy and merchant marine ships at the Cramp Brass & Jron Foundries division of the Baldwin Locomofive works, Philadelphia’s 111-year-old

4.2 per cent from mid-September to

Receipts Bulge to 11,500; Top Slumps to $14.35 At Stockyards.

Hog prices slumped 5 to 15 cents at the Indianapoils stockyards today as receipts bulged to 11,500, according to the agricultural marketing administration.

Weights under 160 pounds sold 5 cents lower than yesterday while heavier weights were down 10 to 15 cents from yesterday. The schedule top was $14.30 while some sold at $14.35. Receipts -also included 1800 cattle, 575 calves and 1800 sheep,

HOGS (11,500)

330- 360

Medium— 160- 200 pounds Packing Sows Good and Choice— 270- 300 pounds 300- 330 pounds 330- 360 pounds ....e. 360- 400 pounds ..

[email protected] .. [email protected] .. [email protected] «0 [email protected]

. [email protected]

Good 50 d - oundas p nnn [email protected]

450- 500 pounds

Medium— 250- 350 pounds

Slaughter Pigs Medium and Good— 80- 120 pounds CATTLE (1800)

Slaughter Cattle & Calves

[email protected]

Choice— pounds pounds .... pounds .. pounds

[email protected] .. [email protected] ». [email protected] «0. [email protected] 0 pounds 4.30015 pounds pounds pounds ...

1 {515m [email protected]

Mediu 700-1100 pounds ce.csesecee. [email protected]

1100-1300 pounds . [email protected]

® | common—

eo. Rafoal Silk flea) Silk pr.. 0 Rem Rand Republic stl. Sears Roebuck.

Soco outh Pac .... d Oil Ind .. Std Oil N J.... Stew-War Stokely Br .... Studebaker ... Swift & Co ... 22 Texas Co

3 | United Aircra .

Un Gas Imp .. U S Rubber ... U S Steel ... 1% U 8 Steel pf. 113% Warner Bros .. 6V, West Union ... 2815 West Air Bke.. 153, Westing El .... 78% White Mot .... 15 Woolworth .... 30 Yellow Tr .... 13% Young Sheet .. 321 16%

gor -— Ya

16%

Complete New York stock quotations are carried 'daily in the final edition of The Times.

N. A. M. AND CHURCH GROUPS TO CONFER

A meeting of representatives of the National Association of Manufacturers and Indianapolis churches will be held at 12:30 p. m. tomor-

row at the Indianapolis Atheltic club..

S. Wells Utley, president of the Detroit Steel Castings Co. of Detroit and a member of the N. A. M.’s committee on church co-opera-| Mm tion, will be the principal industrial speaker, Dr. Guy O. Carpenter, superintendent of the Indiana Methodist conference, will represent the churches. * Henry C. Atkins, president of E. C. Atkins & Co. of Indianapolis and first vice president of the association, will preside. A round table discussion will follow the luncheon address.

U.S. STATEMENT

WASHINGTON, SN. oD. P.) .<—Govcuriam facet Jour ‘rough Nov. con pared with a year ago: 2 -- s Year. Last Year. Expenses 124.28, 476,341.81 $7,628,771,004.90 War Pa. 3.189 Se ioatad 46 5,339, 813,293.

eliRArOLS CLEAING HOUSE /

es vnsuenine tinsel sS0gevsssce A

700-1100 pounds [email protected]

Heifers Choice— 600- 800 pounds 800-1000 pounds .. Good— 600- 800 pounds .... 800-1000 pounds Medinm— 500- 900 pounds Common — 500- 900 pounds ....... traces

Cows (all weights)

. [email protected] [email protected]

[email protected] [email protected]

[email protected]

Bulls (ali weights) (Yearlings Excluded) Beef—

Good . [email protected] Sausage—

ge— Good (all weights) esesees : 11250188 Medium [email protected] [email protected]

CALVES (575)

Vealers (all weights) Good and choice 4.50

Cull (75 lbs. up) 2001s: 50 Feeder & Stocker Cattle & Calyes Steers

Choice— 500- 800 pounds .. 800-1050 pounds .. Good— 500- 800 pounds .. 800-1050 pounds .. Medium— 500- 900 pounds Calves (steers) Good and Choice— 500 pounds .down ........ o.oo [email protected]

Medium— [email protected]

15. 20014. 00 10.50@

escessescee [email protected] sessesssces [email protected]

sesecscsse 11.00 sees 11.00

12.00 12.00

pounds down Calves (heifers) Good and Choice-—

500 pounds down . [email protected] Mediivm—

500 pounds down [email protected] SHEEP AND LAMBS (1800)

Ewes (shorn) Good and choice Common and choice . Lambs Good and choice Medium and Good " Common Hho Yearling Wethers Good and choice Medium ..

MAH) 6.00 sssesese 4.00@ 5.50

[email protected] [email protected]

OTHER LIVESTOCK

WAYNE, Nov. U. P.).—Hogs— —~ en; 160-200 1bs., Na! os; 200-240 Toe. $14.15; ’240-300 1bs., 00-400 $14; 150-160 lbs. $14; 40-150 1bs., $13. rs: 130-140 1bs., $13.50; 160-130 1bs., $13.25. Rouge: $13. 5; stags, $12; ‘male h $9.75 down; Calves, $16; lambs, $13.75 ewes, $5.25 down.

DAILY PRICE in

NEW YORK, Nov, 10 (U. P)— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for ‘United Press (1930-32 average equals 100): Yesterday cocccceoccconsccces 16091 Week ago S0Pc0RcROIOLQOOITINDS Holiday Month ag0 .eeeresescscssses. 159.91 Year ag0 ....ceccesceesess Holiday

3 1942 high (Oct. 1)...00000...-161.45

1942 low (Jan. 2).....ce00... 151.54

Bo 31 net profit $102,038 or 41

Sie 3 San wu BEE ww the

HOG PRICES SAG 5 T0 15 CENTS

Pleasant Valley Wine Co. year to|

EMPLOYMENT

But ' Payrolls ‘Reach New All-Time High of 20 Million.

Combined weekly payrolls for Indiana factories and eight groups of non-manufacturing establishments reached a new all-time peak of $20,367,847 in October, the Indiana employment security division reported today. Employment in the state dropped

mid-October, but weekly payrolls

rose 1.3 per cent, according to Col. Everett L. Gardner, division director. The seasonal drop in employment in canning factories was the biggest factor in the decline in total employment. Employment in the food industry dropped 444 per cent. In machinery- industries it rose 8.5 per cent and the iron and steel payrolls increased 7.5 per cent. Factories making durable goods increased employment 3 per cent and payrolls 6.6 per cent. . Non-manufacturing industries increased employment 17 per cent and weekly payrolls 2 per cent. Re-

IN STATE DIPS

Bank Debits .

tail trade employment rose 3 per cent and payrolls 2.8 per cent. | Wholesale trade employment de-| clined 2 per cent and payrolls rose! 1.3 per cent.

Incorporations

Superior Coach Corp., Goshen; amendment of articles of incorporation. The Hueber Mfg. Co., Ohio corporation; change of agent to Jacob 'S. White, 1511 Merchants Zan bldg., Indianapolis. Fabb, Inc., 2705 E. Washington st.; Indianapolis; 20s Ford .B. Beeches, 428 Spencer st., Indianapolis; 200 shares without par value; transfer business; Ford B. Beecher, Allan T. Beecher, Thelma M. Beecher, Helen Beecher, Gary Molded Plastics, Inc., 860 Broadway, Gary; agent, John J. Gattorna, same address; 500 shares of $10 par value; to manufacture chemicals; John J. Gattorna, Sylve E. Schwartz, Robert F. Jerrick. Dearborn Publishing Co., Aurora; dissolution. The Stearns-Roger Mfg. Co., Colorado corporation; withdrawal , Wells County Farm Bureau Co-operative Assn., Inc., Bluffton; amendment increasing capital stock to 400 shares preferred stock of $25 par value, and 5400 shares common stock of $5 par value, and other

| Illinois Central,

amendments.

| Indianapolis Business Summary

Postoffice Receipts ...ccc000cteves. Building Permits ...c.cove0000000s. Houses .....c.o0i00000000000000 Apartments ....ecce0vcncovions Business Public ......co0ii0vieeceiannie Repairs and Alterations ....... Applied for Jobs

$0 30000000000000000000

‘Received Jobs .............. ciienny

Filed Unemployment Claims Freight Carloadings: Inbound Outbound ........... ciessseces Electricity Output. (kwh) .....c.00. Water Pumpage (gallons) . Streetcar Passengers (Oct. 31) .,... Telephones In Use Livestock Receipts (head) ..ccovv.. Cattle Calves Hogs

sei 0000c00s0000r 00 @30000000000000000000000

Grain Receipts (bushels) .......... Oats essere esssescsses®ensane BYE ....oivvenienireianssssanns

Soybeans ....,c....

Sources of above figures:

. $21,734,000 -$75,633,000

.270,350,000

Last Week

Last Week A Year Ago $27,118,000 $68,125,000 $122,493

Week Before $28,868,000 $87,560,000 $114,993 $110,977 $159,000 $120,945 $234,765 $146,300 $114,400 $182,400 oO. 0 0 0 $500 $40,000 0 $400 $3,000 0 $400 0 12,790 $5,645 $9,365 1,237 1,322 1,048 935 664 577 97 82 391

4,215 2,680 17,623,000

4,428 3,638 15,522,000 255,030,000 1,426,076 +163 69,963 5,478 2,122 55,439 6,324 663,000 543,000 17,000 48,000 2,000 53,000

1,991,719 +255 67,966 6,622 2,557 52,420 6,367 820,000 638,000 160,000 171,000 20,000 14,000 0 2,000 , 2,000 0

$1,087,699,000 $2,802,973,000

% Chge. 42 vs. 41 + 145 + 19.1

1943 Thus Far $1,245,121,000 $3,338,366,000 $4,329,321 $10,305,700 $6,380,091 $6,329,045 $3,667,980 $2,837,125 0 $1,328,210 $245,341 $1,793,350 $1,941,440 $434,000 $16,300 $965,875 $524,647 49,360 55,912 26,240 28,553 14,153 15,340

1941 Thus Far

$4,103,962

187,489 119,214 624,964,000 11,493,440,000 58,597,230 109,528 2,544,428 228,660 130,268 1,872,335 276,685 30,328,000 20,269,000 4,137,000 4,948,000 239,000 ~ 860,000

179,805 113,116 695,837,000 12,146,770,000 71,324,275 119,815 2,615,378 289,367 133,480 1,908,067 288,254 29,214,000 20,486,0007,269,000 4,552,000 330,000 570,000

Indianapolis Clearing House association, Indianapolis postoffice, city building commissioner,

Indianapolis office of the U. S. Employment service, Pennsyvania railrcad, New York Central railroad, Baltimore & Ohio,

apolis Power & Light Co.

Chicago, Indianapolis & Louisville (Monon); New York, Chicago & St. Louis (Nickel Plate); Indianapolis Water Co., Indianapolis Railways, Bell Telephone Co. ., Agriculture marketing service, Indianapolis Board of Trade, Indian-

SAVINGS AND LOAN LEAGUE-TO MEET

The third annual junior wartime, conference of the Savings and Loan! League of Indiana will be held’ tomorrow at Hotel Severin. Addresses will be made by Fermor S. Cannon, president of the United: States Savings and Loan League; William E. Reed, Indianapolis; Herschel I. Wheeler, Peru; J. W.| Van Briggle, Indianapolis; Harold | Taylor, Indianapolis, and G. Hicks Fallin, executive vice president of| the Peoples Federal of Peoria, Ill.

The luncheon address will be by! No

| Douglas C. Vaile, director of edu- | cation, (American Savings and Loan‘

ne bie. afternoon there will be a panel discussion. Lisle W, Tinsman of Indianapolis will be moderator. Participants include Ansel Sparks, Terre Haute; Dorothy Yount, Greenwood; Lawrence M. Kester, Muncie; Louis H. Boink, Evansville; Ruth Quebbeman, Indianapolis, and Walter J. Prisby, Hammond.

WAGON WHEAT Op to the close of the Chicago market today, Indianapolis flour mills and grain elevators paid $1.24 per bushel for No. 2 red wheat (other grades on their merits). No. 2 yellow shelled corn was T6c per sushel and No. 2 white shelled corn, 8c; 2 white oats, 46c, and No. 2 red oats. 46e.

UTILITIES MERGER PROPOSED TO SEC

PHILADELPHIA, Nov. 10 (U. P.). —The Houston Gas Seécurities Co. today proposed to the securites ahd exchange commission that the com- ° pany be merged with the United Gas Corp. The merger involves redemption of $15,500,000 worth of securities. Preceding the merger, $3,900,000 of 5 per cent collateral trust gold - bonds of Houston Gas would be called for redemption.

Master Tire & Rubber Corp. § months ended Sept. 30 net income $78,647. .

Here's

By contributing in the scrap drives. By saving gas and rubber.

HRO-HYLR

THE MONSTER WE'VE GOT TO LICK

—and here's how all of us can help to lick him.

By buying bonds and stamps with every penny we can save,

By doing our share in home defense 4 ctivities—Red Cross work, air raid precaution activities, etc. s

By keeping our cars, houseivold goods, business equipment in good condition to make them last for the duration.

TIMES WANT ADS

can be a big help to- you in your -efforts to co-operate with the -war- program. Through TIMES Want Ads you can raise money for bonds by renting your extra room and by selling every no- longer-used article around your home, office or farm.

Es A RE

TIMES Want Ads will ‘give you the names of dependable repair experts who will keep your possessions in good condifion for’ the duration. TIMES Wanted to Buy ads will give you the names of private individuals and junk dealers who will buy anything of value you may have to offer.

Telephone TIMES WANT ADS to RI. 5551