Indianapolis Times, Indianapolis, Marion County, 19 November 1942 — Page 20
SINESS
Eight Hemp Mill to Be Built To Process New Indiana Crop
By ROGER BUDROW
THIS HEMP CROP THAT INDIANA has been asked grow next summer isn’t what you would class as small-
. For one thing it will
mean that eight hemp mills,
retty good-sized ones, will have to be built. . They'll cost
ound $300,000 apiece.
mp. Because the war has
rown in this country. . es. ust exactly where these mills will be built has not been decided but Very probably they will be located Rear where the hemp is going to be planted. The » government wants hemp planted in that part of the state long famous for being good corn country. That is the-north-western area comprising Benton, Tippecanoe, Fountain, War- . ren, Newton, Mr. Budrow white, Jasper and Clinton counties and another area in Marshall, St. Joseph, Elkhart and Kosciusko counties. _. Recognizing that hemp is strictly # war crop and that no promoter would be interested in such a shortlived proposition, the government (Commodity Credit Corp.) will build these mills. And it will furnish the men and machines to cut the hemp. Just wil, kind of a machine this §s not even L. M. Vogler, head of the Indiana A.A.A, knows. It's
| some new design.
Mr. Vogler figures that an acre of this good corn land will yield an average of two and one-half tons of hemp. Prices will be based on es—$50.a ton for No. 1; $40 for No. 2; $35 for No. 3 and $30 for No. 4. : «4 2 2 8 . ODDS AND ENDS: An attempt to boost Indiana truck taxes may be made in the next legislature, the Private Truck Owners of Indiana, Inc, is telling its members. . . . Conference Board reports cost-of-living in Indianapolis rose. 9% in October, 9% in Evansville also, and 8% in Anderson. . Dehydrated bananas (developed for lend-lease use first) are now being sold in stores to the public also. . . . One Chicago meat packer puts lamb cuts in mint-flavored gelatine, which retards shrinkage in addition to flavoring. . . . A new pipe has been developed by taking layers of paper im ted with resin from pine ~ trees and subjected to 1500-pound pressure; it may replace steel pipe and might be used (in flat form) for bus and truck bodies, containers for shipping foods, oil and grease.
STATE DEBTS FALL "6 PER CENT IN "82
! WASHINGTON, Nov. 18 (U.P). — The department of commerce red today ‘that the aggregate tate debt declined 6 per cent durg the 1942 fiscal year, continuing bie downward swing which got uner way in the previous year. The report placed total indebtedess of the ‘48 states, including obRR doris of state institutions and es, at $3,211,000,000 on June 0 - last, a decline of $202,000,000 from a year earlier. On June 30, 940, the debt was-$3,526,000,000, and fn 1932 it was $2,896,000,000 “state debt during the past two ar the department said, prea sharp ‘contrast with the pad sily B verTinE trend of the prefense period and provided striking dence of the general improvement h state finances which has resulted expansion: of the national cotiomy in the war effort.
Et
ES AT A GLANCE
By UNITED PRESS Hackensack Water Co. and sub-, diaries. 9 months ended Sept. 30 income $515,427 vs. $751,680 year
"National Tea Co. 40 weeks ended . 10 consolidated net profit $3027 qual to 2 cents a preferred share ; $27,208 or 19 cents year ago. Tilo Roofing Co. and subsidiaries weeks ‘ended Oct. 10 consolidatd net profit $252,245 equal to 49 ts a common share vs, $449,037 92 cents year ago, ‘ Wickwire Spencer Steel Co. 9 aonths ended Sept. 30 net income 1,330, 147 or $2.90 a share vs. $1,§11,315 or $2.20 last year. Maple Leaf Milling Co.. Ltd, year July 31 ‘net: income in Canadian ency $353,369 or 84 cents a comjon share: vs. $332,594 or 78 cents the preceding year. Vicana Sugar Co. year to June 30 ofit $386,971. va, 0% for. pre-
LL RISKS | ‘INSURANCE | ] Personal Property
single policy that covers
= pe
was said,
was said. -
There has to be a hemp mill for every 4000 acres of
cut hemp imports, it’s being
. i 0 Indiana has been assigned B2,00( few sold at $13.90.
NEW CANADIAN ORE IS TESTED
Cyrus Eaton Says Sample From Steep Rock Lake
Was ‘Successful. ’
BUFFALO, N. Y:, Nov. 19 (U.P) —Development of a high-grade iron ore deposit in western Ontario was advanced today as a partial solution to the impending scrap metal shortage which threatens to cut open-hearth steel production. A four-ton sample of the ore, from the undeveloped Steep Rock Lake deposit 140 miles west of Port Arthur, Ont., was shipped by train for a test in an open-hearth furnace at the Republic Steel Corp.'s buffalo plant. Cyrus S. Eaton, Cleveland financier and a director of the Cliffs Corp., one of the largest iron ore companies in the United States, said the tests were ‘very successful.” Previously, were refined at the Buffalo plant and shipped to Canada for fabrication into anti-aircraft shells. How-
used at the start of the heating process. In the latest test the ore was “charged” into the furnace
process was completed. Only 10 per cent, or 1,500,000 tons of hard iron ore suitable for use in open-hearth furnaces, is produced in underground mines in the United States. The rest of the tonnage, Eaton added, will have to be made up by the use of processed ore and scrap metal.
Must Drain Lake
With the nation’s scrap metal pile dwindling under pressure of war production, increased shipping of processed ore presents a problem. The Canadian government will supply funds for a $2,500,000 ore dock at Port Arthur and a spur line from the ‘Canadian National Railroad to Steep Rock Iron Miney Co. property:*: rr 4 RENTS The main Potiio of the huge deposit, estimated at 100,000,000 tons, is located under water. Before large -scale production can get underway, Steep Rock ‘Lake must be dammed at both ends, ‘a river diverted, and the water drained from the closed-off area.
Priorities Needed
Another obstacle which the company has-to contend with is the obtaining of priorities from Washington for machinery needed to place the mine {n operation. Eaton predicted that if all necessary equipment is. made available, the Steep Rock deposit would :produce 1,000,000 tons of high grade ore in 1944 and double that in 1945. Prior to the war, he added, the hard iron ‘ore was shipped from Sweden or Brazil, but these supplies since have been either cut off or sharply reduced by the war.
PROPERTY LOSSES FROM FIRE DECLINE
NEW YORK, Nov. 19 (U. P).— Property losses from fire in October
were 27 per cent less than in the 1841 month but slightly above September, the National Board of Fire Underwriters estimated today. On the basis of incurred losses reported by member companies, the board placed total October losses at $22,621,000, or $8,212:000 below the year-ago level. The high total of $30,833,000 for October last year attributed to the Fall River, Mass, fire which destroyed at least 10 per cent of the nation’s crude rubber supply. Although October Jossés were below those of a year ago, they compared with a loss of :$20,443,000 in September this year. For the first 10=months of 1942 losses. aggregated $254,236,000 against $267,274,000 in the corresponding period last year.
OPA READY. TO FIX PRICES ON LIQUOR
NEW YORK, Nov. 18 (U.P.).— The office of price administration is ready to establish fixed prices for each brand of liquor’ at distilling, wholesale and retail levels, it was| ot reported in trade circles today. - Purpose of the new schedule, it|;ge" be to maintain retailers’ prices Se Pusan ially at current levels. vad
OPA will not pri 4 eany retail outlet selling. w, of liquor below the Axed
| i” oo
AVA
to $100 a ¥ Year
ever, the financier said the ore was|™
Medium
3) ull a
10 TO 15 GENTS
12,500 Porkers Arrive At Stockyards.
Hog prices turned 10 to 15 cents lower at the Indianapolis stockyards today, the agricultural marketing administration reported. Weights under 160 pounds were 15
decline. The top was $13.85, but a
Receipts included 12,500 hgs, 1175 cattle, 600 calves and 3000 sheep.
HOGS (12,500) 120- 140 pound 1 160 pound pound
pound pounds
[email protected] [email protected] 13.85@13. 2
Dn eesssans oe .. po [email protected]
pounds escsssescene
edium— 160- 220 pounds [email protected] Packing Sows Good fo Choice— 270- 300 pounds esceccscse 300- 330 pounds .....s [email protected] 330- 360 POUNAS «cccvecceses [email protected] 360- 400 pounds 13. 550 13.65
Good— 400- 450 pounds 450- 500 pounds
Medium— 250- 550 pounds Slaughter Piss Medium and Good— 90- 120 pounds CATTLE (1175)
Slaughter Cattle & Calves "Steers
.00s0000s0b00
13.55@13. 60 [email protected]
‘seessseseses
esos ssseneve
Choice— 700- 900 pounds’ 900-1100 pounds .. 1100-1300 pounds. 1300-1500 pounds Gao d— E 00- 900 900- 1100 Ponds 1100-1300 pounds 1300-1500 pounds ..'¢s:
[email protected] . 18:[email protected] [email protected] [email protected]
[email protected] [email protected] [email protected] 14.95
4.75 12. % e 14%
esscdesecess 12.2
00 nds 1100-1300 Pe eccevcsssssss
Common— 700-1100 pounds
15 tons of this ore|Chot
. [email protected] [email protected]
[email protected] [email protected]
[email protected] [email protected]
CO 600- 800 pounds 800-1000 pounds Good600- 800 pounds «c.oovcscsces 800-1000 pounds edinm— 500- 900 pounds ... Common— 500- 900 pounds Cows (all weights)
se0ess0qecee
about two hours before the heating|Mediu Cc
Bulls (all weights) (Yearlings Excluded) Beef—
Good ...... eeeso css ne ec00cee [email protected] Sausage Good (all weights) ssssesse [email protected] Medium [email protected] [email protected]
"CALVES (600) Vealers (all weights) Good and choice Common and medium Cull (75 lbs. up)
Feeder & Stocker Cattle & Calves Steers
[email protected] [email protected] [email protected]
Choice— 500- 800 pounds ....eccecee. [email protected] 800-1050 pounds .. [email protected] Good— 500- 800 poundS .eseescccecse [email protected] 800-1050 pounds .. [email protected] eseceosessss [email protected]
Medium— 500- 900 pounds S000 eevee [email protected] erosencsncss [email protected]
Common— 500- 900 pounds [email protected]
Good and Choice— 500 pounds down Medium— 500 pounds down Calves (heifers) ‘Good and Choice— 500 pounds down [email protected] Medium— 500 pounds dAOWN .....cc00000 [email protected] SHEEP AND LAMBS (3000)
Ewes (shorn) Good and choice . ........... $ 5.50 Common and choice .......... 4.00
6.00 5.50
Lamb Good and choice . [email protected] Mediugy. and good ........ esse [email protected] Comm [email protected] Yearling Wethers Good and choice .25@ 13.00 [email protected]
CHICAGO LIVESTOCK
Hogs—Receipts, 13,000; market slow,
| steady to 10c lower on all Dajgmial, good
and choice, 19-325 1b £5 $13.66@13 $14; short. load, $14.05 choice, 19 stead 500 1lbs., Re S380! * 4500; calves, receipts, 800; fed steers and yearlings steady; nothing strictly choice here; top $16.60; medium to low good kind, [email protected]: heifers, steady; best, $15; all grades beef cows in fairly broad demand at $9.50 12.75; cutters, $9 down; canners, $6.50 7.70; light and medium weight bulls weak to 25¢c lower at [email protected]; practical to Weighty sausage bulls, $12.40; vealers firm $15.50 down; good and choice stock oe and yearlings, $13 upward; very slow, weak to 25c¢ lower; others steady. Sheep—Receipts, 500; fed lambs strong to ORY 15¢ igher; bulk good Lo ice natives and fed westerns, [email protected]; Shoite natives up to $15.25; beat choice, , No. 1 has 40° $15, bulk’ ewes unsold; held "above
OTHER LIVESTOCK
CINCINNAT, Nov. (U. P.).—Hogs— Receipts, 3775; weights he 160 bs. steady to 5 cents lower; lighter weights and sows steady; top $14 asd for good and choice 160-200 1bs.; 200-300 1bs., $13.95; 300-400 1bs., 31%$.80; ‘medium and good 150-160 1bs., $13. '90; good rade sows, [email protected]. Cattle — Recei ts, 400; calves, receipts, 250; receipts limited; steady: cows, $3@6; common and mediuni, $8 4 ad canners and cutters, [email protected]; absent early; ‘bulls in Sood io $12; most kin s, $11.75; vealers draggy: few choice calves sold at $16; sever offerings held Wwithous t suitable bids. A ' ce. early receipts extremely 7 limited: "steady, with most good kinds $14.50 d &
PFT. WANG "ov. 19 (U. P).—H 10 cents lower; 160-200 lbs., $13.70; 003 240-300 1lbs., $13.50; 300- + 150-160 lbs., $13. 40; 1401 15: 130-140 1bs., $132.90; 100-
Roughs, $13.25; sta, s, $11.50; male hogs, $9.50 down; Calves, 16.50; lambs, $14.50, ewes, $5.50 d
DAILY PRICE INDEX NEW YORK, Nov. 19 (U. P.), = Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100): Yesterday cececccescecceesses 160.02 Week Ago 000000 OIIBOIORNTS 160.57 Month Ago ®0000%00000ccncee 159.75
top, and S0WS 300-
5; few 00 od $13. [email protected]; and choice,
1942 High (Oct. 1) seeeveeves 161.45 1942 Low (Jan. 2) .ciceeesae. 151.54
LOCAL PRODUCE
Heavy bresa (Dens, full-feathere Leghorn hens, A, 1985 pringers bazred ‘and white roc pri s tan and over; oS ared,
EE Bis povitey. 3 on Py 5
21c; cocks, 10c. 30c;
64106. ‘and up; |
Hy Se oN nb Lest No. Xr
spolis.
am ae N WHEAT ose ot he go ‘7
bedi ne E Sh ros on: their merits),
ner shel leq corn was 17¢ “No; hite shelled’ corn ae;
N ats, 468, and ‘No, 3
HOG PRICES OFF|
Practical Top Is $13.85 as
16.00
Year Ago «.oeiesreacaseses.Holiday| Ind
.} Progress ,
A Eo rade A SESE Ba|So Ind Gat, 1
Re-elected
cents lower than yesterday while|§ heavier weights. made the 10-cent|:g
Louis Ruthenberg of Evansville, president of Servel, Inc, was reelected president of the Indiana state chamber of commerce at yesterday’s. annual meeting.
GOOD WAR NEWS
SPURS WORKERS
‘Iron Age’ Declares Absenteeism Is Still
Major Problem.
NEW YORK, Nov. 19 (U. P).— The favorable war news from Africa and the Pacific has stimulated: a
new worker: efficiency in the nation’s :war -plents, and many units are expected to set new production records, the Iron Age magazine. said today. Asserting that “there ds no morale builder like a victory over a formidable oponent,” the trade publication said in its weekly industrial review that “many units in the industrial war machine in the next few weeks are likely to set new production records as a result of stimulating news from the battlefronts.’* The Iron Age suggested that if more specific information about the battle performance of equipment 0| they helped produce were to be 5 made available to the workers, “the stimulus to arms production would be still greater.”
Suggests ‘Punishment’
Unwarranted absenteeism, meanwhile, hs become a major problem in a number of war plants, the magazine said. It called attention to the situation in Michigan where
But
0 «considerable numbers” of war plant
workers have taken leave to go deer hunting. “Conferences between union representativec and employers on how to keep deer hunters on their factory jobs are not uncommon this month in Michigan. In other industrial areas there are other hard-to-handle causes for absentséism.; “In the United States, as'in Britain and Canada, this question seems to be shaping up: Should ahsence without cause from war. work be made a punishable offense?” Commenting on the steel industry’s operations, the Iron Age said that the recently discused possibility of a steel surplus within six months to a year “now are said to be due to the fact that PRP belatedly started to work in the current quarter, Some WPB officials say that there are excess tonnages in a number of shops where allotments made to the armed services and others have not been backed up’ with orders to the mills.”
GRAIN PRIGES ARE
MIXED AT CHICAGO:
CHICAGO, Nov. 19 (U. PJ). —|A
Grain futures held irregular on the Board -of Trade today. Corn and rye firmed after the opening, and wheat and oats steadied.
At the end of the first hour wheat|B was unchanged to’ up ‘% cent a|ger
bushel, corn up % to %, oats unchanged to off %, rye up % to %, and soybeans inactive. In the December options wheat was unchanged to up % cent a bushel from the previous $1.24% @ 3, corn up # from yesterday's 823%, oats off ¥% from the previous 493%, ane rye up 2 from Wednesday's 61%. Traders showed little interest in
the wheat market, preferring to
await news on the wheat subsidy program. Grainmen reported growing opposition to government handling of grains, the latest protest being from the National Association
of State Agricultural Agents, now 5
in session in Washington.
LOCAL ISSUES
Nominal quotations furnished by local
unit of National Association of Securities |N
Dealers. Bid Asked mts Fin COrp €OM...ceceee 7 ave pi pi Fin Gorn bud cssecnse 20° oes Belt RR Stk Yds cess 41 45 Belt RR oil co Tas % 1d. sesee 3 ass
% of sess Comwlth roan {7 4 Pid ..eeee HA Hook Dy Co com 12% Hom Ft Wayne 1% pid 51 yt Tel 6% . 95 Ind & Mich 1% hig ASSN Ind Hydro Elec 7% Ind Gen Serv 8%
Ty od and over: colored, 20c; | LinC0
N Ind Pub Serv 6% pid.... {N Ind Pub Serv. 5%, Bed. Laundry. ph Serv of Ind 8% ot b Serv of Ind com
go" Ind G&L
er 88 Nee 3 Pas ees
; rey 1
ited Tel. C: 46@| Van Camp | Van Cam
gers Wins'w W RR RR 4% Augers w Loan 58 51 .. "%...2 Loan "ee
a
8c; | on In
THE INDIANAPOLIS TIMES
EDITOR HOPEFUL OF SHORT WAR
| Forbes Tells State C. of C.
European Fighting May ~~ End Next Year.
B. C. Forbes, editor and publisher of Forbes magazine, yesterday told members attending the annual meeting of the Indiana State Cham-
i |ber of Commerce that he is
“strongly hopeful” the war in Europe will end next year. At the meeting, elected Louis Ruthenburg of Evansville, president of Servel, Inc. as president, and called for relentless prosecution of the war. Other officers = elected include Dean Mitchell, Hammond, president of the Northern Indiana Public Service Co., first vice president; George S. Olive, of George S. Olive Cos Indianapolis, second vice president; John W. Crise, General Electric Co., Ft. Wayne, third vice president, and Louis J. Borinstein, Indianapolis, . treasurer. John E. Fredrick of Kokomo was elected chairman of the board of directors. The following were elected to the board for three-year terms: Charles S. McGill, Valparaiso; Marshall Dale, Ft. Wayne; C. B. Enlow, Evansville; V. M. O’Shaughnessy, Lawrenceburg; Harry W. Bockhoff, Richmond; Jo C. Johnson, Greensburg; R. E. Snoberger, C. D. Alexander, Theodore Griffith and J. G. Sinclair, all of Indianapolis, and Mr, Mitchell and Mr. Crise.
Get One-Year Terms
Elected to one-year terms on the board were F. N. Reynolds, assistant general manager of the New York Central railroad here; W. R. Sinclair, president of Kingan & Co.; Joseph E. Cain, vice president of P. R. Mallory & Co., and Austin Stults, executive secretary of the Lincoln National Life Insurance Co., Ft. Wayne. John Stokley, vice president of Stokley Bros. & Co., Indianapolis, and Walter I. Golden, president of Goiden Foundry, Columbus, . were elected to fill vacancies on the board. Mr. Forbes said he felt “optimistic” that “high-handed labor leaders and obstreperous union members will ere long be brought under legislative curbs somewhat similar to those applied to business men. ”» ‘Fighting Two Wars’
“America,” he said, “is fighting two wars: The global war, and a domestic war. The latter one will mold the destiny of our nation for generations. Briefly and bluntly, a battle is going on between the powers that be at Washington and American industry and business to win the confidence, the respect, the esteem of the American people. Whichever side wins will have the upper hand. in determining the shape of things to be after peace comes.”
it is doing in the war effort but warned that it should begin informing the people of its performance. In other resolutions the chamber called. for action’ to be taken to conserve and give - direction “to the current diversion of managerial ability into non-productive .chan-
mediate stop be put to “arbitrary production quotas and slow-down practices, the restrictive practices of the wage-hour act and to continuation of a huge federal bureaucracy with overlapping wartime agencies.”
N. Y. Stocks Net High, Low Last Change Allegh Corp ... 5-16 5-1 5-16 Allied Shem . 138% 138%, 128% eons Chal . 26% 25% ees
70%a 7? Ya 6 57%
% 10% 1220% Va Y,
Bou Steel .... den ....e.. BorgWarner Bdgpt Brass ... Chrysler 65 Comwlth & 8So..5-16 Cons Bison. . Con Oil .
thle ER
Srprsesys wow ose Ree
Indpls W & Lt. 11% Int Harvester.. 52% Int Nickel .... 28% MT&ET veeee 5% Johns-Man .... g8%
FELIS THLE HH 4
SIE]:
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4:0 Le ir
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members re-|’
He praised industry for the job .
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