Indianapolis Times, Indianapolis, Marion County, 9 February 1943 — Page 16
eg
Oger Tremere | PT mines repre AP
Th
: ‘pine coffins but it is actually a card‘making those self-sealing rubber | gasoline tanks that go in the wings
nearby city.
3 molds were broken. But then it
: from eight paper box concerns. b a rejected.
ied to compete in making paper box ‘molds, but when they heard of the ‘failure of the others, they offered $0 try their hand at it.
Si
' fine margin when you are dealing
~ fests and the company was given “an order that almost staggered ~ them. methods that only latent executive
~ factory, hired many older women
line consisting of wooden rollers|
man to crawl through. This is
ao things as papier mache elephants, Santa Claus ose ‘big toy parades merchants
Charles and Otho Smit didn’t have a big factory crkoir force that could
As a result, the C. D. 8S. (stand for Charles D. Smith) Page Equipment Co. now is doing more work than it ever did, has man more worker
tally essential war materials i helping turn out quantities of n essary war prods duct by brands new methods. The product looks some like one of those 01d ~- fashioned
board and papier mache mold for
gas tanks are made in a Formerly they were with plaster of paris molds, The rubber was poured over these
‘ These
was a hard job to extract the broken pieces of plaster from inside
sharp edges of plaster. So the manufacturer sought help
Their samples were all tested—and
. nn 8 THE SMITHS hadn't been invit-|
It is not as easy as it“sounds. The molds have to be made to a toleriance of 1/16 of an inch—a rather
with cardboard and where you have ‘to figure on shrinkage at that. But the Smith sample passed the
They devised production],
“ability could have devised, obtained . Jarger quarters in part of a stove
who had never worked in a factory before.
sn ; THEY EVEN BUILT a production
that serves its purpose as well as| any Henry Ford has at River Rouge. No outside experts came in
steers and yearlings, 316: 75 pair for four loads light steers of
| heifers here; Cows, active with welghiy cutters $9. 75; |. as ‘high as $13.35; most fat cows $10.75@12; heavy sausage bulls steady at $14 down; several loads of western bulls, 113.40; he ers steady at $17 down; mostly | @1
Sheep—6000; lamb trade around steady:]. few good loads ed |
could see it, too.
But they | r machinery or even a large
converted to serve the war| |
effort. What they did have ‘was ingenuity, and plenty of it.
t| wooden struts are worked over and used again and. again. In addition to being much cheaper than the plaster molds, the cardboard molds are faster to work with. It is hard to realize that these “frail” card-
-|board boxes have to withstand a
pressure of 400 pounds per square
5! inch while the rubber is curing. But
then, it’s no harder than to realize "how the Smiths took their ‘nonessential” industry and using “nonessential” materials devised a+war product that fates as strictly essential.
GRAIN PRICES HOLD STEADY AT GHIGAGO
CHICAGO, Feb. 9 (U. P.) —Grain futures maintained a narrowly irregular tone on the Board of Trade today. Prices steadied somewhat after the opening. In early dealings wheat was unchanged to up % cent a bushel; corn unchanged to off %, oats off % and rye off % to up %, and soy-
| beans inactive. |
In the May options wheat was unchanged to up| % cent a bushel from the previous $1.39% @3%; corn unchanged to off |% from 97% @%; oats off % from 57%;
| changed to up %.
DAILY PRICE INDEX
NEW YORK, Feb, 9 (U. P.). —
Win yourself a suggestion contest award and see Broadway. { Etter, Indianapolis Curtiss-Wright Corp. winner is doing here, but he’s got his coat on all ready to start out. He is shown with two other winners inspecting the company’s New Jersey plant. The winners, wearing overcoats, are (left fo right) James G. Bittner, Pennsylvania plant winner, Mr: Etter and Louis
LAND CONFIDENT
DeBoy, Jersey plant.
rye un-
Dun & Bradstreet’s daily weighted |f
| average equals 100):
price index of 30 basic commodities, | & compiled for United Press (1930-32|8%
Yesterday ®scsecseccnscccoie 169.11 i Week Ago e0s00000000000000 0 169.37 Sd Month Ago e9rse0e0sasdoOee® 167.56. 8
Year AZO ......ecscescsscess 154.34
1943 High (Feb. 1) eeoscsvoes 169.39 : =
1943 Low (Jan. 2) «c..ec.... 166.61
CHICAGO LIVESTOCK
Hogs—17, 000; market steady; 10 cents higher; good and choice 180-330 1bs.,
sows steady, S60. 550 Ibs, $14.85@
steady; bulk fed [email protected]; top,
160-180 - lbs., $14 10 cents SRL 1.50; Tow $15.25. Cattle—800; Tully
no strictly choice
lon earling type; Bors g bulk, $13@15;
best, $15.50; fat cows’
and strictly good 1300-1b.
$15. 3B@ 158 50; top 35 50, 0d paid freely; few
Robert L. Earle, Curtiss-Wright propeller division vice president and general manager, pins a diamond studded emblem on Mr. Etter’s
coat lapel.
Mr. Etter also received a $500 war bond and was taken on a tour of East coast and Midwest aircraft factories. gestion cut 17 minutes off a milling gear operation.
Mr. Etter's sug-
$13.25@
choice fi esterns, $15.90@16. 5; Some held
good and
to engineer the set-up. No priorities
, the “dies” are of wood and e-made. The only machinery that isn’t home-made is a drill, a cut-off saw and a band saw. | . 2 8 8
AFTER THE rubber poured over these cardboard and papier mache ds has cured, there remains the lem of getting that mold out] a hole too small for a
accomplished by another original device the Smiths made. They build in wooden struts or supports which collapse with one strong and are easily pulled through the hole. Usually the wilted card-|C
Bo is fished out along th i s
nfs;
were needed to get underway. Most |[¥ i erally $9
pared with a year ago:
Expenses War
bi westerns with No. .1 pelt, top buying interests bidding Lupnt lower, on remaining supplies; ewes gendoyn.
OTHER LIVESTOCK FT. WA
YNE, Feb. 9 (U. P.).—H
4.10. 3 : 12.25; male : Ccaives es, $ jambs, $12.50; ewes, $8
8B I
.- LOCAL ISSUES Nominal quotations furnished by local ‘unit of National Association of Securities Dealers. .. Bid Asked
Agents Fin Corp com .... Agents Fin Corp pid Belt RR Stk Yds com Belt. RR Stk Yds 6% PH. Bobbs-Merrill com ves
U. S, “STATEMENT
WASHINGTON, Feb. 9 (U. P.).—Government “expenses and receipts for the ‘current fiscal year through Feb. 6 com-
This Year. Last Year.
..$ 43,001,570,561 $14,849,265,540
Spend. . 39.477.769,349 10,915,611,834 233,08
Pa
d Res. ...
16, 380, i 163 66,024 22, 662,460, 460,131 22,739, 104.432
INDIANAPOLIS S CLEARING HOUSE
The mold, of course, is useless
ings $ 4,016,000 savesansns jrevesseceaseis 18 13,272,000
&fter being used once. But the
LOANS ===
| %: 1re, CHICACO
146 E. WASH
on on Everything!
Diamonds, ymonds, Watches Musical Instruments, Cameras
JEWELRY. CO., Ine.
[RE- weave ||
-of MOTH
LEON TAILORING co.
Ind Ind Pub Serv 6% N Ind Pub Far 1% pid. P R Mallory com Progress Laundr,
+... 8781,364,9 1974, 6} Pub Serv of In pet | Det. 7 1 % 9,80: 1,697 7,404 | Pub Serv of Ind
tle Van Cams Milk pfd . Van Camp Milk com.
Bots
Algers Wins'w W RR ¢%%... American Loan 5s 51 American Loan 5s 46
cesses evcsetesn
| 235 Mass. Ave, 5,0, adie ot
the First Block SAXOPHONE «g 25 [Instruction J 55.
INDIANA MUSIC 0. US E ohio St _ FE-1s SE
This Wee Special— Pep mess 396 2 Ev ash
common hazords BURGLARY « THEFT ni mysterious dis
wind, flood, and many addi-
57 Clore 7 II Ove: Ind ek 5.
rr?
120 N. Pennsylvania @ LI-513
HOR
Sensational 1 Janes! J
GRAIN IA
arnt
NORTH
N. Y. Stocks
? High Low Last Change Allegh Corp .. 1 1 Tes Allied Chem ...150% 150% 150 = — Allis-Chal «+ 20% 20% 29% 8% 18% 175 174% Ya TY ... 11% 11% 131% 132% §l% 51% 4% 4% 26%
Am Can pf Am Rad & SS.. Am Roll Mill .. Am T&T .... Am Tob B .... 51% Am Water W .. 4% Anaconda ..... 26%
1% 11% 132%
.
lbh IE
Atl en i es Balt & Ohio .., 4 endix A:
C! Goodyear Hudson Mot ... 6 Indpls Pw & Lt 14% Int Harvester . 58% Nickel . 34 Johns-Man .. Kennecott
Nat Dairy eve NY Cenua) oe
Packard
. - FER
>
HERE HEE EE CE ER
Dime
Up to the Sloss of Jue Chicage Jariet today, Indianapolis fl and elevators Jad $1.44 rd bash for ee (other
No. I white oats Fos nde Bred oath 5 per bushel,
Be Ae som aon IT Complete New York stock quotations are carried daily in the final edition of The Times.
That's not exactly what N. Wayne
.|pacity to utilize the available ma¥%s| ment, in 1944.”
% ing activity was assigned to the
s|added that territory had been sur-
%|10 to one.”
ip|ber of shipbuilding employes has 14|650,000 at present. By the end of
% continued, somebody will try “to
OF SHIPBUILDING:
Says 16 Million-Ton Goal Will Be Reached if Materials Permit.
WASHINGTON, Feb. 9 (U. P) — Chairman Emory S. Land of the maritime commission is confident that 1943 shipbuilding goal of 16,-
000,000 tons will be achieved unless a materials shortage interferes. He told the house appropriations committee during hearings on the independent offices supply bill that
000,000 tons & year. Admiral Land’s testimony was made public today. He said the commission expects 4403 ships of all types to be completed in the current fiscal year ending June 30. Rep. Joe Starnes (D. Ala) noted that the maritime commission had achieved its 8,000,000-ton shipbuilding goal in 1942, and that it was the only one of -President Roosevelt’s war production goals which was reached. No new shipbuilding facilities in
pleted are contemplated, Admiral Land said.
No More Expansion
“When we finish up our present shipbuilding facilities,” Land said, “in my judgment, both from the navy point of view and from our own, there should be no further expansion of shipyards or shipbuilding plants, for the perfectly simple reason that there is sufficient ca-
terials, strategic or otherwise, not only this year but, in my judg-
Rep. James M. Fitzpatrick (D. N. Y.) asked why no more shipbuild-
New York city area. Adm. Land replied it was a question of space. Modern shipyards,~-he said, require tremendous area behind the waterfront in contrast to the old yards which sprawled in a narrow belt along the shore. of no proper sites in the New York area to meet today’s demands, and
veyed “time and time again.” Admiral Land said shipbuilding has. been increased “on a ratio of This means, he explained, “a dilution of brains for management, supervision, workmanship and trained labor all the way down the line.” The num-
increased from 55,000 in 1939 to 1943, he said, this total will jump
Top Remains at $15.75 as
~ Hog prices opened steady at the
- | Good
. 1100-1300
70 firms, operating 83 shipbuilding |So%% i |plants, now have a ‘capacity of 20,-
addition to those now being com-|good—
He said he knew|™
skilled 31c.
ARE UNCHANGED
6500 Porkers Arrive; . Vealers Steady.
| Indianapolis stockyards today with the top staying at $15.75 for good to choice 200 to 225-pounders, the food distribution administration reported. Vealers were steady with a $7 top. Receipts included 6500 hogs, 2125 cattle, 475 calves and 1250 sheep.
HOGS (6500)
Good to choice— ds
330- 360 BOURGES . o-rrvvrrens. 15.30018 Medium— 180- 220 pounds Packing Sows Good to choice—.
270- 300 pounds 300- 330 pounds .. 330- 360 pounds .. 360- 400 pounds
[email protected] « 14. 851s. 10 [email protected] ecssesnseses [email protected] [email protected]
400- 450 pounds cc.ceesccsss 450- 550 pounds [email protected]
pe 50 rp. oo 150- 250 pounds Slaughter Pigs Medium to Good— 90- 120 pounds CATTLE (2125)
Slaughter Cattle & Calves Steers
2es0ss0ans oe
Choice— 700- 900 pounds 900-1100 pounds .... 1100-1300 pounds 1300-1500 pounds
[email protected] [email protected] [email protected] [email protected]
eesscescccns
700- 900 POUNAS ..o%eesssssss [email protected] 900-1100 pOUNdS ....eseesee.. [email protected] pounds [email protected] 1300-1500 pounds [email protected] Medium— 700-1100 pounds 1100-1300 pounds Common— 700-1100 pounds
8ss00000cses
eisssssecsss [email protected] «. [email protected]
Cholce—
600- 800 pounds 800-1000 pounds
Good—
600- 800 pounds 800-1100 pounds
Mediam— 500- 900 pounds Common—
147a155 [email protected]
esesetevssee
ssssnsesses. [email protected] .. [email protected]
seses0cces
Cows (all weights) 11. 30812. 50
. Bulls (all weights) (Yearlings Excluded)
[email protected] @14.00
Beef— Good
CALVES (475) : Vealers (all weights) Good and choice 17.00 1 16.00 Cull (75 lbs. up) [email protected] Feeder & Stocker Cattle & Calves Steers
ces. pounds [email protected] 800-1050 POUNAS ..essesesess [email protected]
500- 800 poOUNAS ..ceecessss. [email protected] a 1050 pounds ..ceccecscee [email protected]
um: 500-1000 pounds es0800ec0ese 10.35011.50
Common— 500- 900 pounds .......o00... 9.50010.25 Calves (steers)
Good and Choice— x 500 pounds down ........... [email protected] vases eridee [email protected]
Medium— 500 pounds down (heifers)
Calves
Good and Choice—
500 pounds down [email protected] Medium—
500 pounds down .. [email protected] SHEEP AND LAMBS (1250)
Ewes (shorm)
“83s 0ecscas
Good and choicé Common and choice..
Lambs
Good and choice ...... Medium and good Common
8.50 cessse 6.00@ 7.00 + 15 [email protected] 5001 .50 ene Lambs (Shorn)
Good and choice Medium and good Common
[email protected] + [email protected] [email protected] Yearling Wethers
Good and choice di
LOCAL PRODUCE
Heavy breed hens, 3% lbs. and over, 24c; hens, 3% Ibs. and under, alc; Leghorn hens, 2lc. Broilers, 2% ibs. ‘and over, colored, 26c; white and barred rock, 27c; Leghorns, 22c. Roasters, 4 1bs. and over, colored, 27c; white and barred rock, 28c. casas Leghorns, alc; heavy breed, 22c. cks, Eggs—Currerit receipts, 54 lbs. and up,
s—Grade A, large, ge 33c; grade A, small, 25¢,
48@48%c; 'No. 2,
Graded Fi grade A, med: no grade, J
4.13 | reserve board 9 ing and a specigl tax on dividends.
2 no margin buying at all.
staff members, which discussed a exchanges to avert a market boom
American investors.” “The question has been asked whether the commission had any intention of exercising its authority to close the securities exchanges,” the SEC said. “The commisison has no such intention.” The SEC announcement followed publication of a story that Erwin Friend and Raymond Vernon, of the trading and exchange division, drew up a brief declaring that a market boom was imminent and outlining steps to counter it—including closing the exchanges, asking the federal ban margin trad-
(The memorandum was described by the New York Times as “a comprehensive plan involving concerted s|and drastic action by the congress | and several federal agencies” to
i" IT ANOTHER TRIAL BALLOON?
Wall Street Is Skeptical of SEC’s Version of ‘Memorandum.’
NEW YORK, Feb. 9 (U. P.)— Wall Street is wondering if the SEC “memorandum” is actually a trial balloon. Two “subordinate” members of the commission drew up a report which somehow got printed. That report spoke of a stock market boom ahead caused by inflationary forces, and set forth ways to combat it. The gist of the antidote was to close the markéts and practically make it impossible to trade in stocks. The SEC quickly said it wouldn’t do any of the things suggested and the federal reserve board said it hadn’t thought up any antiinflation measures so far as margins are concerned. The report suggested 100 per cent margins which means
Who ordered the report wasn’t divulged. Commission officials let it be known that no one ordered it, that it was one of those spontaneous suggestions from staff members. Wall Street isn’t convinced.
Cites London Case
Norman Funk, analyst for E. PF. Hutton, said vhat “under some of the previous congresses, such a program would be much more of a threat than it seems to be at present. Nevertheless,” we must reckon on the probability that marked outbursts of strength in stock prices will provoke retaliation from Washington. It will be recalled that the long advance in London stock prices was finally brought to a halt by a similar threat.” Wall Street also regards the report that the WPB had recommended a cut in liquor consumption to 1 per cent of the 1941 use as. another
’
[SEC Denies Story That If | Intends to Close Excha ges
PHILADELPHIA, Feb. 9 (U.P) ~The securities an misison said today that an inter-office memorandum, pre}
Rd ch
concluded With the , that
“it would be undesirable since Sak mei would dh sous har to ;
ward off a bull market by clamping down tightly on stock . buying and selling.)) The SEC said that “it ‘has been the commission’s policy over its ene tire existence to keep the exchanges open and functioning during all periods of crisis.” The commission said that the memorandum was not publicized with the knowledge or consent of the SEC and that it had not been discussed at commisison meetings. The SEC statement said: . “The commission has been asked for a statement regarding a story which appeared in the New York Times for Feb. 7, based upon a memorandum prepared by members of the commission’s staff. “The memorandum in question was a confidential document of a routine nature prepared by members of .the trading and exchange division and submitted to the director of that division, James A. Treanor Jr. It was also circulated to individual commissioners for their information. It is one of a number of reports which are prepared and submitted frem time to time in the course of the commis- - sion’s discharge of its continuing duties. “It should be stated that employees of the commission are constantly making studies in the various fields of activity covered. by the laws which it administers. These studies are the routine work of the commission, a great deal of which is done in order to form the basis for final - definitive action wherever that may seem necessary.
Conclusion Left Out
“The memorandum was not given any publicity with the knowledge or consent of the commission or any of its members and had not received the approval of the com=mission. In fact, it had not even been discussed at any commission meeting. “The memorandum contained no proposal for the immediate adoption of any measure, and did not support any proposal to close the stock exchanges as a method for controlling a market boom. : “While the New York Times article quoted extensively from the memorandum’s discussion of the proposal to close the exchanges there was omitted from the article the memorandum’s conclusion that it would be undesirable since such a measure would do serious harm to American investors. “The question has been asked whether the commission had any intention of exercising its authority to close the securities exchanges. The commission has no such intention. In fact, it should be pointed out that the commission’s well established policy over its entire existence has been to keep the exchanges open and functioning during all periods of crisis. It must be recalled that exchanges have remained open during all critical pe-" riods over the past eight or nine years and orderly markets ‘have pre-
trial balloon.
vailed.”
Credit for medical and dental expenses is a deduction which appears on income tax returns for the first time this year. The revenue act defines “medical care” as including amounts paid for the. diagnosis, cure, mitigation, treatment, or prevention of disease. It also includes payments for hospitalization instirance, for membership in an association furnishing co-operative or so-called free-choice medical service, or group hospitalization or clinical care. The deduction for this tem is limited to such amounts as exceed 5 per cent of the net income which would be reported if no claim for medical expenses were asserted. The following example will illustrate: ume that a husband and wife
Butter: 4 46%c; tat No. 1, 46¢c; No. 2, 43c. (Prices on produce delivered at Indians apolis quoted by Wadley Co.)
[Your Income Tax—No. 19 |
gregate net income was $3000. During the taxable year the taxpayer actually had paid $500 for medical care of his family but had been compensated by insurance in the amount of $150. In this case he would be entitled to claim a deduction of ,$200 for medical expenses. His net outlay would have been $350 since he received $150 in compensation. Since 5 per cent of his net income of $3000 amounts to $150 he would be entitled to deduct the excess of that amount, or $200. The maximum deduction for this item is $2500 for a husband and wife who file a joint return or the head of a family, and $1250 for all other individuals. No accounting of the medical expenses must be filed with the return but the taxpayer must be able
to prove his claim.
a joint return and their ag-
to 1,000,000. Expects Chiselers
With such rapid expansion, he
chisel Uncle Sam.” And, he told the committee, “there is not enough policing by the maritime commission or its inspection force to cover that in its entirety.” Asked by Rep. Richard B. Wigglesworth (R. Mass.) how much the maritime commission had saved by renegotiating ship contracts, Admiral Land replied that he would submit a statement, but that the figures would be lower than those of some other departments. He said commission contracts “are better contracts” than those of some other agencies. Therefore, he said,
grand splurge to put out about savings on these things.” ; i Liberty Ship Costlier He then submitted a statement
qe
$2221 Rid
{ s¢
BED BUGS?
ACHES?
f Them
31
Shur-Deth
the commission “will not have, any ||
Assets
: Policyholders’ Ia» Casasebvseein Policy Claims in process of : Policyholders. ... cone BUBB. vo oo ner rnersrnsrsasenasommy, PRL Axaatintan Total Liabilities. ,.. co. cosepasoras ! Special Rasevas, +00 0voeees
BE ies rs inbeniis
SUMMARY OF ANNUAL STATEMENT :
Det Bonds, Morugages, did Quiu Assets. $70,042,216 Interest due and accrued... ....... 854630
Sn
a
Death Claims. . Matured
ERE
LIFE INSURANCE CE COMPANY
: Fiancias plans, based on the solid foundation of Massichasetn Mutual policies, were fulfilled for many thousands of Americsn he» ~~ | ilies last year. Our pelicphokiess and thee beneicaties sessed ovr 1 45 millions of dollars. These payments were divided as follows. Cerivestemasnene $1.200341.73
Endowments Eh xe vane
organized, our tepresentatives have helped families all owe Amarics to build a solid foundation of assurance under their hopes and plans for financial security. Qves a billion dollars has already been paid policyholders and beneficiaries. And at the end of last yeas, théve ‘whte in force 532,915 policies representing $2,055,144,876 of life insurance, and, in addition, 40,464 annuities, for future payment. “The need for life insutance is never-ending. As long as n women grow old and die, as long as bread is bought with money, long as fathers and mathers love their children, life insurance hes 8 1610 do. And fs the future, aa fn the past, he Massachumsests Mung): Wl Se nd pig Bo ols wi lo ol he ARMIES :
. sists.
chess