Indianapolis Times, Indianapolis, Marion County, 10 February 1943 — Page 6

WITH LITTLE OR NO FA board h#s sent men out to Ibok over the hundreds of smallf shops and factories. Their job is : Sapabic of doing and what it wo d need if it were given a]

WFB men believe that, for ¢ first time since the war

started, the little guy is going to be brought into war work.

_ That has been said before and still the little guy went empty-handed. But this time, they feel, it is the real thing.

~The reason for their confidence is that in Washington the Smaller War Plants Corp. has been given a chance to get in on war contracts at the top, an opportunity to take over work di“rectly from the ‘procurem ent agencies such as the army, navy and maritime commission. Smaller War Plants Corp. will then allocate its * share of the work around through the small outfits

Mr. Budrow

wherever it can be done best orjex

where it is needed most, as shown by the information now being dug up. Congressmen have put out a lot of sentimental talk about helping {the little fellow and foamed because the armed services chose to deal with the big concerns. But “WPB men know it is no easy task to get small plants into war work. Many don’t hive any reserve capital to make the change-over to war production and banks are often afraid to take the risk of lending them money. In many cases the management

has had no experience outside of|1nle its own special field, And neither| Vee

have the employees. Nevertheless there are some cases where an _energetic owner of a small shop has gone after war work so persistently that he got it. In one small village ‘south of Indianapolis, a small concern has prac the whole town working ong field kitchen item for the quartermaster corps Some small companies don’t want war work. They argue they are doing all right with their civilian production and why change. Others are afraid the labor shortage will et up with them and want to get war contracts so they can hold their employees (either by priority|2 or wage rates) and be in. business when the war ends. 1 ® ¥ = ABOUT SHOES: One wealthy Indianapolis business man gave a dinner party recently and favors for the women guests were $18 and ‘$20 shoes. That was before they were rationed. The day before the rationing announcement one woman ran up a bill of more than $100 for shoes at a store. { The three-pairs-a-year seems liberal for men, tougher for women and mighty slim for growing children. Clerks yesterday noted - a tendency toward the more expensive, sturdier shoes; fewer . sales of flimsy, fancy footwear. 2 = = ODDS AND ENDS: With black market prices on coffee as. high as $31 a pound in Nazi-occupied Neth.erlands, Hollanders are grinding up _ tulip and crocus bulbs to make beverages, according to reports to the commerce department, . . . To get a new tooth brush in Germany.the old one must be turned in. . . . There are reports that Germany has ordered 100,000 trees cut down in the famous Bois de Boulogne, Paris park, as a fuel reserve for bakers. « + « Because so much cheese will go to the armed services and lendlease, average civilian will get 16 - pounds less than last year’s 6.4 pound average; rationing ean be far | away.

SAFE DEPOSIT oe

AMERICAN a _ NATIONAL BANK

AT INDIANAPOLIS

ARE the war. prodiction

to find what each shop is

NEW YORK STOCK EXCHANGE VOLINE — FEDERAL RESERVE INDEX OF INDUSTRIAL PRODUCTION 135- 9-100

HIRING, FIRING IS RESTRICTED

Onl) orking 48-Hour Week

Are Exempt.

WASHINGTON, Feb. 10 (U. P.). —There. has been no attempt yet to interpret formally the president’s tive order on the 48-hour work week or Manpower Commission

Ch Paul V. McNutt’s order putting it into effect in 32 shortage areas. But Deputy Manpower Commissioner Fowler Harper last night made these principal points in a pre ry analysis of the decree for reporters: 1. Under McNutt’'s order, employers cannot release any worker before March 31. 2. Establishments in which- the work week is less than 48 hours must; stop recruiting workers at once they go to a 48-hour work without releasing workers, or to expansion or production schedules still need workers. 3. Until March 31, all hiring must be done through the U. S. employmen{ service, and only plants proving need can. get more workeis. already working 48 hours or more can continue gate-hiring. 4, No means has yet been devised to. force non-war industries: and businesses to comply. The president and Attorney General Francis Biddle will determine a method. 5. Manufacturers unable to attain the Caves level by March 31 will

due

ven’ a chance to appear before WMC agency to explain why and show how soon they can reach it. | Steel Case Cited .

6. If available manpower is fully utilized in a particular area after reaching a 46-hour level, WMC would order leveling off there instead of pushing plants to 48 hours. 7. Certain areas and industries may it is extended later to the nation. The steel industry. is expected to ask for exemption and will get it if it proves that maintenance of the 48‘week is impossible in that field. The same situation probably applies in the coal mining industry. Conceivably the order may never be applied to such labor surplus areas as New York City. 8. All employers in designated areas must file reports with WMC on the number of hours worked by each employee. For the time being all employers, even those with only one or two workers and including those hiring domestics, are affected.

NAME 3 DIRECTORS OF COLUMBIA CLUB

Columbia club stockholders have elected John C. Ruckelshaus, Harry Reid and Albert E. Uhl to the board of directors for three-year terms. Mr. Ruckelshaus has been a director for many years and Mr. Reid and Mr. Uhl are both new members on the board. Mr, Reid is presifent of Indianapolis Railways, .,» and head of Harry Reid & Co., oa local utility consulting firm. Mr, Uhl is head of the Albert S. Uhl Real Estate Co. Other members of the board are W. Lemaux, Ernest D. Snider, E. Cain, Benjamin N. Bogue, G. Wolcott and Mayor Robert

I Jose]

dall,

A You Save Because We Save Men's Suits & Overcoats |

$16” *18* ‘21 ‘”

CASE CLOTHES

WE B Buy Diamonds STANLEY Jewelry Co.

118 W. Wash. Lincoin Hotel Bldg,

RE-WEAVING of MOTH HOLES BURNT

EO Ti TAILORING €0.

Mass. Ave. Ty the Miadle ot

"USE YOUR CREDIT at IMIOSIKINS

CLOTHING TOMPANY 131 W. Washington St. ' PC * Opposite Indiana Theater

PAPER

AMERICAN PAPER 'sTocK COMPANY

"This Week Spon

& fos, "All Over Indl -

| Davi

Plants in 32 Areas

be exempted from the order as

Wiklle bidusteial productions soared, railing om the New York stock exchiqy has destined in the past 10 years from 425 million shares to as little as 125 million shares, according to this graph from the annual report of Merrill Yynch, Pierce, Fenner & Beane.

McNutt to implement the order:

new program? A—To make available manpower sorely needed to increase war production. Q—How will it make manpower available? A-—Industries going on

lease a portion of their workers, no longer needed because of the longer week, and make them available to other plants where there are acute labor shortages which the employers have been unable to overcome, even by going on a 48-hour or longer week.

Q—Does it affect every employer and worker in the country? A—No, as of today it affects only those in 32 specific labor shortage areas. More areas will be designated when shortages arise, but it never will be applied universally because of the huge labor surpluses in many areas. Q—Does it affect every employer and worker in the 32 areas? A— Yes, including domestic servants. Q—When does it become effective in the 32 areas? A—I{ became effective at 9 p. m. Indianapolis time yesterday, but employers have until March 31 to bring their work sched= ules up to the 48-hour level. Q—Can any employer be exempted? A—Yes, if he can prove to the satisfaction of WMC that a 48-hour week would be detrimental to the health or safety of his workers,

Cites Exemptions

Q—Who, for example, would make such a claim and probably get an exemption? -A—The manufacturer of explosives. “In this industry, it has been found that workers cannot work more than 43° hours a week, as an average, without a low=ering of efficiency which would endanger their lives, the lives of their fellow workers, and their plant. Q—Who else might get an exemption? A—An employer who has been unable to attain the .goal because of -material shortages and other causes beyond his control. But in these cases, the exemption would be temporary. Q—What happens to the worker who loses his job because of the increased productivity of his fellow workers under the lengthened work week? A-—He will be absorbed by plants where shortages exist. These plants are in the same area in which he now is employed. WMC officials say that in the 32 shortage areas there are three jobs for every two employable persons available, Q—1Is the worker released from a plant assured of the same wages paid on his old job? A—No, but every effort will be made by WMC to place him in a job which will pay wages approximately those he now earns. Q—Can the government penalize employers refusing to adopt a 48hour week? A-—It can penalize the war contractor by cancelling contracts and by refusing him priorities for needed materials. It can refuse to permit him to hire more workers,

Might Draft Employees

Q—What about the employer who is not engaged in. war contract work? A—Only an act of congress can force such an employer to abide by the order. However, the government ean reach him indirectly by withholding priorities, and by using the selective service act to take the worker who is deemed to be “not}e fully utilized” by reason of his shorter work week, Q—Are there indications that the selective service act will be used? A—Not at present, but if a case of deflance was serious enough to war-| Wi rant making the worker suffer be-|go; cause of his employer's attitude it might be.. Q—What can the government do about defiance cases without using a heavy stick? A—It can use the power of persuasion and public opinion.

affected by the order? A—McNutt, who was given the task of enforcing the order. Q—What is the situation which will exist in the designated areas

Q—What. is the purpose of the}

the 48-hour week will be able to re-|

Q—Who dovides what areas are Jed 3

Questions and Answers on

48-Hour Work Week Order

WASHINGTON, Feb. 10 (U. P.) ~Here is a series of questions and answers designed to clarify President Roosevelt's 48-hour work week order and steps taken already by War Manpower Commissioner Paul V.

between now and March 31? A— Firms in which the minimum work week is less than 48 hours can neither hire nor fire workers until March 31. Q—Does the hire-fire ban apply to those operating on a 48-hour or longer schedule? A—It does not.

48 Hours Not Limit

Q—Does it limit a plant to 48 hours? A—No, schedules can be above 48 hours.

hour week needs new workers due to expanding production and new facilities becoming available through construction? A—The U. S. employment service can refer workers to him, or, upon obtaining approval of WMC it can hire them through other channels. Q—What about the men in the non-deferrable occupations listed by WMC last week who cannot get deferment, regardless of dependents, after March 31 unless they get jobs in. war industries or are registered with the employment service and hope to be placed before the May 1

~ |deadline? A—WMC says that there

is no “clamoring” of non-deferrable for war jobs in the shortage areas. The “clamoring” is in the nonshortage areas which are not affected by the 48-hour order. Q—How . WMC determine whether employers are abiding by the order? A—WMC officials expect employers will be asked to file schedules showing the number of hours worked by each employe. Q—What happens if an employer has been unable to swing his plant into a 48-hour week by March 31? A—Machinery soon will be established by WMC to permit such an employer to appear before WMC boards and give reasons why he has been unable to comply and to estimate how soon he can comply. He then will be asked how many persons can be released each week, and for how many weeks such a procedure must be followed in order to permit an orderly approach to the 48-hour level,

Denies Inflation Angle

Q—Are there any benefits to be attained through such procedure? A—Yes. It will provide an orderly release of the workers and their orderly absorption in other plants. WMC’ will know how many workers will become available from that plant each week and can plan ahead on just where it will send each worker for re-employment, Q—What happens to the earnings of a worker on a 40-hour week who soon will be working 48 hours a week? A—He will get overtime pay at the rate of time and a half for each hour worked over 40 hours. Q—Won't this tend toward inflation? A—Economic Stabilization

“paying more for the same work mékes for inflation,” but that “paying more for extra work does not.” Q—Does the order affect parttime workers? A—The order is not| =~ intended to interfere with work schedules designed to utilize workers who on account of other activities or limitations are available for part-time work only.

U. 8S. STATEMENT

WASHINGTON, Feb 10 (U. P.). ) Segay-

ny ean year through Per. 5 compared with a year

Expen i$ "This Year 811, 483 $15, O14. 331500 Ses y War Spending 39,733,130,61 6 11,047,608,

Receip . 5.032,536,778 Net Betiett $4,447,033,878 9,908,384,261 Cash Balance 17,267,740,263. 6,505,157,754

orking Bal. Publis Debt . 116,425, ,523,177 085,395, Id Reserve 22,662,552,443 22,740,320,933 ———— * INDIANAPOLIS CLEARING HOUSE Clearings . Debits

ees90s00000000g000snssnse

WAGON WHEAT

Up to the Sloss of the Chicago market today, Indianapolis flour mills an elevators SE, Ri. 44 per bushel oe gan wheat (other 52a Ty Tie ea roa . ellow corn, per No. 8 white corn, $1.01,

Chicago Stadium Corp.

66c; and

year

v8. lo loss $52,335 previous year,

‘GLASSES on CREDIT

Q—Suppose an employer on a 44- ;

Director James F. Byrnes says that |yedium—

1 Good 500 | Medium and good , 935 | COMMON .eoeervrascasnass cases 12.50

927,120,37 2,167.711,330| Comm 395

tssecescssassshasiee 450,000 19,580,000 |

es -on thelr Hy Agents red oats,

ended Sept. 30 net income $99,288]

HOG RECEIPTS FALL TO 4200

Prices Are Unchanged as Top Stays at $15.75; Vealers Steady.

Only 4200 hogs were received at the Indianapolis stockyards today, the food distribution administration reported. Prices were generally unchanged with a top of $15.75. Vealers were steady with a $17 top. Receipts also included 1075 cattle, 325 calves and 2250 sheep. HOGS (4200)

Good to choice— 120- 140 pounds . 140- 160 poynds . 160- 180 pounds

. $14.00@14. 5

revs ee 1560 . 15.55 . [email protected]

180- 220 pounds [email protected] Packing Sows Good to choice— 270- 300 pound 300- 330 pound 330- 350 pound 400 pound Good— 400- 450 pounds ...escevee... 14.50 450- 550 pounds se00e00c000se 1100

Medium— 150- 250 pounds . { Slaughter Pigs Medium to Good— 90- 120 pounds

CATTLE (1075)

Slaughter Cattle & Calves Steers

[email protected]

Ll. [email protected] rev [email protected]

1S ..

14.75 14.65

13.75@ 14.50

i Bounds 2 casenansses 1300-1500 pounds Good— 700- 900 pounds 900-1100 pounds . 1100-1300 pounds ... 1300-1500 pounds Medium —

700-1100‘ pounds 1100-1300 pounds

Common-— 700-1100 pounds ..... sein

‘ Heifers

490000000000

esv00s0tssce

13.25@14

ssrseaberie

[email protected]

Choice— 600- 800 800-1000 600- 800 | 800-1100 Medinm-—— 500- 900 Common 500- 90 pPOUNAS ..ccooscesees [email protected]

Cows (all weights)

14.75 14.76

15.50

pounds 15.50

pounds ..esesenssss

pounds .e.. esossons [email protected] pounds

sesessspbene’

~~ Bulls (all> weights) ¥ (Yearlings Excluded) Bogle : Good . [email protected] Sausage— Good (all weights) ce.oieess [email protected] Mediums » [email protected] Cutter and common ........ 9.50 11.60 CALVES (325) Vealers (all weights)

ss ese esas

‘Good and choice ....... ww 1

Common and medium ..c..... Cull (75 lbs. up)

Feeder & Stocker Cattle & Calves

Choice— : 500- 800 pounds .. 800-1050 pounds .. Good— 500- 800 pounds cesstssssssse 11.50 800-1050 pounds ...csesessces 11.25

sesescsenes Nen sn coessasenses [email protected]

12.50 12.25

340-1000 D pounds sesssneresee [email protected] Comm: 500- 900 ) pounds son

' Oalves (steers) Good and Choice—

500 pounds down 4982 308 vesd [email protected] Medium: 500 pounds dOWnl ...eesiesae [email protected]

Calves (heifers)

Good and Choice— 500 pounds dOWR cec.evcis... [email protected] ++ [email protected]

Medium— 500 pounds down ..... SHEEP AND LAMBS (2250) Ewes Gshom)

Good and choice Common and choice......eses 6.00

Lambs estes ssn tne )8.90

cossene

350

and choice 15.25 @14.26 Lambs AShurn), Good and choice ..

Medium and good mmon

seve

‘ eating, Wethers

verses 1s: 3501400 [email protected]

Good and Shoes, ge Medium

LOCAL ISSUES

Nominal quotations’ furnished by local unit of National Association of Securities Dealers. Bid Asked Agents Fin Corp com Aiciiva ot

sessenenes

Se 000 e 107 Gea Ser oh ofl olen 208 P&L bY% 7d isensonsee 38% Indpls ls P & V, com ? 13% na ole Rlwys, Ine, COM .eoose 14 Indpls- Water

sees sssetes

shed 1% fd

[email protected] 3 t T&T

. [email protected]| |

. 13.50@14. 30 e Rel

Pa @14.75 Swifts & Co POUNAS ..csevesossns [email protected] Timi

os [email protected]

1625]

WASHINGTON, Feb. 10 @. 95 —President Roosevelt's order estab-

work on ‘the same hourly wage up to 48 hours,” said Senator Claude Pepper (D. Fla). = Most congressmen declined to make specific comments on the president’s executive order, was general approval of the move, although some said they failed to see how it would solve the man- | power problem. It was considered likely that the major controversy in congress would be over overtime pay. The executive order protected all time and one-half overtime pay rights of labor under contract or under the wage-hours act.

N. Y. Stocks

150 30% 9%

Allegh Corp ... Allied Chem .

£ Erssnesseses

Bdgpt Brass.. Chrysler Cemwlth & 80. Cons Edison ..

Elec Auto-L . Gen Electric ... Gen Motors ... Goodrich 2 Goodyear Hudson Motor...

DERE FLL EEE HE EE

resge SS Kroger G & B. L-O-F Glass ... Nat Biscuit . Nat Cash Reg. Nat Dayiy - N Y Central .. Ya Norf & West....170 Shig O %

Ral . Republic stl .. Sears Roebuck . Server Inc .... Soc-Vacuum ...

~ |the

Er he a Ya Ten) property taxes, interest on money

| borrowed on the security of the car,

and losses by fire, storm or theft

{to the extent not compensated for |by insurance or otherwise,

A loss occasioned by damage to an automobile where such damage results from the faulty driving of taxpayer or person driving his car, but is not due to the wilful act or negligence of the taxpayer, is a deductible item. If the loss results from the faulty driving of the operator of another car with which the taxpayer's car collides, it is likewise deductible. Not deductible for operators of pleasure cars but proper deductions for those who use an automobile in connection with their business or profession are cost of gasoline, oil, repairs, garage rent, insurance costs, and other upkeep expenses. Also proper deductions include damages paid for injury to another while an automobile was used for business purposes and damages paid on the taxpayer's car as a result of a collision if such costs are not compensated for by insurance.

PERFECT CIRCLE CO, PROMOTES NORRICK

Times Special NEW CASTLE, Ind, Feb. 10.— The Perfect Circle Co., piston ring manufacturer, today announced the appointment of Stanley Norrick as

1, | general foundry engineer. Mr. Nor-

rick has been plant manager of the

32 | New Castle plant since 1926. ,

Richard H. Bancroft, formerly as-

% | sistant plant’ manager of the New

Castle plant, was named manager to succeed Mr, Norrick. ‘Mr. Norrick, whose headquarters will be at New Castle, will devote full time to foundry engineering problems for all Perfect’ Circle plants. He will maintain contacts between machining plants and the various foundries supplying -cast-

Y2lings to the company. The Perfect

Circle’ Co. is buying material from several sources at present to meet demands. of higher production of

% rings for military uses.

Mr. Bancroft, the new manager,

"| joined Perfect Circle in 1931 as re%2|search metallurgist at New Castle | and has been assistant plant man-|.,

ager for the last two years. He

n has been in foundry work for 18

years.

# AMERICAN AIRLINES

MAIL, EXPRESS GAIN

American Airlines reported today that 869,531 ' revenue . passengers were carried in 1942 and that 11,971,155 pounds rof air express and

12114,634,679 pounds of air mail were 5 | carried.

The air express poundage repre-

3 sents a large gain over the 5,513,-

496 pounds flown in 1941. In 1841

White Mot ... Woolworth ... Yellow Tr ... 2

i ae ie

®STATE AND MUNICIPAL

SURPLUS . . . . TOTAL SURPLUS TO

Treasurer Detroit Steel Products Ce.

Donald J. Buell... Busi D Sagi,

Secretary, Berry

: MA Cudlp....

% mail flown.

CASH IN BANKS AND OFFICE wie eo a wis *UNITED STATES GOVERNMENT OBLIGATIONS

S UTILITY AND INDUSTRIAL BONDS . . + + « » o UTILITY, INDUSTRIAL AND INSURANCE STOCKS (Market Value) . {REAL ESBATE AND BUILDINGS (Home Qffice and Industrial Hospital) REAL ESTATE INVESTMENTS (Mortgages and Land Coniracis) . . PREMIUMS IN COURSE OF COLLECTION (Less than 90 days due). » ACCRUED INTEREST ON SECURITIES: « o ¢ 6 o 0 0 9 oo so @

TOTAL ADMITTED ASSETS . « « « « oo &

RESERVE FOR LOSES tot Yu dns o oss ele RESERVE FOR UNEARNED PREMIUMS (For futuse service as required by statute) RESERVE FOR TAXES, EXPENSES AND DIVIDENDS VOLUNTARY CONTINGENT RESERVE GUARANTY SURPLUS .

ADMITTED ASSETS . - SURPLUS TO POLICYHOLDIRS . PREMIUMS WRITTEN .

: ALL ELIGIBLE ‘BONDS ON AMORTIZATION VALUE BASIS. BONDS AT MARKET VALUE WOULD INCREASE ASSETS AND SURPLUS $51.918.63 SECURITIES CARRJED $218,876.01 IN THE ABOVE STATEMENT ARE DEPOSITED AS HEQUIRED BY LAW ¢ + {REAL ESTATE AT ACTUAL COST LESS DEPRECIATION. Ne

YowAL DIVIDENDS TO POLICYHOLDERS $11,398,365.79.

ER. Afles.........ooen.. Dutzolt

$iiy Pinder, DuCharme. Detclt | RB ! , Piseutos, Tha Bett Beak |

128 C Circle Tower

there were 9,523,248 pounds of air

"| Expert Praises Wustang 48 Our Best Pursuit = Craft Now. WASHINGTON, Feb. 10 (U. PJ

American combat planes have kep) abreast of the best produced by -t

George W. Lewis, director of aeronautical research for the ‘nattonal

advisory committee for aeronautics. £

Lewis made this statement in testimony before the house appro-

priations committee during consid- he

eration of the 1943-1944 independent offices appropriation bill. The testimony was made public today. “T feel that the results speak for themselves; that our airplanes since we entered into the war have done an excellent job,” he said. “I feel that we have to do a little better job on the longer range and higher speed, and that our new airplanes are right aro e corner in providing this performance.” He said the navy has called on the NACA for assistance in the development of long-range landbased airplanes. Lewis showed the committee a model of the Allison-powered North American Mustang fighter plane, known as the P-51, which he said is “considered the best pursuit sty plane that we now have.”

An interesting feature of the P-51, he said, is a new type “low-drag” wing developed through research at the NACA’s Langley Field Ilaboratories. This research, he added, indicated that in many cases it was possible to design a wing form or shape that would reduce “drag” wind resistance by as much as per cent, making possible higher speeds. The army and navy have asked the NACA to conduct research on new and novel designs not yet incorporated in any wpe. of ' airplane. “The various types of tailless airplanes would form part of this category, ‘and here research must be conducted to be assured of adequate safety in providing stability and control in flight before any considerable work is done on the design and construction of an experimental model,” he said.

LOCAL PRODUCE

Heavy breed hens, 3% lbs. and over, 24c; hens, 32 lbs. and ‘under, 2ic; Leg= horn hens, 2lc. : Broilers, "21, Ibs. and over, colored, 26c; white and barred rock, 27c; horns, 22¢, Roasters, 4 lbs. and over, colored, 27c; white and barred rock, 28c. Stags: Leghorns, 21¢; heavy breed, 22c. Cocks, 16¢. Eggs—Current receipts, 54 lbs. and up,

Cc. Graded s—CGrade A, large, 35c; grade A, Reha 33c; grade A, small, 25¢c; :

ne grade, 25¢. —No. 1, Bone No. = ua

sons Souttertat. No. No. (Prices on produce delivered at In apolis quoted by Wadley Co.)

DAILY PRICE INDEX

NEW YORK, Feb. 10 (U, P.).— Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-82 average equals 100) Yesterday ceceecosccssssssss Week ABO sseescsessesssssse Month ago tessocsssevsnes ne Year ago Ses 000s BRRERRNIS 154.70 1943 High (Feb. 1) esssoesese

16873 168.98 167.33

169.39 1943 Low (Jan. 2) . e060 0000 166.61

Very

THIRTY-FIRST ANNUAL FINANCIAL STATEMENT

MICHIGAN MUTUAL LIABILITY [OmPANY

HOME OFFICE—DETROIT, MICHIGAN FISCAL YEAR ENDING DECEMBER sl, 0

® ASSETS BONDS . . « j a

LIABILITIES AND SURPLUS

POLICYHOLDERS + . « »

TOTAL LIABILITIES, RESERVES AND SURPLUS . oo

eo BOARD OF DIRECTORS

i Adrisn Industrialiot’ Jy... Detroit Frederick L. Colby, re

2 Detroit Americas Excelsior Corp "Pres, Rotary Electsis See Co.. i

...Detrlt G.P.

al ray Detrelt Co. : Meoyer...... ....Grand Rapids Pros, Lattolt} sen Werks Lh

| | | | ] | |

$ 1,387.622.44 7.261,114.22 .1,004,080.81 290,717.72 422,851.00 633,000.00 104,951.41 737,066.47 32,337.53 $11,873,741.60

o 0 0 8 g 0 0 0 ®°

$ 6,063,398.55 2319,727.98

533,006.07 . 350,000.00 | $11,873,741460

$1,974417.48 or 19.94% 330,726.38 or 14.98% 1,198,957.22 or 16.63%

Walter E. OHO ...........Dotrolt President of the Company x

Percy Owen... ..Grand Rapids Michigan

Bakeries, Ine.