Indianapolis Times, Indianapolis, Marion County, 12 April 1943 — Page 6
Agriculture and Industry Benefit From Reciprocal Trade @ Aigreements
CONGRESS BEGINS CONSIDERING TODAY whether
or not Cordell Hull’s state department should be allowed to |S continue make reciprocal trade agreements with other na- |<
tions. The fact we are in war
now should not let us overlook
the peacetime value of negotiating deals which overcome such obstacles as high tariff barriers. This country must learn, as it did not after the first world war, that foreign trade is a two-way street, that we
cannot go on forever selling our prodyets abroad unless we
buy from abroad also. Clare Luce, the globe-trotting Connecticut congresswoman, brought up one of the bogies of foreign trade in a discussion about post-war avia- - tion. She claimed foreign. nations, with their lowwage workers,
could ‘undersell us|.
inairplanes. What Mrs. Luce overlooked is the fact that lower unit cost of production, not labor = cost ‘only, is the dec¢iding: factor. With our research, mass Mr, Budrow production and nearness to raw materials, we have been able to make thousands of products that undersell the whole . world. Industries that have gotten more export through the trade- agree-
ments pay higher wages than the
average manufacturing industry.|ca ‘Therefore, if trade agreements stimulate high-wage industries, how ean it be charged that lowering tariff barriers will lower the workingman’s wages? The other economic arguments often advanced against the trade agreements is that the policy has “sold agriculture down the river,” through encouraging foreign nations to sell agricultural products in this country in return. for conceding advantages to our manufactured products. But in 1939 our agricultural exports to the 16 countries we had agreements with increased 15 per cent over the 1935-36 average whereas our exports to nations with whom we did not have agreements declined 19 per cent. Moreover, we had reduced tariff duties’ on only 14 per cent of the agricultural products we bought abroad whereas duties on the remainder of our imports were cut 23 per cent. There are many complexities in
the whole argument. ‘But basically 1}
it is a policy of give-and-take.’ And it means we have to look beyond our noses and realize our future economic well-being is inextricably tied up, in peace just as in war, with the world’s economic ocondition. 2 8 9 THE PERFECT CIRCLE CO. maker of piston rings for automoLiles and (now) airplanes, does not kelieve in advertising the airplane engle. President “Lothair Teetor told stockholders the company is advertising now to “safeguard its market for the post-war years. We have deliberately refrained from publicizing our war product activity in our advertising, believing it
edium 8 better policy to emphasize the ci- | Ganner
vilian uses of our product.”
Perfect Circle-made $473,000 profit Bes
last year. Its employment doubled -and by the end of this year will be 8%. times what it was at the beginning of this year. s2 8 2 : ODDS AND ENDS: Synthetic rubber is now being used for barrage balloons, bullet-sealing gas tanks, fuel hose, reconnaissance boats, ete. . An “A” card in eastem Canada is worth 144 gallons of _gasdline a year while .in._ eastern U. 8. it is worth only 72 gallons. + + » Indiana will issue no new road maps this year; but there weren't many changes made last year any- _ way... Britain has spent six billion dollars in U. S. on supplies, Chancellor of the’ Exchequer Sir Kingsley Wood says; 80 per cent of goods and services supplied by U. S. to Britain, Russia, China and other united natiohs was on lend-lease terms. . . . There is talk bicycles will soon be off. the 'rationed list. . . Treasury Secretary Morgenthau, flustered about the news of post-war monetary plans leaking out, asked secret service to investigate. :
Continue Probe. At Columbus Plant 2:
. WASHINGTON, Aptil 2 wv. P). —A Truman senate : investigating
Jumbus, O., today to continue its] investigation of the Curtiss. Wright aircraft plant. | . An informant said. the chmaitte #hrobably will: have something in“teresting” soon on ‘the. situation in : that plant. = “It was indicated ' the ‘subcommittee also would go back to the Ford Willow Run plant soon, ‘preparatory
to making a report on the nation’s overall aircraft program, . DAILY PRICE INDEX E TonW omg. April 12 (U. P).— k: ‘Dun & Bradstreet’s daily weighted ‘price index of 30 basic commodities, : ed for United Press (1930-32 y equals 1000: = ay dbase sisnssssesnns 171.34 Week’ Ago Cases ess sas IES 172.25 ath: Ago esessssesssessene 170.89 Ago sonsscandes "157.70 8 High (April 2) ..eeecees 172.40 43 Low (Jan. 2) . 166.61
essennes
PORKER PRICES
Top Holds at $15 Here as .» ‘7200 Hogs Arrive At Stockyards.
Hog prices were generally unchanged from Saturday's’ prices at the Indianapolis stockysrds today, the food distribution administration reported. The top was $15. Today's prices were 80 cents “below last Friday's when a lower hog price ceiling was reported imminent. : Receipts included 7200. hogs, 1800 cattle, 500 calves and 475 sheep.
(HOGS 17200)
220- 240 240- 270 pounds 3. 300 pounds 300- 330 pounds cc..c. sessese 330-360 pounds ... Medium— 160- 220 pounds Packing Sows
Good to choice— 270- 300
1 1 i 15
13.70@ 14.70
330- 360 360- 400 Good— 400- 450 pounds .... 450-550 . Medium— 250- 550 pounds ‘Slaughter Pigs Medium and Good— 90- 120 pounds
(CATTLE 1900)
[email protected] [email protected]
«+ [email protected] [email protected] 15.50
. 16.75 .« [email protected]
.. 14.00
. 15.50 « 14.25
700-1100 ‘pounds 15.50
1100-1300 pounds .. Common-— : 700-1100 pounds
| Chotce— 600- 4 pounds 800-1000 pounds .. Good x
600- 800 pounds 800-1100 pounds . Medium— 500- 800 pounds .. Common -— * 500- 900 pounds Cows (all weights)
+ 15.00015.50 '[email protected]
J 14.715@15. 5D. . [email protected]
s teu
Bulls (all weights) (Yeirlings Excluded)
sesees [email protected] Sausage—
Good (all weights) ... » asad 5 edium 13. 4.25
10. % 1: 00 CALVES (500) - Vealers (all weights) Good to choice . Common and medium Cull (75 lbs. up) . Feeder and Stocker Cattle and “Calves Steers : : Choice— .500- 800 pounds seuss "800-1050 - pOUNdS “ec cevaoss Good— : 500- 800 pounds secsescecen 800-1050 Do s0060000000 : ia3sqiia Medium— 500-1000 pounds cccscecesces 13.50@13. 50
C1 [email protected] . 16 ns 28
. Since the war. began Great | common
500- 900 pounds [email protected] Calves (steers) Good and Choice— 500 pounds dOWD ccciieccces [email protected], Medium— §00 pounds down 13.009 14.50 Calves (heifers) Good and . Choice— 500 pounds down: ..
Medium-— 500° poun
oe sees “ee
14.00015.00
ounds GOWD cieiepes ene SHEEP AND LAMBS (475) Ewes (shorn) *
Good and choice” Common and choice
«+ [email protected] . [email protected] ; [email protected] ‘Lambs _(Shorn)*" 2a Good and choice ...... i Medium and good
LOCAL PRODUCE'
breed hens 9% bs. and. over;
Ya Broilers under 3 Ibs., colored and Barred and White Rock, 2714 + colored
ec. Fryers 3 lbs. and ves: Barred and White. Sites Legnorns;s 91c; oi breed; ‘236; sod! S, oo Bega =Currens receipts, 54 lbs. and up,
Graded
A sRedium, 3 grade “A ‘small,: 25¢ grade, 3
Bavter-No. 1, 50c. Buttertat—No.. 49¢; No. 3, 46e.
By UNITED PRESS ‘ Anaconda Wire & Cable Co. 1942
vs. $2,507,476 or $5.94 in 1941, . Florence Stove Co. 1942 net profit
VS. $1,320,662 or $3.82 in 1941. ‘Hourly Process Corp. 1942 net in-
in 1941. Dec. 31 net profit $084,160 or $1.31
a share vs. $757,232 or $1.01 previ-
ARE UNCHANGED,
12.50914.00| A Rada
: " 000 14.00 | “hrysler COMMON ...ecvoinsss [degra Co
‘sub-committee will return to Co- astsc: I ibs. .and under, 23%c Leghorns, Bast
and
rade A ae, 136¢; , grade Ju T&T
3 Nash BUSINESS AT A GLANCE iL net profit $1,427,408 or-$3.38 a share oo $841,467 or $244 a common stare Raliages Mi
come $1 015,808 VS. ‘net loss $312,678 ‘South Miami Copper Co. year ended|
Here are tires aplenty but they are for the machines of war. The huge stockpile and other equipment is in a port city of India where they have been shipped from U. S. under lend-lease.
“the finest investment opportunity
here, sponsored by the U. S. trea.
told the assembled campaign
90 | workers:
“America, today, is more prosperous.than at any time in its history. Wages and income are high. . « It is your job to convince millions of people that their dollars invested in war bonds perform a triple service: (1) They help stem the tide of inflation . . .;. (2) they purchase guns, tanks, planes, food and medicine for our boys . . ., and (3) they provide a nest egg to be spent after the war when we will want to buy the new products and inventions that will make life more’ comfortable and enjoyable. “Remember,” he declared, “that when you buy war bonds it is not a gift, it’s thrift.” He pointed out that country-wide ownership of United States securities will act as a restraint on governmental extravagances and on
75 {unsound governmental policy and
that because so many of these bonds ‘ are being bought by the banking system and by great insti“tutions which are custodians of the private capital of .the masses, “it would be a reckless demagogue indeed” who would attack the sanctity of that debt.
Confidence : Needed
“If Americans are to service such a'large national debt,” he continued, “the enterprise and initiative of ‘the American business man must be re-
RYE LEADS ADVANCE IN GRAIN FUTURES
CHICAGO, April 12 (U, P.).—
3 Grain futures, led by rye, advanced
on the Board of Trade today. “At the end of the. first hour rye was ‘up 13¢'-to 1% cents a bushel; wheat up % to 3%, oats up % to 1%, and corn unchanged at OPA levels. -In: the ‘May options rye was up 13% from 81%, wheat up % to % from $142%@%, corn unchanged
90 | from + $1.01, and - oats up 1% from
62%. : The rye market scored major advances -influenced by. talk of possible extensive .use of rye as feed. The 5-cent-a-bushel increase in so [corn ceilings, effective Wednesday, acted as a. contributing influence in
rye, as well as other grains.
'N. Y. Stocks
Net Hien Low Last Change h Corp .. Allee Gem Allis-Chal
Dt AEE ie fot : WIR
a
PIT SU JN SUTURE
a pet
fbb EERE EE iF
-
PIA4: tthe beth HH [hh + 4 4 a
+h
Rts Ro Lo 3 i bo
sury war finance committee, Schram |
i FRERERSEES # pedes SESEEES Pre ow omer
Stock Exchange Head: War
Bonds 'Finest Investment’
“ gT. LOUIS, Mo. April 12 (U. P.).—Emil Schram, president of the New York stock exchange, today labeled United States war bonds as
ever presented” and affirmed his
faith in a revival of true prosperity in this country in the post-war period under the free enterprise system. Speaking at a meeting officially opening the second war loan drive
leased. .. . He must be encouraged more ‘and restricted less. He must acquire a new confidence in his government and his government must deserve his confidence. Business and labor must be able to deal with each other without having the cards stacked against either one or the other. The various units in our economic system must be permitted to retain a just share of legitimate gains.” “The business man, whether he be big or little, must be regarded as a benefactor, not as an enemy. In short, he must be encouraged to produce more and more for the benefit of society—for the benefit of producers and consumers alike —
and he must be paid adequately for |
producing.” ‘Returning to Tradition’
Schram said that the country is now witnessing a return to our traditional dévotion to the American ways of life, “the keystone of which is a free competitive economy.” Asserting that “nowhere is this trend more pronounced today than in Washington,” he lauded Vice President Wallace for his recent statement that we can have full employment in this country without
destroying private initiative, private |
capital or private enterprise. Schram said that we have business statesmanship of the highest order and he had complete faith in the planning of industry for the post-war period.
‘Recognize Profit’
“On the subject of planning, there is . . . a formula by which we cap most surely share the: course of future events. It is simply this... that the government adopt an attitude of friendly encouragement toward our enterprise system.” “This would involve a frank recognition of the fact that profits supply the momentum for our way of life. It would mean a program of scientific taxation, of taxation so applied as to obtain, on an equitable basis, a maximum of revenue, ‘which we all realize to be necessary, ‘but which, at the same time, would ‘enable our business enterprises , . to retain enough of their earnings to pay a reasonable return on cap‘ital invested and to build up efficient reserves for postwar reconstruction. “Such an attitude on the. part of congress and the executive branch of the government would release the tremendous energies and ca-
‘pacities of our American system ‘for
‘the great task which lies ahead, including the assurance that those who return from military to civil life. will have profitable employment,” he declared. “This is no over-simplification of the course which is open to us. It is a practical design, in fact the
only sensible one, by which we may
‘make certain that we, as a country, can live up to our responsibilities when the war is over.”
ICC AUTHORIZES ERIE BOND SALE
"WASHINGTON, April 12 (U. P). —The interstate commerce commission today formally authorized the Erie Railroad Co. to issue $10,000,000 of secured serial notes to two Midwest firms which were successful "bidders for sale of the securities. The action was an aftermath of the commission’s disapproval of a deal whereby the road planned - sell the securities to Mrogan Stanley & Co., New York banking house, at 96. The ICC's rejection followed lengthy hearings on a complaint by
two now-successful bidders. ‘The commission ruled that the road would be in a better position
through vate negotiations, and taking bids from other fixms for the new securities. Otis and Halsey, Stuart & Co, Inc, Chicago, bid 100.145 and 'accrued interest.
178 STATEMENT _
minority stockholders of Erie and by Otis & Co., Cleveland, one of the}
STATE ALFALFA
CROP DAMAGED
Late Freezing and Thawing Lifts Plants Out of the Ground. LAFAYETTE, Ind, April 12.—Al-
2 falfa, the main dependence of many
farmers for hay or pasture, has been
bh seriously damaged by “heaving” on
many of the heavy soils in central Indiana, according to reports reach-
*|ing Purdue university agronomists.
Late winter freezing and thawing have lifted the plants out of the ground, severed the main tap root,
f|and in many cases have caused the
plants to die.
Damage is reported to be lighter where the alfalfa was sown with
where it was not clipped or pas-
ji tured late last fall. This situation
is a troublesome one for farmers, already faced with labor shortage, in view of the extra work involved in growing substitute crops. Before giving. up the crop, as lost, farmers should first examine their fields and determine the extent of the damage. Plants that are alive will now be putting out new growth
leaves may be considered dead.
WAGON WHEAT
to the close of the Chicago market today, Indianapolis flour mills and grain elevators paid $1.51 Det «busit for No. 1 red wheat (other n their arity), 2 white oats, 57c, ns: "No. 2 red us, 57¢: No. 2 yellow shelled corn, 93¢ bushel, and No. 3 white shelled corn, $1. Re
Business and Industry
Up
grass, such as brome or timothy, or.
and. all plants not showing Hew. Reviewing the nine-year-old his-
Hull Asks Reciprocal Trade
Act Renewal, No Amendments|
WASHINGTON, April 12 (U. P:) —Warning that “stable peace and economic warfare will not mix,” Secretary of State Cordell Hull called on congress today to extend the reciprocal trade act without amendment as an indication to its fighting allies that this country intends to bear its full share of responsibility in the post-war world. “Repudiation of the trade-agreements program, or the curtailment
of it in scope or time by amendment,” Hull told the house ways and means committee, “would be taken as a clear indication that this country which, in war, is bearing its full share of responsibility, will not do so in peace. . “Extension of the program without change will mean not only that we understand the kind of commercial relationships which, from a purely business point of view, lead to our mutual well being, but that we recognize the deeper implications of our great strength and commensurate responsibility fer good or ill in the world.” - Asserting that the principles underlying the act are “neither Republican nor Democratic doctrine” but American, Hull said: “Strong non-partisan support of this non-partisan legislation would have a most heartening effect on people here and everywhere who look forward, with profound hope, to a world rich in economic and spiritual opportunities for all.”
16 Fight on Our Side
tory of the agreements, Hull said their value in the field of inter-
national relations was proved by the fact that of the 27 countries ,| with which agreements have been
war with any of the united nations, “and even she is not at war with us.” . i . Sixteen of the nations are fighting on the United States’ side, six have ‘broken relations with the axis, and four are neutral. “It is no accident,” Hull said, “that in the searching test to which individuals and nations are being subjected in this war, those nations which have entered into a co-opera-tive economic relationship with us through - the conclusion of trade agreements are on the side of opposing rather than siding the forces of aggression.”
Cites Peacetime Need He sought to assure congress that the act in its present form 'is sufficiently flexible not to commit the nation obligations which f{t might be unable to carry out in its own interest in the uncertain future. Stressing the importance of the agreements after the war when American industries will require foreign markets for peacetime products, Hull added: “It will be well, too, to carry on the process of negotiated reduction of trade barriers even during the war years, as we have already found it possible to do in some instances with appropriate safeguards against
Indictments is Sought far Faking Plate Tests R At Irvin Plant.
PITTSBURGH, April 12 (U, P)) The government goes before a federal grand jury today to seek indictments in charges that 28,000 tons of subspecification steel ship plates were delivered from the Irvin works of Carnegie-Illinois Steel Corp. The inquiry is the result of disclosures made last month by employees of the Irvin works before a special senate committee that analyses and tensile strength tests of the plates were faked to make them appear to conforni to governent standards. There was a possibility that Benjamin F. Fairless, president of U, 8, Steel Corp., of which Carnegie«Illinois is a subsidiary; J. Lester Perry, head of Carnegie-Illinois, and other “big steel” executives will be among those testifying before the grand Jury, Both Fairless and Perry have admitted the truth of the. disclosures made before the Truman committee, but both deny that high company officials were aware of the practices or that the company or its employees profited by the irregularities. They promised there would be no recurrence and currently are engaged in a personnel checkup which, already has resulted in several sus-
concluded, only Finland is now at
unforseeable contingencies, . . .
A reat help in relieving the manpower shortage is this coal loader in ‘use at the Muesing-Merrick
Coal ‘Co. With. two or three men ,it can transfer coal from the railroad car to a delivery truck much
Although the supply of. coal is expected to be sufficient for next winter, some choice kinds may be hard to obtain. - With this situation in mind, the Muesing-Merrick Coal Co, is advising its customers that now is the best time to oder good, smokeless coal. “Based on mtomation we have, there will not be near enough Pocahontas and White Oak smokeless during the summer and fall to supply half the people that will want smokeless coal,” the company said. “It is almost certain that no coke will be available. - Therefore if you want the cleanest burning coal, call us at once while a fair supply is obtainable.” The present wage negotiations between . coal miners and mine operators have necessitated a certain provision: in - retail selling prices, John C. Muesing pointed out. “Mines. are shipping coal to us this month but are not naming the price. Therefore, we are telling our customers that they will be billed for the .difference due us on the delivery as
DEADLINE IS NEAR
. All Indiana manufacturing plants which need materials for operations in the third quarter of this year must file applications under ‘the controlled materials plan of the war production board by Thursday, the priorities division of WPB announced today. A new CMP-4-B form, used to allocate materials for all products designated as “B” products under the Dec. 21, 1942, products list, must be filed by the 15th of this month, These forms are available at WPB offices in Indianapolis, South Bend, Ft. Wayne and Evansville. The new CMP-4-A form, covering “A” materials, to be filed with claimant ‘is also due on the 15th at the latest, if not requested earlier by a specific claim-
available at Indiana WPB offices as 0 3 Joes of Slaimant agentes
UNDER GMP PLAN|
ant agency. These forms are also|d
more quickly’ than by old - hand-scooping methods.
soon as we know what the mining company’s new price will be.”
The manpower problem is becoming increasingly difficult with coal dealers, Mr. Muesing explained. Unless many customers order even earlier than last year, it may become necessary to eliminate dumping coal in the basement and instead dump it at the curb or in the yard. This is a practice in some other cities, but Mr. Muesing said it would not be done in Indianapolis unless as a last resort.
He said that his company has been employing older men and youths but that the supply of 18-year-olds ‘is going fast. He stressed ordering coal as early as possible for next ‘winter in order to prevent any unnecessary pressure on the delivery situation. . | Customers who ordinarily use coke are finding a good replacement in Pennsylvania anthracite in the egg size for furnaces and in the chestnut size for base burners. Another bright spot in the fuel situation is that the company has been able to obtain some
FURNACES—STOKERS GAS BURNERS — OIL BURNERS
Jou will like our ¢ and rerks
HALL<NEAL FURNACE CO. 1322-32 N. CAPITOL AVE,
WHEN THIS NIE
of the larger-sized Warm Morning stoves, as well as the smaller ones. These are being sold at below former prices,
pensions.
URGES LIMESTONE
LAFAYETTE, Ind, April 13— “Pepping” up the production of pastures through the use of fers tilizer, and limestone where needed, will aid materially in furnishing the additional feed necessary to carry the increased number of livestock found on Indiana farms this year, acording to Purdue university’s extension agronomists. It is pointed out that pasture is not only the best single feed, but also the most economical feed.
YOU CAN PREVENT . ..
X Ice and Snow from ’ » Driveways and Sidewalks ¥ R slick. slippery, and dangeraus! X BEFORE Snow and Ice Con
APPLY , 8 Columbia Calcium Chloride ig
It Melts Snow ‘and’ Ice!
zee, 45
A THOROUGH
EXAMINATION
. Store Hours: Tuesday Through Saturday 9:45 to 5:45
lock: <
DR. R. J.
|
OPTICAL DEPARTMENT
Established 29 .Years
WELDON
In Charge Use Your Charge Account— or Our Payment Plan
HAN
Fireproof Warehouse
- 1430 N. Hiinpis St.
mii
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‘Largest stock in the middle west. - Approximately 200 sizes with 3,000 belts ‘in the range. All commercial , cross sections,
STORING PACKING MOVING
FURNITURE '@o RUGS eo ORAPERIES ¢ CHINA eo BRIC-A-BRAC
Phones: RI-7484; Evenings, MA-5228
connection with
A
Coal Unloader Saves on Manpowers
USED ON PASTURES
old yo
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