Indianapolis Times, Indianapolis, Marion County, 5 May 1943 — Page 6
PAGE R
| NDS RY PROFITS
UT BY REFUNDS
Survey Shows ‘Gravy’ Not as Large as Public Believes; Federal Income, Excess Taxes Slice Gross; Railroad Earnings Higher.
By DALE MvFEATTERS Times Special Writer
WASHIN GTON, May 5.—The “extortionate and inordiinate” profits industry is accused of reaping from the war effort exist largely in the minds of the accusers. Evidence assembled from government war-contracting agencies, federal investigations, financial surveys and other sources lends no support to charges of labor leaders that war profiteers are busily “looting the public purse.”
It is true that industry|—
generally is making a profit from war work. It is true that an unscrupulous minority of American business and industry—6 per cent. some say —is trying to make exorbitant
profits from the war. But Uncle Sam is doing his level best to see that war profits are legitimate, that nc crop of war millionaires is in the making, that no corporation is growing fat and rich. Success of his effort is reflected fn the fact that net profits of business and industry now average less than in the war’s early stages, that net incomes in many instances are far below peacetime levels.
“Obstacles to Profiteering”
Financial returns from all of the nation’s 500,000 corporations aren’t in yet, but the department of commerce estimates that 1942 net profits were $100,000,000 below 1941's total of $7,700,000,000. Two powerful major forces and a number of lesser factors are operating against excessive profits. Chief obstacles to profiteering: 1. Renegotiation of war contracts to trim prices and recover overlarge amounts paid to manufacturers—a spectacularly successful device that has saved the army weil over $1,000,000000 and recovered more than $81,000,000 for the maritime commission. 2. Profit-devouring federal income and excess-profits taxes, the former including a. combined normal and surtax rate of 40 per cent, compared with 12 per cent in 1918, and the latter representing a fiat 90 per cent bite at excess profits, with a 10 per cent post-war rebate.
Taxes Clip Off Billions
Taxes will clip off about 12 billion dollars of 1942 corporate revenues, renegotiated contracts will snare another two billions in cash refunds and price reductions, and higher wage rates and overtime and mounting operating costs will further shrink the profit dollar. Characteristic of the “profiteering and looting” theme is the use: of profit figures before taxes have been deducted—an unfair custom since taxes must be paid and no company can count its profit until federal,
state and municipal obligations have g
been provided for.
Almost any big company’s profit}
looks inflated before taxes are deducted. U. S. Steel, before it made tax provisions, had a profit of $275,$73,726 last year. But after taxes, the profit shrank to $71,818,569. In 1941 U. S. Steel had a net profit of $116,171,075 after taxes.
Survey Made
Best picture of the wartime profit situation is found in a tabulation of reports of 2560 leading corporations
PRICES ON HOGS G0 UP 15 GENTS
Porkers Weighing 200-225 Lbs. Bring $14.75 Top; 7075 Received.
Prices on hogs advanced 15 cents at the Indianapolis stockyards today, the food distribution administration reported. The top for 200225 pounders was $14.75. Receipts included 7075 hogs, 800 cattle, 450 calves and 50 sheep.
HOGS (7075) 120- 140 pounds 140- 160 pounds 160- 180 pounds .... 180- 200 pounds «... .. [email protected] 200- 220 pounds .... . [email protected] 220- 240 pounds [email protected] 240- 270 pounds ...... tesanes [email protected] 270- 300 pounds [email protected] 300- 330 pounds ....eeees vere [email protected] 330- 360 pounds [email protected] Medium— 160- 220 pounds Packing Sows Good to choice— 270- 300 pounds 300- 330 pounds 330- 360 pounds 360- 400 pounds ...eesevesasen 14. 35@14. 45 Good— 400- 450 pounds ....eeee 450- 550 pounds Medium— 250- 550 pounds : Slaughter Pigs Medium and Good— 90- 120
[email protected] [email protected] + [email protected]
[email protected] [email protected]
[email protected] CATTLE (800) Steers Choice— 700- 900 900-1100 1100-1300 1200-1500 Good— 700- 900 pounds .... . [email protected] 900-1100 pounds « [email protected] 1100-1300 pounds .... .. [email protected] 1300-1500 pounds ..... sven [email protected] Medium— 700-1100 pounds 1100-1300 pounds Common— 700-1100 pounds Helfers
pounds
pounds
[email protected] [email protected]
Choice—
600- 800 pounds 800-1000 pounds .. Good— 600- 800 pounds ....... esses. [email protected] 800-1000 pounds [email protected] Medium— 500- 900 pounds .. Common— 500- 900 pounds Cows (all weights) 12. @13. 50
. [email protected] .. [email protected]
ssev ane
[email protected] [email protected]
Bulls (all weights) (Yearlings Excluded Beef— ) Good Sausage— Good fal weights) Medi
«.. [email protected] teresenaes Ban b 11.00@13.
CALVES (450) Vealers (all weights) Good to choice
C Cull (75 lbs. up) Feeder and Stocker Cattle and Calves Steers Choice— 500- 800 800-1050
5.50
14. pounds . 14. on 25
for 1941 and 1942 by the National| Good
City Bank of New York. Companies chosen represent the seven major divisions of business and industry—| o manufacturing, mining and quarrying, trade, transportation, public utilities, service and construction, and finance. These companies in 1941 had a net income of $4,968,916,000. In 1942, first full year of America at war, they made a net profit of $4,962,952,000, a drop of $5,964,000. The manufacturing firms, however, although concerned directly with war production, experienced a 14 per cent decline in profits—from $2,925,624,000 in 1941 to $2,251,508,000 in 1942.
Railroad Earnings Increase
Because of a flood tide in railroad earnings, profits of 238 transportation companies in the National City Bank survey soared 88 per cent, representing a leap from $549,127,000 in Class I railroads accounted for all but a fraction of this gain. Until this war railroading was the most debt-ridden, deficit-saddled indusfry of all It should be pointed out, too, that the razor-sharp excess profits tax scraped lightly over railroad profits because of their pre-war deficits and meager incomes.
1641 to $1,013,515,000 in 1942.
pounds ....eeesese. 13.50Q14.50 pounds ...c.oeeee... [email protected]
edium— S90 1000 POUNAdS .cceeveesss. [email protected]
oo- 900 pounds ....ceeeve.. [email protected] Calves (steers) Good 1 and Choice— 5 500 pounds do [email protected] Medium—
500 pounds down «. 13.00014.50 Calves (heifers)
Good and Choice— 500 pound: Medium— 500 pounds down
SHEEP AND LAMBS (50) Ewes (shorn) Good and choice
Good to choice Medium and good Common
Lambs (Shorn) Good and choice Medium ‘and good Common
LOCAL ISSUES
Nominal quotations furnished by Indi. anapolis securities dealers. Bid Asked Agents Fin Corp com
Belt R Stk Yds 6% Pe Bobbs-Merrill com ...%.... Bobbs-Merrill 4%% pfd Circle Theater com Comwith Loan oF pfd Hook Drug Co
Ind Asso Tel 5% pid Ind & Mich 7% pfd Ind Hydro Elec 7%...eve0.. 38 Ind Gen Serv 6% Indpls P & L 5%% Indpls P & L com Indpls Riwys, Rae, com Indpls Water pf Indpls Water Class A com. Lincoln Loan Co 5% pfd Lincoln Nat Life Ins ov N Ind Pub Serv 5% % pfd N Ind Pub Serv 6% N Ind Pub Serv 7% pfd
L. [P R Mallory com
Progress Laundry co: i | Pub Serv of Ind 5% td
Pub'Serv of Ind com So Ind G&E 4.38 pra
Stokely Bros pr ? el Co
Van iy “Milk | pfd © Van Camp Milk com
come president of the bank, but he | did become president of its cousin institution, the Merchants National bank which is located where Indiana Trust Co. first got its start May 1, 1893. Young Frenzel was paid $8.33 a week. Out of that he had to pay $2 a week board to his parents.
"And he had—and still has—the No.
2 savings deposit book issued by the trust company. His first deposit was $20. Not a dime was withdrawn from the account until July, 1937.
Deposit Boxes Moved
About four years after the trust company was founded, it bought the old Vance block at the corner of Washington and Virginia ave. The building was not as large as it is today and the entrance, instead of being on the Washington st. side, was
16.50] 2b the “point.”
It was remodeled and many of the >| old safety deposit boxes that were in *| the Merchants National bank (which was then where the IL. S. Ayres & Co. store is now) were taken over to the trust company. And, many of them are still there. The trust company was the idea of J. P. Frenzel II, one of the three sons of the first John P. Frenzel who was construction engineer on Indiana's first railroad and drove the first locomotive from Madison up to Indianapolis.
Opened in Panic Year
J. P. Frenzel II was the chief backer for the law chartering trust companies in this state and was the youngest national bank president in
‘00 the country when he headed Mer-
chants National bank at 29. He left that bank when Indiana Trust Co. was chartered, being succeeded by one of his brothers, Otto N. Frenzel Sr. The trust company opened in the year of the famous panic, survived several more panics and four wars. At the beginning of this year it had resources exceeding $25,000,000.
HOOSIER IN AFRICA TO WED FRENCH GIRL
ALLIED HEADQUARTERS, North Africa. May 5 (U. P.).—Pvt. Duros E. Boyd, 34, of Paoli, Ind, today was on the last lap of a 1000mile trans-African journey to Port Lyautey, where he will marry Gabrielle Louise Dellavelle, an Amer-ican-speaking French girl he met soon after his outfit landed in November. Soon after the blond, brown-eyed girl accepted his proposal, Boyd's outfit moved to the Tunisian front. Then he sought permission for the marriage and then for authorizatin to return to Port Lyautey. Gabrielle is the gaughver of Louis Dellavelle, a French government official. Boyd describes her as “. . . four feet nine inches tall—just comes to my chin.”
‘LUCKY 13° OWNER ASKS INJUNCTION
A suit asking an injunction to prevent police from molesting Herman Higgs, proprietor of the Lucky 13 club, 46 N. Pennsylvania st., was filed in circuit court today. Mr. Higgs charged that police had arrested him more than five times on “frivolous and trumped up charges,” and that the actions of police were “unlawful, malicious and spiteful.” The suit charged that Mr. Higgs
1 | Was freed of all charges placed
against him by police. The suit asked that police be restrained from
0 making further arrests “when there
have been no law violations.”
VICTIM OF FALL IN CRITICAL CONDITION
S. Alabama st, who received a broken back in a four-story plunge from a Plaza hotel room early yesterday, remained in a critical condition at City hospital today. Ben Alesse, 24, Chicago ‘musician who police’ say was in the hotel room with her, was still held in jail on a vagrancy charge. His hearing in municipal court was postponed until May 13 pending the outcome of the young woman's injury.
0. E. S.. INITIATION SET
vo.| Lawrence ter 384, O. E. 8S, gi] Lakreice Choples 51, OF: §
Miss Marian Masters, 20, of 1542
Plan to Curtail Beer Shipments
WASHINGTON, May 5 (U. P.). —The war production board and the office of defense transportation announced jointly today that
a plan is being considered whereby railway transportation facilities would be conserved by limiting the number of railroad cars and car miles in the shipment of beer and other malt beverages. The proposed plan, the agencies said, is similar to one suggested by the WPB brewing industry advisory committee, It would restrict each brewer to a specified percentage of railway cars and car miles to be used in shipping beer. Officials said the plan would effect savings in transportation with a minimum disturbance of beer distribution, and would not deprive any section of the country of its share of available beer.
CUMMINS PLANT HAS CHINESE ENGINEER
One of the 32 Chinese engineers who are studying American engineering techniques is in training:at the Cummins Engine Co. plant at Columbus, Ind., according t6 an announcement made today by the board of economic warfare. He is H. Y. Kiang and his special field is Diesel engines. These engineers, in their twenties and early thirties, hope some day to help rebuild industrial China. Eight of the group have taken training positions. with the Tennesse Valley authority and the rest, including Kiang, are with American industrial firms. Under a program developed jointly by the BEW and the National Resources Commission of China, the young engineers will work here two years in fields which in most cases they selected as fheir major interest.
OPA FIXES PRICES FOR LIVE POULTRY
To show poultry growers the maximum prices which tkey may charge for live poultry at their farms, the Indianapolis district OPA today listed ceiling prices for farms adjacent to Herre Haute. The ceilings apply on sales by country growers to country shippers or wholesalers buying at the farm. Under the poultry regulation, the maximum price for poultry growers selling live birds is the maximum price for the nearest city, town or village. The prices per pound are listed as' follows: Broilers, fryers, toasters and light capons, 27.96 cents; heavy capons, 31.46 cents; fowl, 24.46 cents, and stags and old roosters, 20.46 cents.
Art Metal Construction Co. and subsidiaries—1942 net profit $896,519 or $3.10 a share vs. $1,317,434 in 1941.
Farming is a national pastime for the youth of the nation as the men leave the country for war. The Colorado plowgirls along the right-of-way (left) not only grow vegetables but also add to the beauty of the scenery. The railroad is lending its land to people who don’t have their own for victory gardens. Freckle-faced Allen Herndon, 10 (right), helps out on his father’s farm near Snellville, Ga.
Indiana Trust Co. in 50th Year Has Survived 4 Wars
By ROGER BUDROW
About this time 50 years ago a youngster named J. P. Frenzel Jr. got a job in a new bank his uncle was opening in part of the old Western Union building at the northeast corner of S. Meridian and Pearl sts. The job was that of No. 1 messenger boy and the bank was the Indiana Trust Co., now celebrating its 50th anniversary. Mr. Frenzel didn’t follow iradition to the extent of rising to be-
PROSPECTS DIM FOR EXTRA GAS
Governor Asks Increase in Vacation Allowances
For Workers.
WASHINGTON, May 5 (U. P).— Prospects of additional gasoline rations and transportation for vacations by war workers grew dimmer today following rejection by the office of defense tragsportation of additional rail and bus facilities for use by Michigan munitions makers. Price Administrator Prentiss M. Brown is expected to decide soon whether additional supplies of gasoline can be made available for the Michigan war workers.
The appeal for lifting of travel restrictions for “certified” war worker vacations was made by Governor Harry Kelly of Michigan in a joint meeting with Brown and ODT Director Joseph B. Eastman. Kelly asked that the ODT and the OPA make it possible, by special action, for war workers to get needed vacations where it was demonstrated that they deservédd them.
“Workers Need Furloughs”
“War workers,” Kelly said, “need furloughs as much as a soldier.” There is growing evidence, he warned, of critical health and social problems that threaten to increase absenteeism in war plants. Kelly said that vacations planned so that they would not interfere with production, would do much to alleviate this condition. He pointed cut that Britain has solved the problem by bPief vacations planned so as not to interfere with war work. A spokesman for the ODT said that they appreciated the need for vacations, but that it was impossible to give special dispensation in train or bus service for the purpose. There is such a scarcity of equipment, he said, that the army is getting only 60 per cent of the equipment it needs. The only extra trains that can be allocated for summer schedules, he added, are commuter trains idle over week-ends.
OPA REVISES FEED MARK-UP SCHEDULE
Revision of the retailer's markup provisions of the price regulation on mixed feeds for animals and poultry, with substntial savings to the farmer-consumer, was announced today by the OPA. Previously, the retailer had been allowed a fixed mark-up of $7.50 a ton on all kinds of feeds, without classification. Now, there is a schedule ranging from $5.50 to $10 a ton on all “cost-of-living” feeds. Dairy feeds have a $550 a ton mark-up. Hog feeds and laying mash for poultry have a $7 a ton mark-up. Feeds for chicks have a mark-up of $10. The estimated proportion of these three, in volume sold, is four for dairy feeds to two for hog feed and laying mash to one for chick feeds. Today’s action affects 50,000 retailers who sell to farmers all over the country. The new regulation, effective May 8, in effect, is a continuation of the control over mixed feed prices.
R. C. A. President Pleads for Post-War Freedom of the Air
NEW YORK, May 5 (U. P.).—A plea for post-war freedom of the air was made yesterday by David Sarnoff, president of Radio Corp. of America, at the 24th annual meeting of stockholders during which he reported a small decline in net earnings for the March quarter. “Freedom of the air, whether in broadcasting or television, ranks in importance and responsibility with freedom of the press,” Sarnoff
declared. “And freedom of enterprise, in case of radio joined with proper governmental regulation,” he continued, “is the surest guarantee of the greatest possible service to the le. “Radio is the one agency of mass communication which can bring all people everywhere within earshot of the great problems of peace and of the social and =zconomic solutions that will be proposed. The war has proved the effectiveness of international short-wave broadcasting; radio has won distinction as ‘the voice of the freedoms.” It can be the world-wide voice of peace for whatever agency the victorious united nations may agree to set up to preserve, the peace of the world.” Sarnoff asserted that radio inRR ep from the WEY
air travel, while the application of television and radar (a secret naval detection instrument) to peace-time
usage will open new fields or service on land, at sea and in the air. He declared that radio “is not primarily an instrument of war” but above all “an indispensable implement of peace and culture.” “When peace shail have come, radio promises to electronize the industries of peace as it has electronized instruments and industries of war. With peace will come new industrial opportunities and worldmarkets, new services and greater efficiency enhanced by wartime lessons In conservation.” Sarnoff reported that March quarter net income of R. C. A. amounted to $2,504,911, or 12.9 cents a common share, compared with $2,666,733, or 13.
FIRM REFUSED SUB-CONTRACT
Murray Charges Company Action Delayed Output; Officials Deny Claim.
LOS ANGELES, May 5 (U. P.).— Northrop Aircraft officials said today that President Philip Murray of the C. I. O. was “grossly in-
correct” in asserting that the concern refused to give a idling automobile plant a $4,000,000 wing assembly subcontract although it was low bidder. Murray said the work instead went to the Middle West, where it has been delayed, and that the Maywood (Cal) Chrysler plant has been two-thirds idle. “There is no truth in his stateiments whatsoever, as they relate to us,” said Vice President Ted Coleman of Northrop. He did not elaborate, however, Coleman said only that Murray “apparently received his story second-hand, and it is not correct. The C. I. O. is not our bargaining agent and therefore is in no position to have information of this nature.” 500 Workers Laid Off
Murray’s statement said: “I am informed that two-thirds of the productive capacity of the Chrysler plant is lying idle because Southern California aircraft corporations have refused to award subcontracts to the plant. “The reason given by the Chrysler management for this refusal is that a collective bargaining wage agreement exists between Chrysler and the United Automobile Workers (C. 1. 0). Murray said the contract instead went to a concern which formerly manufactured slot machines, and that because it was unable to fill the contract promptly, 500 workers at Northrop had been laid off and production there curtailed.
STATE COURT RULES IN LIQUOR TAX CASE
The appellate court of Indiana has sustained the position of the state gross income tax division in a decision rendered against Midwest Liquor Dealers, Inc., a Lake county firm engaged in the wholesaling of alcoholic beverages under a wholesale liquor dealer’s permit. The taxpayer contended that in reporting its gross income for tax purposes it was entitled to deduct the amounts expended for state liquor stamps which were collected from its customers by adding the cost of stamps to the price of the beverage. The taxpayer further contended it was an agent for the state in the collection of the liquor stamp tax, and therefore, the amounts of its stamp purchases were exempt from the application of the gross income tax. The court held that the taxpayer was not an agent for the state for the collection of a tax but was subject to gross income tax on ifs entire income as measured by the sale price it received for its beverages, including the amount added to compensate itself for the stamps bought by it.
COLORADO MILLING FIRM WILL BE SOLD
NEW YORK, May 5 (U. P). — Union Securities Corp. has virtually completed negotiations for the purchase of the Colorado Milling and Elevator Co., one of the largest flour, grain and feed companies in
the United States, it was disclosed today. Purchase of the company will involve substantially all the common stock which has been controlled by the late J. K. Mullen, founder, and his heirs since the start of the company in 1885. When the deal is completed, a registration statement will be filed with the securities and exchange commission preparatory to public offering of the company’s securitiés, probably in June.
Guy A. Thomas, formerly chairman of the Commander Larrabee Milling Co., a subsidiary of Archer Daniels Midland Co. He is a director of several midwestern railroads and owner of the Century Distilling Co. of Peoria, Ill. Frederick W. Lake, vice president of the Continental Grain Co. of Kansas City, will become executive vice president.
BROWN ASKS CUT IN TRUCK CHARGES
WASHINGTON, May 5 (U. P.).— Price Administrator Prentiss M. Brown said today that if American Trucking association members were allowed to continue the six per cent freight rate increase authorized last year, the effect would be to “nullify anti-inflationary accomplishments.” The I. C. C. last month rescinded {ts order granting the six per cent increase to both railroads and truck lines. The New I. C. C. order becomes effective May 15, and runs untin Jan. 1, 1944. The trucking association, representing the nation’s major truck lines, asked that they be permitted to retain their increase.
Crosley Corp. and subsidiaries March quarter net profit $1, 125,229 or $2.06 a share vs. $391,138 or mn
cents ygar ago. Hazel-Atlas Glass Co. and sub-
sidiaries March quarter net profit $652,782 or $1.50 a share vs. $729,966
or $1.68 year ago. : Diamonds, Watches and Jewel me CTI LLL LT ILL Rill shel drtiivvl LLL TT
h 0
4 cents a share in|"
President of the company, when | se negotiations are finished, will be|Se
Treasury ‘May Be 3 Ad rtiicr
WASHINGTON; May 5 (U. P). —Senator John H. Bankhead (D. Ala.) has introduced a bill to direct the secretary of the treasury to expend not less than $25, 000,000 nor more than $30,000,000 of advertising space in newspapers to promote the sale of bonds, notes and other U. S. obligations. The bill provides that the advertising space purchased “shall be divided equitably among newspapers of general circulation” which are entered as 2secondclass mail. The treasury head would be required to co-operate with recognized existing publishers’ associations to prescribe regulations for the advertising program. The prfogram would begin July 1, 1943, the start of the new federal fiscal year.
GRAIN FUTURES OPENING FIRM
Prices Recede From Early Level in Steady Trade; Corn Unchanged.
CHICAGO, May 5 (U. P)— Grain futures receded from early levels established on the Board of Trade today. Wheat maintained a steady to firm undertone. At the end of the first hour wheat was unchanged to up % cent a bushel; corn unchanged at OPA levels; oats off % to % cent, and rye off % to %. Mill buying and unfavorable crop reports from the Southwest lifted prices in the wheat pit at the opening. Offerings came out on the upturn and the market lost ground. September corn changed hands at ceiling price, and July and September were changed at % cent premium for July. Grain circles heard today that the ODT has ordered preferential treatment of ore cargoes on the lakes with subsequent restriction of grain permits.
SMALL PLANT CORP. DISTINCT FROM WPB
WASHINGTON, May 5 (U. P.). —The Smaller War Plants Corp. has been separated from the war production board and will concentrate its activities on location of distressed plants and procurement of business for them, it was announced today. The WPB, under the new setup, will center its smaller plant activities on production and servicing in all its phases, it was said. Each agency will maintain a field organization of its own, but since many of their activities are interrelated, wherever possible the offices will be located in the same building.
N. Y. Speke. High. 2%
Allegh Corp .. Allied Chem .. 150% Allis-Chal Am Can Am Rad & ‘ Am Roll Mill . T&T .. Am Tob B ... 56% Am Water W . Anaconda .... 3 Armour Ill .
bre lt EFF LHI
Cons Edison ... Cons Oil Corn Prod Curtiss-Wr A... Dome Chem ... Douglas Aire .. East Kodak ... Elec Auto-L ... Gen Electric ... Gen Mills pf .. Goodrich Coodyear Hud Bay M&S. 27% Indpls Pr & Lt 17 Int Harvester.. Nickel
+41 FFE 4
Shi:
Link Belt Nash-Kelv .... Nat Biscuit ... Nat Cash Reg.. 2 Nat ¢ PRRY A N Central. . Noblitt Sparks Ohio Oil
HE +++ + $+
+ a
Ras
FEES
Oil 1 Reliance Mfg C ars-Roebuck
tH]
Ho
a ho Min . Swift Intl
White Rock .. Woolworth Yellow Tr. ... Young Sheet . Zeinth Rad .. 30%
Complete New York stock quotations are carried daily in the final edition of The Times.
h Russells,
w= w
U.S. 1S LOS
7S 6000 WIL
Exporter Says Purchase Policy in Argentine
Chief Factor.
NEW YORK, May 8 (U. P)~— The United States is cultivating ill will in Aregntina by allowing British government organizations to do all the purchasing for the united nations in the South American republic, according to Edmund Waterman, exporter and importer. Waterman, who recently returned from a three-month economic study of Argentina, told the Argentine Chamber of Commerce yesterday that because of the British handling of buying the Argentine people are under the impression that the United States is doing nothing to supportt he South American nation's wartime economy. This impression, he declared, has been formed despite the fact that it is American lend-lease funds that are making it possible for the British food buying commission handle most exports of food | A other essentials from Argen ; during the war, “At the present time,” Waterman asserted, “Great Britain is obtaining all of the credit and is building good-will for the futre that will stand her in ‘good stead In Argentine for several generat As steps toward correcting . present condition, Waterman sug+< gested substitution of a united nations food buying commission for the present British commission, and urged that shipping permits covering exports to non-belligerents from Aregntina and other nations re quiring “blockade passes,” now ise sued in London as British navicerts, be issued under a “united nations” navicert system.
J. D. ADAMS CO. ELECTS OFFICERS
Joseph W. Hartley was elected to the board of directors of the J. D. Adams Manufacturnig Ct. at the annual stockholders meeting held April 26 at the company's office here, The following were re-elected to the board: Roy E. Adams, William W. White, Morris L, Brown, Harry T. Ice, Howard R. Meeker, Virges BE. Trimeble, Clifford C. Reed, William H. Macomber, James A. Ross and Floyd D. Wallace. The directors elected C. ©. Reed assistant secretary and WwW. E. Tirmenstein assistant treasurer at a meeting following that of thé stock holders. The officers re-elected were Adams, president; Mr. Mee executive vice president; Mr, lace, vice president, and Mr. White, secretary-treasurer,
{JAPS LOSE 4 PLANES
IN RUSSELL ATTACK
ABOARD A LIGHT CRUIS + South Pacific, March 6 (U. PJ). 1| (Delayed) —Twelve Japanese bombers escorted by 25 zeros raided U, S. positions in the Russell islands
+ | north of Guadaicanal today but dost : four planes shot down by fighters.
The raid, which caused -little damage, came only two weeks after the unopposed occupation of the 37 miles above Guadalcanal and another step on the road to Tokyo.
U. S. STATEMENT
WASHINGTON, May 5 (U. P.).—Government expenses and receipts for the cure rent fiscal year through May 8 compared with a year ago: This Year Last Year Expens "
Net Cash Balance. 12) 833, 676, 961 Work. Balance 12,071,043 068 Public Debt ..134 808.040 620 Gold Reserve. 22,472,466 552
3 128,636,338 1,066,747,386 70,697,418,110 22,600,513,844
INDIANAPOLIS OLEARING HOUSE
LOCAL PRODUCE
pevy breed hens, 24%c; Leghorn hens, be fryers and roasters, under 8 5
Old roosters, 18c. urrent receipts, 54 Ibs. and up,
Graded A medium, grade, 30c, Butter—No. 49c; No. 2, 46¢c
Butterfat—No, HIMMLER GOES TO iy By UNITED PRESS Heinrich Himmler, gestapo chief,
s—Grade A large, 36c; grade 4c; grade A small, 25¢; no
i, B0ec.
y | Was reported today to have gone to
Austria, possibly to help put down patriot revolts in Carinthia and across the border in Yugoslavia,
SRE RRR RRR NR
Each Wor Bond You Buy Brings Victory Nearer!
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Reker ikl
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LE [aS 0)
mh
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LARGEST OPTICIANS IN AMERICA 8
Principals of this firs