Indianapolis Times, Indianapolis, Marion County, 11 May 1943 — Page 15
i
Lr
CROP PROSPECTS ‘NOT ALARMING”
Food Administrator Davis Says Agriculture Department’s i :
THO BAKERIES, UNION INDICTED
U. S. Charges Firms, AFL Officials ‘Conspired’ Against Workers.
| BUSINESS
Brown's Plan for Government Subsidies Is Not a New Idea
By ROGER BUDROQ Wm | THE IDEA OF PAYING SUBSIDIES to “hold the
line” against worse inflation than we now have is far from
being a new idea.
Many of the railroads that were built
through this state were subsidized by land grants from the
government.
Our air mail service has been subsidized and our farmers, who may object to the subsidy program of Stabilization Director Prentiss Brown, have been subsidized in this year’s crop of tomatoes, peas, sweet corn and snap beans.
It is estimated that the government is now shelling out to the tune of half a billion dollars a year Coal shipped to New England by boat, forced to take expensive but safer routes,
for subsidies.
more is subsidized. Copper,
companies paid in
otherwise,
Mr. Budrow trate imports from Chile.
sgrnment subsidies. Other
nicotine for insecticides, Cocoa, tin, wool, tea and drugs.
# ” ”
lead) and zinc mining are cases where it wouldn't be profitable to mine the metal The government takes a loss on its niSugar, cheese and grain alcohol get subsidized products are oil shipped by rail and tankers to the east, vegetable fats and oils used in food, coffee,
PRICES ON HOGS DROP 15 CENTS
Heavy Porker Run Factor In Continued Decline; 11,600 Received.
Prices on hogs dropped 15 cents at the Indianapolis stockyards today, the food distribution administration reported. Porkers weighing 200 to 225 pounds brought a top of $14.25. Receipts included 11,600 hogs, 1625 cattle, 575 calves and 125 sheep.
HOGS (11,600)
pounds “ 60 pounds pounds . pounds
0
5
TERRE HAUTE'S Loudon Packing Co. may be sold a week from Friday for three billion dollars. The buyer: Standard Brands, one of those boom-day mergers whose profits have skidded sorely in re-
330- 360 Medum—
160- 220 pounds
558555
oon
. [email protected] [email protected]
Packing Sows
cent years.
Youthful James S. Adams is at the helm of Standard Brands now, If the Loudon deal goes through, it will be the second Indiana food company Standard Brands has bought. First was Standard Margarine of Indianapolis, one of the nation’s largest margarine manufacturers. Mr. Adams, also a Hoosier, has an eye on expanding into Canada, Cen-
trying to puil it up again.
tral and South America. Loudon
management, seeking stockholders’ o. k. for the sale, say
Good to choice— 270- 300 pounds .... 300- 330 pounds 330- 360 pounds 360- 400 pounds Good— 400- 450 pounds 450- 550 pounds Medium— 250- 550 pounds Slaughter Pigs Medium and Good— 90- 120 pounds CATTLE (1625) Steers
14.00@14 14.00@ 14.00@ 13.95@
«oo 13.90@14. [email protected] [email protected]
Cholce— 700- 900 pounds 900-1100 pounds .... 1100-1300 pounds ... 1300-1500 pounds ....
ve. [email protected] ee [email protected]
The army today revealed that the P-47 “Thunderbolt,” single engine fighter plane, has just made its first appearance in England and will soon be taking part in all operations. Here a group of “Thunderbolts” are shown flying in formation over a U. S. air base “somewhere in England.”
The Government May Be in
The Coal Business for Good
By JOHN W. LOVE Times Special Writer
CLEVELAND, O.,, May 11.—We may find we nationalized the coal
5| mines by accident. The same method could then be used for taking over
the railroads—though not by accident next time—or any other industry which officers of labor unions wanted the government to run, As easy as that. No votes of the membership of unions or congress would be
HOLD PARLEY ON U.S. TEA SUPPLY
o British Official, Indian Agent
Discuss Output With
Americans.
NEW YORK, May 11 (U. P).— Sir David B. Meek, British trade commissioner at London, and Sirdar
H. S. Malik, Indian government trade commissioner, will hold a spe-
required. For if John Lewis holds his ground and President Roosevelt and Fuel Administrator Ickes hold theirs, then the coal owners appear to have lost their properties for the duration. Not necessarily as short as the duration of the war, either, for the government might decide to continue indefinitely the method of handling labor disputes through a national] board. Perhaps a method will be found for finessing one or the other of the two blockaded parties out of their predicament, but if not, then the innocently bystanding coal industry may be sunk. Only question would be the method of payment for the use of the mines.
STATE UTILITY'S BONDS ARE SOLD
$38,000,000 Issue to Be Offered Publicly in
Near Future.
The $38,000,000 bond issue of Public Service Co. of Indiana, Inc. sold yesterday in Chicago to an investment banking group headed by Kuhn, Loeb & Co. and Harriman, Ripley & Co. Inc, is expected to be offered publicly tomorrow or Thursday. The successful bidders paid 101.0969 for the first mortgage series E 3% per cent bonds, due in 1973. Another group headed by Halsey, Stuart & Co., bid 100.77. The company plans to use the funds from the sale for redeeming $38,000,000 first mortgage series bonds, bearing 4 per cent interest, due in 1969.
NEW YORK, May 11 (U.P.).— A federal grand. jury indicted two Brooklyn bakeries companies, two of their officials, and officers of an American Federation of Labor union today on charge of conspiracy to deprive employees of their rights under the wage-hour law. The indictment named the Berke Cake Co., Inc.; E. L. K. Baking Co. Inc.; Irving Berke and Charles Urban, officials of the companies, and Harry Meth, business agent, and Joseph Bless, financial secretary, of Local 51, Bakery and Confectionary Workers International Union of America. In Washington, Assistant Attorney General Wendell Berge, chief of the justice department criminal division, said that “this is the first use of the civil rights act in relation to a violation of the fair labor standards act.” He also believed it was the first time that union officials had been indicted under the act. Discrimination Alleged
The labor standards act—commonly known as the wage-hour law —provides maximum penalties of 10 years’ imprisonment and a fine of $5000. The indictment charged that the defendants conspired to threaten with discharge and otherwise intimidate the employees unless thay signed waivers of claims for un-
WASHINGTON, May 11 Chester C. Davis said today
Report Showing Decline in April Supply Does Not Forecast ‘Shortage.’
(U. P.).—Food Administrator that the agriculture depart-
ment’s crop report showing a decline in prospects during
But the National Council
It contends that farmers will goals because of lack of machinery, labor and the “repressive” price policies of the government. The council favors reliance on supply and demand to control prices. Davis and other war food administration officials said that despite the unfavorable crop report issued yesterday there was no change in previous estimates of civilian food supplies. The crop board said that
although prospects on May 1 were “much less promising” than a year earlier that rains since May 1 have “relieved the situation in parts of the southwest, where drought ronditions had been the most severe.”
Rainfall Below Normal
Rainfall 30 per cent below normal for April for the “bread basket” be-
April was not cause for alarm.
of Farmer Co-operatives said
a private survey made by 1800 members showed that the United States “faces a food shortage of grave importance.”
be unable to meet production
PRISONS MAKING WAR PRODUCTS
WPB Says Conversion Has ‘Reaped Harvest’ of
Essential Supplies.
WASHINGTON, May 11 (U. PJ). —The war production board said today that conversion of prison ine dutries to war work has reaped a harvest of essential supplies. War contracts totaling $7,765,412 have ben awarded to prisons thus
paid minimum wages, unpaid overtime and liquidated damages under the act. As a part of the conspiracy, the indictment charged, the union officials refused to accept partial pay-
tween the Mississippi river and the Rocky mountains resulted in a decrease in estimated winter wheat production from 558,551,000 bushels on April 1 to 515,159,000 bushels on
far, and 160,000 prisoners in over 100 state prisons, with $60,000,000 in indastrial machinery, are ene gaged in producing industrial goods ranging from navy handkerchiefs to assault boats.
ment of arrearages in union dues from employees who had refused to waive such claims, and threatened to certify them as delinquent union members so the companies could discharge them. The indictment further charged that the officers of the baking companies forced employees who refused to sign waivers to “work under unfavorable conditions,” and discriminated against them in the mat-
ter of working conditions, rates of
pay and in other ways.’
May 1. The estimated winter wheat yield per acre of 15.5 bushels compared with a 1932-41 average of 14.5 bushels and the exceptionally high yield of 19.7 bushels last year. The reduction in estimated production from the 10-year average of 550,181,000 bushels was due to a smaller acreage. ; Acute Shortage in Feeds
Normal rainfall in the spring wheatbelt would be expected to result in a spring wheat crop of about 200,000,000 bushels, bringing total
Prison labor was enlisted in the struggle for ever-increasing productioch of essential war material through an executive order of the president which removed legal ob= stacles limiting the sales of prison= made goods. Most of the production was begun in May, 1942. Since then, without competing with private industry and free labor, some 250 prison industries have thrown their weight into the race for production.
Food Produced
wheat production up to 715,159,000 bushels or about normal wheat consumption per year.
The war labor board could, it is true, render an ex parte decision without consulting Mr. Lewis and
each share of stock will bring $6 soon after the deal, about $1 more later. Loudon’s President T. C.
First Since April Drive The bond sale was the largest
cial meeting here today with United States government officials and
San Quentin prison, Cal, for instance, is producing submarine nets
GRAIN PRICES FIRM
po po
Hayes and Vice President Stewart Rose Jr. have signed three-year contracts to run the business for
Medium—
00-1100 pounds 1100-1300 pounds
1100-1300 pounds ...... 1300-1500 pounds ....
the new owners.
» ” #
POLITICIANS instead of employment career men are slated to get most, if not all, of the big war "manpower commission jobs in
Indiana.
J. Bradley Haight was by-passed by Paul V. McNutt, WMC chairman, who has given the job as
Common-— 700-1100 pounds .
Choice— 600- 800 pounds 800-1000 pounds .... Good— 600- 800 pounds 800-1000 pounds .... Medium— 500- 900 pounds
Common-— 500- 900
[email protected] [email protected]
members of the tea industry to discuss the outlook for America’s tea supply during 1943. Sir David, who is a member of the British delegation at the world food conference opening next Tuesday at Hot Springs, Va. and Malik will bring first-hand information on tea supplies in India, Benjamin Wood, managing director of the tea bureau, said. He. pointed out that since the fall of Java and Sumatra, the sole remaining sources of tea for the united nations have been
the coal companies could then take the formula to him and propose to write it into an agreement. But not if it contains the proposal to guarantee the miners 300-and-some days of work a year. The coal industry has no means of writing this into a labor contract. Secretary of Labor Perkins knew this when she put up the plan to the operators. These dilemmas will help explain the delay in finding a way out of the coal mess. They may well occupy more than the two weeks of
such financing in the nation since the April war bond drive. It had been planned some time ago but was withdrawn when war upset the security markets. Major participants with Kuhn, Loeb-Harriman, Ripley were Blyth & Co., Inc.; The First Boston Corp.; Mellon Securities Corp.; Drexel & Co.; Goldman, Sachs & Co.: Kidder Peabody & Co.; A. G. Becker & Co., Inc., and The Wisconsin Co.
b
ON BOARD OF TRADE
hay crop on May 1 was 81 per cent
The most acute shortage indicated
he zt ‘mas in feeds. The on a large scale, constructing assault y e repo wi .
boats for the army engineering corps and repairing shoes for the
CHICAGO, May 11 (U. P.).— Grain futures strengthened on the Board of Trade today, influenced by the reduced government crop estimate and indicated reduction in Canadian wheat acreage. At the end of the first hour wheat was up % to %2 cent a bushel, corn unchanged at OPA levels; oats unchanged to up %, and rye up 3% to Ss.
of normal and pasturage 78 per cent of nomal. The agriculture department urged farmers to slow down their increase in poultry and hog production in order to conserve feed supplies. The condition of the early Irish potato crop in 10 southern states was reported as 78 per cent of normal, the same as May 1 last year, but two points below the 1932-1941
armed forces. WPB said that production of fopd on prison farms also is well apace with the industrial program, and that about 75,000 acres have been added recently under the prison farm program, bringing the total farm acreage under cultivation to 300,000 acres. WPB said that reports from 20 states show that prison farm production will triple
head of the Indianapolis WMC to so| India and Ceylon. average. Harvesting of the early
Mill demand and strength in the
Wilfred Bradshaw, a Democrat who didn’t get re-elected to the " Juvenile court judgeship. o Throughout the state U. S. employment service men have been asked to set up WMC labor stabilization plans, do the spade work. Then most of them, like Haight, will be returned to the employment service and a McNutt protege put in the job. Is McNutt keeping friends in power here just in case he might need them? t 4 x» = ODDS AND ENDS: Hoosiers turned in 11,767 pounds of shaving, etc, tubes last month. . . . Since the Indianapolis job stabilization plan went into effect late in February, 5000 workers whose employers refused to let them leave for other Jobs have appealed to the war manpower review unit and four of these have further appealed to the WMC itself. . . . Some Eastern stores are opening small branches in war plants. . . . Indianapolis Power & a Light Co.s net income in the first there months of this year was $120,854 higher than the same period of 1942, while Public Service Co. of Indiana increased its net $143,348.
BUSINESS AT A GLANCE
By UNITED PRESS
Continental Can Ceo.,, Inc. and wholly owned subsidiaries 12 months tnded March 31 net profit $5,041,180 or $1.77 a share vs. $7,581,555 or $2.66 previous 12 months. Paraffine Companies, Inc, and subsidiaries, quarter ended March 31 net profit $326,903 or 64 cents a common share vs. $498964 or $9 cents year ago. Seaboard Dil Ceo. of Delaware Hook and subsidiaries, March quarter | ome net profit $495098 or 40 cents a share vs. $270,930 or 22 cents year ing Zydre R|g0. : Coty, Inc. and domestic subsidiaries quarter ended March 31 net profit $234,001 or 16 cents a share vs. $238,605 or 16 cents year ago. Union Carbide & Carbon Corp. and subsidiaries March quarter net profit $9,382,021 or $1.01 a share a $0,416,304 or $1.01 year ago. Van Norman Machine Tool Ce. 12 weeks ended March 27 net profit $193847 or 81 cents a share vs. $123.816 or 52 cents year ago. Atlas Powder Co. March quarter
Beef Good Sausage— Good Med
Good to choice Comm
Cull (v5 Ibs. up
Cholce— 500- 800 pounds 800-1050 pounds
500- 800 pounds 800-1050 pounds
Medi 500
edium—
Good and cholce
Good to choice .
Nominal
Agents Fin Corp Agents Fin Belt R Stk Yds
N Ind Pub Serv N Ind Pub Serv P R Mall
Pub Se
Vv So Ind G&E 48
Sesaennan
Medium and good
ory com wB Progress com - Pub Serv of 4 5% pid...... 98%
Wood said the conference would
113% cover the outlook for maintaining
Bulls (all weights) (Yearlings Excluded)
‘esan sevens [email protected]
+ [email protected] [email protected] «+ [email protected]
CALVES (373) Vealers (all weights)
present tea production in India and Ceylon, the possibility of increasing production and machinery for continued procurement from these countries of tea scheduled for the U. S. under the international agreement,
% JOBLESS RESERVE
Feeder and Stocker Cattie and Calves
Steers
eereececsees [email protected] sesessvanees [email protected]
secesssavese [email protected] “stesssetane [email protected]
cessnnsenees [email protected] cerseseees [email protected]
Calves (steers) Good and Choice— 500 pounds dOWR «eceeeec... [email protected] ume pounds down Calves (heifers) Good and Choice— 500 pounds dOWR ...eecees.. [email protected]
pounds dowm ....
SHEEP AND LAMBS Ewes (shorn)
Lambs
sasanssas oes 18
Good and choice good
LOCAL ISSUES
Quotations furni anapolis securities dealers.
COM ....vonvee $2 Belt R Stk Yds 6% fd ..... 53 Bobbs-Me com vesen Bobbs-Merrill 4%% pid ...... 40
crtaeton eer i08 101
EE
Indpls Water Blase A com... Lincoln Loan Co $% pfd Lincoln Nat Life Ins com..... 31% N Ind Pub Serv a> pfd.... 90%
7% pid x, 108
com pid..... esses 83 Stokely Bros pr pfc United Tel Co Co 5% cvivnnes
REACHES NEW HIGH
The Indiana employment securijy division revealed today that for the first time its unemployment insurance reserve has passed the $100,000,000 mark. Contributions from employers in the last few weeks have increased the fund total to $103,156934.98, Col. Everett L. Gardner, division director, said. At the same time, Col. Gardner pointed out that more Indiana workers than ever before are protected by job insurance. “Right now,” he said, “875,000 individuals are working in employment covered by unemployment insurance, and during the last 12 months, a total of 1,450,000 have at one time or another worked in covered employment.”
U. S. STATEMENT
WASHINGTON, May 11 (U. P.).—Government expenses and receipts for the i aval year through May 8 coma a year ago: » This Year Last Year
“truce.” Force Mines to Comply
Lewis wouid probably settle for a government guarantee of a full year of work without any other pay increases, but unless the government participated in the arrangement it would amount to little or nothing. He would have no contract with the industry unless the producers accepted the plan individually and set up individual security for it. : The coal producers have local and state associations and they send delegates to the wage conferences. They sign agreements for themselves and their associations, but they bind no one else to pay the wage scales. The United Mine Workers then enforce the scales by refusing to work for mines which do not pay them. They close mines which don’t accept the decisions of the operators and miners in their joint conferences.
Preferred Big Companies
But how would this method work in arriving at an agreement to pay for 300 days of work a year? The leading operators might sign, for their companies, but unless individual agreements with appropriate security were then obtained with the other operators, or a government fund was set up, there would be no way of holding them to a guarantee. When a mine shut down it would be violating the agreement unless it paid wages for the idle time, but
5 suppose it just stayed shut down. s| There would be no point in striking
Working bal. 12,326,266, Public debt ..136,028,845,482 Y. Gold reserve. 22,453,144,218
Debits
Takes New Job
to enforce the contract. Strikes never occur in closed mines. If pay for idle time accumulated while the mine was down, as it would, some mines would never
000 reopen. The industry would be con-
centrated in the hands of the strong companies. Some operators can afford to meet a guarantee of year-round employment if the government and the union together will promise to see that their weaker competitors stay closed. Lewis has always preferred to deal with the big companies, and here is a means by which he and Ickes could see that the coal industry was turned over to them.
GOAL CONVENTION WILL BE HELD HERE
Nationally known speakers will discuss various phases of the retail coal industry at the 13th annual Indiana Coal Merchants association two-day convention May 19 and 20 in the Hotel Severin. More than 500 Hoosier coal retailers and their wives are expected to attend the convention which will include a banquet and special entertainment, including a bridge tournament and luncheon. The speakers will include Ortho L. Scales, president of Indiana Coals, Inc.; J. Bradley Haight, special representative of the war manpower commission; George F. Burnett, Indianapolis ODT district manager, and Reuben Kaminsky, wage-hour division of the U. 8S. labor department. Walter E. Klehfoth of Richmond is president and J. S. Weber of Indianapolis executive secretary,
OIL PRICE HIKE URGED WASHINGTON, May 11 (U. P.). —The special house small business committee has recommended that a 35-cent increase in the price of crude oil be effected “at once” and that departmental jealousies over Jurisdiction and authority of petroleum supply and price questions be immediately reconciled.
Scripps-Howard
resolution under consideration by and Metallurgical Engineers.
surest methods of preventing world war III They realize that nothing can be done about building stockpiles until world war II is finished, but they think that the time to get cone gregsional action
rye market lifted wheat prices % cent a bushel at the opening.
DAILY PRICE INDEX
NEW YORK, May 11 (U. P.).— Dun & Bradstreet’s Daily weighted price index of 30 basic commodities, compiled for United Press (1930-1932 average equals 100): Yesterday SRB RIRNRINIRIRIRILIS 171.25 Week ago S000 00000RRIRRIRLLDS 171.69 Month ago SONI RINENRNRIOINRYS 170.96 Year ago LAA AA REE ER EA RRR RN) 157.60 1943 high (April 2) seeeeees 172.40 1943 low (Jan, 2) LALA LE RE RN} 166.61
Incorporations
Bankers Lane Realty Corp., 726 Indiana Pythian bldg., Indianapolis; agent, Charles E. Nourse, same address; C. Wilbur Foster, Charles E. Nourse, Frederick D.'Leete, Jr. Inland Security Co., Whiting; dissolution. L. B. Slaughter & Co., South Bend; dissolution. Ackerman Mercantile Co., Albion; dissolution. Brinkman Mfg, Inc, Indianapolis; dissolution. Home Furnishings, Inc. of Muncie, Mun. y
A A Al A A
D
cie; change of resident agent to OC. Mitchell, 1003 N. Jefferson, Muncie. Refinery Equipment, Inc., Oklahoma cororation; admitted to deal in all kinds of ron, steel, metals, oil fleld supplies and tank farm equipment. Dearmin & Co, Inc, Odon; change of Hifident agent to Russell P. Dearmin,
Lee Coner Studios, Inc. (a corporation), 824 W. 15th ave., Gary; agent, Lee Coner, 325 W. 6th ave, Gary; 100 shares having no par value; photograph business; Leon S. Coner, G. Stewart Loehr, Olof G. Hellman and Henry H. Morris. Hanson Realty Corp., Indiana change of principal office to 925 tower, 2 E. Market st., Indianapolis. Reliance Steel Corp., Ohio corporation;
Ni N N N
lis; ircle
Legislation to Insure U. S. fe Post-war Stockpiles Urged
By DAVID DIETZ
CLEVELAND, O., May 11.—Immediate passage by congress of an act providing that the first 10 years after world war II be devoted to the accumulation of stockpiles of critical raw materials is urged in a
Officers of the organization believe that it would be one of the
certified copy of amendment.
Science Editor
the American Institute of Mining
Y Yi
crop has been delayed by late freezes in Florida.
Am Rad & 8 A &
Corn Prod Curtiss-Wr A...
Douglas Aire . Bast
Int Nickel ... Int T&T Johns-Man .... 88 Kennecott Kresge 8 8 ... Kroger G & B. 31% L-O-F Glass
N Y Central . 19 Noblitt-Sparks Oh: Packard Pan Amer Airw 32% Penn RR .... 31% Phoenix Hose . Proctor & G . Pullman 35% Pure Oil Readi Real
gears, Roebuck. T1%
Wasting A White Kk ..o 1 Woolworth
their 1942 food stuff production,
‘Reduce the Size—
Reduce the Price’
WASHINGTON, May 11 (U. P.). —The office of price administration said today that a court order restraining Mars, Inc., from violating price ceilings by reducing the size of its nickel candy bars, will help OPA in holding the line against “one of the most insidious forms of inflation.” OPA, the complainant, charged that the company had reduced the weight of its candy bars without making any price reduction. Thomas I. Emerson, OPA's assistant general counsel in charge of enforcement, said that small price rises are “the very stuff of which inflation is made” and that as a result of the Mars decision, manufacturers of canned and packaged goods will not be able to raise prices by “the device” of reducing quantity.
N. Y. Stocks
et High Low Last Change S.. 10% 10% 10%2 .... TV. 167% 167%: ie adi adil 53% 33%
Ra SS p1 m Roll Mill.. mT & T....1 m Water W.. naconda ....
-Yp 153% + 56Vs . 3% Ya Vp
% "34
8% 20%
i+ +000 Fo
a. >»
ome Mines ...
FEEL +:
& FEREE
Kodak ...186
SEE
FLL 4441
ER FEE FEE SEE EEE PERSE F $EEy gress
. 363% ash-Kelv .... 11% at Biscuit .. 21% at Cash Reg . 25 at Dairy .... 10%
Li+1:
WAGON WHEAT
Up to the close of the Chicago mar! today, Indianapolis flour mills nd Fi 0. 1
elevators paid $1.51 per bushel for gouades on their merits), ce, and
red wheat (other No. 2 white oats, No. 2 red oats, * shelled ¢
60c; No, 3 yellow orn, 97 ' i bushel, and No. 3 white shelled corn, sie |
SA To
Ready for the New LAW?
You owe it to yourself to find out how Indie ana’s new Financial Responsibility Law will af fect you if you have an accident after July 1st and cannot pay for it, or prove financial responsibility. For com-
fo Oil
L1I+1:
++11:
.. 10% «ooo 18%
hh:
ase 4 Air Bke. 22% . 04% « 31% 6
16% 36
ellow Tr oung Sheet ..
vaging, needs no argument to convince him that stockpiles of rubber and tin would have been most useful at the start of world war II. The proposed 10-year program
plete details, see or telephone
GRAIN DEALERS Mutual Ageno , Ine, 1740 N.
Complete New York stock quotations are carried daily in the final edition of The Times.
would involve material having a
minimum value of $3,000,000,000, Dr. Parsons said. However, it is not certain that any such sum of
SLOAN G. M. CHIEF 20 YEARS NEW YORK, May 11 (U. P.) —Al-
COMMODITY CREDIT CORP. LOANS RISE
WASHINGTON, May 11 (U. P). —The value of Commodity Credit
fred P. Sloan Jr. yesterday observed his 20th anniversary as chief executive of General Motors Corp. Elected to the presidency May 10, 1923, Sloan has served as board chairman
net income $329,896, or 95 cents a common share vs. $322973 or 83 cents year ago. y Tampa Electric Co. pamphlet report, 1942 net profit $1,130,889 or
Our Grain Dealers Mutual Indi- | ana Automobile Policyholders | have always received dividends of at least 20% each year.
money would have to be appropriated. . “At the end of the war,” he points out, “the government will own vast quantities of raw, partly
$177 a common share vs. adjusted Jud net $1,201,420 or $1.89 in 1941. - General Baking Ceo. 13 weeks ended March 27 net profit $399,064 or 14 cents a common share vs. $344,467 or 11 cents year ago. American Stove Co. quarter ended March 31 nef profit $123,281 or 23 cents a share vs. $319.87 or 59 cents year ago. Atlantic Refining Co. and subsidiaries March quarter net profit $1333584 or 45 cents a common share vs. $1,237,035 or 41 cents year ago. Borg-Warner Corp. and subsidiaries quarter ended March 31 net
Grads 1
medi
|
LOCAL PRODUCE Heavy breed hens, 24kc; Leghorn hens, Broilers, fryers and roasters, under §
27%e. roosters, 16e. Be ro terait receipts, 54 Ibs. and up,
AE fre
Corp. loans and owned stock increased more htan 100 per cent during the 12 months ended March 31, according to the department of agriculture. The valuation at the close of March was $2,495,000,000 compared with $1,245000000 a year earlier. The department said the increase was largely in foodstuffs purchased and earmarked for lend-lease.
PURCHASING HITS PEAK NEW YORK, May 11 (U. P).— The 1942 power of the American public ran 68 per cent over the normal pre-war year of 1939, ac-
is such that legislation ' against future conflagration is more easily passed when a fire is raging than after it has been extinguished,” Dr. A. B. Parsons, secretary of the organization, says. : “Immediately after world war I, many far-seeing people, like Bernard Baruch, began urging immediate steps to provide adequate supplies of essential strategic minerals for a future war. But nothing of any consequence in the direction of stock-piling was authorized by con-
gress until June, 1840.”
bpd be
processed, and fully manufactured materials containing critical minerals that in one way or another could be converted into forms for stock-piling.” Dr. Herman F. Otte of the department of geography at Columbia university has proposed that the United States request post-war repayment of lend-lease aid in the form of raw materials, particularly those critical raw materials which we do not possess. He points out that we are using up our raw materials today at a rate never before duplicated in history and that we would make a
3
since 1937. -
eee
Bonds of the United States Government, Its Territories and Insular Possessions
Municipal and Corporate Securities Real Estate Bonds and Preferred Stocks Indianapolis Bond and Share Corp.
BUY U. 8. WAR BONDS AND STAMPS