Indianapolis Times, Indianapolis, Marion County, 18 June 1943 — Page 29
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PN AMERICAN NET INCREASES
; ats Firm Reports 1942] ! Income 15-Year Record;
Gross Also Rises.
! NEW YORK, June 18 (U. P)i—| - Pan American Airways system yesnet -income|
terday reported Teco for 1942, which .President Juan T.
.Trippe called “the most important|
period in the 15-year History of the corporation.” Net income for last year rose to $3,780,015 after taxes and -other income deductions, equal to $1.95 a common share and compared with $3,361,251, or $1.73 a sharé in 1941. World-wide. civilian and military operations of the line resulted in _ gross revenues for 1942 of $49,926,946, compared with $40,035,153 in , the preceding year. Business done under cost and cost-plus-fixed-fee contracts with the U. 8. government for construction, military and related services famounted to an additional $59,582,567. : World-wide in Scope Trippe emphasized that.on Dec. 7, 1941, the United States had in . Pan Anierican “the only air trans4port system world-wide in scope” but pointed out that “the full story
“ of Pan American’s long-distance and
overseas service . . . must wait until r after victory or when censorship is + lifted.” : However, it was noted that in addition to performance of all mili-|_ tary services, such passenger, air | mail, air express or other commercial services essential to war .or
, peace have been continued.
Trippe called attention to the fact that out of 2000 navigators trained for the services by Pan American, eight flew with Maj. Gen, James Doolittle in the attack on Tokyo and 141 have been decorated for heroism. Looks Ahead “Your system’s greatest single contribution, however, is its pioneer.ing development of international ‘air routes to many parts of the world, air routes which since the outbreak of hostilities in 1939 have been so essential to the military needs of all the united nations,” he said. Looking ahead to post-war years, Trippe declared that “if air routes . « are to be used to the maximum for furthering international commerce, air transportation cannot be merely a luxury service” but “must carry the average man for what he can afford to pay.” J The company’s balance sheet for Dec. 31, 1942, showed ‘current assets fof $22,201,837 against $13,915,046 in “1941, and current liabilities of $14,335,020 against $10, 017, 675.
# WAGON WHEAT Up to the close of the Chicago Sharks: today, Indianapolis flour mills and ran Ter -paid 3 per bushel for red w
a, tution of any Payment or any part
Amounts Paid to Be Based
PRICES SET FOR MEAT SUBSIDY
On Live Weights of
Animals.
WASHINGTON, June 18 (U. P). —Packers, Farm and Local Slaugh‘terers and Butchers will receive the
equivalent of 2 cents per pound on dressed carcasses under the subsidy payment program of the Defense Supplies Corp. Based on live weights of the animals, the following amounts will be paid all eligibles: 1. Cattle and calves—1.1 cents a pound. 2. Sheep and lambs—.95 cent. 3. Hogs and pigs—1.3 cents. Applications will be -accepted from persons or companies who slaughter under license 4000 pounds or more of livestock in a single month, = Applications should be filed with one of the corporation’s 31 regional offices. The corporation warned that it has full authority to declare. any claim invalid which does not meet all requirements of the regulations or which “wilfully violate” war food and office of price administration regulations. In such cases, it said, the corporation will*‘require resti-
thereof, ”
Morris Plan AUTO REPAIR LOANS
PHONE FOR A LOAN — Anytime, Day or Night
@® 4 out of 5 MORRIS PLAN Loans Made Without Endorsers. Borrow: on
Character, Auto or Furniture — from
completed while you wait, No credit inquiries made of friends or relatives. - Take 6 weeks fo make the first payment. FREE PARKING across the * street in Arcade Garage for auto appraisal.
Morris Plan |
Phone MArket 4455 or Come to Morris Plan 110. East Washington St.
$75 to $500 to $1,000. Many loans
BUSINESS DIRECTORY
YI Le TRE
and Service
You Save Because We Save Men's Suits & Overcoats
$ ! 6” $ $ 8” 9 l 5 94"
CASE CLOTHES
215 N. Senate Ave. Open 9 to 9
USED PIAN 0S ALL PRICES. 2s TERMS | :
BALDWIN! 4
SALEEROUM’ * Indiana’s Largest 2 Distributors ‘of Fine
USE YOUR CREDIT at
MIOSKINS CLOTHING COMPANY
"131 W. Washington St. Directly Opposite Indiana Theater
44 8S. Penn,—Open. Eves. MA-1431 SPECIAL "=. 49
| KINNEY'S
138 E. WASHINGTON ST.
‘Cleveland plant,
By Every
the limelight.
jeep.
or jeeps. These sub-contractors are certainly vital cogs in the wheels of war production yet often their role is not recégnized by: the public which does not take the pains to look behind the scenes. Recognition of this “behind the scenes” work will be given an old and large Indianapolis plant next Friday when the National Malleable & Steel Castings Co. receives the army-navy “E” pennant. The presentation will be symbolic of the company’s ‘war effort. It will ‘be made inside the plant near big hydraulic presses and drop hammers which will be stilled just before the short program starts and will resume their work immediately after the “Star-Spangled Banner” is finished.
No Direct War. Contracts
National Malleable & Steel; Castings Co. has no direct war conracts. - It has only sub-contracts from other war concerns. Yet it is wholly engaged in war work. It makes war parts used py every branch of the service. ; Tank track shoes and! bogey wheels. are .turned out at the plant, 546 N. Holmes ave. These track shoes are’'the continuous chains on which the tank runs ahd the bogey
the outside, guide the track shoe chains and hold them in place. The famed jeep’s transmission covers and army trucks’ wheel hubs are products of the company. When a soldier is on maneuvers or in battle, he may eat food in a field kitchen on a stove which has “Malleable” castings.
Four Other Branches
It manufactures castings for sheave blocks used in loading cargoes on convoys. Gun mounts, cannon parts and many other types of ordnancesare turned out. The company has four other branches in addition to the one here. They are located at Cicero and Melrose Park, Ill.; Sharon, Pa., and Cleveland. Before Pearl Harbor the Indianapolis plant devoted 80 per cent of its “production directly to the war effort. . It was converted wholly to the war effort after that with very little loss of time. And, with the it has developed a new type of high carbon graphitized steel especially useful in certain war products.
Bought in 1882
In 1934 the Indianapolis plant boasted the first Brackelsberg rotary melting furnace in the U. S. to be, used in regular production. Since then two more have been installed to relieve the bottleneck on low carbon steel produced in electric .and open-hearth furnaces. The company’s plant here originally was the “Johnson Malleable”
purchased, that part of what is rate - village called Haughville.
Streetcars went as far as White river and the rest of the trip was
|| made by wagon or horse and buggy.
At. that time there was only one hand-fired air furnace which could
mm | turn out 30 tons of molten metal.
At present there are three Bracklesberg furnaces, a Duplex furnace and an air furnace. These furnaces, not long ago, took old; streetcar rails dug up from Indianapolis streets and within 48 hours after the scrap reached the
plant had them converted into tank
"WHEEL CHAIRS Why Buy One? Rent One At HAAG’S ALL-NIGHT
DRUG STORE 22nd and Meridian
Make Woodworking Your Hobby. DELTA MOTOR DRIVEN TOOLS Exclusively at VONNEGUT’S -120 E. Washington St. Co
Use
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NO INTEREST OR CARRYING CHARGE
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To Fill Those Vacancies
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wheels; with vulcanized rubber on,
works and in 1882, when it was |?
now Indianapolis was then a sepa- |
Still going strong in this Brackelsberg rotary melting furnace at the National Malleable & Steel Castings Co. plant here, first such furnace used in regular production in the U. S. It was installed in 1934.
Foimdry's Products Used
Service Branch
By ROGER BUDROW Usually it is the manufacturer of the finished product who gets in The public is familiar with Marmon-Herringtori tanks and armored vehicles and certainly has heard about Willys-Overland’s
But backing up these manufacturers are other manufacturers— | sub-contractors—who make many of the parts that go into these tanks
and truck parts. This scrap was badly needed at that time because production in the foundries was about to be curtailed due -to the serap shortage. The plant is a veteran at turning out the implements of war, and in using women to do the work of men who leave to fight battles. In
casting—still plenty hot.
the first world war women served| §
as timekeepers and weight clerks, while a few worked as molders.
Women rammed the sand in the]:
molds and operated machines. In this war, being more mechanized than the last ones, heavier armaments are used, meaning heavier castings are needed. This is scived by using more conveyor and mechanical equipment. And again women are employed in increasing numbers and the company is highly pleased with their work. The committee in charge of Friday's “E” ceremonies consists of A. L, McColloum, Frank Barnard, Arnold Von Burg, John Koehl, Harry Sterns, chairman, and Sim Woodall, Minnie Otto, Edna Johnson, Oliver Hendrix, William Morrow,
| Horace Baugh, Beverly Lee, Tollie
Agee, Rosa Ivancic, Mary Jane Hare, Gladys Fisher and Hester Hiii.
GRAINS ARE STEADY ON BOARD OF TRADE
CHICAGO, June 18, (U. P.)— Grain futures developed about steady to firm on the Board of
Trade today after a quite opening. At the end of the first hour, wheat was off % to up 3% cent a bushel; corn unchanged at OPA limits, oats up % to %, and rye unchanged to up %. Wheat opened dull and easier but firmed under buying of July contracts in fairquality.
N. Y. Stocks
High Last Change Allegh Corp ... 24 2 -.... Allis-Chal . 38% -— Ya Am Tob B .... 60 , / Ya Am Water W . ‘ /s . Anaconda Armour III .... Am Can Am Loco .... Am Rad & S s 11% Am Roll Mill .. Atchison Atl Refining .. Balt & Ohio .. Beth Steel .... Borden Borg-Warner. . Bdgpt Brass .. Ches & Ohio .. Chrysler 9a Comwlth & So 15- 16 Cons Edison . 20Ys Cons Vultee Air 177 Corn Prod .... 56% Dome Mines ... Douglas Airc .. East Kodak ... Elec Auto-L ..
Goodrich Goodyear d Rayon ... Int Harvester . Int Nickel LT &T ... Johns-Man -...; Kennecott
Nat Dairy N Y Central .. Noblitt-Sparks . il 183
HLL HEH] + A
ChE Ei A
Lea 3 Sears {orgy . Servel Inc -.. Shell Un Oil .. Std Brands ... Std G & BE .. Studebaker .... Swiit Intl Texas Co Un A Lines :
u 3 8 1nd 1nd ‘Alco Alcohol 303
West Union . Westing El ... Woolworth .... Yellow Tr ....1 Young Sheet .
40% 16% 35% Complete New York stock quotations are carried daily in the final edition of The Times.
After cooling; the sand molds are dumped on this shaker where the molds crumble away, texvitiy the
The molien metal, white-hot, is poured into hand ladles and then poured-.into the sand molds where is cools to the shape desired.
ACCOUNTANTS HOLD INCOME TAX CLINIC
Some five hundred businessmen and women and representatives of accounting departments heard various phases of thé federal withholding tax explained at a clinic held under the sponsorship “of the Indianapolis Chamber of .Commerce yesterday at the Indianapolis Athletic club. James L. Rose, manager of Ernst & Ernst and president of the Indiana Association of Certified Public Accountants, conducted the clinic. A question and answer period was led by Troy G. Thurstno, George S. Olive & Co.; Harry Boggs, Herdrich & Boggs; Charles Murray, Peat, Marwick, Mitchell & Co.; Joseph Calderon, M. S. Cassen & Co.; Norvel M. Stiers, Stiers & Stiers, and Harold J. McAlpin, Ernst & Ernst.
PASSENGER TRAFFIC UP
NEW YORK, June 18 (U. P.).— National passenger traffic on the country’s railroads in the March quarter this year was 264 per cent above 1939 and the summer months
‘15|just ahead “will undoubtedly test s | still further” the carriers’ passenger-
carrying capacity, President F. E.
ih Williamson of the New York Censi tral system said yesterday. 1
CONSTRUCTION DECLINES NEW YORK, June 18 (U. PJ).
: : — Civil engineering construction T4.1s |awards during the past week de- _ |clined 37 per cent from the previous | Week and 72 per cent from the year-
ago period, Engineering NewsRecord reported yesterday.
Auto Industry Doubles Output
DETROIT, June ‘18 (U, P.).— The automotive industry disclosed today that it has doubled its war: production within.12 months, an output twice its peak civilian level. Alvan Macauley, president of the Automotive Council for War Production, told the group's annual meeting that ‘overconfidence and its - bys<products” are the greatest dangers confronting the country today. The industry, turning out war materials at the rate of $1,000,000 every hour, now employs 1,250,000 men and women workers in a thousand plants throughout the country.
TRANSPORT GROUP T0 MEET TUESDAY
The 69th regular meeting of the Ohio Valley Transportation Advis-
{ory board Tuesday in the Hotel
Lincoln will be devoted to a discussion of the continuation of the “swift and efficient” transportation of the commodities necessary in the prosecution of the war. The principal address: will be delivered at the luncheon by Col. Robert S. Henry, assistant to the president of the Association of American Railroads. C. C. Hibbard, traffic manager of Kingan. & Co., is general chairman uf the arrangements committee, and H. A. Hollopeter, traffic manager of the Indiana Chamber of Commerce, is vice chairman of the executive
committee of the board.
released today in the current issue To anxious mothers and wives find jobs for all the boys when they who has just resumed the active presidency of his company, offers the comforting assurance that “un-
: less we are much more foolish than I think we are, this country will .|find a way to swing back into pros{ductive employment after the war
without much of a break.”
‘Machine Age Just Beginning’ The faith in the future of Ameri-
“y [can industry, Mr. Ford explains, is founded on the credo that
“the more people employed at fair wages, the larger the market for the products of industry,” and on his belief that the machine age is
%4ljust beginning. He feels that the
machine has been a great civilizing force. “Machines save our energy and time. They have lightened men’s burdens and have brought more economic equality between men than ever existed.” But more machines don’t mean a
fworld of unemployment and loafing. | Although .Mr,. Ford
acknowledges [that work never has been popular,
8 ays, “You can bank on this— 11 ) Work.
{already have.
|Henry Ford, Nearing 80, Still Looks to the Future
Times Special NEW YORK, June 18.—Proper handling of post-war affairs will 2 lead to almost full employment in peacetime, Henry Ford, who will celebrate his 80th birthday July 39,
said in one of his rare interviews. of the Woman’s Home Companion. who ‘wonder how we are going to come back from the war, Mr. Ford,
4nd more kinds of work will be developed. There will be. new inventions.” But; Mr. Ford maintans, “we are way behind in the task of completing and refining the inventions we “ Nothing invented in the last 50 years has yet attained its final form or been made as easily obtainable as it should be.” Along with the predicted upsurge of post-war ‘industry, Mr. Ford hopes to see the process of industrial decentralization get under way. “There is little reason any more,” he maintains, “for industries to be crowded in cities. They might just as well be moved out into the country. . “With the exception of a few heavy industries, the average industrial employee can just as well have
a country home with a city wage.|=x
And I know of no better environment for any family than a modern American village. “A man who has one foot in ti
tats fr
HOG PRICES SAG 10 T0 20 CENTS
Porkers Weighing 200-210 Lbs. Bring $13.90 Top; 12,100 Received.
Prices on hogs welghing 160 pounds and up dropped 10 to 20
cents at the Indianapolis stockyards today, the food distribution administration reported. The top for 200-210-pound porkers dipped to $13.90. Receipts included 12,100 hogs, 200 cattle, 475 calves and 450 sheep,
HOGS (12,100) . 140 pounds 160 pounds 180 pounds 200 pounds 220 pounds 240 pounds 270 pounds 300 pounds ... 330 pounds ...ieccs0uee 330- 360 pounds s..ececsenss 13. 0@1 3. 5 Medium— 160- 220 pounds
Packing Sows
Good to choice— 270- 300 pounds 300- 330 pounds 13.20@13. 300- 360 pounds eesnnses [email protected] 360- 440 pounds [email protected] Good— : 400- 450 pounds [email protected] 450~ 500 pounds ..sseseees [email protected] Medium— 250- 550 pounds Slaughter Pigs Medium and Good— ' 90- 120 pounds
CATTLE (200) Steers
[email protected] 12.75@ 13.65
[email protected] [email protected]
Choice— 700- 900 pounds 900-1100 pounds 1100-1300 pounds 1300-1500 pounds Go — 700- 900 pounds 900-1100 pounds 1100-1300 pounds 1300-1500 pounds Medium— 700-1100 pounds 1100-1300 pounds Common— 700-1100 pounds
«vs [email protected] ..+ [email protected] ++ [email protected] [email protected]
[email protected] [email protected] . [email protected] Helfers
Choice— 600- 800 pounds 15.26@ 16.00 800-1000 pounds ..... Esseids [email protected]
Good— 600- 800 pounds [email protected] [email protected]
800-1000 pounds 13,00@ 14,50
Medium— 500- 900 pounds [email protected]
Common— 800- 900 pounds
Cows (all weights)
Cutter and common Canner
Bulls (all weights) (Yearlings Excluded)
cians vrenreaseaensesees -13.50014:95 [email protected]
+ [email protected] [email protected]
Beef— Good
Sausage— Soe “an weights)
CALVES (475) Vealers (all weights) Good to choice 14, Hels: 00 Common and medium 11.50@ 14.00 Cull (75 lbs. up) [email protected]
Feeder and Stocker Cattle and Calves Steers
Choice— 500- 800 pounds [email protected] 800-1050 pounds ..... sesnese [email protected] Good— 500- 800 pounds [email protected] 800-1050 pounds [email protected] «+ [email protected]
Medium— 500-1000 pounds ..c.oaseses [email protected]
Common— 500- 900 pounds Calves (steers) Good and Choice— 500 pounds down Medium— 500 pounds down Calves (heilers) Good and Choice— 1 500 pounds down [email protected] Medium —
500 pounds down 12.75@ 14.50 SHEEP AND LAMBS Ewes (shorn) Good. and choice Comamon and choice Spring Lambs Good and choice Medium and good
[email protected] [email protected]
Lambs (Shorm) Good and choice Medium and good Common
[email protected] 13 wg1s0 [email protected]
DAILY PRICE INDEX
Dun & Bradstreet’s daily weighted price index of 30 basic commodities, compiled for United Press (1930-32 average equals 100): Yesterday . cesses 170.08 Week 820 ....ce0sseessiss ens 17091 Month ag0 ...... ees. 0000: 171.36 Year ago cedseene 15498 1943 high (April 2). 172.40 1943 low (Jan. 2)
LOCAL PRODUCE 3 ee. breed hens, 24}2c: Leghorn hens, 27c.
Ibs., ia roosters, 16c.
fryers and roasters, under §
34c. Graded A medium, grade, i Be No, 1, S0c. Butterfat—No. 1 40c; No. 2, 46¢,
U.S. STATEMENT
rade A large, 38¢c; grade
~ |RE-NEGOT
5 fails.
NEW YORK, June 18 (U. P.).—|
Eggs—Current receipts, 54 lbs. And -up, Es
6c; grade A small, 6c; noi .
ACTIS ASSALED
Designer Charges That | Was ‘Skinned’ in Navy z
Contract.
WASHINGTON, June 18 «0. Fee —John B. Hawley, hydraulic’ mas chinery designer, complained to the house naval affairs committee ye terday that he had been “skinned® under the renegotiation act, ale though his firm’s profits in ‘1043 amounted to 188 per cent on orig= inal investment. Hawley, whose salary zoomed from $21,000 in 1937 to $448,000" 1941, and then slipped ‘to $60,000-3n 1042, told the committee he gob “Nazi justice” out of the navy price adjustment board. He. described Board Chairman Kenneth RB Rockey as “my personal dictator.” Hawley sald he had been “ree negotiated out” of $16,000,000 of his 1942 earnings by the board. - Re Patrick H. Drewry (D. Va.) pointed ’ out he could file suit, but Hawley snorted:
“Can You Beat the Naw?” :
“Who ever fought the United States navy and won?” Hawley’s two firms — Northém | Pump Co. and Northern Co., both Minnesota corporationé— sold the navy $68,000,000 worth: ‘of
cluding a “great preponderance all navy gun mounts,” Hawley Most of it, he added, was equipment “which we build cheaper and bite ter than anybody else.” ; He complained that the 2 phe cent profit left him after renégoe tiation was “not sufficient incentive™
for post-war conversion to pease time production. Responsible for Lives
“So I build for $10,000 the bast steering gear pump for battleships ; available. That's pretty importait —when the Bismarck’s pump was wrecked she became easy prey for destroyers. I spent three years and a million dollars to develop tha, pump. % “The navy adjusts my profitsits $1000. Then state and nadonsl taxes take $830 out of that $1000.
ne a -
‘gs | have taken the responsibility i
controlling the forward and: backs ward motion of a battleship—re= sponsibility for the lives of the 3000 men aboard her; I've guaranteed the pump for two years, and I faee a complete loss of reputation if .it I've done all this for $170. “Do I believe in re-negotiation? No! “And when the war is ended, m have 10,000 men looking at me for Jobs in the next depression, and ho way to take care of them. How am I going to take care of these men, and re-convert on 2 per cent profit?®
SYLVANIA ELECTRIC BUYS WIRE PLANT
NEW YORK, June 18 (U. Piss Sylvania Electric Products, Incy has announced purchase of the manufacturing facilities, including plant and machinery, formerly ope erated by Electro Metals, Inc. Cleveland, O. wn Electro Metals has been a largh manufacturer of lead-in wires for use in radio tubes, incandescent and fluorescent lamps.
LOCAL ISSUES | HER 3
Agents 5 gent
Belt R Stk yas 3% pH.. Bobbs-Merrill ¢ . Bobbs-Merrill 9% pid’ . Circle Theater com
1 Home T&T Ft Wayne 79% pid. 51% Ind Asso Tel 5% Dp: % ? 29 *Ind & Mich 7% od Ind Hydro Elec 7% Ind Gen Serv 6% *Indpls P & L Slash Indpls P & L ¢ ag Dis Rlways ‘Ine com 1s Water p . nap s Water dass A Som ‘as rie A Loan Co 5% p Lincoln Nat Life Ins co! N Ind Pub Serv 5%% on N Ind Pub Serv 6% y Ind Pub Serv 3% pfd P R Mallory co Progress Laundry com Pub Serv of Ind 5% pra: Pub Serv of Ind So’ na a & E 4.8 pd . Stokely Bros pr pfc .. United Tel Co’ C Co 8% . Union. Title com Van Camp Milk pfd Van Camp Milk com ... Bonds Algers Wins'w W RR 4%%... American Loan 5s 51 American Loan 5s 46 Cent Newspa aber 4s 43-81
Ch of Com Co 4%s B81... Citizens Ind is < A 8...
.. sete
Indpls Water Co 3%s 66 Kokomo Water Works 5s 3. Kuhner Packing Co 4%s "” Morris 5810 Stores 5s 50 .
Trac Tem Corp 6s 57 C. 8. Machine Corp. 5s 53.. *Ex-dividend.
Xo
FREE!
| WASHINGTON, June 18 (U. P.).—Government expenses and receipts for the current fiscal year through June 16 compared with a year ago:
pam: EXTE
hydraulic machinery in 1943, ih=
to keep going and did not providé
of