Indianapolis Times, Indianapolis, Marion County, 16 July 1943 — Page 8

Ly JULY 16, 1943

NEW SYNDICATE PETITION FILED

Pennsylvania Certificates Holder Charges Firm Is Insolvent.

| PHILADELPHIA, —A petition was filed in U, trict here yesterday 'appointment of a receiver for the Pennsylvania assets of Investors | Syndicate, Inc, one of the largest investment trusts in the country, | Joseph B. Seitchik, Melrose Park, Pa., charged in the petition thak the syndicate was “insolvent” and that most of its legitimate invest"ments were in losing ventures, Its only profits were derived, he said, from lapsed purchase contracts.” The securities and exchange com= mission filed a civil action July 3 in Minneapolis against the syndicate, two of its affiliates and 38 officers, charging them with fraud [and misrepresentation in the sale of investment certificates. The federal court on Monday, however, denied the commission's petition for a temporary order re= straining the syndicate from alleged ‘gross misconduct and abuse of trust and fraudulent practices.”

Asks é°r Receiver

PAGE 8

BUSINESS

Curtiss-Wright Not Only Aircraft | Concern Slapped by Truman Report

THE INDIANAPOLIS TIME

New Soo Lock Now Doing Business Takes New Job

SMALLER CORN | CROP PREDICTED

Purdue Says 1943 Output! 849% of Last Year's Production.

Notwithstanding an estimated corn acreage increase of 9 per ceni above the acreage of last year, as of July 1, Purdue university statisticians, in co-operation with the | U. S. bureau of agricultural economics, today indicated that the | production of 182,944,000 bushels, or 42 bushels per acre on 4,357,000 acres lis only 84 per cent of last year's | erop. The acreages of all Indiana crops | for harvest this year were estimated 3 § fon July 1 as totaling 3 per cent more | oe 4 than last year. An increase of 4! | per cent in soybean acreage for all purposes establishes an all time | record for such crop of 1,800,000] acres. Oats acreage is 1 per cent larger, potatoes 6 per cent, and tame hay 1 per cent. In spite of the fact that only 79 per cent of the corn and 38 per cent of the soybeans had been planted by June 11, the high temperatures of | June hastened growth so that the condition of corn and soybean crops is moderately below average. The| good growing weather I | provement in crops already seed so that indicated yields of geled oats and hay are above earlier expectations.

\ \ L

——— 0 OGTR RGOROVY

THE TRUMAN REPORT CONTAINED BLASTS at! several war manufacturing practices in addition to the lengthy one given Curtiss-Wright but the news of the latter pushes the others into the background apparently. For example, it revealed that Henry Kaiser's steel mill in California and two new ones built out west by CarnegieIllinois had to take a back seat to break an aluminum bottleneck. The bottleneck chiefly is in extruded aluminum, like, that turned out by the big Lafayette plant of the Aluminum!

Co. of America. We needed more extruded num capacity so the rolling mill machinery destined for the new steel plate mills was delayed and presses furnished the 21H plants inste That has HR steel plate production. The Truman report also revealed that at Lockheed's aircraft plants’ some of the fore-) men and supervi-

i: July 16 (U. P.)., S. disse

court asking

alunyi- —

PORKER PRICES ARE UNCHANGED

Weighing 200-210 Bring $14.10 Top; 8600 Received.

The hog market was unchanged sors made less money than men at the Indianapolis stockyards toworking under them, even though Jay. the food distribution administhey had move responsibility and tration reported. The top for 200should have been paid more. The 210 pound porkers held at $14.10. wage freeze was blamed for Receipts included 8600 hogs, 325 mess. cattle, 375 calves and 675 sheep.

x iin

n HOGS (R600)

pounds ) pounds pounds 180- pounds 200- pounds 220- pounds 240- pounds 270- pounds 300- 330 pounds pounds

John A. Bruhn

John A. Bruhn, former district agent of the Indianapolis Life Insurance Co, has heen appointed general agent in Indianapolis and vicinity for the Continental Assurance Co, it was announced by W. E. White, vice president and director of agencies. Mr. Bruhn at one time was associated with the Indianapolis Water Co. and is an ex-president of the Indianapolis Chamber of Commerce,

AIRLINES OFFER POST-WAR PLAN

The 16.5 bushels per acre of winter Clark Asks No Foreign Air wheat now indicated forecasts Pacts Without Senate

16.368.000 bushels, or 119 per cent of last year's crop. though only 56 i . Committee's 0. K. July 16 (U, P.) =

per cent of the 1932-41 average. (D. Mo),

Streamers waving gaily, the Pr Carl D. Bradley “christens” the new S14,000000 Soo lock at Sault Ste. Marie, Mich, the first ship to pass through. Jean Hearns, daughter of the project engineer, officially christened the new lock, a 13.month job.

LA PORTE HITS 'Dang It All, I'm Quitting, UTILITY SALE Says Veteran Cattle Man

G. Jones . steers in the Charge Northern Indiana Rate Higher Than That Of Other Firm. 13.956 14.05 . 13.856@ 13.95)

. 13.95@)3.83] PHILADELPHIA. July + Bae 3 Officials of Northern Indiana 1235 18.35 | Public Service Co., which seeks to

purchase facilities of the La Porte

Hogs Lbs.

Mr. Seitchik, owner of a cers tificate with a face value of $2500, said that between December, 1936, and March, 1939, the syndicate lost $2438,102 from investments, bus made profits of $4,708,242 on lapsed contracts, surrenders and new busi ness, He asked for a temporary receiver to take charge of all assets of the syndicate in the state pending a final decision on a motion for a complete liquidation. He also ree quested the court to issue a decree

P.) —Faney cattle finsher Strother “sweetly finished’

CHICAGO, July 16 (U poked the round, smooth rumps of his Chicago stockvards today and said: “My business is a war casualty.” Jones, who feeds 2000 head of prime beef a farm near Buffalo. Ill. in the heart of the cornbelt, faced, with gleaming blue eves, He said he was marketing his last fat steers for the duration and that would mean those fancy, blueribbon porterhouse steaks are off civilian and military platters for the duration.

that

Seattle, shipyards [email protected] 13.00@ 14.00} Lo. 1L00@ 1405) . 1405@ 14.10] 1405 14.10

his Melrose | ruddy -

vear on is stockv,

120- 1 140160-

IN BRIEF—

16 (U. P.).

The indicated vield of 33.5 bushels of oats per acre, or a total produc- | tion of 48,642,000, is 123 per cent of

WASHINGTON, Senator Bennett C, Clark

The American Credit Indemnity

2.85

pH [email protected]

[email protected]%

1500@i8.%0 15.00@ 16.23 15.25 16.50 [email protected]¢

[email protected]

1300514.00 13.00@ 14.00 |

Cholce— 600- $00 pounds §00-1000 pounds

1$.55@13% 1L93a@ls

13 795@ 14.75

ood — 600- 300 pound: 13.75@ 14.55%

800-1000 pounds . edium— 500- 900 pounds ww 12 Commoen--300- 200 pounds

ine 30G13.78

[email protected]

13.00]

Gas and Electric Co. differed today legal representatives of the city of La Porte, Ind. on whether 5| the purchase would be in the publie interest, Dean Mitchell, president of Northern Indiana, admitted late yesterday in the opening session of a hearing before the securities and exchange commission that his company’s electric rates for the first 40 kilowatt hours were higher than those charged by the La Porte Gas

[email protected] | land Electric Co.

[email protected] [email protected]]

Northern Indiana seeks to pur- | chase both electric and gas utili[ties plants at La Porte,

Expect to Adopt Rates

Reports of the federal power com‘mission introduced at the hearing 2 showed that Northern Indiana electric rates were higher for the first 100 and 250 kilowatt hours than those charged by La Porte. Mitchell. however, said Northern Indiana rates for the first 36 hours

“Every steer on feed now is losing money,” he said. "We feeders are quitting—and I'm speaking for central Illinois men who market 60000 head of fancy beef cattle yvearlv—we aren't buying a single replacement steer. Range men will be left with the plains full of cattle if some solution isn’t found.”

“It's Those Prices” For 30 vears Jones has been buving grass-fattened cattle off the southwestern ranges and the Kanflint hills, feeding corn for at least six months and in “good years

Sas

‘making a profit when he sold the

fat steers as fancy meat at premium prices, The steers put on a 200pound gain per head every 100 days. "Dang it all. corn-fed beef Iz tastier and more tender.” he said. “You just trv to get some extra special beef when we feeders go out

i »

» this week. Rivers Peterson of In-

that lo-

Co. of New York announces its new Indianapolis office is cated at 15 E. Washington st. ”

The treasury has disclosed that 795,000 bushels of Canadian wheat, the entire import quota for the year beginning May 29, had been imported by July 3.

” » ”

Carl A. Miller, Kendallville, Ind, was re-elected for his seecond term as a director of the National Retail Hardware association, which met in Indianapolis

dianapolis was re-elected managing director, » » » The installation of generators and transformers for the use of the new Brazilian aluminum industry has been started in the state of Minas Geraes by the International General Electric Co. This state holds an estimated 120.000.000 tons of the

the average and 91 per cent of last year’s figure. The indicated production of barlev is 1620000 bushels and of rye is 1.690.000 bushels. The production of tame hay is forecast at 2,564,000 tons, which is 109 per cent of average though only 91 per cent of last year.

000 acres is only 90 per cent of last year. The clover and timothy acreage of 929.000 is 111 per cent of last year, Potato Output Down Stocks of grain on Indiana farms

include 60,338,000 bushels of corn,

which is 16,000,000 more than last vear; 1,248,000 bushels of old wheat on hand, which is only 51 per cent of last vear in spite of feed wheat purchases in excess of 4.000.000 bushels, and 7480000 bushels of oats, which is about the same as last year. Farm holdings of soybeans are 2232000 bushels, The expected potato production

Alfalfa hay . suffered winter Killing and the 514 -

said today that he had asked Sec-! retary of State Cordell Hull to make no commitments with other nations on post-war commercial aviation without first submitting them to his

senate aviation subcommittee, Clark said he also pledged |subcommittee’s co-operation

the

restraining the syndicate from paye ing out any monies are assets to subscribers in the state until a final decision is handed down. Mr. Seitchik estimated Pennsyvle vania assets of the syndicate at more than $2,000,000, which, he said, should be liquidated promptly and

with | the proceeds of the sale distributed

the state department in working out to shareholders or Subscribers Ss

| post-war aviation policy in a conference with Hull He expressed support of private {operation of the international air-

lines under government control and |

opposed government operation, Urge “No Monopoly”

These disclosures were made coin- | cident with the announcement of a| five-point program yesterday by 16

domestic airlines calling for: 1. No monopolistic operations international aviation, 2. Right of private enterprise and | no governmental operation,

Truman found the paid so much higher wages than Boeing Aircraft paid its workers that after training employees, Boeing would lose them to the shipyards. Other waste of manpower and money (this was not confined to! 3s. any one plant in particular) was in Nee. oD pot hd hiring workers before new plants Packing Sews were ready. “Huge numbers were Ga er hired before there was anything for, 3oe- 330 pounds them to do.” 3: 0 bounds The committee found that work-)zeed— er morale was best in plants turn-| 308-338 pongs ing out planes with good fighting Medium... records. In this connection there 290-355 Po shit Pies may be a challenge to Allison de- | Medium and Good— signers here as they see the 90-120 Pow in i, Rolls-Royce engine, a liquid-cooled, NT Steets competitor of the Allison, being Ce oo pounds substituted for the Allison in the gs. 1100 pounds Mustang P-31 (or A-36) which is 1100-1368 pounds gathering glory over Sicily. Jood~— Automobile manufacturers con-; . He Poa: stantly point out that they are; ;jpe-1300 pounds using auto methods in turning out) 1308. 10 pounds airplanes, trying to show up the 100.1100 peunds “youngster manufacturers” in the 1100-130 pounds airplane business, who like to claim 700-1100 pounds atte HH they've shown Detroit a thing or two themselves. The Truman report says Ford made a mistake in trving to adapt his auto production ] to aircraft manufacturing: it was a “mistake” if you look at it from the point of production right at the beginning but not one in the long-haul production race, Truman concluded. = ~ = LUNCH PAILS FOR business executives and fine cafeterias for war workers. War certainly turns things inside out, doesn’t it? Quite a few businessmen bring lunch pails to their downtown offices now because the lunch-hour jam in the restaurants is teo much to cope with at times. On the other hand, some war plants have cafeterias that net only serve mighty good lunches, but at prices | that are lower than you would expect.

= = 2 ODDS AND ENDS: Citizens Gas & Coke utility is plugging a “homemade” method of dehydrating fruits and vegetables (in a gas stove, of course). National Association of Real Estate Boards says a survey shows that 40 per cent of the war workers intend to leave the cities where thevre working after the war, An old Wall Street adage is that when copper shares start going up. then the end of rise in stock prices is temporarily over: yesterday copper stocks went up.

Cholce

Cows al} weighty)

25@12 50 Were lower than those of La Porte. Rai Biand that his company’s gas rates o0@ 8.25 Were “substantially lower” than La | Porte’s. He said Northern Indiana expects [email protected] to adopt the La Porte rates after 5413.50 | confirmation of the transaction and, are +3/in addition, to file the Northern Indiana rates as optional, giving custo-

mers the choice of whichever was

Good 1 Medium 1 Cutter and common

Canner . oan Bulls (all weights) (Yearlings Exeluded) Beel Good .. Sausage— Good all Medium Cutter and common CALVES 333) Vealers (all weights) Good to choice 3.3 Common and medium Cull (73 ibs. up) Feeder and Stocker Cattle an teers

weight?) 2 0.50 ®

“Not in Public Interest”

Soa 4.58 Purchase of the utilities would be 3125@14 05 financed by issuance of $800,000 Cite dike it B first mortgage bonds and 12.50@ 15.25 $600,000 in serial notes due in 10] {years or less, Mitchell said. In- > terest rates, he said, would not ex9.25@1150 | ceed 3's per cent for the bonds and 2%: per cent for the notes. A. L. Roule, La Porte city attor12.304 13.50 ney, testified that the sale of the La Porte facilities would not be in 3.504 1450 the public interest. Roule told the 1 75% 13 50 commission that the sale would re-

500- 800 pounds 800-1050 pounds Good—

500- 800 pounds 800-1050 pounds Medium-— 500-1000 pounds Common 500- 900 pounds Calves Good and Choice— 300 pounds down .... Medium — 500 pounds down . Calves (heifers) Good and Choice— 500 pounds down Medium 3 pounds down

11L.50@12.%

(steers) 13.95@1500!

of the market “It’s those dang. dang price ceilings on beef and corn that are liquidating the fancy feeding in-! austry. The government is just softening us up for the importation of Argentine beef,

150.000.000 tons of bauxite known to exist in Brazil's 81 deposits, » » nn Pont has developed a predope fabric and “high-solveney" | lacquer that makes possible “doping” of airplane fabric in 20 to 30 “Ceiling Rise Imperative” per cent less time. The process, “That 40-cent tise in the corn Which is used on certain plane sur(ceiling price after the beef ceiling faces, is essential to produce air--'had been fixed made it imposisble {tight tautness and for protection for us feeders to have any margin 28ainst rot and mildew. of profit on fancy beef. We ex-| : 2. 1 pected to have a chance now to] The U. §. Rubber Co. has anrecuperate financially from the a nounced the successful comple- | years, tion of a year’s comprehensive | “The OPA is creating an artificial] test of heavy duty synthetic rubshortage of beef and corn when | ber tires in which the mileage | both are plentiful. Why, I went to| per tire ran as high as 37,000 Washington recently to ask OPA to! miles. raise ceilings on better grades of! » beef and the economists said they A potential demand for 12.000.000 didn’t want cattle ‘fed’ and had no automotive vehicles by 1944, and sympathy for cattlemen who paid housing requirements ranging up to over $12 a hundred for replacement 1.500.000 units a vear for a 10-vear

| Hook Drug Co com

{Ind Gen Serv 67 [Indpls P & L 8%;

| Indpls Railways com Coty | Indpls Water pf .

Common

SHEEP AND LAMBS (813) Ewes (shorn) Good and choice i §%@ 700 Common and choice .. ¢50@ 60 Spring Lambs Good and choice . [email protected] Medium and goed .... .. 1200413.50 . [email protected] 1

been supplied

§ East Market Street Henry Holt, Partner

sult in higher rates for La Porte consumers, He charged that the La Porte Gas & Electric Co. had been “non-co-operative in attempts by the La Porte city council to purchase the

cattle. “They're just making us orphans of the storm. I told them a price ceiling rise was imperative because of the increase in production costs and the competition from the packers who buy the same grade of cat-

period. were anticipated today in a post-war survey by the United States Steel Corp.

GRAIN FUTURES DROP

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ried daily in the final edition of The Times.

We Buy Usable Wire Garment Hangers at 10¢ pet § bundle of 10.

American Brake Shoe Co. June quarter net income $685,000 or T2 cents common share vs. $647(885 or 68 cents year ago.

[te we buv.”

ON BOARD OF TRADE

CHICAGO, July 18 (U.P.).—Rve' [eontinued to lead the recession in grain futures on the Board of Trade | today. At the end of the first hour rye was off 1 to 13% cents a bushel: wheat off {4 to 3%, and oats off 15 to ls. In the July options rve was off 1% cents a bushel from $1.08, wheat off % from $1.44%. and oRtS; off 's from Tle. Wheat traders turned cautious! pending developments on ceilings |and subsidies affecting wheat and!

| Eisentrower Got His Grease Fast

PHILADELPHIA, July 16 (U. P.) —Ofiicials of the Standard Oil Co. of New Jersey revealed today how two of its plants smashed their production records to deliver nearly 250000 pounds of a military grease urgently requested from North Africa by Gen. Dwight D. Eisenhower, Its composition and application a military secret, the grease was manufactured in Standard's Baltimore and Pittsburgh plants in 96 hours despite delaved deliv eries of ingredients and equipment failures due to high speed operation, The grease, which according t) a recent message from Eisenhower “has been received and is doing a satisfactory job,” was whipped to embarkation ports by army trucks, express cars attached to crack passenger trains and as the deadline approached, by army bombers.

U. S. STATEMENT |

WASHINGTON. July 18 (U. P.).—Government expenses and receipts for the current fiseal year through July 14 compared with a year ago: This Year Last Year 3,143,913,819 § 2.332 563,532 2 814, 279.630 ,922,6157190 035, 388,173,311 1.944 202.770 2,204.017,248

Expenses $ War spending Receipts Net deficit | Cash balance | Working bal. Public debt | Gold reserve

10,005,117,788 144,.382,740,558 22,361 565,738

78,234,401 836 22,741,962,836

| INDIANAPOLIS CLEARING HOUSE

| Clearings 8 4,715,000 Debits C16, £88.00

WHO KEEPS YOUR Wome Mortgage?

Can you talk to the lender? Does he know your previous record? Is he cooperative —is your loan made from the borrower's viewint? You can be sure of condnuing, riendly service when you buy—or refinance ~your home with an Atkins mortgage. Come in for helpful advice.

LITKIN

SAVING € LOAN ASSOCIATION

| flour prices. $0c;

1,441 550,562 |

of 5.100.000 bushels is 79 per cent 3. A governmental program de- | of last year and 93 per cent of the veloping and fostering aviation. | 1932 41 average. 4, Right of peaceful commercial | lair transit over all nations, | 5. Prompt establishment of air [line outlets, Clark's conference with Hull came | while another senate subcommittee was making it plain that no international agreements were to be ‘made by the state department if they, were in any sense a “treaty” 101 and therefore subject to ratificaly : . tion. The foreign relations subcommittee is cbnferring with Assistant | Secretary of State Dean Acheson on {the proposed plan for an interna[tional war relief and rehabilitation agency,

Question of Definition

Clark said his subcommittee still had an open mind on whether the United States should adopt a ‘‘free141, doms- of - the-air” or ‘“sovereignty-of-1021, the-air” policy and monopolistic international planes. believes the policy from complete

LOC AL ISSU ES

Nominal quotations furnished bv Indian apolis securities dealers. Bid Asked Agents Fin Corp com ... Ta Agents Fin Corp pfd Belt R Stk Yds com Belt R Stk Yds 6% pfd Bobbs-Merrill com Ledee Bobbs-Merrill 414%, pfd Circle Theater com | Comwlith Loan 5% pid ........ ¢ | Delta Elec com

"oss a Home T&T Ft Wavne 7%% pid | Ind & Mich Elec 7% pfd .....11 “Ind Asso Tel 5% ofd . {Ind Hydro Elec 7%

104 5

1081; 19% 18

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{ Indpls Water Clase A com ‘es { Lincoln Loan Co 5's pfd . Lincoln Nat Life Ins com .... N Ind Pub Serv 5'acp pfd N Ind Pub Serv 67, N Ind Pub Serv 77 pfd P R Mallory com Progress Laundry com . ‘ Pub Serv of Ind 5% pf........ 99"; Pub Serv of Ind com seen 17% *So Ind G & FE 48 pid 091, Stokely Bros pr pfe 18%, United Tel Co 5% Union Title com Van Camp Milk pfd Van Camp Milk com . 12 14 Bonds Algers Wins'w W RR ih “is American Loan 5s 51 | ‘e American Loan 5: 48 Cent Newspaper 4138 42.51 | Ch of Com Blda Co 4'55 51 ... Citizens Ind Tel 4'2s 61 .... | ons! Fin 5s 60 nd Asso Tel Co 3'ac 70 .. | Indpls P&L 3s 50 Vins Indpls Railwavs Co 5= 67 .....

operation of He personally should veer away freedom of the air, “Freedom-of-the-air and our ditional freedom-of-the-seas two entirely different things,” he said. “The seas lie between na108 tions and even then the waters im« 100 mediately adjacent to nations’ coasts are controlled by those nations. But the air is directly over

100 28 tra-

100 are

101 82

100%, 0

Indpls Water Co 3'5% 66 Kokomo Water Works 5: 58 Ruhner Packing Co 4',5 49 Morris 5 & 10 Stores 5s 50 : Muncie Water Works 5s 68 . N Ind Pub Serv 3%s 60 .... N Ind Tel 4s 55 Pub Serv of Ind 3'.s 73 Pub Tel 46: 55 oo. Richmond Water Wks 5s 57 .

110 (and a part of the country below, I

don’t see how we can advocate ab- | |solute freedom of the air over our | territory.

——

LOCAL PRODUCE

101 101

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Trac Term Corp 5s 57 . U. 8. Machine Corp 5s 52 ..... *Ex- dividend.

Rl 100 Heavy breed hens, 2! 2c. {Holinrs, Ibs, 27% old Topaters, 16¢. Eggs—Current receipts,

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fryers and roasters, WAGON WHEAT

Up to the close of the Chicago market | today. Indianapolis flour mills and grain | 34c¢ elevators paid $1.53 per bushel for No. 1| red wheat other grades on their merits), No. 2 white oats, 60c, and No. 2 red vats, : No. 3 yellow shelled corn, per bushel. and No. 2 white shelled rn, Wu! 16

54 Ibs. and up, Graded Eges—Grade A large, 40c; A medium, 37c¢; grade A small, 26¢; grade, 32e¢. Butter— No. 1, §0e. 4%¢c: No. 2. 48c

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