Indianapolis Times, Indianapolis, Marion County, 4 August 1943 — Page 21

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EDNESDAY, AUG. 4, 1943

ISSOLUTION PLAN

FOR UTILITY READY

North American Says Firm Court Action Against Proposal Would Set

NEW YORK, Aug. 4 (U.

Reserves Right to Continue SEC ‘Death Clause’; Up 4 Distinct Units.

P.).—The giant North Ameri-

can Co., one of the world’s largest utility systems, today prepared to file with the securities and exchange commission

a{plan for its dissolution under the “death sentence” clause | i

of the public utility holding

Directors of the billion dollar public utility holding, 1e plan, described as affording | the “most constructive solution” of the company’s situation a } : | tion.

company have voted to file ti

under the act, following completion of arrangements for a 2 per cent bank loan of $34,881,500 which will be used to retire the outstanding debentures. Al plained, company continue dissolu has

order 1

Shea that the right against the The company SEC dissolution the supreme court, but belack of quorum of justices been argued. ard of directors,” he said choose voluntarily to nd dissolve the company maintained, and that the North a sound business a useful and imin the nation's

E. L

however,

eXthe

resident

reserves

action

Stil

po court on orqaer

annealed the 5 ~F e Oi

the case has not

did

A a Thi

boar still maintains, American Co enterprise ry portant function

economy.”

he bo " rink te a

1 has

18 serving

The Plan

Under the which plates dividing geparate and independent units, the

to divest itself

plan,

» \

he system into four

company proposed of the ma) part of its utility investment by retirement of its senior securities and eventual distribution QL its principal investments among Be [ common stock. *with a minimum of sales or other for liquidati Shea said. Four regional holdings companies would be set up as follows 1. Union Regional Co common stock of the Union tric Co. of Missouri. 2. Ol Regional

common stock of

Pe ric Illuminating Co. 2 Wisconsin Michigan Regional Co. to hold common stock of Wisnsin Electric Power Co. and part of North American's present holdings of Pacific Gas & Electric com-

holders of its

ol on,

ms His

to hold Elec-

hold

the

te) Cleveland

110

contems- |

company act.

WHEAT, RYE UP IN EARLY TRADE

Cats Prices Weak as Gains Are Erased Under

Liquidation. |

CHICAGO. Aug. 4 (U. P).futures opened firm on the board of trade today but oats lost part of the advance in later trade. | At the end of the first hour wheat | was up i to 3c cent a bushel; oats unchanged to off 4, and rye up 3 to * In the September options wheat was up 4 cent a bushel from the | previous 1443¢ | oats unchanged from 1697cc, and rye up 3% to % from 1003-3. Wheat advanced under buying by local traders and commercial interests, Offerings were supplied largely by houses with southwestern connections. Short covering lifted rye prices but a part of the early advance was lost when commercial intérests turned sellers. Very light trading took place in the oats pit. Some demand came from local traders but early gains] were erased under liquidadon. |

MERGER OF ARMOUR FIRMS IS PROPOSED

CHICAGO, Aug. ¢ (U. P)-—A| special meeting of stockholders of! Armour & Co. of Illinois will be] held Aug. 31 to vete upon a plan! of merger of Armour Co. of Dela-|

THE INDIANAPOLIS TIMES

‘Good Neighbor’ Policy in

PAGE 21

Operation

The latest contingent of representatives of friendly nations to attend the Marmon-Herrington tank school here in Indianapolis is a group of four non-commissioned officers from the army of Ecuador.

The

| firm offers soldiers of foreign nations instruction in the variations of equipment and methods of opera-

The photo shows the students and school staff.

Left to right they are Sgts. Leonidas Caisalitini,

| Jose Julio, Endara, Jose Ramon Fiallos and Jorge Arguello; rear row: Charles T. Biggs, school director;

| Knight Campbell, interpreter, and Dolph Bills, instructor,

IN BRIEF—

Indiana savings and loan asso- | ciations, members of the Federal) [Home Loan Bank of Indianapolis, {have returned $8,798,700 to the United States government 10 to 15]

the associations during the recov period in the 1930's, » re ————— The army engineer corps has awarded a $500,000 construction

contract to Todd & Brown, = HOG PRICES operator of the Kingsbury ordnance |

plant, to build power transmission! facilities to connect with Northern | Indiana Public Service Co. Top for 200-210 Pounde Drops to $14.50 Here; 8050 Received.

s » Prices on hogs dropped 10 to

details regarding the

» Development of an automatic “lung” for use of stratosphere fliers has made it possible for united nations airmen to keep in the sub-stratosphere twice as long as formerly on the same amount of oxygen, according to Raymond P. Lansing, vice president of Bendix Aviation Corp. = = =

The magazine Iron Age today predicted additional steel for the “battered” civilian economy which has become a source of concern to federal authorities. = = P

istration reported.

8550 hogs, 850 cattle, 550 calves a 1200 sheep.

HOGS 8050)

120- 140 pounds 140- 160 pounds 160- 180 200 200- 220 240 270 300 330 J 260 | Medium — 160- 220 pounds Packing Sow 0

for the inauguration of an international airline to Europe and South America have been disclosed in a letter to stockholders of Braniff Airways, Inc. who have been called for a special meeting at Oklahoma City Aug. 19 at which time they will he asked to approve the sale of

120013

cents at the Indianapolis stockyards! today, the food distribution admin-

The top for 200-210 pounders jly type” or what Westbrook Pegsagged to $14.50. Receipts included!

$12.50@ 13.50 : 13.25@ J4.30} fashioned American one:

14.30% 14.30 | [email protected] 14.006 14.20 13.75® 13.90 [email protected]

‘Small Businesses Are Still Being Launched Despite War

By DANIEL M. KIDNEY Times Staff WASHINGTON, Aug. 4—Commerce department officials are still or over and around other obstacles, vears in advance of the due dates. | Sticking to the prediction that the war will cause around 300,000 “little | the pipeline can be laid on the open | _Grain Government funds were invested in | business” casualties, but reports are being received that in many in-| ground by regular army personnel | ery | stances the “little man” has shown great ability to adapt rather than die. or unskilled labor at thé rate of 10 A department study entitled “Small Retail Store Mortality” gives|to 30 miles daily. Only four inches Bd retirement from business of 149 —=————"| the establishment of 83 new stores.!

SAG

Writer

vetailers and |

The data was gathered from samplings taken in or near Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. | Louis, Minneapolis, Kansas City, | Dallas and San Francisco. | The 149 retiring retailers were lin the automotive, household appliance and hardware fields. Their reasons for quitting were scarcity of merchandise, loss of personnel, land alternate opportunity for em- | ployment. { Many Were of “Family Type” New stores studied were in the food, wearing-apparel and hard-

| ware fields. Many were of the “fam-

ler calls “Mom and Pop stores.” A | variety of reasons were given for | beginning a business in wartime, 'but the most common wus the old-

| “I want to be in business for my- | self.”

Most had some experience in the | {line in which they were starting, | | but the report adds:

Reporter Opens Grocery

“Five of the new operators were|

PIPELINE AIDED ALLIED ‘BLITZ

Newly - Developed Portable System Was Called U. S.

‘Secret Weapon.’

NEW YORK, Aug. 4. (U, P)— The swift advance of America's

| fighting forces through Sicily is be- |

ing aided by a portable pipeline that played an important role in supporting the allied “blitz” against the axis forces in Tunisia, it was | disclosed today. Developed and given to the army without compensation by the Shell Oil Co.,, the new pipeline system was one of the “secret weapons” | which supplied American troops at the fighting fronts with a steady stream of petroleum products and water in the bitter desert fighting in North Africa. Brig. Gen. R. F. Fowler, chief of the supply division of the war department, recently informed Shell that the system was “a material contribution to the success of our armies in the field.”

Overcomes All Obstacles

Made of a steel so light that it can be “snaked” around trees, rocks,

in diameter, but capable of de¢livering 25,200 gallons of products daily, the pipeline affords a relatively poor bombing target and is freed from many of the hazards faced by tank trucks which formerly had to be rushed up to the fighting fronts. 8S. 8. (Syd) Smith, a native of Pittsburgh and designer and developer of the system, disclosed that the pipe is produced in 20-foot sections, weighing only 90 pounds so that each unit may be handled by a single man. Ordinary commercial gasoline{ueled pumping stations are located at 20-mile intervals along the sys«om and are so designed that they

can maintain a full flow with only]

two-thirds of their top capacity. The enemy thus would be forced to knock out more than one-third of the pumping stations to slow the flow of vital products to the allied armies.

Used

The system employs automatic control units which enable hasty repairs with minimum loss of products in the event of a break in the line. These control features, Smith stated, do away with the necessity for a communications system. Total weight per milé of the system, including pumping stations, is only

Four Were

Takes WLB Post

| |

James Tanham, vice president of the Texas Co: has been ap-

| |

war labor board, representing industry. Mr. Tanham started with the company 24 years ago as a stenographer in its New York offices.

N. Y. Stocks

Allegh Corp .... 23% 2 Allis-Chal ..... 38'4 Can . 85 | Loco . . 12% {Am Rad & SS 9; Am Roll Mill... 144 Am T &T . 37s Am Water W*. 6% Anaconda : «oo 283 mn... 5

23% + 37% 85 1214

i Ys

Am Am

CU 00

— 5 am SOND IINWEDIID AGG C3

Armour Atchison . Atl Refining .. Balt & Ohio .. Beth Steel .... Borden vals ain Borg-Warner .. 34 gpt Brass ...

| Chrysler vies { Cons Edison ... 2 | Cons Vultee A | Corn Prod Curtiss-Wr Dome Mines Douglass Aire... Dow Chem East Kodak.... Elec Auto-L ... 34% Gen Electric ... ! Gen Foods . Gen Motors ... § | Goodrich Goodyear Ind Rayon Int Harvester . Int Nickel ..... Int T&T .... Johns-Man Kennecott . Kroger G & B. ! L-O-F Glass ... Link Belt | Minn Hny | Monsanto | Nash-Kelv Nat Biscuit Nat Dairy .. N Y Central ... Noblitt-Sparks . 33 Ohio Oil Packard | Pan Am Air | Penney [Penn R R Phelps Dodge Proctor & G ... 55°

0 0) pe 0D pe de OA

» o » BE ADR RED DED BBE

—

1 i

1 4

53 oe AG oa IRE ANR Dee EN

St Jos Lead Sears Roebuck. gorvel Inc ... Shell Un Oil .. Std Brands Std G & E.... Std O Cal .... 1 Std Oil (Ind) . 2 a de 3 Std Oil (N J) . § 58 § b 1a Std Oil Ohio / A. Studebaker . Swift & Co ... Syming-Gould . Timken R B ..

tH 44 | Hd

| i

pointed a member of the national |

?| rayon

+I ruined by the war.

0. 5. CAN GET ITALIAN 600DS

Writer Feels Country Can Deliver Without Even

Rebuilding Factories.

By JOHN LOVE Times Special Writer CLEVELAND, Aug. 4—Before we decide how much relief and lend- | lease goods we should ship to Italy, lif, as and when, let us remember the Italians produce a lot of stuff we could use, and that much of this could be traded for the machinery jand other things Washington proposes to let the Italians have. WPB people are to confer with spokesmen for the machine-tool industry about letting the Italians take equipment to rehabilitate their metal-working industries. But we could well be thinking of what Italy might deliver without waiting to rebuild ruined factories. Italian industry is dominantly in products of agriculture and small shops in the villages and cities, not

‘lin metal-working . plants, and as

soon as the Ifalian boys get home from the army they could be turning out wares in which America already has considerable shortages. Things we've been running out of, such as silk for hosiery, rayon for dresses and sweet vermouth for Bronx cocktails. In some of. these items, like the red chianti wine of Tuscany, they probably have inventories which have in no way been damaged by age.

Used to Buy Hats

Not impossibly certain New York, California and other industries would object to our importing large quantities of Italian products, but these American trades are up

.|against labor shortages and cannot

fill in for the things we used to get from Italy. Silk is one of our scarcities. Sev-

: .| eral hundred thousand Italians had

silkworms before the war, and the shipments of Italian silk sometimes exceeded $3,000,000 a year. Italy's industry was one of the largest, and it may not be entirely Americans used to take 5,000,000 Italian hats and caps a year, including the Borsolino felts and Leghorn straws. Though we may have to ship a good deal of spaghetti wheat, we could get in return the Tuscan olive oil, reputed the best in the world, and even a good deal of | Sicilian. Cheeses composed Italy's | largest single item of export to this {country, mostly Parmesan, Gorgonzola and Gruyere, and the Italian

"a, | industry might be ready to take

[up almost where it left off, depending on the livestock still left. Also

8 tarti t without Lrevi “113 tons and cost of material is| 2 starting out withcut previous ex-|.,..+ 3000 per mile.

| Good to choic 270- 300 pounds 300- 330 pounds 330- 360 pounds

(ware into the parent company and | mortgage proposals which will make | it possible to refund the outstanding |

mon stock. 4. North American Regional Co

stock to raise capital for the venture,

Un Air Lines .. U 8 Gypsum U 8 Ind Chem

12.8541 13.25 12.95@ 13.15 12.656 13.10

:| canned tomatoes, anchovies, sara dines and kippered herring, not to

1 1 3 ” 1

perience in business. Notable among |

(8 be the present company) to hold common stock of Washington Railway & Electric Co. and part of P Gas & Electric common stock.

A Kae the “liquidating company.” and to be owned jointly by the four regional companies, would rth American's interest in h American Light & Power Kentucky Coal Co. g Corp.. and other non-utility groups. h its four groups of opsubsidiaries, a

acific

Served 3 Million

wi 1x uiam

cous

erica

services, principally electricity, to a population of more than 5,000.000 throughout an area of 50.000 square miles. ud Milwaukee, and towns in Kansas

Ih Louis Cle and and Missouri.

eveiana,

bonds and five-year 3 per cent notes of Armour & Co. of Delaware, according to George A. Eastwood, | president. | Plans are to place an Illinois; mortgage upon combined properties

fifth company, which would be of the merged companies or a sup- | NeW York said today.

plemental mortgage under the existing Armour of Delaware mort- | gage assumed in the merger, | A letter from Eastwood was] mailed to stockholders with the an-

60 nouncement of the meeting and a! total is still 8,970,218 tons behind

proxy statement, explaining steps ‘by which the parent company ex-| pects to put itself back in direct!

Joh he N a I possession of Delaware Properties mpiret vice President Alfred E. Lyon n Co. has provided utility which were divorced from the Illi- of Philip Morris & Co. Ltd,

nois firm in 1923. Net savings derived from proposed steps and steps just taken

Principal cities served in- to eliminate the Armour of Dela- closed today.

ware preferred stock were estimated by Eastwood to aggregate approximately $2,250,000 annually,

. 360- 400 pounds i 3 in. | Goo i— Combined net income of 340 in-| G0 Ts sounds dustrial companies during the first) 430. 550 pounds half of 1943 rose 14 per cent to "355 "50 pounds $617.000.000 from $542,000,000 last

Slaughter P year, the National City Bank of

vars ALISON } igs ! Medium and Good— | 90- 120 pounds Caritas CATTLE (830)

= Steers

Lake Superior district iron ore shipments in July totaled 13,593,464 tons—an all-time record for a single month—but the season's |

Choice 700- 900 pounds | 900-1100 pounds 1100-1300 pounds 1300-1500 pounds Good— 700- 900 pounds 900-1100 pounds 1100-1300 pounds | 1390-1500 pounds | Medium— 700-1100 pounds and 1100-1300 pounds Common-— 700-1100 pounds

last year, it was learned today. = = = President O. H. Chalkey Inc.| New York, were paid $100,000 each Choice— for the fiscal year ended March 31,! S00 S00 ponds the company’s annual report dis-

Heifers

Good— 600- 800 pounds 800-1000 pounds Medium— 500- 900 pounds

13.00

LOCAL ISSUES

Nominal quotations furnished by Indian. apolis securities dealers. Bid Asked Agents Fin Corp com Te Agents Fin Corp pfd Belt R Stk Yds com . Belt R Stk Yds 6% pfd Bobbs-Merrill com : Bobbs-Merrill 4127 pfd Circle Theater com 3 Comwith Loan 5% pfd ........ 8 Delta Elec com 11'% Hook Drug Co com 13% Home T&T Ft Wayne 7% pfd. 51% Ind & Mich Elec 7% pid 1

Cows (all weights)

Bulls (all weights)

(Yearlings excluded) Beef — Good Sausage— Good (all weights) Medium ........ Cutter and common

12.50@ 12.90

12.30@ 12.65 | 12.156112.40

. [email protected]/ the old Syrian and Aramaic lan-

[email protected] $300 of his own and $700 borrowed. 15.00¢716.25 Based on the data submitted, the 15.256216.50 [email protected] *

[email protected], 13.756215.00 | ; E : [email protected] | ness or just coming in wanted any [email protected] |

[email protected] | It concludes: 12.509 14.00|

sag asa [email protected] periences on this study indicate]

[email protected] small retail stores often are more| [email protected] | prevalent in areas with expanding

14.25 13.00@ 14.50

[email protected] 9.75@1L75

[email protected]/ than in boom sections. 9.75%11.25

1225@ 13.75 12.00@ 13 9.50@ 12.00 7.75@ 9.50

this group was a research assistant| to an archeologist who opened a |clothing store in an attempt to make a living until he can return | to the Near East and revive work in

guages, and a newspaper reporter who opened a grocery store with

ormer seems to be failing, the latiter succeeding.” Neither those going out of busi-

government help, the report states. “Contrary to popular opinion, ex-|

that cases of discontinuance among |

war activities than in undergoing less economic change. “On the other hand, the opening |of new stores appears more general | |in stable areas without war activity | The explanation for this is that more favorable opportunities for employment are to be found in booming sections. Thus the better-paying jobs in war plants have the effect of encouraging small retailers to close and of discouraging prospective retailers from opening.”

sections |

| swer

Alexander Fraser, Shell president, said that at least four of the pipelines were used in North Africa and

that they varied in length from 75!

to more than 300 miles and transported both gasoline and water in separate Janes. bi

New Type Diesel

Locomotive Built |

PITTSBURGH, Aug. 4 (U. P.). —The H. K. Porter Co. announced today that it is manufacturing 100-ton diesel electric locomotives with double power plants—the first locomotives of this type ever built. A company statement said the locomotives will provide the anto demands for a powerful switching engine with advantages of economy and availability, particularly in cutlying sections. The locomotive can be used efficiently with only cne engine operating, and, with half a load, can travel as fast with one’ engine as the two engines can travel with a full load. Ability to operate with only one engine should prove valuable in remote places, it was pointed out.

U 8 Rubber U 8 Smelt U § Steel West Union Westing El | Woolworth | Wrigley Yellow Tr ve Young Sheet .. Zenith Rad ..

1 +

‘8s

1 Ya 3g

Complete New York stock quotations are carried daily in the final edition of The Times.

"MEAT OUTPUT UP

CHICAGO, Aug. 4 (U. P.).—Meat production for the week ending July 31 was 18 per cent higher than the corresponding week in 1942, a {war meat board report showed. | Total estimated meat production in | federally inspected plants for the | last week in July was 325,000,000 { pounds, 6,000,000 pounds over the | previous week and 48,000,000 pounds higher than production during the comparable period last year.

WAGON Up to the close of the Chicago market today, Indianapolis flour mills and grain elevators paid $1.63 per bushel for No. 1 red wheat (other grades on their meriis), No. 2 white oats, 60c, and No. 2 red cats, 0c; No. 3 yellow shelled cor bushel. and No. 2 white she

WHEAT

‘mention almonds and chestnuts,

'z| though there would be complica« jlons on the packaging side.

Accordions?

Art wares were another large group of Italian‘ ‘exports, such’ as | alabaster and” porcelain figurines {and Florentine. silver jewelry, their | crafts handed down from. the Middie Ages. Italian hand-tooled | leather work has been famous for 22 equally long period. Tortoise~ shell boxes and Malacca canes may also be mentioned. Then there's the accordion, which son#® people enjoy. The quantities of these good would have to be large if we ex{pected them to balance off our shipments on the scale these have been mentioned, but Americans could find them very useful in polishing up an otherwise pretty austere Christmas season.

| | |

SALES MANAGER NAMED

CHICAGO, Aug, 4 (U.P. .—John W. Rose has been appointed gen- | eral sales manager of Libby, McNeill |& Libby, food canners, Vice President C. S. Bridges announced. Rose has been with the company 11 years.

n, 97c per Ind Asso Tel 537 pfd lled corn, $1.16 Ind Hydro Elec 77% .. Ind Gen Serv 6% ....... Indpls P& L 5%": Indpls P Indpis Railways com Indpls Water pf 1 Indpls Water Class A com ... Lincoln Loan Co 5!'; pfd Lincoln Nat Life Ins com.... XN Ind Pub Serv 5'27% pfd.... N Ind Pub Serv 67: 98 N Ind Pub Serv 77% pld PR Matiory com ..........+ 1 ress Laundry com

CALVES (330) Vealers (all weights) Good to choice

Common and medium ........ Cull (75 lbs. up)

Feeder and Stocker Cattle and Calves

Have a “Coke”’=Come, be blessed and be happy

Choice— 500- 300 pounds 800-1050 pounds Good— 500- 800 pounds 800-1050 pounds Medium — 500-1000 pounds

[email protected] sasescssiane [email protected]

teseasnnnans [email protected] ceveeenes [email protected]

ees 10759012.25 [email protected]

Stokely Bros pr pt United Tel Co 5% Union Title com Van Camp Milk pfd Van Camp Mik com Bonds

Algers Wins'w W RR 4%2% ... American Loan 5s 51 9 American Loan 5s 46 Cent Newspaper 4's 42-31 ... Ch of Com Bldg Co 4!'2s 51 ... Citizens Ind Tel 42s 61 Consol Fin Ss 60 Ind Asso Tel Co 3'2s W Indpis P & L 3'28 70 Indpls Railways Co 5s 67 Indpls Water Co 3's 66 1 Kokomo Water Works 5s 58 .. Kuhner Packing Co 415s 49 ... tores 5s 50 .... 98

Calves (steers) Good and Choice— 500 pounds down Medium — 500 pounds down Calves (heifers) Good and Choice— 500 pounds down [email protected] Medium —

500 pounds down [email protected]% SHEEP AND LAMBS (1200) Ewes (shorm) Good and choice

[email protected] [email protected]

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 $75 to $500 to $1,000. Many loans completed while you wait. No credit inquiries made of friends or relatives. Take § weeks to make the first payment. FREE PARKING across the street in Arcade Garage for auto appraisal.

Phone MArket 4355 or Mo rri S Pi a H

109% by 110 101 101 108 84 105 w

Spring Lambs

Good and choice Medium and good . N Ind Te! 43s 55 Pub Serv of Ind 34s T3 Pub Tel 46s 55 Richmond Water Trac Term U.S. Machine Corp 5s 52 *Ex-dividend.

LOCAL PRODUCE

Heavy breed hens, 24'zc; Leghorn hens, 2c.

Broilers, fryers and rosters, under § ibs., 27%e. Old roosters, 16c. Eggs—Current receipts, 5¢ Ibs. and up,

4c. Graded Eggs—Grade A large, 43c: grade A medium, 3%; grade A small, 2 no rade, 32¢. . Butter—No. 1, Butterfat—No. 1, 49¢;: No. 2, ¢6c.

U. S. STATEMENT

WASHINGTON, Aug. ¢ (U. P.).—Government expenses and receipts for the current fiscal year through Aug. 2 compared with a year ago: Year. Las!

This t Year. Expenses ... § 7,362,428 438 § 5323,757.215 War spending 6,660,189,760 4,645 349,234 Receipts .... 2,002,856 763,179,962 Nes it .. 5269,571,662 4558641002 Cash balance 9,385786,182 3,174,300,679 Working bal. 8633,108,432 24113864 Public debt Gold

Come to Morris Plan

110 East Washington St. 5

«bu

1 = TH evo OF how to break the ice in Iceland

“Come, be blessed and be happy”, says the hospitable Icelander when he meets a stranger. That's a warm way of putting it, but no more friendly than the way American soldiers say it. Have « “Coke”, says the Doughboy, and it works in Reykjavic as it does in Rochester. The pause that refreshes is the friendly way to say “Hi, pal” in any language. All over the globe Coca-Cola has become the gracious ice-breaker between kindly-minded strangers. ; RE

“Coke,= Coca-Cola yo Vo % .. It’s natural for popular flames to

acquire friendly ‘abbreviations. That's

why you hear Coca-Cola called “Coke”. F-3

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