Indianapolis Times, Indianapolis, Marion County, 18 August 1943 — Page 15
|
x
| x yer cent of everything below $196.30.
Conn Band Instrument Firm at Elkhart Saves Navy Money Through New Contract
By ROGER BUDROW empyema ‘TALKING OFF-THE-RECORD, BUSINESS MEN doing|
War work sometimes see red whenever renegotiation of contracts is mentioned. The army, navy or other government services have the job of recouping excessive war profits and Scaling down prices on war products in order to prevent, as happened in the first world war, the creation of war
millionaires.
Yesterday, it was reported that American taxpayers
+have been saved nearly $4 billion by these methods so far
and only 4866 cases have been settled whereas there are
24,000 yet to go. Of course the public doesn’t obJect to having all this money saved but what about those 24,000 companies who don’t know for sure yet what, if any, profit they made last year and “won't know until the renegotiation
shown in the experience of the C. G. Conn, Ltd. of Elkhart, Ind. a well known manufacturer of band instruments now making airplane instruments. The navy made 0 contract with Conn whereby its ts would not be subject to reotiation and the company would, by cutting costs, get a bonus. In March, Conn started making an airplane instrument that cost another company $272.50 to make. The navy asked Conn to make 5000 for $260 each of which $11 was profit. If the cost of each instrument went as high as $280, the «navy would take care of it. If the cost: went .belaw ' $249, Conn would get 10. per cent’ of the saving. The. next 10,000 were priced at $210, protected by the navy up to $230... The company would get 10
The last 8203 ofthe order had a fixed price of $195. Here is the way it turned out. The first 5000, contracted at $260, cost the navy $201.82 apiece. Of this $128.30 was regular cost, $56.06 for tooling up, $11 profit bonus. Cost of the next 10, tracted at $210) was’ $152.76 of hich $132.70 was cost, $13.70 profit Soa $6.36 bonus. The last slashed voluntarily by th pany from $195 to $152.45
through, the cost was cut Ha.
vision at Kokomo. weather during the blooming season has cut this year’s cranberry crop in New England. . . . Army delivers bombs and grenades to troops in Burma by packing them - in straw in big bamboo baskets,
LOCAL TAXING POWER UPHELD
Pennsylvania Court 0. K.’s Right to Assess U. S.-
Owned Machinery.
PITTSBURGH, Aug. 18 (U. PJ). —The right of ‘a courity or municipality to tax machinery owned by the federal government and leased
to a corporation for war work again has been upheld by the Pennsylvania supreme court in a decision which may affect the tax revenue of hundreds of communities in the United States. The high court's decision was handed down in a case involving assessment of machinery in the Mesta Machine Co. of Homestead by Allegheny county. The case gen-. erally was regarded as a test of the right of municipalities to assess such property and as such was watched closely by officials in other communities with similar problems. Unless the decision is reversed by the United States supreme court it was estimated that millions of dollars may be added to the tax revenue of municipalities where such machinery is located.
$16,000 Involved
The supreme court’s decision yesterday was a refusal of the petition
government for a re-argument of the court’s previous ruling in the case, issued May 12. At that time the court. ruled that Allegheny county had authority to assess the
by the government. In effect the decision will add about $16,000 to the county, borough and school taxes assessed against the company. The order reversed an Allegheny county common pleas court ruling that leased federal machinery cannot be taxed by municipalities. Counsel for the government and the company were granted 90 days in which to prepare an appeal to the U. 8. supreme court.
WAGON WHEAT
Up to the close of the Chicago market today, Indianapolis flour mills and grain elevators paid $1.61 per bushel for No. 1 red wheat (other grades on their merits), No. 2 white oats, 60c, and No. 2 a oats,
parachuting them out at 100 feet.
corn, bushel, and No. 3 white shelled AR EN
60c; No. 3 yellow shelled Be.
WARTIME PLANS for your ESTATE
¥ace new and complex
Far from the scund of guns, men and women
problems of strategy,
brought on by the effects of wartime living. The person who is today protecting an estate faces
changes in the business attention now.
H you are engaged in
dened with other war responsibilities, you may
world that need special
military service or bur. |
well consider revising your estate plans to provide close investment supervision that will be available
to your family without interruption from now on. A revocable living trust created at American
.
National assures continuity of management under all circumstances. It also provides the composite judgment of a s2asoned group of bank officers and trust men when important decisions must be made.
of the company and the federal re
machinery leased to the Mesta firm | Good—
dova island in the South Pacific.
lery brought by the Dragons.
HOG PRICES UP 1070 25 CENTS
Top for 200-210 Pounders Jumps to $15 Here; 6100 Received.
Prices on hogs advanced 10 to 25 cents at the Indianapolis stockyards today, the food distribution administration reported. The top for 200210 pound porkers jumped to $15. Receipts included 6100 hogs, 1075 cattle, 625 calves ‘and 2150 sheep.
HOGS (6100) 120- 140 pounds 140- 160 pounds 160- 180 Bounds sesececencnns
. [email protected] [email protected] [email protected]
[email protected] .. [email protected] . [email protected] [email protected]
. [email protected] [email protected] [email protected] Slaughter Pigs
Medium and Good— 225- 550. pounds CATTLE (1075)
300- 360 pounds 360- 400 pounds ....
400- 550 pounds ..cceeceee i 550 pounds eeeceee cesses
Choice— 15. Rela. 25
900-1100 po 1100-1300 pounds 1300-1500 pounds Good— : 700- 900 pounds 900-1100 pounds 1170-1300 pounds 1300-1500 pounds
15.50 15. wai. 50 [email protected]
14. £0915. 25 .50
«+ «[email protected] [email protected]
po 1100-1300 ) pounds 700-1100 ) pounds .
Choice— 600- 800 pounds 800-1000 pounds Good—
600- 800 pounds eccce. 800-1000 pounds .cceos e
13.25@ 14.50 . [email protected]
[email protected] [email protected]
Bulls (all weights) (Yearlings excluded)
GOOd .cecesceecsnrcones seseens [email protected]
Sausage— Sod Big weights) eececesee [email protected] [email protected]
Fron and common [email protected] CALVES (625)
Vealers (all weights Good to choice
Cull (75 lbs. up) Feeder and Stocker Cattle and Calves Steers
is. 30816. 00
Cholce— 500- 800 pounds 800-1050 pounds Good—
500- 800 pounds 800-1050 pounds
[email protected] « [email protected]
essseen esse. [email protected] essessssesne 1. [email protected] Medium-— 500-1000 pounds . 10.25@11. 55 Commonpoun
500- 900
Good and Choice— _e Sounds down
1500 nds down Calves (heifers)
Good and Choice— 500 pounds di edium:
[email protected] [email protected] a ( ) Good and choice X 1.00 Commbn and Shoice 4.500 6.00 Spring La Good and choice [email protected] ood 11.00@12. [email protected]
DALY PRICE INDEX
- NEW YORK, Aug. 18 (U, P).— Dun & Bradstreet’s daily weighted
Z |price index of 30 basic commodities,
compiled for United Press (1930-32 average equals 100): Yesterday ..cececcovscccessss 170.19 Week Ago SP 000000 R CSR NRINIRYRDYNS 170.61
» Month Ago Cesc sessessnsssves 170.10
Year AGO .....i.cccoeeeceeass 157.71 1943 High (April 2 sesesanes 11240 19043 Low (Jan. 2) 166.61
GLASSES
We suggest that you confer in the near future with your attorney and an American National trust officer to discuss the merits this plas offers for your
own situation.
Each War Bond You Buy Brings Victory Nearer!
AMERICAN - NAT ONAL BANK
‘Crammed with supplies and fighting rien, U. S. navy’s “Green Dragons,” landing craft, head for Ren-
Nicknamed because of their special coloring, the Green Dragons took:
part in the invasion of an island in the Solomons. Much of the pounding Munda received came from artil-
Economist Predicts End = Of 'Isolationist’ Imperialism
NEW YORK, Aug. 18 (U. P.)—The post-war world will replace the
Disraeli type of imperialism with the new concept of imperiailsm. fos-
tered by Publisher Henry Luce—industrialization of all nations—Leo M.
America, predicted yesterday. Speaking before & luncheon of said the desire for economic independence by every -nation in the world would be unprecedented, and held that the war itself will have been a puny problem compared with that which a fully industrialized Europe and Asia will face in financial stability.
A Although American entered the|Am Roll Mill war feeling isolationist from the|4im
viewpoint of economic self-suffici-ency, and is growing more so by the
ur hi 00 hour, it simply will not be able to Balt &
isolate itself in the coming indusimperialism that thrived on the imand the return of finished goods to therance of the industrial progress
raise its own standard of living. America ‘has adapted itself to a world in which it has become great, and has held other nations.in awe by its greatness. That world is finished, he said. Cherne predicted an unpreced ented post-war inflation pressure throughout the world. Althouglr its dangers will be least in the United States and England, he said, they
6.50 will be evident in these countries,|s
too. He pictured the German in-
“child’s play,” compared with that facing China. 2
LOCAL ISSUES.
Nominal quotations furnished 8 Indian. apolis securities dealers. Bid Asked Agents rp com Agents Fin Corp pia Belt R Stk Yds Belt R Stk Yds 8% 6 pid essen Bobbs-Merrill com . Bobbg-Merrill 11% ptd . Circle eater. Soin
seve
0 13% T Wayne 7% pid. 3" Ind & Mich Elec 7% pid 111 Ind Asso Tel 3% pid Ind Hydro Elec 7% pid Ind Gen Serv 6% pfd ........ Indpls P & L 5%% ptd cena
5 | Indpls P & L com
Indpls Railways com Indpls Water pf Indpls Water Class A com. Lincoln Loan Co 5% pid
68% N Ind Pub Serv 7% pt P R Mallory com Progress Laundry com 12 *Pub Serv of Ind B% di . *Pub Serv of Ind c 16 SoInd G& E 48 Do.
11.50 Stokely Pres pr pt
United Tel CO 5% ccccecccesse 96 Union Title com ....cco esessss 24 Van Camp Milk pfd 66! Van Camp Milk som sesanse ese 13
n Algers Wins'w W RR 4%% ... 99 American Loan 3 3 97 American Loan bs Cent Newspane: 36s 42-51 .,. Ch of Com Bldg Co ya 5 . Citizens Ind Tel 4%s Consol 5s 60 . Ind Asso Tel Co JV
Indpls Water Co 3%s 66 ... Kokomo Water "Co Gas 40. 58 .
[email protected] | Mo
25 BOOK. SHOWS HISTORY
OF CASTINGS FIRM
‘A 86-page book portraying the history of the National Malleable and Steel Castings Co. has just been published o nthe occasion of the | company’s 75th anniversary and is no whbeing distributed to its customers, -stockholders and employees. The company was incorporated in Cleveland in 1868 as the Cleveland Malleable Iron Co. and pioneered in bringing the production of malle«
able iron into the Midwest.
on CREDIT
trial world, he said. The death of|gg port of raw materials from a nation | Sorysier that nation will be followed by fur-|g of each nation, which will thereby Ba
flation following world war I as|®
Cherne, economist and executive secretary of the Research Institute of
the. Export Managers club, Cherne
N. Y. Stocks
High Lat Oh Allegh Corp ... 2% : Allied ¢ Shem Cia wma 1a 4% Allis-Ch: . 31%
% Ek Ya
Ya Ya
LEH LH
tH IHD:
Gen Electric Gen Foods Gen Goodf
=
Motors . ich ... Goodyear .... Int & T Johns-Man .... Kennecott Kroger G & O-F Glass . sh-Eelv: Nat Biscuit . Nat Cash Reg . oe at Dairy 1
PH FLA] ee . . &
1111
tht Srkeres’ pes sees
11+ ++1
ee *
oo 187% . 27% oi Std © Cal . 38% Std Oil (Indy * . 36Y Std Oil (N. J). 56% Studebaker ... 11% Swift & Co ... 26% Syming-could « 6% Timken R « 467%
SER REER ERE:
Fi HH oo. L®
- 3614 West Air Bre. ’ . 31% Westing El . Ys 94%
U. S.: STATEMENT
WASHINGTON, ‘Aug. 18 . (U.- P.).—Government expenses and receipts ‘for the current fiscal year through Aug, 16 compared with ‘a year. af agp: Last: Year
War Spending
ear . $10,883 363,103,240 9, 7 189.324 9,148,466
ng Bal.. . ing Debt.. Gold Reserve. 22,201,323,751 © 29,741 INDIANAPOLIS CLEARING HOUSE ‘$ 5,005,000 15,820,000
999,650 5
E Net: oreased 2.410, 102; :
Eamings. Equal $349a oar “Common Share.
common share, share, in first half of 1042, the com-
“| pany reported today. -
Consolidated net sales were $179, 161,773, compared with $103,283,542| in first half last year, and were exclusive of the value of output of U. S. government owned plants operated
| by the company. «| Provisions for . domestic and|
a foreign. income and -. excess profit]:
taxes.in the latest period was $30,773,000, - and ‘contingency reserves amounted’ to $4,000,000. In the corresponding period of 1942, the company: provided $14,068,000 for. taxes and $1,000,000 for reserve, Officials pointed out that a regulation loan up to $50,000,000 was obtained in June to help finance the company’s war business.
JERSEY CITY, N. J., Aug. 18 (U. P.) —Colgate-Palmolive-Peet Co. today reported a net profit for the first half of 1943 of $2,986,773, or $1.39 a common share, compared with $2,241,073, or $1.01 a common share in the 1942 period. Consolidated sales amounted to $67,543,750 against $58,614,993 in the first six months of 1942. Foreign profits this year of $716,~ 411 have been deferred until received in U. S. dollars, lifting the accumulated amount of deferred profits to $2,422,309,
PHILADELPHIA, Aug. 18 (U. P.). ~The $2,209,992 consolidated net in-come-of Philco Corp. for the year ended Dec. 31, 1942, remains un-
% |changed following final renegotia~-
tion of the company’s war production contracts for the year, President John Ballantyne announced today. An agreement between the company and the price adjustment board of the war department, covering work done for the army and navy, resulted in a net adjustment of $220,350 which was provided for in the $1,000,000 reserve . for contingencies established in 1942, Bai-
% |lantyne said,
RICHMOND, Va., Aug. 18 (U. P.). —Consolidated net income of the Reynolds Metals Co. for the first half of this year was more than double that of the corresponding 1942 period and earnings are subject to renegotiation, the company reported today. Net for the six-month period rose to $1,906,348 or $1.73 a common share, from $756,884 or 61 cents a share in 1942.
CHICAGO, Aug. 18. (U. P). — Gross income of the Pullman Co. for .the first half of this year rose to a record $214,281,913, but net income was sharply lower than a
A year ago, because of increased
taxes, wages and other operating
5 costs, -the company reported today.
First half net dropped to $4, 323 ‘or $1.36 a share, compared with $7,088,841 or $2.15 a share in 1942,
BALTIMORE, Aug. 18. (U. P.).— Net income of Commercial Credit Co. for the first six months this year was $3,281,049, equal to $1.64
%|a common share, compared with
$3,502,352, or $1.76 a share, in the first half of 1942, the company reported today.
LOCAL PRODUCE
id breed hens, 24%c; Leghorn hens, Cc. np Hers, fryers and rosters, under §
s., C. Old roosters, 16¢c. Eggs—Current receipts, 54 lbs. and up,
4c. Graded E| s—-Crade A large, 43c; grade a a medium, 0c ; grade A oan, S60 Bo
32c. Butter—No. he S0c. Butterfat—No. 1, 49c; No. 2, 4
NEW YORK, Aug. 18 (U. PY~]| : |The B. P. Goodrich Co. had“con-| Joo" .* |solidated net profit for ‘the “six FU «| months ended June 30, of $5,573.879,| . r equal to $3.49 a ‘|compared with $3,103,087, or $1.50 a |.
—— of ;the- first: world war.” Two. factors responsible for the record production, Higgins said, “were the efficient: operating techniques which have enabled plants ‘to run at 150 per cent of estimated capacity, and construction of plants ‘which were built to pro-
estimated at. $420,000000 ye 1 was ordered by the
holdings to that of a “single
‘|grated electric utility system
compliance with geographical inte gration provisions of the publ utility holding company act. i “In the same’ order, the commis
“|slon ordered ' Federal Light
Traction 'Co.,-a Cities Service.
|ing company ‘subsidiary, to’ disp ¢ | |of interests other than . those -
IN BRIEF—
Stocks of Christmas oaids for 1043 are normal according to the greeting card industry, which says that the recent WPB ruling limiting paper ' consumption by 40 per cent went into effect after most of this year's cards were produced. ” 8: Bn A hearing on the transfer of control of the Blue network from R. C. A. to the American Broadcasting System, Inc., has been ordered for Sept. 10 by the FCQ, ” ” 8 Lt. Gov. Charles M. Dawson and Harry F, Ainsworth, state director: of agricultural education, have been named to the Indiana U. 8S. department of agriculture war board.
i ® 82 = “Highly satisfactory” paint “cans? are now being prodiiced from kraft wrapping paper and non-critical materials by the Sherwin-Williams Co., paint manufacturers. 8 ” » Invitations to bid on the purchase of $7,790,000 of equipment trust certificates today were issued by the Pennsylvania railroad, » » ” p A contract for $31,800 for repair of a federal public housing authority project damaged by a recent tornado at Charlestown has been} awarded to Dunlap & Co. of Columbus. The work must be com-
tainable un a single inte electric, og fd © Cities Service was ‘permit tain the Toledo Edison Co., the Public * Service Co., and — # ance’ Public Service Co, as its sing electric, utility ‘system, as well the steam heating properties -of T ledo Edison. Retainability of the gas operations of Toledo Edison by Cities Service was reserved by the commission for a later decision. In all, Cities Service was required to dispose of 42 companies. :
Owns Bus System
divest itself of the Lake Shore Coach Co., the commission said “exe cept for the fact that Lake Shore.
Service, there is no indication of any relationship of Lake Shore to operation of the utilities /in group, and its divestment must be ordered.” Cities Service owns all the oute standing securities (common stock) of Lake Shore Coach Co. which operates an interurban bus system between Toledo, Sandusky and
and Elyria. Lake Shore's gross revenues for 1939 were $324,000 and its net operating revenues were about $10,000. Electric properties operated by! Albuquerque Gas and Electric Coy New Mexico Power Co. the Trinie dad Electric Transmission Railway and Gas Co, and the Las Vegas Light and Power Co. make up the single integrated system retainable
oi within 30 Saye.
by Federal Light and Traction ca
SALES ENGINEER
. turer, established .80
Box 227, The Times,
Large eastern machine ‘tool manufac-
years, needs a full
- time representative for Western Ohio- ‘ Indiana area. Prefer man over 40 who “is familiar with turret lathe: 21d
OD RENeEs : ENSES. Write qué
“fully, Local interview will a lifichfions
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Rat
SERVING %4 INVESTOR *
Prorat information on securities, sO 5 essential to intelligent investing, has 3 been supplied than thirty years. We believe you too, as an investor, will find this ‘a useful service,
THOMSON & MiKINNON
MEMBERS NEW YORK STOCK EXCHANGE
by us to our clients for more
Indianapolis, Indiana
Henry Holt, Partner + Telephone: Market 3501
_ Have a“Coke’= Aloha No
Za
“Coke” x Coca-Cola’ 10 natural’ for popular names to Jacquie friendly abbreviation; Thats :
Tian otis ts a Be + native, and Have a “Coke”, says the sailor: Both expressions carry the same note of welcome and affection: From Honolulu to Hartford
fon Iaathutime he symbol ok the pu thet efrghes ie gos
In ordering Cities Service to
operates in the service areas of both
Cleveland, and also between Lorain