Indianapolis Times, Indianapolis, Marion County, 19 August 1943 — Page 23
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SRL sell SS
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w oHicAco, Aug. 19 (U. P.).—The war labor board today notified the orthern Indiana Brass Co. Elkhart, ind., that it must bargain with 236, United Construction Workers, affliated with district 50 of
the United Mine Workers of America. The union was certified as the bargaining agent for 230 construcand ‘maintenance workers as local 236, United Construction Work-
Organizing Committee, C. I. O. “In the summer of 1942 the union withdrew from the C.”1. O. and affillated with the U. M. W. A. The workers were headed By Dennis Lewis, brother of John L mine workers chieftain, in both ~ 8ffiliations. The switch took place several months after John L. Lewis’ break with the C. I O.
At the time of the change in
i Affiliation the union had a con-
tract with the brass company. y days before the expiration of the contract, the U. M. W. union notified the company that it wanted to negotiate a new contract. After several meetings, the company and the union reached an impasse and the company refused to negotiate with the U. M. W. local. ~ The company contended that the C. I. O. had been certified as the ) pa agent by the National bor Relations board, and that did not legally have to deal with ®& mine workers local. The union maintained that it was the same union that had been certified, that § had changed only affiliation.
The U. 8S. conciliation service failed to bring about a settlement and the case was turned over to
. Lewis,
the war labor board. The union and the company were invited to present oral arguments before the board yesterday. The company declined, because its attorney was ill and asked for a postponement. The WLB, however, gave its decision today, without the hearing.
HOOSIER ELECTED
CHICAGO, Aug. 19 (U. P.).—Directors of the Board of Trade announced today the election of the following new members: ‘Dee §. Lenfesty, Columbus, Ind; Max Bloom, Ft. Lauderdale, Fla.; Herbert R. Washer, Riverdale, N. Y.; Alfred O. Faerber, New York city; Rand H. Issacoulian, New York city; william H. Stein, Chicago, and Frederick J. Faber, Pittman, N. J.
UNION BAG PROFIT RISES NEW. YORK, Aug. 19 (U. P)— Union Bag & Paper Corp. today reported net income for the three months ended June 30, after provision for federal taxes based on net income for the period less the deficit of the first quarter, of $452,362, or 36 cents a capital share, compared with $423,436, or 33 cents a share in
the second 1942 quarter.
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Exonerates ‘95 or 99%’ of Corporations From
Denunciation.
WASHINGTON, Aug. 19 (U. P.). —Vice President Henry A. Wallace today exonerated “95 or even 99 per cent” of corporations from his recent denunciation of big business but warmed that “the common folks” must see through the propaganda of those which are demanding a return to “old-fashioned Americanism,” “By old-fashioned Americanism they really mean corporation-con-trolled government,” he said in an interview. “By free enterprise they really mean free enterprise for big business, but not for little business. “It’s vital for the people who buy from the corporations, who sell to them, who work for them—the common folks—to see through the propaganda of certain of the big corporations.”
Statements Criticized
Wallace has been vigorously criticized for his remarks at a press conference in Detroit on July 24 when he henounced “American Fascists” ‘as “big business haters” of President Roosevelt. He said then: “Old-fashioned Americanism is the last refuge of the Fascists. By old-fashioned Americanism they do not mean what is, implied by the term but they mean the situation that existed when great corporations rose to power economically and politieally. “The reason Mr. Roosevelt is so hated by many big business men is
Washington a way-station on tne road to Wall Street.”
Asks Chance to Elaborate
Wallace said today in elaborathat he meant “large groups in in-
are the control of governments.” “They are a small minority,” he added. “Perhaps 95 or even 99 per cent do not fall into that category and they have suffered as much because of this minority as anyone else—possibly theyre suffered more.”
such corporations had been so widely misinterpreted that he would like to give a more detailed explanation ‘of his views before a representative group of business industrial leaders such as the United States Chamber of Commerce. ; Plan Cartel Attack
Meanwhile, it was learned from other sources that Wallace will pursue is a speech on international relations at Chicago on Sept. 11
cartels whom he accuses of trying to dominate the political and economic status of governments. “The corporate form of organization is essential in a democratic country like the United States for efficient carrying on, not only of large scale business, but also many types-of small scale business.” “The difficulty with corporations comes when certain of the larger ones try to control the agencies of public opinion, including even the schools, and then go on to dominate elections, control state legislatures, the national congress and even the president himself.”
Wants Taxes Altered
He hopes that in the post-war period we will continue to have corporations, both large and small, including “those which have been guilty of trying to control public opinion, elections and government.” But he also hopes that the tax system will be so modified as to encourage small corporations. “The corporations which need to be watched most closely,” he said, “are those which move in international trade, and those which enter into international cartels respecting markets, prices and the use of inventions.
terested in getting subsidies from their government and therefore are specially interested in controlling government. They move in foreign affairs and therefore are interested
office. To make money they enter into arrangements with foreign corporations and foreign governments.”
Co. six months ended June 30 net profit $483,376 or 81 cents a share vs. $443,535 or 74 cents year ago.
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. DOWN REMARKS
the fact that he stopped making|Med
ternational affairs whose objectives| Medium
Go He said his brief remarks about
11 his ‘attacks on international
“These corporations are often in-|Agen
‘SOURCE: VU. S. BUREAU OF THE CENSUS AND O. P. A.
\
PORKER PRICES ARE UNCHANGED
Top Remains at $15 Here; 6400 Hogs Received At Stockyards.
Hog prices at the Indianapolis stockyards today were unchanged from yesterday, the top remaining at $15 for good to choice 200 to 210pounders, the food distribution administration reported. ‘Receipts included 6400 hogs, 650 cattle, 450 calves and 1900 sheep.
HOGS (6400) : vensavenses . | [email protected] vee «.. [email protected] . [email protected]
. 14. 25@14. 45 [email protected]
330- 360 pounds es Sessa
ium— 160- 220 pounds Packing Sows Good to Choice— pounds pounds 60 pounds
esssesssscane
[email protected] evesscscsnvas [email protected] | All4 [email protected]
[email protected] [email protected]
asset ectsccse sesasssssssen
1100-1300 pounds [email protected]
1300-1500 pounds .eccccecocce
15.50) 2 . 15.502 14 01s. 50
. [email protected] 1100-1300 [email protected] Common
700-1100 pounds
Medium 700-1100 pounds pounds
Choice 600- 800 pounds
800-1000 pounds [email protected] Good—
[email protected] [email protected]
esessssscsses [email protected] . [email protected]
sss sscssssee
) [email protected] 9.75 Cutter and common ...... sees 1.50
Canner hie we! (Yearlings ed csessseesess [email protected]
age Good (all we ts) sestcenns in 13.50 Medium ng ant sein
Cutter and ‘common CALVES Vealers (all weights ’e Good to choice Common and medium Cull (75 lbs. up) Feeder and Stocker Cattle and Calves Steers Choice—
500- 800 pounds . 800-1050 pounds
je
Good— 500- 800 pounds 800-1050 pounds Medium— 500-1000 pounds Common-—
ssessscces.. [email protected] sssscesescece [email protected]
scessssssees [email protected] . [email protected] )
v Good and Choice—
500 pounds down .. [email protected] Medium—
500 pounds down .......,.... [email protected] Oalves (heifers)
Good and Choice— 500
pounds down .. [email protected] Medium-—-
500 pounds down [email protected] SHEEP AND LAMBS (1900) Ewes (shorn)
eee ¥
7.00 6.00
Good and choice Medium and
14.00 | In
13.00 .. 11. 12.76
LOCAL ISSUES
Nominal quotations furnished by Indian. apolis securities dealers, Bid Asked Fin Corp COM secveceee 1% ts Fin Corp pid eesscccses 20 Bel R Stk Yds ssavsccece 43 t R Stk Yds 3% 6% pid esscses B3 Dobbs Merrill go 3%
Sokiba-Marl] | Circle Theat
k in the state department or foreign Hor
International Cigar Machinery|Indpls Rail
COM ..oenee 13% 5% pL.......100% b Serv of Ind com ...... 16 ol as
[email protected]| Am C
[email protected] | BO
[email protected] Son Ea 13.78
vo [email protected]|5¢
11.25 | Ohio 9.75 | Packard 6.00@ 7.% P
Secrecseca.s [email protected] .
Automatic Gear . Shift in Tank
WASHINGTON, Aug. 19 (U. P.)—General Motors Corp. an=nounced today that the automatic gear shift, one of the newest improvements in automobiles,
has been installed in the new M-5 tank to make it the speediest model in action. The automatic shift was included in M-5 tanks which facilitated the allied conquest of North Africa. The shift had never previously been used in a miliary vehicle. Officials said it makes the tanks “extremely flexible and maneuverable and enables them to be operated at sustained speeds with. no slow-down to shift gears.” This factor coupled with high top speed makes them very difficult to hit in combat.
N. vy Stocks
High Low Last 2 2%
2%
|++1 82 SF oF esas FETE eeTs8
+5
I: ++ 14+:
i;
PELE ++I E+ +L
1+:
Steel West Union .. 37 Westing El .... 94% Woolworth .... 30% Yellow Tr .... 18% Young Sheet.. 36% Zenith Rad .... 33%
PEFR IRL LF: 4
+1
Complete New York stock quotations are carried daily in the final edition of The Times.
Incorporations—
a Lion County 4-H Club Association, Corydon; no capital stock; K. ‘Enlow, Herschel O. LaHue, O. se Davis and others. Philip Adler Jr. and Charles BE. Stevens, trustee, d-b-a Amezican Sesiery Mills, ana f trade mark, label or bran Tra-Fit” class 38:
clothing. Mary Lee Candles, Inc., Mienigan Le yoy change of agent Bowaunskl, 133 N. Michigan Yo Eth
Portis Bros, Hat Cb., Illin
tion; change of Ka
change of agent Koch, 230 W. McCarty st.
South Telograph-C able ors o Indianapolis ange agen . Curran, 7 8. Meridian st., Indi-
Robertson Brothers rtment Store,
Ine., South Bend. oe t increasing SSN stock to 11,500 shares of no-par value
Jasper Me Ice and Inc. Shsper; agent, 1 Stomie. Fe Woh Jasper; on shares of $100 par a po J. Bohner,
Eg! . Stemle, C. hast PF. _QGrady an and wi L. ‘Woodard, d-b- bea OGiady sm Indi
Gets No Fee or Profit for Managing Giant Utah Works.
WASHINGTON, Aug. 19 (U. P). —A huge modern steel plant built by the government at a cost of $180,000,000 near Provo, Utah, has been handed over to the U. S. Steel Corp. for operation for the duration of the war, Secretary of Commerce Jesse Jones announced today. U. 8. Steel will operate the plant through its newly formed subsidiary, the Geneva Steel Co., without profit or fee, for the Defense Plant Corp., a subsidiary of the Reconstruction Finance Corp. The DPC will pay all expenses involved in operation and management of the plant, and all proceeds from sales of its products will be held for its account. The site of the main plant at Geneva, Utah, known as the Geneva works, covers more than 1600 acres. the largest steel mill west of the Mississippi. Its facilities, designed chiefly to provide steel for west coast; shipbuilding, include 11 miles of railroad, raw material facilities, coke ovens, blast furnaces and steel making and finishing equipment. Its annual capacity is approximately 1,200,000 tons of ingots, 700,000 tons of plates and 250,000 tons of structural steel.
STATE UTILITY TOLD T0 ADJUST ‘EXCESS’
The federal power commission has directed the Indiana HydroElectric Power Co. to make accounting adjustments involving the disposition of more than $3,500,000 in write-ups and other “excess” cost of acquisition over original cost. The amount is said by the FPC to be approximately 80 per cent in excess of the original cost of the electric plant, The utility submitted a plan for the disposition of the $3,500,000 in which a capital surplus of $2,625,000 would have been created by a reduction in the common stock of a like amount, subject to the approval of the common stockholders. The FPC refused to approve, saying that the “plan would
i | defer over a long period of years
amounts which should be removed from the accounts at once.”
BUSINESS AT A GLANCE
.-By UNITED PRESS American Agricultural Chemical Co. of Delaware and subsidiaries year ended June 30 net profit $2,024,927 or $3.22 a common share vs.
Y21$1,802,100 or $2.87 previous year.
American Pulley Co. 12 months
+|ended June 30 net income $110,025
or $1.54 a share vs. $203,536 or $2.24 previous 12 months, Beneficial Industrial Loan Corp. 6 months ended June 30 consoli-
Es dated net income $2,090, 996 or 95 Cea cents a common share vs. $2,317,288 Clearing jor 91 cents year ago.
American Machine & Foundry Co. six months ended June 30 profit $519,559 or 52 cents a share vs.
1, | $681,567 or. 58 cents year ago.
Tung-Sol Lamp Works, Inc, and
year ago.
The entire mill is by far]
Dividend payments by life insur-
ance companies dropped $22,081,000]
in the first half of 1943, reflecting the continuous decline in interest rates, the Institute of Life Insurance reported, ® 2 8 For $100,000, Industrial Rayon Corp. has bought patent properties of Imperial Rayon Corp. 8 8 #" United Air Lines Transport Corp.’s net income for the first half this year was 144 per cent over the 1942 half, $2,153,400 against $882,200, reflecting a 21 per cent increase in operating revenues. ’ 8 n 2 The war food administration is planning a $100 million dairy feed subsidy to halt greater than seasonal decline in milk production. Details do not have final approval and may not be announced until after Songress returns next month. or ” # 8 U. 8. has a 5-month supply of tea and unless the allotment is increased at least 40 per cent a shortage will develop before end of this year, predicted ‘Benjamin Wood, Tea Bureau managing director. » sn o
The Illinois-Iowa Power Co. today had permission to sell all of the outstanding common stock of two of its subsidiaries, Des Moines Electric Light Co. and the Iowa Power & Light Co. to the Continental Gas & Electric Corp. for $10,210,000 cash. ” » »
John C. Kelly, assistant general counsel of the Mutual Life Insurance Co. of New York, has declared that proceeds of life insurance policies collected by corporations upon the death of any key man are exempt from federal income and excess profits levies. ; 2 8 = Jones & Laughlin Steel Corp. has declared a dividend of 50 cents on its common stock payable Oct. 6 to stockholders of record Sept. 3.
PLEDGES SUPPORT TO SWPC PROGRAM
WASHINGTON, Aug. 19 (U. P.). — The National Association of Credit Men has pledged its active support to the Smaller War Plants Corp. in its drive to mobilize unused small plant capacity in the production of war materials and essential civilian goods, it was announced today by SWPC Chairman Robert W. Johnson. Working committees of the association will -serve. as an army of searchers to help locate small manufacturers capable of handling production of war materials and civilian goods.
U. S. STATEMENT
WASHINGTON, Aug. 19 (U. P.).—Government expenses and receipts for the current fiscal year through Aug. 17 compared with a yeah Jeo La st
Year $11, 190.123.377 ¢ 7 988 110.070 War Spend. 10, '305,0 4,874 17,143,279,737 Receipts ... 3,9 25,1 12 043 ,058.098.975 Net Deficit... 1, 228 611,334 8 925,082,500 Cash Bal.. 8,3 5,200, 1264 4,632 ,064,273 Working Bal. 17, ry 524, 358 3,769,601,272 Public * Debt 147, 278.068, 4 85,459, 4 47, 832 Gold Res. .. 22, 291,303, 38 a2, 742, 607, 047
—————
Expenses
INDIANAPOLIS CLEARING HOUSE
LOCAL PRODUCE
gi lsavy breed hens, 34%c;- Leghorn hens, C. Broflers, fryers and rosters, under b Ibs., 27%ec. Old roosters, 16c. Eggs—Current receipts, 54 Ibs. and up.
subsidiaries 6 months ended June |34c. iw 30 net profit $147,471 or 27 cents a, common share vs. $87,702 or 7 cents
Graded Eggs—QGrade A large, 43¢; Sade medium, 39c; grade A small, S6¢; no
grade, 32c. 80c. Butterfat—No., 1,
Butter—No. 1, 49c; No. 2, 46c.
Has No Individual Excess Tax Under Study, Says
Morgenthau.
WASHINGTON, Aug. 19 (U. P). —The treasury was on record today as not having an individual excess profits tax under consideration as a means of raising additional revenue to finance the war. Secretary Henry W. Morgenthau Jr. declared that the treasury is still aiming at a goal of $13, 000,000 of additional taxes, but admitted that discussions had ranged from totals both above and below that figure, and emphasized that an individual excess profits tax has not been considered. He made his statement following the second of a series of explora< tory tax conferences between treas ury officials and other government agencies, including the war, nayy, commerce and agriculture depart. ments, and the war Production board. Told to Do So : The treasury is trying to discuss taxes with every government agency . which may have a stake in them, Morgenthau said, and the door is being left open for new ideas until the time comes to begin study of a new tax bill in congress in late September. Morgenthau gave no explanation of the reason why the treasury has not considered an individual excess profits tax, but other treasury offi cials are on record with a list of objections to it. The outstanding one is that administrative come plexities would render it impractical. The house ways and means coms mittee specifically instructed treasury tax experts and the staff of the joint congressional tax commit= tee to explore the possibilities of an individual excess profits tax.
ALL GRAIN FUTURES BUT RYE ARE FIRM
CHICAGO, Aug. 19 (U. P)~— Grain futures opened firm but rye declined in later trade on the Board of Trade today. At the end of the first hour wheat was up % to % cent a bushel; oats up % to %4; rye off % to %. In. the September options wheat was up % to % from the previous $1443. @144%; oats up % to % from 70%, rye off % to % from 99% @99%.
SEARS TO MANAGE DEPOT CHICAGO, Aug. 19 (U. P.).— Management of the U. 8. army’s ordnance depot and warehouse near Lordstown, O., will be assumed by Sears, Roebuck & Co., on Aug. 30, according to an announcement by Sears officials.
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TO ALL OTHERS whose efforts. . contributed to our Company's leadership in the malleable iron and steel castings industry 4 >
* * *
friendship: and
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AND TO THE NATION jn which It wos possible to establish
TO THE FOUNDERS of our Company who, seventy-five years ago, pioneered in bringing the manufacture of malleable iron to the midwest
patronage have
record of seventy-five years of growth and continued success,
OUR THANKS AND GRATITUDE
NATIONAL MALLEABLE AND.
STEEL CASTINGS
COMPANY