Indianapolis Times, Indianapolis, Marion County, 16 September 1943 — Page 14
L CREDIT
Bankers Also Alo Seek Cut in Non-War Spending by Government.
NEW YORK, Sept. 16 (U. P)~— The American Bankers association
“| vesterday closed its 60th annual
meeting with demands for congrestional investigation of government. subsidized credits and a reduction “to' a minimum” of non-war ex-
resolutions, directed its committee on federaldegislation to “seek forth-
ti with and vigorously support a
_{ thorough corgressional investigation
of the production credit system” and ordered it “to support the efforts of those farm organizations endeavoring to free agricultural credit from political control.” The investigation is necessary “in order that the truth as to the soundness of methods and cost of operations may be ascertained -and given to the members of congress and to taxpayers of the nation,’ the resolution said.
Tax Role Important
It. further. ordered. the. committee to seek congressional action “to
«protect the American system of
Patterned after the “Currency
chartered banking against its destruction through government subsidized lending operations.” In urging reduced nNON<war expenses, the association asserted the “government should set the example” in calling upon individuals to make financial sacrifices in support of the war effort. The association also held the cost ¢f the war should be met by taxgation “to the maximum extent." “Borrowing should be ‘first from
current income; then from the idle
funds of individuals and corporations; and lastly, from the banks of the naticn, the lending powers of which should be employed only 17 the exignt necessary after ex“hausting the other two sources,” its resolution raid.
Want Gold As Basis The bankers also declared thelr
“belief - that government loans or the guarantee of loans are not only
rs at unnecessary for the “financing of
ab! post-war commercial enterprise, but”
FARNSWORTH SEEKS
TO LIST SECURITIES
1 selves.”
| STANDARD DISOWNS
aré actually contrary to sound| financial policy and the best inter ests of the American economy.” In regard to post-war economy, they supported active participation with other countries in dealing with post-war problems, but held that “any plan in which this nation may agree to assist in the stabilization or re-establishment of foreign currencies should incorporate the principle that the value of currencies be fixed in terms of gold.” They agreed that “enlightened self-interest” calls for American participation in efforts to build “a better world” but said that “achievement of the goal depends primarily upon efforts of people tc help them-
SECRET CONTRACTS
NEW YORK, Sept. 18 (U. P.).— Standard Oil Co. (N.J), in an effort to clarify its position
regarding =i cartels, today offered to file with}
the government—for publication “to
“1the world” if neceasary—copies of all contracts entered no with for-
eign corporations. The company’s offer followed charges by Vice President Henry A. Wallace that Standard Oil through cartel agreements with the German dye trust, I. G. Farbenindustrie, had
the | stalled development of synthetic
rubber production. Stating its views, Standard de-
fou) clared:
1. “We do not believe in control-
PROBE | ASKED,
penses. : The association, in a series of:
AND COAL PRODUCTS
A
GRAPHIC BY ners
COMPETITIVE BID FIGHT HOT
More Than 20 Concerns in Battle Over Rail
Securities.
WASHINGTON, Sept. 16 (U. P.). -—Competitive bidding for railroad
securities reached the climactic stage today with the interstate commerce . commission in
pro and con from investment hcuses and railroads themselves, The majority of the briefs, opposed the proposal, primarily on the ground that the ICC already has full control over issuance of rail securities. Supporting demands for competifive bidding were a joint brief filed by the brokerage firms of Otis & Co., and Halsey, Stuart & Co. Inc. and those of fhe Chesapeake & Ohio railroad snd the New York, Chicago & St. Louis (Nickel Plate) railroad. The roads are part of the former Van Sweringen rail empire controlled by the Alleghany Corp. of which Robert R. Young is chairman. Young also is chairman of the C. & O,
Otis Started It
The issue of compulsory competitive bidding for railroad issies was raised originally by the firms of Otis & Co, Cleveland, and Halsey, Stuart & Co. Inc. Chicago. Earlier this year the ICC on two occasions refused to take a definite stand on the question when it arose in connection with public gale of securities by the Erie railroad and the Pennsylvanis,- -Ohie &;- Detroit, a subsidiary of the Pennasylvinia railroad. In the case of the Erie bonds the commission refused to authorize
‘the sale and the issue was with-
drawn while sale of the P.O. & D. bonds was upheld, both actions being taken without reference to competitive bidding, .
Hits Monopoly’
In the joint brief of Otis & Co. and Halsey, Stuart & Co, Inc, it was asserted that “there is only one question before the commis-
sion. Will it raise railroad financ-
ing to the standard of other public enterprise by adopting competitive bidding or will it continue the monopoly of two underwriters (Morgan Stanley & Co. and Kuhn, Loeb & Co)?" Kuhn, Loeb & Co. declared in its brief that competitive bidding for rail securities “would seriously harm both the railroads and investors in railroad securities.” “The ICC has the power to cone trol the character and amount of any new security offered, the price at which it shall be sold by the
Kuhn, Loeb & Co. asserted. Many Join Scrap
Morgan Stanley & Co. charged that “neither the best interests of the railroads nor of the investing public is served by compulsory competitive bidding,” a stand in which they were upheld by a brief filed
vesting public and ultimately and immediately nctosss [the
w|cost of railrogd financing
_posses- | sion of more than a score “of Drieis| OF the-second
tinually exercises “that power,” :
IN BRIEF—
The federal reserve board today noted hardening cofilfitions in the money market, pointing out that short term and industrial loan interest rates of 87 banks in 19 cities rose to approximately the highest levels of the past several years during the quarter ended June 30.
city banks rose to 2.7% in June from 2% a year earlier. » » » ‘The securities and exchange commission revealed today in a survey ‘quarterly period ‘of 1043, that individuals throughout the country ‘have added more to their holdings of government bonds than to their cash on hand and in banks. : an» Electricity production for the week ended Sept. 11 dropped to 4,220,262,000 kilowatt hours from 4350511, 000, the record high, in the preceding week, the Edison Electric institute disclosed today. Output for the latest week showed an increase of 18.0 per cent gver the year-ago figure which was 3,583,408,000 kilowatt "hours.
LOCAL FIRM WINS ILLINOIS TAX"SUI
SPRINGFIELD, Ill, Sept (U. P.) ~The Illinois supreme — held yesterday that the Illinois
{sales tax may not be collected oni
purchases by out-of-state buyers. The court denied rehearings of previous. rulings. on. 16...cases. in|.
which the state finance department sought to collect the 2 per cent tax
Trom companies in Michigan, Wis«
consin, Indiana, Kentucky, and other states. - : The major test involved the Ex Cell-O Co., Detroit. -The court held last May that the company was selling machinery in Illinois, but that the sales were consummated in Michigan. Additional suits involved the Al-Ohiimen Mig. Co., Milwaukee,
ments to Indiana, Kentucky, other states,
DAILY PRICE INDEX
‘NEW YORK, Sept. 16 (U. P.).—
price index of 30 basic commodi-~ tiles, compiled for United Press (1930-32 average equals 100): Yesterday Week 880 ..voveve Month 880 ..ocvvessensss 170.71 Year ago veees 15021 1943 High (April 2) ..... 1943 Low (Jan. 2)
LOCAL PRODUCE |p breed hens, 3%; Leghorn. hens, nT. Set 184 fea asthe ¥
veseses 171.64
The average rate at New York|
Dun & Bradstreet's daily weighted’
INDIANA CORN
Estimated Yield to 48 Bushels.
Times Special LAFAYETTE, Sept. 16 ~Indiana’s corn crop this year will be only 3% under last your: S, Purdue university
duction was 209,136,000 bushels which is 30% more than the 1932-
pects last spring, the crop has shown considerable improvement, particularly during August . when
44 to 48 bushels. Soybean yield was estimated at 19 bushels ‘an acre, lower thap last year, but total Indiama production
placed at 27,702,000 bushels be- | 5°04
use the. acreage of 1458000 is larger than last year,
} Oats Crop Hort : Production of hay was estimated
Tat 2,564,000 tons or 91 per cent of
last year. ‘Tobacco production changed little during the past month and is expected to be 12 per cent above average because of larger grease. The oats yield was estimated at 23 bushels an acre, against. 24.5 bushels last month, and the total Indiana oats ‘crop /is expected to ‘reach 33,306,000 bushels or 63 per cent of last year. | Sweet potatoes were damaged by the drought . and prospects were
down to 180,000 bushels, “Total proand Placed at 3,100,500 bushels, » Per
about two-thirds of average.
WHAT. T0 DO WH [= OLD ANTI-FREEZE
The Indianapolis and [duction board, éffice today told mo-
404] orists what they should do with the =
anti-freeze they saved from last winter. ; J. H. Frohlich, district manager,
FETE sEsI2BEEEs
duetion- of potatoes in. Indiana was!
district war pro- Fo.
i ’ 3 I a
sess f my c 8
i
CROP IMPROVES =>
August Weather Increases i pounds
a "1. the indiested pro-- 0-100.
41 average. Despite the poor pros. |Med
Cows (all weights) fhe estimated yield was raised from |stean
Canner
il
2
I
Basis 13.50913.80 12.282 14.00
3 Ba 0 . 9.50913.00 . 1430 $15.15
13:00 . 13.00
LIAIAINARY
FREER sense
1430 Arts veresess 11.25012.00 [email protected]
(Yearlings excluded)
Beef
USA i
ER dares 10.36 na
(all weights) . Cutter and common. ........
I ne
CALVES (425)
Vealery Good to ch
(all weights) ''
Common a odin.
Cull (75 Ibs. u
Feeder and En "Cattle and Calves
Choice 500- 500 pounds 800-1050 pounds
Foo 200 pounds een
800-1050 pounds Medium— 500-1000 pounds
Steers
12.750 14.0 specsennanns [email protected]%
11.7% seessess 10.28
12.7% 12.50
seen eesese 10.25Q11.75
_—_—_—_—— i.
U. . Sells Baty Parlor,
Four Papoose Carriers, Etc.
By DANIEL
M. KIDNEY
Times Special Writer WASHINGTON, Sept. 16.—Citizens recovering from wrestling % with their latest income tax return and who were surprised to'iearn that “pay-as-you-go” saves no red tape, were startled today by a want-ad indicating that the government actually retired from a bit of business. The ad, which appeared in a Washington newspaper, read in part:
“Government used®and surplus beauty parlor the New Deal braintrusters purchased to make every-
5.75 | Dody--beautiful. The braintruster Lwas_ fired and we have the outfit—| jdryers, curlers, kinkers and un-
kinkers.” E. W. Mason, the salvage merchant who placed the ad, said he didn't know just which alpha-
|betical agency. had bought and |Home : abandoned ‘the beauty parlor equip- | ng
ment, but he suspects WPA. All
such materials are sold on bids pre- mn
sented to the treasury, -“I had a bid in ofi 178 recondi0| toned brassieres, but was too low,”
%6| Mr. Mason explained. “I understand | neo
they had been issued to the WACS.
“You'd be surprised at some Of |¥ Ing
the things this government has to sell. The other day they peddled four papoose carriers to Mogul Brothers in Baltimore, They were just samples from the 'Indjan bureau, I guess. But the way our young mothers are traveling around with their soldier husbands ‘ these days they might come in handy at that.”
With the streamliping of the filing |
systems here, Mr. Mason was able
to buy 220 old oak document, files | 4 2 oso
and sell them for $4 each, he said.
But he lost on a toss to a man ind in nearby Hagérstown, Md., on about |! two carloads of “sight-unseen” gov {ernment goods taken ‘from ~ the
World Fair exhibits at New York
“land San Francisco and shipped here
for sale “through the proper hany F
nels.” Both the Maryland man ond Mr. Mason bid $3, which hardly paid the freight on the crating.
materials, We have just received a
LOCAL ISSUES
*Comwlth a 5% *Delta Elec com Hook
So Stoke Unite Union Title com Van Camp Milk pid . . Van Camp Milk com ..oovueese
Algers
. -
PEER, 23
. abd: Le Eisi: ib
> . 32.
— NEW YORK, Sept. 16 (U. P.).— Arrangements have been made for the sale of a New York curb exchange membership of $6800, up $100 from the last previous transaction.
Red Bank Oil Co. Seven months ended July 31, net income $0,965. 22
it anual fun~ et, re ot Ave. Spang .
and selectivity . . +.
“D+ § wie
EE ———
E Fer