Indianapolis Times, Indianapolis, Marion County, 24 December 1943 — Page 17
Pub
lic oes on y Biggest Sperding Spree | Since 29
By UNITED PRESS
IN BRIEF
{today that 45 per cent of the work-
Prof, Charles O. Abbott of the
Post-War hy Woks
By NICK BOURNE
#
United Press Saft
tal in 1943 to finance i Salt Correspondent ng sapited veed, OAKLAND, Ca, Dee. Mien J. Kar who belove
wre, SOTIOS. ATE C. D. Alexander, general
Nominating ‘Committee Stresses City's Need for] ‘Industrial Leader to Guide Changeover :
From
War,
Edwin S. Pearce, président of the ‘Railway Service & Supply Corp. of Indianapolis, will become the 35th president of the Ingiatapolis Chiamber. of Commerce Jan. 1.
Elected at the annual board
of! “directors meeting yester- |
p at the Indianapolis A
2 ctu, Mr. Pearce wil suos ‘George A. Kuhn, of}
ceed Klein & Kuhn, who has served two terms as president. ] Those elected vice presidents were C. Harvey Bradley, president of W. J. Holliday & Co.; James 8S, Rogan, president of the American National bank; C. E. Whitehill, president of Banmer-Whitehill, Inc, and Edward Zinc of El Lilly & Co. George 8. Olive of George 8. Olive & Co., was elected treasurer, Industries Stressed The nominating committee cone sisted of W. 1. longsworth, presiSenn ‘of Lilly Varnish Co., chairore. B. Griffith, presi8. Ayres & Co., and Harry
dent of 1
+ The committee, in nominating Mr. Pearce, said it felt the next Chamber of Commerce president should’ be an industrial man becafise continuing war . production and planning for the changeover to peacetime production will be important to the future of the city. Mr. Pearce was born in St. Paul, Minn., graduated from Purdue university in mechanical engineering and came here in 1914 as a mechanical engineer with the Big Foyr railroad. When it merged with the New York Central, Mr. Pearce became special engineer in the transportation department. In 1925 he organized and became head of the Railway Service & Supply Corp., 510 S. Harding st. -. + Directors Named Those elected directors at large to serve one-year terms are R. Norman Baxter, Baxter Steel Equipment Co,; Walter W, Kuhn, president of Guarantee Tire & Rubber Co.; E. B. Newill, general manager of the Allison division of General Motors; Stanley W. Shipnes, manager of the Sears, Roebuck & Co. store, and Mr, Pearce, Those who will serve three-year
manager of the Bemis Bros. Bag Ca; William P. Flynn, vice president of Indiana National bank; Paul L. McCord of Paul L. McCord Co.; H. E. Morse, Vice president and manager of Indianapolis Water Co.; "H. T. Pritchard, president of IndiPower & Light Co.; James 8, Watson, vice president of the Link-Belt Co, and C. H. Wallerich of the C. H. Wallerich Co. All will take office Jan. 1, Mr. Longsworth, on behalf of the board, paid high tribute to Mr. Kuhn's services in directing the chambers activities during the first two critical war years. He said the retiring. president's aggressive leadership has brought the chamber to a new high point of useful-
ness to the community and praisedicold Res
- his vision in determining the course of action for the post-war development of Indianapolis. i rt ————————— GAS STAMPS EXPIRE DEC. 31 ‘Transport ration coupons, principally ‘used by éommercial vehicles "and taxis, bearing the designation “TT” and the one-gallon “bulk” coupons that were used at one time
for bulk deliveries of gasoline and |’
for furlough travel by members of the armed forces ¥ become invalid for use by consumer after Dec. 31, it was announced today by James D, Strickland, OPA district
LE
Edwin S. Pearce
C. OF C. TO STUDY AIRPORT LEASES
Appointment of h subcommittee to study the terms of the proposed municipal airport leases to the three major. airlines was authorized at a meeting of the aviation committee
of the Indianapolis Chamber of Commerce held yesterday in the chamber offices. Henry E. Ostrom, committee chairman, said he hoped the terms would be such as to place the city in the most favorable possible position competitively with other cities in the Midwest and to encourage continued development of Indianapolis is a leading aviation center. A subcommittee also is to be appointed to study the Lea bill, now pending before congress, and report back a recommendation at a later meeting. The measure declares the air superiority of the United States and seeks to promote the development of civil aviation and promote its safety and stability. The committee voted to cooperate with Mayor Tyndall and other city officials in plans for the ceremonies March 21, when the municipal airport will officially be dedicated as the Weir Cook airport in honor of Col. Harvey Weir Cook, Indianapolis aviation pioneer and! hero of two wars, who was killed in an airplane crash in the Pacific area March 21, 1942.
U. S. STATEMENT
WASHINGTON, Dec. 24 (U. P.).—Cov. ernment expenses and Fecoibts Pl the current fiscal year through compared with a year ago:
his Expenses .. § 43.1 3.071 00 asi’ Sit ate. 363 War Spend. . 40, 183.185 464,056, 423 Recelpts .... 18.327.357, 065 = 437,358,829 Net Def. ... 24,836,319,381 25.875.376,234 Cash Bal. .. 121357 918. 3 “ 807,565,810 Working Bal. 11.594 7.045,011,420 Public Debt . 169.797. 76; 744 108,087,793,620 } . +. 23,003,949,042 22,744,629,705
* INDIANAPOLIS CLEARING HOUSE
eseveer anne asnann .
Clearings
87,489,000
LOCAL PRODUCE Sy breed hens, 23¢; Leghorn hens, Broilers, fryers and roosters, under 4 1bs., 26c. horn springers, 23e. Old roosters, 16e. Eggs—Current receipts, 54 Ibs.
28¢. Graded s—Crade A age, 36c; ic; grades A small, 26c
A medium, 1, B50c. Butterfat—No. 1
and up, i
grade, 26c. Butter—No.
director.
49¢; ‘No, 2, 46ec.
GUARANTEED
SEYMOUR'S 141 W. Washingfon St.
KINNEY'S
138 E WAST st.
(Freight Jam Was Causes]
{from what they were when Presi-
U. S. Ran Show for 26 Months.
By CHARLES T. LUCEY © Times Special Writer
WASHINGTON, Dec. 24—Railway - labor disputes threatening a
talk of government operation of the . But the government's top authorities in the field want no part of it. These officials say that momentam would be lost during any period of readjustment and €hat morale of rail employees almost that conditions today differ vastly
dent Wilson fssued his proclamation taking over the railroads: on
transportation tieup have led to|*'®
surely would suffer. They point out}. iid Jewelry Co. at Chicago sald war
Beverly
record Christmas buying and with. out a pause began making their reservations in night clubs. and theaters for whoopee on New Year's
Sales of luxury items were up 100 per cent. Hotels, usually dull during the holiday week, are jammed. Night
clubs are turning away thousands every night,
In representative towns surveyed
by the United Press, the people were set on disposing of their idle cash.
F. A. Slaten of the C. D. Peacock
workers were buying watches at $50,
$75, $100 and up, where formerly they would have spent no more
oy market in 1029, of the Mississippi, the wage earner and housewife finished
Jan. 1, 1918.
{effective check against glutting
'{ing expenses skyrocketed, and there
- | railroads were trying to adjust back
| | peak of about 40000,000.
RS cout the couhtry money to do it then, too—about $1,600,000,000, according to reports of the railroad administration, which ran - the transportation show for 26 months.
Ports Clogged
A lack of co-ordination between rail and overseas transport which caused a jam of freight cars leading into north Atlantic ports was one of the breakdown points in 1917 before the government took over. Industries piled the tracks high in a rush for raw materials beyond their needs. A freight priority system operated by the government had caused endless confusion; Rail Administrator William G. McAdoo wrote of 5000 carloads of piling for the Hog Island shipyards being backed up on the tracks near Philadelphia. This war has not been without transport jams, but they have been minor compared to 1918. The railroads have moved troops and war goods in unprecedented volume, and they took on the movement of nearly 1,000,000 barrels of oil a day to the east. As many as 1,750,000 troops have been carried in a month. Paid Rent
Working with the office of defense transportation and the army transportation corps, the railroads have maintained a well regulated flow of equipment to the ports, sup-
so that there is no delay, but not so fast that there is a pile-up of goods on the docks, The army's reconsignment depots have been an
ports. In world war 1 the government took over the railroads on a rental basis, paying a rent based on earnings from 1914 to 1917. Rail operat-
was no comparable increase in passenger and freight rates. The net loss on operations in the 26 months was. $1,087,000,000. The government also made an earnings guarantee in the first six months after the war, when the to former conditions, and this cost $529,000,000.
Wages Rose
Rail wages in 1916 averaged 28.3 cents an hour, went to 32 cents in 1917, to 46 cents in 1918, the first year of government operation, and to 56'2 cents in 1919. The operating ratio—the portion of gross revenue going into operating costs—went from 65 per cent in 1916 to 85 per cent in 1919, At the end of the period of government operation the railroads were suffering tremendous losses, and this led to the arrangements for government financial help in the six-month transition period, until revenues could be brought up toward outlay. A relatively small part of the government's. over-all losses for the period was on inland waterways. In this war, fewer locomotives and cars are available than in 191718 yet revenue ton miles, totaling an estimated 730,000,000 this year, are nearly double the ‘world war I
1.OCAL ISSUES apois securities deniers. + Bid Asked
TW 2 i
FH i EE 1
:
El
i i Ft
7g Cogan
88a 58:
i 2
Br i
i 8
fi | 8
Er
| x BY 3
chandise of all kinds: Delma L -| Arthur M. Wilmot, Arden D. Bd
than $40 and probably would have stayed below $30. Jewelry sales
were up 40 per cent over last year,
Lunch Pail Out
Unable to buy household necessities, heavy-pocketed husbands are treating their wives to fur coats and jewelry, ’ The picture? Detroit, the heart of the nation’s war production—the lunch pall is disappearing. Breadlines form at mealtime outside restaurants that can't accommodate all customers inside, Customers are packed five deep at jewelry -counters. Department stores report sales of expensive clothes are skyrocketing because war workers are handing “cold cash” over the counter, Handpainted neckties are selling at $10 each as fast as they can be obtained from wholesalers. Theater business is up 40 per cent over last year,
Night Clubs Boom
New York, the nation’s entertainment ocapital-—Sherman Billingsly, owner of the Stork Club, predicts a $1,000,000 gross for better New York night clubs on New year's eve. Night: club business in
War No 'Bonanza’
To C.&0. Railway |
CLEVELAND, Dec. 21 (U. P.).— The war, instead of being a “bonanza" to Chesapeake & Ohio Rallway, as it has been for most roads, has actually reduced the company's earnings, Chairman Robert R. Young asserted today. In a statement expressing disappointment over the interstate commerce commission denial of a proposed preference stock dividend to common stockholders, Young said that C, & O. actually was looking forward to improved earnings with the return of peace and the elimination of the excess profits tax, The commission, in denying payment of the preference dividend, had said that “under present war conditions, which produce greatly increased earnings, we are convinced that the maintenance of a substantial surplus is more than ever necessary to provide . . . a cushion to absorb the shocks of the transition period after the war.”
Incorporations
National Hosiery Mills, Inc, Indianapolis; amendment decreasing capital stock to 2000 shares first preferred stock of $100 par value and 21,395 shares common without par value. Mercantile Bank, Hammond; ment increasing capital stock shares of $100 par value. Wheelan Studios of Indianapolis, Inc, Merchants k bldg, Indianapolis; agent, Jacob 8. White, same address; 2 shares of $100 par value; Seagal photographic business; George Porrey III, W. H. Kavanagh, M. -B. Joyce. Wheelan Studios of Indiana, Iné., Merchants Bank bidg., Indianapolis; agent, Jacob 8. White, same address; 250 shares of $100 par value: general photographic business; George C. FPorrey III, W. H. Kavanagh, M. B. Joyce, Superior Freight Lines, Carroll st., South], Bend: Hesselgrave, same ' address; 1000 shares without par value; transfer business; W, E. Hesselgrave, Richard E, Eckman, Herbert H, Heyn. Pairmount Glass Works, Inc, Indianapolis; amendment of articles of incor. poration, increasing and changing eapital stock to 100,000 shares common stock of $12.50 par value, Marion M:P-8 Employees Credit Union, of Marion, Ind.,, Marion; 20,000 shares of $5 par value. : Pritts Feed Mills, Inc, Bank bldg, Ft. Wayne; | Schele, same addr 88; 1000 shares without ar value; Dale Mean illen Jr, G. C. omas, Edward T "Sche Ohio Vahey Gn Gas Corp Tn City; William E ia 7500 shares without par 35 eg to prose for ofl and as; R. Hal Compton, M. A. Compton, R. iller Holland.
amendto 2000
430 B. Ww. BE
Ine. agent,
300 Old Pirst agent, Edward T.
agent.
shares at. 3 par value; ‘A. Everett Bloom, Arthur L. Hadley, Martin Luecke, Carl G. Ludell, Thomas J. Kelly, Bdward PF. Scheumann, Clinton R. Willson, Samuel Wolf, William E. Morton, Grace D. Binder. Sterling 5¢ to $1.00 Stores, Inc., 214 3 Randolph st., Garrett; ent, Delma Haffner, 408 8. Franklin Garrett; 100% shares of $100 par value; dealing in merHaffner,
Hammond Yellow Cab Co., Hammond; No Rogers, Inc, Terre Haute; dissoKumfy Togs, Inc., New Castle; final hi an, Pat andkey Pa tern and Found C:, Anderson Sahnio ion iy Co. In Anderson Anderson;
Banki amendment haning capital stock - 000 shares of $10 ES > w, The fer
hy
blications. , Myrtle
DAILY PRICE INDEX YORK, Dec. 24 (U. P).— Dun & & Bradstreet's daily weighted price index of 30 basic commodities compiled for United Press: (1930-32 average equals 100.) Yesterday WeEEK-ABO «.oosvensassssses: 170.67 Month Ago SRP r seta .169.49 Year Ago BESS sb era nots Holiday 1043 High (Oct. 15) ..........17330 1943 Low (Jan. 2) ...........16661
HOG HOLDOVER
Anthony Wayne Bark, Ft. Wayne, 2000 | Cho!
sesasssanesnnseests 170.79 o
caught by the thrill of holiday spending, test splurge of money flinging since the
Hills, and even fn the mud fiat
general is from 40 to 60 per cent better than last year, Thousands are turned away every week-end, All good shows are sold out three weeks in advance. Jewelry sales are up 200 per cent over 1940, Police were called to quell a near riot when a cut rate liquor store opened for its day's business, A line of 75 persons stood outside a fancy choc oate store with police standing by to keep order. Chicago, another great war production center—Fred Best, manager of the Morrison ‘hotel, said Christmas Day, 1928, ‘found only 17 guests in. one of the city's largest hotels. Today the Morrison is sold out for Christmas eve with 500 requests for reservations unfilled. All hotels are sold out for the holiday week. The Palmqr House, advising its clientele that it would strip its New Year's eve ball room of as much glamour as possible to conserve all items, including manpower, limited reservations to 600 couples and was sellout quickly at $256 a couple,
Scotch $120 a Case
Miami, a vacation center--Scotch whisky is bringing $130 a case on the black market. Jewelry stores close early to avoid depleting their stock, Cosmetic counters are “selling everything we can get and we can't get enough.” New Orleans—Race track mutuels are being played by 146,000 persons daily compared with 115.000 last winter at the Fair Grounds. Night club, bar and theater business is up 35 per cent. The Association of Commerce reports “business is undergoing the greatest substantial increase in the history of the city.” However, the nation as a whole was spending part of its restless money for war bonds as Christmas presents. The treasury reported $4,006,103,006 worth of bonds sold between Sept. 21 and Dec. 21.
CLEARED HERE
Only 1200 Receivi Received Today: Light Weights Sell Higher.
For the first time in several weeks since the heavy hog marketings began, the Indianapolis stockyards today had no hogs held over unsold from yesterday, the food dis-
tribution administration reported. Only 1200 hogs were received. to day and the market for them was active with weights between 160 and 200 pounds selling 20 ‘to 50 cents higher than yesterday. Other weights were steady and the top was $13.80, government floor, for 200 to 300-pounders. Receipts also included 125 cattle, 100 calves and 2200 sheep. The stockyards will be closed tomorrow, Christmas,
GOOD TO CHOICE HOGS (1200)
120- 140 pounds ..... $10.75@ 11.26 140- 160 pounds ... . 11.256213.00 160- 180 pounds . 13 504 13.50 180- 200 pounds . 13.504713.50 200- 220 pounds .. [email protected] 220+ 240 pounds 240- 270 pounds
13.806 13.80 + 13.80413.80
Packing Sows Good to Cholea— 270- 300 pounds ..... 300- 330 pounds ..... 300- 360 pounds ............. 360- 400 pounds; -
211.75@ 11.80 11.66@ 11.80
11.65611.78 11.55@ 11.70
Good 400- 450 pounds ......c.00.en 450- 550 pounds Medium— 250- 550 pounds . Staughter Pigs Medium and Good90- 120 pounds .
CATTLE (123)
Cholcew— 700- 900 900-1100 1100-1300 1300-1500
15.257 16.20 . 15.256216.25 . 15.5061 16.50 . 15.50% 16.50
pounds pounds . pounds ...eee nounds
. 13.256115.25 veo 13.256215.25 vess 13.506215.50 see 13.50415.50
sivas eeee 10,504013.25 10.754 13.50
700- 900 900-1100 pounds 1100-1300 pounds 1300-15600 ) pounds dium NM 00-1100 pounds 1100-1300 pounds Common 700-1100 pounds .......seee b Heifers
pounds
++ [email protected] « [email protected]
eer [email protected] ves 123. [email protected]
« [email protected] Comm
500- 900 pounds . 8.00@ 8.75 Cows (all weight)
ce yo . 600- 800 pounds ......eeeee 800-1000 pounds
600- "800 pounds ... 800-1000 pounds
Good ... Medium 7 Cutter and common Canner .... — : Bulls ‘(all weights) .
0.75@ 10.75 2000 050
8.00@ 9.50 5.75@ 8.00
Beel— ; Good (all weight$) Sausage Good Medium . Cutter and ‘common sesh CALVES (100) Vealers (all weights) Good to choice . civeess. [email protected] Common and medium 34
Cull (70 Ibs 5.50 Feeder and Stocker Cattle and Calves Steers
11.7% 11.80
[email protected] [email protected]
8.350 9.3 0750 8.25 |
. 10.50 10.25
500- 800 POUNAS ose censiose ay J0UNR +srestevinnte
Medium— 500-1000 pounds. « ssevss sence
11.35@13. [email protected]
[email protected] .. 8.75011.00 SHEEP AN AND LAMBS (2200) . Let as 4.25@ 5.50
gin
from governmental sources.
vested in its merchant marine, now the largest in the world, & total of some $20,000,000,000 by the end of next year, making it almost comparable to America’s $25,000,000,000 railroad industry, according to New York Trust Co.
gasoline to a 16-week peak, despite a 350,000 barrel cut in production | was reported today fcan Petroleum week of Dec. 18,
Jones announced the award to the Pettibone-Mulliken Corp.,
0 mately $100,000 to provide equipment at a plant in Cook county, Ill. Ickes today released from govern-
ment operation and control, all 11
mines,
gional director, the start of a campalgn to organ-
and other non-operating employees
of the Pennsylvania Railroad system,
day operating schedule,
88 a move to relieve jammed mar‘kets, extended {its price - support program on hogs today to include good and choice animals weighing between 270 and’ 300 pounds, o - »
The United States will have in-
” » LJ A rise in countrywide reserves of
The war food administration, in |SI80
t shipyards, The poll followed the maritime “we are over the hump in shipbuilding.” Kaiser's survey, believed to be the first such information | gathered since business trends started showing a general employment leveling off, followed his pronouncement that “the peak of America's war production is over in almost every item.” The industrialist who shattered shipbuilding goals and now has set his sights on “painless” reconversion. to peace-time production stressed that the “mustering ‘out poll’ does not mean there is an immediate prospect of a large un-
d
e e
by the Amerinstitute for the
. ~ ” Bank clearings in 23 leading cities |
in the week ended Dec. 22 were up | Pe re right now, The generals will 26.4% equaled the 13-year peak set in the [TON War on a certain date, But week ended Sept. 22 this year, Dun | D'® industrial front war has already & Bradstreet reported,
from a year ago and almost
» Secretary of
. = Commerce Jesse Chicago, f a contract. valued at approxi-
" Coal Administrator Harold L.
Coal Producers . association The mines produce about 15,207,000 tons of coal annually, wn =» Anthony J. Federoff, C, 1. O, retoday announced
linois
ize the 20,000 or more shop workers
» Shipyards will need more * stéel than ever, despite the order to supplant the seyen-day week with a sixbecause of the new troop transport program, the magabine Iron Age said today,
"yards employing 200,000 persons.
toward
employment problem at his ship-
“But {t all ties in. We have to | prepare now,” the “miracle builder” said. “Do we want to wake up after the lightning strikes? ‘Post war’ is
announce the end of the battle
been won in most factories, ‘Post War Is Here’
“Post war’ is here on this sheet. of paper which says, ‘10.000 employees laid off at 8t. Louis ordnance plant’ as a result of sufficiency of production, Those workers and most others being laid off will be absorbed by other critical industries, until those becoine saturated.”
war reconversion of industry is an immediate that be already hay taken & sumple “musterng ou oil” at one
Summ
wanted to stay in the sh Half of those wanting to ip they wished to return to Boosh dons ing, and the other half desiring
epart after the war “want to
married, go back to the farm, go school some “more, become & toe dancer or opera singer, or retire
ntirely from being lady veoh ;
te.” Kaiser revealed that “one of the
oldest banking concerns in the
East” has offered a prospectus tos ward the proposed risk credit pool,
Seeks Private Capital 5 “The bank proposes a nations industrial credit corporation, to operated by existing banks, would furnish private capital for new and existing business ventures to take up such slack as must result from the saturation point's being reached in one war plant after atie other,” Kaiser said, ‘Credit has shrunk to three oF four times less than the normal ¢ amount required to do business simply because the government hag | been financing everything and buys’ ing everything, “Private capital must go to worls now and provide venture capital for a smooth reconversiont. . Labo
Kaiser also announced: 1. Completion of the first step] creation of his proposed! multi-billion dollar risk credit pool for financing industrial reconver-| sion to peacetime production, 2. Reléase of figures that the rate of output in at least some phases of plane production | was approaching a peak. The shipyard job survey showed that of 1174 men employed at one yard, 79 per cent want to stay and] work at the shipyards after the] war.
The others expressed desire to!
leave for further education, to reenter their former trades or pro-
indicating
unions, insurance companies; the {government and the public should participate, I'll put my own money {Into it. T never financed with gove {ernment money before the war, and neither did most large enterprises, “It is far better for the private investor to be loaning his own money directly to business than to do it through the government—and unless private banking and othep established institutions form this { pool, the government will, Private banking has to do the job of lends ing Just as private industry and free enterprise have to pitch in and provide goods and employmeng during this transitional stage”
|
1.75@ 11.86 |"
3
%:
5
HIS Christmas we continue to fight and work. Our factories + TT a challenge the world can hear. Our sons are advancing i against the will and force of despotism—that those things we hold sacred may survive ,-.% that the spirit of Christmas shall live—to guide the hopes and destinies of men. With the cause of freedom on the march—the true spirit of Christmas grows stronger and brighter. And so, to you, your family, and your distant loved ones, the men and women of this company send Greetings, with the sincere wish that, despite war and its separations, this Christmas will hold much for you 3... and that before another. yuletida comes ther bes lasting Pate 8 Ears Good W38 Toward Men
Toar ;