Indianapolis Times, Indianapolis, Marion County, 21 April 1944 — Page 24
PERTS CONFUSED ON STOCK MARKET
Outlook;
Commentators Cautious
“a
on Immediate
Federal Reserve Large Bills May Be Used
For Tax Evasion, Black Market. By ELMER C. WALZER
* NEW YORK,
United Press Financial Editor April 21.—Wall Street is as confused as ever on the immediate trend of the stock market and caution continues on the belief an attempt will be made soon to
drive the averages to new 1944 lows.
“There never has been a time when intelligent security)
analysis has been more difficult,” a commentator notes. He
finds it equally difficult to appraise the outlook for individual corporations as well as the outlook for the broad trend
in stock prices. There still are many bears in the financial district, although the bulljsh element hasn't given up its views on the list. One of the more bullish believes that basically the position of the market is still bullish. He says that sometime between now and invasion day investors will probably be presented with a first-class, longterm buying opportunity. wall Streeters continue to point out that there is a huge supply of funds available forsinvestment, and; that the existence of such fund is constructively important, A commentator states that “these investment markets are not usually as strong or as weak as they may appear on the basis of a day or two of trading and it is possible that an opportunity for a more general and confident bullishness may soon present itself.” At the close Wednesday, the in- - dustrial average was off 5.52 points from the year's high, but up 1.26 from the 1944 low; railroad average,
off 2.73 and up 4.30; utility, off 1.58 Medium
and up 0.63; and 65 stocks, up 1.39 and off 2.39.
Executives Not Bullish
Individual news items continue to influence stocks or groups, market men note, pointing out the strength in oils on OPA ruling to raise prices of crude oil in a few felds. Some of the recent first quarter reports have made a good showing as compared with a year ago. Most of these are in industrial corporations. Declines have been noted in the rails reporting thus far. However, industrial executives do not believe the trend will continue and most of them have keen telling stockholders the outlook for 1944 profits is for a figure about equal to 1943. The April federal reserve bulletin devotes its lead article to currency in circulation, The article concluded among other things that the total currency outflow in 1643 was in denominations of $30 or larger and the proportion has in-
crease in 1044 and that some of |®
the large denomination notes may be used in financing black market operations and for tax evasion.
Denies Rumors
Modi Since that article was published Sung
there have been many rumors that the federal reserve was contemplating an investigation of money in circulation with a view of hitting at the black markets. Reserve officials, however, deny there has been any such investiga-
Sir
HOG TRADING MORE ACTIVE
4000 Held Over Here From Yesterday, 3300 More Received Today.
The hog market was moderately active at the Indianapolis stockyards today with prices generally unchanged from vesterday, the war food administration reported. There were 4000 hogs held over from yesterday and 3300 more were received today. The top held at $13.80, government floor. Receipts also included 400 cattle, 375 calves and 125 sheep,
GOOD TO CHOICE HOGS (3300) 120+ 140 pounds 810.757 11 50 140- 160 pounds ec... [email protected] 160- 180 pounds .... . 13.00w13.35 180- 200 pounds .. 200- 220 pounds .. 220- 240 pounds .. 240- 270 pounds .. 270- 300 pounds .. 300- 330 pounds 330- 360 pounds ...
[email protected] 13.80
i — 160- 220 pounds
Packing Sows Good to Cholce— 270- 300 pounds 300- 320 pounds .. . 830- 360 pounds ...ceececene 360- 400 pounds
10.00€12.73
eteinsssarre .
ssevssesssene
Medium— 250- 450 pounds .cceeseceen .e Slaughter Pigs Medium and
90- 120 pounds [email protected]
15.75Q16.28
+ [email protected] + [email protected] eesseessecnes [email protected]
[email protected] srecacsanse veo [email protected]
THE INDIANAPOLIS TIMES
Looks Almost Like Ol
d Times
truck since 1942 is pictured coming off the
production an
of the new 1944 commercial ambulance are also on the
wartime controversies by creating a of which involving Germany are alleged to have impeded scientific research and industrial development in this country. The new section in the state department will be known as the industry branch of the commodities division of the office of economic affairs. It will be responsible “for initiation, formulation, and co-ordi-nation of policy and action on all cartel and related international industrial arrangements.”
Post-War Policy
One specific duty will be formulation of policy on such matters “involved in the treatment of industry in enemy and ex-enemy countries during the period of military occupation.” There have been insistent demands in some British quarters for total destruction of Germany's heavy industry, such as machine tools, as well as demands for crippling her chemical industry to prevent future manufacture of munitions. The German chemical industry is virtually synonymous with
. [email protected]| the I. G. Farbenindustrie—a major
1100-1300 pounds «.. «s 16.00 18
1300 1300 pounds 000 = ‘ 700~ 900 POUndS .cccossencees [email protected] 900-1100 POUNdS «cecovsncsese B.76 1100-1300 pounds ..ceseeccnces 14. 16.00 1300-1500 POUnOA ...esesseness [email protected] Medjun— 700-1100 POUNdS .eessesassees [email protected] 1100-1300 POUnAS .sssvessesese [email protected] Common 700-1000 pounds os [email protected] Choice 600- 800 pounds .....c.ceveeee [email protected] 800-1000 Pounds ...eesesssees 14.75015.50 Good 600- B00 pounds ...eeescecess [email protected] 800-1000 pounds .esesesseecss [email protected]
essssvssensse [email protected] [email protected]
ON 500- 800 pounds ’ Bulls (all weights) ofa Good (all weights) ev.eoee.s [email protected] . [email protected] [email protected]
Cows (sll weights) [email protected] 5 7! 6.35@ 1.78
EA . CALVES (375) Vealers (all weights) Good to choice 15. Common to medium y y Cull (70 lbs. up) . 6.000 9.50 Feeder and a + Caitle and Calves
Choice
tion contemplated. The reserve ex-|Good
perts always are studying such matters, it is pointed out. Some outside experts say the federal is afraid to attempt a curb on money in circulation for fear they may hit the innocent instead of the guilty who operate the black markets, A move that could be instituted, it is pointed out is for the federal to call in bills of big denomfnations such as the procedure in England. Another possibility is to smoke out the bill hoarders in the next bond drive and get them to invest their cash now deposited in stocks, sugar bowls and mattresses in war bonds.
U. S. STATEMENT
WASHINGTON, April 21 (U. P.).—Government expenses and receipts for the current fiscal year through April 19 compared with a year ago: Las
This Year t Year +... $74,184 400,734 $50,203,592,031 ,130,149,759 54,505,031,275 3,613,170,350 15,673,128,189 Def. .... 40.571,218,734 43,527,000,991 «eo 13,263,866,621 8,384,467,050 .. 12.501,050,687 7,621,842.098 ...186,980,823,660 127,601,756,196 Res. ... 21,460,473,520 22,601,603,502
Expenses War Spen
INDIANAPOLIS CLEARING HOUSE
§ 4,218,000 ceneenss 15,622,000
500 800 pounds sscnce 800-1060 pPOUNAS cecessccceces 30.50 Medium— 500-1000 pounds Common 500- 900 pounds Calves (steers) Good and Choice 500-1000 Medium 500- 800 pounds Calves (heifers) Good and Choice :
500 pounds and down ....... [email protected] 9.25011.50
Medium 600 pounds dOWR ....ce.eeee SHEEP AND LAMBS (125) Ewes (shorn) Good and choice cess Common and medium ...,..ee LAMBS Medium and 7hoice reves eeees [email protected]
Medium and g eesese [email protected] Common [email protected]
LOCAL PRODUCE
goncavy breed hens, 23c; Leghorn hens,
wp, Legh , 5 ghorn springer Old rqosters, pringers, 33a. 26
A medium, 26c; grade A sm grade, 23c. & th
Butter—No, 1, B0c. Butterfat = No, 1,
9c; No. 2, 46c. WAGON WHEAT Up to the close of the Chicago market today, Indianapolis flour mills and grein elevators paid $1.63 per bushel for No, 1 red wheat (other grades on their merits). No. 2 white oats, 79¢, and No. 3 red oats, 8c, No. 3 yellow shelled corn, $1.06 per
bushel and No. 2 white shelled corn, $1.24.
LE
Oldest Loan Brokers in the State
LOANS
The CHICAG
Diamonds, Watches
Musical Instruments, Cameras Clothing, Shotguns, Etc,
146 E. WASH INGTON ST.
DIRECT
RY
.50 + [email protected]
500= 800 POUNAS .eeev.esceses [email protected] 800-1050 POUDAS +esvesseoeses 31.50G13.00
ees [email protected] 1.50
sessesssesces [email protected] ssessesesecss 8.000 0.25
POURdS secececsscsos 1L.T76013.28 . 0.50@1LT8
« T7.75@ 9.00 6.500 7.75
16 Eggs—Current Tecelpta, 84 hs, and up, Graded Eggs—Grade A large, 7c}, grade provisions will be dependent upon 1 c; no
on Everything! §
JEWELRY - CO, Inc. =
E Indpls Railways com ate
target of opponents of cartels. The state department's decision to begin studying the cartel problem on an international plane follows several years of investigation and study by the anti-trust division of the justice department. That department, however, has been
State Department to Study Implications of Cartels
WASHINGTON, April 21 (U. P.).—~The United States, which has long been fighting the adverse effects of cartels on its domestic economy, today set out to study the international implications of such industrial arrangements in the post-war world. The state department stepped boldly into one of the most bitter
special group to study cartels, some
primarily interested in agreements entered into by American companies which contravene the antitrust laws, Several such cases are pending. : Justice department officials would not comment on the state department’s action but it was received enthusisatically by Senator Joseph O. O'Mahoney (D. Wyo.), long a severe critio of cartels,
Denies Opportunity
“The role the cartel system has played in the past has denied opportunity to the individual and this fact certainly cannot be overlooked in -the settlement after the war,” O'Mahoney said. “The big problem of the war is to preserve a place for the individual in economig and political society.”
There is virtually no phase of post-war planning in which the problem of cartels has not arisen— reconversion of industry to peacetime economy, reconstruction of devastated industrial areas, international aviation and petroleum are all subjects intertwined with postwar policy toward cartels. The state department said cartel problems would be a major concern in international affairs “during the coming periods of peace settlement, post-war adjustments, industrial rehabilitation and revival of international trade.”
GRAIN PRICES EASE ON BOARD OF TRADE
CHICAGO, April 12 (U.P).— Grain futures maintained a steady to slightly easier trend on the Board of Trade today. Barley countered the trend with a minor fractional advance.
2731 At 11 a. m, wheat was unchanged
to off % cent a bushel; oats held unchanged in all deliveries, rye unchanged to off 7%, and barley up %. Easing of food supply controls coupled with favorable growing weather gave tended to give a bearish tone to. wheat futures.
EASE RESTRICTION ON STATE DRILLING
WASHINGTON, April 21 (U. P). ~The petroleum administration, in a move to boost oil production, today eased restrictions on the use of critical materials in drilling operations in Illinois and parts of Indiana and Kentugky. The revision, in substance, will permit wells to be drilled closer to-
5 gether, thus increasing the oil out-
put throughout Illinois, in 15 counties of southwestern Indiana and 15 counties of western Kentucky, act-
fryers and roosters, under b|ing Petroleum Administrator Ralph
K. Davies explained. Spacing of wells under the new
the geological formation in which a well is to be completed. Spacing regulations previously were based
on the depth to which a well was drilled.
LOCAL ISSUES
apolis securities dealers.
Agents Fin Cop €OM su.v00e0e Agents FIn Corp pfd seevcecee 2 Belt R Stk Yds com . Belt R Stk Yds pfd Bobbs-Merrill com ....... Bobbs-Merrill 4%, % pid . Circle Theater com ...., Comwlth Loan 5% pfd Delta Elec com . Hook Drug Co com . 15 Home T&T Ft Wayne 79 pfd. 51% Ind & Mich Elec 7% pfd ....113 Ind Asso Tel 6% pfd ........102 Ind Hydro Elec 7% pid . Ind Gen Serv
pfd.... *Indpls P & L com....
Indpis Water pfjd Indpls Water Jeff Nat Life com Lincoln Loan Co 5%% pfd.... 93 Lincoln Nat Life Ins com..... 35
. BUSINESS
Make Woodworking Your Hobby, Use
DELTA MOTOR DRIVEN TOOLS Exclusively at
VONNEGUT’S 120 E. Washington St.
You Save Because We Save Men's Suits & Overcoats
$ f 6” $ 4 8” 2 4 75 24"
CASE CLOTHES
215 N. Senate Ave, Open 9 to 9
oe 21% «a. 1022 ee 108% *N Ind Pub Serv 7% eeeeees Pub Serv of Ind. 5%
* WE
BUY DIAMONDS + ’ ;
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——
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Kubner Packin Morris 5 & 10
FEE
Nominal quotations furnished by Indian- A
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I Rayon ... 36 1 | Int Harvester . 60
% Nash-Kely
91 {20th CentU 8 Ru
Steel Thinner Than Human Hair
MIDDLETOWN, O., April 21 (U, P.)~American Rolling Mill Co. currently is producing a new type of steel “thinner than a human hair” but military secrecy prevents any further disclosures at this time, stockholders have been informed by President Charles R. Hook. The steel is turned out in cells more than a mile long, Hook said at yesterday's annual meeting here.
AUTO SOCIETY WINS ORDNANCE AWARD
In behalf of the army ordnance department, A. W. Herrington last night presented the Indianapolis section of the Society of Automotive Engineers a “distinguished service” award in appreciation of services given the department by society members since the first world war started. The award, the first of its kind, will be presented to the 32 other chapters of the society also.
SOUTH BEND FIRM TO PAY SOUTH BEND, Ind., April 21 (U. P.).—Directors of South Bend Lathe Works today announced a dividend of 62% cents per share on capital stock payable May 31 to stockholde ers of record May 15.
N. Y. Stocks
SENATORS CRITICIZE CIVILIAN GOODS BAN
WASHINGTON, April 21 (U. P). —4A war production board order freezing civilian goods production in critical labor areas aroused inquiries today from three senate committees. Chairman Harry S. Truman (D. Mo.) of the special war investigating committee, revealed that he has instructed committee counsel Hugh Fulton to check on how the WPB is complying with a committee recommendation for as much civilian production as the war will allow, At the same time, the complaints subcommittee of the senate small business committee protested the order in a letter to WPB Chairman Donald M. Nelson. Senators Tom Stewart (D. Tenn.) and Kenneth 8. Wherry (R. Neb.) declared in the letter that the.grder “appears to be of the arbitrary and sweeping type of provision which defeats any plan for full utilization of the nation’s production facilities.” “Even in critical labor areas there are small plants for which no work is available and some workers who do not possess the skills which are in demand by the war plants,” they wrote.
IN BRIEE—
of the new ships commissioned by the U. 8. navy in 1043 were built in privately-owned shipyards, which also turned out 16,000,000 deadweight tons of merchant shipping last year, according to H. Gerrish Smith, president of the Shipbuilders Council of America.
MERGER O. K’D—Plans for the merger of Sunray Oil Corp. and Darby Petroleum Corp. have been agreed upon in principle by officials of both companies, the investment banking firm of Eastman, Dillon & Co. announced today. LUBIN. HEADS PHOENIX Joseph I. Lubin, partner of Eisner & Lubin, certified public accountants, has been elected unanimously to the newly-created post of chairman of Phoenix Securities Corp, it was announced today.
LUXURY SALES HOLD UP.— Despite the heavy buying in advance of the new excise tax which went into effect April 1, business in jewelry, cosmetics and handbags during the past week held approximately 5 to 10 per cent above the level of last year, Dun & Bradstreet, Inc. reported today.
PROMOTED.—J. R. D. Huston, for many years assistant secretary of the Aluminum Co. of America with which he has been affliated since 1918, became secretary of the firm. today, succeeding George R. Gibbons. ALLOY STEEL UP-—Production of alloy steels for March topped the previous month, but dropped be-: low the corresponding 1943 period, the American Iron & Steel institute reported today. March output totaled 952,287 tons compared with 905,131 in February and 1,283,709 in March last year.
MACHINE TOOLS GAIN-—-Ma-chine tool shipments in March rose for the first time in a year, and were valued at $50:799,000, compared with $50,098,000 in February, according to the. war production board's preliminary report. March 1943 shipments were valued at $125,445,000.
Ferro Enamel Corp. quarter ended March 31 net profits $108,014 or 46
cents a share vs. $63,496 or 27 cents year before.
N
14%
19.9 Pay $1.25 a Week
BASE
Curved to the body. Tapestry or velour covering. Walput frames,
SPRING FILLED 2-PC. LIVING ROOM SUITE
Genuine coil
. PRIVATE YARDS LEAD—Most|
automobiles and improvised busses. Some were in rough, soiled working garb. In contrast their faces were clean and shining. Other men were in white-collarish suits, These disappeared into a bathhouse and soon came out in working clothes like the others.
The men, white and colored, climbed into open mine cars in a long line back of a low: electric locomotive. They sat on the floor leaning against the side of the car. Just at 6:30 the locomotive pulled the line of cars into the mine. The faces went by in a blur as the engine picked up speed. That was the beginning of “pore tal to portal”—the subject about which John L. Lewis of the United Mine Workers and the coal operators have been quarreling for more than a year, and which the supreme court as well as the national war labor board will soon have to settle.
Get Pay for 8% Hours
Nine hours later, at 3:30, the train of cars, carrying the same men, rolled out of the mine. That was the end of portal-to-portal. The men—now thelr faces as well as their clothing were black with coal dust—climbed out of the cars, went in the bath house to clean up and change clothes, and soon came out to get in their cars and trucks and go home. As they were leaving, about the same number of men were arriving with clean faces and soiled clothes. This was the night shift, The men are now paid for 8% hours under a complicated formula which Harold L. Ickes, secretary of the interior, agreed on last fall with John L. Lewis, as a means of stopping the strikes which punectuated last year's coal production. The war labor board also put in several oars, the result being a pay computation method which few people claim to understand. Certainly the miners don't understand it, judging from the state-
ROSE TIRE CO.
ments of a dozen who were questioned. They said an income tax
FRIDAY.APRIE Figuring Portal-to-Portal Pay Tough on Bookkeepers By FRED YW. PERKINS : : PAGETOWN, W. Va., path ee getting broad daylight at the No. 3 mine of the Page Coal & Coke Co., one of the operators in the rich Pocahontas coal fleld of southern West Virginia, The sun was showing signs of coming up from behind a mountain,
About 200 men arrived through the lifting fog—some walking alone, swinging their lunch palls, others riding in groups of four to 12 in
blank was simple in What it amounts to is that they are taking the companies’ word for it as
for the men to do their own figuring because the basic pay was for seven hours “at the face” — term meaning their actual places inside the mine. who now are inside the" nine hours were then inside 7% hours.’ In many side time, including the riding on the man-trips, and in some it was less. ; The present nine hours incl an extra hour of actual working time, based on the wartime need for
nearly the $2 a day additional which was the union's original demand.
How It Works Out
The old 35-hour week of the miners, and also the 40-hour standard of the wage-hour law, come into this picture, with the result that Paul Watkins, a tonnage miner who for the half-month pay period ending April 15 received gross compensation of $16049, had his pay figured by the company as followst He worked 78.125 hours. This, divided into $142.60, which has something to do with basic pay, gives $1.8253 as his hourly rate for standard working time. Therefore, and also hence: Hours, standard time, 713-8 at $1.8253—8130.05. Hours, overtime, 6% at $2.738— $18.82. Hours, standard travel time, 7% at $1.2156—80.57. Hours, overtime travel time 1% at $1.8253—-$2.05. Total—$160.49.
“I'm going nuts,” said a company kkeeper.
springs in cushions and back. i} Quality built for enduring comfort and good style. Rich frieze and velour covers.
TAKE UP TO A YEAR TO PAY
+
signs; solid walnut
Pull-Up CHAIRS ne] 2%
Graceful dee Pay 31.25 a Week
N High Lo Last Change Allis-Chal «.... 34 34 + Je Am Can 84 84 veer | Am Lo 9%
te ped oe EAE @ a
Borg-Warner .. 36% Celanese 4 Ches & Ohio.. Chrysler Curtiss-Wr ....
a Nw
T+: ++++ ++ +++
Du Pont Gen Electric ..
ene
L-O-F Glass ... 48% Lockheed Aircft 16% Loew's 59 Marshall Fid .. 13% Mont Ward ... + 1
-e DEERE [EE
Nat Biscuit ... 3
SE Sr TEE $8 ES
Pure Oil 16 Republic Stl 5: Reyn Tob B ... Schenley Dist .
Bears Roebuck | Socony-Vacuum
Std Oil (Ind) .. Std Oil '(N J) .
Texas Co
TH: 40: HH TRE FIT TH LH
16% + |
$49.95 Tilt-Back
A gorgeous chair, Covered in lovely, long wearing tape estry.
Pay $125 a Week
%
LOVELY WATERFALL BEDROOM
To 12 MONTHS /%
mirrored vanity, roomy chest; lovely matched walnut veneers. A bedroom suite of quality and beauty,
PAINT SPECIAL
4-Hour Varnish
All rpose.
WHILE 1200 | bi
GALLONS LAST
Maker's $1.95 Quality
machine-mixed
paint
purpose inside and out, and beautify at a real saving.
high, du ble luster.
Flat and Semi Gloss Wall Paint
Regulsrly $2.95 a Gallen
for every
Protect
CC > al [TT #9 HOURE[) A durable enamel | ENAMEL] for furniture, Woodff — f work snd Walls
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4-HOUR ENAMEL
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2%
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An Enamel That Flows Easily and Lasts
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49.
SARGENT-GERKE PAINTS—ENAMELS—VARNISHES—STAINS
Lime-Oak Dinette
Extension table and four > chairs upholstered in red leather. A real value,
Pay $1.25 a Week
5-PIECE OAK BREAKFAST
Attracive drop-leaf table and four com fortable chairs. Solid con~ struction.
Pay $1.25 a Week
4-BURNER GAS RANGES
Bring us your priry Vi Tea e has roomy
Tr. Pay $125 a Week
Dennis Mor
“THE DES