Indianapolis Times, Indianapolis, Marion County, 26 April 1944 — Page 6
WEDNESDAY, APRIL %, 104
{/IN'BRIEF—! Hog Prices Dip 15 to 25 Cents; | ar: 8500 Porkers Are Held Over:
Hog prices fell 15 to 25 cents at ey ia” fo ear the Indianapolis stockyards today, Steers the war food administration reported. : Weights from 160 to 200 pounds sold 15 cents lower than yesterday, while ‘weights over 270 pounds declined 25 cents. : There were 8500 hogs held over from yesterday and 7500 new receipts, 1400 cattle, 500 calves and 250 sheep,
PAGE 6 - — THE INDIANAPOLIS TIMES | — BUSINES \ : SEAWAY PLAN Absenteeism Grows in Coal Stock Market Is Having a TALKED AGAIN! Mi Ines as Wages Incre ease
: | By FRED W. PERRING i i Foal : : Seripps-Howard Staff Writer ; Case of Invasjon litters Hull, Stimson and Wagner eripps By ROGER BUDROW
POCAHONTAS, Va, April 26—Lack of manpower to operate coal ¢ mines at full capacity is ye felt throughout the coal areas, but probe : sing “invasion jitters.” Favor St. Lawrence ably nowhere more than in the important Pocahontas area, THE STOCK MARKET is having “invasion jitters. . The reasons include that draft. with policies changing and uncertain Stock prices, which have been on a plateau for the past Proposal. as to mine labor. The young men, who are Pes at this hema by year, generally speaking, took a big tumble last week in a By’ CHARLES T. LUCEY are betnyg taken aw, and the oases have less p ty. hair-trigger market which was set off on a selling spree by Scripps-Howard Staff Writer which amateurs ap dangerous to the British warning to the isi people to get ready for| WASHINGTON, April 26.—The|themselves and their fellow workinvasi | St. Lawrence seaway and hydro- ers. The miner has to start at the the invasion, : | electric power project, in mothballs{ bottom and work up, learning on After rising during the wii IPELINES FEED since the war began, is being re-{the way by hard experience the years of the war, the stock market vived in congress with strong ad-|{ways of combating masses of rock| last summer predicted what is now | ministration support for early post-| and earth. That’s one reason why happening in business. Prices {war construction. you can't send out a call for men of other occupations to come in and
ELECTRICITY PR — in the April 22 week recovered slightly from the year's low of the previous week * trade quarters believe hat output has passed its wartime
Cull (70 Ibs. up) Feeder and
Chotce— + 500- 800 pounds 90.1050 pounds
tests nstinee 1 13.
ata tates 11.50 13. 10.50@1 103081 0.25010.00 8.000 95.38
HARRY T. "KLEIN, executive vice president and counsel for the Texas Co., was ted president of the firm yesterday. W. S. S. Rodgers was re-elected board chairman.
1 — WOMEN BOUGHT 30 per cent more life Insurance last year than they did in 1943, the Institute of Life Insurance reported. More than three-fourths of the buyers were under 30 years of age.
sussrsenanene
Calves (steers) Good and Shiolee
The absenteeism is ascribed in this section to several factors, including (A) the six-day week with hours longer than miners have been accustomed to work in recent years: (8) the fact that miners, even if they don’t work six days a week, are drawing unusually large pay. »
11.78013.28 0.500117
GOOD TO CHOICE HOGS (7500)
120- 140 pounds .810.75@11. = 140- 160 pounds 1.2 . 12.80@12. "
e. 25011.88 SHEEP AND LAMBS (250) Ewes (shorn)
main, and today| t h e Dow-Jones | industrial age, one of the best barometers, | is where it was year ago.
Economists are |
now pretty much
agreed that the]
nation’s war production is level-|
ling off also, after reaching what
was probably the wartime high late |
War output in the first this vear was about the last two
last year. three montis of 3 per cent under months of 1943. The stock market has always been regarded .as a means of forecasting future events, although it has failed notably on some occasions (has anyone forgott en 1929?) If that is true today, the market is not only cérn about how the invasion hes 8 ~the- post- War. (he wave of war contract cancellations, the length and cost of reconversion or even, -possibly, how high post-war takes will be.
Some say this year-long plateau |
in stock prices may be part of a| bull market. Some, by the same token, say it is part of a bear market. In either event it seems to indicate that iness is in a trying period and one of considerable un- | certainty. ” » 8 THERE IS MORE MONEY in handling war contracts for a company than in being its president, judging from the Wayne Pump Co. of Ft. Wayne. H, Wilson Cain, munitions work representative for the firm, drew down $85,010 last year, according to the SEC, while the PRKiaent; ‘B. B. Geyer, made only $33,26.
INTERNATIONAL H ARVESTER'S $217 million tank contract (at!
its Bettendorf, Iowa, plant) was the!
first large war order to be canceled. That was a year ago. It still isn’t settled. The treasury can't pay off Harvester until the company gets its total bill together and it hasn't been able to do that because 46 of its, 281 subcontractors haven't sent in their bills yet, despite many needlings by the company. Thus, while it is a good thing for business to insist that the government pay off quickly, as the BaruchHancock report suggested, business ought to be prepared, on the other hand, to submit its bills quickly.
2 ” o ODDS AND ENDS: Living costs declined 0.5 per cent in Indianapolis during February and 0.2 per cent | in Evansville, the Conference Board | ® reports, . . Perfect Circle Co.'s Tipton plant boasts it has completed seven years without a timelost accident. . . . The 19 per cent gain in Indianapolis retail sales in March, over a year ago, was the state's biggest increase. , , . “Beat-the-tax” buying boosted jewelry sales 45 per cent over March last! year. - Continental Steel Corp.
of Kokomo earned $155,800 or 78
cents a share in the first quarter this year, against 50 cents a year ago, . The Swedish Match Co. may build a fagtory in Venezuela if | there is plenty of the right kind of | wood there, . A tax subsidy to gpur home ownership is urged by the National Association of Real Estate Boards; it says landlords can deduct, depreci ation of their rented
houses from federal income taxes!
and wants this deduction extended to persons who own the homes they live in,
LOCAL ISSUES
Nominal quotations furnished by Indianapolis curities deale
Agents Fin Cop com Agents
ios
“| Directors
I Theater rp Com with Loan 5% Delta Elec com : “esnn Hook Drug Co co 1s Home T&T Ft Wayne A ptd Ind & Mich Eiec 7% pid ... Ind Asya Tel % Ind Hydro Ele ind Gen Ber
a8 105 13, 17 116%
105 85
ife Ins com. Mallory hs 4" pld
chairman and president; 2
8 Pu b Berv of In d com Progress Laundry eom *So Ind G & EB 48%.,..,.. Stokely Bros pr pf. . United Te! Co 57% Unjon Title eom .... Van Camp Milk ptf .... Van Camp Milk com BONDS Algers Wins'w W RR 4%% American Loan 53 51 American Loan 5s 46 ce Ch of Com Bldg Co 44s 61.. Citizens Ind Tel 4's 61 . Consol Fin 5s 50 Ind Asso Tel Co 3%s 70 Indpls P & L 3'4s 70 Indpls Railway Co 5s 67 7 80 Indpls Water Co 3'%:s 63 07 109 Kokomo Water Works 6s 58 Kubner Packing Co 4s 54 Morris 5 & 10 Store 5s 50 Muncie Water Works bs, 66 .. N'Ind Pub Serv 3s 73 . N Ind Tel 4%28 55 reeans Pub Serv of Ind 3%s 7...... 1
160
101 85 106 101
100
103 91 10514 Pub Tel 4's 55 . . 103 Richmond Water oes Bs's Trac Term Corp & MPP U 8 Machine oT 5 B3..ix. 1 *Ex-dividend.
50
zen BATTLEFRONTS!
aver- |
just about|
wasion, pipelines when, lb 8 iii XD
Secretary of State Hull and Secetary of War Stimson have written help out the coal mines, f | the senate commerce committee Women Banbied
I ssage of a St. Lawrence Branches will Fan Out as oe a by Senator Aiken] Nor can women be of any help, as |(R. Vt), and hearings by a sub-|they are in even some of the Soon as Beachheads | committee headed by Senator Over-| “heavy” wartime industries. The s {ton (D. La.) are promised soon, United Mine Workers more than a | Are Secured. Considerable significance is at-|year ago put its collective foot down [tached to a letter written this week |against women working at miner By MARSHALL McNEIL 'by Senator Wagner (D. N. Y.), who | jobs anywhere around a coal mine. Scripps-Howard Staff Writer |voted against ratification of a St.|As this union has practically comWASHINGTON, April 26.—Pipe- | Lawrence serway treaty with Can-|plete control of the labor side of lines carrying gasoline to advancing da, but who now pledges his sup-|the industry, its dictum stands. American tanks and to American Port Of the Aiken measure. In. addition, there is an evident
| airfields in Europe, will begin to] Provides Majority Vote disinclination of all the 400,000 men
now in the industry to work every fan out from the invasion beach-| Senator Wagner has favored the | day, six days a week. Absenteeism heads after they are secured by hydroelectric power phase of me in this and nearby areas is aver- . a. St. Lawrence development, which (gaging about 18 per cent of the Gen, Eisenhower's shock troops. | would provide a huge new 1 of Just as we oiled our forces in I
working force. The weekly average oY electric power to New York state, production in the Pocahontas reAfrica, Sicily and Italy, so the y,;4 hag been opposed to the sea-
gion between Jan. 1 and April 15 army's “Engineer Petroleum Distri-| wav feature, which many have con- | was 640,000 tons this year, against {bution Companies,” trained in Lou- tended might injure the port of [675,000 last year. This is blamed isiana, will be prepared to lay their | New york by shifting some foreign |by the management on lack of new e BEI ~ oc ac inland-citle ie HARHAWSE, Bis HE A Wo Potion Sor ep al ori th eon The oil and*igas distribution is — approval of a revised.St.|the country in genersl the National Tone of the d@ramatic and’ little- J awrence agreement made between [Coal association recently estimated known phases of the oil operations the U. S. and Canada prior to the [that the year's production “may of the army service forces, now "INistart of war. Where the oriignal
{possibly run from 60 td even 100 the oil business” around the world. (treaty of a decade ago foundered million tons below the 620 million | because of the necessity of a two-
tons originally estimated as the na[thirds majority vote’ in the senate, tion's requirements for the next + Packaged fuel and lubricants will} pe present agreement would be ap- | year.” hit the beaches first, as in all in- | proved by majority votes in both Says Old Men Tire vasions. (It is cstimated that 50 | hoes: York state. under terms of| This association, centering its at- | per cent of our tonnage shipped | © legislation, would pay the fed- [tention on the drafting of younger abroad is oil, and slightly more of | ,..; government $93,375,000 for the |miners, said, “the coal industry the tonnage taken along by an in- U. S. share of ‘electric power to wants the public to know that \vasion force) Five-gallon cans by| come from dams to be built in the [Should coal not be forthcoming it is (the thousands, and 55-gallon drums, | International rapids section of the simply because the government has will be floateg ashore. Then, as the | iriver, The fact that steam-gener-|taken away the tools with which to
Package Fuel First
cause Is that the hard work in coal mines makes it impossible for some men, particularly the older ones, to keep going without more than one day's rest in seven. The sixth day of the week, under the United Mine Workers contract, is optional with the worker, Company executives said they got more production out of five sevenhour days (the old schedule) than they are getting now out of six longer days. They pointed out heavy absentee records on Saturdays and also Mondays, with manpower showing up much better on the four other working days. *
‘Make Too Much’
A miner busy at loading coal inside a coal mine declared he could do more work - and “make more
money (he works on the tonnage basis) in five days than in six, and
wae PA Johp J. Lincoln, vice president of the Crozer Coal & Coke Co. at Elkhorn, and president of the Pocahontas Operators #£ssociation, said, “The main reason for absenteeism is that the men are making too much money. They can't see the need for keeping on the job every day. | “These miners, said Mr. Lincoln, “are in general good citizens ‘and
don’t meant to do a disservice to the country by staying away from work. But with the armed forces taking so many of our younger men, the older miners have a reason for getting
invasion progresses, the distribution | {ated power now is being transmit- produce it.” companies will string and camou-| |ted to upper New York for war in- a flage their pipelines, install pumps, | dustries emphasizes the need for and erect more storage. Upon these |this power, according to Senator lines the invasion will live. | Aiken. They are feeding the Italian in{vasion now, furnishing petroleum | | products to the British on the east- |
ate
Favored by Midwest Now, as in past years, the St.
tired.”
NGS THAT
just as patriotic as anybody, They | 20c.
ern side of the boot and pumping aviation gasoline to Foggia. They're | operating in North Africa—maybe | as much as 1200 miles of invasion |
fo a : i pipelines is there.
New Wrinkle
Invasion pipelines wrinkle in our army.
are a new
When the
| war started, and before, the army
was prepared to depend on cans and drums. But soon the engineers tried pipelines. They used lightweight thin-walled 4 and 6-inch pipe that could be fastened together promptly and securely with a steel
| many of its leaders believe would [flow from having direct access to
{has been a periodical issue in con-
Lawrence seaway projects probably will draw its greatest support from the Midwest, which long has con(tended for the shipping benefits
tidewater. It has been opposed largely by the Mississippi valley and Eastern seaboard areas. The St. Lawrence development
gress for 25 ygars. Its costs, to be shared by this*'country and Cane ada, has been estimated at a halfbillion to a billion dollars, largely depending on whether proponents or
liam W.
108°,
v ‘| Indianapolis
and rubber clamp. They lay these lines and install pumping stations with _ incredible speed, A 25-man crew can set up and bolt together a 10,000-barrel storage tank in about three 10-hour shifts. The Engineer Petroleum Distribution Companies can string their pipe, which comes in 20-foot lengths (weighing 90 pounds per length for 4-inch and 185 for the 6-inch) over ravines and rivers, up and down mountains and valleys, placing the pump stations as they go. If a shell or bomb knocks out {a section or two, the pumps stop automatically until repairs are made. Not only do these lines feed thirsty fighting vehicles, but they also eliminate large amounts of |All | highway traffic. One 4-inch 50-mile| Ain 120 oo 10 [line for example, will save nearly
opponents were talking. 9°
GRAIN PRICES FIRM ON BOARD OF TRADE
CHICAGO, April 26 (U. P).— Grain futures ruled steady to firm on the Board of Trade today. At 11 a. m. wheat was unchanged to up % cent a bushel; oats un{changed to up %; rye up i to and barley quoted up 1%.
N. Y. Stocks
Net Last Change 34 4
3%,
High Low -Chal
CEE
Cl AE
EARS AEE
1+:
Am Roll Mill. Am T& FI. 300 trips by 730-gallon tank trucks. | jm ora That means important savings, also, | Am Water W.. Anaconda . in manpower, fuel consumption and ‘Armour & Co time. | Atl Refining ©... 30 | At efining ...-! The gasoline that fills the Inva- gald Loco ct... sion lines in Italy and elsewhere | Bene Avn oe comes, for the most part, from Borgen ........ | American refineries. | Borg-Warner. | Celanese Cee |Ches & Ohio. | Chrysler | Curtiss-Wr .... | Douglas Aire .. Du Pont Gen Electric .. 35 Gen Foods .... | Gen Motors ... § | Goodrich Goodyear ..... and officers of J. D.1Greyhound Cp. Ind Rayon , Adams Manufacturing Co. of In-|int Harvester . : i , -elpet Kennecott .. dianapolis were re-elected at the | roger G & B33 annual stockholders’ and directors’ |L-0-F Glass ... | meeting Monday. | Lockheed ey | Directors are Roy E. Adams, Wil- | | Marshall Fd . < . t Wa ‘es White, Morris L. Brown, Nerh.Rem ©. Joseph W. Hartley, Harry T. Ice,|Nat Biscuit ... . v b Nat Distillers . Clifford C. Reed, Howard R. Meek-|N Y Central ... er, Virges E. Trimble, William H.|Qhio Oil ETERS Macumber, James A. Ross and Pan Am Air ... loyvd D. Wallace. Penney Officers are Mr.
Phelps Dodge . 207 Procter & G .. 5 Pullmag ....... Pure Ofl Republic stl Reyn Tob B .. Schenley Dist Sears Roebuck
Adams, board Mr. Meek- | president; Mr. Wallace, vice president; Mr. White, secretary-treasurer; Mr. Reed, as- Secony-Vacuum sistant secretary, and W. E. Tir-| south Pac . menstein, assistant treasurer. {$4 Brands
std O Cal Directors declared a quarterly | std oil (Ind) , :
dividend of 20 cents on the com- | Std Of (N a. mon capital stock, payable June 30 | 20th Cent-Fox.
| to stockholders ers of of record | June 15. [US Rubber ..,
INSURANCE AGE AGENTS . WILL GIVE REPORTS, U. S. STATEMENT
| WASHINGTON, April 26 (U. P.).—Government expenses and receipts for the current fiscal year through April 24, compared with a year ago: This Year Last Year Expenses ..$75,278,537,071 $60,289,330,414 War Spend. 70,152,438,466 55,528,378,412 Receipts ,143,869,727 15,911,287,611 44,374,579,952
y 11,009,028,073 . Bal.. 11.993,346.056 10,246,398,662 Pub. Debt... 187,000,503,800 131,260,313,430 Gold Res.... 21,429,261,183 22,481,828,610
INDIANAPOLIS CLEARING HOVSE
er, executive vice
tL!
[D+ ++4++:
Dd
Warner Bros .. | Westing B1 .... { Young 8 & W Zenith Rad
CEE
14%,
a 35% 35% +
| Three Indiana delegates to the recent mid-year meeting of the National Association of Life Underwriters at Buffalo will address the Association cf “Life | Underwriters at a luncheon meetling in the Lincoln hotel tomorrow. | E. A. Crane, trustee of the na{tional association, will review the
Cash Bal...
INVEST IN VICTORY:
mm | Nighlights of the convention. Eber M. Spence, natiohal committeeman of the Indianapolis association will (feport on the national council imeeting, Howard E. Nyhart, na{tional committeeman of the Indi{ana State . Association of Life { Underwriters and president of the General Agents and Managers Association of Indianapolis will report on the sessions of the general agents. gon and the state asso-
Clearings y ebits count 16,540,000
WAGON WHEAT Up to the close of the Chicago market today, Indianapolis flour mills and grain elevators paid $163 per bushel for No. 1 red wheat (other grades on their merits). No. 2 white oats, 79¢, and No. 3 red oats, pe, No. 3 yellow shelled corn, $1.06 per Fi and No. 2 white shelled corn, $1.24,
Mengel Co. March quarter net prolly $228,785 or 45 cents a common shang vs. $109,486 or 18 cents
“MAIN STREET TODAY,” a film showing how a community solved its own manpower problem, will be shown at Loew's beginning tomorrow.
LIVING COSTS | in Indianapolis dropped 0.3% in the three-month period ending March 15, chiefly be-
bureau of labor statistics reported.
THE “CORN FREEZE” applies only to 11 northwestern counties in this state, L. M. Vogler, state AAA chairman, explained. The counties are Montgomery, Fountain, Vermillion, Warren, Benton, "Tippecanoe , White, Newton, Jasper, Starke and Pulaski.
named farm security administration supervisor for Marion, Hamil-
placing Charles E. Poe, who has been . commissioned lieutenant gd
there ~~ woutt Work ve” FAYE But 5 -iey-the- navy Hr Po a eta iss Cita
t Rea +5 A
WET WEATHER and late plant.
supply, of 7000 acres of tomato plants to about 3000 acres, meaning Indiana farmers and carners may have to grow many of their own plants this year, Roscoe Frazer of Purdue said.
LOCAL PRODUCE Heavy breed hens, 33¢; Leghorn hens, Brojera, Jyers and Jogsters, 20 5
6c, springers, Old reo gh 9 Eggs—CUrrens receipts, 84 Iba. and up,
Graded s-Grade A La, Ie: grade A medium. oc 6c; grade A small, 3%; no grade,
9c: Po.
MEAN A
Chesterfields please...and
the change
in War Stamps
cause of food price declines, the|JS0; 400
FERRELL POLLOCK has been Lad
ton and Hendricks counties, re- iB
ings have cut Georgia's no 1 | Good
13.80 13.80 2%
2.65 [email protected] « 10.00012.75
+ 11.00 11.85
. teeseresnnnes
11.75 11.75
sesesecssnnes sestensesnnes
m 250- 450 pounds ............. Slaughter Pigs Medium and
Good— 90- 120 pounds .... CATTLE (1400) Steers
“rsevsnarenan. apirsataseans “etassessanes
14.75
12.78 “13.7%
Union spokesmen said the main : = 127801290
12.00 11.95
[email protected] [email protected]
11.80 11:90
10.75@ 11.75
2.75010.75
@16.25 216.25 16.50
16.50
16.00
14.75
1478
1 Good and choice 1.15@ 9. Common and medium .... $508 A : LAMB «+ 15.38@16. 14.78 [email protected]
“eee
Medium and choice Medium and good. Common
RATIONING OF BEEF CALLED TOO TIGHT
WASHINGTON, April 25 (U. P.), —Beef rationing is “too tight” and may produce a cattle market glug “almost as bad as the gluts we had , in pork last winter,” F. E. Mollin, executive secretary of the American National Livestock association, Dene ver, told the house banking come mittee today. Point values of beef should be duced now, he sald, and kept closer adjustment with supplies. _Meat in storage in this Jey
1.950 9e.008. “with 780,000,000 a. year
p [email protected] | Mollin sald at a hearing on a b
14.78
13.78 13.78
$00- 800 pounds .... 800-1000 pounds... Medium— 500- 600 pounds Common 500- 900 pounds
Bulls (all weights) Beef Good a weights) ......... Sausag Good. . Medium
sree aanann
Medium Cutter and common.
CALVES (500) Vealers (all
Bulter—Ro, = 50o. Butterfat — No. 1, 2
LOY
THESE
IT MEANS A LOT when a
cigarette gives you the genuine satisfaction you get from Chesterfield.
It MEANS that Chesterfield, more than
RIGHT COMBINATION WORLD'S BEST TOBACCOS
any other cigarette, gives you the things that count... real Mildness, Better Taste and a Cooler Smoke.
The reason is Chesterfield’s 5 Key-words
15.50
14.78 14.75
[email protected] [email protected]
[email protected] 11. ate 12.00
D
to extend “price control. }
Mollin said it is necessary to keep a large quantity of meat in s for the armed forces, but he fel more could be released for civilian consumption. He warned against continuation of meat subsidids and urged creas tion of a “single agency with come oo |Plete control over all phases of food productien, price control, rationing and quotas.”
U. 8. & Foreign Securities March 31 net assets $186.35 a preferred share vs. $170.23 a sary
year before.
AY S