Indianapolis Times, Indianapolis, Marion County, 22 May 1944 — Page 7
mance. It the Tiremen. s also in a clean slate late, as his ke into the st time this victory over le of Lukas Iso collected ting contest. »d the early >. A. to come \l innings of 1-8 triumph.
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HE SHS SAGAN,
Real Silk Proposes to Pay Accumulated $60 Dividends by Issuing New 5% Stock By ROGER BUDRO Wrenn
WHEN REAL SILK HOSIERY MILLS rounded out st year with a whacking profit of $700,000, its best in many a year, there was talk that surely the company now could afford to pay up those back dividends which had accumulated in leaner days. Stockholders of the Indianapolis clothing manufacturing concern got their answer to that question today. Real Silk has the cash to pay those dividends; but it would rather keep the money handy for post-war needs. Instead, how would you like some extra stock? ’
ef EE EE 00 EMBARGO REMAINS HERE
which will be voted upon next th. Briefly, Real 8ilk has two kinds of stock; the common, on which no dividend has been paid in 13 years, and the 7 per cent cumulative pre-
treasurer of the Unions of America, said that “our request for full representation on the war labor board has been submitted to President Roosevelt, and
ferred, on which there is a dividend arrearage of $60 a share. The company can't pay any dividends on the common stock until the preferred dividends are paid. The plan would be to issue new
i stock carrying only 5 per cent divi-
dends and exchange it for the present 7 per cent stock on the basis of 1.6 shares of the new prior preference stock for 1 share of the old preferred. That way the holder of
| one share of the new stock would
BRA AA
Hl be entitled to $8 a year dividend,
actually, instead of the present $7
Hl which he hasn't been getting. Just
what policy will be followed on those who don't make the exchange has not been decided. No dividends can be paid on the common share until all arrearages are paid on unexchanged preferred shares. President G. A. Efroymson, ex-
Pens Only Partly Cleaned; Ban Does Not Affect Other Livestock.
The embargo against hogs remained in effect at the Indianapolis stockyards today, the war food administration reported. There was no indication when the embargo would be lifted but it was said the stockyards clean-up job is not close to completion. The embargo does not affect other livestock. Today receipts included 2025 cattle, 600 calves and 350 sheep.
GOOD TO CHOICE HOGS
130- 140 pounds ...ceveevisne 102591138 140- 160 pounds .....e..s ress izigithe 160- 180 pounds . . 85@13
180- 200 pounds ,
er over the jeep. 700- 900 pounds 800-1100 pounds
It's a war baby now, but it has post-war problems. Is it a truck? | 1100-1309 Dour : If se, then OPA would put ceiling | Good—
« [email protected] + [email protected] |
to determine the jeep's parentage. | #00- 800 pounds 142501828 500-1000 pounds 14 news| » . - Medium 1 wei) 500 900 POURAS v.ersevsnans ODDS AND ENDS: International |cemmon— Harvester has raised its dividend $00 pounds .....ioinenn. 10. nun) [| rate to $2600 (it was $2) a year:|p , ~~ Bulls (all welshie) | President Fowler McCormick said| Good (all weights) ........ 11.78G13.78 i employees had been given raises Ss ee ieareeeeaeeens 10 wenn) I} customers had been given price| Medium 3d10 3 | J cuts so it was time to dq something| Cutter and common ....... @ 57 hold Cows (all weights) for the owners (stockholders) of Good NLT @12 00 i the company. . . . The new gum Medium .. . 10 S0g11T 75 | Wrigley 1s making for civilians is CII od commen 3
called “Orbit,” made of grade B
CALVES (600) chicle;
br; S$ ar oin regular ands are g 8 Vealers (all weights)
to the armed services only. ... Liv-
Good tn choice .e ing costs in Indianapolis advanced common to medium . 06 per cent in March and rose 19 Culls ..... eeereee. 6.50810.00 per cent in Evansville, the National| Feeder ane Stocker Cattle and Calves Industrial Conference board reports. | chotce— teers . . akers, who be-| 500- 800 pounds ............. [email protected] « + « Machine tool mak . 0 800-1050 POUNAS vevvenvenense 12.506 14.00 | lieved several months ago that their | Good— | war job was almost done, are being | 300° 00 Pounds ....evee.ee. 1p HH rushed with new orders in connec- Medium— tion with the manufacture of large Coar-1000 pounds eres essere 10 [email protected]
# artillery shells, aircraft engines and | 500- 900 pounds orders from Russia. . . . Interna-| Calves (steers) tional Telephone & Telegraph is eX- Coo ponads gama meee... pecting Spain to pay some of the Medium—
| 800 ds d { money, possibly one million dollars, peta con
Calves (heifers) owed by IL. T. & T. subsidiaries Good and Choice there. . . . WPB has o. k.'d building | 100, Do pounds dOWD ceeececres «eo [email protected] of 200000 civilian telephones per| 800 pounds down ............ 10.508 12.00
three months, the first since late 1842; 80 per cent will be made at
SHEEP AND LAMBS (350) Ewes (shorm)
Western Electric's plant in St. Paul. Good to choice ce. .. 550@ 6 Common to medium.......... 4.50@ 5 3 Good to choice a. 1400914 50 N. Y. Stocks Good to mediums «11 [email protected] |
Medium 8.00
LOCAL I SST ES
Net High Low Last Change Allis-Chal ..... 3% 35'a 35% + ':1 Nomiral quotations furnished by Indian. Am Los i'%s 1% 18% 181 - be apolis securities dealers. a s : + la Am Pall Mill . 13% 13% 13% + Ju Agents Pin Cop com Am » & To 153% 158) 138% we ig Fa Corp pid t . + { t Anaconda. 25% ne 253%, + ™ Belt R Stk Yds pra Armour & Co.. 53 5% 5% .. | Pobbs-Merrill com .. Atchison ...... s 3 5h ~~ | Bobbs-aerrill 44% pd’ Refining 2 » 3 “ae COM ...euenn Bald Loco ct . 19% 10% 19V, «= | Comwith Loan 5% ped. Crreenvs Bendix Avn 37% 3T'% 37% .... (Delta Elec com ... .....vcuees + 1} 12% 58% 58% 58%, | Rook Drug Co com 17
rden ....... Borg-Warner. Celanese
Douglas Aire . + Du Pont .. + Gen Electric . ye Foods .... + Lif m 1 50% 89% 59% + a Lincoln Loa: Co 8%% pid. . 93 3d 48% 48 — % Lincoln Nat Life Ins com...... 3 AN, 45% 45% 45% «+++ {PR Mallory 42% pid . 3¥% We 39% + “IP R Mallory com .......... : 81x 03 + 1% d Pub Serv 5%% pms N% NW NY b Serv 87; pfd Ya 33% 1% wee N Ind Pub Serv 7 9% 4's *Pudb Serv of Ind 5% 18% 15% 15% *Pub Serv of Ind com 60% 60% 60% I ss Laundry com - an i ee Ja os Bre oi ar . ) ros pr pf . iN ‘ « JT a 13% + % United el oe . b Nat Biscuit . ay 103% -— i3| Union Tile com Nat Distillers +» 3% MY MB 4+ Livan Camp Mil of eané 18% 18% ~— 'a|Van Camp Milk co araene 18% 18% + 4% 4% — Wh 30 304% — 90%, 99%, 4g 20% 2% + % ‘an n 83% 83% + 43s 43% — 16% 16% 4+ % 16% 18% .... 20% WY — YU ie dete a nw SI a ie 20% — Y% s.. JOB. Lies Ns Bo a ‘ada iinads 101% 10% 33% 3% — pia a Load 108% BY 55% ~~ {Pub Tel 4%s 55 .. ........ 103 48% 48'2 ~~ | Richmond Wate Wks Ss 57...106 ..... Ha UB + NW 4a © + Y 51% 81% + % 12% ane 98% eva ———————————————————————. DEPAUW SPEAKERS NAMED GREENCASTLE, May 22 (U. P). —U. 8. Circuit Judge Florence
plaining why he thought the com-| 200- 320 pounds . 1.90 pany should conserve its cash, said 330. wn Pounds is “a large amount of our machinery | 210. 300 pounds ... has become worn out or obsolete| 300 330 Pounds -.-.-ti MT LL and has had to be abandoned dur-|Medium— ing the past two years. Also, 160- 220 pounds ...........e0 10.50Q12.0 machines producing 30 per cent of - cao Sows : our hosiery will not be suitable for| 370. 300 pounds ..... verenaen 10.75810.8 nylon hosiery production and will 3%. 3% Pn *reruerteneee gin ‘have to be replaced when nylon 80. 400 pounds weeusieiianes [email protected] becomes available.” The company “Pec 2 10.650 10.18% J also is asking stockholders for| so. 500 DOUBAS +uersrerses [email protected] - fum— authority to sell an additional $1, 250- 450 pounds .....o..cvnne [email protected] 300 of new stock sometime in the Slaughter Pigs ture, Mediu d Good ” = = 90- 120 pounds TAT [email protected] BUREAUCRATS are in a dith- hai CATTLE (20235) Ole
prices on it, but not ration it. 3 pounds vesssesereaes 15.00@16. Is it a used ear? If so, ne ceil- {1100-1300 pounds .. ings. Is it a tractor? If so, it is | 2001500 pounds . + 1.33018. under both ceilings and rationing. | 700-1100 pounds 11.25@ 15.00 Agriculture and commerce de- [INS-2300 povads cr esssresenns 13 aus partments are delving inte its | 700-1100 pounds ............. 10.5001 att) post-war uses and the federal Chor trade commission is trying to | woo. 800 pounds 1525@187 sift the claims and counter-claims | 800-1000 pounds 13 —-
4%; cents a bushel T|recovered quickly after an erratic opening when buying orders re-
Balance Public 7 | Gold Reserve. a
ll
But WLB Plan Is Labelled
‘Same Old Run-Around’;
| Await FOR Move, |
plan to give participation in its work to independent labor unions, but the plan was labeled “the same old run-around” by the aggressive group that has been campaigning for representation on the same basis as the A. F. of L. and the C. IO.
Donald F. Cameron, secretaryConfederated
we are awaiting his answer before deciding on a further course of action.”
The confederation's position, he said, was communicated to the
President by Senator Elbert D. Thomas (D. Utah), chairman of the committee, who recently described
the independents’ demand as “just
and not to be denied.” The war labor board's plan fol-
lows several months of controversy which involved a series of protest
strikes by the Mechanics Education-
al Society. The dispute, based on the independents’ claim that they were being “squeezed to extinction” because of WLB's restriction of labor membership to the two largest organizations, caused a reorganization of the confederation, and its 40 main office was moved from Cleveland to Washington so that the situation here could be watched
more closely. WLB's plan, which it said was
adopted with concurrence of its A. F. of L. and C. I. O. members, includes assignment of a liaison officer for independent unions in the national board and also the 12 regional boards; membership for injdependent unions on panels and
committees dealing with cases involving them; and arbitration for jurisdictional disputes between independents and the A. F. of L or C.1 O, WLB moved toward satisfying a
16.00@163s Major complaint of the independ- . [email protected] ents by stating its policy to “accord equality of treatment to all unions, ro WhEREr affiliated or independent” *e 15.00816.00 | 80d by asserting that it unanimous- .. 13.25@16 3 ly “condemns organizing tactics of any union based upon claims of preferred treatment by this board.”
PRODUCTION HIT BY LABOR DROP
‘Start Drive to Bring More Women Into Industrial War Effort.
A high labor turnover for the first four months of the year threat. ens war production quotas in the Indianapolis labor market area, ac-
....... [email protected] COrding to a report issued today by ceruvin 10 4 16.00 | the war manpower commission's U. { S. employment service.
Sixteen local war industries employing 50 per cent of the entire working force in the area show a inet manpower loss of 4088 workers. While 12,129 new employees were aded to the payrolls, there were 16,217 separations. In contrast, the remainder of the 109 plants showed
{only a slight decrease. 13. [email protected]) Draft calls and a [email protected] {arm movement account for but a
small part of the turnover, said Maury G. Fadell, employment service manager, “Some war workers laid off because of production o changes in the line, re-tooling and ! the like, quite honestly believe that this relieves them of any further responsibility toward the war effort,” he said. “Such persons are
1073 eminded that the completion of
one war contract does not mean that victory is at hand.”
To combat the loss of manpower, a recruitment drive is now under {way in the nine counties of the In-
dianapolis area and is directed par-
ticularly toward women who have
not as yet stepped into the employment breach. Thousands are needed to take up the slack along the
: | production line,
2 5 RYE PRICES CRACK, THEN TURN STRONG
CHICAGO, May 22 (U, P.).—Midmorning prices revealed substantial gains on the Board of Trade today with May rye counter to the trend after the break on the opening of The market
vealed lack of offerings. At 11 a. m. rye was off 215 to up
fh 1% cents; wheat unchanged to up| Neus 5, oats up % to 1 cent, and barley unchanged.
Rye quieted by mid-morning and
; |prices in instances held above the 80
previous close. Grainmen attributed
.|buyers of May to large elevator in-
terests, sellers of September at even
U. S. STATEMENT
senate education and labor
cut-backs,
Lo
a supply that probably we be e have any need to worry. Known reserves amount to 20 billion barrels. Both the Ameri‘can Petroleum institute and gov= ernment experts ‘agree on that. This is the amount upon which we can count beyond reasonable
doubt. It is equivalent to about 14 years’ “supply at pre-war usage.
. Unquestionably there is much more oil in the United States, but the amount is anybody's guess. Wallace E. Pratt, chief geologist for Standard of New Jersey, estimates reserves at 100 billion barrels. Mr, Pratt is ap outstanding expert, whose associates in rival companies praise him highly. But his estimate, they insist, is nothing more than an intelli-
rather accurate, grossly exaggerated or ridiculously low.
$1,000,000 Per Well
Only continual exploration by trained geophysicists plus speculative—“wildcat”—drilling can locate new fields. It may be that ever deeper wildcat drilling will bring only successively less productive pools, until it becomes
discovery. Or, it is possible that tomorrow, or the next day, some wildcatter risking his last penny on ten more feet of depth will bring in a bonanza. The petroleum industry will spend more than $10,000,000 this
atomic energy be--
gent guess, which may prove
impossilbe to recoup the cost of |
than $10,000,000 this year.
petroleum. If fixed higher, it would spend twice as much for the purpose.
costs about $1,000000 for each producing well that is found. Thus 10 producers might be
~~
Tee motorist may be a bit persistent, but you've got to give him credit for one thing... he knows how vitally important it is to do everything possible to keep a car on the road these days. YOUR car needs attention, too ... NOW! Make an appointment with your Texaco Dealer today to have your car checked and protected as follow s:
Lengthen Life of Engine. Have
crankcase flushed and refilled with correct summer grade of Insulated Havoline or Insulated Texaco Motor Oil. Check oil
filter.
Keep Battery Strong. Have your Texaco Dealer bring your battery up to full charge. (Important with today’s ir_regular driving!) Have other electrical ——
equipment checked.
Save Every Drop of Gasoline. Have fouled spark plugs cleaned or replaced. Check carburetor adjustment.
Clean air filter.
Chassis Needs Check-up Now, Have body and chassis wear-and-tear : points lubricated with MARFAK. Get
complete check-up.
year searching for new sources of | the price were |
One expert with whom I have | been talking estimates that it |
at
nn a BR
To locate new oil wells, the petroleum industry will spend more The cost of each producing well is estimated at approximately $1,000,000. Oilmen ask higher prices as an incentive for costly gambles by wildcatters and geophysicists.
Vil Nildatters Want Better Odds Be
brought in during 1944. There is no way of even guessing how |
much oil these might add to the national supply.
basin in Wyoming I should have said it was of no significance. It
had been producing for a long
time and had dropped off ‘10-15 per cent of its original yield. In 1941, to be precise, it had produced a total of only 11,400,000 barrels and was then down to a rate of 700 barrels a day.
— “Now exploration has discover=
ed ~ another 150,000,000 barrels, which are being taken out at the rate of 15000 barrels a day. By July 1, when two new lines are completed, the output will be stepped up between 30 and 40 thousand barrels a day.”
The oil industry is pressing for | an increase in the fixed price of |
oil to $2 a barrel in place of the present top, for the mid- continent field, of $1.25 a barrel. Oil men contend that this would lift the supply of oil by some 30 to 40 per cent. Their argument is based upon the high cost of wildcatting.
One Out of 20
The pre-war cost of drilling a well, to discover whether there really is oil where geo-physical studies suggest its presence, averaged $20,000. For many years it has been a rule of thumb that one wildcatter out of 20 to 25 would produce. This made the cost of each live well from $400, 000 to $500,000. Since Pearl Harbor the labor cost of -wildcatting, which constitutes- more than half of the total expense, has gone up 35 per cent, and materials also cost more. The tendency is toward ever deeper drilling. My informant estimates that the cost of bringIng in a producer now is close to $1,000,000. Some other experts agree, some think the cost is not quite so high.
Prices Sensitive
venta Baus wis dere indy | for women workers of. the local International Harvester plant by the sixth regional war labor board. The rate was made retroactive to Oct. 15, 1943,
Under old wage scales women
were paid 65 cents an hour for the {first two weeks and then advanced to the male rate. At the end of four weeks both were advanced to 84 cents an hour. The 150 women involved wer= {represented by the United Automobile Workers, 226, C. 1. O. Over the state Servel, Inc., Evansville, reecived wage rate range boosts in three inspection classes from 15 to 21 cents an hour: Warner Auto-
Anderson, wage stock and job clerks and bookkeeper; and American Foundry Co., Mishawaka, partial appr new wage rates and automatic progression schedules.
|
i
|
The OPA order fixing the $1.25 |
price interrupted a slow but steady price rise which oil men
| insist was due to shortage of re“A year ago,” said this man, “if | you had asked me about the Elk |
|
serves and not to inflationary tendencies. If there had been no war at all, they say, the price of crude by the middle of last year would have reached $1.75 a bar-
“Ever since 1 was a Texaco Dealer vo» be insists that I service his car personally”
rel unless, on the way up, its rise was halted by important new discoveries. Whether or not this is desirable, it is the history of oil that increasing prices stimulate wildcatting, which discovers new fields whose production halts the rises and sets back the again. Oil cannot be stored in significant quantities; a two months’ over-all supply is about the maximum. So oil prices are extremely sensitive to current supply. New oil is discovered only by riluing wells, and wells cost money which has to be recouped out of production. Nobody will spend money drilling if the gambling odds against him are too great. Therefore, oil men insist, if we want to discover more oil we must give the wildcatters more run or more fun for their investment dollars.
RotateTires to Save Rubber. Have
\ wheel alignment checked... tires properly J) rotated. Check brakes.
Don’t Forget Cooling System.
Clean and flush radiator. Ren
necessary.
hose if
Attention . . . for Gears. ts par-
Z
gear,
Dealer today!
ticularly important to have vital gears lubricated NOW. There are correct Texaco lubricants for transmission... differential ... wheel bearing ... steering
DON'T WAIT! NOW is the time. See your Texaco
Joure welcome af