Indianapolis Times, Indianapolis, Marion County, 8 June 1944 — Page 20
is all sold; it went over with a bang.
American National Bank Stock Is Sold; Stockholders or Rights Buyers Get 83% giot Says Auto of Aj By ROGER BUDROW—————————| To Be Simple, Safe THE AMERICAN NATIONAL BANK'S NEW STOCK And Foolproof.
The Indianapolis bank, in case you've forgotten, decided| peTROIT, June 8~The “Posie to issue 100,000 gieww_shares of common stock over a month post-war” car will become more ago. One-third of that would go to stockholders as a stock graceful through the elimination of dividend and the other two-thirds was offered to them at|individual fenders, stressing the $13.50 a share. The money would be used to increase the Monger and more sweeping lines, “capital and retire $725,000 of preferred stock held by the
By Science Service
Brooks Stevens, industrial designer,
Reconstruction Finance Corp. |
Stockholders were given first chance to buy the new stock. If :
they didn't want it, they could sell
of the stock was bought either by
those who bought . . rights fromstock-| On Fire Prevention to holders. (One in- . formed person Airport. guesses that stockholders took Times Speclal
The remainder, | perimental plant to carry on air-
over by the underwriters under (D. Ind) announced today. their agreement to take all of the| The program is to be transferred
ithi : . i to the Indianapolis not sold within 30 days after it was station adjacent offered, which deadline was last|airport from the bureau of stanMonday afternoon. They in turn | dards here, Mr. Ludlow stated. sold that stock at $1450 a share. He described the new project as . { follows: Aside from the fact that the © stock went over well (and reportedly] ~The new experimental station is already seling around $15 now), | Will include two wings for housing the other newsworthy thing about 12 necessary equipment, for storing the deal is that it was the rst aE re tor tre oe ra : Lo | } purely local underwriting of a big sociated compartments and to pro-
financial transaction since the roar-|* ing 1920s. Sale of the Indianapolis | 1d® for limited shop facilities, air
. {blast facilities, including an electric BORE 5 lgn So eat oem ot or - propelled arrangement was handled by a syndicate headed | MO" 8 3 Syumsical shroud by out-of-town financial houses. ' The underwriting group for the Costs $137,000 American National bank stock Was| The electric motor-propeller arcomprised of Indianapolis Bond & rangements for the Indianapolis Share Corp. City Securities Corp, plant have already been purchased. Collett & Co., Inc.; Kiser, Cohn &| Additional costs which are anticiShumaker, Inc.; Thomas D. Sheerin | pated for the current year, totaling & Co; N. Leonard Cohen; Gavin| $137,000, are itemized as follows:
& Harrison; Wendell Sherk, and the installation of motor propeller arlocal branches of the national rangement, $10,000; air blast shroud houses of Hemphill, Noyes & Co.; arrangement, $20,000; air craft enPaul H. Davis & Co.; Blyth & Co. |gine control installation, $5000: temInc; F. 8. Moseley & Co. and A. G.|perate recording equipment, $9000: Becker & Co. electric controls $9000; miscellaneous
THE “SIT IN” STRIKE at Brew- | charge, $20,000; preparation of test ster Aeronautical Corp. focused at- installation, $5000.
: . “The necessity for the fire test tention on the navy's cancellation program which is to be carried on
of fighter plane contracts, but it is] at Indianapolis results from the inknown that the army has some cut- | creasing size and complexity of the backs in mind also. They will come | POWer plant installations of modern mainly in 1945, however, if the in- high-speed aircraft. This has re-
The army already has cut production of spare parts, as Allison confirmed recently. Republic Aviation | P® used for the testing of one or expects no cutbacks this year, but| More military installations in acDouglas has received a cancellation |°0Tdance with specific and urgent on attack bombers, which means Fequieshe a ihe S. army’ air 8000 persons wil dropped from | Ores. wever, the program -priits Wi by ie Pp marily involves the testing of civil o - .
} which will be for the benefit of “VETOED. — California orange civilian aviation.”
growers tried shipping in fiberboard containers, because of the shortage |
of wood crates, but found the fruit | PLASTICS SOCIETY spoiled because it couldn't breathe and perspire. The washing machine and refrig- BEING FORMED HERE erator industries need fractional
horsepower motors but can’t have Invitations have been issued for them because airplanes, radio and an organization meeting of the Inradar come first. An idea to resume | dianapolis section of the Society of manufacturing sewing machines for | Plastic Engineers to be held at the home use was turned down for the | Columbia club tomorrow at 7 p. m. time being, The speaker will be Wiley Wenger, 2 2 a R. C. A. radio frequency expert. ODDS AND ENDS—The U. S. R. L. Davis, who is acting secreMint is stamping out coins at the tary of the plastics group, said inrate of 33 tons a day. . . . du Pont |Vitations have been issued to comhas a ‘nylon plastic which can be |Panies directly or indirectly conused to make zippers. , , . Wall nected with the plastics industry to Street is wondering how soon the | Send representatives to the meeting. government will permit trading in|Craduates of accredited plastics Italian bonds, suspended since Pearl | courses will be extended invitations Harbor. . . . Business Week says 0 join as soon as the section gets the WFA and brewers are wrangling | Underway, he said. . over the amount of grain used to make beer at a time when food and U. S. STATEMENT feed-for-livestock supplies are WASHINGTON, June 8 (U.°P.).—Govdwindling. . . , The war ship- rene’ pexpenses ind receipts for the ping administration is turming 96 pared with a Jens ia ing 6 som. per “ bof jis war jee Insurance) Expenses $36 637 586 a5 $75 295 aes 762 over to commercial underwriters, | vu i '407 Ee LiL now that the sub danger has sub- Receipts 38213 125 108 17908905 958 sided. . . . The army can't figure rou, “GA 4B3LAIT2TE - 3331 0826s out why industry isn’t rushing in to | Work'g bal. 6,966.992,372 11,175,545,908 collect the $500 million it has com. |CUDic debt 1881467.202415 140.304.018.663
ing on war contracts canceled a year |
their “rights” to buy it to someone else. It turned out v p that 93 per cent
stockholders or UJ, S, to Move Experiments
80 per cent. WASHINGTON, June 8—An ex-
which was 7 per plane fire tests is to be constructed cent or only 4615 shares, was taken |at Indianapolis, Rep. Louis Ludlow
$900,000 worth of stock which was(to the Indianapolis experimental
L. Payne & Co; Newton Todd;| “Test housing, $40,000; stand-by | Cochran & Morrissey; Breed, Elliott | fire extinguishing system, $10,000: |
2 8 8 equipment, $9000; power connection |
Milwaukee, and W. B. Stout of Stout research division, Consolidated Vultee Aircraft Corp., predicted at the national war materiel meeting of the Society of Automotive Engineers today. These new cars will have maneuverability, reasonable speed, greatly increased economy, and will be moderately priced. However, it will be 18 to 24 months after the war before these new automobiles reach the market, said Mr. Stevens. The automobile of the immediate post-war days will be almost a duplicate of the 1942 models.
Plywood Bodies Costly The post-post-war car will not appear until enough time has elapsed to develop a completely new type of automobile. With the everrising cost of war and possible taxation measures which may be carried into the post-war era, the average American will be interested in a smaller car than pre-war models. New designs in curved safey glass windshields will permit the driver and occupants of the car greater vision. Plastic materials still are not suitable for windshields, because surfaces are not hard enough to withstand windshield-wiper action in conjunction with grit and dirt present in rain. Complete molded plywood bodies are costly and slow to make, Mr. Stevens believes, and, therefore, will not be used on the post-war car until research advances to a point where it overcomes these limitations, The tear-drop car and the rearengine automobile still are not practical, and will not be seen in the immediate post-war era, except for a few exhibition models.
Cost Under $2000
In announcing that the most startling post-war car will have wings, Mr. Stout stated, “The metor car is and will be primarily a city vehicle. While we have been learning how to make lightweight cars from the airplane, we also have been learning how to make much more simple and more foolproof! airplanes.” Mr. Stout visualized the eventual
car will be no more complicated to . 1L cently been emphasized by a num- | . vasion goes we ber of fatal accidents due to fire in |drive than at present, and ‘with the air. The new facilities wil] first | Wings will require as little skill to {operate as the present motor car.
aircraft power plant installations |under $2000.
| Gold reserve 21212,321,106 22,426,910,339 |
combination car and plane. The
that only widespread formation of new firms and rapid growth of existing firms can enable private enterprise to maintain high poste -war levels of production, employ=ment and national income. They do not as yet recommend specific changes in the tax laws, but are studying the histories of other companies and compiling data which may become the basis for recommendations designed to remove tax brakes on the establishment and expansion of business enterprises. Lockheed, now a major builder of bombers, fighters and transport planes for the army and program navy, also produces the giant | instead of the relatively mild federal taxes of the 1930s, the rate had been 40 per cent on corporate profits—as it is now, with wartime excess-profits taxes in addition— and as they assume it may be after the war. Their findings strongly indi-
“Constellation” tr: nsports, one of which recently spanned the con--tinent—from Burbank, Cal, to Washjngton—in a record-smash-ing 6 hours, 58 minutes, But in 1933, the Butters-Lintner study points out, Lockheed was a little company, just taken out of | cate. federal receivership by a new 1. That if the assumed rate does obtain post-war—meaning that ) the federal government captures 300 employees, making single- | 49 per cent of whatever profits a business venture may earn, while the stockholders must bear the entire loss if the venture fails— few small or new enterprises will take such risks as Lockheed took in 1933. 2. That those which do take such risks will have little chance of success. 3. But that large corporations with adequate capital resources and assured incomes from other sources will be better able to assume the hazards of expansion and development. charge off losses on new ventures ahead with production of the | against profits on established Lockheed “Electra.” Ten of these | ones, thus shifting part of the new transports were delivered in 1934, 40 in 1935, 27 in 1936, 41 in 1937. Careful operation made the business profitable from 1934 on. Until 1939, no dividends were paid, all profits being plowed back, and
management, with less than $200,000 of total assets and fewer than
engine cabin planes for a limited market. The new management, desiring a wider field, proposed to make twin-engine, all-metal transports for sale to commercial airlines. The hazards were tremendous. New venture capital would be needed, and could be obtained only at a high cost. The country was in the depths of depression. Any of the many possible accidents or delays might bankrupt the company and cause total loss of capital and assets.
s o ” But the decision was to go
“But Harvard
Couldn't Now [
By EDWARD A. EVANS
Scripps-Howard Staff Writer -
WASHINGTON, June 8—By taking a big chance against heavy odds the Lockheed Aircraft Corp. increased its employment several thousand per cent during the great depression and prepared itself to contribute importantly to winning the present war. But, if federal corporation tax rates had been
in the 1930s as they may be after the war, Lockheed might not have loss of its bet. dared that risk and, if it had, probably would have been ruined by This conclusion is reached by J. Keith Butters and John Lintner, of the research division at Harvard
exhaustive inquiry into “the effect of federal taxes enterprises.” :
Like Harold M. Groves of Wisconsin university, whose “Production, Jobs and Taxes” has just been published as a Committee for Economic development research study, Messrs. Butters and Lintner maintain
if
yesterday, the war food ad-
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for several years the highest sale ary—the company president’s— was $4800. By 1939, when the war began in Europe, Lockheed employment had increased to 7000 persons and total sales to $35,308,000. In 1940, employment was 18,724, sales were nearly $45,000,000, and the company was in strong position to undertake its present huge job of producing military aircraft. However, the Harvard researchers believe, Lockheed could not have survived the numerous narrow escapes from disaster in early years of the expansion
losses to the government. And thus the trend toward concentration of economic wealth and power in a few large corporations will be speeded up rather than tarded or reversed.
$5838 § gssgs
; IH
£38 85
¥ §
1100-1300 pounds ....eceecsces 1300-1500 pounds +vcoveccveess Good— .
FRIEDMAN—Dorothy L. daughter of Mr. and Mrs. Charles W. Priedman,
Interment Calvary ortua
husband of Theresa of Bis
Loa nda
American National Bank 45 N. Penn. 3
Beck Canvas Products, Inc, | 3234 W. Washington 5d
ERICAL WOR 5-Day Week
CLERTCAL WORK
nt Position
Permane: Pleasant Working Conditions
The Hoosier Casualty Co. 15th Floor Fletcher Trust
.| CLERKS—POSTING AND DETAIL
Good penman. Northside Insurance Co,
JESTER — Bessie, died Monday evening. Priends may call at the Kird, ary, Meridian at 19th st. Puneral Friday, 8:30, at the mortuary, 9 a. . 88. Peter & Paul cathedral. Interment Holy Cross cemetery.
F., husband of Bertha,
Bulls (all weights)
COLORED WOMEN
To Work
530 P. M. to 11:30 P, M. Apply Mr. Hocker
PROGRESS LAUNDRY
430 E. Market
Beef— . Good (all weights) ........ is home, 33 N. Webster, Sausage— . ice
Buchanan Mortuary. Time later. McGHEE—William, Wedn
Colored Kitchen Help
DUKE RESTAURANT
4208 College Ave :
COMPTOMETER OPERATORS GENERAL OFFICE OLERK
nent positions fn sccountepartment. Excellent working di! hours and
65 years. Brother of
Vealers (all weights) Washington Park.
NOONAN—Mary PF. 00 1
Feeder and Stocker Cattle and Calves . Steers
Go NH: ose, died Thursday, June eral from the family TeMdsnes,
? a. m. Dece of Daughters of Isabella and Monumen al division, 128, G. I A. of B. LL B. Friends are kindly Invited to residen
ce after 6 p, m. Daughters of Isabella and
RCE—Julls A. age 81, beloved mother Ethel Stewart, Indian-
away Tuesday at 3702
NEW YORK, June 8 (U. P.).—
MARKET'S REACTION
Some 10,000,000 post-war jobs can |Tails, sent prices tumbling from the reqs be provided by the automobile in- highs, but left the list irregularly Martin
dustry if, during the first year of higher.
Altogether, the market bore the familiar peace pattern. But, eX-|oiver Farm Eq 513; perts reasoned, the invasion does Packard not guarantee early peace. They|penney pointed out the war was only beginning and that the job on Japan still lay ahead. Pullman Observers remarked at the humble attitude of the financial community. This fitted into the general picture of the American public whose emotions ran to religion. All the markets celebrated the invasion with prayer instead of the usual method of boisterous cheers. The best thing that could be said of the market, it was piinigt out, was its studied orderliness. t no LOCAL PRODUCE time was it necessary A ighin in . governors to help untangle orders. 10 SV brewd hens. Jct Leghorn hews, The public took the situation as had
unrestricted production, it produces the 6,000,000 cars needed to bring the nation’s motor vehicle supply to its prewar level, Ward M. Canaday, president of Willys-Overland Motors, Inc, asserted today. These jobs, Canaday said, would be “nearly a fourth as many as all industry ever provided in the country’s busiest prewar year.” He explained that this total was based partially on the fact that in 1993 the automobile business was responsible for the employment of some 6,700,000 persons while building 3,577,292 passenger cars and trucks.
Broflers, fryers and roosters, under §
ly moderate X . ) ) > : ’ ‘ 5 Ibs, 29c. Leghorn springers, 26c. been expected and on OF more ago; it says maybe it's 2) en DIANAPOLIS CLEARING 00 Old roosters, MS etertaeattb amounts of selling orders appeared. “} . Lo ings... ... .... oo... 515, tter—No. 0 t . 1, . i posed Sse of Jack of know how. Debris TT 630,000 age: No. 2 wget Uo Butterfat—NO. Lay ese easily were dis ol.
Because It's the Same Old Brew
Yes—the same old brew! Sterling is still
it's no wonder Sterling gets first call. Don’ remember always ask for Sterling becau It's the brew for you.” Try it to. Bt STING Brewis, Inc.,
“It's the Brew for You!” of
ali-grain beer at its tangy delicious best. No resisting that delectable true-beer taste possible only when choicest beer grains are expertly brewed to mellow = = perfection the way Sferling does it. So
forget good things go first. So please
x
gun.”
April,
Central
Penn RR Phelps Dodge . Procter &
Repub Stl a. Reyn Tob B... Servel Inc .... Socony-Vac . South Pac .... Std Brands ... Std O Cal .. .. 8td Oil (Ind) .. Std Oil (N J). Tenn Corp .... 20th Cent-P ... US Rubber ,... US Steel . Warner Bros .. Westng El .... Young S&W ...
N. Y. Stocks
High Low
! | The final say-so on this car and ‘CONFUSING AS EVER Allis-Chal .... 37 plane combination is in the hands Am Loco it {of the public, he pointed out. It By ELMER C. WALZER Am Red&SS .. 10 will have to be simple, safe and United Press Financial Editor pf Mill 13% possess real utility at a price welll NEW YORK, June 7. — Wall ps m2 w - 4 Street’s reactions to invasion ran|Anaconda ..... 25% He pointed out that more re- Armour & Co.. 5% search will have to be carried on to through kaleidoscopic variations a moaning . ie improve the methods of preventing|and left the average market oper- Bald Loco ct . 19% stalls and spins, automatic land-|ator as confused as ever, according | Bigeion: se" 3 ing speed controls and a general|; the experts Borden rer 17s ; ! R J - .. 38Y, simplification of the airplane down . Cc te lar oT . 47% to that of the motor car. Anticipation of the event fortified Cher a ha the financial community against Jurtiss-Wr .... a Gen El » 10 Milli on Aut 0 nervousness. First reaction, a mild Sen, Hlocirie 30% decline, was followed by a recovery Goodyesr : aT . OT. 4 Jobs Predicted led by the peace shares. Finally, Kennecott + 30's selling in the war issues, notably the |L.o-F Glass ... 1914
Lockheed Airc. 15
. . 6313 (Glenn) 177% Monsanto pf C.108%, Nash-Kelv ,.. Nat Biscuit ... Nat Distillers.. 36la
. 147%
20%, 17%
17%
PULLMAN-STANDARD SPEEDS HEAVY GUNS
HAMMOND, Ind., June 8 (U. P). —B. J. Trautman, acting works| pi, manager of the Hammond plant of the Pullman-Standard Car Many-|Rick facturing Co., announced today that production schedules in heavy artillery at the plant will be boosted and output of some items will be in- | tod creased as much as 100 per cent. red “We have been asked by the army to increase our rate of production on 155 mm. guns ang to continue producing at capacity rate the sixwheel transport wagons for 240 mm. guns,” Trautman said, “In addition we will begin next mo ing of carriages for
The plant also makes three-inch
id 8 tages, 81 mm. invasion mor- the 4 mm. howitzer carriag 1556 mm. shells. an Later this year the plant will start making large size anti-aircraft shells LISTEN IN! for the navy, Trautman said, Latest. News Dai_/ Except, Sunday CHAIN, MAIL SALES up 3% 5:45 P. M. WASHINGT ON, June 8 (U. E WIRE Chain and mai} order store
Good and Choice— Priends may call at residence any time. ley Service,
POE—Rdgar A, of 1513 N. Meridian, son ae d Mrs. William
Haysville, passed away Wednesday eveg. Service at Planner & Buchanan Mortuary Friday, 1 p. m. Priends invited. Service and burial at Jasper, Ind., Saturday, 2 p. er
pay.
Apply Mr. Pantus POLAR ICE & FUEL €0.
2000 Northwestern
COOK
White woman for r private family of ; references required; food and nice living quarters A 733,
wages $15 per
NO SUNDAYS. 20 N.
COUNTER GIRLS
for work in dry cleaning plant Crescent Cleaners—1347 N. Capitol,
1 ? | Medium to good..... Savernaae
LOCAL ISSUES
1; | Nominal quotations furnished by Indianapolis securities dealers.
+1141:
25 | WILLIAMSON—James T. father of Mrs. | El Senter and Arthur Williamson,
Chimes,” 1234 Prospec: ,may call at the *
CARDS OF THANKS FOLTZ—We are deeply appreciative and and neighbors for their kindness, symbeautiful flowers received at of our beloved husband and
Webster Foltz. We especially wish to thank the Rev. Almon J. Coble,
Home and the pallbeare MRS. MINNIE
LUNCH 115 W. 30th 8t. Experienced Boarders .
or Will train inexperienced girls for this skilled operation. To advance to exceptional wages at plece work rates,
National Hosiery Mills
RI-1321, 8 a. m. to § p. m.
*| Agents Pin Corp com .. Agents Jin Corp ptd ..
THI I++ 101+:
{|Circle Theater com .. Comwith Loan 5% pfd Elec com
. . WA-5440 R—6 NI
White or colored. 1357 8 Meridian.
Colored; off Baturdays and Sundays. Good
ROOM,
«
BTAKLEY — In memory of Mary Ellen
FILE CLER oo i train, {
INSURANCE CO., TA-1501.
passed away 18 years ago today, June 8. Sadly missed by
PLETE +) + 41+
*|spub Serv of Ind com
¥ | Stokely Bros pr pf... United Tel Co 5%
om Van Camb Milk pf
Dh
|” FREE $250
Aeronautical Course
Uncle Sam wants all 4F men in war work -- both your Federal and State
Algers Wins'w RR Lo
I+1:
FLOOR GIRLS—COLORED CAPETERIA
, 20 N. MERIDIAN
8 Fountain Assistant aS oma 2 FUR FINISHERS «x Top salary, §', days. INDIANA FUR CO. $
114 E. Washington
General Office Work
We have a permanent position open for a girl between the of 18 and 40, mo experience necescy in figures essential, some typing. Apply after 7:30 a. m. COOK Geo!
co, E. rgia, . or phone MA-3104 for appointment. ; i
GIRLS to work at table. Also POWER MACHINE OPERATORS, Crown Garment Manufacturing Co., 251 8 Me~ ridi
an. GIRLS for assembling and checking. C6 not necessary. wages while learning. J. D. Eastman Cleaners, IR-1141.
Indpls Railway Co 8s 67
Indpls Water Co 3'#s 68 58, Jugines ar Weid-
Earn BIG Wages
Competent instructors, day and eveAct NOW «= available limited.
manager of Strathmore Paper Co. nr —— A ———
STAUNTON JOINS BENDIX
GIRLS 18 TO 30
STEADY EMPLOYMENT
rate Machines;
Clean, Easy Work, with Time and One- for
— GIRLS — Experience not necessa A Towel folding. ia
MECHANICS UNIFORM
AND WIPER SUPPLY 333 N. Noble,
1 general bakery shop work. Carl's Bakery, 3510 College. Call before 2 o'clock. for general work in kitchen; white ored ; apply Mrs, Flinn, (rear Arms h L
for light factory work gathering and er Clean work. No ex= ence necessary. 420 E. Ohio.
“3% WAT % any aw
sential industry, n. 1 2
uman,
PX
Experienced han machine operat.
Apply Employmi The Wm.
* SEAMS
Top sala INDIAN;
14 E. Stable Empioyn
High type jobs 1 bus operators. P work. Join an in and peace, Good ing Vacations
Sccampiiahment, tion Terminal Bld
INDIAN,
STENO! and Fil
! Ww coNPTOM Basential manuf excelent Porta nographer an [ Experience prefer dustrious and In wages: 44-hour w
Apply Em INLAND co 700 West NA onontial duis before the
tinue after. Ples for appointhent
TELEPHON|
Opt No
Al
Miss V Employment Of Indiana Bel TY Dictaphone a Sf HE _
1411
To work in Ac
National RI-1321, 8 TYPIET to addr . Perm ket, Room 8132.
WAI
Day Top
WHI 139 N. Pe: WAITRESS § ! Y WAITRES: TEE PEE % Waltres Apply Yh Mare