Indianapolis Times, Indianapolis, Marion County, 9 June 1944 — Page 14
Mississippi Oil Craze Biggest
Since East Texas Boom in 1930/3500 More Are Held
SPECULATORS ARE BULLISH ON MISSISSIPPL
The reason is oil. One of the biggest oil crazes since the rich East Texas field was discovered in 1930 is sweeping Mississippi. Onethird of the state is under lease to oil-seekers. Farmers who one would have sold their pine land for $5 an acre now
oe = zoe = 00ST OF LIVING INDEX FLAYED
Mississippi but up until around 1940 only 275 or so wells had been drilled and they turned out to be gas wells. “But when Mississippi blew in, it blew in big,” acording to a Merrill Lynch report. The Cran-| field and Heidelberg fields are rated at 100 million barrels each; by ordinary : standards a 20- Organized labor kept its campaign million barrel field | for a revision of administration is a major field. wage Frobujesiion Policy wives day “Res f all this is that while| With new attac on the A dng produced only 107,000 0f the government's cost of living
dex barrels of oil in 1939, it jumped DEX. ] to 15327000 barrels in 1941 and| The attacks were made at a two
ference which began barrels in| day closed con Ag Ta -» oil state Yesterday for union representatives up lgd po Geologists Sav Mis- 80d officials of the bureau of labor hn be statistics. Sis May Je pant ox an od paid The most bitter criticism was at350 Wiles Wide "along [tributed to George Meany, secrecoast. n jes have great | tary-treasurer of the American FedThe ofl companies I ras loarced areas under lease, of course, but that Meany chareed Pw ® Jes hed other companies are hopeful they 1 partment With failure to promiole strike also. International Paper Co. the interest of labor and .the buowns much forest land in Missis-
reau of labor statistics with subsippi; as does the Mengel Co. with |ordinating its research functions to
7000 acres in Mississippi 2% with political objectives. t only 100. asonite oil rights on y Hit Lubin, Perkins
Corp., building supplies concern, is| “The two individuals who control
Policies Subservient to Administration.
WASHINGTON,
probably best-fixed of all with|
163000 acres of timber land, some the policies of the bureau are close-|good ..... of it close to fields already pro- |y identified with the administration | Medium
ducing. and its wage freeze policy,” he said. “The Mississippi field burst upem «The secretary of labor (Frances the oil industry when nobody was | Perkins) does not represent the prepared. There are no pipe lines views of labor in the cabinet, The to many areas; Gulf Oil is shipping [titular commissioner of labor stain tank cars. [tistics (Isador Lubin) is no longer “Beyond this the Mississippi field |in the field of disinterested research. may turn out to be nothing more He is a member of the President's than an overgrown pipe dream. personal staff. Twenty of the largest U. 8. oil com-| “The. so-called acting commispanies recently figured that only Tisioner of labor statistics (A. F. per cent of their 51 million acres Hinrichs) has by his actions ashave been productive. For the sumed the appearance of a bureauwhole industry the ratio is only 1 cratic monkey on a stick who moves per cent to 3 per cent. up and down In conformity with “Maybe this is why some Wall/the dictates of administrative
27 Labor Leaders Charge BLS 3
June 9 (U. P.).={Good—
Streeters were laughing up their collective sleeves. And in the last analysis, when the war is over the U. 85. may not need Mississippi oil.”
= = ” FOUR MANUFACTURERS of small arms, worried by cutbacks in their government contracts, have approached Sears Roebuck, one of the world’s largest retailers of sporling arms in peacetime, trying to line up civilian business, The mail order house hasn't done anything yet. It is said that Sears Roebuck's usual policy is to never take more than one-half of any one manufacturer's output. This policy couldn't be followed to the letter during the war but Sears is expected to resume the practice.
#® 8 s ODDS AND ENDS: K rations for fighting GI's are now put up in colorful new packages, brown for breakfast, blue for dinner and green for supper, instead of the former olive drab. . Reports from the south say “DDT” the new chemical used by the army to kill typhuscarrying lice, is very effective against cotton’s destructive enemy the boll weevil, . The WFA soon will sell those "500,000 cases of evaporated milk it has had on hand | since 1942. , , . Furniture manu- | facturers are cheered by the fact] they are able to get mahogany again, one of the best furniture | woods. . , . A war department surv ey shows that 40% of the veterans discharged thus far don't want their old jobs back. . Some say U. S. will have a good ‘market for pork| products in Europe for a couple vears after the war ends because Denmark, Poland and Sweden won't | regain their former production very | quickly
“CHINESE ENGIN ENGINEERS |
’
FORM LOCAL UNIT:
Calvin C. Ch ang of Marmon-Her-rington, Inc., has been elected president of the newly-formed Indiana chapter of
Other officers are Dr. K. K. Chen, of Eli Lilly & Co, vice president; George B. Wu, Purdue post-gr -adu- | ate student, secretary, and Mrs. K. K. Chen, former Lilly pharmacologist, treasurer, The membership includes three Chinese engineers at the local R. C. A. plant:
and C. C. Wei of the China n ational | Gold Wang |
resources commission; Lits,
the American section of | the Chinese Institute of Engineers. |
John Wang, 8. Y. Yin | Work.
policy.” He submitted arguments similar to those presented by the A. F. of L and C. I. O. last winter in a joint report which contended that {the cost of living had risen early twice as much since January, 1941, as was shown in the government index. Meany said there were indications that the administration had decided to hold down the index when it could not keep the cost of {living in check. the bureau had ‘obsequiously acquiesced.”
LOCAL ISSUES
Nominal quotations furnished by Indianapolis securities dealers. Ba Asked
Agents Fin Corp com Agents Fin Corp pfd Belt R Stk Yds com ... Belt R Stk Yds pid Bobbs-Merrill com .. Bobbs-Merrill 42% ptd Circle Theater com Comwlth Loan 5% pfd . Delta Elec com
Hook Drug Co com 15% Hope T&T Ft Wayne 7% ‘ptd’ 51% & Mich Elec 7% Ind so Tel 5% ptd Ind Hydro Elee To pid nd Gen Serv . Indpls P & L pfd .... *Ind P & L com . *Indpls Railways com. Indpls Water pfd . *Indpls Water Class A com. fl Nat Lite com Lincoln Loan Co 5% % “pd. Lincoln Nat Life Ins com.... | PR Mallory 4%: * pid |*P. R. Mallory com N Ind Pub Serv 5! N Ind Pub Serv 6’ N Ind Pub Serv 16, ° {Pub Serv of Ind 5° . Pub Serv of Ind com . Progress Laundry com So Ind G & E 48% | Stokely Bros pr pf United Tel Co 5% Union Title com .....
{Van Camp Milk pf .... {Van Camp Milk com ..
BONDS Algers Wins'w RR 4% % | American Loan 5 51 American Loan §
itizens Ind Tel 428 61 lc 1sol Fin 5s 50 . |Ind Asso Tel Co 3s 70 Indpls P & L 3%s 7 In wdpls Railway Co HE Indpls Water Co 3's 68 ..... Ko komo Water Works 5s 58... Kuhner Packing Co 4s 54 ... 97 Muncie Water Works 5s 66 ... Ind Pub Serv 33s 73 N Ind Tel 4!2s 55 Pub Serv of Ind 3's 73 Pub Tel 4138 55 ...100 Richmond Water Wks 5s 87... Trae Ter m Corp 5s §7 U 8 Machine Corp bs 52
91 106'2 103
91 102
eee metres T x T U. S. STATEMENT WASHINGTON, June 9 (U. P.).—Government expenses and receipts for the current fiscal year through June 1, compared with a year ago: This Ye Expenses War Spend.
. 81,107,736,045 66,146,946,397 Receipts
-+ 38,275,029,803 17,965,508,209 Net Def. - 48,567,020,821 Cash Bal. ... 7.634,045,870 Bal. .. 6,872,112,866 { Pub. Debt ,
Res,
INDIANAPOLIS CLEARING HOUSE
He charged that |
* Alpha P Cem Am ce
« {Bald Loco ct
- | Johns-Man
- {| Lockheed A
- | Procter &
-. | Pure 103%%
ear Last Year -$86,842,088,275 $71,433,363,076
53,464,391, 466 11,858,777,062 11,096,119,773 188,513.055,779 140,361,345,321 + 21,212,044,720/ 22,427,0132,671
Ling-tao and Liao Ting- kai, technical officers of the Chinese army | | Deane . who are now receiving training at the Warner Gear Co, Muncie; Dr. op E. C. Ping, and many other en-| today, Indiviapolis flour mills a gineers throughout the state, as| Clevators paid $1.63 per bushel y No. 1
well as Chinese technical students | | Na heat Jother grades on thelr merits).
0. 2 white oats, 79¢, and No. 3 at Purdue Bt Purdue Naiversty. «0 | 7c, No. 3 yellow shelled corn, 008 a
! bushel and No. 2 white shelled corn, $1.34
EXPERT WATCH REPAIRING
All Wor k Fully Guaranteed — 2 Weeks’ Service
FREE ESTIMATES ——
Specializing in Service Men’s and Railroadmen’'s WATCHES
WAGON WHEAT to the giose of the Suiaago Sars
x WATCH CRYSTALS FITTED
From Yesterday; Prices Steady. |
Hog receipts at the Indianapolis] stockyards today amounted to 6650} head with 3500 held over from yes-| terday, the war food administration] reported.
Prices were unchanged. Receipt! also included 400 cattle, 375 calves] and 75 sheep.
GOOD TO CHOICE HOGE (9650) iin
270- 300 pounds 300- 330 pounds 330- 360 pounds
10. S3G10, 75 PHILADELPHIA, June 9—(U. P). 360- 400 POUNAS cecoeses vere [email protected] |—The Securities and Exchange po: mission today said American indus-150-30 Pou: MRI 104001008 try as a whole is financially preMedium. pared to reconvert to peacetime pro18 POV ae Pigs 330g 3% duction and to undertake considerMedium snd Good— able expansion “without recourse to 90- 120 pounds [email protected] outside sources of funds.” CATTLE (400) In an analysis of current assets Biter 116.95 | 30d liabilities of corporations in the 316.75 | United States, the commission said 18 Ts [that at the end of 1943 American corporations were in as favorable a 216.50 financial position as they ever had 216.50 | been in their history. Net working cites 185081650 canital was at an unprecedented . [email protected] | level with cash accounting for more [email protected] | than 50 per cent of the total. . [email protected]] Total assets for some 500,000 corporations covered in the survey, [email protected] | including all U. S. corporations [email protected] | with the exception of banks and [email protected] |Surance companies, amounted to $94,100,000,000. Common— One of the most striking changes 500- 900 pounds ............. [email protected] | jn current assets and liabilities qurCows an weighs) 7s@ii00|iNg the four-year period from the .. [email protected]|end of 1939 to the end of 1943 was 2021225 the increase in cash from $10,900,000,000 to $22,600,000,000.
Choice— 700- 900 pounds 900-1100 pounds .. 1100-1300 pounds .. 1300. 1500 pounds .
16.50¢ « 16.50¢ . 16.50¢ 16.509@ 1 Goon 900 pounds . 15. 350 900-1100 pounds 1100-1300 pounds 1300-1390 pounds Medium— 700-1100 pounds 1390-1300 ) pounds Comm 700-1100 | pounds
Choice 600- 800 pounds 800-1000 pounds Good:
600- 800 pounds Medium —
500- 900 pounds ....... teeaee [email protected]
Cutter and common Canner Bulls (all weights) Beef— Good (all weights) ......e Sausage— Good ....pc..uiiinen Medium Cutter and common...
CALVES (375)
Vealers (all weighs) Good to choice. .............. 16.00G 18.50 Common to medium [email protected] Culls 7.50@ 8.00
Feeder and Stocker Cattle and Calves Steers
[email protected] [email protected] 7.25@ 9.75
Cholce— 500- 800 pounds 800-1050 pounds [email protected] 00d— 500- 800 pounds [email protected] 800-1050 pounds ...eces. seees [email protected] Medium— 500-1000 ) pounds eessctnans Common 500- 900 | pounds .... 800-1000 pounds Calves (steers) Good and Choice— 00 pounds down Medium— 500 pounds down Calves (heifers) Good and Choice— 500 pounds down [email protected] Medium— 500 pounds down [email protected] SHEEP AND LAMBS (35) Ewes (shorn) Good to cholce
.. [email protected] [email protected]
[email protected] [email protected]
Good to choice .. Good to medium .. Medium Crrrrraraaaenens SPRING LAMBS Good to choice Medium to good Common .
[email protected] [email protected] <.. [email protected]
N. Y. Stocks
Low Last Change 21! Can Am Loco ..... m Rad&SS .. m Roll Mill... m T&T . m Tob B. . m ter W.. Anaconda Armour & Co . Atchison .. : Atl Refining ... :
Ben Ind Loan Beth Ctl 7 pf Borg-Warner 3 Caterpillar T.. Ches & Ohio .. Curtiss-Wr ce Douglas Aire... Du Pont . . Gen Cigar pf Gen Electric .. 3 Goodrich 4 Goodyear ..... Greyhound Cp Int Harvester. ,
Kennecott .. L-O-F Glass ..
Loew's ........ Martin (Gl) ..
CRE
Orie P ‘Eq ee 8 Penn RR ..... Phelps Dodge. .
Pullman
pe hae pe ae
Schenl Dist pf 107 Servel Inc Socony-Vacuum South Pac .... Std Brands ... : Std Oil (Ind) . 3% Std Oil (Ind) . Std Oil (N J) . 20th Cent-Fox . U 8 Rubber U 8 Steel Warner Bros .. Westing El Zenith Rad
PR BED ARB AD ED NB
de de
3% 377%
NAR HE HLED BY BANK AUDITORS
J. Kurt Mahrdt was installed as president of the Indianapolis conference of bank auditors and comptrollers at the annual election and dinner meeting last night at Buckley's in Cumberland, Damon O. Bailey is vice president and Walter Reinecke is sec-retary-treasurer, Mr. Mahrdt and Oscar Frenzel, retiring president, were named delegates to the national convention.
NEW INSURANCE UNIT FORMED HERE
Mrs. Carol E. Bain Young, cashier of the Connecticut General Life Insurance Co., was elected president of the newly organized Indianapolis chapter of the Life Agency Cashiers’ association of U. 8. and Canada. Other officers are Pauline Kennedy, Guardian Life Insurance Co, secretary, and Lyman Rausch, Equitable Assurance souety, tress
ren,
LOCALPRODUCE
Almost as soon as they land, U. S. paratroopers spearheading the allied invasion of France receive food, medical supplies and ammunition from the sky. Some is dropped by parachute. Food, as pictured above, is packed in metal auxiliary gas tanks,
Industry Financially Set For Reconversion—SEC
Federal income tax’ liabilities increased from $1,200,000,000 to $15,200,000,000 and U, S. government securities increased from $2,200,000,000 to $16,000,000,000. The commission estimated that working capital increased nearly 70 per cent during the period, amounting to $41,600,000,000 at the close of 1943, The commission attributed the increase mostly to retained profits after taxes and dividend disbursements. The increase in working capital in the manufacturing industry alone amounted to $10,700,000,000, with trade accounting for $3,500,000,000, railroads for $1,200,000,000 and util{ties for $300,000,000. Railroads showed the largest percentage increase over the period with a 300 per cent rise. . During this period, corporations paid off nearly $1,000,000,000 of longterm debt and accumulated a post war credit of more than $1,000,000,000 in refundable taxes, The commission said further sub-
stantial refunds may accrue to cor-
GRAIN TRADE WAITS U. S. CROP REPORT
CHICAGO, June 9 (U. P.).—Grain futures developed a mixed trend on the Board of Trade today. Wheat developed an independently firm tone by mid-session. At 11 a. m. wheat was up % to 4 cent a bushel; oats unchanged to off %; rye off % to %, and barley off % to %, held confined to small volume and a quiet tone prevailed in all pits pending the government'’s crop report late today. Grain ci anticipated that the forecast will indicate a 1944 winter wheat crop of about 700,000,000 bushels.
INLAND STEEL TOPS MARK
INDIANA HARBOR, Ind. June 9 (U. P).—The Inland Steel Co. announced today that its total May production of 322,990 net tons of ingots was an all-time record, 3,623 tons over the plant's previous monthly high.
porations in the reconversion period as a result of the carry-back provisions of the present income and
excess profits tax laws.
on released over the
State Raspberry Crop Ripening
LAFAYETTE, Ind, June 9.—A few crates of black raspberries are expected to be offered for sale in the Borden, Pekin and Floyd Knob areas the last of this week or the first of next. Reports from the Borden-Pekin area indicate a possible 800 to 1000 crates for sale during the week of June 12, according to information released by the market news service on fresh fruits and vegetable conditions in Indiana provided by Purdue university in co-operation with growers. The Floyd Knobs estimate for the same week is 1500 crates. Continued hot weather might increase these offerings. The county agricultural extension office at Indianapolis predicts that 10,000 baskets of greene house tomatoes will be available to buyers in Marion county this week, with 12,500 baskets expected during the week of June 12. The peak period will be the week of June 26 and July 3, when about 20,000 baskets probably will be sold each week.
May Decline Is 5th in Row;
Little Attributed to Strikes.
Blackened production In heavy in-
cent lower than April and 23 per cent lower than in May, 1943.
»
$26,267,286, or 0.1 per cent lower than April and 9.2 per cent higher than a year ago. In Indianapolis, employment dropped 1.76 per cent from April but remained 0.2 per cent over a year ago while payrolls were 3.64 per cent under April but 5.7 per cent OVer a year ago. May manufacturing employment
most of the non-durable goods ine dustries. Estimated factory employment of 432,101 wage earners fell back 0.4 per cent from April while corre sponding weekly payroll estimates of $21,257,043 were down 0.7 per cent. Compared to May, 1943, face tory employment was down 22 per cent and payrolls were up 85 per cent. Although a few unauthorised strikes were reflected in employment figures, the majority of the May losses in manufacturing em ployment and payrolls were ate tributable to the composite induse tries of the iron and steel, machine
ery and transportation groups,
Shades are drawn. The landscape is blotted out
" «+. there's just the hum of the speeding train.
These boys know what it means—the troop train is approaching the troop ships. Some draw a deep breath. A soldier fumbles for a letter. Another wonders if he can make a last telephone call. Another draws out a crumpled photograph. No, travelers don’t see this—but the trainmen of the Pennsylvania Railroad do, daily. And more so than ever now. As the swelling tide 6f American youth— fine and fit— streams overseas...
Of course, it takes a lot of equipment for these troop movements — but with what remains are doing our best
® save oll owential rravelons, .
ficiently, courteously.
In .