Indianapolis Times, Indianapolis, Marion County, 16 August 1944 — Page 6

SINESS

History Furnishes Little Clue to Stock Market’s Political Favorite By ROGER BUDROW

WHAT WILL THE STOCK MARKET DO if Dewey is elected, or if Roosevelt is re-elected? . If anyone knew the answer to that one, his financial

worries would be over. an answer, the best thing to d in the past. An ie sis of the stock) market gives the Republicans | a little edge on a percentage basis, but the margin is too! slight to convince anybody, reports the Investor's Reader. In the 80 years since the Civil war, the Republicans have been in office for 11 terms, and the Standard & Poor's stock price index finished higher in| seven of these, terms. | But the Democrats did pretty! well, the reader continues. The stock market went up in four of their seven terms. Based on percentage gains and losses alone, the) Democrats gained | more than the Re-|

publicans, lost only about the same.

“stocks and bonds would not’ hesi-| tate to say a Republican regime would mean better business, while a | 300- 330 pounds ...

Democratic set-up might not.” x B®

LONDON insurance husiness is ‘ really booming, because- of the *doodlebugs,” or robot bombs. Lloyds sold $44 million worth of Insurance in the first four days this month, against less than $4 million for the first four days of May when there was but little bombing. The most popular policies are quarterly ones, Londoners apparently don’t expect the robot blitz to last beyond a few months. ” » n LANE BRYANT, Inc. the women's clothing concerns whose stores are in the East and whose mail order

Lacking the oy stal ball to furnish

o is to see what. has happened

7300 PORKERS RECEIVED HERE

Market Is Steady With Top At $14.80 on 160-240 Weights.

war food administration re-

The

ported the receipt of 7300 hogs at | the Indianapolis stockyards today.

The market was steady with the top| at $14.80 on 160 to 240-pound weights.

Other receipts included 1300 cat- |

tle, 700 calves and 1600 sheep.

GOOD TO CHOICE HOGS (7300)

120- 140 pounds ... 140- 160 pounds . 160- 180 pounds . 180. 200 pounds . 200. 220 pounds ... 220- 240 pounds 240- 270 pounds ... 270- 300 pounds 300- 330 pounds ... 330- 360 pounds ...

edium— 160- 220 pounds Packing Sows Good to Cholce— 270- 300 pounds

330- 360 pounds ... 360-..400 -pounds-

house is located in Indianapolis, had record sales of $32 million last year | (ending May 31) compared with| $26.8 million in sales in the prev lous} years. Net profit climbed 0.1%: to about | 23% with earnings of $5.41 a com- | mon share, after preferred dividends were paid, taxes and a post-war re-| serve of $150,000. For the preced-| ing year, earnings amounted to $4.28 a common share, » ” 2 * STUDEBAKER and ordnance en- | gineers did a rush job on the| “Weasel,” a low-slung cargo carrier that creeps over snow, through

mud or up and down 45-degree in-|°€

culines, tracks. It was two years ago, when the Japs were in the Aleutians, that the army wanted something that could traverse Arctic glaciers. It wasn’t specific. It just wanted something in a hurry. Researchers went into northern Canada and Alaska, and even South America, getting snow data, although why they went to South America isn't clear. At any rate, parts and completed yehicles were flown from South Bend to northern ice fields for test purposes. 34 days two “Weasels” built. The design was O. K.'d.

. 2 2 =

ODDS AND ENDS: Their enthusiasm for sports, coupled with the war shortage of transportation, has made Sweden the world's leading bicycle nation, passing both

by means of tank-like

Denntark and Holland; every other |

Swede now has a bike... , N. Y Central has no intention of making seats unreserved on the James Whit- | comb Riley, the report apparently] started when it quit taking such] reservations over the telephone.! . + « The postoffice is out of the red but that other “old faithful” in spending more than it gets—New York's Metropolitan Opera—went in the hole $110,000 last season. Los Angeles’ “Little Tokyo” which once housed 30,000 Japanese Americans, is now filled to overflowing with about 80,000 up-from-the-south Negroes and Mexicans. . .. The government is financing a $200 - 000 pilot plant in Arkansas to see how much aluminum the low- -grade bauxite ores there can vield.

LOCAL PRODUCE

Heavy breed hens, 22¢c. Leghorn hens,

Brollers, fryers and roasters, Ibs, white and barred ored springers, 25c; Old roosters, 14c

rocks, 2c; eolleghorn springers, 23c.

Within | had been!

under 5|

Good 150 pounds von. 140001405 The action was disclosed by wellhii 550 pounds ..ecevenenens [email protected] | informed persons just three weeks "250-850 pounds _...i._..... [email protected] | after Secretary of State Cordell Siaughter Pigs Hull, in a sharply worded statement, MO ead 11.50@ 14.25 | Charged that Argentina had vioCATTLE (1300) “““l1ated her pledges for aiding hemiCholce— Steers {spheric defense by giving affirm-20-39% pounds «u 18. J101% 50 ative assistance to the axis. 1100-1300 Pa oo Cl [email protected]| ‘Argentina and many other Latin100.1500 pounds [email protected] | American countries are known to 700- 900 pounds [email protected] | have considerable gold stocks in this Loin pounds en . Jie 18. 73 | country, much of it resulting from 1300-1600 Pads I~. ... 15.25@16. 78 | favorable trade balances created by Medium 5 | heavy wartime buying in their 700-1100 pounds ............. 12.000 14 1100-1300 pounds... oererenns 12. 0015.00 {countries wy the U. > Most. BovCommon -. |ernments, however, have left the 700-1100 pounds -............ 9.25612. 00 | Heifers sold in U. S. vaults. eae pounds ............. 15.50@ 16.50 | Some Gold Already Moved 800-1100 pounds ............. [email protected] . aoa? pounds 8s. | Argentina, it was learned, re%%0- 500 POGAAS «ocorsuusress Bann moved some of her gold to Buenos Mediu.” Barenienee | Ares some time ago. and more re2 300 JOUER ousrrrsnses 1.006 14.25 | jcently a request for additional oo "900 | pounds . [email protected] {transfers was made by the Argen-

Cows all weights)

Good ........... . 11:25@13 00 Medium . Cee... [email protected] Cutter and common .... .... 6.500 9.50 Canner .. .. BO0@ 6.50 Bulls (all weights) Beef Good (all weights) ........ 10.00@ 11.78 Sausage—, Good ... 9.00@ 9.75 Medium ................0... 7.50@ 9.00 Cutter and common ....... 5.50@ 17.50

CALVES (700)

Vealers (all weights) Good to choice . 14.50@ 15.50 Common to medium .. . 300

Feeder and Stocker Cattle and Calves Steers

Chotce— 500- 800 pounds .... 800-1050 pounds Good—

11.78

| American Loan 5s 46 ... 99

Eggs-—Current receipts. 30c Grade ACh of Com Bldg 4'2s 51.. 88 20 large, 40c; grade A medium, 36c; grade A Citizens Ind Tel 4's 61 ...103 106 | email, 26c. No grade, 30c Consol Fin 5s 50 Butter — No. 1, 50c. Butterfat — No. 1, Ind Asso Tel Co 3s 10 | 49c; No. 2. 36c | In@pls P & L 3vs 10 108% ————— | tndpls Railway Co 5s 80% WAGON WHEAT Ldpia Water Co 3'%s 6 cas 109 Op to the close of the okomo Water Works 8s 53 ...108 taday,- Indianapolis - flour Chiealo fmarket Kuhner Packing Co 4s 84 .... 97 elevators paid $1.45 per bushel for No. 1 Muncie Water Works 5 66...105 . red wheat (Other grades on their merits). ~ 10d Pub Serv 32s ..103'4 105 cats, No. 2 white or No. 2 red, testing 33 N Ind Tel dias $3 . ibs. ‘or better, i3c. No 8 yellow shelled Pub Serv of Ind 3%s 73 [L.0 1 corn, $1.06 per bushel. snd No. hite | Pub Tel 4}2s 55 . . 103 shelled corn, $1.3 | Richmond * Water Wks 8s 57. 108 rag Term Corp 5s 57 ....... 89 92 U 8 Machine Corp bs 62 ..... 99 102

FOUNDED 1913

THOMSON MS¢KINNON

“SECURITIES COMMODITIES

5 East Market Street . Phone: MArket 3501

. 11 Wall Street, New York Branches in 32 Cities .

. %t 2 at x Weise for our weekly Stock Survey * :

| *Ex-dividend.

| RHEEM BUYS STOKER FIRM | NEW YORK, Aug. 16 (U. P.).—

{Rheem Manufacturing Co. has ac-| _Representatives of the C. I. O.| |ery, manager of the plant in answer

| quired the business of Stokermatic |Co. of Salt Lake City, a pioneer manufacturer of automatic "coal stokers = and stoker-fired water heaters and basement furnaces, thereby permitting Rheem to manu{facture and distribute Stokermatic {products on a world-wide basis, it ros ; announced today,

NATIONAL BANK

ceeaaen eee.. [email protected]!

[email protected] | ment, has temporarily frozen Argen- + 149021408 tine gold stocks -in this country, it +. [email protected]] was learned reliably loda¥.

cesses IL 43h .78

This new “Big Bertha” of the truck family came through Indianapdlis today on the way to the Clifton strip mine of the Standard Materials Co. where it will be used to haul coal from the mine to the railroad. Built by the Euclid Road Machinery Co. of Cleveland, it cost $15,150, weighs 36,000 pounds, | has a capacity of 20 tons or 27 cubic yards, is 26 feet 2 inches long and 10 feet 8 inches wide, too large

THE INDIANAPOLIS TIMES ‘Big Bertha to Heul Coal From Clinton Min

for regular highway use. Powered by a Cummins Diesel engine made at Columbus, Ind, the truck is one

of three bought through the Reid-

Holcomb Co. local distributors.

ARGENTINE GOLD STOOKS FROZEN

U.S. to Hold Heavy War- | ® "time Reserves Here for ~ ‘Time Being.’ WASHINGTON, Aug. 16 (U.P.).— The U. S. in another stern move

‘to display its concern over policies of the present. Argentine govern-

{tine central bam. | The U. 8. according to informed

would not allow the gold to be shipped out for thé time being. It was understood thet such a | step was about to be taken in Janfuary of this year when Mr. Hull became convinced that Argentine militarists were involved in plotting the Bolivian coup d'etat in Deeember, 1943. Two hours before the order was to be issued, it was said, former President Pedro Ramirez announced that Argentina was breaking relations with the axis, and the order was withdrawn.

U.S. FIRM BUILDING'

quarters, advised the bank that it}

WLB Getting | More Disputes

WASHINGTON, Aug. 16 (U. P.). —A public member of the war labor board revealed today that the board is receiving an increasing number of disputes resulting from production cutbacks and reconversion of industry to civilian production. He disclosed that some of the pending disputes - resulting from production cutbacks - involved down-grading of employees, discontinuance of the paid lunchtime, increasing the standards of production. The board reported. that in May it decided 3258 cases a week compared with 2699 a week in April. ’

ENGINES FOR RUSSIA

NEW YORK, Aug. 16 (U. P).— American Locomotive Co. is build-| ing for the Soviet union a fleet of locomotives that will have pulling power equal to all engines on one of America's largest railroads, Chairman William C. Dickerman disclosed today. The locomotives under construction for Russia under lend-lease auspices include steam and diesel units, with the order for the latter the largest ever placed with the company. Large numbers of engines of the 2-8-0 type, wide guage, already are in service behind dhe advancing red armies. In addition “to supplying the Russians, whose railroad facilities have been destroyed extensively by, the German armies, American Lo-| comotive is delivering locomotives | to the allies on all the fighting frouts as well as American radilroads at home, Dickerman reported that net income for the first half of 1944 slumped to $3,050,550 from $4,618,125 in the corresponding 1943 period. Gross sales declined to $159,418,051 from $241,059,161,

LAFAYETTE FIRM'S PROFITS IMPROVE

The Brown Rubber Co. of La-| fayette today reported earnings of $78,520 for the first six months of

AT INDIANAPOLIS

500- 800 pounds ...c.ese..ees [email protected] 800-1000 POUNAS «evcscscescse [email protected] ’ : 500-1000 pound 18010, 500- pounds ..cccevcoccse 00 Common— N. . Y. S Lt ocks 500- 900 pounds . we 1.50@ 8.78 Net alves (steer e Good and Salve K ee » High, Low Last Change 800 pounds 4OWD ........... [email protected]| Am Can ...... 90% 90% 20% TT 2 Medium— Am Loco . 19% 19 19% + Ta 500 pounds OWN ............ 9.00011.38| Am Rad & 8 8 12'2 12% 12a + Ja Am Roll Mill . 15% 15% 15% — 'a Calves (heifers) Am T & T ...163 162% 163, + % Good and Choice— Am Tob B ... 72 T1% 12 300 pounds. down cerriieins [email protected] | xm water W . 9% 91a 9% ..- = Anaconda 26% 26's 16% + 4 500 pounds down ........... [email protected] | 4 nour & Co . 6a 6 6 om lg SHEEP AND LAMBS (1600) Atchison ... 86% ¢ 66% 65'3 ta ) Atl Refining 32 31% 32 x Ewes (shern) Bald Loco cf . 22% 22's 22% ig Good to choice 3.00@ 4.00 Ber Ind olan. 19% 19% 19%; a {Common to medium 1.50@ 3.00 Borden L032 32; 3217 + Ma | 191 19! S007 | SPRING LAMBS one Ol ae ee art Good to choice 12.00@ 14.00 | Childs 3's 3 3, . Medium to good JP [email protected] | Curtiss-Wr .. 5% 5'% 5% i... Common . 6.50G 9.50 | Douglas Airc . 54 54 54 + ——————————— Du Pont 158 154%% 158 ~ Ya | Gen Electric . 38's 38% 38'a — ‘a | LOCAL ISSUES Gen Mills pf ‘101: 130% 130% + Ya 3 3 Nomina) quotations furnished by Irdi- | Good — . a Ha 3 “tr v anapolis securities dealera. | Greyhound Cp 22'a 22% 32% . 2 © Bd Asked | rng Rayon 38% 38% 38% — "| Agents Pin Corp com .....e.. 2 cone | Int Harvester 79% 79a 79% 3 Agents Fin Corp pfd ......... 20 ..... Johns-Man 9TVe 9TV 97% Ts [Belt R tk Yds com . | Kennecott..." 3214 31% 33a + 1s {Belt R Stk Yds Dfd..eeeeeees 83 oi... Kroger G ip 251 35%. 35a ~— lal | Bob 'bs-Merrill com. .... | L-O-F Glass .. 52% 52% 52% Ag | Bobbs-Merrill 4% pfd ........ 83 Lo... | Locknd Aircraft 17% 17% 17% 1) Circle Theater com ..... | Loews ........ 6412 641 Bala — o| Comw!th Loan 5% pfd 107 | Martin Glenn.. 18% "17% 18 + is | Delta Elec com ....... .. 13'4 | Nash-Kelv .... 16% 16% 16's 00k Drug Co com. 1 s we 225 22Y 223 — Home T&T Ft. W ayne 1% otd Sa . Nat Dt . an 34 ! 347 + Ts nd & Mich Elec 1% pfd.. Y Central 92 19's 19% ... Ind Arso Tel 5% pfd ....... 10314 106% | Packard eee 6Ys 8 la + tal {Ind Gen Serv o. 109% {Pan Am Air .. 34's 33% 337 .... {Indpls P & L pid ............ 113'2 1162 | Penney . ...... 05'2 105'2 105'z ‘2 Ind P & L com L. co 18% 19% Penn R . 29% 2875 287s — lg Indianapolis Railways com.. 14 . 15% | Phelps Dodge . 22%2 22% 22; = 14 Indpls Water pfd ...106 . | Procter & G... #24 55% 55% — |Indpls Water Class A com ... 17% 19 [Pullman ...... 48% 48% 48% + ‘4! Jeff Nat Life com oo 18 17 [Pure Oil ..... 16!2 16's 16% — 1} [Lincoln Loan Co 5':% pfd ... 95% 99 (Repub Stl ..... 16% 193; 19%, Lincoln Nat Lite Ins com... 41 44 |[Servel Inc . 22% 224 We... {P R Mallory 4! . 28% 30%, |Socony-Vae . . 13% 13! 13%: .... PR Mallory com oo... 24'; 26!, South Pac .... 29% 29's 291, .... !N Ind Pub SeSrv 5- 101 104 Std O Cal ..... 37 3624 36% ~— a N Ind Pub Serv 5';¢ 104 105 Std Oil Ind ... 3233 32'a 32% N Ind Pub Serv 65 bra 107 109 Std Oi'N J... 557s 55'5 5574 - 3g N Ind Pub Serv 77% .. 114'2 116 Tenn rp 10's 11's 11's {*Pub Serv Ind 5¢ “es 106 108 20th t-Fox. 25'« 25's 25's . | *Pub Serv of Ind com ........ 18'¢ - 191, U 8 Steel 58'a 58's 58% 1a | | Prowress Laundry com ..... 15 17 Warner Bros . 13 13 13 ee {Bo Ind G & F 48% ........ 105 108 Westing El ...103'% 103'% 103'4 | Stokely Bios p1 pf . . 17% York Corp ,.. 14% 14'¢ 14% + 13! United Te) Co 8% .. . | Zenith Bad 42 417, 7 -— 1a Unlon Title com 28 mere | BONDS Algers Wins'w RR 42% ...... 00... U.S. _ STATEMENT American Loan 5s 81 ......... 91 100 WASH INGTON, Aug. 18 (U. P).--Gov-

jernment expenses and receipts for the current fiscal year ‘through Aug. 14, compared with a year ago: This Year Last Year | $11,614.550.338 $10.623,369,505 |

Expenses War spending 10,404 818,528 9.752,518.9i4 | Feceipts . 3.437.931.211 3.708,840,530 | Net deficit 8,186.628,127 6.910.528.)73 [Cash balance. 20 ,247,473,551 8.657,124,924 | Working bal.. 10,484,613,983 7.394 440, 2 {Public debt ..210,744,178.083 147.175,427,3

| Gold reserve . 20, 998. 346,895 22.306, 309, 61 1 INDIANAPOLIS c L LEARING HOUSE Clearings . «8 14.936 000 | | Debit 13,323,000 |

LABOR H HEADS TO AID UNIONS IN ITALY,

WASHINGTON, Aug. 16 (U. P).

and A. F. of L. will fly to Europe within the next week to aid the | rehabilitation of free trade unions in Italy and set a pattern for revival . of democratic labor movements in France, Germany a nd |

other nations, it was learned today. |

Luigi Antonini, first vice pres:dent of the International Ladies! Garment Workers union (A. F. o L) and president of the ItalianAmerican labor council, contended | that “$50,000 spent now in behalf | of democratic trade unions in Italy would be worth the millions needed to fight totalitarian groups’ after | they are entrenched.”

* Fruehauf Trailer 4 oo. Six m months net profit $780,445 or $164.a common share vs. $829,339 or A9 a share year before, :

+ GRAIN PRICES ROP |

¢ steady fo easier trend prevailed in

| this year, after provision of $90,185 for federal taxes, reflecting “considerable improvement compared to the first six months of last year.” E. A. Callanan, president, 'said the company is working to capacity on war contracts exclusively, the principal items being self-sealing gasoline tanks for army bombers, “and it seems this work will continue for the duration.” | - “Post-war planning 18 having consideration,” stockholders were informed, “although our major .efforts are concerned with the needs of the military.”

ON CHICAGO MARKET

| | CHICAGO, Aug. 16 . P)—A|

|grain futures by mid-session on the (board of trade today. Wheat ruled « steady from the opening but other ‘grains held unchanged to fractionally lower: At 11 a. m. wheat was unchanged to off 's cent a bushel; oats unchanged to off 3; rye off % to 5%,

and barley quoted unchanged to: [off %

BENDIX MAN me CERTAIN-TEED. FIRM

NEW YORK, Aug. 16 (U. P).— {Hector J. Dowd “has resigned as | president and director of the Cer-tain-Teed Products Corp. td devote himself to the expanding activities of Bendix Home Appliances, Inc. and Bendix Helicopter, Inc., it; was announced teday.

effective Aug. 31, each of the Bendix companies.

an aecountant-investigator..in ..Washington and later was appointed assistant regional director York. Dowd resigned from the SEC in 1939 to become controller of Cer-tain-Teed.

Dowd, whose resignation becomes is a director in

In 1934 he joined the securities exchange commission as chief

in New

11939 CIVILIAN |

OUTPUT SEEN Nefson Predicts 30% Gain After German Defeat;

Army Criticized.

WASHINGTON, Aug. 16 (U.P.).— Return of the nation’s pre-war standard of living must await the defeat of Japan despite official estimates that production of civilian goods will climb to the 1839 level after Germany's surrender, it was emphasized today. _ War Production Chief Donald ‘M. Nelson told a press conference yesterday that this country would boost its output of consumer goods by 30 per cent—to 1939 levels—after the end of the’ European war and still turn out enough war material to beat Japan. Meanwhile; several members of the senate war investigating committee were inclined to discount army claims of sagging production, leaning more toward Nelson's version of the current situation—that production is good generally, but that output of some 12 items is not meeting increased requirements of the armed forces.

“Just Propaganda”

One member, Senator Homer Ferguson (R. Mich.) said he was unable to accept an assertion by Lt. Gen. Brehon B. Somervell, chief of the army service forces, that war production is “50 per cent below minimum requirements.” Labeling such an estimate as “propaganda,” Ferguson said that

what the army is trying to do.”

production report which the WPB

withheld from publication When the

Fox fo Speak To Ad Club |

Boban Fox of Chicago wl

» Indianapolis . tising club in the Columbia elub. L. D. Young, district traffic manager of American Aire lines, will introduce Mr. Fox who has been associated with the airline industry for eight years, five of which were with

. Mr. Fox trict trafic manager in June,

1942, he resentative. His present territory covers Illineis, Wisconsin, Minnesota and the Northwest as far as the West coast.

STEEL FIRM NAMES FORMER GARY MAN

PITTSBURGH, Aug. 16 (U. P.).— Two new, appointments in the prganization planning division of the Carnegie-Illinois Steel Corp. have been announced today. A. E. Dieckman, formerly of the Gary Steel Works, has been named supervisor of the division, and J. K.

Banville, who has been acting as staff senior of the division, hasbeen named assistant supervisor, Dieckman began his service with the company in 1922. Banville came

was a traffic rep-

the people “don’t have to be fright- | {to Carnegie-Illinois in 1043. He e had grt ened into-doing a job, arid that's been with | Co., in New York. Committee members were armed with copies of the controversial

‘the Socony Vacuum Oil |

army protested that it gave too] rosy a picture of output in- certain) categories.

Se ——

amarante

co—

Sivey es Lower Output Caused by Feed-Lack. WASHINGTON, Aug. 16 (U, P.).— Better grades of beef will become

increasingly scarce in the next few months, an agriculture department

_|survey "indicated today.

On Aug. 1 there were 41 per cent fewer cattle in feed lots in 11 corn belt states than on the same date a year ago—‘‘one of the sharpest decreases in corn belt cattle feeding ever shown.” Choice, prime and other “top quality beef comes from \cattle fattened for several months before market. Short feed supplies and unfavorable market prices for finished cattle were generally credited for the cut n the number of cattle on feed. The department pointed out that on Aug. 1 there was a' marked reduction in the supply of corn avail~ able for feeding. However, it added, this drop is not so great as the reductions in the number of cattle and hogs on feed.

—

PURE OIL REPORTS INCOME

CHICAGO, Aug 16 (U. P.).—Henry {M. Dawes, president of the Pure Oil Co., announced today that the company's consolidated earnings after all- charges for six months -ended June 30 were approximately $6.- | 500.000, equal to $1.14 a common share after preferred dividend reIn the first half of

|Quirements, 1943, the company “equal to 92 cents on common shares, he said.

McCrory Stores Corp. — Twelve {months ended June 30, net profit $2,208,337 or $2.02 a share vs. $2l40g.621 or $2.22 year ago.

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WHITING'S STANDARD. | OIL EXCEEDS QUOTA

Times Special i WHITING, Aug. 16.—By exceed-| ing their quota of 100-octane avia- | ition gasoline component for May, | June and July by 633360 gallons, [the employees of the Whiting refinery of Standard Oil Co. of Indilana have brought their total production to an amount sufficient to fuel 26,102 planes over Germany. This was announced througn a | telegram, signed by S. A. Montgom-

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DENIES LIFTING OF

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today that regardless of limited re- |

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(Continued ]

was. striking ou Seine river line the completion battle, now .in stage. Headquarters that only a rela of the 100,000nally caught in been able to es reports that a Kluge’s 12 divis in a wild crash t Argentan corrid These sources least 50,000 to 6( Nazis were do or death, althou edged that sms infantryment m cape overland f allied lines,

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