Indianapolis Times, Indianapolis, Marion County, 22 August 1944 — Page 7

. THE INDIANAPOLIS TIMES

_ Big Propeller Parts Made Here LATIN AMERICAN INFLATION SEEN

Institute Predicts Taxes, _ Bonds to Siphon 0ff Buying Power. NEW YORK, Aug. 22 (U. P).~—

Technique for Loans to INLRB TELLS SERV Small Business Is Studied TOREHIRE G.1, 0.

WASHINGTON, Aug. 22 (U.P. { The national labor relations ‘today ordered Servel, Inc. ville, Ind, to refrain from discou "aging membership in the Unite Electrical, Radio and Machine Work ers of America (C. I. O.) and to rés hire an employee who attempted organize fellow workers. The union organizer, Carl formerly of Gary, was disch Dec. 17, 1943. The NLRB ord Servel to reinstate him with

By JOHN W. LOVE Scripps-Howard Staff Writer

NEW YORK, Aug. 22—Small and middle-sized businessmen are going to find bankers cordial to their requests for loans as the war ends, more. cordial than at any time since-the-late 1920s: — Not only have the profits of businesses in these classes anpioved more rapidly than those of big industry in the war period, thus making them better credit risks, but the bankers are preparing to cultiv ate this 1 ; . field with new energy. = The fetious problem Thtiaaeion that Everything in Washington indi- the American Bankers “association nations will make it necessary for | Cates that a million 0 more New i setting out to find how the credit the governments to increase or levy commercial ventures will be Saried, needs of small business cian best be new taxes on the people, and to| un & few years after the war. ,;jeq and to see that its members supplement these collections with | COmPetent proprietors, pus have the techniques for making the sale of government obligations | 218 numbers Of ivelerslis ¥ lv. | these loans. Its new post-war small to the public in order to siphon off | OT "ard to using their old or newly- y,qiness credit commission. headed

70 KEEP JOBS HERE

68 Ou of 100 i Local Industries Want fo Retain Present] Employment After the War, C. E. D. Survey Shows; Only 18% Want to Quit; 14% Don’t Know.

A surprisingly large percentage of the women now working in Indianapolis industries want to keep their present| jobs after the war, the Committee for Economic Develops : ment reported today. :

y. The union complaint charged Servel, which employs more th

XIE

mise

Out of every 100 women now employed in local industry, 1 68 want to remain in their present employment, 18 want to}

- quit working, and 14 are undecided what they will want to do,

The survey of post-war intentions of industrial workers also disclosed that 77 per cent of the women working in industrial plants want jobs after the war, whether industrial or not, and that of the 68 per cent desiring to remain in industry, 11 per cent will want some other typ: of em- . ployment, ; “This seems to be a high pertentage of women who will desire to retain their industrial jobs,” said Joseph E. Cain, Indianapolis ©. E. D. chairman, “but in this connection it should be remembered that our survey was taken in June and July, following a period of considerable contraction in the number ‘of employed persons. It is estimated that several thousand persons have left the Indianapolis labor market since the first of the year. This

S~might-indicate.that. the number of.|

womeh who will desire post-war industrial: jobs will not be as large as generally believed.” Mr. Cain said surveys nearing completion or to be undertaken by the committee will eventually disclose. an accurate picture of the post-war business prospects of Ine dianapolis and he expressed the belief that the prospects will prove highly encouraging.

More Surveys Due

“We will know, for example,” he said, “how many men and women will desire post-war industrial jobs and we will know with a considerable degree of accuracy how many industrial positions are to be available, “We are now trying to complete the difficult survey of finding out

Mr. Cain said the survey of postwar intentions of industrial workers, |

NELSON GETS FOR PROMISE

WPB Head Assured That Reconversign Policies Will Not Be Changed.

WASHINGTON, Aug. 22 (U.P) — Donald M. Nelson was considering resigning as war production board chairman until President Roosevelt's formal assurance that his mission to China was “most ime portant and pressing” and that his reconversion policies would not be changed in his absence, it was

made at the Indianapolis piant of

¢ Parts for the biggest propeller ever to fly in this country are being

Curtiss-Wright's propeller division,

the company announced today. These four-blade hollow steel giants, measuring 18 feet 2 inches in diameter, efficiently harness 3000 horsepower and more In the sub-stratosphere. been in service tests on a large army bomber.

The huge propellers have’

Congo Natives Roused by Lack

learned Lod... ition iin In a highly unusual action, Mr. Roosevelt issued a sharp statement late yesterday to silence week-end rumors that he was sending Nelson to the orient so that the reconversion program could be adjusted to suit the military. Nelson set up his program for a gradual return to peacetime production over vigorous objections of the armed services. The President's statement described as “entirely unfunded” any impression that Nelson's mission to China meant a change in WPBs policy. ‘Disservice’ to Country

“When it is possible to tell the whole story, those who charge he (Nelson) 1s being ‘kicked in the teeth’ will realize how wrong and unjust they have been— what a disservice they have rendered their country and Mr, Nelson personally,” Mr. Roosevelt said. The chief executive announced last Saturday that he was sending Nelson and Maj. Gen. Patrick J Hurley as his personal emissaries to Generalissimo Chiang Kai-Shek for “several months” to discuss economic and supply problems,

Nelson, it was understood, was ‘surprised to learn that the assign-

which has bee conducted under the | ment would require that length of direction of Myron R. Green, exec- | time, his original understanding re§tive secretary of the committee. portedly having been that he would

bes been made on as acientific a bass aa the committee could devise.

. 18000 Queried Questionnaires were sent to the homes of approximately 16.000 men

cross-section of local industrial sctivi'y. Ths names were selécted proportionately: in accordance with the Rimbers of workers in industrial

and women employed in each establishment. “We had a return of nearly 40 per cent on our mailed questionnaires,” Mr. Cain said, “and we considered this highly satisfactory. This revealed that a large number of industrial employees are interested in post-war planning.” * The members of the executive

8. be gone only from three to six weeks, Disturbed at the prospect at being away from his home

most crucial phases, Nelson consiiited with White House aides over the week-end and it was understood that Presidential Adviser Harry Hopkins called the matter to Mr. Roosevelt's attention.

Prepared to Quit

Nelson was represented as being prepared to quit his WPB post if it was necessary for him to be out of the country—and away from direct supervision of his reconversion program—{for the length of time indicated in the first White House announcement. But Mr. Roosevelt's clarifying statement specifying that the China

eommittee of the Indianapolis Com- | mission ‘was “temporary” evidently mittee for Economic Development satisfied Nelson that he would be

‘are, in addition to Mr. Cain and

{ able to return to his home front

front job | for so long a time during one of its

Of Textiles

NEW YORK, Aug. 22 (U. P.) — A critical shortage of textiles in the Belgian Congo is making the natives uneasy and hard to handle, H. A. Cornelis, textile and price controller for the Belgian Congo government, declared in a plea for increased American imports to that country. Textiles are “currency” that keeps 800,000 native workers active in the production of rubber, cobalt, valuable alloys, industrial diamonds and palm oil for the United Nations’ war effort, Cornelis declared yesterday before the commerce and industry ase sociation,

10,325 PORKERS RECEIVED HERE

Top Remains at $14.80 on 120 to 240-Pounders At Stockyards.

There were 10,325 hogs received at the Indianapblis stockyards today, the war food administration reported. The market was steady with the top at $14.80 on 120 to 240polinders. Prices ranged from $14 to $14.05 on sows, | Receipts included 1800 cattle, 725

sessrsscsvens 14.00014.08 sesessssnanes 13 14.08

| aluminum and synthetic rubber fac-

SURPLUS POLICY

+EXPECTED-SOON

War Plant Disposal Bill to . Be Ready for Passage

Soon.

WASHINGTON, Aug. 22 (U. P). —The house faced the last major controversial issue in the Colmer surplus property bill today in seeking to determine policy that will govern disposal of $15,100.000,000 worth of government-owned war plants. Leaders expected action on the plant disposal provision to clear the way for passage of the bill late today or tomorrow. The senate military affairs committee, meanwhile, planned to report out a separate surplus property bill today so debate can begin in that chamber tomorrow. Several house members were prepared to offer amendments to the plant disposal provision in the Colmer bill, which singled out only

lories costing more than $5,000,000 for specific restrictions. The surplus property administrator would be required to submit any plan for disposing of such plants to congress, which would have six months to modify the plan if it disapproved. Amendment Approved Navy-operated plants were removed completely from the juris-

{diction of the administrator yes-

terday when the house tentatively approved an amendment by Rep. James W. Mott (R. Ore.) that would permit disposal of naval vessels,

stations, establishments and facil-|am

ities only under existing laws and require new legislation for any others. The administrator thus would have authority only over such

naval property as clothing, food Be

and equipment,

The house post-war planning 3

committee has estimated the value of government-owned factories at $15,100,000,000. It reported that less than 4 per cent of the investment |p was represented by plants costing under $1,000,000. The senate commitiee amended

excess purchasing power, Alexander | Hamilton Institute, Inc, asserted

today. The inflation problem has cropped | up as a result of accumulated dollar balances incurred by the various Latin-American countries in the U, 8, the institute declared. Ordinarily, the accumulation of! these dollar balances would be al. good thing because it would enable | these nations to guy large quautitis. of commodities in the U. S.

{of new enterprise—is in prospect] post-war, given the right political loans

turn of small industrialists and businessmen to civilian production and | trade. { “adjust themselves to the new life aries 12 months tc July 31 net in-! in which they will henceforth have come $8,503.580 or $1.34 a share vs. subsidiaries” 6 months to June $0 ito live.”

jacquired skills, will not lack for by Robert M. Hanes of Winstonmoney.

Salem, N. C., a former president of A new era of enterprise—the efa t,o association, will seek both to inspire the bankers to make the and show them how the climate, It will start with the re-!

can be handled.

The banks are now fixing to Detroit Edison Co. and subsidi-

$8,669,735 or

$1.36 preceding 12 Equipped with a fund of $500,000, months.

{numerous problems in such loans

8000 persons at its Evansville plan engaged in unfair labor pra by threatening employees regardi union activities and affiliations, addition to discharging Peek. 8 Servel was given 10 days to ia 5 | tify the NLRB what steps it wo | take to comply with the order.

Northern States Power Co. and

net income $608,874 vs. $696. 118 vel lago. 1

However, at the present time, these balances cannot be utilized for | the purchase of American com- | modities partly because of ‘the shortage of commodities and partly because of the lack of shipping facilities.

Commodity Prices Rise

The institute pointed out that as | a result of these developments the | volume of bank deposits and the! amount of currency in circulation! have shown substantial increases | and the expansion in the supply of | funds has had an inflationary effect | on commodity prices,

The Latin-American nations rast therefore impose new taxes or increase taxes already in effect and supplement them with the sale of government obligations to stem the rising inflation .problem, the insti- | tute said. In order to make these securities attractive the governments may find it desirable to offer not only a satisfactory rate of interest, but also to add other features which will appeal to the public,

Exchange Risk Considered

“For example” the institute stated, “the Latin-American governments may decide to issue obligations payable both in local currency as well as in U. 8. dollars. If the respective governments should issue such multiple currency bonds, they would probably invest at least a part of the proceeds from the sale of these securities in American dollars so that no particular exchange would be incurred.” All of the Latin-American nations have received top ratings on collections by American foreign traders, reflecting the steady improvement which has been registered through-!

{out the Latin-American nations for | the past four years, according to the

foreign credit interchange bureau! of the national association of credit men. The bureau's thirty-second annual credit survey indicated that with the exception of Bolivia and Paraguay, 11 countries also received top, rating in credit classification.

N. Y. Stocks

Net Low Last change 811i; 91la 2 193%, 19% 12% 123 15 153, 183%

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Mr. Green, C. Harvey Bradley,| Job in a matter of weeks. A iotaeererer ev 12:80g1s:7s | 18 Dill yesterday. to-require-the sec Int Har ssies’ i — omen : ; | George A. Kuhn, W. I Longsworth, | Nelson is- preparing for-anearly Slaughter - Pigs retary of agriculture and secretary |jonns-Men .. ‘a. Shirley D. Murphy and Nicholas H.|départure and may issue a depart- Mediiim to choice . {of interior to classify surplus land [Kroger G & B. 35% - Noyes. ing statement this week. He con-| - 120 [email protected] |as' agricultural, residential or com- Lockheed ait 3% Pai Each , , | ferred yesterday with Secretary of CATTLE (1800) mercial, Farm land would be sold Loswl a 4% ar Pair ) War Henry L. Stimson and Sec-|Chotee— Steers under terms of the Bankhead-Jones | Martin (Glenn) 181 : DAYS GR AIN PRICES TURN retary of State Cordell Hull in con-| 500-100 Bounds iaooieesees iz 1 98/farm tenancy act through agencies Nat Bleu nl EN The pe Fieldcrest gi Task Snctigs, date eg Size Biotion with his impend mis- [1100-1300 pounds ... I st | Nat Distillers , 35 ginia” blanket in large 72x a ° ] . RVILLE we 50) 29 peanal ES Mid other and wd ve sold Otiver Farm 24 36° 84 double-bed size. Good, wool for warmth, 50% rayon 70x80 Inches. Large size

WHITE" |

LOWER AT CHICAGO

CHICAGO, Aug. 22 (U. P.).—Grain futures moved unevenly and dis-

played a slightly easier trend on]

the Board of Trade today. At 11 a. m. wheat was off % to % cent a bushel; oats off 1& to %, and Rye unchanged to off %. Improved storage conditions at Kansas City prompted some demand for futures here. Other buying came from eastern and commercial interests. Northwestern receipts showed a substantial increase due to the expanding harvest. Grainmen, however, looked for Commod-

ity Credit Corp. buying to relieve |] the pressure of the new crop on the|¢

futures market.

Hotel Waldorf-Astoria Corp. 6 months to June 30 net loss $183,176 Vs. $198,680 year ago.

ON HOUSEHOLD * FURNITURE

3a YEAR OR 15.50 FOR 3 YEARS

3 | Richmond

Zo was reported that Nelson's new

ment—similar to the Russian | %00-

ohn he undertook for Mr. Roosevelt last year—would include a study of what China needs for rehabilitation. | It was learned that he would be ac- | comm companied by his special assistant, Edwin A. Locke Jr, who also made the Moscow trip.

LOCAL ISSUES

Nominal quotations furnished na. anapolis securities dealera "

Fa Gop SOU a Th ante Pin mp pla sessenne ‘90

“Water Clan A com. . at Life com. .

Lincoln Nat Life P R Mallory 4%%

b Serv Ind 5%............108 hb Serv of Ind com ........ ‘in

So Ind oa r 7m . Tol Co 8% ‘om

Union Title OOM .cccvcivnenes 8B NDS

5s 66... Pub ferr 3 3%s 13... in of i Ves nla EN

Machine ¢ 3 I no

130.1609 pounds . Mediu "700-1100 pounds . 30) 1a | pounds

Goo: 1100 1 pounds

sesensane

sees 12.00014.75 «ses [email protected]

sees [email protected]

[email protected] vee [email protected]

» [email protected] + [email protected]

11.009 14.50 [email protected]

600~ 800 pounds . 800-1000 pounds ...... Medium. 500- 900 pounds ... Common

Teresnnee,

Cows (all weights)

+ 1 TIGL. 00 a1 3

.- Hr es Bulls (all weights)

at (ll Weights) se.v..ss [email protected] [email protected] 7.50Q 9.25

MO, A hme 5.50@ 7.50

CALVES (725) Vealers (all weights)

5 Feeder and Stocker Cattle and Calves Steers

12.7% 13.00

seessesssanes 30. 10.80

. sessscsvenses 10.35Q11.78 UM §00-1000 POURAS suessessenses B.75010.00 Common

500- 900 pounds ........cv0co 7.00Q 8.75 Calves (steers)

pounds down .c.cees.ee. [email protected]

800 pounds down srsnesersaes 5.00011.38 Calves (heifers) Good and Oholce— oy 9 voids down Sesnseneeay 10.50913.7

yp pounds down ...eciev..s 8.50010.50.

Ing in

stasvsnsrenes 11 vessssvcenese 1078

ava ruany

wesw SAE.

ny Wabash Valley Drilling Washington

12.50} | shares without p 00 | m

+ | admitted to machines, ste."

by the interior department's public land office under the public land laws. Preference would be given to former owners, lineal heirs, former tenants and veterans in that order.

RECIPROCAL TRADE POLICY ATTACKED

NEW YORK, Aug. 22 (U. P).—|3

The “complete failure” of the reciprocal trade agreement policy adopted 10 years ago has cost the country between $200,000,000 and $300,000,000 a year on revenue, Dr. John Lee Coulter, economic consultant and former member of the U. S. tariff commission, declared today.

Oliver Farm Eq $6 Packard ...... 8!3 Pan Am Air .. 3314 Penney L105 Penn RR ..... 28'3 Phelps Dodge «27% Procter & G .. Pullman Pure Oil Repub Stl .... Servel Inc .... Socony- pcuum 13% South Pac . 29% Std Brands | td O Cal 367 Std Oil (Ind) . Tenn Corp ... wa pox. 2534 U 8 Rubber ... 50% 8 Steel “aur 59% Warner Bros .. 13% Westing El ...1043 York Corp .... 14% Zenith Rad ... 41%

U. S. STATEMENT

WASHINGTON, Aug. 22 (U. P.).—Government expenses and receipts for the current fiscal year through Aug. 19, compared with a year ago: This Year ..$13,208,263,447

CELL:

41%

Last Year

Bx enses $12,239,451,364

“Ten years ago,” he said, “the reciprocal trade agreement act was hailed as a measure to provide em- | ployment, stimulate exports, create! good will, preserve enduring peace | throughout the world, and solve all the economic ills of society, Ohjective study now discloses that, far from achieving these aims the agreements resulted in just the opposite. " Coulter said that facts rapidly coming to light indicate that our reciprocal trade agreements offer

little or no basis for solving our|

post-war international economic problems. “On the contrary,” he said, “great harm may result if the American market is made a dumping ground for the products of foreign agriculture and labor with incomparably lower wages and living standards.”

Incorporations Joe. 108

agent,

E. Thomas E. Th das 4

an. Mortie Cooper; to carry om the business of an oil company. ‘Mercantile Co. Majenica;

|—Mafenica dissolution, Keller: Tool or chi ne igan torporation;

a Fred L. Tart PE. Garvin, Ef

11,997,198,192 3,973,502,528 9.234,760,918

Wwa¥ Spend.. Receipts .... {Net Def. .... {Cash Bal ... 19,504,399 242 8,004,538, 660 Work, Bal... 18,741,537,193 7,241,853,700 | Pub. Debt...210,883,650,884 147,4987,137,401 Gold Res.... 20,946,728,630 22/291,966,599

INDIANAPOLIS CLEARING House Clearings $4 Debits Electrie Power & Light Corp. and subsidiaries 1943 consolidated net | income $6,335,303 vs. $8,227,755 in| 1942.

11,302,137,540 4,137,205,823 8,102,245,540

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