Indianapolis Times, Indianapolis, Marion County, 3 November 1944 — Page 29

FRIDAY, NOV. 3, 1944

BUSINESS

Local Banks Talk Pros and Cons of Forming, | Credit Pool of Several Million Dollars

By ROGER BUDROW

“THE LARGER INDIANAPOLIS BANKS are talking) | of forming a multi-million-dollar credit pool, as is being done]! in several other cities. i Twenty-three banks in New York have formed a $100 5 million: pool and Louisville banks recently pooled nearly $22| : million. The idea is much the same as‘insurance—together | § the banks can make riskier loans than they could separately} and what this country needs, pool advocates say, is more! riskier loans so smaller businesses will get more of a chance

ro cee GOVIET UPSET IRAN OIL DEAL

pool idea, says banks here have No Russia's Late Bid for Fields

always helped the smaller banks out around the state when the latIs Blamed for Grant Postponement.

ter needed help to swing a bigger or riskier loan than they could do alone. And, he adds, WASHINGTON, Nov. 3 (U. P). —Soviet Russia's belated bid for oil | concessions in northern Iran upset | a year of nearly completed negotiations by British and American oil companies for concessions in

they've been helpful tg small southeastern and central Iran, it was learned today.

business. Why, we Well informed sources -said the

po ARCHIE

. Mr. Budrow ballyhoo. Others disagree and say -that if ll the banks are willing to make such loans, why not band together in doing it, thus making the losses, if any, very small when divided among all the batiks in the pool?

A new collapsible sterilization water bag, designed to protect the

and tested by the army. Adapted from the ancient Arabian desert water bag, the bag is made of séxti-porous. material which allows a slight seepage of water to the outside of the bag and by evaporation, the water is kept cool at all times,

THE INDIANAPOLIS TIMES Container Protects, Cools Water

|port of their respeétive positions by

JSouth Africa;

drinking water of our fighting forces in the tropics; has been approved

BRITISH INSIST ON AIR COUNCIL

Aviation Delegates a Control vs. ‘Open Skies’ ‘At Chicago Meeting.

CHICAGO, Nov. 3 “Brave spirits” of’ the British commonwealth, who want air transport internationally controlled, and adamant ‘Americans, who want open sktes, today began a contest for sup-

the 44 other nations attending the Civil Aviation confeernce. The four major conference com- | mittees, meantime, held organizational. meetings. The committees and their chairmen are: (1) Multilater aviation convention and international body—John Martin of “(2 technical stands and procedures—M, P. Steenberghe of the Netherlands; (3) provisional air routes—W. A. M. Burden, assistant secretary of commerce for air; (4) recommendations concerning interim :council-—Hahneman. Guimares of Brazil, At a late hour last night, after.a dozen delegation chairmen’had ad-|

sion, interrupted only for a hasty dinner, this was the line-up:

CAB Pattern Suggested

1. Britain, Canada, Australia, New Zealand and India had vigorously insisted upon establishment of an international body, which in the ‘words of Canadian Minister of Reconstruction C. D. Howe would be

want loans so bad we can taste them,” he said. He thinks the pool is most just decision of the Iranian government to postpone granting any concessioris until after the war was a result of its historical suspicion of the Soviet Union, Iran was understood tobe anxfous and ready to grant concessions to either an American or British company. But when Russia entered the race, it was said here, there was no other alterna-

That way, everybody can be taken care of and—best of all—it will keep the government out of the business of lending money, Small town bankers have been complaining for a long while about the inroads the government lending agencies are making in their farm loans. They want to see thé process reversed.

Wilson To Head Standard Oil

Times Special CHICAGO, Nov, 3.—Robert E. Wilson, president of Pan American Petroleum and Transport Co.,

KRAUSE ELECTED BY MOTOR TRUCK GROUP

BE. -'W. Krause, president of the Security Cartage Co., Ft, Wayne, was elected first vice president of the Indiana Motor Truck associa-

8 8 = "has been appointed president a and THE TAXI DRIVER pocketed |tive for Iran except to cancel all|tion at a board of directors meet-| .}airman of the negotiations. The U. 8. and Great ing yesterday. board of the the fare from his passenger, then |p... i were described as “bitterly| William F. Kirk, general manager

Standard Oil Co. of Indiana, to succeed Edward Seubert, who has resigned his posts, effective Jan, 1. Mr. Wilson will * return to Chicago to assume. his new duties and will

of Columbia Terminals Inc, Indianapolis, was elected president at the association's annual meeting last month, Other officers ‘appointed by: the directors include C. A. Broecker, Refiners’ Transport Inc., as second vice president and C. E. Althauser, Central Union Truck Terminal, ‘Ine. as secretary, both of Indianapolis. John Kile, vice president of Kile's Motor Express, Batesville, was elected treasurer.

picked up the radio-phone of his two-way short-wave radio, flipped a switeh and said, “I'm at 36th , and Penn. Got anything?” Then he flipped the switch back so he .could hear the dispatcher down‘town Say through the other end’ of the radio-phone, “Yeah, go to $320 N, Meridian.” “Check.”. It would be a nifty way to operate a taxi fleet, wouldn't it?

disappointed” that a year of negotiations had been wasted, but supported the Iranian action as entirely legal and within Iran's sovereign rights.

Bid Was a Surprise

Russia's interest in Iranian oil came as a surprise because it was the first time the Moscow government hag indicated :.. interest in investing . capital out of the U. S. 8S. R. Some observers tried to read

Mr. Wilson also relieve Mr. Seubert as chair-

¢ ternational CAB

: |bitrary power .or petty deals to ex[clude competitors .

Red Cab of Indianapolis plans to install such a system of two-way radios after the war, The survey has been made but no gers

anting passengers. Would mean quicker service for the public, too. The radio dispatcher probably

away. » 2 =»

lime, other improvements. .

halved. Australia’s wheat crop. «

ODDS AND ENDS: Resignations have so riddled the WPB that today this once-great war agency has fewer than 12,000. employees,

“per Kitol® ‘the ‘1920s, due to mehanisation, beer seed, more fertilizer and . The most severe drought since 1914 has

Aluminum hopper cars being made for the Missouri Pacific railroad will carry 6% tons more than the

significance into an article in the Moscow publication, War and the Working Class, which said that the U. 8: controls 57 per cent of the world’s oil resources, Great Britain 27 per cent, and Russia 11 per cent. The present situation finds Russia denouncing the Iranian Premier and Foreign Minister, Mohammed Maraghei Saed and some quarters believe it will lead to the fall of his cabinet, These same sources, however, are’ confident-that ‘his succes-

opening for possible Russian intrusion on their sovereignty. :

Two U, 8. Firms Negotiated

Iran’s decision: to cancel all .oil negatiations, it was said here, was taken reluctantly because she . was,

for a year. Those: companies were the Pritish Royal Dutch Shell, the American Socony - Vacuum, and American Sinclair, The race for the Iramian oil oe gan a year ago when SoconyVacuum sent representatives to begin negotiating . for concessions.

renamed executive secretary.

PRICES OF LIVING

Retail prices of living essentials rose one-tenth of 1 per cent between Sept. 15 and Oct. 15, principally because of higher costs for clothing and house furnishings, Secretary of Labor Frances Perkins reported to-

mendt’s cost of living index stood at 126.5 per cent of the 1935-39 aver age. month.

ordinary car, without intreasing the load on the axles. . , . Either the election polls -or the betting odds dne hears about must be wrong, a Wall Street observer says, because ‘if the polls are right with their “narrow margin between Dewey and Roosevelt, then betting odds of 2%-to-1 on Roosevelt ought to be more nearly even. , . . Indianapolis department store sales last week

Sinclair and Royal Dutch Shell soon entered the field as well and it became a three-way contest since the Iranian government had indicated that the rights would go but to a single firm.

NAVY TO 'SELL AT JEFFERSONVILLE

Homer V. Winn, Indianapolis, was

ESSENTIALS RISE

WASHINGTON, Nov. 3 (U. P.).—

It was 126.4 in the previous

GOOD ROWBOATS FOR

RrsGTOR: Nov ¥ eo 2 iH you want a good sturdy. rowhoht, but without oar locks, the wnaritime commission is your party. The commission said today it has 2215 “small assault boats” built for the army but now declared ‘surplus. They are made of oak and heavy reinforced plywood, Weigh _ 165 pounds and are more than 13 feet long. But no oar locks, because the boats were made for paddling.

UNIVERSAL PAPER SOLD

NEW YORK, Nov. 3 (U, P.).— The Lily-Tulip Cup Corp. today announced acquisition of Universal Paper Products Co. of Chicago, manufacturers of ~ the nationally

than 52 years of service. remain a director of -Standard and become chairman of the board's: executive committee.

PRICES HOLD STEADY ON CHICAGO BOARD

some time,

man of the board of Pan Amercan. Mr. Seubert resigns after more

He will

sor will have the same views toward . 5 god funy sah heathy, jagfoad of. ssi becuse, they ¢laifd” Iranians|day. - : CHICAQQ, Nov. 3 (U. P)) —~Grain ving dispatch . YOu |.re determined not to allow any| During September, the depart-|futures held about steady in an from parking stations some blocks ing -Sep Pa extremely dull session on tHe Board

of Trade today. Lack of incentive resulted in* the lightest trade in Corn showed relative firmness prompted by expected Tain and cold weather. At 11 a. m. wheat was off Ww fo HAL ol WITUNIAT. nance. A. 4 cent a bushel; corn up i 10}. : ay pms unvnanged 10 off 1%; elas orRw Yip” STUY off " up. %.

3-MONTH PLANE OUTPUT TOTALED

WASHINGTON, Nov. 3 (U, P.).—

The war production board, in its detailed tabulation of aircraft output by type of planes has disclosed that 74,953 bombers and 70,827 fighters were built between July 1, 1940, and Sept. 30, 1044. Reaching a total of 232,403 planes of all types, other aircraft ‘-constructed during the same period included: ‘Transports, 17,592; ‘naval reconnaissances, 2345; trainers, 54,642; communications, 10,785; special

patterned after the U., 8. civil aeronautics board, or as New Zealand Minister of Supply and Munitions Danjel G. Sullivan described it, would own and operate international airlines and trunk routes. 2. America, in the words of Conference President Adolf Berle Jr. had told the “brave spirits” who favor commercial and economic controls to be exercised by an inthat because of “imprecise formulae” their proposals might “mean in reality ar-

France Favors Controls 3. France, represented at an in-

time in five years, sfated an international organization “seems to us

goal (avoidance of rival air blocks) and of organization they favored, 4. Norway, in the words of Ambassador Wilhelm de Morganstierne, called for “due consideration” of the “difficult” position of liberated or soon-to-be liberated countries and gsked the conference not to “prejudice in any way” their proper share in air transport. 5. Mexico, Brazil and Panama perhaps had pointed the way for other Latin American countries by siding with the U. 8. against international, commercial and political controls. %

"VU. 8. Proposals Outlined

Points on which all delegations apparently were agreed were: Elimination of uneconomic subsidies, establishment of minimum rates, and uniform standards so that a plane would encounter the same technical - conditions landing in Cairo, New York or Karachi. Berle stated U. 8. proposals thus:

0 Sr 2 Fire imimlory, designated by friendly countries; an air convention to establish the rules of the game; an international body with power only over technical matters; offer of air transports to all countries on an equal basis so that none could plead lack of planes; an

(U, P).=—|".

dressed an eight- hour plenary ses-|

ternational conference for the first

the only means of reaching this

‘conference.

interim council to be set up by the

A. C. 8. TO HEAR CHRISTEY “Laboratory Control in Propeller

Manufacture” will be the subject

discussed by Russell Christey, Curtiss-Wright, when he addresses the weekly luncheon meeting of the Indiana séction of the American Chemical society, next Tuesday, at

D-Day Beaches Swarm With Crafts, Landing Supplies;

(Third of »

lowed ground. Here young Americans ost their the war for liberation of France and

By MARSHALL M¢NEIL "Soripps-Howard Staff Writer THE INVASION BEACHES, Napmandy (By Airmail) —This is hal-

Here, now, the means for saving American lives are being provided. Here each day thousands of tons of arms, food, clothing, medical supplies

Sortes)

lives on D-Day, carrying forward defeat of Hitler,

and all ‘the paraphernalia of war are being landed. : There are three beaches, each a flat strip of sand and shale stretching back at low tide a few hundred yards from the sea wall, The Yanks landed on two, thé British on the third. Our forces are operating our beaches by themselves and jointly with the British aré using the. third, The first impression of these stretches of sand is one of wonder {that our men were able to take them, for they were commanded not only by German pillboxes spaced to lay down an annihilating cross-fire, but also they ‘were protected by

appear to be dark caps. These caps| are mines which the Nazis thought would serve to stop our ‘invasion when it came in at high tide: In. stead, the allied expeditionary force came in at low tide. ‘Our use of these beaches after the. : invasion has fooled some of our men as much as their original use surprized .the Germans. “Sure, o. k. for landing personnel and the first supplies needed to start the invasion, but that's all,” said some of our seamen.’ But the fact is that the beaches

it and will continue to be a major factor in maintaining it until Antwerp and perhaps other large ports to the north are available to our service and supply.

‘Ducks’ Deliver Supplies

Nine million rations have come in over the smaller of the beaches, Over the larger, enough cargo has been delivered to make a solid

band one foot thick and six feet wide reaching from here to New York City. f It all looks so simple now. Out there off the beaches lie Liberty ships. “Ducks,” the army's amphibious trucks, go waddling down into the- water, and scoot off to. the ships, churning a white wake

with supplies in.slings. ‘Then they make a short turn and come bustling back to the beach, clamber up on it, and start rolling over thé” seawall to the dumps *~ the open-air warehouses—behind. .

Tide Helps ‘Rhinos’

18Ts run right up on the beaches, open their yawning “front doors,” and cargo spills out into waiting trucks. “Rhino” ferries, which are flat barges made up of

king-size - outboard motors that push them up to the sands, where they are grounded at low tide for unloading and floated again as “the | ™} tide comes in. Finally, wooden or steel barges of the type normally used in American ports constitute

gaved -the invasion, are still saving A

behind them. There they are loaded | L'

THE INVASION BEACHES, Normandy.—On * invasion day an infantryman, some distance

behind the seawall, met a group of men he couldn't identify.

“What outfit are you guys?” he asked. “Quartermaster,” told. “Hell, there ain't no quartermasters up here,” he said, with obvious disbelief. “There is now, Bud. This is an amphibious quartermaster outfit.” i

he was

} i

7950 Porkers ers. Brought in 1 Trading Active; Top = 1581436. id

Hog prices at the Indianapolis stockyards today continued the advance of yesterday as prices om, 160 to. 400-pounders went up 30 to 45 cents higher and hogs below 160 pounds gained 40 cents, the war food administration reported. Sow prices opened 25 to 35 cents higher but closed with all advance lost. The top was $14.35 on 160 fo 270-pound porkers. Trading was very active and a complete clearance of hogs was ex- : ° pected, the WFA said. Receipts were light with 7950 hogs brought in - »

Other receipts included 400 cattle, 450 calves and 1125 sheep.

GOOD TO CHOICE HoGH (1960)

Germans placed to guard them &re peen landed and transferred to still visible—pyramids of steel bars {dumps, en route to the front; and 400 and short poles topped with what nearly half a million gallons of | Medium

the third meang for unloading the pebits

{XX

Jeffersonville, Ind., in addition to proposed centers in 10 other cities to dispose of navy-owned salvaged excess and residual materials, The centers will operate within the major industrial areas where navy contracts are in force in order to receive, process;and redistribute materials-in excess of needs,-naval was scheduled to speak at the “Life | officials said. Underwriters’ Flying Squadron”| Seven redistribution centers were luncheon meeting to be held today |previously established and are now at the Indianapolis Athletic club. |operated by the navy. rs Siesting was in preparation for o sixth war loan campaign in Indiana. During the day, conferences N LOCAL ISSUES of nina payroll savings war bond, anapolis” securities deers. treasury representatives will be held, | Agents Fi

a ——————— Morton's, Inc., 235 Main st., Vincennes; Packm

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INSURANGE MEETING

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