Indianapolis Times, Indianapolis, Marion County, 16 February 1945 — Page 29

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APY ? i

FRIDAY, FEB. 16, 1045

THE E INDIAXAPOLIS TIMES

Business

Federal Reserve: Board Acts to Prevent Any Red-Hot Speculative Wave in Stocks ~By KOGER BUDROW ————— —

LOCKING THE BARN DOOR BEFORE the horse is stolen may be what the federal reserve board had in mind

_ Until then, traders could buy | to 50 per cent. action to make

the other day when it Sern down a little on stock Iarket speculators, with" 40 per cent cash, 60 per cent STEEL OUTPUT credit, or margin, asthe brokérage trade” term has it. The federal reserve board raised the cash’ portion That is the first Niki sx . change in mar.|3 Million-Ton_ Deficit in gins since the fall : of 1037. The boara| S€CONd Quarter to Cut ok he Civilian Quota. margin require- n ments for buying WASHINGTON, Feb, 16 Ny LY, stocks equal with |—Steel supplies for the April-May-

New Rotary Plow | Does Three Jobs In One’

{ sheep.

GOOD TO CHOICE HOGS (5000)

pounds , pounds °,. pounds , pounds

PRICES STE DY Govern? Corpasstions’ WASHINGTON, D, C, Feb. 16~Tracing the development of the ‘government corporations’ ‘=the fourth arm of the government _.|'Which Senators Harry F. Byrd of Virginia and Hugh Butler of NeOn Active Livestock | braska now seek to bring under control with new legislation—shows Market Today. ‘ {can mushroom all over the place tin it becomes the biggest financial aspidistra in the world, level at the local livestock market the government took over the Pana- | fancy stands. Sixteen are in the 1 It w i | today, the War food administration ma railroad, and ran it. a5 credit and banking business, nine | reported. Top prices of $14.80 were only government corporation. ance, four in transportation, four | paid for 1 to 400-pound porkers.| prior. to world war I all govern- in construction, four in economic Receipts were estimated at 2000) the regular departments headed bution and one in publicity. This. hogs, 500 cattle, 500 calves and 1500 | py cabinet officers. But in 1916] |last—prencinfadio, Inc., is & honey. chartered. They were privately | authorized to do darn near’ any{owmed, but government controlled, | thing it can think of in the fields 120- 140 pounds $14.00@14 pounds... When the United . States got lations. pounds _., dragged into the first European, Granting that all these big busiitlea really took hold. First came run, they still present an inherent the War Finance Corp. then the daiger because they are definitely

- PAGE 2 By NEA Service . i Hogs o Sell. at $14.80 maze of exactly how one innoceng little seed bf an idea for a new federal bureau Hog prices remained on a steady; Back in Teddy. Roosevelt's time agencies doing business &t pretty |the first, and for a long time the deal in war supplies, four in insur- | Sales were e. {ment activities were carried on in! rehabilitation, one in retail distrithe first federal land -barks were! | Set up in the Rockefeller office, it is pounds ua which seemed innocent enough. of communications and public refracas, the government eorporation nesses have been ably and honestly Emergency Fleet Corp. U. S. Hous- | Not run in gold fish bowls and in-

ty.4 that for selling/June period will fall 3,000,000 tons 4: : be | 100 0 wines fe ing’ Corp, Spruce Production Corp, {formation A el erations is But the reer at in Shout of es ikki stilizing : t ro drive shaft, will be placed in limited | on 300 pounds HB : {have to report back to congress on ae > J peared ‘certain today This new rotary plow, u utilizing a tractor power ake-off th ough a es p 2 0 hounds Most Liquidated what they have done, what their WAND shocks, raises Love vsh vats 3 civilian production would have to| production this spring by the Climax Engineering Co. It plows, discs and harrows in one Uperation. ow 330- 360 Bounds . AIL were’ liquidated after the war 8ssets are, how much they have eo 80 much due to margin speculators take it on the chin. | ood jounds [email protected] | ©Xcept the Federal Land banks. and lost or where they're going. Inci-

as the cash buyers. The war production board in Brokers’ loans to their customers |few days .will divide up the availfor carrying securities amount to|able steel for the second quarte barely 1 per cent of thelr total mar-|period. It is expected that ih ket value. And customers have cuts will be made in the amount $400! million in- credit balances in|barcelled out for all but the most their accounts in brokerage houses, | vital non-military uses. an all-time peak. WPB Chairman J. A. Krug said The board's action in making it at a press conference yesterday Just as costly to be a “bull” as a that even some military programs “pear” is looked upon, therefore, May be affected by the steel shoftas a technical move in the first 88°, which he attributed to lack of place, and a preventive step to|Mmanpower, transportation tieups | avoid “another 1929” in the second |*nd reduced fuel supplies. place, Plan to Pool Again He also revealed that he had

ready a plan for pooling of steel plant facilities—similar to one used

# an THE COST-OF-LIVING index for Indianapolis, compiled by the

1%. 3 Dounds dentally, 37 of these corporations

' Congressman Ought to Get STATE EMPLOYMENT

At Least $15,

WASHINGTON, Feh. 16 (U. P.).—You can take it from Chairman 33 per cent from mid-December! Cliotee—

Maury Maverick of the Smaller W

000—Maverick DROPS 3.2 PER CENT -

- Employment in Indiana dec ned

ar Plants Corp.—a congressman has (to mid-January, chiefly because

a hard time balancing the family budget these days. .

On his puny $10,000 a year salary, said Maverick, the average legis‘no longer can afford striped britches and cut-

lator is so’ hard up he °

away coats even for official funerals,”

Meetings

| Scientech Club

"retail stores let nearly 17,000 extra | Christmas employees go, the In-| diana Employment . Security division reported today. Employment in all manufacturing Maverick knows all about con- {industries and in eight groups of gressmen’s ‘troubles—he used to be NON" manufacturing ‘industries was

[575,000 in January. Weekly payTexas’ representatives in the | {one of gem | rolls ‘amounted to $24,947.000. Both

And his wife, he added, can only | buy “one-half of a street dress” each year,

| Medi BO y |

[email protected] | the fleet corporation, which later were created by congress itself, so

A commission. | yo, can see whose fault the present The 1920's were relatively free from condition of these government [email protected]| this sort of stuff, until Herbert porations really is. Hoover came along and started the The best approximate balance Inland Waterways Corp. while he!anyhody has been able to strike on POE te.) | was secretary of commerce, and the |g) these operations is that 35 of 500: 1100 Doras iter ' [email protected] | | Hecunsiauction Finance Corp, while the government corporations show 00-1300 pounds . [email protected] he was President. total deficits of over .15%billion dol-Hio0-100 [email protected] | 200.1500 pounds @17 | The depression really saw the lars. It really isn't quite that bad, The national in- because ahout 10 billions of this

nds [email protected] | becanie the maritime RI ughiss Pigs Medium to Choice— 90- 180 pounds CATTLE (500)

Steers

700- 900 pounds

00-.900 pounds ,....sseevees ‘14 [email protected]| idea take hold,

918-1101 und 0 | 100 T1800 Danes : «oof dustrial recovery act gave Presi- will have to be charged up to the | 1300-1800 POUREE si vesihsvavs [email protected] | dent- Roosevelt powers to create new cost of the war.” And the other 700-1100 pounds [email protected]| PU§inesses. Among his first ‘was | government corporations show a tow 1100-1300 pounds ‘anne Fateevis [email protected]| the Commodity Credit Corp, set | tal profit of 684 million dollars. 700-1100 pounds [email protected] | UP to borrow money from RFC and | loan it to farmers. Then congress LOCAL PRODUCE {expanded CCC, gave it powers it

Heifers { Choice-~

bureau of labor statistics, stood at’ 128 jn mid-December, the regular.

Maverick appeared before a house

are approximately seven per cent]

successfully early in the war—but | said it would first be necessary to|

J. A. Mas, engineer with Elec-| {tronic Laboratories, Inc.,

under January,

{judiciary subcommittee today to said.

1944, - ¢he division! Go

600- 800 pounds Joo. 1000 pounds

[email protected] | [email protected] |

600- 800 pounds « [email protected]

dian’t realize it was bestowing—and | the next thing congress knew, here |

2 Heavy breed hens, 34e. Leghorn hens, 1c.

will ad-| {urge that congress raise the salary | dress the Scientech club Monday | of its members to $15,000 a year. on the subject of “Some Applica-| The subcommittee is considering a!

quarterly measuring date, At 128, the index is 2.6 per cent

Broilers; fryers and roasters. under 8 Ibs,, white and barred rocks, .28c. Old roosters, 15c.

Eggs—Current receipts, 3l¢;

i : 200-1000 pounds In Indianapolis, employment de- Medium.

| clined 1.02 per cent ffom December| 500- 900 pounds

. [email protected] |-'Was OCC paying subsidies and was

: a er into the : get additional manpower [email protected] the congressional farm bloc face |

plants to make it workable, |

. Yah

above a year ago, 30.6 per cent above the fall of 1939 whén the war started in Europe, and 25.5 per cent above January, 1941, the base period for the Little Steel formula. ® 8 =», PERSONAL MENTION — Donald Nelson, former WPB chief, isn't too well satisfied with his job as FDR's assistant, wants an Industrial’ job instead, reports Business Week. . . . And Thurman Arnold would like to quit as circuit court of appeals Judge, take a front-line administrative job—possibly under secretary of commerce for small business, » » » A FEW FINANCIAL sabout.state: Continental - Steep Corp. of Indianapolis and Kokomo earned $508,000 last year, against $762,000 the year before. Noblitt-Sparks Industries of Columbus earned $1,383,000, against $980,000 the year before, but has yet to go through the renegotiating wringer. The war department has let a

items

contract to McGraw Construction A

Co. of Dayton, O., to reconvert the Fall Creek ordnance plant here to shell (155 mm.) making facilities.

It will cost about $1 million. Tok-|Am W W

heim Oil Tank & Pump Co. of Ft.

Wayne will operate. the plant which | 4

has been idle since E. C. Atkins

quit making armor plate there Bo

some months ago, on » »

ODDS AND ENDS: One million nil tons of steel production have been WH

lost so far this year, ‘because of the o and manpower shortages. | Gen

cold wa That is three times as much as was to be used in the first three months this year for making civilian products, under the reconversion program which was scrapped after the German counter-attack last fall. + . . Sears Roebuck’s new store and mail-order house in Mexico City

isn't its first venture outside U. 8.: N

it already operates in Honolulu and in Havana, Cuba. . 20 dehydration factories, turning

out dried peppers, banana flakes, ?

dried pineapples and papayas, onfons and garlic. . . , Argentina is

following Uruguay's example in fh

ordering autos to use the right lane,

instead of the left, of the road; that Rep makes it inanimous in South Amer- |

fca and saves U. 8. auto manufacturers the expense of changing the steering gear,

NEW FIRMS AND PARTNERSHIPS

Fletcher Box Co., 3462 N. Illinois st. Manufacturing” wooden boxes, ete. Ira W. Cummins, 1743 W. Washington st.; Frank Balke Jr., 3462 N. Illinois st.; Ernest Wuelfing, E. 86th st, Walsh Dry Goods, 3810 E. 30th. -Dry goods and shoes, Michael Walsh and Lena L. Walsh, 3201 EB. 38th, Imperial Construction Co., 1088 Oliver ave. Gansttuciion, C. M. Waggoner, Y, M. Re No Paint & Body Shop, Sis B . vg rebuliding, etc. - Chas Boko, 3336 5th. Lester Goodner, 1a N. on x H. E. Hankins, 1920 E. 67¢

INCORPORATIONS

Calkins Appliance Corp., South Bend; amendment changing number of directors six 3 State Exchange Finance Co, Culver; amendment increasing capital stock 1200 shares of $10 par value, Insley Mfg. Corp, Indianapolis; amendRent’ changing number of directors oi

“White County Farm Bureau Co-operative | 3 Assn, Inc, Chalmers: amendment increasing capital stock to 200 shares preferred of $26 par value and 31,000 shares common stock to $5 par value Pifth and Main Street Realty ‘Co., Vin. cennes; - articles accepting provisions of General Corporation Act of 1920; (name changed to Pifth and Main Street Realty Corp.);. 1200 shared no ° par value. Triangle Coal e Fy Auburn; dissolution.

. The Nicely Corp., Delaware corporation;

admitted to Indiana to engage in con~ tracting and construction business. Beverage Distributors, Inc, Fellows Bldg., South Bend; George Heintz

elman, 1607 Marietta st, South Bong; Uni

250 shares common of $100 par value; deal in non-alcoholic beverages; ee Heintzelman, - Loma Heintselman, Clifton Seltenright Sr. Greentown Cemetary Association, Ine., Greentown no ital stock;

Ham Miles Investment Corp. Indianapolis; merged into. Indianapolis arnish Co,, Inc, Indianapolis; 1000 shares’ common. stock without par value’ Untied Organizations of Wabash, Inc En cadmelt changing name h Chamber of Co

. . Mexico has|N*

412 0dd| 80 Ind Oa

CAD! Nrigh, Charles Kurtz, Pred Richer, C. E. B

rr WER Shs said he had 00 | of Electronic Circuits,” tating’ French industry so that it meets. oY i 2% noon could take a “substantial load off yp our backs.” Sales Executives He revealed that the French had : requested 350,000 tons of steel to The Indianapolis Sales Execu-| repair transportation, power and| {tives council will meet Monday at dock facilities as a preliminary 8 p. m. in the step to getting factories back on|I. A. C. to hear their feet. This request must pass John C. Harkness the same urgency test as’steelfap-|0f the wholesalers plications from American ages cies. department i ——————————————— of Crane Co. The,

MORE FOREIGN PHONES |subject of Mr. | Harkness’ ‘talk

NEW YORK, Feb. 16 (U. P)~—|will be “Making Despite wartime supply problems, | Your Sales Meettelephone operating subsidiaries of | ings Click.” The International Telephone & Tele- | council has issued graph Corp. in nine foreign coun- ial invita- : tries in 1944 showed a net gain nt all ‘sales J. C. Harkness 50,000 telephones in service, it was {managers interested in this phase

annoupiced 10dgy. {of sales promotion. N. Y. Stocks The Indianapolis insurance board | Net | will meet Monday at 5 p. m. in the

The in’ the

"| Insurance Board

n| Civil Engineers.

i Mark B. Owen, director of the] 35% 3 «| American Society of Civil Engineers’ | We 3% — "post-war construction division, willl 11% 1% ree [speak at the society's Indiana sec-| 1g 3 tion meeting in Hurty Hall, state | | {board of health building, at 7: 30 1 p. m. Wednesday. | 13 oa

| +4

Borg-Warner : Caterpillar T .. hes & O

ORDERS 500 BOXCARS |

CHICAGO, Feb..16 (U, P.).—~The | Santa Fe railway has placed an| {order for 500 boxcars - With the | i «| Mount Vernon Car Manufacturing | Ya ?| Co.,, Mount, Vernon, Ill.

U. S. STATEMENT

7a| WASHINGTON, Feb. 18 (U. P.).—Govha ernment expenses. and receipts gor She % | | current fiscal year through Feb, ’ | pared with 8 year ago: . % This Year Last Year vy | Expenses Yl War Spend. .. 54.990 2,804,244, 225 | i 25, 914, 853,418 24,024,310,103 . 34,200,866,113 32,580, 933, 389 | . 18,800,210. 148 19,145, 872,177 .. 18,037,299,852 18,382,903,058 | ..234,223,497,747 184,400,156,086 . 20,507,420,607 21,822 744,631

“a

ipbrerts]

Greyh Op ida, Ind Rayon .

Kennecott .“ Krog G&B .... L-O-F Glass .: Lockheed A

Eee:

121d

+11

% | Cash Bal. 5 Work. Bal, i3{ Pub, Debt 1, | Gold Res.

INDIANAPOLIS CLEARING HOUSE $ 6,292,000 19,783,000

WAGON WHEAT

(bushel, and No. 2 white shelled, old erop, | Up to the close of the Chicago market /8 | today, Indianapolis flour mills and grain ,'| elevators paid $1.67 per bushel for No. Sired wheat (other rades on their 15% - 1 A merits); oats, No. 2 white or No. 2 red, | 133% y testing 32 Ibs. or better, 69c; H% 4% yellow shelled, old crop,

Linn

$1.09% per]

(tics to prove that “no congressman, {living as an ordinary, middle-class | fellow and family man, treating wife [31 net income $1,036,186 vs. $525 941 |

| can do the job on less than $16,000.”

‘don’t give themselves a minimum wage,

bill by Rep. Emanuel Celler (D. N: Y.) to up congressional salaries to! $12,500.., Maverick thinks this is much too low. “I think the proper salary figure should be $17,500,” he said, “al{though a compromise might make it at least $15,000.” He quoted statis-

and children as- ordinary people,

Maverick said if congressmen “they will be in the extremely | embarrassing position of not doing their actual legislative and governmental duties.” “You have voted minimum wages! {to everyone else,” he told the sub-

and was 16.8 per cent under a year | ago, while payrolls were 3.82 per| jcent under December and 19.3 per

cent below a year 20. |

Business News

By UNITED PRESS | Colorado Fuel & Iron Corp. and | subsidiaries six months ended Feb.

year ago, Deere & Co. year ended Oct. 31 consolidated net income Sagas or $286 a common share vs. $11,637,964 or $3.15 previous year. | Gotham Hosiery Co., Inc., and | subsidiaries 1944 consolidated net | profit $515,785 or $1.08 a common | share vs. $605,589 or $1.23 in 1943. |

:$60,115,120,031 §56,605,254,643 | 750,207 52

corn, No. 2|

| yourselves.” Bigelow-Sanford Carpet Co. 1944

Sree er—— preliminary net profit $1,025,750 or | HIGHEST LEACHING

| $2. 81 a common share vs. $937,972 | lor $248 in 1943.

Mission Dry Corp. year ended |

| - PLANT COMPLETED Devoe & Raymonds Co., Inc., year |

ended Nov. 30 net income $642,234 PITTSBURGH, Feb. 16 (U. P.).— Clinging to thes barren Andes jor 4 cele a class B common share | mountains in Peru, nearly tres" 223 previous year. miles above sea level, is the world’s | highest - leaching plant recently | 1€V income $502,032 ‘vs. | completed by the Rust Engineering | $72, 754 in 1968. Co. Pittsburgh. wo The plant, built: for Vanadium | & Corp. of America, is situated at Jumasha, at 14,200 feet elevation | =| on the eastern ledges of the central § Cordillera lera of She Andes,

net loss

SR ih

"TERRE HAUTE GETS HOUSING PRIORITIES

R. Ear] Peters, Indiana director for the federal housing admiwnistration, said today that a priorities|S quota for 10 new dwelling units has | been set for Terre Haute and that |= others probably would be granted to!= meet needs of the Wabash River | = Ordnance plant at Terre Haute. 3 3

CORRECTION

Hotel Waldorf-Astoria Corp. 1944

Common— red.

500- 900 pounds Cows (all weights)

[email protected]

Good .... Medium wa inna we 10.51 | Cutter and common ......*... 1. 0 10. | { Canner 6.259 17 wis

Bulls ‘an v eights)

| Beef—

Good (all weights) Sausage Good ses [email protected] | Medium .... cesavess [email protected] Cutter and common [email protected] |

CALVES (500) {

Vealers (all weights)

| Good and choice ............. 17.50818.00 Common and medium [email protected] | Cl ...) x. sins 8001000

Feeder and Stocker Cattle and Calves

12.25@13 wl

Steers { Cholce~ 500- 860 pounds ot 1000. pounds »

00d— Oo 800 pounds ....evseee 800-1000 pounds ... « [email protected] edium— .500-1000 pounds | Common~— 500- 200 pounds Calves (steers) | Good and choice— | Mh pounds down um-—-Me% pounds down Calves (heifers) | Good and choice— 500 pounds down | Medium— 500 pounds down

SHEEP AND LAMBS Ewes (shorn) | Good and choice Common and medium ....... LAMBS Good and choice

Medium and good Common S

1.50@ 8.5]

11.25@13. 3%

10.50@12. |

8. 5001.50, (1300)

7.250 8.50

We regret that inadvertent-

ly there was a typographical error in our advertisement in yesterday’s Times.: The item should have read:

ALL-WOOL TOPCOATS & OVERCOATS

New Blues— New Browns

3 lbs. 35¢

Fancy Box - Winesaps— Fine Eating

KROGER SUPER MARKETS

$1.24 24% LOCAL ISSUES

Nominal quotations furnished by

BUSINESS DIRECTORY _

|| OVERCOATS | TOPCOATS

anapolis securities dealers.

STOCKS LADIES

HOUSE

Agents Fin Corp Wi 9 | Agents Fin Coy pr . Ayreshire Col 60M .i.vvvess Belt R Stk ve . ) Fane . be Anes 68

138 E. WASHINGTON ST.

USE YOUR CREDIT at

NCEA CLOTHING COMPANY

; 131. W. Washington St. Directly Opposite. Indiana Theater

lta Date Tee Lab co mt. Wayne -. Jackion RR pid: Home To% 7) Wm ome (} ne 1 td. Asso Tel 5% 1 " ?

r pid .

SLIPPERS $129]

1009, All-Wool Coverts 1009, All/Nool Camels 1009, - AlWool Tweeds

oll ned Fleece

GENTS,

Extravagance

LEVINSON

Your Hatter

Make Woodworking Your Hobby. Use

DELTA MOTOR DRIVEN TOOLS Exclusively at

VONNEGUT’S

220 E. Washington St.

*Indpls ater Sinus A com Jeff Nat Life Kingan & Co id Kingan & Co co ‘s L md Loan Co 5% % ‘pid. Lincoln Nat Life com.. P R Mallory 4%% . R. Mallo .

You Save Because We Save Men's Suits & Overcoats

18” 21 94% CASE CLOTHES

215 N. Senate Ave. Open 9 to §

GUARANTEED

IY 17M TL

yal AAT) }

Lika

DIAMON D LAWS

Algers Nik RR 44% .

Amerioan Loan ts 51 iid 1 Ji $y

ASEYMOURS

FUR COATS! I TT IN A Pale tin the State

INDIANA FUR (0.

112 East WASHINGTOY St.

Men's Fire | Twist SUITS

All Sizes , Single or Double Breast

Cc ueryboadys CREDI 15 OK

ASKIN & MARINE STORE

See These Amazing Values Before

Bayt

E g | |

Soe

[email protected] | [email protected] |

. [email protected]

[email protected]

Today there are 44 of these

1 500131 Hd government corporations and credit ci h

grade A large, 35¢; grade A medium, 32¢; grade A small; 26¢; no grade, 28¢c.

A i Hin

i Eun PZ 1 207%:

AUTTLES nw

FILLED WITH

B16 BARGAINS,

Ay 725 Sent:

5555340812555 TITTITE

80c. Bust ito, L.

9.00@11. ")

— - : =» — 2 g -

Bl EASY TERMS

TILT BACKS WITH SPRINGS

$69.95 Values Only

Tiina

TT TITIEE

5.50@ 7.25

Solid Comfort

Here's a chair in which “He” ‘éan really relax. Big, luxuriously comfortable tilt-back covered in your choice of handsome Velour or Tapestry in a selection of SEVEN COLORS to match your decorative scheme. Walnut carved frames with miching ottoman. A real buy!

Just Received a Big Shipment of These

{HANDSOME DINETTES

Seasoned Solid Oak—Beautifully Designed

grey 1

ire

Artistically designed and quality built. Fashioned of finest seasoned solid oak for years of service, Chairs have form fitting backs with washable red leatherette seats, Extension table has extra leaf,

Big Selection of Bedroom ool Living Room Sule, Lamps; Tables.and Ocoasional Furniture,

“

N enh » Ad TIRES * PHILCO Tat ®