Indianapolis Times, Indianapolis, Marion County, 12 April 1945 — Page 31

®,

Busines.

THURSDAY, “APRIL 12, 048

As Usual, Valor heal Report Is a Wealth of Fact and Philosophy By ROGER BUDROW

THE CHART WITH THE SOARING CURVE shows

what has happened to P. R. Mallory & Co.'s business since|’ war started, The chart shows| just sales, in millions of dollars. ‘But the annual report, out

1916, but most of all since the

today, provides a good picture of a conscientious concern doing a war job and planning for its post-war job.

The local firm, which specializes in. the fields of metallurgy, elec tronics and electro-chemistry, sold more than $41 million worth of products last year, 17% over 1943. Its profits amounted to $1,058,123 or $288 a common share vs. $820,056 or $241 a share last year. Two of Mallory’s best known (to the public) products are its silver -honded bearings for aircraft engines and the new tropical dry battery, which. will' reach production of “formidable figures” this year, items used in other sd products, ET

_P. R."MALLORY now ‘has “eight |’

plants, some of them small, makeshift ones for temporary use, and four warehouses. It has bought the Eaglesfield property, 16.7 acres and asmall plant with 30,000 square feet of floor space, for future consolidation and development of manufacturing facilities.

There are 7000 working at Mallory | Bob

onw, about 1500 of whom have been added since the first of the year to work in the new battery factory. |p Women comprise 57 per cent of the force. The company has 1114 employees in service and has re-employed 68

veterans with honorable discharges In

‘plus 164 other veterans. Mallory “employees in - service include two lieutenant colonels, two majors, seven- captains, 39 lieutenants, six ensigns, 92 sergeants and 96 corporals. Eighteen deaths have been reported. ~ ” » OTHER MALLORY ITEMS: The 15 per cent interest it owned in radio station WISH here, acquired in 1942 for $30,000, was sold last year for $61,500. More than $22 million worth of war orders were canceled during 1943 and 1944 and.settlements made for practically all, Production of bearings nearly doubled and costs were lowered. Current costs of the new battery are high, because of high-priced |; materials and construction, but are expected to be brought down also, ” » » P. 8. “We have no ambitions for our company to expand indefinitely,” report President Philip R. Mallory and Executive Vice President Joseph E. Cain. “The keystone of our production policy is precision quality. . Products develop incessantly. Nothing is static. When progress is lacking, Tetogression is inevitable,” ;

It makes many other |

LE .

ANG Tr

LOCAL ISSUES

Nominal quotations juinlanes by Indi anapolis securities dealers STOCKS Agents Fin Corp com Agents Fin Corp pid . AYianire Col com ....

Bid Asked ™ ..

20 17% LE

Bobbs-Merrill 4s pid’ Central Soya com ... Circle Theater com Comwith Loan 5% pfd Delta Elec com Electronic Lab ¢ Pt Wayne - aon RR bid Hook Drug So 0 tom 1 Home T&T Ft Wayne % td. *Ind Asso Tel 5% pid .. Ind & PAL ia" pid

34% 108 18

6 8» 19%

11314 115%; 25

Indpls Water pid Indpls Water Class A com wee Jeff Nat Life com Kingan & Se Jud ngan & Co “Lincoln Loan Co’ 5§%% pid.. Lingel Nat Life- com

Progress Laundry com Ross Gea & a com . 2 So Ind G&E 4 11 Stokely-Van Comp pr pf... U 8 Machine com 1 United Tel Co 5% Union Title com ....... BONDS American Loan 5s 51 .. ..... American Loan 5s 46 Tok Buhne Fertilizer 5s 54 .... Ch of Com Bldg 4'%s 61 .. .. 88 Citizens Ind Tel 4%s 61 .... Columbia Club 2.5s

Indpls P&L 3's Indpls Railways ry Us 67 Indpls Water Co 3'2s 68 Runs Packing Co 4s 54 N Ind Pub N Ind 4%s 55 Pub Serv of Ind 3%s 73 Pub Yas 65 Trae Term Corp 8s H J Williamson Inc bs & *Ex-dividend.

NEW TRAINS PLANNED CLEVELAND, April 12 (U.P) ~— Pere Marquette rallway plans to put into operation two streamlined passenger trains on the Detroit-Lansing-Grand Rapids run, President R. J. Bowman disclosed today

in the road's 28th annual report.

Monetary Ford Of Many Allied Problems

W. LOVE Scripps-Howard Staff Writer

By JOHN WASHINGTON, April 12—~The

Just One

projects for two international lend-

ing institutions which go under the-name of the Bretton Woods proposals, now under study by a congressional committee, are being sold to the country in the form of blueprints for a house which congress is not supposed to alter in any significant way. In reality the B. W. institutions make up only one room in an im-

posing mansion, though they might | be described as one of the living rooms. Each day a new detail of the edifice is revedled to us. In the order of their importance to the future of the world, and of our own daily affairs post-war, the rooms still being architected might be listed as follows:

Problems Must Be Solved

The peace settlements with Germany and Japan, future boundaries and reparations; the world security organization with its economic councils, presumably to be accepted at San Francisco; the lowering of / tariff barriers through -reciprocal — agreements or other means; an international conference on obstacles to trade in general, and the Bretton Woods international bank and international monetary fund. How these credit Institutions would work depends in turn on what answers are found to such problems as American loans of. the type the Russians, Chinese and others. want; the expansion of the export<import bank, plans for the orderly marketing of world surpluses and for stockpiling, the reconstruction of British position in world trade, the formation of world organizations to look after such things as shipping and aviation, and the disposal of lend-lease obli--gations. ~ All these, with a number of additional items, compose the problem of world reconstruction, A vast fabe ric, on part of which is drawn a picture of our own trade of the future, with the jobs connected with it. Order is Important

The reason for naming so many of them is that much of the national argument over the Bretton Woods proposals concerns the order in which these matters ought to be decided. « Banker opponents of the proposed international monetary fund, more of whom will be heard when house committee on banking 3 quizency resumes its hearings, n saying the fund will several more billions of

more American dollars, financing used as an excuse for lending still U. 8. exports to other countries

without any clear ' conception off

how ultimate repayment ever will be arranged. Aware of this criticism, both here and in England, the administration is bringing along its bill to extend and broaden the trade agreements act, which otherwise expires June 12, to permit tariffs to be cut In many instanees to 75 per cent of what they were some years ago. An important question is whether other countries agree with those people in this country who have been saying ‘a lot—of projects must go along together, including the lowering of tariffs and the removal of obstacles to trade, or whether they think of the Bretton Woods agreements as a means simply of getting dollars (and goods) with which to rebuild.

Create Emergency Pool? The British have led in suggesting some means of creating an

emergency pool of buying pdwer in}

which the nations may draw when necessary without making special arrangements. Some bankers and others criticize this idea, which was incorporated into the B. W. fund| plan, on the grounds that not all nations will need dollars as a matter of automatic right through the fund; that there are actually more than 20 billions of dollars or of gold owned by foreign countries and in large part available for purchases here. Some of these critics add that if obstacles to trade are removed, the need for a liquid pool of funds will fade away. The British, in the Lord Keynes plan, and the Americans, in the Harry D., White plan of the treasury, designed funds to which all trading nations would subscribe, and

ISEEK CURB ON

U.S. AGENCIES

Congress “Would Cantrol, Purse in New Bill.

"By CHARLES T. LUCEY Scripps-Howard Sia Writer WASHINGTON, April.12.—Congress next week will begin to Iashion a halter for those big government lending agencies which can put out tax-raised cash “to anybody, in any amount, for any length of time and at any rate of interest.” Congressional alarm over powers of the big government corporations was expressed during the Henry Wallace-Jesse Jones row, The George bill was passed to take the federal loan agency, including the Reconstruction Finance Corp. and

merce department. Senator Byrd (D. Va.) fathered a provision which brought the RFC, under scrutiny of the general accounting office, which is directly responsible to congress. But that was just ‘a start, and now Mr. Byrd and Senator Butler (R: Neb.) are but to tighten controls of the public corporations which have billions at

_|their disposal.”

Would Force Audit

agencies submit annual budgets in advance for congressional study and approval. ,The budget bureau, treas~ ury department and Comptroller-

‘|General Lindsay Warren have been

in on drafting this legislation, But some of the agencies are get-

‘| ting set to buck such controls. The

Tennessee Valley Authority, which believes that its operations are different in character from the lending corporations, probably will seek exemption: The Inland Waterways

*'*'|Corp.- and some others also may

oppose its application to them. Hearings will probably begin late

+ |next ‘week before a Senate banking

and ‘currency subcommittee, and

di they’ll come later in the house.

Too Much Power—Jones The joint‘ congressional economy

committee headed by Senator Byrd,

after an invitation, found the magnitude of government éorporations “50 great as to rival government In many cases they exer-

departments which Most of them

The committee pointed out that

ne many of the government corpora93 "| tions had been organized in Dela- ~~ (ware or other states, and found it

“hard to understand” why. But

os senators have. charged that it may .. | have | charter laws allow so much leeway

been done because state on what corporations can do. Mr. Jones, testifying on the George bill, said he thought too much power had been given the big lending agencies. He said the R. F. C. was “bigger than General Motors and General Electric and Montgomery Ward and everything else put together.” The way it was administered, he said, could affect Phe “economic direction of the country.” billions,

Warren Likes It

The bill's sponsors say it wouldn't interfere with policy of the agencies or hinder their operations, but would provide a proper financial check on them. Comptroller-Gen-eral Warren calls it “the most for-ward-looking piece of legislation of its kind” in 25 years. But despite this there probably will be violent objection to it and contentions that congress would be denying proper administrative authority if it is enacted.

Meetings

Mechanical Engineers “Modern Gauging Practices” will be the subject of C. A. Page of the Pratt & Whitney Co, Detroit, when he speaks to the American Society of Mechanical Engineers at their meeting at 8 p. m. tomorrow in the Antlers hotel. Slides and samples will supplement the talk.

Railway Employees Paul T. Spencer, director of research for the Indianapolis Railways, will discuss “Future Plans for the Extension of Public Transportation” at a meeting of the Association of Retired Railway Employees at 2 p. m, Monday, April 16, in the Big Four bldg.

5 DETROIT PLANTS. OUT

DETROIT, April 12 (U.P). —Five Detroit war plants were closed today and production was curtailed at twp others by strikes affecting RBpORImAtY 8725 workers.

INCREASE Your Insurance hi LOWER Your Rate!

We will gladly explain how COINSURANCE frequently makes this possible. Check its possibilities tomorrow.

EVE

its subsidiaries, from the com-|

-14--They-have drafted a bill which Borde —#& | would extend to all governnient cor- |g : [Porations the audit provistons forced c on RFC, and also would make these Son

Its gommitments totaled 45)

aa wm AOE 4POLES TIMES

$727,516,652 for the period July 1, 1944, to March’ 31, 1945, ‘Bmith, federal tax collector for Indiana, reported today. This was an increase of $144,099664 over the $583, 416,987 for the same period last year, he said. >

are as follows: . July 1, 1944, to ’ March 31, 1945 $137,221,407 14,844 417 736,114 5,097,463 4,381,700 21,411,918 232,334,717 149,892,136 125,481,757

July 1, March Distilled spirits. ....

Admission and dues. Estate ..... Empiayment . Corporavicn_ and excess profits. Individual invame varreas¥ evga ere *e? Withholding .... oa. vecearniie .

“sess tentrnne

“ssrB craRtNRRRRsss arn

seers anne sessee

State Tax Up $144 Million

Internal revenue collections from all sources in Indiana totaled

Somepf the larger items of a comparative basis for ine months

$ 58,128,561 12,639,681

20,662,124 211,132,133 158,108,879 89,666,661

Total income tax coilections for the nine months period ending March 31, 1945, was $507,708&11, an increase of $48,800,937 over the $458,907,673 collected during the same period the previous year.

5000 Hogs Received: Here: i Prices Remain Unchonged

Hog receipts amounted to 5000 at the Indianapolis stockyards today, the war food administration reported. Other receipts included 700 cattle, 500 calves and 200 sheep.’ Prices were steady in an active market.

UNUSUAL CAR 1S DESIGNED)

‘Has One Wheel at Each End And Middle of Side.

BESSEMER, Ala., April 12 (U, P.). ~The “American Victory” completed the transition from blueprint to full-size model automobile today and its creator predicted it would revolutionize post-war _transporta-

tion, The “Victory” is creation of 7T2-| year-old John O. Heinze, a pioneer | in the automotive field and a retired Bessemer automotive engineer. His car features something un-

Will H.

collected Feeder and Stocker Cattle and op

Choice J 500- 800 pounds . 09.1000 pounds

Gy 500- 800 pounds 800-1000 pounds -.. Medium— 500-1000 ) pounds . Comm on 500- 900 ¢ pounds Calves - (Steers) Good and choice — 500 pounds down

1943, %0 31, 1944

sesecanns 10.

errs fr “ enaicse

GOOD TO CHOICE HOGS (5000) 120- 140 pounds [email protected] 140- 160 pounds . pounds .. pounds .. pounds . pounds . pounds . pounds .. pounds .. 330- 360 pounds Medium-—— 160- 200 pounds

Packing Sows

Good to Choice 270+ 300 pounds sesviiiveres

820,669 2,398,588 3,908,379 220- 240 240- 270

270- 300 300~ 330

Calves (Heifers) Good and choice— 500 pounds down Medium— 500 pounds down ...

SHEEP 208)

Ewes hom) Good and choice “ok od Common and medium .

LAMBS

10. 50@ 12.79 . 8.50@ 10. .

New York Stock (Quotations

300- 330 pounds 4... 330- 360 pounds ...eu4. . 360- 400 pounds .,evesnvennes

| Good 400- 450 pounds ,.,eeves + 14.00014.05 or [email protected]

conventional in wheel arrangement. One wheel is at each end of the frame and two are on each side in the middle of the chassis. The

Good and choice ..........e0 Medium and good Common

Medium—

Net |Repub Stl ..,. 22% Low Last Change Reyn Tob B .. 33% | Schenley Dist . 47% "oe % Servel Inc .... 19% 95% 95% Ja a | Socony- -Vac .. 16% 32% [South Pac .... 43 Am Rad . 13% 78 Std Brands ... 31% $e / YaiStd Oil Cal .. 42 Am T 163° 163 +, IStd Oil Ind .. 37 ha Yaistd ofl NJ ... 59 11% Texas Co Coa S44 32a ‘| 20th" Cent-Fox. 28'% TV US Rubber ... 58% a | US Steel ...... 65% % ‘warner Brus .. 13% 3 Westing El ...131% TT -a'|Zenith Rad ... 40%

Am ©

Am Am Anaconda Armour & Co". Atchison 9

“oy N'A

450- 550 pounds [email protected]

250- 500 pounds Slaughter Pigs Medium to Choice . 90- 180 pounds CATTLE (109) Steers

frame is hinged in the middle to assure traction on the highway. Heinze demonstrated that the novel wheel and steering arrangement “allows the stripped-down model to furp in its own length. The synchronized. front and rear * | steering ‘mechanism fugns both the (ront and rear wheels 60 degr ges in " either direction. The frame permits completairostif Hioc-1300

STATE EMPLOYMENT SLUMPS NEARLY 2%

Director Everett L. Gardner of ae eid 18 sats Indiana employment ‘security 196 2517.50 Sion reported today that cnploge sees [email protected] | | ment slumped in mid-March. “res [email protected] | Gardner said the Ohio river vale se 3 Ral %iley flood was responsible. Many 15.00@ 16. i workers were unable to attend theie

£: +

«1125913,

Choice— 700- 900 pounds 900-1100 pounds 1100-1300 pounds .. 1300-1500 pounds .. Good— 700- 900 pounds .... 900-1100 pounds .... pounds ,,.. pounds ...

41+ 4 HHH HEd

U.S. STATEMENT

* (traction over an 18-inch obstruc- Meme

+f tion or ‘ag 18=inch. dip. “Heinze, 100-100 aa: seas

[email protected], J0DS begause floods blocked their ed path fo factories; or- because plants

2 : FoWASHINGTON, “4prian2 (U.

Douglas Afro Ph, Du Pont ...... Gen Electric . Gen Foods .... Gen Motors . Goodrich Jooayeus § Ind Rayon .... Int Hatvéster . Johns-Man .... Kennecott ..... Kroger G&B ... L-O-F Glass ... Lockheed Aire . 21%, (Glenn) 8

| pared With a year go:

s Yea $ hy 341,007, 939 $1 89, 380,575,434 35,594,250,245 40,646,847,193 Cash Bal. 18,743,611,437 Work. Bal. 12,980,884,979 % Pubiie Debt 235,232,077,363 Gold Reserve 20,416,522, 18,522,099

INDIANAPOLIS CLEA CLEARING Clearings

| Expenses War Spend. Receipts Net Deficit 1 1

Nat Distillers .. NY Central ... fo Oil ackard “etae Pan Am Alr .. Penney L111 Penn 3 Phelps Dodge . Procter & Pullman Pure Oil

{per cent reduction of the

: Washington Tin Plate-Co: abandoned.

‘

AA Ri

World's record for steel making. For the fourth year in a row, U.S. Steel has broken. the world’s record for steel making. Its steel . production in 1944 was boosted to 30,800,000 tons. This was the largest tonnage in any year of U. S. Steel's history.

1841. 1342 1943 1944

Average weekly earnings of wage earners in 1944 were $54.37—an increase of 53% over 1941. There was no increase during this period in the rate of dividends paid stockholders for supplying an average of $5,500 of tools or facilities per worker. :

It is significant that U. S. Steel through the combined efforts of workers and management is producing the largest volumellit its history but operating at the lowest profit of any large production year,

UNITED STATES STEEL

Ya ernment expenses and receipts for the Tcurrent fiscal year through April 10, com-

Last Year | 1,491, 350, 543 66,569,829,104 | 32,640,768,079 38,850,579,813

186,925,496,371 21, 539, 161,085

SHELL PLANT HALTED WASHINGTON, Pa., April 12 (U. : P.) —In the wake of the [. 8. army ordnance’s announcement of

> |artillery shells, plans for the manu- . facture of shell forgings at the old

ou Ought fo on

H. C. PRICK COKE COMPANY GENEVA STEEL COMPANY GERRARD STEEL STRAPPING CO, MICHIGAN

OQ wer

)t to use: I= E i Cl : plans. An -all-iuetal 088+, Co FS

shaped body on His heii ia 5 model. | Chotce— . The completed car will seat five 600- 800 pounds persons and wil] weigh about 2400 goed > Pounds pounds. The model has a 144-inch' 600- 800 pounds wheelbase and an overall length of 2Sea1000 POUBES. +4sesiase 200 inthes. The car will be priced| 500- 900 pounds to sell in the medium car.range. | “300-900 pounds Heinze Said he had plans for a Cows (all weights) plant x manufacture the ~Amer-| Good 12. Jha ican Victory” in the Birmingham |M area. The plant will employ 50) Gutter 394. common sedis persons, he said, and usé 50,000 tons| of steel annually. “Good (all Weights) The inventor operated the Heinze Sausage— Electric Co, in Lowell, Mass, in ood 1900 and became chief engineer for| the Northway Motor Co., a General CALVES (500) Motors subsidiary, in 1912. In 1917] Vealers (all weights) he “formed the Heinze-Springfield Good and choice { Co., in Springfield, Mass. ution and medi

EE and-business areas were inundated: .| by high. water. The director ' estimated employe & $.85e16.30 ment in all manufacturing induse [email protected] \ tries and eight groups of non-manuse . [email protected] | | facturing industries in mid-March 13.00014.78 | | was 563,008 wage earners, a drop of 1.9 per cent from mid-February and a drop of 7.3 percent from Mare a year ago. Weekly payrolls were etimated at $24,118888, 3 per cent below

PY GOV 3 Heiters

18.30a16 25

5,451,418,828 4.949,202,315

[email protected] 00 | HovUsE $ 5,304,000

Bulls (all weights)

low

1.00G13TS w the Surresponding period in [email protected]

10 wails Factory employment was dow 50©10.75 | {more than 11 per cent, compared. | with March, 1044, figures. None manufacturing industrial employe ment was up from February, hd and March, 1944. 3

a 10 output of

have-been [email protected]

1300 9.50 50°

- 2

—

1941.

How much profit in wartime? 1941-1044 prices of major steel products were substantially those imposed by Government price ceilings established in 1941, Sales increased $460 million, but profits dropped $55 million since" 1941. The 1944 return on investment was 3.8%.

14,400 war veterans hired. Educational and training programs for returned veterans are under way. Training and upgrading of men are part of Steel's policy. Men are promoted to better jobs as fast as they can learn and demonstrate their ability.

hat We R ecerp, ed Dollars nM illions

f or Products and Services so|q

194¢ 1943 . $2,082

$1,972

Whar We Dig With the

Products and Services bought

Money

We ar-and exhaustion of facilities Additiona| War costs

Interest On indebtedness

g » u t

Taxes Federal, State and Jocg)

Dividends to owners

Carrieg forward for future nee

Total ,

OIL WELL SUPPLY COMPANY

SHnca dow

ANY

mid-February and 89 per cent bes. |