Indianapolis Times, Indianapolis, Marion County, 7 August 1945 — Page 8
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WALL STREETERS
OBSERVE LONDON
Gyrations of English Stotk Markets Affected U. S.
Selling When Labor Victory Unsettled
Trading in
New York.
By ELMER C. WALZER United Press Financial Editor
NEW YORK, Aug. 7. — Wall Street continues to watch
the London stock market and
at times its gyrations are said
to have influenced selling here. J iE The sweeping victory of the Labor party in Britain
unsettled the markets here for a time.
Then traders de-
cided the trend in the United States seemd to be to the right
and they forgot London tem-
porarily.
WHEN THE Labor government proceeded to talk taking over the Bank of England and the mines and public utilities, London stocks
broke and New York suffered mildly again. Brokers continue to say that Brit ain isn't going communistic, but they do stress the socialistic t¥hdencies of the present government. And they point out that this move-
ment may bring Britain into close
co-operation with Russia. a Britons with money are trying get it into something safe—something their government can’t take away. They have been buying Canadian dollar stocks and some foreign bonds, And they haven't as yet lost confidence in their own bonds which have been bought at the expense of British stocks recently. » E » THERE ARE many obstacles to export of capital frony Britain, but market men here point out that
loopholes. exist in any setup and
they wouldn't be surprised to see influences of British capital seeping into New York. If it does it may go into stocks which would help our markets, it is noted. 3 London stocks - have dropped sharply since the elections. The industrial average of the London Financial Times is at a new low since last September while the rail average has set a new low since 1942. The industrial average fis down nearly 12 points from the year’s high and the rail average has lost more than 8 points. ” » » ACCORDING TO L. O. Hooper, analyst for W. E. Hutton & Co.
the logical expectation is lower
stock prices in London. “Probably,” he adds, “there will be a trend toward idle money. Normally, if it were possible for Britishers to export capital, there would be a flow of funds into New York shares. “At present, Britishers are unable to shift funds to this country Usually there is some synchronization; between the trend in London and the trend in New York, but there appears to be no compelling reason why the two markets should move in harmony under present conditions.” .
U. S. STATEMENT
WASHINGTON, Aug. 7 (U. P.).—Gov"ernment RpIUSE) and receipts for the current fiscal year through Aug. ¢ compared with a year ago: This Year $ 9,640,832,457 § - 156,398 254,
Last Year 9,473,742,872 8,455,419,257 2,514,605,616
Expenses War Spend. 330,
210,339, 488,195
20,995,900,415
262,555,216, 437 Gold Reserve 20,
151,182,000 INDIANAPOLIS CLEARING HOUSE Clearings :
Debits 12,178,000
AFL LISTS 16 PEACE POINTS
Reconversion.
CHICAGO, Aug. 7 (U. P.).—The American Federation of Labor,
| warning that the nation faces eco- |
| taken to speed reconversion, today {set forth a six-point program “to win the peace.” A statement issued at the conclusion of the first day of a 10-day quarterly meeting of the union’s executive council asserted that this country was “far less prepared for peace today than it was for war at Pearl Harbor.”
Gives Six Points
The 15-man council suggested as the basis of its program that the government: 1, Scale down the war effort to a one-front basis in order to release surplus materials and manpower for an accelerated reconversion drive, 2. Initiate a new peace production program “on a scale large enough to meet the nation’s needs but without interference to war production.” 3. Relax - wartime controls over labor and industry with the substitution of voluntary methods: 4. Encourage private industry to expand its production in order to obtain full employment.
Hike Jobless Pay
5. Approve President Truman's recommendations for supplementing inadequate state . unemployment compensation, establishing higher minimum wage standards and expanding the national social security
and housing programs. 6. Halt the “present alarming
shrinkage of the worker's purchasing power by restoration of collective bargaining between labor and management.” . President William Green reiterated his position that the A. PF. of L. would not affiliate with the newly formed world federation of trade unions so long as that group admitted “dual unions and those which are not free and democratic.” The reference to free trade unions was understood to apply to Russian representation in the congress. The dual unions to which Green objected apparently referred to the
Congress of Industrial Organization.
Local Live Stock Market
Stays Active
The 4500 hogs received today at the Indianapolis stockyards sold at steady prices, the U. 8. department of agriculture reported. A fairly active trade took the 2075 cattle received at steady levels, Vealers totaling 750 were steady. Sheep and lambs amounted to 1500. There was little change on fat lambs, but slaughter ewes gained 50 cents.
LOCAL ISSUES
Nominal quotations furnished by Indianapolis securities dealers: ¥ : STOCKS Bid Asked Agents Fin Corp com Agents Fin Corp pfd L 8 Ayres 4¢%% pid Ayreshire Col com Belt R Stk Yds com... Belt R Stk Yds pid.... Bobbs-Merrill com Bobbs-Merrill 413% Central Soya com Circle Theater com Comwith Loan 5% Delta Electric com Electronic Lab com........... Pt Wayne & Jackson RR pid... Hook Drug Co com Home IT Pt Wa
5 9%
COM. ivvur.ivee 4% Lincoln Loan Co 5'%% pfd.... 97 Lincoln Nat Life com ......... 5 P R Mallory pt4 P R Mallor
Stokely-Van Cam Haute Mal
«| 1300-1600 «| Medium
1100-1300
: Good
A| Beef
«and Steady
“tu. uy : GOOD TO CHOICE HOGS . (1500)
120-140 pounds .............*[email protected] 140- 160 pounds ... [email protected] 160 pounds up ... 14.80 Medium 160- 220 pounds Packing Sows Good to Choice 270- 400 pounds . Good—
250- 550 pounds ........... « [email protected] Slaughter Pigs Medium to Good— 90- 120 pounds CATTLE (3075)
Steers
16.25@117:50 [email protected] [email protected] [email protected]
pounds pounds pounds pounds
pounds pounds ............. pounds ,. pounds
[email protected] 15.009 16.50 | . [email protected] [email protected] 700-1100
pounds [email protected]
[email protected] + 11.00913.50
Common— 700-1100 pounds .. tenes Heifers
*| Chotce—
600- 800 pounds 800-1000 pounds Good — 600- 800 pounds 800-1000 pounds Medium — 500- 900 pounds Common 500- 900 pounds
Cows (all weights)
[email protected]° [email protected]
[email protected] [email protected]
[email protected] [email protected]
+12.50@ 14.00 [email protected] [email protected] rvs 625@ 17.50 Bulls (all weights) Good (all weights) [email protected]
Sausage 12,[email protected] serene [email protected] «+ [email protected]
CALVES (750) Vealers (all weights)
Medium oe Cutter and
common... Canner . ‘
"| Good and choice Common and medium .... HEM iainiann ais
+ [email protected] ‘es . 5.00@ 9.50 fr Feeder and Stocker Cattle and Calves Chethe— "1 Steers 500~ 800 pounds ..... . ..... 13.50@ 14.75 800-1050 pounds ...., TTI 13 [email protected] Guog—
600- 80v pounds .... 12,[email protected] 800-1050 pounds’ .....,. sennns [email protected] Medium.
800 105) pounds. ............. 10,[email protected]
“Common
al 107Y, 4s 54 nM... 00 108
‘*'1Good and chbjce— “ves 50! po d
500-1000 pounds ........,..., [email protected]
CALVES (Steers)
[email protected] creme [email protected]
. SHEEP (1500) ; Ewes (Shorn) Good and choice ..... ..... ‘Common and medium... : LAMBS (
“3 v4
. jagun Busby
Demonstrate
tions at sea.
Urges Immediate Plans orl Higgins Learns About Bomb
On Which His Plant Worked
CHICAGO, Aug. 7 (U. P.).—Andrew Jackson Higgins, senior partner in a New Orleans shipbuilding firm, last night knew for the first time | nomic disaster unless action is| about the “secret weapdn” for which his plant had been producing parts
during the last eight months.
production of “component parts” | for the atomic bomb which made] its debut Sunday against Hiroshima | on the Japanese home island of Honshu, No Leaks
Although more than 2500 persons were at work on the parts, there never was an .information leak, he said. Higgins himself did not know about the finished product for which the parts were to be used until President Truman made his announcement yesterday. Higgins said the first part—a precision mechanism essential to the atomic bomb—was completed Dec. 16, 1944, and was whisked immediately from the plant by air. Within a week, he said, 12 more parts had been produced, twice the number originally scheduled. ‘Dirty and Dangerous’ Thereafter, parts continued #o be flown from the plant, but no more than one was consigned to a single plant. Higgins said his plant, spread over 14,000 acres, was built in five and one-half months at a cost of $30,000,000. All the buildings were constructed above ground. The soft-spoken industrialist described the work as “dirty and dangerous — the work for heroes and heroines.” Investigated Workers The employees, he said, were hired only after a careful investigation, and many of them formerly had been employed at the firm’s aircraft plant. “We didn’t have any trouble hiring people,” he said. “It isn’t hard to find patriotic people.” ¥ Higgins smiled when he was asked about the probable effects of the bomb. -
mit hara-kiri,” he joked. “Well,
we're just making it easier for them.”
CORN DETASSELING
Higgins, in Chicago en route to make an inspection tour of the Pacific war area, disclosed that his company was engaged in the |
“The Japs say they want to com- |
‘property act to give the board con-
JOB IS AT ITS PEAK
LAFAYETTE, Ind., Aug.7 (U.P.).| —The job of detasseling hybrid seed | corn in Indiana was expected to be at peak today in most sections of| the state. The annual task, which normally continues through 10 days to three weeks, got off to a late start because of a delayed growing season, but warm, humid weather during the last week has caused the corn tassels to shoot rapidly, Purdue agronomists said. K. E. Beeson, secretary of the Indiana Corn Growers’ association, today estimated there were 300 growers of hybrid seed in the state, more than 200 of whom were producing seed for certification under Indiana seed laws, According to J. B. Kohlmeyer, state emergency farm labor supervisor, more than 6000 seasonal workers, most of them teen age boys and girls, were doing the bulk of the detasseling Job. Amang the youthful workers were 1200 boys in work camps at Oxford, Tipton, Lafayette and Kentland. They were recruited through county agricultural agents’ offices in southern and eastern Indiana counties, —————
INCORPORATIONS
Miller-Pitman, Ine, 219 8. Perry st. Attica; agent, J, Lee Miller, 301 8. Brady. Attica; 100 shares of $100 par value: dealing in farm Implements; G. R Pit. | man, J. Lee Miller, Lethal M. Hersh! berge O'Driscoll Construction Corp York corporation; withdrawal, : The Wabash Cabinet Co., dissolution. ater Conditioning, Inc., amendment changing ee to Caryn: eral Equipment. Co., Ine. and enlarging the purposes of the corporation
Ellen Realty Co, Whiting: fir . ution, ' iting; final disso
Calumet
New Wabash;
Marine Supply, Michigan ave, East Chicago; agent Stephen Jurecky, same address; 100 shares Without PAr value; George C., For. rey III, M. B. Joyce, M. 1 Ki
Inc,
ware corporation: and retirement of preferred stock. Cut-up Chicken, Ine. Boswell; amendment increasing capital stock to 2000 Shares of $50 par value and other amend-
certificate of redemption
Fowler Theatre Corp. Sipe Theatre, Kokomo; agent, 8. Ww. Neall, same address; shares of $1 par value; sley, Robert B. Moore, M. E. Lark Belle Center Creamery and Ohio corporation; deal in poult, Simmons
Dealer, ‘ete. 81 ons ' Madge B. mmons ‘and
. , 877 Middle dr., Wood- " Chbtase. Bri t Co Proc cago Brique! «+ Chicago, - iting. X M Angell, 22 ES > Vv. w, otts, s aware st; G y Philadelphia, Pa." - Sin’ Smith Mattox & Mattox, 4200 8 Meridian st, Designers” and builders. Asa L. Mattox, 20% Salem; Fred Mattox, 4200 8. Meridian ul roved Building Craftsmen Bureau,
ng. Panhandle Eastern Pipe Line Co., Dela-|
Lazarus Krin- | n, gi
HOPE TO SPEED
SURPLUS RULES §
Consider Appointment of * Cox Encouraging.
WASHINGTON, Aug. 7 (U. P.).— The appointment of former assistant solicitor general Hugh B. Cox as general counsel of the surplus property board was expected today to speed the issuance of important regulations to expedite the disposal of excess war goods and property. Cox has had extensive experience | in dealing with complicated business | processes in the justice depart-| ment’s anti-trust division and as chief counsel to the temporary national economic committee. He is expected to direct the drafting of regulations to deal with: 1. Fixed price policies designed to prevent upsetting the national economy. These would govern the fixing of prices of surplus goods at various levels of trade, as between wholesaler, retailer and distributor. 2. Compliance. It would set up a system to insure execution of surplus regulations and an investigation program to prevent ahuses. 3. Disposals in the interests of health and education. Cox will serve only temporarily as general counsel of SPB. He succeeds Wesley A. Sturges, under whose direction nine regulations were. drawn up and promulgated. The first of these regulations became - effective on May 1 and the last on Aug. 1. Consider One-Man Control The new general counsel is expected to go ahead with the new regulations regardless of a move in congress to change the surplus
siderably more authority. There is some sympathy in congress for proposals to establish oneman control over the disposal of | surplus property and to place the task of disposal in a single agency. ! At. present, disposal is divided be-
or the first time since the opening of its helicopter program, the coast guard held a press inspection of its helicopter base at Floyd Bennett field recently, Pictured is a demonstration of carrier train ing, a helicopter taking off from a stationary flat top deck. The deck is tilted to simulate actual condi-
tween the commerce department, |=
the Reconstruction Finance Corp. | the maritime - commission, the agriculture department and the national housing agency. Their operations are co-ordinated and regulated by the three-man surplus | property board, now headed by William 8. Symington, There has been considerable criticism in congress of the slow! rate at which goods and property | are being declared surplus by the
owning agencies and the slowness =|
of disposals. | In the 13 months ended June 30,! only $2,470,912,000 in goods and property had been declared surplus | by the owning agencies. The ex- | pectation is t eventually as much | as $100,000,000,000 in war supplies | and property will be surplus. i During the same 13-month period, | sales of surpluses totalled only. $416,835,000,
ES ————— A. F. OF L. GROUP CERTIFIED WASHINGTON, Aug. 7 (U. PJ.i —The International Association of Bridge, Structural and Ornamental Workers (A. F, of L.) has been certified by the national labor relations board as the labor bargaining agent for employees of W. J. Holliday & Co., Hammond, Ind.
It's quite possible COINSURANCE can lower your rate, permit you to carry MORE cost. Ask ws for complete details.
25 Ba 1st bldg. Buildin struction, tenance, sic.) Downey, #316 y
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THE INDIANAPOLIS TIMES ____ __ Coast Guard Helicopter Training
TASK. STUDEBAKER _ T0 WORK ON B-29
SOUTH BEND, Ind. Aug. 7 (U. P.) ~The Studebaker Corp. has been asked to consider a contract for the construction of spare parts for use in B-29 Superfortress engines, officials sald yesterday. Harold 8. Vance, chairman of the board of directors, said that if the operations materialized, it would not provide great employment. ‘The | plant has been closed following can. cellation of contracts.
SIGN CONTRACT FOR NICARAGUA SURPLUS
" MANAGUA, Aug. 7 (U.P) — Nicaragua will be able to dispose of her surplus’ agricultural products at fair prices under an agreement signed between the United States Commercial Corp.—a Washington government agency—and the National Bank of Nicaragua. It’ provides that surplus of such products as peanuts, rice, beans and certain oil seeds will be bought by the U, 8. agency, after local consumption needs are fulfilled.
Free Parking Just Across the Street
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360 W. WASHINGTON ST
COAT SETS
Girls’ Double Duty
wt,
“ . Loe Needs Atomic Bomb Workers " WASHINGEON, Aug. 7 (U. P.). ~The government still needs workers for the atomic - bomb project. More than 179,000 have been recruited so far, Because of the extreme secrecy involved, the job of getting workers was one of the most difficult ever undertaken by the war manpower commission, * The recruited workers were unaware of the nature of the project even after they had been employed some months. United States employment service officlals, in dealing with prospective workers, merely referred to a “highly secret” job.
MINERS RETURN SULLIVAN, Aug. 7 (U. P,).—Approximately 250 employees of the Baker mine returned to work today after being idle since July 2. The members of the United Mine Workers of America walked off
their jobs because of a controversy over staggering the lunch time of
FUESDAY, AUG. 7, 1048
UNITED AIR REPORTS | TRAFFIC, INCOME UF
CHICAGO, Aug. 7 (U. P). United Air Lines, Inc, established all-time records for alr passenger, mail and express transportation over its system in the second quarter and first half of 1945, W. Patterson, president, sald today in reporting moderate increases in ne income for both periods. : United’s net income for the sec ond quarter was $1,808,497 or $1.18
a common share compared with
$1,814,754 or $1.13 a share in th corresponding 1944 period. In th first half of this year net incom amounted to $3,541,785 or $2.20 common share against $2,924,837 ¢ $1.79 a share.
STREET CARS ARE BUSY
NEW YORK, Aug. 7 (U. P) The American Transit asso jor today reported that urban stree cars, electric trolley coaches and motor busses in the U. 8, d nearly 4 per cent more passenge during the first half of this ye: than in the corresponding 19
loading machine operators, |
Use Our LAYAWAY
—A deposit will hold your selection until & later date. Merchandise is scarce~when you find what you like make a deposit and have it put in our
LAY-A-WAY,
period.
|
’16
Mothers and fathers! Lay away a good warm coat set for your daughter for school next winter. They are made of heavy fleece. Single or double-breasted styles. Some -have velvet
collars and pockets; full lined. 7 to 12.
i
die School DRESSES $180
Limit 2 to a Customer
A wonderful group of back-to-school cottons at this low budget price. Assorted styles in prints, stripes and checks, tailored or fussy models. Sizes ‘ T to 14.
Girls’ School SKIRTS $2200
to 34.98
Layaway her school supply of skirts—Plaids,
new shades—single and all around pleats. Sizes T to 14—10-to 18.
Zipper-closing ski pants. Sizes
Girls’ School
SWEATERS od 3300,
Sweaters to wear with school skirts. All wool and wool and rayon mixtures, Slipover or cardigan styles. In all the new fall shades. Sizes 7 to 14, 10 to 16.
£
Girls’ School BLOUSES
8he’ll want several of these pretty erisp new blouses, made of cotton broadcloth, sheer and spun rayon. White and colors.
Sizes 7 to 16.
Star Store, Second Floor
Back-to-School!
Boys' Grade and Hi-School
FALL SUITS
312%
Well tailored garments of fancy cassimeres in popular new shades of blue, brown and tan. All are brand new fall patterns, single breasted effects. Sizes 6 to 16.
Boys’ School
JACKETS
$398
Boys’ good school jackets made of fine quality corduroy cloth. Also poplin, in forest green, tan and brown. Some reversible, $5.95 to $5 values,
Boys’
Dress Shirts
$759
Boys’ fancy dress shirts made of good quality broadcloth, neat stripes and plain colors.
Sizes 8 to 14. Es Star Store, Street Floor
Back-to-School! 22
Boys’ School ..-
SLACKS $ 2 98 a \
Now 1s the time to buy school slacks and put them in our layaway. In fancy cassimeres in grey, brown and blue mixtures. Also gabardine, Sizes 6 to 16. (Other Boys’ Slacks, $2.98 to $9.95)
Boys’
SWEATERS |
$329
Boys’ slipover and coat-style knit sweaters in fancy combination patterns as well as plain and bold ‘plaids. Sizes 8 to 16.
Boys’ School
RAINCOATS
$398 *
Boys’ regular $7.95-5.95-$4.40, ‘ made of fine water-repellen gabardine cloth, in plain tan, plain linings.
Boys’ and Girls’ School
| AN KLETS | C
For girls, solid colors and white. Drop stitch and fine gauge weaves. Sizes T% 10 10%, os
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