Indianapolis Times, Indianapolis, Marion County, 26 September 1945 — Page 8

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BUSINESS—

"By WILLIAM

being held in London,

HHI RE

nd British

Human

affair, but the spirit behind it is refreshing. British concessions to the American view are evident throughout. The agreement deals exclusively with the International petroleum trade, and aims to prevent friction in that trade between nationals of the two countries, n » ” IN DEFERENCE to the American viewpoint, it specifically does not apply to the domestic petroleum industry in either country. . Far from attempting “to curtail oil production in any area of the world, the agreement aims at stimulating the exploitation of existing flelds and making larger amounts of oil available in all consumer countries, Jt establishes the principle that “adequate” quantities of petroleum |should be available in international trade to nationals of all countries.” In an effort to curtail backstabbing in the Middle East, where politics and oil are synonymous, it provides that all lawfully acquired concessions shall be respected, and recognizes the principle of equal opportunity in the acquisition of new rights. This means that Britain recognizes the right of American oil companies to continue their already formidable operations in the Arabian field, traditionally a British sphere of influence, » » » THE SIX-MAN international petroleum commission, established by the agreement; is a far less potent affair than that provided for by the defunct agreement signed in August 1044, which was scrapped because of American opposition. According to the first agreement, the commission was to have the power to suggest the manner in which estimated world demands could be satisfied “by production equitably distributed among the various producing countries” and “to. recommend to both governments broad policies for adoption by operating companies.” It was also implied that the two governments would endeavor .to enforce these recommendations If they approved them. The new commission is largely a fact-finding body. Its most serious power is “to prepare periodic estimates of world demands for petroleum and of supplies available, and to report as to the means by which such demands and supplies may be correlated so as to further the efficient and orderly conduct of international petroleum trade” n » » OTHER countries eventually will be invited to join in the drafting of a multilateral agreement, which would provide for a permanent in« ternational commission. The United States and Britain together control the lion's share of the world's known oil reserves. Within its own borders, the United States has known reserves of about | 20,000,000,000 barrels, but only about | five per cent of this production goes abroad. In the Middle East, with known reserves of about 20,000,000,000 barrels, Americans control about 40 per cent of the fields and British 80 per cent, In Bouth American flelds, with a reserve of about 10,000,000,000 barrels, the United States controls 75 per cent of the resources. In the Far East, American concerns control about 45 per cent of the proved reserves which are between 1,000,000,000 and 2,000,000,000 barrels,

PLAN. TO FORM BIG TRAINING SOCIETY

The Indianapolis Industrial Training association, oldest group {of its kind in the country, will aid in the organization of the American Society of Training Directors at a Chicago meeting this week, Directors of industrial training from plants throughout the U, 8. will meet at the Morrison hotel tomorrow, ° Friday and Saturday. The purpose of the national group is to exchange training information and ideas through a central office and publication.

ganization will be O. M. Aders and Earl Sommers, Perfect Circle Co.; Clyde Bedwell, Basca Manufacturing Co.; Frank Bowers, U, 8, Naval Ordnance plant; Elliott French, Apprentice Training Service Traine ing Service; Milo Hoffner, indus trial engineer; John McConnell, Elif Lilly & Co., and Charles C. Atwood, Training Within Industry.

U. S. STATEMENT

WASHINGTON, Sept. 28 (U, P,) —Qovernment expenses and receipts for the current fiscal year through Sept. 24 compared with a year ago; v ear

" LOU MOORE'S SPEEDWAY STORE 826 N. Delaware

BATTERY SHOP 3413 W. Wash,

MT. JACKSON TIRE AND

This Year $30,906,863,205 $32,711,658,322 17.671,558,453 = 20,001,192,7320 9.833,769,863 9.556,461,000 11,083,080,841 12,755,197,231 6,498,550,000 15,524,728,087 210,794,435,833

262,633 ,506,825 30,003,083,860 20,825,104,036

War Spend'g Receipts... Net peng. ‘ Oash Bal... Public Debt Gold Reserve

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INDIANAPOLIS CLEARING HOUSE

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Representatives of the local or- son

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U.S., BRITISH OIL ~ PACT LEADS WAY

Agreement Signed By Traditional Foes Is First One Produced By International Conferences.

H. STONEMAN

Times Foreign Correspondent LONDON, Sept. 26.—It has remained for those two traditional foes, the oil industries of the United States and Great Britain, to produce the first acceptable agreement to issue from the confusion of international conferences now

The agreement on petroleum, signed by the American a governments Monday, is a fairly toothless

CHEAP CLOTHES PLAN HITS SNAG

Are Scarce.

WABHINGTON, Sept. 26 (U, P), -The OPA’s plan to put a lot more low-priced clothing on store shelves has been forced to make a slight retreat. The reason: A shortage of the kind of textiles that go into lowpriced items, Under the OPA's plan—which it called the maximum average price (MAP) order--Most garment manufacturers were supposed to produce the same proportion of low-priced goods that they turned out in 1943. But it ran into some snags. A lot of firms found it impossible to obtain goods to put into their lower price lines of 1943. And a study showed that in many cases the spread between 1943 and 1945 prices was so great that manufacturers would have had a tough time making readjustments. So the OPA had to do this, effective yesterday: Most manufacturers were permitted percentage increases, ranging from 5 to 20 per cent, over their maximum average prices. These in~ creases were set Individually for most of the 434 categories of apparel included in the maximum average price order. They cover many different kinds of men's, women’s and children’s outerwear, and underwear and nightwear made of cotton, rayon and wool, : Now this won't change individual price ceilings for clothes, What it means, in brief, is that manufacturers will be permitted to make a greater proportion of higher-priced apparel and a little less lower-priced stuff than had been contemplated originally. The OPA believes, however, that after the first of the year the textile supply will improve and manufacturers will have had time to clear up previous commitments to make high-priced garments. It then hopes to return to its original objectives.

OPA Finds Needed Textiles?

New Versi

municipal airport here.

B. T. Hulse

Wm. 0. Watson

. Allison now is conducting installation design and flight test operations. from its own hangar recently completed at the Weir Cook municipal alrport here. This was disclosed today in an announcement that the XB-39,* Al-lison-powered version of the B-29

sive engine and power plant modifications, ’ Turbo superchargers are being installed to enable further XB-39 flight tests at altitude to supplement sea level tests that have been going on since completion of the original engine installation severil months ago, according to Don R. Berlin, director of installation engineéring for the Allison division of General Motors Corp. Have Complete Shop The new hangar and shops where the work is being performed are located on a 42-acre site on the south side of the airport. Fully equipped with model shop, flight test facilities and experimental laboratories the Allison airport plant is easily capable of handling planes the size of the big XB-39. Original installation of four Allison 2600 horsepower V-3420 engines in the “Spirit of Lincoln” was made

today sold actively at steady prices, reported. Shipper demand was broad eno on the 1050 cattle received.

Hog Sales Active and Steady Today With Receipt of 6100

The 6100 hogs and 500 calves received at the Indianapolis stockyards

the U.- 8. department of agriculture

ugh to hold prices generally steady

Sheep totaled 1100, and fat lambs sold strong.

ter, B8c: corm, HEE ET ek In ala ors TS die To Butinbelie, 3) Loophid Cartes

AP on of Superf

This is the XB-39, Allison-powered version of the

OLIS MES

x pe MH]

James E. Knott Jos. R. Salzman

at Fisher Body-Cleveland under the direction of Mr. Berlin, then director of the Fisher Body aircraft development section, : With the completion of the Allison hangar, Mr, Berlin and his staff transferred to Allison as nucleus for a new installation engineering section. Other skilled enginaers, mechanics and draftsmen were

Superfortress, is undergoing exten- |prought into the department from

the Allison product engineering department and from other General Motors divisions. Supervising their operations is a staff group under Mr. Berlin—all of whom have had extensive experience in the aviation jndustry. Staff Appointments These staff appointments, nounced for the first time, are: William O, Watson: assistant director of installation engineering section. Previous to joining General Motors in 1943, he had been with the. Curtiss-Wright Corp., serving in the capacity of project engineer. and finally as chief production engineer. Mr, Watson has a total 16 years continuous experience in the aircraft industry. Joseph R. Salzman: Superintendent of plant 10 manufacturing operations, Mr. Salzman has been connected with the aircraft indus try continuously since 1817 when he entered the army signal corps and was flying instructor at Gerstner

an-

ortress af Weir

‘Cook Field

B-29 Superfortress. The plane is now undergoing installation design and flight test operations from its own hangar recently completed at the Weir Cook

Max Gallop Alex Noble

New XB-39, Modification of the B-29, Is Powered by Four Allison Engines

and Ellington fields. Since leaving the army in‘ 1920 he has served in various” eapacities in the industry which includes the flying of all types of aircraft and covering practically all phases of the manufacture, operation, and maintenance of aircraft. Just prior to joining the General Motors Corp. late in 1942, he was working in an advisory capacity with the war production board. Max Gallop: Superintendent of inspection. . Mr. Gallop has been connected with the aircraft industry for 17 years. Others Named

Alex Noble, chief installation engineer. After 23 years with CurtissWright Corp. as project engineer, engineering manager and assistant to general manager, he joined Allison in April, 1945. ! James E, Knott, chief of customer engineering section: A member of Allison's installation engineering department since October, 1040, he had been junior engineer at Pan American Airways and engineering flight officer on B-314 Clippers on 26 Atlantic crossings. B. T. Hulse, chief test pilot: Associated with Curtiss-Wright Corp. in Buffalo and Columbus, he was chief test pilot at the Columbus plant before joining General Motors in January, 1944, as chief test pilot for the

Fisher-Cleveland aircraft division.

snr)

GOOD TO CHOICE HOGER (6108) . 1 120+ 340 POUNAS «uvvrnrsnsns $14.00Q14.80 M t 140- 180 Dounds asEsEsTa rar 14.509 14.80 ee |g! S 18 160 pounds UP cevovrvrrannss ¥ . Medium ly 180- 230 vowndy oe en 13.25@ 14.75 Ad Club Good to Cholotes . J. D. Puchs, Indianapolis division 270- 400 pounds ..ivviveeiris 14.08 superintendent. for the PennsylvaGood i | 400- 500 Pounds ..oiseivreens 14.08 Bla railed, wil Medium ! 250- B80 pounds .. ...ei0iiis [email protected] ~A Vital TransSlaughter Pigs portation Mejum te Good Medi 120 pounds ........coo0s [email protected] diu m at Joe meeting o e CATTLE (1080) 8 Oholoe~— Indianapolis Ad700- 900 pounds » RTE 11411 vertising club toun h A 4 1100-1300 Pounds . dir morrow noon in 1300-1500 pounds . 17.7% the Indianapolis Good— Athletic club, Mr. 700+ S00 UNAS .ooisniiians 147501638 oe 900-1100 pounds Srstbnse seen 1 ngiers & ¥ Fuchs by Jelate 1100- pounds . anny . h 2 : some ol e roads’ 300- 48 oirrninseess [email protected] Fue 00.1306 Pounda J.D. Fuchs =. time problems, 700-1100 POUNAS «vooqsrerioen 127501535 | and also tell of the improvements 1100-1300. pounds [email protected] | they plan for the future, C300-1100 pound 11.00@ 13.00 700-11 pounds ...ciooanvere . Choice Heifers « B00 pounds ......evon00n [email protected]|" LOCAL ISSUES 00-1100 pounds ©. .coicenenen 18.715¢17.35 Good Nominal quotations furnished by Indi800+ 800 POUNAS ...viverinsns [email protected] | anapolts securities dealers: 800-1000 pounds ..... serearss 14.789 15.78 STOCKS Bid Asked Medium Agent EES [] ons 500- 900 POUNAS 1. 1eres eevee ages ASE Tin CO nnn! 27 % Common LS Ayres 4%% pid ...... wi 1088... 500- 900 pounds ..,...e0000s 100091228 Ayshire Col com . .....0¢ 18% 19% Cows (al weighta) TR Tr eed » KNOB + inunsnssivnsssvirnsiones 13.28 Bobbs-Merrill 4%% pfd 68 Medium Loe 11.80 | Bobba-Merrill com .........oes 8% ..., Cutter and common ... 10.00 | Central BOYS COME +x. oan vias 40 “ CORROP © oiovnieri Vanrronpinns 7.00 ter is Beef Balls (all weights) th . po v Cons Fin Corp ptd ,... saad Cuddle Bear. 13-inch Good (all weights) Delta Electric com .... 15% Be ange Bleotonie lab som Th otk oh teddy made of soft plush. RIERA Dah AIL le - ; shy rand Soman *Hook Bret. Co 60M... ion 1» Aves fog. 1.90 4 ome Wayne 1% pid... 51 ah CALVES (300) Ind Asso Tel 8% pid ........ 108 “an Vealers (all weights a 3 Min a 4% pid jos jn. Good and choice J 21 28% Common and medium... 08 as MA iain RR aaa ‘ 20% Feeder and Stocker Oattle and Calves po J oH Choice Steers off Na ® COM... vy ah 200.1000 bounds siren I 0gib 0 Kingan & Co com....o. iis 4% OW Goss TO ti hans Sa “| *Lincoln Loan Co B% pid eh 500- 800 sersasantaese 13 13.80 | Lincoln Nut Life com 8... +» [email protected] 2 R Mallory pid . By + tory com . 4 re Hazialt, ‘ok ‘10% 110 07501038 Bb Serv of Ind 8%... 104% 106% CALVES (Steers) Jub Serv of ind com ., . 3 MN og gh a 14.50016.00| “Ross Gear d& Toql com ..ies 31 srs Medium So Ind G & B 48%.........110% 113 500 pounds dOWD....... eves 12.000 14.50 | Stokely-Van Camp pr pf...... 30% 2% Heifers Siok yan Shaip og hanes 0% Hh Good and cholce— 18 Luryte Mialieahis, » 500 pounds @OWD.......iiies 14.00016.50 MW Medium vas 500 pounds down............ [email protected] SHEEP (1100) Ewes (Shorn) il] Good and choles ........iven $08 5.75 Y 08 100 Common and medium ......... 00@ 5.00 0h of Com Bidy 4's 61 “8k: wis lke Lambs (Spring) Citizens Ind 4s 61 103 . Choice closely sorted......... HE re Columbia Club 1%s 8s. . «1 ." Good and choice ..... MA aee 13.50@ 14.00 | Consel Fin 5s 56 . ...... + » Medium nd good. ..ciiviiinne 13.00 HH og aso a Ct J ns . OIREIRON. «swt «an shen wins san ; ‘ 1 vnve an SOTO F Siea “== |Indpls Railways Co 5s 57... 80% 93% P Indpls Water Co 3%s 68...... 01%. LOCAL RODUCE Kuhner Packing Co 4s 54 ...... 99 a R Ind JB. Bary Aw Biveiss 3 Prices very a Nae ie intises Pint - : Pub Serv of Ind 3s 73...... 108% Bar “he 30%. Pub a 88.00 S100 fryers and roosters’ under §|Traec Term Corp 5s 67 ....... Mla barred 26e, H J Williamson Ino 5s 55... 98 x *Ex-dividend.

GRANTS

“Ireliet has been: directed

WORK STARTS ON TAX RELIEF

House Group Offers No Hope for Big Cuts.

WASHINGTON, Sept. 26 (U. P.). ~The house ways and means committee began work today on fits first post-war tax relief legislation. Committee members expected merely to agree on procedure at today's session, and they indicated

|public hearings would not be held

because of the necessity for speed. The committee has rset a deadline of Nov. 1 for enactment of a fax bill to give the treasury adequate time to prepare new forms,

See No Big Cuts

Whatever tax revisions result, the administration and congressional tax spokesmen have made it clear that no substantial cuts can be expected while government expenditures remain high, Most informal discussion of tax along these lines: 1. Repeal of or increased exemptions on, the 3 per cent normal tax. It now allows an exemption of $500 for each taxpayer with no credit for dependents. 2. A horizontal cut of 10 or 20 per cent in individual income tax rates. 3. Repeal or substantial reduction of the 95 per cent wartime excess profits tax. May Ask Repeal Some committee’ members expect the administration to recommend repeal ‘of the normal tax, which would cost $2,000,000,000 in revenue and cut about 10,000,000 persons from the tax rolls. ; There also has been some discussion of increasing the exemptions from the normal tax to allow $500 for the taxpayer and each dependent, as the surtax is nows applied. That change would cut federal revenue an estimated $800,000,000 and perhaps permit some additional ajustments in surtaxes. It was uncertain whether the ways and means committee would favor complete repeal of the excess profits tax at a loss of more than $2,000,000,000 in revenue. Chairman Robert L. Doughton (D. N. C) was reported to favor cutting the rate to about 60 per cent at this time. The committee is expected to favor repeal of the automobile use tax.

SEWING MACHINES

NEW YORK, Sept. 26 (U. P).—

lines in place of bombsights and Co., announced today.

Distribution in sizable quantities is expected by the end of Novem-

spring.

NOW REPLACE GUNS §

Sewing machines for, consumer use|, are now, rolling’ off the production,

guns, the Singer Sewing Machine

ber, and it is haped that 1941 out-|: put levels will be reached by nest =

Blowout Proof Tire Announced

Times Special AKRON, O., Sept. 26.—A wire corded heavy duty tire that is practically blowout proof was announced today by the Firestone Tire & Rubber Co, Fine metal wire cord with a - high tensile strength is bonded with rubber to provide the tire foundation. Every cord in every ply is five times ag strong as the strongest cord ever used in- tires, the firm says. The safety secret lies in the strong but thin construction and heat-conduction away from hot spots in the tire by the wire cords, Firestone says. 3 The firm says that the tire, now. in final experimental stage, has withstood severe field and labore atory tests. It is designed especially for logging, strip mining of coal and ore and similar activi ties.

REPORT CONDITION OF STATE CROPS GOOD .

State crops are in mostly good condition after last week's higher than normal terhperatures, the In. dianapolis weather bureau's weekly crop report stated today. Rain every day but Tuesday did not help the late corn crop and tomatoes that need warm dry weather to mature, the bureau said. However, from half to 80 per cent of the corn is now safe from frost. Sweet corn is still being harvested, . Soy beans are mostly in good | condition, the report said. Many * fields are ripening, and some are . still being cut for hay. ra A little wheat has been planted in the northern part of the state, = according to the report, : Picking of a light crop of apples has begun. Gardens are in good condition, the bureau said, and there is a good crop of onions, { Meadows and pastures are res ported in fair to good condition, and the second mint crop is being cut, a

ESTIMATE OIL NEED 1 WASHINGTON, Sept. 26 (U. BP), —Petroleum demands for October indicate that a daily rate of 4,803,~ 570 barrels of all petroleum liquids should be the domestic production for the month, the petroleum administration for war said today in the final estimate to be furnished by that agency. :

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