Indianapolis Times, Indianapolis, Marion County, 21 February 1946 — Page 12
B.
To Exclude | “Isolated Cases’ Admitted] wasn By Undersecretary. WASHINGTON, Feb. 21 (U. P). ~Undersecretary of War Kenneth OC. Royall denied today that the
army was destroying surplus materials which have any useful pur-
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y. Ng : : , & O. finances was threatened last August by Chai in ‘Wheeler (D. Mont.) of the senate interstate commerce comnytte charged that “speculative . . insolvency 10 or 12 years ago have failed to re-establish themselves during the period of their highest earnings. Preliminary inquiries showed that millions have been paid during this: period in fees ‘to lawyers and bankers, Two provisions of the committee approved resolution would prevent inclusion of the B. & O. in the in
quiry. . : 76 Eligible One limits the investigation to railroads in receivership or truse teeship. The B. & O. has neither, having proceeded under a bank. ruptcy act section which permits
the present management to cone tinue, The second confines the ing to roads which were involved in in solvency proceedings on June 30 1945. The B. & O. action was sub mitted to the court on July 2, 1945 _|two days after that date. Senate consideration of Wheeler-Reed resolution is awaiting action of the audit and contro committee, which must pass on th $5000 expense of the inquiry. Seventy-six railroads, with mo than $4 billion of investment d 50,000 miles of trackage, would b eligible for investigation under th measure, but it is expected that onl; a few typical cases will be ex amined. Stock exchange reports show that B. & O. common shares have trebled in 'value since April, 1044, mn the RFC refused renewal of th loan. At that time the stock quoted at 8%. It rose to 15% in March, 1045, when the interstate commerce commission approved th
ment’s failure to insist on repaypose, Rael. Af the ment of its B. & O. loan. : To the contrary, , re. ; is any complaint against the army Collusion Hinted it 1s that “it is spending too much money and too many man-hours to ; : protect property of doubtful value.” ad h# 4 : Royall admitted to the "house DE JANEIRO §' ' 7 | executive expenditures committee Sage ! that there unquestionably have been nr "an gp of “isolated cases” in which army MRSS su | property had been destroyed im-| / I 4
| properly. “There always will be some men in any large organization who will}: overlook regulations or perhaps ignore regulations,” he said. “But in most cases such complaints result from misinformation or exaggera- -+| tion.” ,
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foreign airline operators are rapidly their trans-oceanic lines future lines, with no point on the globe farther away than 48 hours by air. . treaty provisionally gives commercial planes of all nations the right to land and load. military bases in the Atlantic and the Caribbean leased by the U. 8. from Britain for 99 years. :
CONFIRMS SALE OF CURTISS-WRIGHT
The Curtiss-Wright Corp. war plant here will be sold to Eli Lilly & Co. the War Assets Corp. said today. The sale, for $2,500,000 cash, will be subject to government priorities and will not include machinery in the plant. Curtiss-Wright manufactured electric controllable propellers for the army in the plant during the war. : The property includes assembly and office buildings, boiler, garage and two pump houses with a total floor area of 550,827 square feet. The site contains slightly more than 10 acres. DECLARE DIVIDEND J. D. Alams Manufacturing Co. has declared a quarterly dividend of 20 cents per share on the common stock payable March 30, to stockholders of record March 15.
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Kas) is so drawn as to bar a B. & O, inquiry. railroad’s debt of $82 million RFC is the largest owed by
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“Thére was one instance, for example, where a witness said that he saw a packing case of typewriters thrown overboard,” Royall said, “He didn’t know that there was nothing but sweepings in that case which was stenciled ‘typewriters’.” Royall assured the committee that wherever complaints about property ‘destruction were being made they were being investigated. He also said that as far as he knew there had been no hoarding of army surpluses. Meanwhile, he said, it was estimated that about two-thirds of all property which the army plans eventually to declare surplus already has been declared surplus. The money value of this material was $9,790,000,000. He said that between June 1, 1944, and Feb, 1, 1046, the army had earmarked as surplus some years. The B. & O. does not fall{refunding plan and advanced to $1,100,000,000 worth of ojinto that class, he added. when the court approved the plan in goods, $3,320,000,000 in capital The committee wants to find out |November, 1045, Its peak was 30 and $5,190,000,000 worth -of aircraft. why some railroads which declared 'and its current price is about 26%
Wyatt Now Convinced Higgins’
Thermo-Namel Is Jump-proof
WASHINGTON, Feb. 21 (. P.)~Housing Expediter Wilson W. Wyatt was convinced today that Andrew J. Higgins’ fire-proof, bug=
'PORKER SALES REMAIN STEADY pppierape
6300 Hogs Are Received at the New Orleans shipbuilder at his hotel room here. Yards Here Today “Thermo-Namel” is the material from which Higgins had hoped : to turn out 500 homes a day at the aircraft plant which he built for the government during the war at a cost of $21,000,000. The Reconstruction Finance Corp. scotched that idea when it rejected his offer to buy the plant. Higgins was angry. But he told Wyatt to go ahbad and jump anyway. - The material stood up—even after Higgins added his 220 pounds. The shipbuilder said he was still burned up, however, by RFCs “unco=‘operative attitude.” . “To hell with it,” he said. “I'll build my own factory and let the government keep the other one as a roost for bats.” : Later Higgins reconsidered a little. He said he would be proud to assist the government—including the RFC—in “placing our people in comfortable and healthful homes within their means.” Wyatt said he was “tremendously interested” in Higgins’ material although he was not technologically equipped to pass on it. He said he would have his engineers examine it. . “Thermo-Namel” is manufactured in structural units ready for assembly into a house. It is made of low-carbon steel covered with.a
Warns of New ll, S, RUBBER OPENS DISTRICT OFFICE
Car Bootlegging U. 8. Rubber Co. has opened a
NEW YORK, Feb. 21 (U. P)~ New car dealers werd warned t0- |new distriet office in Indianapolis. Located at 1005 N. Meridian st.
day against a nation wide racket he Alexs'ue” new cars in used |it is in charge of M. M. Littlejohn as district manager. car agencies. ; - Mr. Littlejohn has held various general manager ny . ah - Mercharits as- |commodity and merchandising posts sociation of New- York, warned. et S With the general ofl 3 Stay of umber of used car dealers |*'° e that a n improve service and strengthen the
were selling 1946 models at prices | = , pany’s distribution and market$200 to $300 above the price cell |,\0 “hiang in 47 Indiana counties
ings after purchasing them from |. 4 40 in Illinois west of Terre “bootleggers” who have placed |pro.¢0
clon priory Me, {PAN AM REDUCES FARE TO HAWAII
Most agencies are following a policy of first-come-first-served in doling out new cars to customers, therefore it is possible for a bootlegger to place orders with any NEW YORK, Feb. 21 (U, P)— Pan American World Airways announced today a reduction from $278 to $195 in the one-way fare from the West coast to Hawaii.
number of new car dealers. Thé new prices will go into ef-
FARMERS WARNED ON GARE OF PIGS of Eis te
Farmers were warned ‘oday t0|eq with new 47 passenger Lockheed keep farrows warm in cold damp | constellations. Twice daily trips weather, : from Los Angeles and San FranHorace E. Abbott, Marion county |eisco to Honolulu will commence | agricultural agent, said that recent-| Apr] 15. ly completed study at Purdue uni-| The Constellations will reduce versity indicated an average of one| the flying time from 17 .hours to and one-half more pigs per 'itter|nine and three-quarter hours. can be saved when supplementer¥| pan American officials said they heat is used in the hog houses. hoped to replace the Constellations Figures show that about one-half| with, Boeing C-97's some time next the pigs which under ordinary cir-|¢a11 The C-97 is an 80-passenger cumstances would die before wean-|giratocruiser.
ing, are saved by extra heat at the ——— right time. CONSTRUCTION AWARDS UP NEW YORK, Feb, 21 (U. P)~—
Pointing out that pigs born dur38 | ing February and March ll bring|C 1 v 11 engineering construction awards for the past week ran 17
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The loan agency in April, 1044, refused to renew the $82 million loan, thereby. giving the B. & DO. legal basis for filing its bankruptcy act proceedings.
Senator Wheeler confirmed the decision not to press for a B. & O. investigation, explaining that the Baltimore court had examined the reorganization plan in full detail and had approved it last November. Senator Reed said the committee primarily has been interested in inquiring into railroads which have been operating under the bankruptcy act for a long period of
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LOCAL ISSUES
quotations furnished by Indisecurities dealers: - STOCKS Jhe heart of Agent Pia. Corp com Pp .
U.S. STATEMENT
WASHINGTON, Feb. 21 ses
ernment
fiscal hs your
INDIANAPOLIS CLEARING HOUSE
LOCAL PRODUCE
PRICES POR PLANT DELIVERY
Mallory Hens, 4% Ibs. and o : ver, 23
ng std over,
. ..$45,855,600,048 § 61,375, Wayne & J a RR PE. 103% ackson RR pf..103% Spending Ren $6,100.01, 081 Herfl-Jon ho
and through This Yes
Relt R Stk Yds pid ......e... 60 Bobbs-Merrill 4%% pid ...... -Merrill com ... . Central Soya com .... Circle Theater com .. Comwith Loan 5% J Cons Pin Corp ofd .. Delta Electric com ....
Electronic Lab com A)
Ns; ym or the Feb, 19 comve 17%
ear Last Yi
334,
mes Co cl A pid ...... 11% Home T&T Ft Wayne 7% pid 51 Hook Drug Co com
,637,138,397 34,738,196,033 18,380,947,089
com napolis Water .pfd 5,030,000 | v1,ipls Water Class A com 1 13,948,000 | 1n4pls Railways com Jeff Nat Life com . ........e4 Kingan & Co com. .... Kingan & Co pfd ........... Lincoln Loan Co B% ptd 9 Lincoln Nat Life com PR com , 4% lbs.
| flour
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» ‘WASHINGTON, Feb, 21 (U.P). =Combined loans and investments {of Bederal Reserve system member J eclined $280,000,000 during Meek ended Feb, 13 toh total
$67,943,000,000, the Ww : ny con
if they live through the chilly spring months, Mr, Abbott aid that many Hoosiers farmers use the Individual hog houses for 'farrowing but the supplemental heat Hractice is new throughout the state.
‘METAL FURNITURE PRICE SET
‘WASHINGTON, Feb. 21 (U. P),
| —Metal household furniture including kitchen cabinets, dinettes and
porch chairs will return to the re-
.... | tall market at 1942 prices, OPA an- ‘** {nounced today. OPA said manu-
facturers had been given a 5 per cent price increase over 1941 prices, but that it would be absorbed by
% | wholesalers and retailers,
ESTIMATES NEWSPRINT CHICAGO, Feb, 21 (U.P.)—Paul
....| Kellogg, general manager of the |} Newsprint Association of Canada, ...|sald yesterday that U. 8, newspa- || .|pers should receive about 3,870,000
tons of newsprint from Canadian mills this year.
It's quite possible COINSURANCE can lower your rate, permit you to carry MORE : insurance at rio greater cost. Ask us for
complete details.
per cent above the previous week and 216 per cent ahead of the corresponding 1945 period, reflecting continued growth in private construction, Engineering News-Record reported today.
SWORN INTO CAB WASHINGTON, Feb. 21 (U. P.).| ~—Clarence M. Young was sworn in| today as a civil aeronautics board | member to complete the term of Edward P. Warner who resigned to become president of the interim council of the provisional International Civil Aviation organization at Montreal. Young once headed Pan American Airways western division.
Fly to San Francisco PHILADELPHIA
See your travel agent or telephone
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