Indianapolis Times, Indianapolis, Marion County, 5 June 1946 — Page 9

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WEDNESDAY, JUNE BUSINESS—

EAST

Continuing Campaign By NED

Seripps-Howard

WASHINGTON, June 5-~The

silver was boiling up again in congress today.

East was pitted against West

supply of the white metal for jewelry, silverware, dental products and

a variety of industrial uses. Through an-odd parliamentary for U. 8. postal workers,

The western silver bloc is fight-|price until Dec. 31, when the auing to raise the price to $1.29 an thorization expired.

5, 1946 _

SCRAPS WEST OVER SILVER PRICE

Legislative Quirk Ties Pay Boost for Postal Workers Into

to Boost Present Cost.

BROOKS Staff Writer perennial battle over the price of

in a struggle involving the future

tangle, it involved also a pay boost

ounce, the figure at which silver) 13 monetized by the treasury.

Since that time, silver stocks | available for industrial uses have

treasury was selling its surplus sil-|

ver to industrial buyers at that

PLAN SURPLUS SALES SPEEDUP

War Assets Agency to Hire 35,000 More Workers.

By ROGER STUART Scripps-Howard Staff Writer "WASHINGTON, June 5.—War assets administration, in charge of selling Uncle Sam's billions of dollars’ worth of surplus property, is about to hang out the help-wanted sign. The agency now has 25,000 employees. It plans to hire 35,000 more. War assets is receiving approximately twice as much property as it sells monthly. Last month, for instance, it took title to $1,288,788,000 worth. It sold $430,686,000, $114,641,000 less than the previous month's sales. . But with 35000 additional employees—who will be engaged in pushing the agency's proposed site sale program—war assets officials think they'll be able to sell $1,500,~ 000,000 worth monthly. Those are figures on the basis of original cost to the government. Actually, war assets gets about 45 per cent of the face value.

Instructing Staffers

“The site-sale program is still in the blueprint stage. Officials estimate it will be August or September before the proposed 500 to 700 simultaneous sales are under way in all parts of the country. The agency has been conducting a school for 150 field staff co-ordi-nators here. These will serve as efficiency experts, it was explained, in the site sales. The 33 regional

Chicago. They've been given until June 15 to inventory the surpluses in their regions. The site-sales method, officials said, will be a reversal of the accepted sald§ pattern. “Instead of hauling. our surpluses to central sales areas, we'll take the people to where the stuff is.” To Use Private Firms

Warehouses at military bases, war plants, naval establishments—all are scheduled to become sales sites, according to war assets, Purchasers, including veterans, priority claimants and dealers, will be permitted to inspect, buy on the spot and take their goods away with them. Private concerns also are to be employed on a cost-plus-fixed-fee basis to help promote the program. Officials declared the few “experimental” site sales so far conducted have proved thé value of the method. The expanded program, one official said, “is our last shot. If this doesn’t dispose of surpluses in a hurry, nothing will.”

$80,000 PROPERTY ~ SALES MADE HERE

Downtown real estate valued at approximately $80,000 was in the hands of new owners today. A three-story building at 225 N. Delaware st. was sold to the Acro Realty Co. for an estimated $54,760, while another three-story building at 235 S. Meridian st. was acquired by the Hoosier Paint and Linoleum Co. for an estimated $25,000. The Delaware st. property formerly was occupied by the Gwinn Paint Co. and was owned by George Berkert. It contains eight apartments and a storeroom occupied by

the McCollum Typewriter Exchange. About Jan. 1, the Commercial

Printing Co. will occupy the storeroom, Earl Nelson, Acro president, stated. The S. Meridian st. building now has the Mid-West: Products Co. as a first-floor occupant. The paint and linoleum firm will use the building as a used goods outlet and for storage.

State Administration and A IVIL ALUM EC

directors also have been called to

abandoned.

A showdown is due soon, since the controversy over the 58-cent| boost has held up senate action on|

the $11.6 billion treasury-postoffice | appropriation bill since February, 1S P ARLEY TOP] And that's where the postal work-

| ers come in, Here's how: | The appropriation bill . carries| | funds for higher postal salaries. It | also carrier a rider reviving the, | treasury’s authority to sell surplus) silver at 71.11 cents an ounce. But] unless the bill gets through con-|

ergency continuing resolution, the|

usual device in such cases, would | means of combating this situation. | por REPRODUCTION,” by Willis To be held in thé board of trade gn,ok.

merely exténd appropriations at the | existing rate for 30 days or so.

McCarran Leads Battle

The house on two occasions—in December and February—affirmed the 7l-cent price. The first time { the house refused to boost the figure to $1.29 by a vote of 160 to 4. Easterners, encouraged by their] overwhelming house support, feel | they can resist any strategy devised | bywthe western senate bloc. Inclu- | sion of the rider on the appropria-| {tion bill, the easterners believe, | {gives them the upper hand since

|eventually a vote will be forced on | the fund for operating the two de- | July 1. The senate bloc has not been idle, however. Under the leadership of | Senator McCarran (D. Nev.) it has! persuaded a senate appropriations subcommittee to approve a ‘“compromise” rider under which the price would be raised to 90.3 cents an ounce until June, 1048, after which it would be boosted to the| desired $129. The full committee | has not yet acted. | Also, silver senators won thé same concession from the senate! banking committee. : Operating Costs Rise The silverites hope to use the house measure to pry the issue away from the appropriation bill. The easterners, led by House Republican Leader Martin (Mass. have no intention of relinquishing their parliamentary advantage. The Westerners contend the high- | er price is justified because operating costs of producers have advanced from 60 to 70 per cent. The difference between the monetization price of $1.20 and the treasury price of 71 cents to commercial buyers is represented by seigniorage —the 45 per cent profit taken by

| |

ing price because the $1.29 figure also would become its buying price. Treasury reserves represent important source for industrial users of silver, since domestic and foreign sources this year will pro-| duce an estimated supply of only] 80 million qunces as against estimated needs of 125 million ounces. The treasury has about 225 million ounces of unallocated or “free” silver available for these uses.

Publications Are Threatened

The silver users emergency committee of New York predicts magazines and newspapers soon may be publishing without illustrations due to dwindling supplies of silver nitrate used in sensitizing photographic film and paper# About 15 million ounces of silver are needed annually by the photographic trades, the senate banking committee was told. The silver purchase act of 1934 requires the treasury to purchase the metal until the price has reached $1.29 or silver stocks equal one-fourth of the entire U.S. monetary stocks. The unmonetized silver was bought at an average price of about 47 cents, which would give the treasury a profit of about 24 cents if it resumed its sales at the former T1-cent price. The department has recommended the law authorizing the sale, passed in 1943 and expiring last Dec, 31, be revived on the old basis. About 150 million ounces had been sold from treasury stocks when the act expired. Its revival, Secretary Vinson told congress, “would greatly assist in the adjustment from a wartime to a peacetime economy.”

PLAN TO RESUME - STUDIES AT RUTGERS

Roy T. Dilley, auditor of Fletcher Trust Co, and Paul E. Jones, assistant treasurer of Indiana Trust Co., will return to Rutgers university June 15 to resume studies at the graduate school of banking con-

ducted at Rutgers by the American

BROKEN LENSES REPLACED BRING IN THE PIECES DR. JOS. E. KERNEL TRACTION, TERMINAL BLDG.

Bankers association, The graduate school of banking was founded in 1935 to offer experienced bankers of officer rank , advanced study in banking, economics, law, governmént ‘and philosophy. Students are required to attend] three annual sessions of two weeks |

HOOSIER PAINT and LINOLEUM CO

Card Tables, Simulated $299 Wood Tops, slightly irreg.

211 E. Washington. LL 2980

each and to compléte two years of extension study at home, Mr. Dilley and Mr, Jones are members of the senior class which will be graduated June 29.

INDIANAPOLIS CLEARING HOUSE

U. S. MEDDLING

Government Competition to

sored by the Indiana State Cham- | ber of Commerce.

he THE INDIANAPOLIS TIMES ° New Jet Makes Nearly 600 M. P. H.

Sketch diagram above shows salient features of the army's new Republic Thunderbolt jet-powered fighter plane, the XP-84. Powered

by the new type axial flow G-E jet

590 miles per hour and perform smoothly at well over seven miles

above the earth. In“an emergency,

pults the pilot out of the plane for parachute landing.

eat oT

engine, the plane will make over

the automatic jettison seat cata-

| | {

Be Discussed.

Hoosier businessmen who feel the A COMPLETE GUIDE TO ITS gress by June 30 there’ll be no government is competing with pri-| BENEFITS, RIGHTS AND OPmoney for the extra pay. An em-| yate financial institutions will meet TIONS,” by Charles Hurd.

here next Wednesday to discuss

building, the “sessions will be spon-

Invited to attend are bankers, life insurance company officials and those of building and loan associations, farm co-operatives and government. A plan will be devised show that no further need exists for government credit agencies to compete with private lending facilities.

vice president of the American United Life Insurance Co. here and

ture-business committee. “The High Road to Socialized

Books

now available branch of the public library:

TISING,” by James D. Woolf.

The following business books are in the business gy ¢

NG. A JOB IN ADVER-

“THE VETERANS' PROGRAM,

“THE ART OF LISTENING

“SEASONAL FARM LABOR IN|

TONING BOARD GETS ©

30 PROJECT CASES

Among 30 cases to be heard by

{

requests for variances to erect)

{ chairman of the chamber's agricul- buildings totaling $45,000 were ex-|

pected to be approved by the board. | Clyde A. Bowers, president of the]

partmepis for the year beginning | «qi will be discussed by Howard Bowers Envelope & Lithograph Co.

FIRMS HERE ADD

3000 More Due to Be Hired

firms here was approximately 5000 above what it was eight months ago, with prospects for being added by July 15.

in reports filled by the firms with the U. 8. employment service and is

manager, disclosed that 1000 workers were hired by these companies from March 15 to May 15, in addition to thousands who returned to their jobs following strike settlements.

final settlement of the coal strike promises employment of 3000 more between May 15 and July 15, including 800 women. Principal gains will be in the manufacturing fields of iron and steel, aircraft engines, machinery and automotive, the survey indicates.

due to seasonal factors will occur in the non-manufacturing field, including retail trade.

them women, will be needed for

“ {seasonal food processing during this SCIENTIFIC SELECTION OF month and July, Mr, Bennett be-

| SALESMEN,” by J. L. Rosenstein.

5000 in August and September.

5000 WORKERS

By Middle of July.

Employment at 112 representative

workers

This situation was revealed today

Thomas W. Berninett, Indianapolis

Coal Truce Helps A conservative estimate pending

It is expected an actual decline From 600 to 900 workers, half of

lieves. Additional need for food workers will increase to more than

Only a slight gain of 800 was recorded among non-manufacturing firms for the two months ending

May 15. More Veterans Hired

Women employed on this date

THE UNITED STATES,” by Harry represented 27.6 per cent of all in-| Schwartz.

dustrial workers, compared to 303 per cent March 15 and 36.5 per cent | ay 15, 1945. On May 15 veterans constituted a new high of 189 per cent of total industrial employment. | From May 6 to May 25, the report | continues, more than 5000 persons | were laid off. This was the direct | or indirect result of the coal and |

Presiding will be Frank H. Dunn, =. onine board Monday, two railroad strikes, employment service |

official declared. Demands for workers during May | showed an increase for chemical] engineers, pharmacists, draftsmen, moulders, welders and other skilled workers. There was a continuing

Friend, chamber research director, disclosed construction of a $15.000| 0. 4 for laborers, auto mechan-

{at a morning session beginning at building as

10:30 a. m. Burr 8. Swezey, president, Lafayette National bank, will lead a discussion on “Short-Term Credit.” Other speakers Huring the day

will include Fred O’'Hair, president, Cerning construction of commercial

Central National bank, Greencastle; William E. Shiltges, first vice president, Fletcher Trust Co, and Paul E. Fisher, treasurer, Indianapolis Life Insurance Co., In-! dianapolis. |

ET i

MOBILE RADIOPHONE

TESTS ARE PLANNED i= mie x scenic

The first step in a proposed urban | mobile, radiotelephone system for | Indianapolis has been initiated by! the Indiana Bell Telephone Co.! with erection of transmitter and! receiver antenna masts atop the Indiana Bell building.

Designed to furnish communica-|

block structure, with entrances at| \ would house |g

machinery for cutting and printing B

an addition to his pres-| ent plant at 957 W. Michigan st. is! part of a $125:000 expansion pro-| gram. “Because of material shortages | and government regulations con-|

buildings, we're only asking for this portion at present, “he said. He stated the one-story concrete-

415-23 Patterson st.

of envelopes. Fearing “too many” remonstrators, Albert L. Frankel was reluctant to speak of a proposed $30,000 retail store building which he plans to

fcs and metal workers.

LOCAL ISSUES Nominal quotations furnished by Indi- | anapolis securities dealers: STOCK Bud Asked | Me ol

Agents Fin Corp com. Agents Fin Corp pid . Amer States pfd

Sriarusnans

lin an apartment-zoned area. } is" In other appeals, the Brightwood 4 34% i i.|Indpls P & L 4% pid ........ 110%; 112 Gospel assembly will seek authori Indianapolis Water pf ‘er wy 113% zation to erect a $4000 church Indpis Water Class A com.... 34% evs building at 2326-30 Roosevelt ave. Sef ai Life com vE) ildi i rail an 0 com . . when building materials are avail Ringan ESM ren ne on able. .ncoln Loan Co 5% pfd.... 100, wn The Merchants National Bank ne a cm vive TH will appeal for permission to con- Marian HetingLon com .... 14 14% struct a $7500 parking lot adjacent | Net! Homes com. lll a

tion between mobile units and of-| fices or homes, the new be experimentally tested here later!

the government when it mints sil- Hots Joan, Classes of service to be ver into money. The silver bloc este ares wants to boost the treasury’s sell-| ONE: A general two-way tele-

phone service between any vehicle] and any regular telephone or ather | mobile unit. i TWO: A two-way dispatch.service between a customer's office and his own mobile units only. THREE: A one-way signalling service to mobile units to notify] the driver he should comply with] pre-arranged instructions. The required radio equipment on vehicles may be provided by the customer: or rented from the telephone company. Completion of the equipment installation is scheduled for July 30.

RAP BRITISH TRADE TERMS WITH GREECE

ROME, June 5 (U. P.).—Britain has prepared for the Greek government’s signature an agreement forming a “commercial corporation” which in effect gives Britain a virtual monopoly over Greek import and export trade, reliable sources sald today. It was understood by informed

quarters here that the agreement draft has met such opposition from Greeks and American quarters that |

revised drastically.

The local hog market held its

advance, while vealers lost 50 cents.

GOOD TO CHOICE HOGS (4700) Butchers CasCis enya [email protected]

120- 140 pounds i P [email protected] . 14.85

140- 160 pounds 160+ 300 pounds .. 300- 330 pounds .... 330+ 360 pounds Medium 160- 229 pounds ..... “vee Packing Sows Good to Cholce—

ves 14.85 + [email protected] [email protected]

270- 300 pounds .......icn000 14.10 330- 400 pounds ........000 14.10 00d 400- 450 pounds .....c00iunn 14.10 Medium 260- 550 pounds Coeaeeeees [email protected] Slaughter Pigs Medium to Good— 90- 120 pounds . [email protected]

CATTLE (7125) Steers Cholce— 700- 900 pounds 900-1100 pounds 1100-1300 pounds 1300-1500 pounds Good 00- 900 pounds 900-1100 * pounds 1100-1300 pounds 1300-1 ds

Clearings .....vue shsnarananeay $ 5,880,000 De!

bite Setstenassteiittsainay 19,633,000

00-1500 poun Medium— | 700-1100 pounds .....ceavues 13.256@ 15.50 1100-1300 pounds «....... pore [email protected] Common 700-1100 pounds _ .......i.. [email protected] Heifers €00- 800 pounds ............ [email protected] 35,1000 pounds ......iiue «+ [email protected] 600-, POURS ...iiiiiiira 16.25@ 16.25 800-1000 pounds arserreres 1538@103

hogs recevied early today selling at top prices. were 723 cattle, 400 calves and 150 sheep. The midweek session found cattle prices steady with the week's

bem 4 a § system wil | its building at 13-17 Ww. 38th st. 3

PLANNERS TO HEAR

FARM BUREAU CHIEF iis

Hassil Schenck, president of the Indiana Farm bureau, will be the chief speaker at the southwestern conference on community planning in Evansville, June 18. Kenneth L. Schellie, director of the Indiana Economic council, said Mr. Schenck’s subject would be “A

Farmer Looks at Planning.”

Sponsored by the council and the Planning commissions of Evansville and Vanderburgh county, the meeting will be in charge of F. B. Culley, Evansville, executive vice president of the Southern Indiana Gas and Electric Co. Stephen .C. Noland, editor of the Indianapolis News, will preside at the conference luncheon. Also on the program will be N. P. Hollister, director of Indianapolis Redevelopment commission. Future conferences will be staged at Bedford, Fort Wayne, Lafayette, LaPorte, New Albany, Peru and Terre Haute. 3

TRUCK WHEAT

Indianapolis floor mills and grain eleJators ig aylng $1.88 per bushel for 0, 1 re

merits); oats, white or No 2 red

it apparently will be withdrawn and | testing ‘34 Ibs. or better, 83; corn, No. .2| and No 2

yellow shelled, $1.36 PA bushel white shelled corn. $1.51.

Hogs Sell at Top Prices as Local Market Holds Steady

steady pace this morning, the 4700 Other early receipts

Not enough sheep and lambs were received to offer a fair market test.

Common 500~ 900 pounds .....eeveuse 13.00®@15.28 500- 900 pounds ....evviveen [email protected] Medium Cows (all weights) COOB ~ ....: coeevniaanirsnsnns 14.50 Medium ‘ Cedsvans 13. Cutter and common .. .s @11.50 Canner . . gs @ 8.50 Bulls (all weights) Beef Good (all weights) ........ [email protected] Bausage— COOMA ooasssviviivesssrssnss [email protected] Medium Cisasaeia case NRn ee [email protected] Cutter and common ....... [email protected] CALVES (400) Good and choice Fia [email protected] Common and medium ...... [email protected] Culls . [email protected]

Feeder and Stocker Cattle and Calves

Cholce— 500- 800 pounds ........e0.. 800-1050 pounds siieeensiies Go

0d 500- B00 pounds ...e.iavvinen [email protected] 800-1050 pounds vo. [email protected] Medium—

[email protected]

w eat (other grades on their o.

16.50@ 1750 i

500-1000 unds [email protected] Choice and closely sorted IR 15.78 i SHEEP (150) Ewes (8horn) Good and choice icine 1.500 8.18 Common and medium ...... 6.50@ 17.50 Lambs (Shorn) Choice and closely sorted .... 16.00 Good and 0 “ain . [email protected] Medium and good . 10.80613.3 Com visensnsasnsnssnnanes [email protected]

Pub Serv of In

Union Title com .. American Loan 4'z 58

onds American Loan 4'2s 60....".

Citizens Ind Tel 4's 61..... Columbia Club 14s 58........ Consol Fin 5s 66 Hoosier Orown 5s 56..... Indpls P & L 33s 70... Indpls Railways Co 8s 57. 9 d Assoc Tel Co 3s 75...... Indpls Water Co 3%s 68......1 Kuhner Packing Co 4s 54.... N Ind Pub Serv 3's 73...... Pub Serv of Ind 3%s 175. b Tel 4%s 35 Y

Pu 4%s 38 ........ Trac Term 67... H J Williams bs *Ex-divid

LOCAL PRODUCE

PRICES FOR PLANT DELIVERY Poultry: Hens, 4% Ibs. and over, 24¢] under, 200; spr 4% Ibs. and 22¢; under, 20c; orns, 18¢ hens;- 19¢; 1946 springs, 30c; 1 ers, J0c; roosters, 18¢; ducks, 15c; geese, 30¢; capons, 6 lbs. and over, 30c; under, c. Eggs: Current receipts, 54 Ibs, 29¢c; graded eggs, A large, 33c; A 2c; no grade, 25¢. Butterfat: ble.

Watch Repairing 3-Day Service Usual Low Prices Work Guaranteed

OPEN UNTIL 7:30 P. M. DAILY

KING JEWELERS

198 W. Wash. St, Claypool Hotel Bldg.

to case, medium,

We Will Pay Highest Spot Cash Price for Your Camera See Us at Once!

INDIANAPOLIS CAMERA CO.

203 E. Wash, st. MA-7329

{ENJOY EXTRA CONVENIENCE: ‘Bank by Mail et

AMERICAN NATIONAL BANK

N molANAPOLIS

Mamie Fodornt Depecit invwrance Corporation

Fine CARPETS & FURNITURE

SEP IVIIRY

CLEANED & REJUVENATED

RIGHT IN THE HOME

The . amazing. Hinson Pr

ocess Treplaces natural olls—revives colors ~«renews beauty. No scrubbing, ne mus: uick drying. “A Guaran

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27 ses Buhner Fertilizer 5s 54........ 98 : Ch of Com Bldg 4'zs 61 ..... 96

THE THRIFT CORNER OF INDIANAPOLIS __m

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‘A

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