Indianapolis Times, Indianapolis, Marion County, 19 June 1946 — Page 7
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BUSINESS—
Tt ROCK BOAT
WEDNESDAY, JONE 19, 1946
= THE INDIANAPOLIS TIMES
OF LABOR PEACE?
Federal Officlals Keep Fingers Crossed, But Eye Lewis And Hard Coal Miners as Potential Threat.
By FRED W. PERKINS ~ vo
~~
Times Foreign Correspondent WASHINGTON, June 19.~Who will be first to disturb in a big way the era of comparative labor peace that the country is beginning to enjoy? Government officials, hoping it will last a long time but careful
to cross their They note with serted in his new feature —the agreement can be ended by either party in 30 days. Coal wage contracts recently have been running for a year, and less
tract
ays’ warning-—meaning a strike or “no work without a contract.”
Not in U. 8. Contract The bituminous coal contracts signed by Mr. Lewis with Interior Secretary Krug contains no such clause, this agreement being for the period of government possession. But the 30-day cancellation is expected to show up in the bituminous contract when (and perhaps if) Mr, Lewis makes one with the soft-coal operators. If they object to this or any other provisions of the contract, which can be different in many respects from the Krug-Lewis agreement, the miners’ leader is in position to force indefinite government possession of the mines. The one sure thing is that government control will not be ended until the bituminous industry seems reasonably free of threat of a strike. Fears OPA Bill The reason for the 30-day clause in the anthracite contract is supposed to He in Mr. Lewis’ apprehension that, with removal of OPA controls, the cost of living may go up notably—making wage demands in order. Most other labor contracts in vital industries run for definite periods, usually a year. The exceptions include a contract with the Chrysler Corp., and most contracts in the oil industry, with 60 day provisions. Chrysler is one of the “big three” in the automotive industry and significance is placed on its contract because if the C. I. O. United Automobile Workers go on the warpath for more wage raises, Chrysler instead of General Motors or Ford would be first to be struck. The G. M. contract, product of last winter's long strike, py be reopened next March,
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fingers, see John 'L. Lewis as the main potential threat. uneasiness that the United Mine Worker boss incontract with anthracite companies a significant
In the rubber and clothing industries the unions may move for wage increases at any time they think they are justified by economic conditions. However, the rubber unions have to go through periods of negotiation and the clothing unions are subject to the time required for arbitration of their demands, The early part of August may be a vital period in showing whether the country is in for a new cycle of wage strikes. Contracts run out then in the meat-packing and cotton textile industries, Whether any of the possible big strikes come along in late summer depends on several factors: ONE: Will the dropping of many price controls send prices of necessities sharply upward? TWO: Will there continue to be a demand for great production with plenty of jobs? (Strikes are most numerous in such periods.) THREE: Will the threat of stringent union-control laws continue to act as a deterrent to big strikes?
300 Strikes Now
Today's situation, according to the U. 8. conciliation service: Only about 300 strikes, involving about 100,000 workers, are claiming that agency's attention, most of them involving less than 200 workers each; less than a dozen strikes of possible national impact—in farm machinery, California redwood lumbering, carpenters at Cleveland, three Mack truck plants, and a Pittsburgh plate glass strike with possible effect on automobiles. How long it takes to “sweep up” the big strikes is shown by the fact that 5000 workers in fabricating plants are still idled from the great steel strike, which officially was ended more than three months ago.
LOCAL PRODUCE
Jawws FOR PLANT DELIVERY
Hens, 4% (bs. and over, Me; Phiy oe: springs, 4'2 Ibs. and gras, 32¢c; under, 20c: ghorns, 18¢c;
hens, 18c; 1946 springs, 30¢; ers, 30c; Sets 18¢c; ducks, 15c; geese, 20¢; capons, § Ibs. and over, 30c: under,
22%¢. Eggs: Current receipts, 54 Ibs. to case, 29¢; graded eggs, A large, 330; A medium, 29¢; no grade, 25¢ But at: Sle.
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BUDGET os oor
DIRECTOR QUITS
Harold D. Smith to Join International Bank.
WASHINGTON, June 19 (U. B). —Harold D, Smith, director of the budget bureau for more thas seven years—a $400,000,000,000 pesiea of federal «spending £- Sl —resigned today to become vice president of the E new international bank, President Tru- | man named Paul * H. Appleby, now assistant - budget director, to be acting director. During the last months of the Roosevelt administration Mr. Smith was offered the post of federal loan administrator. In recent months he was discussed by members of the Truman administration for appointment to the full employment commission. Mr. Smith, however, did not indicate much enthusiasm for either job. Mr. Truman, according to Press Secretary Charles G. Ross, accepted Mr. Smith's resignation with “genuine reluctance.” “The President is releasing Smith only because of the extremely important nature of the work to which he is called—the internatinoal bank headed by Eugene Meyer,” Mr. Ross said. Approved by President
Mr. Smith was brought to Washington in April, 1839, by the late President Roosevelt. At that time, he was Michigan state budget director. Since then he has been virtually the fiscal boss of the gove ernment, subject to the policy laid down at the top. Both Presidents Roosevelt and Truman frequently sought his advice on matters involving government administration. The resignation is effective immediately. “The President feels the government is losing one of its ablest and most devoted public servants,” Mr. Ross said. Mr. Smith submitted his resignation at the start of Mr. Roosevelt's fourth term, but the late President would not accept (it. When President Truman entered the White House, Mr. Smith again asked to withdraw. Mr. Truman prevailed on him to remain in the budget post, which paid an annual salary of $10,000,
NEW FIRMS AND PARTNERSHIPS
0 | Indianapolis Par Golf Co., 4903 Brookville rd. Selling a equipment. Eugene Cox and B. Cox, 4903 Brookville rd. Truck Garage & Supply Co. 1520 N. West st. Auto sales and service. C. Painer, 1419 W. Pruitt; J. M, Parker, 2020 E 17th. Fifty-Second Street Radio Sales and Service, 642 BE. 52d. Radio sales and service. John E. Campbell, James F. McFarland, 713 N., Delaware. {Burton Carson Co. 3007 Millersville rd. Manufacturers of transformers, ete. Harold D. Burton, 3612 Washington blvd.; Harold E. Carson and Harvey
Mr. Smith
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N. Campbell st.
Passenger automobile production by the General Motors Corp. for.the week ending June 15 was increased by more than 68 per cent over the previous week, OC BE. Wilson, GM president, announced today.. Production last weék rose to 16,390 pleasure: cars, while trucks showed a drop of almost 20 per’ cent—4802 produced last week.
HOOSIER FARM INCOME HIGHER
1945 Figures Up 2 Pet. Over Totals for 1944.
, Times Special LAFAYETTE, June 19: — Indiana farmers’ total cash income in 1945 was $707,983,000, a gain of 2 per cent over 1944 and 4.8 per cent higher than the 1943 figure, according to U. 8. bureau of agricultural economics statistics received recently by Purdue university, Largest proceeds — $505,863,000 — came from livestock and livestock products, the survey showed, while crops accounted for $165,658,000. Hogs, for years the largest single source of Hoosier farm income, showed the largest monetary loss. The 1945 figure of $188,838,000 was 177 per cent lower than the 1944 income from hogs. Only losses in field crops were in|, apples and truck crops. Outstanding gains in fleld crops were in wheat, which gained approximately 50 per cent in cash income, and oats,
figure of $3,621,000.
SHIPPING INCREASE SEEN FOR QUARTER
Shipping in the third quarter of 1946 will surpass that of the same period of 1945 by 9 per cent, according to estimates of the Ohio Valley transportation advisory board. Shipments of some items, grain, flour and meal, livestock and chemfcals and explosives, will take sharp drops for the period. Grain is expected to lose 8.8 per cent, drop 6.2 per cent, according to the estimate. Livestock and canned goods will take 3.8 and 4.6 drops, respectively, and chemicals and explosives will fall off 153 per cent. Most marked increases are in building materials and agricultural implements. Predicted gains of 17 per cent for cement and 15 per cent for brick and clay products were
cent gain is expected for agricul
Indianapolis floor mills and grain vators are paying bushel for {No. | red wheat (other grades on their merits); oats, No. wad eo No 3 5 testing 34 lbs or better orn, Ho 2 | yellow shelled. $136 Ss ia Na 3 white shelled corn. $
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first silver bloc.
battle. He couldn't racket work. " Tried to Peg Price He was the first to try to peg the value of silver artificially. He wanted it somewhere around 12-to-1 as compared with gold. Bryan wanted the ratio at 16-to-1. This week, in the United States senate, the silver bloc is marching
make the silver
in Alexander's ancient footsteps. {It is trying to raise the price of Isilver /by 58 cents an ounce. Just as Alexander did, it is attempting to ‘make silver worth by law far more than it is worth in fact. | | Harold Lamb, historian of the | | |
Near East, tells of that battle lost| {22 centuries ago in his thrilling| new biography, “Alexander of) Macedon.” | Coinage was just being introduced | to the civilised world when Alex{ander set out on his career of conquest. { Silver Value Sags Some of the Greek cities had | silver coins. But as they established | |contacts with wealthier countries {of the Near East and Asia—as sil- | ver came into competition with] gold—their silver coins shrank in | value. The rate of exchange | dropped quickly. Alexander tried to peg the price {of silver, and couldn't. -So then {he tried an even more radical ex-| periment than those advocated by| William Jennings Bryan and our) | present-day, silver-state senators. | He demonitized gold, and made sil+| {ver the official standard of value. | | That didn't work—not even for a little while. | Even then words spoken a few years ago in our own senate were| true: of money, except value.” | Seizes Gold Hoards
As Alexander advanced eastward | {he seized great hoards of gold.| | Literally, the treasure of the world| was his, Silver, swamped, sank to its normal economic level. But history means nothing to | some people, and today another at[tempt to make the silver racket work is in full swing.
which nearly doubled the 1044 gales |Good—
while flour and mé&l will|Good—
high on the list, while a 10 per|
Silver Bloc Could Take Tip From Failure of Alexander
“Silver has all the attributes _
[ENJOY EXTRA
LOCAL CATTLE Livestock Speculation Soon . Cause of Meat Shortage],
By KENNETH HUFFORD Bcarcities invariably invite speculation, And, speculation here and elsewhere thrqughout the nation is a principal reason why an already inadequate livestock supply is drying up, with only a trickle of meat reaching the average consumer today: Many persons close to the livestock ‘markets of the country are betting that meat prices will rise soon.
PRICES STRONG
Vealers, Hogs Hold" Stéady; + Sheep Trade Light.
Strong cattle prices continued in active trading today at the Indianapolis stockyards with early receipts of 675. Vealers and hogs stayed fully steady with receipts of 2850 hogs and 425 calves. Sheep and lamb volume stayed | almost too small for a fair price test but quotations were steady. Sheep receipts totaled 225.
GOOD TO CHOICE HOGS (9850) , Butchers
«+. $13.50@ 14.25 ee [eit fd 14.85 oe 14.88 on 14.60014.85
13.20014.30
we 010 12.75@ 14.00
Slaughter Pigs Medium nl $1008. 90- 120
Aesasnnsraee [email protected] CATTLE (615) Steers Cholce— 700- 900 pounds .....i.eee0. 17.00017.78 000-1100 pounds «....ovinuee 17.000 18.056 1100-1300 pounds ......cvi0ne [email protected] 1300-1500 pounds «.eieveunens [email protected] Gobdd— T700- 900 pounds ......eeaee0 [email protected] 900-1100 pounds ......iene « [email protected] 1100-1300 pounds ....acsevese 16.36@ 17.26 1302-1500 pounds ....esvenves 16.25@ 17.25 Mth um 1-H pounds veo 140001600 1300 nounds 14.00016.00 BE 700- 1100 pounds .....c.iveee [email protected] Heifers Chotce— - 800 nds ecriparesees 1008 11.50 800-1000 DOUNAS ...ovuvuinss [email protected] 600- 800 pounds ....eiveives [email protected] 1000 Bounds wos [email protected] Madi Me - 900 pounds . we [email protected] Common 500- 900 pounds ............ [email protected] Cows (all weights) CHOBE «sivvisrrrusiarisnnrenss [email protected] Moditmy .oouoiveriiiirririninn [email protected] Cutter and common ......... [email protected] CORBOE + oivu itasinrctssirars 7.502 9.00 Bulls (all weights) Beef Good (all weights} ........ [email protected] Sausage cn ER 12.50914.00 Medium i. ..iiiiiiiiinnin [email protected] Cutter and common ....... [email protected] CALVES (499) Good and choice ............ J] 5014.00 Common and medium........ 11.00 Culls ia % Feeder and Stocker Cattle ant o Steers Oholce— 500- 800 UNAS .ooneiliae vee 16.00817.00 800-1050 pPOUDAE ssscesrnvnns [email protected] 500 800 pounds vos [email protected] 800-1050 pounds «.s.ees. eee 143001600 Medium 500-1000 Jound sessanssteve [email protected] Choice an oy sorted .... 15.7% SHEP (208) wes (Shorn)
Good and Wim sais sssinsiad €ommon and medium Lambs $ (Sam Chbice and closely sor Good and choice . Medium and good Common
9 50
with livestock on the hoof. A few are holding butchered meat in cold storage, awaiting an expected price rise, industry sources reveal, This is why so little meat. gets to the individual consumer. Supply Under Normal Actually, livestock received at the Indianapolis stockyards, for example, has been about two-thirds of normal the last few weeks, But, by the time “order buyers” representing Eastern: clients buy what they want at prices higher than local packers can pay legitimately, the meat supply is considerably reduced. Some of the local operators dig deeper into the remaining supply by making purchases for “feeding purposes.” This livestock, cattle for the most part, is sent to nearby farms under contracts to feed for indefinite periods. It will be sold if possible in a higher market, Farmer Holds One-Third
Don't forget the farmer is holding at least the third that didn't get to the market, His is the same reason-—speculation.
The trickle remains for the consumer,
The groundwork for the scarcity during the war years, agricultural authorities say, was laid to a depleted farm population that tried|? to keep pace with the heavy demands of ourselves and our allies. Farmers lacked manpower to plan for future civilian needs.
A rising post-war civilian demand could not be satisfied and buying pressures rose to the bursting point. This is what OPA has been trying to control. Now, however, the majority of food experts are betting that OPA cannot hold the line, either through failure of congress to provide authority or through failure to stem natural buying and selling - forces. Cattle on Farms A short trip through Hendricks county is recommended for the hungry city-dweller, whose eyes will find the rolling countryside dotted with hundreds of finé-looking cattle. How many belong to farmers and how many to market operators, no one knows. One large farm near Clayton, however, was found with a couple of hundred head of cattle belonging to a man associated with one of the commission firms on the 30 Indianapolis livestock exchange, Reports are rife around the exchange that large packers, even chain groceries, are speculating. Officials Deny Speculation This was denied by W. A. Coleman, sales manager, Great Atlantic & Pacific Tea Co.; George Ries, de-
LEECH
Seripps-Howard Staff Writer Twenty-two hundred years ago Alexander the Great formed the
Alexander led the greatest military march in history. From his crossing of the Dardanelles in 33¢ B. C. to his death at the age of 33, he literally marched off the map of the known world. And he never lost a“ battle—except one, which was not a military
The U. 8. treasury has 225,000,000 ounces of silver buried at West Point. For the last few years the price at which it could be sold has been fixed by law at 71.11 cents an ounce. The house wants that price continued. The silver-bloc senators, seeking a subsidy for silver producers, want the price hiked to 903 cents an ounce for two years, beginning July 1, and thereafter to $1.20 an ounce—the full, but fictitious figure at which the government places the metal'’s monetary value for coinage. Threat to Industry This would be disastrous to industries that use silver and costly [to allgwho buy the products of such industries. Silver has many great industrial uses—for photo-engravers, movie and X-ray and camera film, motors and other electrical equipment, food processing, medicine and dentistry, silverware and jewelry, Everybody who controls any silver is now refusing to sell it, holding out in the expectation of a higher price soon. So therp is a desperate | shortage of industrial silver because of this foolish tight to give fie- | titlous monetary value to what is | actually only a commodity—a useful industrial metal It’s the same fight Alexander lost | 2200 years ago.
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They are backing their bets
declared Ardo W. Joy, district supervisor, U, 8, agriculture’s packers and stockyards administration. “He's waiting for prices to rise, it OPA is killed; even if it isn't,” Mr. Joy concluded. The farmer was defended by Omer Green, vice chairman, Marion county production and marketing administration. He has collected information that indicates some speculators are not farmers, “I sold 42 steers recently and I know they were bought for feeding and later re-sale’ Mr. Green produced records to prove his assertion. An official of one large Indian-
was buying for “feeding lots.” But, he added, it isn't heavier than usual. Recently, only about 1500 head of cattle have been bought for this purpose by local packers, Commission agents here admitted privately, though, that “it's only natural” for everyone to try to get as much as he can for his livestock and that there is a lot of speculation here and at other large markets.
LOCAL ISSUES
Nominal quotations furnished by Indi anapolls securities dealers: STOCK Bd Asked
Agents Fin Corp com ...eees nts Fin ody Pld. .c..es Amer Btates pid ory Amer States ol A Amer State
on 40
R Bt ‘ann “wh Belt R Stk Yds pid . . 82 ‘et Bobbs-Merrill 34 % pid 71 “es Bobbs-Merrill com ...... « 13 ais Central Boya om vEvea we '8 8045 Cirole Theater com senna 0 ve *Comwith Loan 4% pfd.,....104 107 Cons Min Corp pid ......e00e 07 . *Delta Blectrio com. .... ov. 19 0% Electronic Lab com 5% Bly Ft. Wayne & Jackson RR pid. 1024 108% Herfl-Jones ol A pid... 13 PR Hook Dr Co am 4 raruaeus 24 “eve Ind Asso Tel Co 2 pf . oe 53 oe Ind & Mich Elec 4'%1% pid. us 310 112% Indpls P & L com vrene 38 3% *Indpls P & L 4% pfd.......100 111 Indianapolis Water pt ...... 111 113% Indpls Water Class A com.... 21% .... Indplt Railways com 19 ae Investors Telephone rs "$i-.. 2 nm Jeff Nat Life com .......... 15% ‘ Kingan & Co So “ahve 8 8% Kingan & Co pe yanks Ba Mn Lincoln Loan Co 8% i: 100 i Lincoln Nat Life com .....e.0 15% 8% P R Mallory com . ........ 31% MY
Marmon-Herrington com Mastic Asphalt Natl Homes com ...... N Ind Pub Berv 5% Pr ress Laun oom Pub. Serv of Ihe com Pub Serv of Ind 3'%¢ Ross Gear & Tool com So Ind G&E 4.8% pfd . Stokely-Van Camp pid Btokely-Van Camp com Terre Haute Malleabls 8 Machine com . United Tel co a3 . Union Title © American Loan “a 5.
as Ameri "80
can Loan oo
& Baking Co. and Robert E. Loy, Standard Grocery Co. all Indianapolis officials. “It's John Q. Farmer who is holding his livestock until after July 1.”
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BRAKES — Do they need adjustment — fluid added?
HORN — Is it in good copdition—sure to give a signal whea you need i? TIRES — Are they safe? Cuts #8 or excessive wear may cause | a blow-out accident. LIGHTS —=Doany bulbs need replacing? Are your headlights properly focused? STEERING Is there too much “play” in the wheel? Do your steering controls operate easily?
WIPERS —Do they operate positively and satisfactorily?
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CHICAGO, June 19 ° RL A. D. Plamondon Jr., treasurer of the Indian Products Oo. "today was director of the Radio ers’ Assn. he Mr. Plamondon is a memt the hoard of directors of the tronic Laboratories, Inc., of In apolis, x
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