Indianapolis Times, Indianapolis, Marion County, 21 August 1946 — Page 11
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WEDNESDAY, AUG. 21, 1048
BUSINESS—
ALLISON NAMES NEW MANACER
R. E. Lynch Is Transmission Department Head.
R. E. Lynch has been named manager of a newly organized transmission engineering department st Allison Division General Motors Oorp., it was announced today by E. B. Newill, general man-
ager of the company. J. E. Storer will be chief ordi-
shipbuilding icoming a post-war casualty.
~
By MARC J. PARSONS NEA Staff Writer
NEW YORK, Aug. 21.—~The U, 8 is fast be-
industry
Employment in private yards already has dropped from a wartime peak of almost 1,400,000 to a bare 200,000. By the first of the year, only 33 .vessels and a few dredgers, barges, tugs ‘and trawlers will be on the ways. Basic need at the moment appears to be clarification of the government’s attitude toward the entire industry, Current crimp in the building program stems from three
things: nance engineer and R. M. Shaefer, ONE: War cutbacks, expected by chief commercial engineer on transi ts the industry. Mission projects. TWO: Government economy,
Separate from other activities, the new department will be responsible for the design and development of transmissions, will contact the manufacturing and other departments and will have customer
sales department, Mr. Lynch began work with General Motors Corp. in 1936. He came to Allison's in 1940. A graduate of grammar and high school at Evansville, he attended West Point, During departmental expansion Mr. Storer, who has been with the company since 1940 also, has been serving as assistant chief transmis-
which has resulted in partial cancellation and postponement of the maritime commission's building program of passenger liners. THREE: Tax troubles. To Ask Policy Survey Shipbuilders are expected soon to ask the government for an overall policy survey. They point out that the merchant marine act of 1936, upon which present policy supposedly is based, calls for U, 8. to “foster and maintain” a merchant marine: ONE: Capable of carrying “waterborne domestic ‘commerce and a
ston engineer under Mr, Lynch. Mr. Shaefer recentlyc was transferred here from the Detroit Diesel division where he was a project engineer, “
Five Allison Men To Be Graduated
At commencement exercises Fri-
day evening five Allison men will
be graduated by the General Motors Institute,
Flint, Mich. " Albert J.. Sobey will receive his
“Bactielor’s degree | in mechanical engineering. Paul B. Bonham, William R. Harding, William R. Humphrey and David Mort : will be graduated from the fourMr. Sobey year co-operative engineering program. For his degree Mr, Sobey conducted a study in which he made a comparison between liquid cooled and air cooled power plant installations in modern aircraft and submitted his report as a requirement for his degree,
FARMERS WARNED ~ TO PLAN STORAGE
NEEL
Hoosier orn growers to! take immediate steps to obtain materials for the storage of the state's largest corn crop in history. The latest U. S. department of | ‘agriculture report places the state's
. "1946 crop at 250,000,000 bushels. This + compares with- 236,000,000 bushels
in 1945, and 179,491,000 bushels for the 1935-44 average. L. M.” Vogler, state PMA direc-
tor, indicated the supply of ma-
terails for the construction of storage structures appears to be extremely limited at this time. He said it will be exceedingly difficult to offer any assistance to pro- | ducers at harvest time. Farmers can overcome marketing losses estimated at thousands of! dollars at harvest time by storing | corn in temporary cribs, Mr. Vogler
BOOKS
The following new books have been received at the business branch of the Indianapolis public library, Meridian and Ohio sts.:
FINDING THE PROSPECT AND GETTING THE INTERVIEW, by Charles Roth ~—Today’'s salesmen, used to having everyone a prospect, forget that prospects now
have to be discovered, stalked, wooed, won SUCCESS ON THE SMALL FARM, by
Hayden 8. Pearson—To help established small-acreage more profit. MATHEMATICS OF MERCHANDISING, By F. A. Egmere—A trusty handbook for many a buyer, store training de OTHIOIE retail classroom. Text is combined with review questions and practical problems that Mave actually occurred in store merchandising. PATHFINDER COURSE IN PAYROLL ACCOUNTING. by H. N. K Analyzes social security act, state unemployment insurance acts, income tax wi holding. and other legislation affecting payroll procedure. SUPERVISING PEOPLE, by George B. Halsey—S8kill in supervising people comes from sound and logical thinking, fair and considerate feeling toward people and a sympathetic uhderstanding. of people~—and not merely acting the par
115 E Oblo Stu mee mes FR 1104 i LUDWIG DRUM OUTFITS
beginners and farmers make
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substantial portion of water-borne
{export and import commerce.”
TWO: Capable of “serving as a naval and military auxiliary in time of war.” THREE: “Owned and operated” under the U. S, flag. FOUR: “Composed of the bestequipped, safest and most suitable type of vessels.” Biggest Headache
The U. 8. cannot do this, they contend, if- yards are allowed to lay idle and personnel scatter to other industries, The Harvard school of business administration, in a report made for the navy and the maritime commission, called the shipbuilding industry “essentially a munitions industry” and declared that “no world power can depend upon foreign nations to supply it with the materials of war.” Recent economy slash in the maritime’s passenger ship construction program is the biggest current headache. Besides the economy factor, the government contended that the program will save scarce materials and that reconversion will help fill the gap. Future Status in Doubt
“The facts are,” says H. Gerrish Smith, president of the shipbuilders council, “that remaining naval construction is rapidly being completed.” Reconversion of existing ships may keep a few yards busy for a while but still leave the fu-
Where's the post-war business?
government reportedly is increasing by 50,000 tons the steel allotments to Great Britain to build merchant
department has approved an ex-port-import bank loan to Chile to pay for the steel. Tax Troubles Tax troubles are keeping American shipping lines from contracting for new vessels for post-war trade. Again an interpretation of the merchant marine act seems ‘to be the key. The act provides that lines operating uhder the subsidy provisions of the bill can deposit certain funds with the maritime commission as a construction reserve and that the funds will be non-taxable. Under this plan, 12 lines put aside $61,000,000 before and during the war as the basis for $180,000,000 in new construction when peace came The treasury department, however, contends that these tax-free provisions did not hold during the war. It is seeking $40,000,000 of the $61,000,000 as taxes due. The lines have been forced to suspend their own construction programs until the matter is settled. Post-War Hopes Today, Britain has 335 erga:
[pe status of. Hie industry hanging |
ism A,
ne
or iy ARs and col RTOS E04
Smith Te ai: tha "the excess of, 1,500,000. The 33. now! 'to get liners DP ad
vessels under construction.
ships for Chile, and that the state |’
rr THE INDIANAPOLIS TIMES U.S. Shipbuilding Fast Becoming Post-War Casualty; Employment Drops to Bare 200, 000
FINANCE LOAN FIGURE HIGH
Non-Farm Mortgages Are! 120% Above Last Year.
Non-farm mortgage financing 'in
Federal Home Loan bank of Indianapolis, today said the mortgage figure had reached $313,725,000. He attributed the high lending rate to heavy demands to finance homes, climbing real estate prices, a growing volume of construction and a rise in the volume of G. I loans. Also lenders ‘experienced an increase over their financing in 1945. The largest share of the aggregate loans for the 1946 half year, which was 38 per cent, was credited to banks and trust companies. Saving and loan associations rank second with 37 per cent, The estimates are derived from
Typleal of empty shipyards, which
by the first of the year will have only 33 vessels on the ways, is this barren scene at California Shipbuilding Corp., San Pedro, Cal
building in U. 8. have a total gross tonnage of 188,000. America's post-war hopes for the passenger trade and the future of shipbuilding were tied up in seven vessels designed %0 compete In world trade. Two of these were for Latin American routes, three for the Mediterranean, and two for trans-Pacific service.
No Liner Contracts
Despite previous approval by both the navy and the maritime commission of these construction plans, the President's economy order postponed construction of the two for Latin American trade for one year. Awarding of oontracts for the three ships for Mediterranean trade have been héld up for various reasons. Deadline for bids on the trans-Pacific ships, is Sept. 20. Efforts to restore the program reportedly are meeting opposition
‘{from the executive branch of the
government, At the moment there are no signed contracts on the books for any new passenger liners and the American merchant marine institute says no transports built during the war are scheduled for conversion to passenger peacetime use. Some pre-war privately owned (passenger liners are being put back
~\imto service.
SHUTDOWN DUE AT CHRYSLER
Supply Shortzce Causing Partial Closing.
DETROIT, Aug. 21 (U. P).— Chrysler corporation prepared today to shut down most of its opera|tlons for a week beginning Monday | because of supply shortages. | Some departments will continue! at work to build up stocks but assembly of automobiles and trucks) will halt during the period, the| company announced. The number| | timated. “The company Will continue to] !receive materials and supplies from its vendors and will take advantage
of the stoppage to take inventory,’ the announcement said. | In another development, the C. 1 O. United Auto Workers filed a 60-| day notice with Chrysler of intention: to reopen negotiations for aj wage increase for some 80.000 employees, as provided by the U. A. W. contract.
% MILK PRODUCES TO
VOTE ON U. S. ORDER
CHICAGO, Aug. 21 (U. P).—Milk| producers supplying the Chicago. area are scheduled to vote Aug. 21| through 26 on a proposed amended
of agriculture said today. Jesse L. Cook, referendum agent, said the order provides that the price of surplus milk for butter and cheese be increased €lght cents a hundredweight. It also provides that chocolate milk and buttermilk are to be classed and priced the
he said. Mr. Cook said about 19,000 producers in Wisconsin, Illinois, Indiana and Michigan are eligible to vote in the referendum. A twothirds vote would make the proposed amended order effective.
{UL HT | J Ali LET
Underwriters and Distribu
Cirele Tower Telephone:
ties research informati
MERRILL LYNCH, PIERCE, FENNER & BEANE
Brokers in Securities and Commodities
0. J. HoLpER, MANAGER
Offices in 88 cities—40,000 miles of leased wires intereonnécting all offices. Outstanding securi-
tors of Investment Securities
Indianapolis 4 ' Market 6591 1
on available at all times. *
of employees affected was not es-| i on
, | Progress Laundry
federal ‘milk order, the department
same as milk for fluid consumption, |
LOCAL ISS UES
al 4quotations furnished by InMoss securities dealers: STOCKS Bla Asked Agents Fin Corp com ........ Agents Fin Corp pfd .... ... 19 American Loan 4'z 85........ 7 American® States pfd ... 25 American States cl A L 8B Ayres 4% % p 112% yrshire Col ¢ 36 Beit R 8tk Yds com 40 it R Stk Yds pfd “i | Bobbs-Merrill 4'z pfd ve Bobbs-Merrill com Central Soya com ..... Ts Ciicje Theater c , ins with Loan 4% pfd . Gomoligateg com. 1% 2%
onsolidated Industries pia. Cons Fin Corp pfd . | Delta Electric com | Electronic Lab com Wayne & Jackson RR ou. sfl-Jones cl A pid ... . ook Tug Co som “ives ue | Ind ‘asso el Co 3.pfd ve nd & Mich Elec Lan bre. “v's |Indpls P & L co pis & L 4% pid.. Joaiatapons Water pfd . dpls Water ¢l A eom Railways com ... at Life com ...
ah
Lincoin Loan 2 5% od. Lincoln Nat Life com Marmon Herrington com Mastic Asphalt
Natl Homes com N Ind Pub Serv 5% P R Mallory com
GOM ivenen *Pub Serv of Ind com .s | *Pub Serv of Ind 32% Pies | Ross Gear & Tool com ven So Ind G & E 6.3% Md...
| Stokely-Van Camp ofd ...... 21% 22 Stokely-Van Camp com ...... 33% 34Y | Terre Haute Malleable ....... 10% 10% U 8 Machine com ........... 3 3 united Tel Co 8% vovveivnvens 29 ora Union THUG SOM vuvtiiicurees 4“ . BONDS American Loan 4l:s 60 ...,,.. "1 TN Buhner Fertilizer 5s 54 ,..... 28 one Ch of Com dg 4'2s 61 ..... 96 aed Citizens Ind Tel 4%s 61 ..... 103 “ens Columbia Club 12s 5s ......, 84 ens Consol Fin 5s 66 . ........... 09 "ee | Sonaler vs 3 88 ......... 99 “ee 3%s 0 vw... 108 . | ae Ev a *co 55 57 .... 4% 7% | Ind Asso Tel Co 3s 75 veo 104 ‘ee ! Invessam, a ophute % i ees 99 Co «ee. 100 IN hoe pub. Line 304s na reas 106% 10834 Pub Serv of Ind 3%s 75 .....107'4 108% | Pub Tel 4's 35 .100 .
ac Term Corp 5s $7 oe Hi J Williams Inc 5s 56 *Ex. dividend.
TRUCK WHEAT
Indianapolis flour mills and grain elevators are paying $1.87 per bushel for No 1 red wheat (other grades on their merits); corn, No 1 yellow shelled. $l 70 per bushel, and No. 2 white shelled, $1 oats, per
|
REAL" SILK REPORTS PROFIT OF $732,139
An operating profit of $732,139.43 was reported today in the semi{annual statement of the Real Silk
+ | Hosiery Mill, Inc., Indianapolis,
The concern listed $7,536,837.67 in {sales and $6,804,608.24 as the costs of production, The company’s total
_.|earned surplus since Dec, 1, 1936, -|was listed at $1,679,728.57.
The company’s assets total $7,207,516.27, according to the financial statement,
PLAIN DRESS, O° | suit, oR 69c “|| coat w
Jesting 34 pounds or better, 126 e |
DDT
MOTH-PROOFING
FOR ADDRESS OF NEAREST STORE
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SPOIL YOUR
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of serious ailments
Indiana and Michigan for the first 1- jt half of 1046 is 120 per cent above 180 1 that of the same period last year| 390- 730 240 and almost equals the figure for the| 230- 330 entire year of 1941. in. 3 * ®
Fred T. Greene, president of the 4
500ican oll industry in a Super- -state a
The Ideal Way . . SUPPLEMENT
DIET TABLETS
(and a lower calorie diet)
7 x
Livestock Receipts Are Light Here; Prices Hold Steady
Light receipts featured the livestock trading today at the Indianapolis stockyards, with all classes holding steady with yesterday's prices except fat lambs. The lamb prices dropped $1 to $2. a Only 1600 hogs were received at the market for sale today, There
GOOD TO CHOICE HOGS (1600)
OL 280- so pounds
Medium to Goode 90- 130 pounds
CALVES (300) In an article in the current issue Good and ehoice ............. [email protected] of National Petroleum News, Pew Soppmon and mediim HghH warned that international collab- Feeder and Stacker Cattly 4nd Onfray oration on petroleum inevitably ‘ Sw Choice
LOOKS
REDUCE
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EAT the usual amount of green vegetables, fresh fruits, lean meats. Eat less sugar, starch, fats. Take one Supplement Diet Tablet before each
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see your
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CATTLE (3%)
- i LE
seseansasntane
700-1100 pounds ...... sesess [email protected] county reports of non-farm mort 1100-1300 pounds vo [email protected] gage recording of up to $20,000 com- 700-1100 pounds [email protected] piled by the Federal Home Loan bank waministration in Washington. | Chétce- - 800 pounds [email protected] a 300-1000 pounds 19.009 23.00 | Good~ OIL "LEADER SPIKES { $00- 800 pounds 17.004219.00 800-1000 pounds [email protected] FAMINE PREDICTION icdim2% 900 pounds ....ve seenes [email protected] OM MON . CLEVELAND, Aug. 21 (U, P).—[CQMert=oinds ..........’. 11.00013.50 Current predictions of a possible oil 10.3 famine in America in 20 years are Cagis “phony” arguments advanced “in ] 0s behalf of embroiling our domestic ; industry in a network of interna-|_ Good (all weight®) ........ [email protected]
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PRICES HIT mo
NEW YORK, Aug. 21 (U, PP) The general level of wholesale food prices hit a record high in the week ended Aug, 20, Dun & Brads - street, Inc. reported today. The index for the latest week
10.1080 pounds Teen Mien Hg stood at an all-time peak of $5.34 500-1000 D ORAS wiueiinenns + 12.50@14. sgatiut $5.90 10 the pre | C300. 900 To : +++ 100001380) 1 e408 a year ago. In — ho Ev aha ceding week the index hed regis. Good and chofoe ............ 5.000 ¢s0| tered its first decline since May Si. on and SOL inn savin ns 5. 8.00
Good and choice ... Medium and good ..
eed . if sedate Common . 10.80
BID ON EQUIPMENT BONDS IS ACCEPTED
The city controller's office today accepted the joint bid on 1946 equipment bonds valued at $205,000 of the First National Bank of Chicago, Ill, and the Fletcher Trust Co. of Indianapolis.
The award was made to the joint :
bidders on. a premium grant of $1500 to the city plus an interest charge on the bonds of 1% per cent per annum,
Commodities advancing during eggs, steers and sheep. Declines were shown for wheat, corn, oats, barley, butter, potatoes, hogs and lambs. ; The wholesale food price index represents the sum total of the price per pound of 31 foods in-gen«
eral use. on Life Insurance Policies + 1ow ¢
CLL TARE MSY)
Vl LOANS
SOIL YIELD INCREASED WASHINGTON, — Common salt applied to the soll Increases the yield of beets.
LOCAL PRODUCE
PRICES FOR PLANT DELIVERY
Poultry: Hens, 4% Ibs and over, 28¢: nder, : horn hens, 20c; 1948 NATIONAL BANK iprings. triers. brotiers and Toasters, ack, aM menaIen rn springs, 25¢; roosters, 16ec; duc Tou! DD 100 Wo 3 poultry. 4c less than Shomivas Padmini
220} i eggs, A large, 39¢; A medium, Bggst Current receipts, 54 Iba. to ease, agers grade, be, 070; No. 3, Me U. S. STATEMENT
WASHINGTON, Aug. 21 (U. P,).—Government expenses and receipts for the curernt fiscal year through Aug. 19 com-
pared with a year got E s vedo 122 13 Be dek 364.987 nses Rete: 5 041,325,07 559,877,123 Net eit 1 421,379,658 Cath Baitnce 11 See 132 one tia toa 1 Public t ,886,; ‘| Gold Reserve 20, 267,820.2 530,240 20,088.806,336
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Ou eo NDIANAPOLIS 5 CLEA ING HOUSE DEBE ovrissrzsasarssaseary of 492.000
Fei Te SAE | i ———
Reduce Withowt Dangerous Diets or Violent Exereles!
Mail Orders Promptly
Filled .
. Please address 203 N. Delaware Street
4