Indianapolis Times, Indianapolis, Marion County, 25 September 1946 — Page 10
RNS TR EE aE a
INDIANAPOLIS TIMES ——
ant Sugar Ration Here to Stay Until Next Spring ~_|Hint U. S. Opposition to BREWERS HEADED | Drive to Decontrol Meat BY TERRE HAUTE MAN
’ Oscar Baur, Terre Haute Brewin | WASHINGTON, Sept. 28 (U. P.). Co. president, was elected president ~The: livestock industry was con-
cf the Indiana Brewers association at the group's 13th anniver
WEDNESDAY, SEPT. 25, 1946 {g wrrnnpg;
{ome Page—
WARNIN ON NE
slow Fertil For Seed
BUSINESS—
SEEK TO LOWER TRADE BARRIER
Moved Into Executive Positions
orld Sharing Expected o Prevent Relief From Shortage Before Spring
in ‘a decontrgl move. The milling industry already has filed a request for removal of controls on flour,
By 8. BURTON HEATH
NEA Sta
ff Writer
Ew YORK, Sept. 25 ~You might just as well eat those grapes, or
into unfortified wine.
Rake up the crabapples and dump
you know some hogs that- would lke
Or pears. ; is here for
tal and private the sugar ration
But here's some . You've waited since the spring of 1042, and time after time you have imagined that & treat for your aching sweet tooth was just around the corner. At last it looks as were right. Hough Jee say that by April of 1047 there ‘ought to be a substantial improvement In the sugar supply that should be reflected ‘in more liberal rationing. And before the end of next year —perhaps about the time the new crop begins hitting grocers’ shelves, it may be possible to remove rationing altogether. Depends on Conditions “ The more cautious warn that this optimistic forecast depends upon at least three conditions, It is ible: oo raising, harvesting and g of cane and the refining of sugar is not handicapped by too many strikes, sitdowns, slowdowns and other labor troubles. If the normal flow of importation, upon which we depend for more than half of our sugar, is not disrupted by shipping and dock strikes. If the war-devastated Philipand Java begin producing 8 4
the remainder’ of the 1946 season
which they used mostly at home. Only the Philippines and Java contributed materially to the world’s supply. And what cane fields in those countries were not devastated by hostilities were so neglected by the Jap conquerors that they are in terrible shape, oil Javans Busy Fighting The Philippines, which used to produce more than 1,100,000 tons a year, is having to get sugar from us now. Next year it is hoped that she can get started toward rehabilitation with an 82,500-ton crop. Java, which used to raise almost two million tons, thas only 27,500 tons this year for her own people. If the current political strife can be ended, insiders hope for a 275,~ 000-ton crop next year which would put Java once more into the export business. But only if conditions settle down. The Javans now are too bfisy fighting to raise sugar cane, Europe is expected to shove up her beet crop by some 3,300,000 tons this year, for next year’s consumption. Of this more than half will be outside the Russian zone—in Germany and Austria, Italy, France, the Low Countries, Denmark, Spain. Backlog Fairly Good That would add some 60 per cent to the domestic supply available to the non-Soviet nations of Europe, and take a lot of pressure
Forrest Teel sn
Promotion of two men to execu-
tive positions with Ell Lilly International Corp., was announced today by: J. K. Lilly Jr, president.
Forrest Teel, 5821 Washington
blvd, is the new executive vice president and Harry Mallinson, 3777 N. Meridian st. is vice president, post formerly held by Mr. Teel.
A native of Oklahoma and a
graduate of Kansas City college of | pharmacy in 1626, Mr. Teel served | as salesmgn in Kansas and later in Cuba. Working in several South American countries, sales manager of Lilly firms in
he became
Harry Mallinson . ~ »
Teel, Mallinson Promoted By Eli Lilly Corporation
South America. In 1943 Mr, Teel was named vice president and geig eral manager of El Lilly Pan American Corp. Mr. Mallinson jdined the Lilly firm in 1936 after his graduation from Colorado college, He was a salesman in New Mexico for three years prior to his transfer to sales work in Peru and Ecuador. Later he was appointed district manager over several Latin American countries and then became associate general manager of the Lilly Pan American Corp. Mr. Mallinson has been a resident of Indianapolis since 1044,
BANKER CALLS FOR END OF RFC
Sees No Excyse for U. S. in
Credit Business. CHICAGO, Sept. 25 (U. P.)—~A
U. S. STATEMENT
WASHINGTON, Sept U. P.) —Gov-
U. S. Hopes to Win Agree‘ment With Russia.
WASHINGTON, Sept. 256 (U, P.). ~The United States hopes to win Russian agreement to lowered trade barriers when it negotiates a final lend-lease settlement with K the Soviets, it was learned today. The U. 8. has a big weapon in these negotiations — namely, the $11 billion of lend-lease equipment which ‘this country sent Russia during the war and for which some accounting must be made, The master lend-lease agreement with Russia provides that both countries will; in final settlement, agree on terms “promoting mutually advantageous economic relations.” In addition both nations agree to take steps toward “elimination of all forms ‘of discriminatory treatment iA international commerce and reduction of trade barriers.” Long-Range Goal American officials feel that many of Russia's economic arrangements in eastern Europe have tended to shut out American business from that area. - They hope the lendlease settlement will provide some basis whereby Russia will gradually shift to a non-discriminatory policy. This country’s long-range goal is to win Russian adherence to American world trade proposals as
. 28 ( ernment e: ses and receipts for the current year through Sept. 23, compared with a year ago: This Year 5,333 35,750
Last Year 1.111.178 408
409,582 11,347,707,045 Ci ,846,650,350 16,498,550, 900 Public Debt 265,668,245,048 262,633,506,825 Gold Reserve 20,201,714,402 20,003,983,860 INDIANAPOLIS CLEARING HOUSE Clearings $ 5,948, 14,537,000
they may be embodied in an international trade organization, There has been some correspondence with Russia on the question of a lend-lease settlement but there have been no moves to open negotiations as yet?” The U. S. wants to discuss broader economic ques-
tions with Russia at the same time.
' fronted today with signs the admin-
istration will strongly oppose its drive for immediate decontrol of meat as a cidre for the current meat famine,
Secretary of - Agficulture Clinton P. Anderson dropped a broad hint of the administration's intentions with a statement that present ceiling prices on agricultural products are adequate to promote needed food production. The meat industry, which believes price controls are largely responsible for the meat shortage, is preparing a petition asking Mr, Anderson to wipe out controls on
live cattle and beef. If Mr. Ander- Ho
son turns them down, they. can appeal to the independent decontrol board. Producers of pork and lamb are expected to follow the beef interests
LOCAL PRODUCE
PRICES POR PLANT DELIVERY Poultry: Hens, 4% lbs, and over, 30¢; under, 27c; Leghorn hens, 27c; 1040 springs, friers, broilers and roosters, 36c; Leghorn springs, 33c; roosters, 16¢; ducks, 40 loss
10c; geese, 10c;
than No. 1, Eggs: Current receipts, 54 lbs. ta ease. 42¢c; grade A large, 50c; medium, 45c; shall, 30c; grade large, 43c; no grade, 26¢.
No. 2 poultry,
Butterfat: No. 1, Tie: No. 2, Te
Nominal quotations furnished by In. dianapoiis securities dealers:
Organizations
Edelweiss Ladies’ society will hold its monthly card party at 8 RB m. Saturday in Southside Turners hall s. Hans Bockes and Mrs, Fred Baumeister will be hostesses,
T. W. Bennett circle, Ladies of G. A. R., will hold & card party tomorrow at Citizens Gas & Coke Utility auditorium,
The drill team of Ladies Auxiliary to Fraternal Order of Eagles Neo, 211 will hold a card party at 8:15 p. m. tomorrow in its hall, 43 W. Vermont st.
Mr.- Anderson discussed the agricultural price situation last night in a radio speech (NBC) from Albuquerque, N, M, : “The agriculture department feels that price adjustments are now behind us,” Mr, Anderson said. There may be a “few” additional increases, he added, but “they will be held to the minimum required by law.” ’ ‘Top OPA officials, reporting that overall food prices have risen some 14 to 15 per cent since last June 30, said they were “favorably ime pressed” by Mr. Anderson’s declara-
n, Mr. Anderson defended his recent recommendations for food price increases as necessary production incentives. This, he said, explained his
Wayne,
of Evansville, Charlebois of Marion, general man:
action in ordering higher livestock ceilings than favored by OPA.
bushel.
meeting here yesterday in the 7 dianapolis Athletic club, 3! Other officers elected by the
sociation are:
John A, Berghofl, treasurer of th Hoff-brau Brewing Corp. of vice president; OC > Schwab, president of F. W. Cook Co secretary; A. P
ager of the Fox DeLuxe Brewing Co of Indiana, treasurer, and Charle Reuss, president of the Centliy Brewing Co. of Ft. Wayne, board member. Mr. Baur succeeds Mr, Reuss head of the association.
“TRUCK WHEAT
Indianapolis flour mills and grain vators are paying $1.96 per bushel No. 1 red wheat (other grades on merits); corn, No, 1 yellow shelled, $1 per budbal, 2nd No. 2 oats, tes Mu
fost
white sheiled, $1.90; pounds or better, 76
U. S. Comptroller Raps Bank |
Credit Given to Speculators
WASHINGTON, Sept. 25 (U. P). --Preston Delano, comptroller of the currency, today warned he will use all the powers of his office to discourage and restrain the extension of credit for speculative purposes, “whether in the fields of commodities, securities, real estate or elsewhere.” : His warning was given in his annual report to congress in which he also asked more government supervision of bank holding companies. Inspectors for the office, he disclosed, have noted tendencies on the part of some national banks to furnish speculators with credit for “free riding” on government issues. He didn't like this sort of business,
he told congress. He said that practices nullify the salutary effe of the securities exchange act and add fuel to the flames of inflation! As long as inflationary pre remain, Mr. Delano said, he fight the extension of credit speculative purposes. 4 The comptroller said that gov ¥ ment guarantees of bank loan during the war were necessary anc worked out well and that the gov ernment guarantee or commitment] seldom had to be utilized. However, he added, governmen guarantees should be withdrawn ir peacetime and banks should be placed on a more independent foo ing.
h many ney this fall t bout what fert In general it's hemical fertiliz ime you sow ‘here's too muc ng seedling gras ates better in s ich, Chemical fi etter used in rass is growing Organic ferti uished from hemical types a: r acting mat 1eal, bone meal, he Indians put orn, are organic They become o ) are much safe i high in nitr 1at grass, like age, needs in. 1eal with less ni orus, is ideal fo ods. Time Impr
One grass seed turf builder wh nd slow acting roportion best | expensive but g Animal manuri aly when well y, they may bri: pwn. Steam this object at the dis amus, some nj od topdressing wns. Consider that ndency to dry ick” in dry wea ‘ove its consiste ng breaks up wmvy cottage ct ieful not only soil but tb in
a
well-known banking authority called today for the end of the Reconstruction Finance Corp. and demanded that business be allowed to operate on its own responsibility, free from government aid or hindrance, Robert M. Hanes, president of the Wachovia Bank & Trust Co., Wins-| ton-Salem, N. C., told a meeting of the American Bankers association that the R.F.C.'s program was|~ “contrary to sound financial policy and the best interests of the
off the sources of American supply, The present stockpile, or backlog, in this try is described as being fairly good. But it can be disclosed now that it would be considerably better if we had not been forced to divert some 900,000 pounds of sugar from the family table in mid-1944 to make synthetic rubber so that the army could have tires for the invasion of Europe.
: ’ 0. It is best we some depth be! : Maximum rate ————. re \l/ s. to 1000 sq. ff ZI i | BASEMENT W. 18 Years Rep Satis!
NIV.
LIGHT GATTLE RECEIPTS HERE
1 the UnMed States did live in an economic vacuum with Cuba as a sweet satellite, there needn't be any sugar rationing now. The United States (the continent,
for the 1945-46 year than in the last pre-Pear] Harbor year, and this virtually offsets the fact that the Philippines were put out of business by the Japs. we still are short of sugar is because this country and Creat Britain are
sharing their sweetness with the
rest of the world. And the world supply is in bad shapegi That statement rests upon de statistics, which would be boring, for every important sugar Only 8,500,000 Tons Out of them there come a few sugar facts which help to explain our shortage and which are not too well understood by most laymen. . ~e The American public used to consume 6,700,000 tons of sugar a year, If it were available, we would use between 8,500,000 and 9,000,000 tons a year now, But for this year only 5,400,000 tons are available for American use. The British, the Canadians and Americans are getting identical guantities of - sugar, per person. About 700,000 tons a year are allocated to European countries and to UNRRA. Burope used to be self-sufficient, for practical purposes. In 1940-41, notwithstanding the bitter war then being fought, the continent pro-
duced more than 10,700,000 tons of x
sugar, ; Buropean Deficit Last year she produced--for consumption this year—only 5,640,000 tons, a deficit of more: than five million tons or almost 50 per cent. Moreover, of this year's supply 2,480,000 tons, or almost half, are behind Russia’s iron curtain and of no material use to the democracies. Asia, traditionally, is the world's biggest sugar producer. In 1940-41 she raised more than 11,600,000 tons. But India, Japan, China accounted for 8,400,000 tong of that;
Checks imprinted
gt : are distinctive and add prestige Ask about them
LLL LEA (0)
————————
FACETED RIO SOTO MAA HSE
UOTE ht i
Steady Prices Clear Small Supply Quickly.
Shipments of livestock continued light -at Indianapolis stockyards today. A total of 850 hogs arrived as compared to 6300 a year ago. Other divisions also were light, with 350 cattle, 2756 calves, and 1250 sheep shipped in. Steady prices cleared the small supply quickly. Prices in the limited market remained steady.
— | GOOD TO CHOICE HOGS (850)
20- 240 pounds 240- 270 pounds .. 270- 300 pounds .. 300- #30 pounds .... $30- 360 pounds Medium. 180- 220 pounds Packing Sows
250- 550 pounds hiss 15.000 16.00 u Pigs Medium to Good— #0- 120 pounds
.. 16.28 CATTLE (350)
100-1300 00- unds . 1300-1500 ty s 004~ 700- 900 pounds 900-1100 pounds .: 1100-1300 pounds .... 13001800 pounds ....
| 00. pounds 11100-1300 pounds OMMON— 700-1100 pouds 600- 200 pounds hy 800 1000 pounds 18 sd ov SU . [email protected] lv 20@ 18.50
[email protected] [email protected] 3.50@ 15.00
13.50 911.25 @
800-1000 pounds . buy ~uJl JU wu a0 Medium - ! 500 900 Common 500- 900 pounds Cows (all igh Bona es welghts)®
. 1 Medium as " ' 1 Cutter and common Canner
pounds
1.254 8.75 7.50 Balls (all weights) Beef
Good (all weights) SaUSARO~ Good Medium Cutter and common 9.0010.00 CALVES (27%) | Good and choice .. [email protected] Common and medium + Baas
[email protected] [email protected]
{Culls ... aA 5 baa a [email protected] Feeder and Stocker Cattle and Calves Steers Choleg— 500- 8 16.50@ 17.50 [email protected]
| “500- 800 po [email protected] Cersvanen vie [email protected]
[email protected] « 10.00@ 2.60
UM 500-1000 pounds Common 500- 900 pounds SHEEP, (1250) kwes shorn) Good and choice Common and mediuf SPRING LAMBS Choice and closely sorted Good and choice . medium and good ,, Common
19:50 [email protected] , 14.00¢17.38 11.00% 14.00
ORE AYER TOME OROMMOV EMMA MARAE HM Ah ¥
Circle Tower Telephone
Offices in 88 cities—40
a
MERRILL LYNCH, PIERCE, FENNER & BEANE Underwriters and Distributors of Investment Securities Brokers in Securities and Commodities
0. J. HoLper, MANAGER
Lili all offices. Outstanding securiLe te research information available at all times.
Indianapolis 4 + Market 6591
L000 miles of leased wires
. 13.00013.58 .
Mr. Hanes, chairman of the
A. B. A's small business credit commission and former president of the
association, said the R.F.C. “ap-
pears to have gone the way of all government agencies — it is now dominated by bureaucrats.” No Excuse for Participation He said he saw no excuse for government participation in the credit business except in a depression or a War, “Even then,” he said, “it should lend wisely and charge interest so that the taxpayer does not have to foot the bill. “Private enterprise which does not assume risks has no right to profit and hence no right to live. Ours is a loss system as well as a profit system. We know that special favors from government must eventually be paid for by the loss of the control of management.” Mr. Hanes condemned as 8 “sugar-coated deal which looks good on the surface” the RFC's socalled 75 per cent automatic blanket guarantee agreement, under which the government indirectly underwrites bank loans and guarantees them against loss on 75 per cent of their risk. He charged that the guarantee actually was an encouragement for loose lending practices, an additional liability on an already overburdened government and a contributing factor to credit inflation,
LOCAL ISSUES
STOCKS
Agents Fin Corp com Agents Fin ory pid American Loan 4 585. *American States wr American States cl A... L 8B Ayres 4%% pid.. rshire Col com .
Bobbs-Merrill com .... Central Soya com Cirele Theater com .... *Comwlith Loan 4% pid . Consolidated Industries com.. Consolidated Industries pfd .. Cons Fin Corp pid Delta Electric -com Electronic Lab com ... “a Ft Wayne & Jackson RR pfd Herfl-Jones cl pid. *Hook Drug Co com Ron ene Ind Asso Tel Co 2 De ‘ . B51 Ind & Mich Elec 4%% pid 2
@ 875"
Kingan pid : aa Lincoln Loan Co 5% pfd . .. Lincoln Nat Life 5% pid. .... Marmon Herrington com Mastic Asphalt ’e
N Ind Pub Serv com.... R Mallory com ' Progress Laundry com Pub Serv of Ind com Pub Serv of Ind.3%a% pid .... ‘Ross Gear & Tool com’ ..... 38 B80 Ind G & E 43% pid ..... *Stokely-Van Camp pid Stokely-Van Camp com..... ‘ Terre Haute Malleable U 8 Machine com United Tel Co 5% Union Title com ' *Ex-dividend, BONDS American Loan 4'%s 60 American Loan 4's 66 ...... 98 Buhner Fertilizer 5s 54 Ch of Com Bldg 4'as 61 .... Citizens Ind Tel 4'is 61 .....1 Colembia Club 1%s 88 ....... Consol Fin bs Hamilton Mfg
‘ | Hoosier Crown 5s . ¢ | Indpls Brass & Alum 5s 56... 99
Indpls P&L 3's 70 ow) Indpls Railways Co 5s 57... 8
%| Ind Asso Tel Co 3s 78 .
Investors Telephone 3s 61.... 06 Kuhner Packing Co 4s 54 .. N Ind Pub Serv Ie 3 Pub Serv of Ind 3s 78 Pub Tel 4%s 36 . ... Trac Term Corp bs 87 H J Williams Inc 6s 58
[ENJOY EXTRA
CONVENIENCE. ‘Bank by Mail et
AMERICAN ‘NATIONAL BANK
1 meIANAPOLIS
Fodwrol
CAME BY THE POUND...
...TODAY YOU'D GET 9 OUNCES MORE
Yes, a Dollar Spent for Electricity Today Buys 56.5%* MORE K.W.H. than in 1936
Not only do you GET Electricity... immediately... when yom
flip a switch, but you get MORE for your money. * To be exact,
your Electric dollar today buys 56.5 per cent more Electricity
than it did ten years ago, at the average price per kilowatt-
hour for all residential Electric service in Indianapolis.
1s TODAY'S BIGGEST BARGAIN
INDIANAPOLIS
(bl A 4 le
Electric Building, 17 N. Meridian + Rl. 7622
Ih
4
( OM PANY 5603 E. Washington - IR. 5340
For Immed 3A pitol 0284
Get th on G.1. Loan
Clip
Please Sen @. I. Ho
Individually Speci
BEImont 2400