Indianapolis Times, Indianapolis, Marion County, 27 November 1946 — Page 8
CISION AWAITED \ HOUSING FEUD
i
Truman Faces
Choice Between
Scrapping Wyatt
Program or Overruling Close Friend and Adviser.
By NED
BROOKS ~
Soripps-Howard Staff Writer
WASHINGTON, Nov. 27.—President Truman faced the
choice yesterday of scrapping
Housing Expediter Wilson W.
Wyatt's program for factory-built homes or overruling his
CHRYSLER HIKES PRICE $8-$104
Second of Auto ‘Big Three’ To Hike Figures.
DETROIT, Nov. 27 (U. P)~— Chrysler Corp. raised Detroit factory retail prices today on Plymouth, Dodge, De Soto and Chrysler cars “in conformance with current pe
costs.” The company announced that the increases ranged from $8 on the lowest priced Plymouth fourdoor sedan to $104 on the Chrysler four-door New Yorker sedan. It said the price adjustments varied + by body types. Chrysler was the second member of the auto industry's “big three” to raise prices since OPA regulations were withdrawn. General Motors Corp. raised its prides $100 per model on all its cars. Ford said it would hold the line. The Studebaker Corp. announced at. South Bend yesterday that it had raised list prices of its new passenger cars about 3%: per cent. The hikes on various models ranged from $32 to $64. -' Hudson Motor Car Co. announced hikes of $60 to $90 on current models last week. Willys-Overland and Crosley previously had raised their car prices. =
BATES DELAYS
friend and close adviser, Director George E. Allen of the Reconstruction Finance Corp. If he rebuffs Mr. Wyatt, as informed sources are predicting, the housing boss is expectgdato resign. His plan for low-cost ‘homes for veterans already has been staggered by Mr. Truman's removal of ceil-
terials.
mittee called a recess until Dec. 16 in its inquiry into the Wyatt-Allen feud. The recess was called after Monday's hearing disclosed that the two officials still are in sharp disagreement over RFC loans to industrialized housing firms. Mr. Allen said the “whole issue” of the controversy was RFC's refusal to lend up to $52 million to the Lustron Corp. to produce porcelain enamel houses in the warbuilt Dodge-Chrysler plant, Chicago. RFC Flatly Opposed He said a dozen other loans to prefabricators recommended by Mr. Wyatt probably could be worked out, but RFC is flatly opposed to the Lustron deal. Although Mr. Wyatt contends he has the power to order RFC to make the loans, he said the dispute had been submitted to the White House because it involved an important question of policy. Mr. Wyatt, it was learned, Is waiting for Mr. Truman to make public the expediter’s recommendations for carrying forward the) housing program now that decontrols are under way. The Wyatt report is said in effect to ask a vote | of confidence from the White | House, including support for RFC| loans to mass producers, Excerpts From Testimony # Mr. Wyatt and Mr. Allen faced |
NAMING JUDGE
| . 1
Hints Appointment Won't Be Made Before Next Week.
Governor Gates indicated yesterday that his appointment of a new
the” senate investigators together| and addressed each other as “Wil-| son” and “George.” Excerpts from their testimony were: Mr. Wyatt — “The manufacturer of industrialized houses who goes ito RFC for financial assistance finds he is embarking on & long
ings on wages and building ma-|
The senate war investigating com-|
STRIKE STOPS FLOW OF FUEL
Britain Barely Producing Enough to Meet Its Consumption.
By LUDWELL DENNY Seripps-Howard Staff Writer LONDON, Nov, 27.—The United States coal strike comes like a clap of doom to Europeans facihg a cold winter. They had been counting on American supplies as a bare margin tg see them through, and . they have nowhere else to turn. This blow is all the harder to " take because it | k ; comes on the heels of American - shipping strikes which cut off the flow of supplies in this direction. These losses canMr. Denny not now be made up: completely when most needed this winter. The mine shutdown affects all three commodities on which European recovery depends most—coal, food and steel. All Europe will be hit, as well as India and the Far East.
Stockpiles Exhausted Europe is dependent on Ametican coal because its own major sources, British, German and Polish are greatly hampered. While Britain is anxious to export coal as formerly, her sick industry barely is producing enough for the curtailed domestic consumption of 3,500,000 tons weekly. Stockpiles are exhausted, with industrial reserves ranging from three weeks’ down to one week's supply. Railroads are limited, electricity and gas to consumers sporadically is cut off in London and elsewhere. Because the fuel shortage slowed down steel production here, jeopardizing other industries, Britain has been negotiating purchase from America of 2,000,000 tons of raw and semi-finished steel. Retards British Industry Now the British have been informed they could get little or no American steel during the next year. This not only will retard British {industry but also continental countries depending on British finished products. In the bombed-out German Ruhr —European's chief coal and steel |solfe-me mine otuput is less than
thalf the requirement. This has para-
judge of Municipal court 4 will not obstacle race over interminable bar- lyzed steel production upon which
be made before next week. He did not indicate which way he intends to go in the apparent deadlock between factions of the Marion county Republican leadership over candidates for the judgeship. The war veterans’ division of the G. O. P. has brought widespread pressure for the appointment of an ex-service man to the post. A delegation of veterans headed by Cale J. Holder called on the governor Monday, urging the appointment of a veteran. They have suggested Lawrence H. Hinds, George House and Alex M. Clark, who was defeated for the G. O. P. prosecutor nomination. Sided With Veterans
Ostrom has sided with the veterans, recommending that the governor appoint Mr. Clark. Joseph J. Daniels, 11th district chairman, has recommended the appointment of Paul C. Wetter, Beech Grove magistrate court judge and 13th ward G. O. P. chairman, This recommendation was reportedly based upon a commitment made during the primary election campaign
Up to Tuesday, po compromise had been reached on the appointment. The municipal court 4 bench will be vacated Jan. 1 by Judge John Niblack when he becomes Judge of superior court 1,
LOCAL [SSUES
quotations furnizhed - securities dealers: " =
Nominal dianapdlis
...| wartime structures .*"Jsands of conventional houses are . | being left unfinished.”
States pfd . American States cl L 8 Ayres 4% pil Ayrshire Col com .., Belt R Stk Yds com .., Belt R Stk Yds ptd.. ....... Bobbs-Merrill 4%% pfd Bobbs-Merrill com...... Central Soya eom Circle Theater com 8 Comwith Loan 4% pfd ... 102 Enmiasd Iodine sop J ndustries pf. . y Cons Fin fd p e in 14%
0 Delta Electric com ‘“ Electronic Lab com .. 2% El Way & Jacks RR pid oe -Jones oi . ‘Hook Drug Oo com ay
10%
18% 3% "9 26% 110%, 6% 112 2%
mo. 2 Ja h_ Eleo 4%% L com ,s Andpls P & L 4% ptd .... Indianapolis Water pfd..... Indpls Water el A com Indpls Rallways com . Jeff Nat Life com . Kingan & Co com .. Kingan & Co pfd .. ... "ee Lincoln Nat Life 5% pid armon- Herrington com ‘ Lincoln oan Blas pid... stic Asphalt ... .... diners: 3 \ Natl oh
110%
18'3 |
233, ub : com wrt Pub Serv of Ind 3'; pid ,... r & Tool com
2 231 8
8 . groundwork
ciers. Mr. Allen — “We want to help housing but we'd go broke if we followed such policies as he suggests, We have a responsibility to protect the taxpayers’ dollars.” Mr. Wyatt — “The RFCs own counsel says we have the power to order’ loans. We haven't used it because it involves the White House should decide.” Mr. Allen — “If we're ordered to make the Lustron loan, we'd get another legal ruling. I'd ask the attorney general to decide.” Mr. Wyatt — “That's the kind of co-operation that's smothering us.”
Mr. Allen said RFC has approved nearly
ducing brick, lumber, concrete and other materials. : Has Other Holdings Mr. Wyatt denied that the $36,000 in cash represents-the entire assets of the Lustron Corp. He said the firm has other holdings valued at $500,000, equipment .worth $200,000, patents valued at $5 million and can raise another $1 million in cash. The coated sheet steel house which the firm proposed to manufacture, he said, is “one of the sensationally good homes that the government could be groud of having’ promoted.” Senator Ferguson (R. Mich), subcommittee chairman, criticized Mr. Wyatt's office for awarding top priorities to temporary housing converted Irom barracks and other “while thou-
U. S. CONTINUES FIGHT
» AGAINST FOOD BOARD 3..| WASHINGTON, Nov. 21 (U.'P.). 4% | —The United States is continuing | gop, annual meetingéof the Indiana F. Harold Van Orman, former
not only the British but the American zone's recovery is depéndent. Cutting off coal, coke and power exports from the Ruhr and the Rhineland already is having serious |eflects in France, The Netherlands and Belgium, France Short of Fuel { France is so short of fuel and
a policy which |Power she is cutting off electricity |
two days a week. Polish mines are retarded by lack {of machinery and especially by the {transportation bottleneck. This affects eastern Europe and Scandi{navia. | So anything that reduces or slows {down American coal shipments to Europe’ increases suffering, exposure
1200 loans totaling: more and disease, while at the same | County Chairman Henry E | than $57 million, with private lend- time crippling industrial recovery | ers contributing $15 billion. Most by which Europe could help itself. Bankers and ‘industrialists from of these, he said, were to firms pro-| {
‘GIFTS FOR YANKS’ DRIVE IS PLANNED
The American Legion again this |year will conduct a Christmas drive tn obtain “Gifts for Yanks Who Gave.” Commander W. I. Brunton, | Scottsburg, of the Indiana depart- { ment, yesterday asked the: public to contribute gift packages .to collec tion centers to be announced later, Deadline for collection of these gifts will be Dec. 14. John, Samulowitz, Mrs. John A. {Noon and Mrs. Louise Murphy will | head the joint Legion-auxiliary state committee for the drive. Books, stationery, games, toiletes, articles of apparel and smoking accessories are among gift suggestions.
"HOOSIER FAIR DATES TO BE SET JAN. 6-8
WASHINGTON, Nov. 27.-The P.).—Arrangements for 46 Hoosier county fairs will be made at the
FOR INDUSTRY _ _
- THE INDIANAPOLIS TIMES
ine Shutdown Is
WEDNESDAY, NOV. 27, 1948. |
3
Local Livestock Market
(INDICT 4 PERSONS,
GOOD TO CHOICE HOGS (10,026)
Bu 120- 140 pounds 140- 160 pounds 0- 180 ds .
| Packing Sows Good to Choice . [email protected] 22.50@ 232.78 [email protected] Hednn
180.4 . 400~ 450 pounds ....eeensie 450- 500 pounds ..... serves
Medium 90- 120 pounds Slaughter Pigs Medium to Good— 90- 120 pounds
CATTLE (1900) Choice—
700- 900 pounds 900-1100 pounds . 1100-1300 pounds 1300-1500 pounds . Googd— 700- 900 pounds 900-1100 pounds . 1100-1300 pounds . 1300-1500 pounds Medium — 700-1100 pounds 1100-1300 pounds .
14.50@ 19.00 . 18.00 19.00
vee [email protected] 22.50 .00 2508310 [email protected] [email protected] 14.00917.50
[email protected] 13.5 Medium ........cchiennn : 13. Cutter and common [email protected] Canner g “ 8.00@ 9.50
BOARD STUDIES SEWAGE FEES
Common — 700-1100 pounds 600- 800 pounds 800-1000 pounds Good 600- 800 pounds .....eee 800-1100 pounds ... Medium— 500- 900 pounds Common-— 500- 900 po Cows (all weights)
Outside City Limits.
The board of works yesterday set machinery into operation to assess residents and industries outside of the city limits whose sewage lines connect with the municipal system. Service fees recommended by Thomas R. Jacobi, city engineer, and H. W. Frazier, sanitation plant superintendent, and approved by the board were: ONE: $6 per year for individual families. TWO: $44 per year per million gallons of sewage for commercial users. Mr. Jacobi suggested that the rates be so established that they may be revised annually “if necessary.” It was expected that the service charge will be placed in effect Jan. 1, 1947,
28 Use Facility
The plan was drawn up after the city determined “many property owners connected to the public
to the cost of sewer maintenance.” An uncompleted survey of areas near the corporate limits of Indi-
and industrial plants connect to the city sewage system. These units have not been paying for the service, according to Mr. Jacobi. Under the new setup several government owned industries will not be charged for the service. They are plants 5 and 6 of Allison's, the Bridgeport Brass Co., and the housing and aviation installations at Stout field. .
NEW SAVINGS BOND CAMPAIGN TO OPEN
| 40 central Indiana counties yesterday launched plans for a concerted
effort to successfully end the state's 1946 savings bond selling campaign. | Unless purchases of bonds increase greatly in November and December, Indiana will fall nearly $20,000,000 short of its $220,000,000 {goal in 1946, Orville Maxwell, state {director of the treasury department {savings bonds division told more {than 100 leaders at a luncheon at {the Columbia club. “About 50 per cent of the people {don't even know E, P and G bonds lare still on sale,” Mr. Maxwell asserted. | A member of President Truman's decontrol board, Daniel Bell, former {undersecretary of the treasury and {now president of the American |Security and Trust Co. in Washington, urged the employers and {bankers to introduce, to their employees and customers the pay roll deduction plan for the purchase of savings bonds.
FINANCE MEN WILL HEAR VAN ORMAN
{its campaign to sidetrack ‘Proposals| Association of County and District lieutenant governor ‘of Indiana, will
for a world food hoard in favor of a system of multi-nation agree- | ments covering food and other com|modities, : Its latest move against the
| board idea came Monday when
53, It suggested instead a temporary |
‘committee which would lay the for any international commodity agreements that may be needed later. At the same time, this country
(emphasized that ‘it believes such
iy; lagreements ultimately must comé 9%: under the Jurisdiction of the inter- | 100s national trade organization rathef |
,/than the United Nations food and
8, | A8riculture organization (FAC).
A FAC preparatory commission
esreion world food proposals .is now
** funder, " 23; orn hen : triefs. broilers and roosters. 3c Leghorn springs, 30c; roosters, Joos dune. | 11 jo 0c; No. 2 poultry, 4¢ less |
meeting here. The U. 8. proposal + | was outlined to it by Leslie Wheeler,
+ | gation.
.|acting chief of the American dele-
| Fairs in Indianapolis Jan. 6-8. i Jr, said today that Governor Gates would be asked to deliver the prin{cipal address at the meeting, The {tion met here yesterday to plan the annual session.
TRUCK WHEAT Indianapolis tour mills and grain ele
vators are paying $2.14 per bushel for No.
{1 red wheat (other grades on their merit); corn, new, No. 2 yellow, $1.20 per bushel and No. 2 white, 8140 per bushel
testing 34 pounds or better, 80c per bushel; No. 2 yellow soybeans. 14 per cent mois-
ALPE FORE FOID O00) PCCM ARTNEELOEINMM AEDT EON ALENT TEM EER
address the Hoosier Association of
Vice President William Thomas Finance Companies at its 21st an-
{nual meeting, Monday and Tuesday [in the Lincoln hotel. Other speakers for the two-day
food | yoard of directors of the organiza-{conference include C. Floyd Brun-
ton, Motor Financing Corp., Lafay|ette; Thomas W. Rogers, American | Finance Conference, Chicago; Lau- | rence M. Jeger, Wisconsin Associa{tion of Finance Companies, Milwaukee, and Leland K, Fishback, Indi-
|
oats ana Petroleum Industries commit-
‘Itee, Indianapolis.
PUTT HORE RTYOOOTUAY SOD TNAA EE AUOPROINE BHAT, O00 THO OY hyve, ADP IORE TH
Brokers in Securit
Circle Tower
LOCAL PRODUCE
PRICES FOR PLANT DELIV ! Poultry: Hens, 4% Ibs. ERY
28¢;
i and over, 27c;| 6
Offices in 88 cities private wire system.
MERRILL LYNCH, PIERCE, FENNER & BEANE
| p Underwriters and Distributors of Investment Securities
Telephone: Market 6591
| : "0. J. HoLpEr, MANAGER |
“research information available.
1es and Commodities * Indianapolis 4
interconnected by owr Outstanding securities
15 | Common Culls (78 pounds up) Feeder an
Charge Would Affect 28
sewer system have not contributed)
anapolis revealed that 28 residences|.
foe
Sausa
Outter Good
Cholce— 500- 800 800-1080 Good—
Good
Bulls (all weights)
(all weights) - 0
15.00@ 16.00
. 14.00
and common *e CALVES (400)
and choice’
and medium 4 Stocker Cattle | Steers
unds pounds .
16.50 16.
ves 14.00
pounds ) . surg? (1500)
mbs Choice {Qiosely sorted) ...... Good and choice ’ Medium and good .......... Common ,.. y
11.50 11.50
. [email protected] 16.50
13.50@ 14.00 . 10.00013.50
16.00
FIRM IN SWINDLE
NEW YORK, Nov. 27 (U. P.).— W. Arthur Nickel, a $64 - a - week cashier, three other persons and one corporation were indicted yesterday
50 by a Kings county grand jury on
charges of grand larceny and forgery in the embezzlement of $780,000 from the Mergenthaler Linotype Co. The four individuals and the corporation. were indicted on a total ot approximately 470 counts of grand larceny and forgery. The four individuals were held in a total of $750,000 bail. They pleaded Iinnocent. The four persons indicted were Nickel, who was held in $150,000
" bail; Isadore Rappaport, 55, presi-
Hard Blow To Shivering Europe
dent of the Ultima Optical Co., held in $250,000 bail; Irving (Izzie the Eel) Cohen, 45, held in $100,000 bail, and Julius Lobel, who also uses the name of Jimmy Collins, held in $250,000 bail. *
PERMIT FOR TOURIST HOTEL IS PROTESTED
More than 200 property owners east of Sheridan ave. on E. Wash-
ington st. filed a petition in superior|
court 5 yesterday appealing from the decision of the city zoning board which granted Drive-In Hotels, Inc., permission to erect a $250,000 tourist hotel project? The petition. protested that proposed erection of these tourist hotels at 6221-6401 E. Washington st. would violate a zoning ordinance designed to protect residential property in that area.
COMMUTER FLIGHTS PLANNED BY AIRLINE
Eastern Air lines today announced the institution of a series of come muter flights between Indianapolis, | Chicago and Louisville. {
The new schedules utilizes DO-3, | 21-passenger equipment and wil | provide one-day round trip service. | Three daily flights to Chicago have been added, departing Indian. | apolis at 1:50 p. m, 5 p. m. and | 10:25 p. m. Two additional schedules to Louisville depart at 841 a.m. and 8 p. m. 4 Four return flights from Chicago i to Indianapolis are scheduled at, 7:30 a.m, 12:15 p. m., 3:30 p.m, and 6:45 p. m. A new flight also has been added from Louisville | leaving at 9:30 p. m. and arriving’ here at 10:18 p. m. “i
1
This is not an Offering Prospectus. The offer of this Preferred Stock is made only by means of the Offering Prespectun. This ts published on behgl/ of only such of the undersigned as are registered dealers in Stabe. These securities though veyisiered. have not been approved or d! Securitine In ns Seat tom which dees not pass on the merits of any registered securitics.
respects except as to the dividend rate and the amount payable upon the exercise of the right
Redeemable, at the option of the Board of Directors of the Corporation, in whole or in part, on dividend date less than 30 days’ notice at the following prices and accrued dividends: on or before ey 1, 1951 at 3106 i” wi share; thereafter on or before November 1, 1956 at $104 a share; thereafter on or before November 1, 1961 at $103 a share; thereafter on or before November 1, 1966 at $102 a share; thereafter on or before November 1, 1971 at $101 a share; and thereafter at $100 a share.
: The following ts the Corporation's brief outline of certain information contained in the Offering Prospectus and is subject to the more detailed statements in the Offering Prospectus and the Registration Statement, which include important information not outlined or indicated herein. The Offering
General Motors Corporation
1,000,000 Shares
Preferred Stock—3$3.75 Series
(Without Per Value The Preferred Stock—33.15 Series and the outstanding Preferred Stock—$5 Series rank
The Corporation will make on the
lication for the listing of this Preferred Steck ew York Stock Exchange.
Prospectus should be read prior to any purchase of this Preferred Stock.
THER CORPORATION
are Division
boon def
LONG-TERM DEBT AND CAPITALIZATION 314% Promissory Notes (authorized $125,000,000; issued Aug. 1, 1946) ies A, maturing Aug. 1, 1966 Series B, maturing Aug. 1, 1976 ($1,920,000 to be prepaid annually on each Aug. 1, from 1952 to 1975). ... Total 214% Promissory Notes. ........eoeveeveesnssasssassanse
Capital Steck
Preferred, without par value (authorized 6,000,000 shares) $8 Series, stated value $100 a share (issued, 1,875,366 shares; less
The Corporation, incorporated in Delaware ih 1916, is primarily an operat company principally engaged in the manufacture, assembly and sale of automotive a parts and accessories. It alse manufactures and sells household appliances, Diesel engines and locomotives, airplane engines and ther produsns. A Major portion of its &ulomotive produen) is sold i directly to retail dealers. Operations on ‘anada through su ries a other foreign countries through the Over Opera and various subsidiaries. . “th tne ees Fone The Corporation has in the U. 8. 57 plants in its automotive 2 in ite household appliance
Common, $10 par value (authorized 75,000,000 shares; issued, 44,104,340
Neots: The Corporation unconditionally guarantees principel end interest of losns of subdsidieries wp te
shares, in which total are included 7,950 shares held in treasury and carried in a special account designated for bonus purposes). ..... Total Capital Stock. ......
£675,000 South African and £2,600,000 Australian.
PURPOSE ov ISSUF
EARNINGS
sidiaries has been sccountants, and is subject to t
The following condensed summary of sales and earnings of the Cor repared by the Corporation and reviewed by financial statements and summary of earnings in the
tegether with the notes thereto.
Your Ended Dee. 31 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945
1946 (Not Audited)
§ 74,950,618 417,310,182 622,618,885
Ist 9 Mos. $1,114,879,685
Ist Qtr. 2nd Qtr, 3rd Qtr.
Net Sales (0) $1,439,289,940
Other Income
$43,923,896 32,077,992 22,751,680 24,056,632 33,444,078 39,077,708 35,001,456 23,555,680
13,868,095 24,606,954(G) § 697913 ’
3,204,742 2,139,918¢
Sess ssassssssssnns
Costs of Doing Business,
169,583,538 446,609,915 599,736,984
441,043,400
Serres ssssens Esme
The net proceeds ($97,755,000 alter expenses) will be added to the Corporation’s general funds and will be used from time to time for corporate purposes as the management determines. Te meet anticipated postwar demands for its products, the Corporation has under way & program for modernization and expansion of its existing facilities, construction of new units and additions to working cepitel. The present program is under constant revision to conform to changing conditions, but as approxiiate 25590 000,000 for plant fac ities and equipment in the U. S. of which $290,000, ptem . ional funds are required for this or other pur , the Corporation them out of cash resources, from the sale of additional securities or from & -— ow "iay groeide
rowings.
askins &
Provision
Income
Less Income Deductions (B) (C} = Income Teses (4)
$1,201,123,784 1,393,324,100 959,534,339 1,162,742,557 1,492,731,258
§ 52,395.91° 26,097,091° -
15,718 3,902,830° 17
by the Securities and
tions, 27 in its parts and accessories operations, operations, 8 in its Diesel and airplane engine operations and one in its miscellaneous operations. Of the foregoing, 13 are being constructed and 7 are leased. Construction of 3 edditional plants hes erred. Subsidiaries have 25 plants in 17 foreign countries.
resently estimated was
tion and consolidated sub-
§ 3.414,
and identical tn of
are to redeem.
441,043,400 $724,607 800 TTT
expended bide
Sells, certified publie Offering Prospectus
§ 26.134, 600¢ HAM ATE
47 1414.40
ar
$1,762,737
is set forth in the Offering Prospectus.
NEW PREFERRED
STOCK
ted subsidiaries so to do.
$1,215,930,434
The Preferred Stock—3$3.75 Series (1,000,000 shares authorized) is entitled to receive cumulative dividends of $3.75 per annum, payable quarterly in preference to any dividends on Common Stock; has no voting rights except upon sale of assets or as otherwise required oy law, and except upon default in payment of dividends continuing for six months when the Preferred Stock as a ec shall have the right to elect one fourth of the Board of Directors; is entitled to $100 a share and acerued dividends on liquidation; and upon issuance and payment will be fully paid and non-assessable. The Corporation agrees that, without the consent of the holders of three fourths of the shares of Preferred Stock as a class, the Corporation will not mortgage or pledge, with certain exceptions, the whole or any part of its property and will not permit any of its consol
UNDERWRITING Subject to certain conditions, the Underwriters, named in the Of.
accrued dividends. Such shares are to be offered to the public at $100 a share,
severally agreed to purchase this
Preferred Stock at $98 a share, or a total of or a total of $100,000,000, and
dividends. The underwriting discounts are $2.00 a share, or a total of $2,000,000.
Price $100 a Share
and accrued dividends
The Underwriters have agreed to purchase these shares when, approval of Davis Polk Wardwell Sunderland & Kiendl, counsel for the Underwriters and to certain further conditions. It is expected that delivery of certificates for these shares will be made on December 3,
19/6, against payment therefor in New York funds at the office of J. P. Morgan & Co. Incorporated.
0 FACILITATE THE orrERING| IT@8 INTENDED TO STABILISE THE PRICE OF THE NEW PREFERRED STOCK. THIS STATEMENT I8 NOT AN ASSURANCE THAT THE PRICE OF THE NEW PREFERRED STOCK WILL BE STABILIZED OR THAY THE STABILIZING, IV. COMMENCED, MAY NOT BE DISCONTINUED AT ANY TIME. :
Further information, Commission,
BLYTH & CO., INC. HARRIMAN RIPLEY & CO. ° © Incorporated LAZARD FRERES & CO. UNION SECURITIES CORPORATION *
¢
and in the Offering
ticularly
financial information, is contained in the Registration Statement on Als with the Prospectus which must be furnished to each purchaser and is obtainstis from only such of the undersigned as are registered dealers in securities in this State.
MORGAN STANLEY & CO.
Jae
THE FIRST BOSTON CORPORATION SMITH, BARNEY & CO. _ . STONE & WEBSTER SECURITIES CORPORATION INDIANAPOLIS BOND AND SHARE CORPORATION
$ 82,995,812°(H) $30,304,570°(E) § 14,013,079 Aggregate annual dividend requirements on Preferred Stock—$5 Series and $3.75 Series will amount to $13,928,230,
*Credit. {Loss. (4) Refunds of profits on war contracts under Renegotiation det of 1948 for 108, 1048, end 10}} (nene required for 1945) ere included in Costs of Doing Business. (B) Other Income includes equities in undistriduted profits of subsidiaries not consolidated. (C) Income excludes certain profits realized abroad but not remitted te she U. 4. (D) Represent provisions for special contingency reserve provided in view of conditions abroad. $81,978,066) wes applied together with other reserves in 1948 in write-off of certain foreign investments of §,6,918,679. (E) Provisions in 19}1, 198 and 19}8 eve for @ reserve for postwar contingencies and rehabilitation. Credits in 19/5 and 19/6 represent restoration of reserve to income $0 offset costs of postwar reconversion. (F) Includes $81,189,475 income items of special nature of which $88,908,475 represents reduction in 1941 U. 8. tex provision due te write-off in 19/8 of certain foreign investments. (G) Includes $15,957,787 profit (before taxes) from sale of stockholdings in National Bank of Detroit. (H) Basis of accruing credits for 19)8 U. &. tenes
as and if lssued and subject to the
GOLDMAN, SACHS & CO. KIDDER, PEABODY & CO,
tus, have ,000,000, and eocorued
\
WEDNES]
BEGINS ANTIK
:mmert Acts ~ Policy Gro
Mttorney Gene: ert today begay
ing a bill to outla
nd other r
Iongering secre
diana. <He was autho paration of su ing yesterday o lative policy ommittee presur initial - actio ‘eight behind th roduced before t ambly, Would E | . The proposed prned after an tute which ab held in a supren vhich forces se five the open. 1 8 well as basic | tAnizations woul f public record. The proposed ! ret organizati peretary of stat d by-laws, th embers, full enc if membership a if major actions uch as resolutio ership backing fnmental causes p be filed with ition. “Officers would or compliance Abor unions, fr ent orders, coll hrorities would | govisions of the The action fc plicy line annou ? islative group terances of sta puld be backe harty policy. In jor put the part; n record in fave n “once and ! ficial statemen
KILLED 1} CHICAGO, No in Soltz, 60, Pi filled in the bhen he acciden ridge gate and d onto the p
THE ONE-ST TE KITCHEN M
Phon 7] 28s E
Cert
. Written re {showing any.