Indianapolis Times, Indianapolis, Marion County, 19 March 1947 — Page 9
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Rr WE
* WEDNESDAY, MARCH Business—
+ House Banking Group
Waiting to
# RFC’s Lending Power
New Act Planned to Cut Down Capital And Make Loans Banks Won't Consider
By JAMES M, HASWELL, Times Special Writer WASHINGTON, March 19.—Chairman Jesse P. Wolcott (R. Mich.) of the house banking and currency committee has waited a long time. Now he thinks his chance has come to cut the reconstruction finance
corporation down to manageable size. “Never again,” to* threaten socialize banking
Chairman Wolcott, who is & lawyer and banker from Port Huron, Mich., believes strongly in individual, independent, decentralized credit markets. A Across the river from his home town he has seen the big Canadian bank chains operate, and the recent nationalization of the Bank of England has made a deep impression - on him, : - Authority Expires June 30 But the RFO in its day has been a bigger force for céntralization of credit control than either. It underwrote $16 billion in loans to combat ‘the depression, and $36 bil- | lion to finance the war. Now its commitments are down to a mere $1 billion. SR "The RFQ lending authority will expire June 30, and congress must act if it is to continue. Banking Chalrman Wolcott be- - Neves it will be sensible to keep the RFC In existence, so it may be expanded quickly in event of another depression and credit crisis. « But he would cut down its capital for now, and rigidly limit its authority. The RFC has accumulated so much authority from so many different laws that Mr. Wolcott plans to cancel all of them and write a new act. . One thing the RFC might continue to do with benefit is to stand
ready to make risk loans of a|go.q 400- 480 pounds
broadly constructive nature .that private banks wouldn't consider,
Opposes Blanket Loans What Mr. Wolcott doesn’t like is the current RFC practice of blanket participation in bank loans. Twofifths of its outstanding commitments are of this type. The federal reserve board would like to take over the RFC authority to make risk loans, but Mr. Wolcott frowns on the idea. Once the bahking and currency committee takes up the subject of government credit agencies, Mr. Wolcott wants to go right through the fleld of housing credits, farm credits, commodity credits, exportimport loans, etc. | He has his sights already trained on regulation W of the federal reserve board which limits the private extension of consumer credits.
t, 1047, by The Indianapolis Times Cutter and common
The Chicago Daily News, Inc,
Prepare for Strike On Stock Exchange
CHICAGO, March 19 (U, P.).—A union spokesman says that working agreements with the New York curb and stock exchanges will be canceled within 35 days. This clears the way for a strike against the two firms because of one member's refusal to hike wages. ' M. David Keefe, president of the United Firlancial Employees union, disclosed last night that the union on Friday or Monday would serve 30-day notice of contract cancella~
tions, as provided in the contracts’ The strike thteat was aimed at A. M. Kidder & Co, a member of both exchanges. The company has refused the union's demands for a
25 per cent wage increase. The " exchanges have said they do not have authority to interfere in members’ internal affairs. If exchange employees strike, Mr.
Keefe said, union members in a
majority of the 65 member firms represented by the union also will strike. Mr. Keefe made the statement while attending a union con_vention here,
‘Radio for Retailers’ Subject. of Ad Talk
. Miss Lee Hart, Washington, D.C, assistant director of broadcast advertising' of the National Associa- ©” tion ‘of Broadcasters, will discuss) “Radio for Retailers” at the luncheon meeting of the Indianapolis Advertising club tomorrow at Hotel
Lincoln. Harold F. Walker,
troduce Miss Hart.
he says, “should it be so big and powerful as
local sales manager of station WISH, will in-
19, 1047
Trim
and credit in this country.”
Cattle Trade Is Still Active
Steers, Heifers Are Up 25 Cents
Cattle trade continued active to-day-at the Indianapolis stockyards with steers ant heifers strong and 25 cents higher. : Vealers ‘were active but steady and fat lambs displayed no quotable change. ic Hogs turned unevenly 50 cents higher. Receipts included 3275 hogs, 1500 cattle, 325 calves and 226 sheep.
strong to
GOOD TO. CHOICE HOGS (8425) Butchers onan ress [email protected]
ho [email protected] ter 3 gh re. [email protected]
130- 140 140- 160 160- 180
300- 330 pounds ... 330- 360 pounds ... 360- 400 pounds
Shows Income 0f 3 Million
$1,139,877 Over Earnings in 1945
The Indianapolis Power & Light Co. reported today that its 1046 net incorhe was $3,3614221, or $1,139,877 more than it earned in 1945. 1945. ; The company’s earned surplus totaled $84,742,607 Dec. 31, the financial report said. It pald dividends in 1048 of $586,948 on preferred stock and $1,115,143 to holders of common stock. Operating revenues were $18,1945 revenues by 1.23 per cent or $212,174.95 and 1944 revenues by 1.7 per cent .
Growth of Sales
The increase in 1946 over 1046 resulted mniainly from increased sales to residential .and commercial customers, which .comprise 59.8 per cent of the company's business. This more than compensated for a decrease in large volume sales at wholesale rates to industry. But industrial power requirements which had fallen off during the first half of 1946 began increasing toward the latter part of the year as business and industry stabilized, the report indicated. ; The company reported that while part of its increased net revenue resulted from relief from the federal excess profits tax, this was balanced by costs of labor, materials
=a] and supplies.
Make Rate Reduction
The company made a rate reduction totaling $775,000 a year at the
in view of its excess profits tax relief. The full impact of this reduction was not felt last year, since the rate reduction did not become effective until June. The company’s report reviewed its refinancing last year. All of its 140,501 outstanding shares of 5% per cent cumulative preferred stock was refunded by 100,000 shares of new 4 per cent stock. This was sold at $115 a share.
00 - The company also refunded its
214 per cent serial notes with $3 million of 2 per cent serial notes.
450- 500 POYnds ...eseseese. [email protected] Medium— 250- 350 pounds ........e000 [email protected] Slaughter Pigs 90-120 pounds ............ [email protected] CATTLE (92000) Choloe— 700- 900 pounds ....eepeivi. .00Q127.00 00 . 7.80 5. .50 . 27.50 Gi — 700- 900 pounds .....eeeee.. [email protected] 900-1100 pounds ....evsuee. 22.00@ 24.504 1100-1300 pounds ... . 22.50@235 1300-1500 POUNAS .uvessnsvens 22.50@25 Medium 700-1100 pounds ....... saeee 17.00@33. 1100-1300 pounds ......eeeces [email protected] Common 700-1100 pounds ........c..00 [email protected] HEIFERS Cholce— 600- 800 pounds .....ceese «3 26.00 oS .1000 pounds «soot [email protected] 00d~ B00- 800 pounds ...evesveras 4g 800-1100 pounds ....essvaees [email protected] Medium— 500- 900° POUDAS «s.vvvqrrens 17.00921.50 Common - 900 pounds ............ 13.50@17 00 Cows (all weights) COOH adusinr are rivovin [email protected]° MediUm .siveccvivisnsnvnsins [email protected] Feavasanat [email protected] BRAGE ses tigss. sc rabresgesess [email protected] Beat Bulls (all weights) Good (aif weights).......... [email protected] Sausa, * . veanes evans ghaseess [email protected] Medium .......co0i000000000 [email protected] Cutter and medium ...... [email protected] CALVES (625) Good and choice ...0........ [email protected] {Common and medium ........ [email protected] Culls (756 poundsup) ......... [email protected]
Feeder and Stocker Cattle and Calves
: Steers Choice— 500- 800 pounds ......eo00s. 18:50920.00 800-1050 pounds ......eces.. 18.50@ 20.00 Good— 500- 800 pounds ..coeceveene [email protected] 800-1050 pounds .... ssessse [email protected] Medium-— Syd pounds ceseveecss.. [email protected] OMmon-— 500- 900 pounds ...........s 12.00913.50 SHEEP (225) tio) Lambe oice— Good to choice .....c.vnvvrne 21.75@ 23.50 Medium and good ........eeuv 1% 21.75 COMMON sages seve ssnnssisnues [email protected] Good d ag {Shorn) 1.00@ 8.80 an CROICE ....d¢svuurvin v * Common and medium ...... 6.50@ 7.00
Heads Auditors At Morris Plan
Richard T. Hansen has been named head of Morris Plan's auditing department and personnel director here.
A graduate of Wharton school of finance of the University of Pennsylvania, he was graduated from the army flnance department officer candidate
instructor at the Mr, Hansen 40006 school ‘at Ft. Harrison. . : Before entering the army he was a teller in the commercial banking department of Fidelity Philadelphia Trust Co., Philadelphia, Pa.
Truck Wheat
Adams Nets $276,000
J. D. Adams Mfg. Co. has an-
Indians; flour mills and grain eleBosis $3.65 per bushel for yellow an . 3 white, jetting 24 pounds ; No
r bushel; . 3 yellow peor cent moisture, 83.75,
vators are paying 0... 3 wheat; new No. 3
Fo M- per ’ or better, 84c soybeans 14
nounced a 1946 net income of $276,404 or 92 cents a common share. The previous year the company earned a net income of $437,337 or $146 a common share,
~ "NEW YORK
FOUNDED 1913
SERVING THE INVESTOR | FOR OVER 30 YEARS
THOMSON & MCKINNON BROKERS IN’ SECURITIES AND COMMODITIES ¢ 5 East Market Street. : Phone: MArket:3501. amg Offices in 36 cities is she United States and Canada | a Wile for oh Weekly Shock Survey
MEMBERS NEW YORK STOCK EXCHANGE AND. OTHER PRINCIPAL = SECURITY AND COMMODITY EXCHANGES "=a
TORONTO
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Hola and of ®here pid any" neve Gy 186 yo! 1a VelY nce. 185, immed trere for J \y ety. HER snayer hn .
Power & Light
582,788.06 in 1946. These exceed|#
suggestion of city and state officials | Bobbs-Merrill com
Business—
Mr. Acheson asked no commitments from the union men, but presented detailed Information to back the Truman program. Indicating the importance of the AE subject, Mr. Ache- % son appeared before a meeting in § the office of David Morse, as‘sistant secretary of labor, of the Joint labor committee on interMr; Perkins national relations. The A. F. of L. was represented by William Green, president; George Meany, secretary-treasurer; Matthew Woll and David Dubinsky, vice presidents, and Robert J. Watt, delegate to many international gatherings.
y OL O. Representatives
The C. 1. O. representatives were Secretary - Treasurer James B. Carey; Michael Ross, director of
THE INDIANAPOLIS TIMES
ag $
—-—t
CIO, AFL Get Information On Truman ‘Red’ Program Acheson Asks No Commitments, Gives Unions
Data on Which to Base Their Policies
: By FRED W, PERKINS ’ Scripps-Howard Staff Writer WASHINGTON, March 19.—The two major branches of American organized labor have information today on which to base their policies regarding President Truman's réquest to congress for authority to help Greece and Turkey against Communist aggression, Acting Secretary of State Dean Acheson gave a long fill-in’ late yesterday to A. PF. of L. and C. I. O, representatives, :
international activities; and Clinton’s. Golden, veteran official of the United Steelworkers. The railway brotherhoods were represented by A. E. Lyon, executive secretary of the Railway ‘Labor Executives association’s, All the C. I, O. men who attended are identified with the right wing of that organization. Mr. Carey is known as a leader of the fight against Communistic elements. The C. I. O. attitude is hard to forecast because of the left-wing content in some important unions and the efforts of President Philip Murray to avoid a disastrous split The C. I. O. executive board met here after the Presidential speech and said nothing about foreign policies, a‘ subject on- which {it previously had been vociferous. Expectations today were that an A. PF. of L. statement favoring the Truman program soon would be issued, An expression from the C. I. O. may be delayed until
various leaders can be consulted.
Indiana Stocks and Bonds
Nominal quotations furnished by Indisecurities dealers:
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. |build barriers through trade. They ¥2| economic war is likely to lead to real
"Inave been successful in gradually .|of reducing them. Moreover, we get .. [means have we exhausted the pos-
*|sibilities in our machinery for
.|agreements are the only means of
Oil Head Favors Importing .Necessary,
By JOHN W. LOVE Soripps-Howard Staft Writer CLEVELAND, March 190.-A
businessman and industrialist who
day, president of the Standard Oil Co. of Ohio.
A supporter of the Cordell Mull policy from its early days, he hopes the members of his party in Congress, the Republicans, won't freeze the trade agreements for a year, and won't upset the power to make them when the legislation comes up for renewal in 1948.
Mr. Holliday is head of the original Standard Oil, the corporation founded by John D. Rockefeller in 1870, from which all the other: Standard Olls were split off. Today the Ohio Standard, or “Sohjo,” operates in 13 states.
Must Import
“I don’t see,” says Mr. Holliday, “how we can expect to export if we don’t import, and how we can import if we maintain high tariffs. It makes no sense to continue lending money if we shut off .the only means which foreign countries have of paying off their loans. “With a number of countries in the condition they are today, they must borrow money if they are to re-establish themselves. The U. 8. is the only nation which can lend in the amounts they nééd. As sensible people we ought to expect payment ‘in the goods these countries can produce better than we ca.n “Tariffs were set up to make it hard or impossible to import. They
are a form of economic warfare, and
war. “The reciprocal trade agreements lowering the tariffs. These are complex affairs, and the machinery of the trade agreement is the best way others to reduce their obstacles to trade when we lower ours. By no
handling tariffs by reciprocity, and it ought to be retained.” He doesn’t think reciprocal trade preventing economic war, certainly
he thinks they are one way of head-
Reciprocal Trade |=
Says W. T. Holliday|§
believes in the reciprocal trade? agreements program is W. T. Holli-| 4
not of preventing physical war, but|Indiana,
Dr. Robert P, Jay, & navy announced the
office for the practice of ob in room 915, Hume Mansur hullding.
“hospital. 1 served in CaliforDr. Jay. while in service. Following discharge from the navy, he returned to Honolulu where he took advanced training at the Kapiolani Maternity and Gynecological hospital. : Dr. Jay is married and lives at 130 W, 64th st.
Here t6 New York In 3% Hours
The first non-stop air servicelflight by Trans-World Airlines between Indianapolis and New York,|, cutting more than an hour and one} half from existing T. W. A. sched-|; ules, will begin April 1. N. W. Waldron, T.'W. A. district} manager, ‘announced .the new flights would be made with ‘fourengine Boeing stratoliners at regular fare. ‘ Planes will make the trip: front Indianapolis to New York in three hours and 25 minutes.
Evansville Ordnance Plant Up for Disposal
8T. LOUIS, Mo., March 19 (U. P.).—~The Evansville ordnance plant, Evansville, Ind, was offered for sale or lease today by the war assets administration. The plant, used during the war | for the manufacture of small arms and ammunition, consists of 180 buildings on a 99-acre- tract in Evansville’s puter industrial district.
Savings-Loan League Meets at French Lick
The North Central conference of the United States Savings and Loan league will meet at French Lick March 24 and 25. The meeting is the first to be held outside Chicago for 15 years. Some 500 men interested in home
the Dakotas,
ing off disputes which lead to war.
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