Detroit evening times., June 16, 1942, NIGHT EDITION, Page PAGE 16, Image 16

About Detroit evening times. (Detroit, Mich) 1921-1958

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PAGE 16
Plane Output
Cut by Shortage
Of Aluminum
U Follatt# CK«rg«s
Monopoly, Demand*
New Federal Control
WASHINGTON. June 16 <INS>
* Senator La Follette (P) of Wis
consin charged in a Senate speech
thav an aluminum shortage Is
restricting airplane production
Calling for action to end what
he said was a monopoly of the
Aluminum Company of America.
La Follette urged creation of a
federal aluminum authority to
integrate the far-flung government
aluminum enterprises both to
speed the war effort and assure
competition in aluminum produc
tion after the war.
Reviewing the aluminum expan
sion program, into which the
government has poured hundreds
of millions of dollars, Ls Follette
charged government experts with
having made misleading slate
men ta.
He quoted Glenn L. Martin,
airplane manufacturer, as saying
his production of bombers is 20
per cent under capacity because
of lack of aluminum. The same
day, he said. Secretary of Com
merce Jesse H. Jones said it
appeared there would be ample
aluminum, while the aluminum
companies denied responsibility
for any lack of aluminum at the
Martin plant.
HITS BUCR PASSING
"Bombers are too Important
for ns to be content with buck
pasatag.’* La Follette said. "We
mast find out now what Is
wrong while we can still remedy
the situation and not wait for
disaster to give birth to a post
mortem."
Under the government program,
he said, low grade bauxite will be
used in government plants while
privately owned plants use high
grade bauxite. This, he said, will
put Alcoa in a better competitive
position after the war.
He accused Arthur H. Bunker,
chief of the aluminum section of
the War Production Board, of
making misleading statements.
"Soma of Mr. Banker’s state
menu on the bauxite situation
makes one wonder whether be
was misled by private Industry
La Follette continued. "For
example. His statement was mis
leading when be flatly asserted
before the Truman committee
that ‘our program suggests that
not one single ton of high grade
bauxite enter Into production of
aluminum metal—not one.'
HELD MISLEADING
"Mr. Bunker should have
known when be made his state
ment that tt was misleading. He
knew that only the government
alumina plants were going to
operate exclusively on low grade
ora while the private plants of
Aleoa and Reynolds (Reynolds
Metal Company) were to con
tinue to use principally high
grade bauxite.”
La Follette said disclosure of
Alcoa's friendly relations with I.
G. Farben. the German dye trust,
emphasizes the need "for a thor
ough reappraisal of Alcoa's role
in the war production drive."
\« Shortage
Paperboard Industry Plans
to Publiclxt ’Plenty'
NEW YORK. June Ift.—Paper
hoard makers plan an advertising
rampaign stresaing the “plenty of
paper” situation to offset the wide
spread impression that a scarcity
exists. The industry's output is
larger than incoming orders while
prices are softening and produc
tion has fallen 25 per cent from
last fall's peak.
Detroit Produce
arrLaa—Waihinfiaa, boxes. extra fancy
BKIS (TAYm* «•"=
BKANa—Marylaad. bu hpre., Stark V*|.
an One*. $3 SO; Bountiful*. Si 7SO 3 W«*
’*■■■■ M S®: North Carolina. bu. hpr» .
Wlaefc Valentine# ordinary to fair SI SO
ft; Tandergreea*. ordinary to fatr. SI SO
J; Wax baana. ordinary to fair. $1.50*3
CABBAGE— Tennessee 60-lb. sacks
rouad type. SI 3501 40
.I CANTALOUPES— California Imperial Val
% im 2 b ***' M.TB. few best S 3 35; Jumbo
Or $6. few beet $5 50; atd crt*., «;«
•A**: P°" y erU Ml MM: Arison* Yuma
' M TS, jumbo «sa
WO- If 50.
•CARROTS Lae Angeles ert*.. d doi
• California. $3 1503.50. moatiy S3.IS
*3-3ft; fair condition. S 3: Anson* am all
to medium S 3 4603; Taxaa Sa S 3
CAULIFLOWER—Washington pony art a
13a *ad larfar. f| 3a
. CELjCßT—Florida. IS in. rria trlmmad
***_•• !£•£ 30 Soa . 64: Virginia. atd.
erta.. Florida type. 4a-10a $4 75
ssj*.jisfi ***•. B so*.. S 2 so.
CUCUMfUS — South Carolina, bu bfcta
ordinary ,a fa*
•t**; eholra. $1.7502; fair.
fi* 2k!f' f V*T: *1.500 2 Firm*..
*1 *®o3: Alabama, fancy. S 3 250 2SO
cbotca, SI SO; fair condition. SI.
_ \‘^ :rr y c ! r Z lM An»alaa erta Iceberg
a?™*"*? • M 0« IS: fi do.
S 4 SO. Washington. ft do. . SB flo.
ONIONS- -ftO-»b aack. Tessa Yellow Bar
mudaa U. S. Comm , *O% m mor» V a
i and U ft. No j si 4ft#n v»
iL. 60 - °odtnary to fair Sl«ri3ft
U » No ». »3 fatr
•1 *901.89; Bahoaa U. t. No. 1. Sin
aad lar»ar. 91 50*145
FOTATOES—California U. t No 1
waatoad Long Whltaa. 50-lb. sacks. Si 00
ISft-lb aarka. S 3 150 3 90, moatiy $335
«aa duality S 3 9099.40; Alabama 100. lb
*}*Sa V. S. No. 1 waabed Triumph* S 3 S 5
•*■ moatiy S 3; maah aarka, 93.75 0 3 90;
U. S No. 1 waattad Long WhHes, f3*l 15
*ne B S 3 10; North Carolina V. S. No i
unwashed Cobblara, S 3 FYI k.V maah
aacka. S 3 T 5; Virginia U. S. urwaahed Cob-
Man S 3 75* 2 Aft.
SWKET POTATOES Porto Ri<-an Tama.
Yam* bu erta U. 8 No 1
91 790 1 96: waxed. 91.9003
TOMATOES |h-)b etna repks , med
SI 390 1.90; *5-lb. lug* rapk* S 3 75*
3 SA: Hothou** 9-lb hkt* Ohio mat
•1 9091 7ft; original lug* U ft No 1 Texas
*roar ripe and turning, wrapped erg «, c
larger. 12 50*3 90; SxTa. 92 2603.7 ft
W A TERM BLOWS— Florida per melon
Cannonball* 94 iba an*av- 9a the w
99 Iba, ?hoThe. Tom Wafnona. 34 Iba , |i (
MARKETS
I<*kes Hits
Standard
Oil of Cal.
WASHINGTON, June 16 (INS)
Secretary of Interior Ickes in a
report made public by the Truman
committee today charged the
Standard Oil Company of Cali
fornia with using the war situation
to improve its competitive position
and failing to co-operate with him.
Ickes said that a report of an
investigation conducted by Dr.
John W. Frey, director of market
ing, "leaves no room for doubt
that up until very recently the
conduct of Standard of California
in relation to the war effort of
the petroleum industry and the
effort of my office has been any
thing but helpful.”
"Apparently this Standard
company saw in the war-time
situation what It believed to be
an opportunity to use Its superior
physical and economic resources
to improve Its sales position at
the expense of Its competitors
who were leas fortunately situ
ated," said Ickes.
The committee received a tele
gram from President H. D. Collier
of the Standard Oil of California
in which he said the company was
not prepared to accept Ickes
criticisms but had given unquali
fied acceptance of specific requests
by him to improve the oil situation.
Eureka Reports
$104,385 Profit
Kureka Vacuum Cleaner Com
pany for the quarter ended April
30 reports a net profit of $104,385,
equal to 52 cents a share on 201,-
919 shares, against a net profit of
$63,355 or 31 cents a share in the
April quarter of 1941, and a net
profit of $135,531 or 67 cents a
share for the quarter ended Jan.
31. 1942.
For the nine months ended April
30 last, indicated net profit was
$231,098. equal to $1.14 a share,
against a net loss of $35,437 for
the nine months ended April 30,
1941. The company states that no
provision for normal and excess
profits taxes was necessary in
either years.
Dividends
Continental Roll and flteel
Foundry Company hts declared a
dividend of 50 cents on the com
mon. payable June 30. to holders
of record June 22. The same
amount was paid March 31.
Crown Cork International ror
poration has declared a dividend
of 10 cent« on cumulative partici
pating Class A, payable July 1, to
holders of record June 22. The
same amount was paid April 1.
Florida Power and Light Com
pany has declared the regular
quarterly dividend of $1.75 on the
$7 preferred, payable July 1, to
holders of record June 23.
General Fireproofing Company
has declared a dividend of 25 cents
on the common, payable July 1,
to holders of record June 20. The
firm paid 50 cents July 1, Inst
year, and 25 cents April 1, this
year.
Montreal Light, Heat and Power
Consolidated has declared the
regular quarterly dividend of 38
rents, pnyable July 31, to holders
of record June 30.
Walworth Company has de
clared a dividend of 20 cents on
the common, payable July 2, to
holders of record June 25. The
previous payment was 25 cents
Dec. 29. 1941, the first since 1937.
Detroit Poultry
Markat unsettled. Hma. ayaraga run.
30c. leghorn bana, S Iba. and up. I7e,
rocks. lie 13c; rock aprlngara, 4 iba. and
up. 19c; rock brollara. iy, to 4 Iba . 39c;
leghorn brollara. 3 Iba up. 22r, 114 to
3 Iba.. 30c; under IV* Iba not wantad; old
tom turka>a. 2Ao; bana. 32c
BOOS Markat Heady; current rarelpta,
2b»; undargradea. 27 9 25c
BIGGER JOB
*.<&* yp.
I I ’
ROBERT E. CURTIS
Addition of the state of
Ohio to the responsibilities of
Curtis, until now Michigan
state manager of the Fleisch
mann Distilling Corporation,
was contained in the an
nouncement of his appoint
ment as district manager for
these two states, hy C. S.
White, sales manager.
Nat l Accident
Insurance Men
To Meet Here
Schedule Convention
June 29-July I With
Meny Ranking Speakers
Charles E. Waddell, president of
the Detroit Accident and Health
Association, has announced the
completion of plans for the 1942
convention of the National Asso
ciation cl Acci- jsttr*
dent and Health
ers scheduled to
he held in TV
troit nt the
Hotel
Detroit tljjjfc s
Insurance
A t;rnr v who is E'\
wit i b.mman
'if the conven
non Hint chair- Bilik
man of the pro- '■
gram commit
tee, has lined up L ’ *' WADDELL
a prominent array of speakers for
the Detroit meeting.
According to Faber, the con
vention is to opgn June 29 at 8:30
a. m. with registration of dele
gates. At 10 a. m. there will be
the formal opening of the conven
tion with the address of welcome
by Mayor Edward J. Jeffries Jr.
and a response by Clyde E. Dal
rymple, president of the national
association.
At noon a formal luncheon has
been arranged with T. Russ Hill
as the speaker. Hill is president
of Martin-Parry Corporation and
Rexair, Incorporated.
LIST SPEAKERS
The afternoon session will be
addressed by W. F. White, super
in ten top t accident and health de
partments, Royal, Globe and Eagle
Indemnity Companies, subject, "In
Wartime—Production Counts”; W.
G. Alpaugh, vice president, secre
tary Inter-Ocean Casualty Com
pany. subject, "Accident and
Health Insurance Today”; Harold
R. Gordon, executive secretary.
Health and Accident Underwriters’
Conference, subject, "Federal
Legislation What’s Ahead?”;
George L. Dyer Jr., flirst vice
president, National Association
Accident and Health Underwriters
and incoming president, will speak
on "Our National Association.”
Leading producers’ round table is
also scheduled for Monday after
noon. Monday evening will be de
voted to an executive session of
the association.
At 7:30 a. m. Tuesday the re
gional directors’ committee break
fast, which is held jointly with the
national association officers and
all National Association Commit
teemen. Also on Tuesday, June 30,
is the annual sales congress pro
gram with Homer J. Bisch, gen
eral agent. Toledo, 0., National
Casualty Company, presiding.
The congress will be addressed
at the morning session by S. C.
Carroll, vice president. Mutual
Benefit Accident and Health As
sociation, subject. "The Ideal
Agent"; E. H. O’Connor, agency
manager, Provident Life and Ac
cident, subject, "Women as Pros
pects"; R. J. Costigan, Missouri
manager. Business Men’s Assur
ance Company, subject. "Meeting
Objections"; Frank E. Mueller Jr.,
superintendent of agents. Conti
nental Casualty Company, subject
not announced.
CARTER TO SPEAK
The Tuesday afternoon program,
at which C A. Sholl, president of
the Globe Casualty will preside,
will be addressed by George W.
Carter, president of the Detroit
Insurance Agency, and Frank
Potter, field supervisor for the
Aetna Casualty and Surety Com
pany, who will speak on "Sales
Fundamentals.”
The Tuesday afternoon session
will close at 4 o’clock and will be
followed by a banquet in the
evening at which the incoming
officers will be installed and enter
tainment provided. C. E. Waddell,
prcMcient of the Detroit Associa
tion, will preside.
L. A. Young Earnings
Show Sharp Decline
L. A. Young Spring & Wire Cor
poration and subsidiaries reports
for the nine months ended April
30. 1942. a net profit of $424,404
after provision of $190,931 for esti
mated federal and Canadian in
come taxes and excess profits l
taxes equal to $1.03 a share on
408,658 shares common, against a
net profit of $1,017,195 or $2 49 a
share for nine months ended April
30. 1941
Earnings
I in. tna*li AlrtH Railway Campin? far
th# Bv* month* May 31 riporti a
nat ini-om* of 5309 030 afttr fwlaral in
rom* Him. Mr., aqua! to 05 ranta a nhara
472 331 aharaa aaaln*( 1125 100 or 37
ranta a aharr in tb« 1941 parlo4.
Rlarirlr Aatal.lt* (amp any arwl Ha
■ub*i'llariaa for tha March quarter reporta
a n*t profit of |i.509.379 after federal
taxea at rxlatlng rate*, or >1 2« a share on
• . .i‘ f>m . TTlon »Mlnet a revised net profit of
11.504 434. or tl S 3 a share In tne 1941
quarter.
General Realty and 1 tintte* i nrporatlan
for »he *ix montha ended March 31 report*
a profit of 5294.500 before depreciation
*bd profit of $57 filfl. after deprertaMn.
Tht* rompare* with a profit of 5211.013
before depreciation and toe* of $15,147
aftar depreciation for all month* ended
March 31 last year.
PETKOIT EVENING TIMES (PHOSE CHEEKY »SOO)
OETfiBH^aWfMES
M. S. Rult«y»«r
Free Enterprise
Out 'Temporarily’
Much of the underlying pesaimiam expressed in recent montha
m the stock market has been based on the fear that the free
enterprise system was disappearing.
Under the necessities of a wartime economy, observers have
seen evidence of increasing regimentation of business by govern
ment.
It seems to me more accurate, however, to conclude that free
enterprise is temporarily in a state of suspended animation.
The immediate distinction may seem academic, but this view
leaves open for struggle at the conclusion of the war the question
of restoring the private enterprise system.
According to the principle of action and reaction, some stu
dents of government and business believe that after the war the
public will be so weary of governmental Interferences with personal
liberty that there will be a nostalgic demand for something
approaching "normalcy."
Instead of relying fatalistically on inexorable forces, I think
that those interested in reatoring the enterprise system should
begin to make analyses of the fundamentals and to express them
in humanized and dramatic manner so that workingmen, small
stockholders, and the public generally will have a sympathetic
understanding of the issues at stake. I believe that corporations,
temporarily estopped from stimulating demand for certain types
of consumer goods at present, should take advantage of the hiatus
to employ advertising to merchandise concepts and ideas about the
desirability of the American way.
• • a
Defeatism Over Future 1$ Not Warranted
In view of the demonstrable superiority of the enterprise
system in achieving high living standards and human liberty,
defeatism concerning the long term future of the system is not
warranted. The present situation is highly abnormal. Armament
production is not industry in the accepted sense; it is rather a
necessitous commandeering by government of the facilities for pro
ducing and exchanging goods. With the government as the sole
buyer of war materials, it is necessary in wartime to develop a
type of regimentation which would be unsuitable for peacetime
conditions.
The American way should not be dubbed the private enterprise
system. That fallaciously puts emphasis on the so-called vested
rights of the business man and the property owner. Those privi
leges are only incidents to the system, which should be described
as a mechanism by which American workers, farmers and others
produce and exchange goods among themselves through the corpo
ration, the partnership, and other agencies. What is really at stake
is the liberty of the people, and their freedom to select work and
goods of their own choosing. It is a fortuitous circumstance that
the annals of business demonstrate that this free system ha> been
more productive than any other.
0 0 0
Tax Program Discriminates in Favor of Bonds
We have heard much in the last decade or so about centralized
economic planning.
If government is to exercise constructive leadership, then the
left hand must know what the right hand is doing.
For example, the present administration has repeatedly re
ferred to the dangers of excessive, permanent private debt. The
SEC, for example, has encouraged corporations to attain greater
flexibility through stock, rather than bond, financing.
But the tax program has not been synchronized with this
objective. On the contrary, the corporate income and excess profit
tax tends to discriminate in favor of bond, rather than atock,
financing. In figuring corporate net income subject to tax, a com
pany may deduct, bond interest, but not dividends on stock. Thus,
the opportunity under existing conditions, where other factors are
equal, favors continuance of interest on bonds, even second and
third grade bonds, more than retaining current dividends on shares.
There is an offset to this, however, in the case of companies
who figure their excess profit liability on the basis of invested
capital rather than on the basis of average earnings during the
base period. For the entire amount paid in for stock is included
in the excess profit credit under the invested capital method,
whereas only a portion of borrowed capital may be included.
Nevertheless, a corporation which uses the average earning base
finds the tax provisions more favorable to paying bond interest
than to disbursing dividends.
0 0 0
Corporation* Need Profits to Pay Off -Debts
President Roosevelt haa urged reduction of private debt during
the war period. This can be done only if corporations are allowed
to retain some portion of their earnings for this purpose. Former
Undersecretary of the Treasury Hanes has suggested 14 per cent.
In order to avoid discrimination against companies financed aolely
by stock, a supplementary recommendation has been made that
such companies be permitted to retain an equivalent percentage
as corporate savings, thus building up the value of the equity.
Livestock Markets
DETBOIT
CATTLE—Receipt*. 1,760. Alt rlassee
active; *lau«hter ate era and yaarlinaa
strong, apota 10-10 c higher; cows fully
steady at last waek'a high tlma; bulls
steady to 25c hlghar, common and mad him
kinds only steady. Load choice around
1200-tb. fed steers held at sl4; load good
ateara held above $13.50; early aalaa me
dium to good fad staars and jrearllnga.
$11.75013.35; package Taxaa greasers
$11.75; few common light Southwestern
steers down to $11; moat common to rood
beef cows, $9 75010 75; cutters. SISOO
9-50; canoers. sd.7sos.3ft few good weighty
sausage bulls, $12013.35, on* outstanding
Individual ta $12.50; common and medium
bulls mainly $9011.50; medium to good
650-450-lh. Southwestern stock at as re,
911 50013.
CALVES—Receipts. 1.000. Bidding steady
on vea I era at sls for good and choice
grades.
HOOS—Receipts. 3.500: market stsady
ta 15 cants higher; weights, 190 lbs. up,
show full upturn; bulk 190-380-lb. butch
ers. $14.10014.35; extreme top. SI4.SA;
around 150-ISO-lb. lights, $13.50014.35;
most sows, $13.36013.50.
SHEEP—Receipts. TSO. Not enough on
■ala early to make a market. Odd tots cull
to common old crop shorn lam be sold 3so
10.50; acme good native aprlngara held
above 315: package choice 109-lb. ahora
slaughter awes, $4 50; most awaa eligible
$4 down.
CHICAGO
CHICAGO. June 15 (INSHOOS- Re
ceipts. 21.500. markat 10c to 15c higher;
top, $14.35, bulk. $14.15014.30: heavy,
$14*14.30; medium. $14.15014.35; light,
$13.75 014 35: light lights. sll 60014;
packing sows, $13.60014; pigs, 913-500
13.35.
CATTLE Receipt*. 14.000; market
steady. Calves, receipts. 1,300; markat
attadv. Beef staars, choice. 914015.50;
common. $5.50014; yaarllnga, $10016.50;
butchers, half are. $0014; cowa. $$011;
bulla. $9 50011.75: calve*, $4015; feeders
$0 50013-50: atockers. ateara, $10014;
cows and heifers, $9.25 012.
SHEEP —Receipts, 3.000; market steady
lambi, $1501$; common. $13015: year
lings. $11.50013.45; feeders. $13011: ewes.
$4,500$ .96.
PITTSBURGH
PtTTSBITROH. June 15 (INS) —CAT
TLE— Receipts, 50; market slow and 35c
lower; steers, choice. $13.36014.35; me
dium to good. $13.25013; common, $9 75
011.26; heifers medium to good, $lO 35
0 10.75; common. S7Ot.7S; cows, medium
to good. M. 2509.25; ranners and cuttem.
$4 25*5 25; bulls, good to choice. sll 25
012 26; common to medium. $9.3505.76.
HCXJB—Receipts. 500; market active at
Isteady ptleas, lAO-1 AO lb* . $12.45012 50;'
1 SO-200 lb* , sl4 40014 00, 230 330 lb*.,
I*l4 40 014 50 ; 330-356 Iba., $14.25014 50;
i 250 - 290 lbe., sl4*r 14.25 . 390-350 Ibe ,
$13.75014; 100 150 lb*.. sl3 50 0 14;
roughs sl2 50 «j 13.50
ftHEEP- Receipt*. 250; market alow et
Heady prices: choice lambs. sls; medium
• n good. sl3-50016: common lambs. $lO 50
9 11.50; ewes, $50550; wethers. $404.60.
CALVES—Receipts. 336; market alow
and 50c lower; good to choice. sl3 60 0
14 50; medium, sl2 84013; culls and
1 common. *7ts.
EANT Bl PKAI.O
EAST BUFFALO. N. T . June Ift
1 ( INB i.— HOOS—Receipt*. 3.000. Good and
I choice. $14.76; trucked-lna. sl4 40 014 60;
rough and weighty aowa. $13013.35
I CATTLE —Receipt*, 900. Strictly good
land ehoica, $14014.50; medium lo good
'steers and heifers. $12.76 013.90; grassy
kinds. sll 60012 50; cow* and bulls 26c
higher, beef cows and dairy type heifers.
'slo 39 011; rut.ter and common cowa.
$• 4009 94; canner. $7 25 0 9 44; sausage
bulla. sl2
CALVES Receipts 550 market vealert
generally .50 r lower «;ood and choice
$14.80. common and medium. $lOOl3 fto
SHEEP - Receipts. 300; market 3ftc
higher Good to near choice native spring
era, 119 80; handy-weight ewea. $7 0 7 80. i
Rail Revenues
Soar 33 Per Cent
WASHINGTON. June 16—Pre
liminary report* from 89 clan* one
railroads to the Association of
American Railroads show esti
mated operating revenues in May
aggregated $481,560,064 against
$360,649,415 in May. 1941. an in
crease of 33*4 per cent The 89
roads reporting represent 81H per
cent of total rail revenues.
May freight revenues of the 89
roads were estimated to have in
creased 29.9 per cent over a year
earlier while passenger revenues
increased 89.1 per cent.
C«wpMj In Um (nr
ended April SO report* a net income of
93.550,944, equal after dividend require
ment* on 559,134 share* of 4 per cent
noncumulatlv* first preferred, and on
*39.419 shares of a 4 per cent noneumule
ttv*. second preferred, to 91.97 a altar# on
1.199.7*2 aharea on the common
UP TO ALGONAC to see the
Chris-Craft Corporation and its
workers get the navy "E” for
their work in building all types of
small boats for the United states
Navy.
Left the Naval Armory aboard
a 60-foot Chris-Craft cruiser, all
done over in the somber blue gray
of the navy. There were three of
them, one carrying the navy band
and the other two, officers and
invited guests.
Leigh Merrill, who’s been pilot
ing all types of craft on the De
troit and St. Clair rivers and the
lower lakes for more than 40
years, was captain of the boat 1
went up on and queried every
man in uniform he saw about Ba
taan.
His boy was with the 183rd En
gineers, who held the beach-head
on the island and only part of
them escaped to Corregidor. He’s
had no word since the surrender
of that bastion.
• • 9
Before the ceremony, we were
i taken through the plant. To me
Cotton Price
Outlook Good,
Says Bankhead
Ht Hat Btan Asturad
U. S. Not Planning
to Daitroy Market
WASHINGTON. June 16 (INS).
—Senator John H. Bankhead (D)
of Alabama, today declared he hat
been aasured that the agriculture
department “it not intereated” in
trying to drive price of cotton be
low parity.
With conaumption rising and
with talet of government aurplus
cotton barred until Jan. 1. 1943.
he laid, the outlook for itabillzed
prices of cotton it good.
“The Commodity Credit Cor
poration has sold all the surplaa
cotton It oaa under the law dur
ing IMS except 176,000 bales,
and this will aat be aeld In com
mercial ehanaels but only for
export and new uses," Bank
head said.
NONE TO BE BOLD
“Thee, regardless of action
tehee ee the amendment In the
agricultural supply bill prohibit
ing *•!•• •* commodities below
parity, no government cotton
will be eold under parity.
“Consumptioß of cotton prob
ably will exceed 13,000.000 bales
and will increase as the army
expands. Production last year
was 1*,56*,*0* balsa, and acre
ages this year Is likely to be
about the same as last year.
The crop outlook Is uneertala,
but cotton is late.
“We will net hove any greet
surplus of cotton. The deport
ment of agriculture has abun
dantly manifested that It Is not
Intereated In trying to drive cot
ton below parity. All sales will
be at or above parity."
STILL CAN RISE
Price of cotton can still rise un
der the ceilings in the Price Con
trol Act. he said, adding that par
ity price on the farm now is 18.85
cents, and when translated into a
parity price in New York it is
19.60 a pound.
With cotton now $lO or more a
bale below parity, the price can
rite on the New York market to
$22.32 cents a pound before a “ceil
ing" could be fixed under the Price
Control Act, he said.
Factories
Give Good
News
Hj Intonation*l >#wi Service
MORE PLANES Curtiss-
Wright Corporation will put 10
million dollars into expanding pro
duction facilities of its Buffalo
plant now building Curtiss Com
mandos and P-40s.
MORE GUNS— The AC Spark
Plug division of General Motors
which now produces machine guns
has stepped up production to such
extent that more guns are being
turned out in one day than were
produced in one month at the
outset.
MORE STEEL— Production of
ingot steel in the Chicago area is
4.3 above theoretical 100 per cent
capacity.
MORE STEEL- Republic Steel
Company will build a plant in New
York, Mayor LaGuardia an
nounced.
MORE RUBBER —Thousands of
gas stations throughout the nation
yesterday became collection depots
for scrap rubber and every citizen
was by the President to
comb his home for every bit of
rubber suitable for reclamation.
United Milk Product* Company
has declared dividends of 50 cents
on the common, and $1.25 on par
ticipating preferred, both payable
July 1, to holder* of record
June 18.
On the Business Front
With WARD SCHULTZ
Detroit Time, rhuhoriel Editor
it was more of a revelation than
to most of those present. I used
to go through the plsnt a lot in
peacetime with Hamilton Smith,
youngest of the Smith brothers
and my old fishing partner, and
the change from pleasure craft
to boats of war struck me
forcibly.
They’re turning out service
boats for the fleet, tenders and
beach landing boats in large
quantities. The latter have a
square front end. with a steel door
which drops dowm to let off the
landing party. It will carry about
30 soldiers and can run right up
on the shone of any normal beach.
I learned that the navy had
been having some trouble develop
ing s water-proof ingallation on
that front end, but the Chris-
Craft technicians solved the prob
lem in short order.
• a •
BERNARD SMITH, another of
the brothers who own and operate
the company, tells me that many
Walpole Island Indian* are on the
company pay roll and that they
BUSINESS
! New York
Stocks
High Low 11:00
Am Airlines 36 36 36
Am Radiator 4% 4% 44
Am Tel * Tel [phone]
Am Tob B 444 44*i 444;
Anaconda 244 244 244
Aviation Corp 24 24 24*
Bendix 294 294 294
Borg Warner 234 234 234
Budd Wheel 6 6 6
Chesap Sc Ohio 304 304 304
Chrysler 604 604 «04
Conti Can 254 254 254
Curtiss Wright 54 54 5%
Du Pont 113 113 113
Eattn Airlines 234 234 234
Gen Elec 254 254 254
Gen Foods 30 4 304 304
Gen Motors 374 374 374
Goodyear 174 174 174
Hupp Motor 11-16 11-16 11-16
IntlNickel 274 274 274
Inti Tel Sc Tel 24 24 24
Kelsey B 64 64 64
Kennecott 284 284 284
Mack Trucks 284 284 284
Montgom Ward 294 294 294
N Y Central 74 74 74
Penn R R 194 194 194
Pepai-Cola 34 34 34
Repub Steel 134 134 134
St Jo Lead 24 24 24
Socony 74 74 74
Sperry Corp 244 244 244
SOofNJ 344 344 344
United Corp 4 4 4
US Rubber 174 174 174
U S Steel 464 464 464
Western Union 254 254 254
Yellow Truck It 11 11
Stocks Steady
In Light Trade
NEW YORK. June 16 (UP).—
Stocks opened steady in light turn
over today. Bonds were Irregular
with trading restricted. Cotton
ftures rose 3 to 7 point*.
Most leading stocks opened at
previous closing levels or at small
gains.
Among stocks opening un
changed were Du Pont, Chrysler.
General Electric, Standard Oil
(N. J.), Anaconda, U. S. Rubber.
Chesapeake and Ohio, General
Motors, North American, Ameri
can Tobacco B, Mack Trucks.
Eastern Air Lines. Radio Corpora
tion and New York Central.
Quarter-point advances were
noted in American Airlines. Glenn
L. Martin, Union Carbide. General
Foods, Standard Oil of California,
Kennecott and U. S. Steel.
Mclntyre Porcupine made a new
high for the year at 34 4. up 4 on
the first sale.
American Sugar Refining and
Coca Cola lost 4 point and
smaller declines were noted in
American Telephone.
Unlisted Stocks
Approximate price* furniehed by the N*
Moaal Association of sacuntl** Dealer*,
Inc , Diatrlcl No. X
Sl<l A iked
Aeronautical Product* au |u
All Matal Product* 9 9%
Alma Traitor v\ as
American Fbrrtng a Socket 2<4 9%
Baglay Bldg Com VT c 2V, 9%
Benton Harbor Malleable 4to 5
Buell Dl* 4 Machine 1 is
Central Paper Co eom 714 *l4
Consume re Paver 8* pfd M * 101 s
Croee Oear A Machine 1
Crow ley-M finer * Co pM 11 V 14
Davidson Bro* Inc tto 9to
Detroit Harvester ms 11%
Detroit Sulphite Pulp A Paper p m
Detrola is 2 S
Drewrye Ltd 4* .55
Ekhardt A Becker 1* yn
Federal Screw as av*
Federated Publication* 14to l*to
General Industrie* 4 5
General Bottler* eom «s 7to
Do pfd A 7S
Globe Knlttln* 5<4 *'«
Great Lake* Engineering 17 )*s
Hearst 4 4 %
; Howell 951 2'4 2 \
Industrial Brownboiat Ist pfd 4% »S
Do 2nd pfd 9S J\
Inti Machine 9 10
Kallass 14 to 1* to
K*n*»ti Mr* as >to
Kopptts a Metohere .1* ,35
LeMalre Tool a Mff I to ito
Leonard Refining IS IS
Leece Neville 10\ UH
MaoSla* Bar Paper IS 4%
Mich l *an Bake nee 3to 9%
Mich Cooeol Oa* pfd loeto 110%
Monroe Auto Equipment 4% A%
National Electric Welding is 2S
No Sag Spring 9to * ■
Palace Travel Coach 14 99
Peerieee Cement 4 to *
Penlosular Grinding Wheel 2 S 4to
Rieka Metal Product* 7 9
Rademaker Chemical .95 45
Schmidt Brewing S 114
•hakeepeare Co 4% IS
Simples Paper 2to *
Snyder Tool a Engineering IS 4to
Standard a odd mi 47% has
Stearns Mfg 2% 9
flupertor Toot a Die Ito 3to
United Drill a Toni A «to 7%
B j 4 H
United Sleet a Wir* AS AS
United Stove 1% 2%
Viaco 3 S 4 S
show marked mechanical ability
One was in the audience, with full
chief’s regalia including the head
dress, and I only hope that Lieu
tenant Cullem. Royal Air Force
man from Grouse lie, saw him.
The lieutenant, who come* from
just outside London, wa* visibly
disappointed when the fir«t Indi
ans he saw were in ordinary
workers’ clothes.
President Jay Smith accepted
the E burgee and hundred* of
workmen and their families
shouted their enthusiasm.
Also on the trip was the ex
major. George Strong, head of
the central procurement office
here. He had just received a
well-merited promotion and was
wearing the silver oak leaves of
the lieutenant colonel for the first
time.
Also present were three vice
presidents of the National Bank
of Detroit, which gave the affair
a substantial appearance They
were Don Valley. Herbert Chitten
den and Frank O'Brien.
Tuesday, Jane 16* 1943
■ 7
Auto- ,f
Graphs
Packard Production
Soars as Work to Win
Program Steps Up |
By SILER FREEMAN
If there is any doubt of th*
wisdom of Donald M. Nelson *
idea of boosting production
through better employer-em
ploye relationship, take a trip
through the Packard plant.
Amid the hum and whir of
wheels and the stir of activity,
there is a note of competitive
unity that has spelled greater
and greater output from this
company.
They can’t give you the exact
figures but since May 3, when
the ’Work to Win" program was
put into effect, production has
stepped up wsy beyond what
even the most optimistic exec
utive expected.
“We caa only lay that to the
combined efforts of labor end
management," said George T.
Christopher, the far seeing and
frank spoken president of
Packard.
• • •
6,000 More Employes
The company’s war program
has been expanded many-fold.
They have 6,000 more employe*
than the peak of peacetime pro
duction and are adding at the
rate of about 150 a day. The
demands on Packard are being
expanded more and more.
The company is using all ita
automobile building facilities
plus three new buildings. In ad
dition to its two big projects, it
has added several smaller ones
and the report from government
officials is "They’re doing a
swell job.”
And the "Work to Win" pro-^j
gram is given all the credit.
• • •
Get 800 Suggestions
The most hopeful part of the
program to Packard officials is
the response to the suggestion
boxes scattered ail through the
plant. More than 800 sugges
tions have been received thus
far and each week sees hundreds
more turned in.
None is rejected -without
thorough investigation. Most
have to do with short cuts and
ideas to step up the output.
Patent rights, if any ideas are
patentable, are reserved to the
man who makes the suggestion.
It works out well both for th*
suggestee and the company.
• • •
Intense Rivalry Shown
There is intense rivalry be
tween the division* end the de
partments. The banners and
signs all through the plant at
test to this.
"Behind the eight-ball" ban
ners are seen here and there.
This mean* the department Is
behind its quota, lagging in out
put. But merit awards are
much greater in number. A
case, with figures of soldiers ad
vancing on an objective, which
is the entire month’s output,
draws the eye. Each figure is
labeled, showing who is ahead
in each week of the race.
Around It are printed com
munique*, which are read avidly
by Ihe men a* soon as put up.
This and other device* have
stirred friendly rivalry among
ihe working force to the greet
benefit of production and th«|
war effort. • *
• • •
Hire More Women
Women are becoming more
and more numerous around the
plant. At one time there waa
none on production, all in the
office. Now they are about 10
per cent of the working force.
The company expects that figure
to be almost 30 per cent soon
a* the draft and enlistmenta cut
into their manpower.
They too have joined In the
"Work to Win" program with
good result*.
Christopher believe* the same
{>lan can work in a small or
arge plant.
M W« have found no encroach
ments on each other’s territory
between management and la
bor,” stated Christopher. “We’ve
found common ground, which Is
to win the war.”
Treasury to Offer
5t,500,000,000 Issue
WASHINGTON, June 16 (UP).
—The treasury will announce a
$1,500,000,000 offering of securi
ties to raise new money Thursday
morning. The type of security and
the terms of the offering will be
made known at that time.
Foreign Exchange
NEW YORK June I#.- Price* tn rent*
Great Britain, sterling 40.1 ?S
Sweden, krone wgA
Portugal, eecudo n 4 ft*
Canada, dollar an on
Argentina, peeo (official) 2ft 7*
Mexico pe*. 3ft 7#
Uruguay, pee- M An
Brasil, mtiret* 1 11
Chile. pee* 4.9|»l
India, rupee 9ft jl
Peru, *ol IS TP
Venezuela, bolivar 3ft IB
■•Nominal.
i, .. _ _ 4
Scratches
■ l mm ÜBS B—i « 'irns
By l etteft Preee
AQUEDUCT
Track fa*t
Pir*l Bars—Melody. Color* Up. P-«v
Mftent Marroa. Budded
Second Race- Smart. Jerk Ruhene
Fourth Race Dutch*** Ant'*. Saaa-
Mne, Tetravaient. Love Son*