Chicago Tribune from Chicago, Illinois • 25

Commerce Finance VOHB'S KIWS PAPER CREATE ST 25 WEDNESDAY, JANUARY 22, 1911. BUYING LIMITS Several Firms Disclose Plans Bank Deposits Are Greater Than -irn 1929 Loans Are Near the Depression Low G. .1 TO MAKE BOMBER PARTS ON VAST SCALE CHICAGO CORP. COMMON ASSET VALUE 46 CENTS N. Y.

EXCHANGE FIGHTS REPEAL OF TRADING BAN DpeH ssd loans of all bants In the United States rutowi os DOUAU for Expansion 70 TOT HELD WEEDED TO RULE PRICES Gets Service Aicard Til 40 AO BY AL CHASE. Details of expansion programs of SO 50 several Chicago manufacturing con cerns were made public yesterday. aaaaa Loan 40 49 The Arthur J. O'Leary Son company, engaged in steel fabricating, welding, forging, and machining, has broken ground for a $70,000 addition 30 30 Shares Building 200 Planes a Month. Defends Ruling as Vital to Market.

Total 28 Million at End of 1940. Henderson Explains Control Policy. to its plant at 5757 West 65th street, 20 20 10 to in the Clearing industrial district. It will add 18,000 square feet to the 70,000 already In use. The addition will be used exclusively for national defense orders, according to William J.

Kelly, president. These include forgings for gun car 1729 1930 1931 1932 1933 1934 I93S 1934 193 I93S 1919 190 srnin ffwt rev stinw BY THOMAS FURLONG. Restriction on consumer purchase! will not be needed in the forseeable riages and fabrication of trusses and panels for army depot loading plat forms and used in the manufacture of munition igloos at the new Elwood II. B. HACKETT LEAVES THOMPSON STARRETT TO HEAD ANOTHER FIRM Fees Reduced to Million in Utilities Case future as a means cf price control, Leon Henderson, chief cf price stabilization activities of the national defense mrr.musion, last right.

Henderson revealed that per-mesion has ben effective in holding prices in Ordnance Works, near Jollet, and elsewhere. Various parts for army trucks and other miscellaneous defense implements are being made. Financed by Company. The new plant addition will be financed entirely by the company, Col. Horatio B.

Hackett yesterday resigned as president and director of the Thompson- without government aid, it was said. The O'Leary concern Is one of the James O. Blaker. chairman of the distinguished service award committee of the Chicago Junior Association of Commerce (left), is shown presenting gold key to Henry T. Heald.

Henry T. Heald, president of the Illinois Institute of Technology and winner of the Chicago Junior Association of Commerce distinguished civic service award for 1940, was presented with a gold key at a banquet held in his honor last night in the Hotel La Salle. Heald was chosen for his direction in the merger of the Armor Institute of Technology and Lewis institute into the school he now heads. Robert A. Boyer, research director at the Ford Motor company, who has been named winner "of the 1910 United States Junior Chamber of Commerce award, will receive a diamond key tonight at Detroit.

Boyer is credited with developing a process for making plastic automobile bodies. Leon nenproii. pioneers in the Clearing district. It built its first unit on its five acre Starrett Com-pany, one of the largest construction firms In the country. He will become president of the Material Service at Inn nf tract in 1909.

A year ago it added 14.000 square feet of floor space. The latest expansion will add about 40 SJ men to its pay roll of 145 workers. The Kellogg Switchboard end Sup ply company Is reequipping part of Chicago, "Vi I ing Henry Crown, who will its big Clearing plant, built in 1938. This section has not been utilized Horatio Hnrkett. become chairman of the board.

The Chicago corporation, largest investment company in the middle west, had net assets totaling as of Dec. 31, against $31,770,665 at the end of 1939, Richard Wagner, president, said yesterday in the annual report to stockholders. The total at the close of 1940 was equivalent to $54.41 a share on outstanding convertible preference stock and 46 cents a share on common stock, after deducting the preference stock at $51.50 a share. Wagner explained that the $51.50 includes the original stated value of $50 a share on the senior stock, plus the current dividend accrual of 25 cents a share and arrearage of $1.25 a share. On the same basis the asset value at the end of 1939 was $58.85 a share on the preference and $1.28 a share on the common stock.

Fluctuations Analyzed. As compared with the asset value at the end of 1939, there was a decline of approximately 3.5 per cent In the value of company holdings up to the end of 1940. However, since June 30, 1940 assets increased 10.4 per cent in value, reflecting an upward trend in the markets. The report indicated that altho It was necessary to write off one investment the company made a relatively better showing on its participation in operations of companies in which it bought substantial interests than it did in deals in the securities in others in which it had no voice. As an example the report carries the value of the company's equity in the Corpus Christ! corporation as $27,792, whereas an appraisal by an independent petroleum geologist and engineer indicates a value of $2,000,000, the report said.

The value of Coastal Recycling corporation common shares is carried on the books at $3,587, whereas an Independent appraisal indicates a value of $500,000. Would Increase Assets. "If the values reflected bv this an- heretofore. When in full operation the pay roll will be Increased 20 per cent, it was said. The company has defense orders for various types of communication equipment for use by the signal corps of the army and for the navy.

These include field sets, microphones, re Hackett has purchased an interest In the company. The Material Service corporation Is the biggest producer of sand and gravel and has the largest number of big stone quarries in the Chicago territory. Crown said. Hackett was a member of the architectural firm of Holabird Root for many vcars. In more xecent years he held important government positions in Washington.

In March, 1938, he was elected president of Thompson-Starrett company. ceivers, telephones, switchboards, etc. ORGANIZE GROUP TO FIGHT REVIVED WATERWAY PLAN Modernizing Equipment. Hills-McCanna company, 2349 West Nelson street, which built an addition last summer, is spending approximately $50,000 in modernizing its equipment. It is a large maker of Dowmetal magnesium alloy sand castings for airplane accessories.

It operates under licenses from the Dow Chemical company of Midland, Mich. The present defense orders will Detroit, Jan. 21 t-F)- The part the automobile industry is to take in volume production of bomber planes took more definite shape today as General Motors corporation announced it would produce parts and subassemblies for 200 twin engined planes a month to be built by North. American Aviation, Inc. Chrysler corporation and the Ford Motor company previously had announced tentative agreements to cooperate similarly in the production of Martin and Douglas and Consolidated Aircraft bombers.

Chrysler and Ford each plan to turn out parts for 100 planes a month. General Motors airplane parts pro duction will be handled by the corporation's Fisher Body division In Detroit and Cleveland, with final assemblies at a new airplane plant to be built by North American at Kansas City, Kas. Start Output tn SO Days. A General Motors spokesman said that production of small parts is expected to get under way within 30 days and that by July 1 between 50 and 60 per cent of the bomber subassemblies will be coming out of the Fisher plants. The corporation's Buick division recently was awarded a contract for $36,497,520 of Pratt Whitney aircraft engines.

These motors will produced in a new plant to be built on a site yet to be announced. Allison division of General Motors currently is producing liquid cooled aircraft engines at the rate of 350 a month. It is planned to expand this output to approximately 1,000 a montli by falL Goal 500 a Month by 1943. Buick expects to have its aircraft engine production up to 500 a mcntit by early 1942. The Flan to have the automobila Industry cooperate In the production of some 36,000 bomber planes, most oC them of the multi-engined type, was laid before manufacturers here last October by William S.

Knudsen, tn charge of the production phase cf the national defense program. General Motors, Ford, and Chrysler undertakings are the immediate major results of the Knudsen plan. REVEAL EXPORT ITEMS SEIZED BY CONTROL BOARD New York, Jan. 21 JP). Col.

R.us-sell L. Maxwell, export control administrator, said today that it had been necessary in some cases to requisition property when owners wer either unwilling or unable to dispose of It to defense agencies. In a speech before the Export Managers club. Maxwell explained the licensing system by which the government controls exports of defense materials. "Cases of requisitioning occasionally arise," he said.

"This practice has been found necessary when th owners of controlled items, unabl to export the items, are either unwilling or unable to dispose of them to defense activities. "In such cases the war or nary departments, acting thru the army and navy munitions board, request requisitioning. Following the physical taking over of the property, hearings are held to determine fair and just compensation to be paid the owner." triple normal production and increase the company's pay roll about four times, it was said. Within 60 days it Harry N. Gottlieb, special mateter In chancery, yesterday recommended to Federal Judge William II.

Holly the allowance of $1,013,850 in fees and expenses In connection with the reorganization of the Utilities Power and Light corporation. Filing of Gottlieb's report followed extensive hearings. The total is less than half the requested compensation of $2,072,303. Judge Holly set Feb. 3 for a hearing on the recommendations of Gottlieb and of the Securities and Exchange commission.

Atlas Allowed $600,000. The principal allowances recommended by the master were: Charles True Adams, trustee. This is in addition to $49,000 already received. He requested fees totaling $152,500. Atlas corporation, chief creditor whose plan was the basis for reorganization, $600,000.

The corporation sought $1,170,893 for itself and its attorneys. Melvin M. Hawley, attorney for the trustee," $130,000. This is in addition to $13,000 already received. Hawley asked for a total of $307,000.

Gov. Dwight H. Green, counsel for Utilities Power and Light when the reorganization petition was filed in 1936, $17,500. Gov. Green, who has already been paid $6,200, requested a total of Keehn's Fees Reduced.

Gen. Roy D. Keehn, counsel for Harley L. Clarke, organizer and president of the corporation until his ouster in a fight with Atlas corporation, $5,000. Gen.

Keehn had sought a total of $31,000. Scandratt, Tuttle law firm representing the preferred stockholders committee, $50,000. The firm asked $158,400, The utility company, known as the Ogden corporation since confirmation of the reorganization plan on Jan. 2, 1940, was once valued at about PENSIONS VOTED FOR MERCANTILE BANK EMPLOYES Stockholders of the Mercantile National Bank of Chicago at their an nual meeting yesterday approved a pension plan for officers and employes. The plan provides for retirement at the age of 65, and calls for contributions of 3 per cent of salaries up to $250 monthly and 5 per cent above that amount, with the bank expects to speed production by chang ing from the present one and one-half shift to three shifts daily and Washington, D.

Jan. 21 (-. In Its first full test of the authority of the Securities and Exchange commission over organized markets the New York Stock exchange asserted today that its life was threatened by a proposed order to rescind its prohibition against so-called multiple trading. Representatives of other exchanges, led by the Boston organization, lined up behind the SEC in an attack on the rule. The rule would prohibit a member of the New York Stock exchange, who also is a member of a regional exchange, from trading elsewhere than on the New York floor when acting for himself, except In securities not listed In New York.

The member could trade on the regional exchange when acting for a customer, however. Declared Threat to Exist Once. Timothy Tfeiffer, counsel for the New York Stock exchange, asserted that the proposed order threatened the existence of the exchange. He also challenged the commission's authority to take such a step. The order for the hearing was issued under section 19 of the securities exchange act of 1934, which empowers the SEC to alter or supplement the rules" of an exchange when necessary "for the protection of investors or to insure fair dealing." The subsection specifies 12 items and "similar matters" under which the SEC may act.

"Plainly," Pfelffer said, "neither fair dealing in securities traded In on the New York Stock exchange nor the fair administration of that exchange is involved." "Side Door to Floor." The multiple trading method, he said, amounted to a member making available "a side door to the floor of the New York Stock exchange without the payment of commissions." Such special privileges for a small minority, he said, would Inevitably lead others to seek compensating avoidance of the exchange rules with the ultimate deterioration of the whole fabric upon which the Nek York Stock exchange now rests." John E. Yerxa, president of the Boston exchange, testified that enforcement of the rule would reduce by at least 25 per cent the number of issues traded on the Boston exchange because it would force withdrawal of 11 odd lot dealers who were financed by New York exchange members. CHICAGOANS TO TESTIFY. Four representatives of the Chicago Stock exchange left yesterday for Washington to testify before the Securities and Exchange commission on the effects of the multiple trading rule. Arthur M.

Betts, chairman of the board of governors of the exchange, headed the group that included Kenneth L. Smith, president of the exchange; Ralph Davis, partner of Paul II. Davis and Jess Ilalsted, counsel for the stock exchange. NATIONAL C. OF C.

DIRECTORS MEET IN CITY ON FRIDAY Directors of the United States Chamber of Commerce will meet Friday and Saturday in the Edgewater Beach hotel to learn the midwest viewpoint on national affairs, Clarence Miles, manager of the north central division headquarters announced yesterday. Board meetings usually are held in Washington. A series of committee meetings, beginning today, will precede the session. Committees on national policy, natural resources, transport and communication, and administrative law and federal agencies will meet, James S. Kemper, Insurance company executive, is president.

will operate on a six day week. The company now employs 125 men. chck. He spoke before 700 Chicago business men at a in ee ting of the Economic Club of Chi-rego at the Talmer House. Henderson's formal address was limited to a short explanation of the steps that have been taken In organizing the commission's price control activities.

Most of his comments were made tn rsprr, to questions submitted to him by members of the audience. I Conference Method. Henderson explained that price proMems that have arisen under the dcier.se program have been handled ry the conference method of meeting producers and dealers and their cooperation in effecting price control. He expressed the belief that this method should continue to be an effective means of handling the price problems that may arise. He left no doubt, however, that he is prepared to take more drastic action to stop "unwarranted" price if the need develops.

There is a great deal of slack in the economic system that must be taken up before the danger of a genuine inflationary price movement preterits itself, he asserted. Meanwhile, he said, the mechanisms available are adequate to cope with the inflationary fcrces. Reiktrictlona Unnecessary. There is no need at this time, he said, to consider restrictions on purchases of general consumer goods nor is it advisable to levy taxes on wage earners now to absorb the Increased purchasing power that has been created by higher wages and expanding employment. "Later, when we have reached a point of full utilization of our resources we can be prepared to expect a much larger slice of the national income to be taken in taxes," he said.

Henderson told his listeners that they did not have the faintest glimmering of size of the tax load that they may be called upon later to carry- "The tax collectors," he said. haven't begun to plumb the sources cf tax revenues. By comparison with other countries we are still getting ry easily." "Jut learning" About Taxes. suggested, rather ominously, that business is just beginning to learn about taxes and doesn't know much about it yet. Henderson spoke earlier in the day before the National American Wholesale Grocers association at the Drake hotel Discussing priorities, he said that the defense commission has been aware of shortages in certain commodities but has sought insofar as Possible to develop producing capacity and increase imports rather than resort to a preference system to ass-re doiense requirements.

praisal were used instead of the balance sheet amounts for such invest Taking Bids on riant. In the industrial field, outside of ments the effect would be to increase the net assets of the corporation by $2,468,620." Wagner said. defense orders, the Pepsi-Cola Bottling company Is taking bids on a plant to cost approximately $300,000 for land, building, and equipment. It Wagner said that two companies controled by Chicaeo corDoratinn will be built from plans by Engineer have been formed, the Reserve Gas Pipe Line company, and The Fuel ing Systems, at 1745 North Kol-mar avenue. A one story steel frame building, 170 by 532, is contemplated.

Supply corporation, thru which it is proposed to pipe natural eas to the Johnson Johnson, makers of sur New York metropolitan area. The report said the company wrote off a $500,000 investment in the In-dustrial Sugars corporation, which had proposed to enter the liquid sugar business in Chicago, taking ad gical dressings, expect to sign contracts this week on another addition to their plant at 4949 West 65th street, in the Clearing Industrial district. It will cost about $125,000 and be used for the making of regular products, some of which may be de vantage of a favorable all-water freight rate via Montreal and the Prepare Opposition to Drive in Congress, I Chicago Tribune Press Service. I Washington, D. Jan.

21. Opposition to the administration's proposed resurrection of the St. Lawrence-Great Lakes waterway and hydroelectric power project solidified here today with the organization of a national conference to fight the plan. The executive committee of the newly organized national St, Lawrence project conference elected Frank S. Davis, general manager of the Boston Maritime association, as general conference chairman.

Tom G. McGrath of Washington was nemed executive director in charge of headquarters here. The group announced that the following organization had banded together in anticipation of an impending battle in congress over the project, which it said Is being pushed by the administration in the false guise of national defense Association of American Railroads, American Short Line Railroad association, American Mining congress, American Coal Distributors' association, Anthracite institute, Atlantic States Shippers' Advisory board. Lake Carriers' association, Merchants Association of New York. New York State Economic council, Niagara Frontier Planning board.

National Coal association, Ohio Coal association, Illinois Coal Traffic bureau, Buffalo Chamber of Commerce, Ohio Chamber of Commerce, and representatives of the 21 railroad labor organizations. HALSEY STUART ASKS CHANCE AT C. O. FINANCING Cleveland, O- Jan. 21 W.

Chesapeake Ohio railway directors discussed today a proposal to refund $29,100,000 of refunding and improvement mortgage 34 per cent bonds, series but delayed a decision until a later meeting. Halsey, Stuart Chicago investment banking house whicfi with Otis Co. of Cleveland has led a movement for competitive bidding on such issues, asked the directors in a telegram for opportunity to bid on the refinancing. fense orders. Great Lakes.

The war was said to have caused a disruDtion of the sucnr NASH DECEMBER company's plans and the Chicago QUARTER INCOME RISES TO $87,130 Nash-Kelvinator corporation had BUSINESS LOANS HIGHER FOR 16TH STRAIGHT WEEK The federal reserve board reported yesterday that member bank loans to business rose during the week ended Jan. 15 for the 16th consecutive week. The volume of commercial, industrial, and agricultural loans was representing a rise of $7,000,000 for the week and $710,000,000 for the last year. Following are the principal assets and liabilities of the federal reserve system's member banks as at the close of business Wednesday last six ciphers omitted: Assets. Inc.

or dec. since Jan. 15. Jan. 8.

Jan. 17, 1941. 1841. 1940. Loans, Invest $25.

6fi9 6582,457 Loans total 9,280 23 "01 Commerc. mdust. and agricultural 5.040 7 710 Loans to brokers and dealers in securities 462 38 1S2 Treasure bills 725 40 14 Treasury notea 2.186 23 425 Bonds 7,054 30 613 Obligations ruaran- teed by 2.750 f) 33fl Other securities 3,674 8 365 Liabilities. Pemand dep dl 22.703 209 3.724 Time deposits 6.4fi8 4 209 govt dep 372 99 200 Domestic 0.237 112 1.114 torelgn banks 658 6 93 SELL BIG BLOCK OF WOOLWORTH'S STOCK PRIVATELY New York, Jan. 21 A block of 45,000 shares of F.

W. Woolworth company capital stock was sold after the close of the stock exchange today by a group headed by Allen Co. At 32? the block represented approximately $1,456,650. For whose account the stock was sold was not stated. The block was equal to approximately 8 per cent of the total sales on the stock exchange during the five hour session which amounted to 577,990 shares.

Sales of Woolworth stock on the exchange amounted to 3,700 shares. A block of 11.300 shares of Wayne Pump capital stock was sold at 19 a share, plus commission, by a group headed by Stone and Webster and BloRet. Inc. i ILLINOIS BELL TELEPHONE COM PANT NOTICE OF REDEMPTION TO THE HOLDERS OF ILLINOIS BELL TELEPHONE COMPANY FIRST AND REFUNDING MORTGAGE iy, BONDS, SERIES B. DI OCTOBER 1.

1970 AND ISSUED UNDER FIRST AND REFUNDING MORTGAGE DATED JUNE 1. 192J TO FIRST TRUST AND SAVINGS BANK. TRUSTEE. UNDER WHICH THE FIRST NATIONAL BANK OF CHICAGO IS SUCCESSOR TRUSTEE. AND THE INDENTURE SUPPLEMENTAL THERETO DATED OCTOBER 1, 1935: Notice Is hereby given that Illinois Bell Telephone Company ha elected to redeem and pay off on April 1, 1941 all of the above mentioned bonds then outstanding at one hundred seven and one-half per cent of their prin making equal contributions.

Officers and directors were reelected and the net income of $87,130 in the quarter ended Dec. 31. George W. Mason, president, announced yesterday at Detroit. Mich.

In the comparable quarter of 1939 net profits totaled $22,998. All officers were reelected at a meeting of directors. The company manufactures automobile and electrical re plant was closed last November. It was said there may be some recovery on the Investment by liquidation or sale. Globe Steel Shares Sold.

Wagner said that during the year the company sold 15,000 shares of common stock of the Globe Steel Tubes company for $167,000. This was a part of a block of 33,374 shares which had been acquired at a cost of $192,000. The 18,374 shares re-maining in the portfolio were said to have had a quoted value of on Dec. 31. During the year the company purchased and retired 18,075 shares of its convertible preference stock, at a cost of $565,704, or an average of $31.30 a share.

List Portfolio Changes. In the period June 30, 1940, to Dec. frigeration equipment. The following corporation net in comes were reported yesterday: Three Month Endrtl Dee. 31.

1040. 1933. Am Type 62.058 43.51 ftr nare .11 Nash-Kelvtnator 87.130 23,998 Wul Va Coal Coke 184.379 86.988 Six Month! Ended Dec 31. Sparki-Wthnftn 5,812 11,234 Nine Months Ended Dee. 31.

Am Type Founder. 69,608 62,611 Week's Check Transactions Dip, but Exceed Year Ago Check transactions thru banks in 274 cities in the week ended Jan. 15 totaled $9,111,000,000. the federal reserve board reported yesterday. The total was $10,701,000,000 a wee earlier and $9,104,000,000 in the cor responding week last year.

Per ebare .10 .11 Tear Ended Dee. 31. 31 the following changes in the Chicago corporation's holdings of common stock were made: usual quarterly dividend of $1 declared. Other bank meetings Included: EVANSTON TBC8T AND RAVINGS BANK All directors were reflected. Martin Hog-man was named assistant cashier and other offlcera were reelected.

STATE BANK AND TRfST COMPANY of Evanston N. E. Bitlow was named manager of the real estate loan department. He retains his position as assistant cashier. W.

J. Becker, heretofore assistant secretary, was named assistant cashier and assistant manager of the real estate loan department. Other officers were reelected. REVEBIY STATE SAVINGS BANK Officers and directors were reelected. Stock-holders Toted to increase surplus by $30,000, bringing- the total to SI 10.000.

GLENTIEW STATE BANK All directors were reelected. Elect Bentley G. McCloud Clearing House President Bentley G. McCloud was elected president of the Chicago Clearing House association yesterday. He is a vice president of the First National Bank of Chicago.

He succeeds Herman Waldeck as head of the association, Chicago. L. B. Robbins, a vice president of Northern Trust company, was elected vice president of the association and Howard M. Sims was reelected manager.

W. E. Heller 581.177 610.009 Per eh 1 8 1.59 Mulltns Mff 290,023 149.213 Enr Tel 8.895.097 9,828.934 Increases Stock. in shares. Northwest Airlines 1.OO0 Armstrong- Cork 300 Stan Oil of N.

2.200 Marshall Field 2.000 Per nhare 7.43 7.37 Title Guar Trimt. 23.471 3.706 Welt Vm Coal Coke J97.453 160.030 Six Months Ended N. 30. Cramp Ship 5.000 Tflis advertisement is neither on toiler to tell nor a tolicitation of on offer to buy any of these aecwitien. i The offering is made only by the Prospectus.

Savannah Gas Company $1,000,000 First Mortgage Bonds, VA Scries Due January 1, 19GS To be dated January 1941. To bo duo January 1. 136S. Price 104 and accrued interest and $400,000 Serial Notes MANUFACTURERS HOLDS RECOVERY IS BASICALLY NATURAL ACTION Dr. Neil Carothers, dean of the business administration school of Lehigh university, said yesterday that there was an "irresistible" recovery movement under way.

He asserted that it was basically a natural eco-romic recovery and did not stem from the defense program. Carothers spoke at the convention ef the National Canners association at the Stevens hotel. The association is cne of the 20 food organizations meeting this week in Chicago. "There is a wide misunderstanding cf the present situation," he said. The primary cause of this improvement is natural recovery." DECEMBER'S TAX COLLECTIONS FAR ABOVE YEAR AGO Washington.

D. C. Jan. 21 tSpe-cial. Internal revenue collections last month amounted to 5654,095,220 compared with December, 1939, collections of $198,993,133, the bureau of international revenue announced today.

Revenues were higher in nearly every important classification. The largest producer was the corporation income tax, which brought in compared with $178,936,729 in December, 1939. Next was individual income lax with a total of $160,363,283 against $137,889,998. Canadian Dollar's Value Fall on Lack of Demand The Canadian dollar yesterday Cropped IS cents to 83'-4 United States cents, the lowest price in months. Most foreign exchange dealers attributed the decline primarily to en almost complete lack of demand 1n the face of slightly expanded offers.

One dealer said that potential buyers may have been discouraged by the possibility of the flute a State freezing all foreign balances in this country. AND DEALERS FINANCE CORPORATION Spencer 6hoe 41.608 57,656 Fifty-Two Week Ended Not. SO. Spenrer Shoe 128.725 23.043 Net lose. Preliminary.

Before tederal income taxea. CAREY WILLHEAD BOARD OF TRADE EXECUTIVE UNIT P. B. Carey, first vice president of the Chicago Board of Trade, will head the executive committee of the exchange this year and IL S. Austrian will be chairman of the finance committee, it was announced yesterday.

President Philip R. O'Brien announced that the chairmen of the other committees of the Board of Trade were: business conduct, T. C. Rodman; claims, O. S.

Dowse; clearing house, T. J. Friel; cotton, A. Riffle; cottonseed oil. Rober Burrows; floor, L.

D. Godfrey; grain, Roland Mcllenry; law, II. S. Austrian; market reports, R. I.

Mansfield; membership, II. C. Schaack; provisions, Robert Burrows; personnel, R. H. Gardner; public relations, R.

I. Mansfield; real estate and transportation, G. W. Hales; rules, E. A.

Green. Treasury Draws Heaviest on Chicago District Banks Washington, D. Jan. 21 Special. The federal reserve banks today were requested by the treasury department to notify immediately all depositaries in their districts of the withdrawal Jan.

24 of $70,500,000 for deposit to the credit of the treasurer of the United States. The largest withdrawal, $23,900,000 will be made from the Chicago district. Wheeling Steel 1.0O0 Celanese fi8 Middle West eorp 2.000 Decreases in shares Douglas Aircraft 600 Gleen L. 1.10(1 United Aircraft. 2O0 Chrysler 7011 General Motors Timken Detroit Axle 40O Lone Star Cement 5IM1 Sherwin-Williams 450 Gypsum loo Texas Gulf Sulphur l.OOO Continental Can 900 Ubbey-OwensFnrd 1.3IMI Gulf Oil of penn 2 htui Gen Amer Trans First Nlt Stores Mont Ward 1.400 Penney 800 Sears-Roebuck 70 American Shipbuilding1 470 U.

S. Steel, C. I. O. Discuss Union Contract Changes Pittsburgh.

Jan. 21 (T). William Beye of the United States Steel corporation and Philip Murray of the C. I. O.

Steel Workers' Organizing committee met today in a three hour conference on the union's informally presented demands for contract changes, including wage increases. No details were disclosed. The negotiations will be resumed Jan. 31. Canada's 1940 Wheat Crop Estimated Second Largest OTTAWA, Jan.

21 (JF). While experts studied the problem of where to store grain, the dominion bureau statistics officially gave Canada's 1940 wheat crop the stature of a giant today, ranking the 551,390,000 bushel crop the second largest in the na tlon's history. The estimate was 5,000,000 bushels larger than the estimate Issued last fall. To be dated January 1, 1941. To be due January 1342-1351.

Price Wee Amount Coupon Marnrlrr To Yield Amount Coupe Maturity Te Yield $30,000 3Vi 1942 1.20 $40,000 3'a 1947 2.90 30.000 3'a 1343 1.75 45,000 4 1948 3.20 35.000 314 1944 2.25 45,000 4 1943 3-50 35.000 3la 1945 2.40 50.000 4 1950 3.80 40.000 3i 1946 2.60 50.000 4 1951 3.95 DO YOU NEED MORE WORKING CAPITAL? If you are a manufacturer or jobber and can use $25,000 or more you will find our new plan a flexible form of financing at lower rates. Twenty years of successful experience in accounts receivable and commercial financing. Complete facilities also available for smaller loam at proportionately low rates. Inquiries confidential. 203 S.

LA SALLE CENTRAL 6500 cipal amount, together with accrued interest on such principal amount to such date, in accordance with the terms of said mortxane, -said supplement thereto and said bonds, and that all of said bonds are called for redemption on said date. On said date there will become and be due and payable at the office of The First National Bank of Chicago, Trustee under said mortgage. No. 38 South Dearborn Street. Chicago, or at the option of the holder at the office of The First National Bank of the City of New.

York, No. 2 Wall Street, Boroush of Manhattan, City of New York, New York, the principal of said bonds, together with a premium of seven and one-half per cent (TyiTe) of such principal and accrued interest to surh date. From and after such date interest on said bonds will cease to accrue. Coupons pertaining to said bonds maturing after said date will be void. Coupon bonds should be presented for redemption as aforesaid with all coupons payable October 1, 1941 and thereafter attached.

Coupons payable April I. 1941 should be detached end presented for payment in the usual manner. Kegistererl bonds. In cases where payment to anyone othi-r than the registered owner is desired, should be accompanied by proper instruments of alignment and transfer. Dated: January 21, 1941.

ILLINOIS BELL TELEPHONE COMPANY By A. H. MELLINGER, President. TRIOR PAYMENT OFFER: Bondholders may st their option surrender such bonds in the manner above described at any time after January 21. 1941 and prior to Ihe redemption date at either of the above ifhres and receive the amount of principal and premium, provided above, and accrued interest to April 1, 1941, on the bonds so surrendered.

Copies of fiie Prospectus may be obtained only from such of the undersigned as are registered dealers in securities in this State. Central Republic Company Incorporated -v Directors CHAS. M. SURRAS CHAS. f.

6R6Y A. G. Becker a Co. Incorporated E. H.

Rollins a Sons Incorporated Coffin Burr Incorporated fcaraarr 22. 1941. Joyce Co. H. C.

HINTPETER Insurance THOS. t. MARSHAU Bell, toyd Marshall Trvstes, various states G. I. McLAIN Treat.

Rsllwsyt Ice Co EDWARD N. MEYERS "resident.